1 00:00:04,280 --> 00:00:08,600 Speaker 1: This is Bloomberg the first word for this Friday, June third, sixteen. 2 00:00:08,720 --> 00:00:11,880 Speaker 1: Coming up this hour. World stock markets are higher this morning. 3 00:00:11,880 --> 00:00:15,040 Speaker 1: In US equity futures laid down OPEG. Welcome the new 4 00:00:15,120 --> 00:00:18,400 Speaker 1: Secretary General. As Brent Crude breaks fifty dollars of errol. 5 00:00:18,640 --> 00:00:21,760 Speaker 1: It's jobs day in America. Economists predict a four handle 6 00:00:21,840 --> 00:00:25,120 Speaker 1: on the unemployment rate. The exchange of verbal barbs are 7 00:00:25,120 --> 00:00:28,720 Speaker 1: getting more pointed between Hillary Clinton and Donald Trump. Lust 8 00:00:28,720 --> 00:00:31,320 Speaker 1: we know what killed pop star Prince. I am Michael 9 00:00:31,320 --> 00:00:34,800 Speaker 1: barr More straight ahead, I'm John stash Aaron sports. Gold 10 00:00:34,880 --> 00:00:37,240 Speaker 1: State took Game one of the NBA Finals over Cleveland. 11 00:00:37,280 --> 00:00:40,080 Speaker 1: Yankees held on, wanted Detroit, the Mets for David Wright 12 00:00:40,159 --> 00:00:43,360 Speaker 1: on the disabled it that's all straight ahead on Bloomberg. 13 00:00:43,400 --> 00:00:48,320 Speaker 1: The first word on Bloomberg eleven three oh New York, Bloomberg, Washington, 14 00:00:48,400 --> 00:00:52,600 Speaker 1: d C Bloomberg twelve hundred, Boston, Bloomberg nine six, San Francisco, 15 00:00:52,840 --> 00:00:55,720 Speaker 1: Suius x M one nineteen and around the world on 16 00:00:55,760 --> 00:00:58,640 Speaker 1: Bloomberg dot com and via the Radio plus mobile app. 17 00:01:07,160 --> 00:01:10,280 Speaker 1: Good morning, I'm Karen Moscow. I'm Bob Moon Bloomberg. The 18 00:01:10,360 --> 00:01:12,559 Speaker 1: first word is brought to you by van k Vector's 19 00:01:12,600 --> 00:01:16,240 Speaker 1: et f s. Expect more from your munties targets, tax 20 00:01:16,319 --> 00:01:20,360 Speaker 1: exempt income by maturity and credit quality, all with low 21 00:01:20,440 --> 00:01:23,760 Speaker 1: cost e t s. Visit vanek dot com slash munis 22 00:01:24,000 --> 00:01:27,480 Speaker 1: vanek access the opportunities, and it's five oh one on 23 00:01:27,560 --> 00:01:30,240 Speaker 1: Wall Street. We checked the markets every fifteen minutes throughout 24 00:01:30,280 --> 00:01:33,240 Speaker 1: the trading day. On Bloomberg, in futures this morning are 25 00:01:33,400 --> 00:01:37,560 Speaker 1: little changed, Dowie Mini futures are up six and nasdachiuni 26 00:01:37,640 --> 00:01:40,640 Speaker 1: futures down to the decks. In Germany's up half percent, 27 00:01:41,080 --> 00:01:43,160 Speaker 1: CAC in Paris ap four ten percent, in the f 28 00:01:43,280 --> 00:01:46,679 Speaker 1: T one up one percent. N twenty five in Japan 29 00:01:46,800 --> 00:01:49,120 Speaker 1: gained half percent. The Hang Sang in Hong Kong up 30 00:01:49,160 --> 00:01:52,440 Speaker 1: four tenths percent. Can your treasury little change held one 31 00:01:52,480 --> 00:01:55,240 Speaker 1: point seven nine percent yield on the two year point 32 00:01:55,280 --> 00:01:57,800 Speaker 1: eight eight percent nim X screwded oil up a tenth 33 00:01:57,840 --> 00:02:00,200 Speaker 1: of upper cent or six cents to forty a to 34 00:02:00,320 --> 00:02:02,840 Speaker 1: a barrel, comes gold up two tenths per cent or 35 00:02:02,880 --> 00:02:05,880 Speaker 1: two dollars to twelve fourteen sixty and ounce the euro 36 00:02:06,120 --> 00:02:08,560 Speaker 1: dollar eleven forty eight the n one oh eight point 37 00:02:08,639 --> 00:02:12,800 Speaker 1: eight seven. Now your recap of Asian markets. Bloomberg chivan 38 00:02:12,919 --> 00:02:15,239 Speaker 1: Man puts it together for US in our Hong Kong 39 00:02:15,280 --> 00:02:20,239 Speaker 1: Bureal rally for Asian stocks. Although modest gains at best 40 00:02:20,320 --> 00:02:23,239 Speaker 1: post ECB and ahead of the US jobs data, the 41 00:02:23,320 --> 00:02:26,679 Speaker 1: regional benchmark headed towards a one month high, with Japanese 42 00:02:26,680 --> 00:02:29,079 Speaker 1: stocks up half of one percent. Similar games on the 43 00:02:29,120 --> 00:02:33,000 Speaker 1: Shanghai composit as well. Goldman sachs the warning capital altflows 44 00:02:33,040 --> 00:02:36,480 Speaker 1: in China may accilerate as a Yang continues to weaken, 45 00:02:36,639 --> 00:02:40,360 Speaker 1: potentially spilling over to global markets and causing a similar 46 00:02:40,400 --> 00:02:43,320 Speaker 1: broad sell off we saw back in January and August. 47 00:02:43,400 --> 00:02:46,840 Speaker 1: The UN near a five year low. Van Man Bloomberg 48 00:02:46,919 --> 00:02:51,200 Speaker 1: Radio Hong Kong Thanks, Van Bank Capital and pag Asia 49 00:02:51,320 --> 00:02:54,640 Speaker 1: Capital are evaluating bids for Takata. That's according to people 50 00:02:54,680 --> 00:02:57,280 Speaker 1: familiar with the matter, who say discussions are at an 51 00:02:57,320 --> 00:03:00,960 Speaker 1: early stage. Main and pg Asia are the latest private 52 00:03:01,000 --> 00:03:04,080 Speaker 1: equity firms with an interest in the embattled airbag supplier 53 00:03:04,160 --> 00:03:06,919 Speaker 1: at the center of a record safety recall. The news 54 00:03:07,000 --> 00:03:10,959 Speaker 1: Sentakata shares higher in Tokyo. Noble Group has approved the 55 00:03:11,080 --> 00:03:13,600 Speaker 1: rights issue to raise about five dred million dollars with 56 00:03:13,639 --> 00:03:16,840 Speaker 1: support from China's Sovereign Wealth Fund. This comes alongside the 57 00:03:16,880 --> 00:03:19,639 Speaker 1: news that founder and chairman Richard Elman will step down 58 00:03:19,760 --> 00:03:22,040 Speaker 1: in the next twelve months. The announcement of a cash 59 00:03:22,080 --> 00:03:25,639 Speaker 1: call from the junk rated commodities trader sent its bonds 60 00:03:25,680 --> 00:03:28,040 Speaker 1: surging by record amounts as share is sank to the 61 00:03:28,120 --> 00:03:31,760 Speaker 1: lowest level since two thousand three. OPEC ministers meeting in 62 00:03:31,919 --> 00:03:35,400 Speaker 1: Vienna yesterday were unable to agree on a production cap. 63 00:03:35,560 --> 00:03:38,360 Speaker 1: They were able, however, to choose a new Secretary General, 64 00:03:38,560 --> 00:03:42,240 Speaker 1: something they had been unable to agree on since. Speaking 65 00:03:42,280 --> 00:03:46,800 Speaker 1: of Bloomberg's Ryan Schilcote, incoming Secretary General Mohammed Barkindo of 66 00:03:46,920 --> 00:03:50,760 Speaker 1: Nigeria said that he sees the oil market rebalancing by 67 00:03:50,840 --> 00:03:59,280 Speaker 1: mid the future, us that this organization will not only 68 00:03:59,400 --> 00:04:03,960 Speaker 1: continue to of life, but would continue to ADU. That's 69 00:04:04,080 --> 00:04:07,640 Speaker 1: Mohammed Barkindo, the new Secretary General of OPEC. Checking oil 70 00:04:07,760 --> 00:04:11,040 Speaker 1: right now. West Texas Intermediate is it'll changed up three 71 00:04:11,080 --> 00:04:14,000 Speaker 1: cents to fort twenty barrel, while Brent is up about 72 00:04:14,000 --> 00:04:17,120 Speaker 1: two tens per cent or seven cents to fifty eleven 73 00:04:17,200 --> 00:04:20,680 Speaker 1: cents of barrel. As speculation continues about an interest rate 74 00:04:20,760 --> 00:04:24,000 Speaker 1: hike from the federal Reserve. FED officials are fanning the flames. 75 00:04:24,360 --> 00:04:27,560 Speaker 1: Speaking to Bloomberg, Dallas FED President Robert Kaplan said that 76 00:04:27,600 --> 00:04:31,000 Speaker 1: the time for tighter monetary policy maybe upon us. I 77 00:04:31,120 --> 00:04:33,960 Speaker 1: think we are getting to the point where it will 78 00:04:34,040 --> 00:04:37,640 Speaker 1: make sense to remove some level of accommodation in the 79 00:04:37,760 --> 00:04:40,919 Speaker 1: near future. What does that mean for me? It doesn't 80 00:04:40,920 --> 00:04:43,760 Speaker 1: necessarily mean you to means June July will have to see. 81 00:04:43,800 --> 00:04:45,800 Speaker 1: But I'm getting to the point where I'd be advocating 82 00:04:46,279 --> 00:04:49,880 Speaker 1: that we take an additional step. Dallas FED President Robert Kaplan. 83 00:04:49,920 --> 00:04:52,600 Speaker 1: The FED funds futures market currently places the odds of 84 00:04:52,640 --> 00:04:57,320 Speaker 1: a June rate hike at Chancellor of the Exchequer George 85 00:04:57,360 --> 00:05:00,479 Speaker 1: Osborne is warning that hundreds of thousands of UK jobs 86 00:05:00,520 --> 00:05:03,040 Speaker 1: could be lost if the country votes to leave the EU, 87 00:05:03,520 --> 00:05:06,240 Speaker 1: and a speech later today that Chancellor will say four 88 00:05:06,320 --> 00:05:09,520 Speaker 1: hundred thousand service sector jobs could be at risk in 89 00:05:09,600 --> 00:05:12,600 Speaker 1: the event of a Brexit. The UK will hold referendum 90 00:05:12,640 --> 00:05:15,680 Speaker 1: on EU membership on June twenty three. The latest polls 91 00:05:15,760 --> 00:05:19,520 Speaker 1: put a leave vote ahead. Luftonsa may make a deal 92 00:05:19,680 --> 00:05:22,840 Speaker 1: with Air China when CEO Carsten Spoor visits Beijing with 93 00:05:22,880 --> 00:05:26,039 Speaker 1: German Chancellor Angle Lamerica. Next week, Spoor we'll meet senior 94 00:05:26,120 --> 00:05:29,479 Speaker 1: management from China's flagship airline, but has told Bloomberg talks 95 00:05:29,520 --> 00:05:32,880 Speaker 1: are quote complex. Luftonsa is looking for partners to help 96 00:05:32,920 --> 00:05:35,760 Speaker 1: stand the loss of long haul passenger traffic to Middle 97 00:05:35,800 --> 00:05:40,080 Speaker 1: Eastern rivals. Bear has secured about sixty three billion dollars 98 00:05:40,160 --> 00:05:43,240 Speaker 1: for its pursuit of Monsanto. That's according to people familiar 99 00:05:43,279 --> 00:05:46,040 Speaker 1: with the matter, who say Bear is selected Five banks, 100 00:05:46,120 --> 00:05:50,239 Speaker 1: Bank of America, Credit, Sweez, Goldman, Sachs, HSBC, and JP 101 00:05:50,400 --> 00:05:53,200 Speaker 1: Morgan Chase at least provide twelve and a half billion 102 00:05:53,279 --> 00:05:56,000 Speaker 1: dollars in short term loans. If the deal happens, it 103 00:05:56,000 --> 00:05:59,840 Speaker 1: will create the world's biggest supplier of farm chemicals and seeds. You. 104 00:06:00,040 --> 00:06:03,280 Speaker 1: US yields have reached US sixteen year high VERSUS UK guilts, 105 00:06:03,320 --> 00:06:06,280 Speaker 1: ahead of US pay rolls, and as Brexit fears intensify, 106 00:06:06,800 --> 00:06:09,359 Speaker 1: US two year notes are yielding fifty one basis points 107 00:06:09,440 --> 00:06:12,320 Speaker 1: more than the same maturity government debts in the UK, 108 00:06:12,960 --> 00:06:15,760 Speaker 1: while the ten years spread is forty six basis points. 109 00:06:16,320 --> 00:06:19,240 Speaker 1: We're counting down to the government's monthly employment report. It's 110 00:06:19,279 --> 00:06:21,719 Speaker 1: at a release at eight thirty am Wall Street time 111 00:06:21,800 --> 00:06:26,000 Speaker 1: economists surveyed by Bloomberg expect an unemployment rate below four 112 00:06:26,080 --> 00:06:29,840 Speaker 1: point nine percent, and Bloomberg's Vinnidale Judas has more from 113 00:06:29,839 --> 00:06:32,960 Speaker 1: the First Word Desk. In April, the economy added one 114 00:06:33,040 --> 00:06:36,440 Speaker 1: hundred sixty thousand jobs, the smallest gain at seven months. 115 00:06:36,800 --> 00:06:40,960 Speaker 1: Unemployment held steady at five percent. Industries that showed strong 116 00:06:41,040 --> 00:06:44,320 Speaker 1: first quarter job growth pulled back, with retailers cutting pay 117 00:06:44,440 --> 00:06:48,279 Speaker 1: rolls by the most and two years, hourly earnings edged higher. 118 00:06:48,560 --> 00:06:51,320 Speaker 1: Even so, wages on average have been hovering just above 119 00:06:51,320 --> 00:06:55,040 Speaker 1: a two percent yearly gain since the expansion began seven 120 00:06:55,120 --> 00:06:57,880 Speaker 1: years ago. At the Bloomberg First Word Desk on Vadit 121 00:06:57,960 --> 00:07:00,760 Speaker 1: Dryl Judais Bloomberg Radio, thanks for the New York Post 122 00:07:00,839 --> 00:07:03,400 Speaker 1: is reporting a Twitter in Yahoo met several weeks ago 123 00:07:03,480 --> 00:07:06,279 Speaker 1: to discuss a possible merger. The newspaper says the company 124 00:07:06,360 --> 00:07:09,120 Speaker 1: spent several hours in talks, but Twitter bout out of 125 00:07:09,160 --> 00:07:12,240 Speaker 1: the bidding process soon after. No comment from either company 126 00:07:12,400 --> 00:07:16,240 Speaker 1: on the report s MPE many futures are virtually unchanged. 127 00:07:16,400 --> 00:07:19,160 Speaker 1: At this hour. You're listening to Bloomberg the First Word, 128 00:07:22,840 --> 00:07:25,280 Speaker 1: and that brings us to five oh seven on Wall Street. 129 00:07:25,360 --> 00:07:28,000 Speaker 1: Let's bring Michael barr In now with the latest on 130 00:07:28,160 --> 00:07:31,200 Speaker 1: the war of words in the presidential campaign. If morning, Michael, 131 00:07:31,200 --> 00:07:34,440 Speaker 1: Good Morning Bob. Hillary Clinton says Donald Trump would lead 132 00:07:34,480 --> 00:07:38,840 Speaker 1: America toward war and economic crisis if he is elected president. 133 00:07:39,360 --> 00:07:42,480 Speaker 1: During a speech in San Diego yesterday, Clinton said electing 134 00:07:42,480 --> 00:07:48,160 Speaker 1: Trump would be a historic mistake. Donald Trump's ideas aren't 135 00:07:48,200 --> 00:07:55,160 Speaker 1: just different, they are dangerously incoherent. They're not even really ideas, 136 00:07:55,600 --> 00:08:03,760 Speaker 1: just a series of bizarre rants, personal fews, and outright lies. Meanwhile, 137 00:08:03,800 --> 00:08:09,000 Speaker 1: the presumptive Republican presidential nominee called Clinton's remarks donald Trump 138 00:08:09,200 --> 00:08:12,160 Speaker 1: hit job and a phony speech during a rally in 139 00:08:12,240 --> 00:08:15,560 Speaker 1: San Jose. You know she's up there and supposed to 140 00:08:15,640 --> 00:08:18,520 Speaker 1: be a foreign policy speech. It was a political space, 141 00:08:18,800 --> 00:08:21,560 Speaker 1: had nothing to do with foreign policy. She made a 142 00:08:21,720 --> 00:08:25,920 Speaker 1: political speech. Donald Trump supporters who were leaving his rally 143 00:08:26,000 --> 00:08:28,960 Speaker 1: and San Jose came under attack from a group of protesters. 144 00:08:29,480 --> 00:08:32,440 Speaker 1: A dozen or more people were punched. How Speaker Paul 145 00:08:32,600 --> 00:08:36,040 Speaker 1: Ryan says he still has differences with Donald Trump, but 146 00:08:36,200 --> 00:08:40,199 Speaker 1: he is endorsing the Republican presidential candidate. Ryan says Trump 147 00:08:40,280 --> 00:08:43,720 Speaker 1: can help bring Republicans together. I had people on both 148 00:08:43,800 --> 00:08:46,840 Speaker 1: sides of it. I had friends wishing I wouldn't support him. 149 00:08:47,320 --> 00:08:50,400 Speaker 1: I had people saying wishing I would. I really didn't 150 00:08:50,400 --> 00:08:53,560 Speaker 1: feel any pressure other than my goal is to make 151 00:08:53,559 --> 00:08:56,959 Speaker 1: sure that we're unified. Ryan had with health support for 152 00:08:57,080 --> 00:09:01,600 Speaker 1: weeks before making his announcement yesterday. Five soldiers from Fort Hood, Texas, 153 00:09:01,679 --> 00:09:04,680 Speaker 1: are dead. Four others are missing after an Army troop 154 00:09:04,800 --> 00:09:08,800 Speaker 1: carrier was washed from a low water crossing and overturned 155 00:09:08,840 --> 00:09:11,960 Speaker 1: in a rain swollen creek. A Blue Angels fighter jet 156 00:09:12,040 --> 00:09:15,800 Speaker 1: crash near Nashville, Tennessee, killing the pilot. Earlier in the day, 157 00:09:15,840 --> 00:09:18,960 Speaker 1: a member of the U. S Air Force Thunderbirds crashed 158 00:09:19,000 --> 00:09:22,560 Speaker 1: in Colorado after a flyover for the Air Force Academy 159 00:09:22,600 --> 00:09:26,960 Speaker 1: graduation where President Barack Obama spoke. The pilot ejected safely, 160 00:09:27,480 --> 00:09:30,600 Speaker 1: and autopsy has found that pop star Prince died from 161 00:09:30,640 --> 00:09:33,760 Speaker 1: an overdose of the powerful pain killer fentanyl. Prince was 162 00:09:33,800 --> 00:09:37,760 Speaker 1: fund dead April one, and his Minneapolis area state Global 163 00:09:37,800 --> 00:09:40,480 Speaker 1: News twenty four hours a day, powered by our two 164 00:09:40,640 --> 00:09:43,360 Speaker 1: hundred journalists and more than a hundred fifty news bureaus 165 00:09:43,360 --> 00:09:46,199 Speaker 1: around the world. Michael Barb thanks so much. Michael, will 166 00:09:46,200 --> 00:09:48,559 Speaker 1: move along to five oh nine on Wall Street and 167 00:09:48,600 --> 00:09:53,520 Speaker 1: your Landrover Parsippany Bloomberg, NBC Sports Update, Happy Friday, John Stash, 168 00:09:54,040 --> 00:09:56,160 Speaker 1: all right, thanks for surprise in Game one of the 169 00:09:56,240 --> 00:09:58,719 Speaker 1: NBA Finals, not Golden State winning, but the way the 170 00:09:58,800 --> 00:10:01,840 Speaker 1: Warriors one getting more points from their backup guards, then 171 00:10:01,880 --> 00:10:04,560 Speaker 1: they're much more herald than starters. Steph Curry and Clay 172 00:10:04,640 --> 00:10:08,640 Speaker 1: Thompson together scored twenty points. Sean Livingston had that by himself, 173 00:10:08,720 --> 00:10:11,800 Speaker 1: and le Andro Barboza added eleven off the bench. The 174 00:10:11,880 --> 00:10:15,600 Speaker 1: two reserves shout of combined thirteen for fifteen. Curry sat 175 00:10:15,720 --> 00:10:18,280 Speaker 1: for some key stretches and the Warriors one oh four 176 00:10:18,400 --> 00:10:20,719 Speaker 1: to eight nine win. Yeah, I missed some shots and 177 00:10:21,040 --> 00:10:23,520 Speaker 1: didn't didn't get a rhythm, but the way that they 178 00:10:23,880 --> 00:10:26,120 Speaker 1: defended out to be able to find some some adjustments 179 00:10:26,160 --> 00:10:28,560 Speaker 1: for game to not worried about that, which is really 180 00:10:28,640 --> 00:10:32,160 Speaker 1: proud of the way that, uh, you know, everybody contributed. 181 00:10:32,320 --> 00:10:34,720 Speaker 1: You don't win championships without you know, the entire squad 182 00:10:34,880 --> 00:10:38,280 Speaker 1: coming in and making an impact on games. Kaz came 183 00:10:38,320 --> 00:10:40,599 Speaker 1: from twelve down to take the lead briefly in the 184 00:10:40,679 --> 00:10:42,760 Speaker 1: third quarter, but the Warriors pulled away from their game 185 00:10:42,800 --> 00:10:46,360 Speaker 1: to his Sunday again in Oakland. Took a while for 186 00:10:46,400 --> 00:10:49,560 Speaker 1: the Yankee They didn't get a hit until the sixth inning, 187 00:10:49,559 --> 00:10:53,160 Speaker 1: and then finally in the seventh some runs. Ellsbury rips 188 00:10:53,240 --> 00:10:56,400 Speaker 1: on the right field. It is a pace h The 189 00:10:56,480 --> 00:11:00,960 Speaker 1: ref snider scores Hicks's rounding third there, waving him haul. 190 00:11:01,280 --> 00:11:04,959 Speaker 1: Here's the throw he's in there. It's a double at 191 00:11:05,000 --> 00:11:08,240 Speaker 1: two rivies moving to third of the throw for Ellsbury 192 00:11:08,559 --> 00:11:11,480 Speaker 1: and the Yankees leave five to one. Network Now. The 193 00:11:11,559 --> 00:11:13,480 Speaker 1: Yanks held on in the rain out and makeup in 194 00:11:13,559 --> 00:11:16,280 Speaker 1: Detroit five to four. Baltimore beat the Red Sox twelve seven, 195 00:11:16,320 --> 00:11:20,040 Speaker 1: the Oarls at seven home runs, Seattle's sixteen, San Diego thirteen. 196 00:11:20,400 --> 00:11:23,160 Speaker 1: Mariners trailed twelve to two, and the sixth inning came 197 00:11:23,160 --> 00:11:25,280 Speaker 1: back to win. David Wright missed four months last scenes 198 00:11:25,320 --> 00:11:27,640 Speaker 1: with a back injury that's still not completely healed now 199 00:11:27,800 --> 00:11:30,000 Speaker 1: right as a herniated disc in his neck. The Mets 200 00:11:30,040 --> 00:11:32,200 Speaker 1: hoped he could come back from. Instead, he's been put 201 00:11:32,280 --> 00:11:34,280 Speaker 1: on the disabled list, and the Mets say Wright could 202 00:11:34,320 --> 00:11:37,199 Speaker 1: be out for a quote prolonged period. Where at the 203 00:11:37,200 --> 00:11:40,599 Speaker 1: Bloomberg NBC Sports Update, I'm John Stas. Thanks John, you 204 00:11:40,679 --> 00:11:42,559 Speaker 1: want to stay with us today for full coverage of 205 00:11:42,600 --> 00:11:44,800 Speaker 1: the Jobs Report that you just can't get anywhere else. 206 00:11:44,880 --> 00:11:47,439 Speaker 1: Tom Keene and Michael McKee will be joined by JP Morgan, 207 00:11:47,520 --> 00:11:51,240 Speaker 1: Senior economist, James Glassman, Princeton economist Allan Kruger, and Janice 208 00:11:51,280 --> 00:11:54,120 Speaker 1: Capital's Bill Gross. It all starts at seven am Wall 209 00:11:54,160 --> 00:11:57,240 Speaker 1: Street Time right here on Bloomberg Radio, and just ahead 210 00:11:57,559 --> 00:12:00,680 Speaker 1: we'll talk to Wells Fargo's John Sylvia for Jobs preview. 211 00:12:01,040 --> 00:12:06,680 Speaker 1: This is Bloomberg the Sports Report, brought to you by 212 00:12:06,760 --> 00:12:09,080 Speaker 1: Landover Percipone. If it's in your nature to cast off 213 00:12:09,120 --> 00:12:11,640 Speaker 1: the every day and seek adventure, the Discovery Sport was 214 00:12:11,679 --> 00:12:14,439 Speaker 1: built to help you search. Visit Landover percipone dot com 215 00:12:14,559 --> 00:12:22,600 Speaker 1: or fine f w d Landrover above and beyond global 216 00:12:22,679 --> 00:12:26,000 Speaker 1: business news twenty four hours a day at Bloomberg dot com, 217 00:12:26,320 --> 00:12:29,040 Speaker 1: the Radio plus mobile app, and on your radio. This 218 00:12:29,559 --> 00:12:33,000 Speaker 1: is a Bloomberg Business Flash and I'm Camraing Moscow. There's 219 00:12:33,040 --> 00:12:35,480 Speaker 1: updates brought to you by Sector Spider e t F. 220 00:12:35,559 --> 00:12:37,520 Speaker 1: So why buy a single stock when you can invest 221 00:12:37,559 --> 00:12:41,160 Speaker 1: in the entire sector? Visits Sector spd r s dot 222 00:12:41,240 --> 00:12:45,480 Speaker 1: com are called six sector et F. It's Jobs Day, 223 00:12:45,559 --> 00:12:48,040 Speaker 1: and today we are looking for the main jobs report 224 00:12:48,080 --> 00:12:50,840 Speaker 1: at a day thirty Wall Street time. The trade balance 225 00:12:50,960 --> 00:12:53,520 Speaker 1: is also released at that time. That at ten, it's 226 00:12:53,559 --> 00:12:56,520 Speaker 1: factory orders, durable goods orders, as well as a look 227 00:12:56,559 --> 00:13:00,439 Speaker 1: at service industries from the Institute for Supply Management. Futures 228 00:13:00,480 --> 00:13:03,040 Speaker 1: this morning are little change ahead of the job's report. 229 00:13:03,160 --> 00:13:06,760 Speaker 1: NASADACI mini futures are down to Dowie Mini futures of four. 230 00:13:06,960 --> 00:13:09,240 Speaker 1: The Dacks in Germany's up half per cent, so's the 231 00:13:09,320 --> 00:13:12,600 Speaker 1: cat in Paris FT one eight tenths per set. Can 232 00:13:12,679 --> 00:13:15,520 Speaker 1: your treasury little change yield one point seven nine percent 233 00:13:15,760 --> 00:13:18,600 Speaker 1: yield on the two year point eight eight percent nimex 234 00:13:18,600 --> 00:13:22,240 Speaker 1: s crude oil little changed, up two cents to a barrel. 235 00:13:22,559 --> 00:13:24,599 Speaker 1: Comics gold is up a tenth of upper center a 236 00:13:24,679 --> 00:13:27,959 Speaker 1: dollar twenty to twelve thirteen eighty announced, the euro a 237 00:13:28,000 --> 00:13:30,320 Speaker 1: dollar eleven forty four, and the yen one oh eight 238 00:13:30,360 --> 00:13:33,600 Speaker 1: point nine one. That's a bloomberg business flash. Now here's 239 00:13:33,640 --> 00:13:37,240 Speaker 1: Michael Barr with more on what's going on around the world. Michael, 240 00:13:37,559 --> 00:13:40,559 Speaker 1: Good morning, Karen. Donald Trump is bristling and being called 241 00:13:40,760 --> 00:13:45,360 Speaker 1: unprepared and temperamentally unfit to be president in a foreign 242 00:13:45,440 --> 00:13:48,800 Speaker 1: policy speech by Hillary Clinton in San Diego. Hours later 243 00:13:48,920 --> 00:13:52,240 Speaker 1: in San Jose, the presumptive Republican nominee called the speech 244 00:13:52,320 --> 00:13:56,160 Speaker 1: phony and a Donald Trump hit job. The search continues 245 00:13:56,240 --> 00:13:59,200 Speaker 1: for four soldiers still missing from a truck that overturned 246 00:13:59,240 --> 00:14:01,960 Speaker 1: in the swift one at Fort Hood, Texas, killing at 247 00:14:02,040 --> 00:14:05,800 Speaker 1: least five and injuring three. French President Francoile old Lan says, 248 00:14:05,840 --> 00:14:09,720 Speaker 1: the consequences of the bad weather, We're very serious. Paris 249 00:14:09,840 --> 00:14:13,079 Speaker 1: is dealing with dangerous flooding. The same river in Paris 250 00:14:13,320 --> 00:14:15,760 Speaker 1: is at its highest level in more than thirty four years. 251 00:14:16,200 --> 00:14:19,280 Speaker 1: In sports and Major League Baseball, the Yankees beat the Tigers. 252 00:14:19,400 --> 00:14:22,400 Speaker 1: The Orioles down the Red Sox. The Giants were winners 253 00:14:22,760 --> 00:14:25,560 Speaker 1: in Game one of the NBA Finals. The Warriors beat 254 00:14:25,600 --> 00:14:28,560 Speaker 1: the Cavaliers. More of these and other stories at the 255 00:14:28,600 --> 00:14:31,040 Speaker 1: bottom of the hour. Bob Michael Barr, thank you. The 256 00:14:31,120 --> 00:14:34,920 Speaker 1: economists we've surveyed here at Bloomberg tell us US employment 257 00:14:35,000 --> 00:14:38,960 Speaker 1: probably increased around a hundred sixty thousand in May. That 258 00:14:39,080 --> 00:14:41,880 Speaker 1: would be on par with the previous months, moderate advance. 259 00:14:41,920 --> 00:14:45,640 Speaker 1: But John Sylvia has his side set flower. He's chief 260 00:14:45,640 --> 00:14:48,160 Speaker 1: economists for Wells Fargo Security and joins US now on 261 00:14:48,200 --> 00:14:51,000 Speaker 1: the line from Charlotte, North Carolina. John, good morning and welcome. 262 00:14:51,120 --> 00:14:54,480 Speaker 1: You're breaking with consensus? Why oh? I think there are 263 00:14:54,800 --> 00:14:59,600 Speaker 1: two reasons here. One, obviously the horizons strike fracting maybe 264 00:14:59,680 --> 00:15:03,160 Speaker 1: thirty five forty thousand uh from the job numbers. So 265 00:15:03,640 --> 00:15:05,760 Speaker 1: what you would look at would be the line on 266 00:15:06,000 --> 00:15:09,920 Speaker 1: information breakout in terms of payrolls and probably see a 267 00:15:10,000 --> 00:15:13,160 Speaker 1: number like minus minus thirty thousand, minus thirty five thousand 268 00:15:13,240 --> 00:15:16,720 Speaker 1: there um. I think that's really key and probably I 269 00:15:16,760 --> 00:15:19,120 Speaker 1: don't know, it doesn't seem like it's really reflected in 270 00:15:19,160 --> 00:15:23,000 Speaker 1: the consensus. Second is the I s M manufacturing numbers. UH. 271 00:15:23,120 --> 00:15:27,440 Speaker 1: The employment component remained below fifty or so to watch 272 00:15:27,520 --> 00:15:30,600 Speaker 1: for the manufacturing sector not to produce any jobs, maybe 273 00:15:30,640 --> 00:15:33,920 Speaker 1: even lose a few thousand jobs as well. And the 274 00:15:34,360 --> 00:15:38,800 Speaker 1: unemployment rate consensus there is four. Yeah, I think that's 275 00:15:38,840 --> 00:15:41,920 Speaker 1: the right number here here about the challenge of courses 276 00:15:42,040 --> 00:15:46,080 Speaker 1: that despite what we look at is overall modest employment growth, 277 00:15:46,440 --> 00:15:49,280 Speaker 1: labor for US participation rate really hasn't picked up as 278 00:15:49,360 --> 00:15:53,240 Speaker 1: it traditionally has. So even the modest gain in jobs 279 00:15:53,520 --> 00:15:56,520 Speaker 1: outweighs the improvement in the labor for US such that 280 00:15:56,640 --> 00:16:00,680 Speaker 1: the unemployment where it continues to decline. So if your 281 00:16:00,720 --> 00:16:04,160 Speaker 1: numbers are correct, that wouldn't seem to support a rate 282 00:16:04,280 --> 00:16:07,800 Speaker 1: increase as early as June. Yeah, I think. I think 283 00:16:07,840 --> 00:16:10,400 Speaker 1: the FEDS are going to look at this in combination 284 00:16:10,560 --> 00:16:13,680 Speaker 1: with uh, you know, there is some slowdown. I think, 285 00:16:13,800 --> 00:16:18,840 Speaker 1: you know, Charles Evans earlier this morning on Bloomberg being quoted, um, 286 00:16:19,120 --> 00:16:21,880 Speaker 1: you know, there's some value in waiting. And I think that, 287 00:16:22,320 --> 00:16:24,720 Speaker 1: and I know that Charles is a dove. Um, but 288 00:16:24,880 --> 00:16:27,440 Speaker 1: I would say, yeah, there is some value in waiting, 289 00:16:27,560 --> 00:16:31,360 Speaker 1: especially after the Prexit vote. Again, earlier reports this morning 290 00:16:31,600 --> 00:16:34,920 Speaker 1: on Bloomberg suggested that the vote was really going to 291 00:16:35,000 --> 00:16:38,440 Speaker 1: be close. In that situation, I would wait in July, 292 00:16:38,800 --> 00:16:41,240 Speaker 1: just a few weeks away. So yeah, we could do 293 00:16:41,280 --> 00:16:44,840 Speaker 1: it in July. Well, for the sake of our conversation, 294 00:16:44,960 --> 00:16:49,320 Speaker 1: let's say that they did raise rates at their June meeting. 295 00:16:49,600 --> 00:16:53,560 Speaker 1: Is the economy prepared for that? Yeah? I think the 296 00:16:53,640 --> 00:16:56,240 Speaker 1: overall economy is doing well. In terms of the American 297 00:16:56,320 --> 00:17:01,400 Speaker 1: consumer housing, UH, you know, business investment, et cetera, twenty 298 00:17:01,480 --> 00:17:03,320 Speaker 1: five basis points is not going to make a big 299 00:17:03,400 --> 00:17:07,600 Speaker 1: difference for a lot of those UH sectors. And another thing, Bob, 300 00:17:07,760 --> 00:17:10,800 Speaker 1: is that although the federal funds right target may be raised, 301 00:17:10,840 --> 00:17:13,440 Speaker 1: the effective federal funds rate doesn't rise all that much, 302 00:17:13,520 --> 00:17:16,680 Speaker 1: and as a result, lending costs to a lot of 303 00:17:16,760 --> 00:17:20,199 Speaker 1: businesses and households don't rise all that much. One thing 304 00:17:20,240 --> 00:17:24,000 Speaker 1: about housing that's pretty interesting, Bob, is the disparity that's 305 00:17:24,040 --> 00:17:26,639 Speaker 1: going on. Um. You know, when you're dealing with areas 306 00:17:26,680 --> 00:17:29,520 Speaker 1: like Boston and New York or even Charlotte, Uh, You're 307 00:17:29,560 --> 00:17:33,399 Speaker 1: you're talking about home prices that are rising pretty significantly. Um, 308 00:17:33,720 --> 00:17:35,840 Speaker 1: twenty five basis points on a mortgage rate is not 309 00:17:35,880 --> 00:17:37,399 Speaker 1: going to make much difference. But when you need to 310 00:17:37,440 --> 00:17:40,320 Speaker 1: get into the Midlands and you talk about you know, 311 00:17:40,720 --> 00:17:44,960 Speaker 1: smallest cities, secondary tertiary cities in the rural areas where 312 00:17:45,000 --> 00:17:47,680 Speaker 1: home prices aren't rising, that's where a little bit of 313 00:17:47,720 --> 00:17:50,920 Speaker 1: the difference shows up. We're gonna be hearing from FED 314 00:17:51,000 --> 00:17:54,480 Speaker 1: jar Jennet Yellow next week. Would you expect her to 315 00:17:54,680 --> 00:17:58,200 Speaker 1: continue this sort of hawkish rhetoric that we've been hearing 316 00:17:58,280 --> 00:18:01,840 Speaker 1: out of other FED members. I would say yes, because 317 00:18:02,200 --> 00:18:05,119 Speaker 1: she certainly she knows that a lot of people are 318 00:18:05,200 --> 00:18:08,720 Speaker 1: killing a key on this speech. And then, second of all, Um, 319 00:18:08,920 --> 00:18:11,160 Speaker 1: she has been setting up the town. I think there's 320 00:18:11,160 --> 00:18:12,960 Speaker 1: a lot of you know, Eric rosing Gren, you know 321 00:18:13,080 --> 00:18:16,080 Speaker 1: from Boston, setting up a town where they're trying to 322 00:18:16,119 --> 00:18:18,359 Speaker 1: be a little bit harkers. Getting the market ready for 323 00:18:19,440 --> 00:18:21,760 Speaker 1: an increase in the FED funds, right, you know, maybe 324 00:18:21,880 --> 00:18:24,639 Speaker 1: doing maybe July and maybe September. Yeah, I think she 325 00:18:24,720 --> 00:18:26,639 Speaker 1: wants to keep that theme up because you don't want 326 00:18:26,680 --> 00:18:28,800 Speaker 1: to lose that momentum in the market that the market 327 00:18:28,840 --> 00:18:32,320 Speaker 1: is now discounting. Uh, A fit move. How much confidence 328 00:18:32,359 --> 00:18:36,680 Speaker 1: do you have in the US economy at this point? Well, Bob, 329 00:18:36,840 --> 00:18:38,600 Speaker 1: but you know a lot of confidence if you're talking 330 00:18:38,640 --> 00:18:41,119 Speaker 1: about one and a half the two percent growth um, 331 00:18:41,320 --> 00:18:44,119 Speaker 1: you know, trying to get anything above two percent, you know, 332 00:18:44,200 --> 00:18:46,480 Speaker 1: two and a half percent or sometimes the three percent 333 00:18:46,600 --> 00:18:49,080 Speaker 1: that sometimes people will put out there. I have no 334 00:18:49,240 --> 00:18:52,000 Speaker 1: confidence in that at all. I still have a big 335 00:18:52,119 --> 00:18:57,159 Speaker 1: negative for net exports, business investment, while growing remains disappointing 336 00:18:57,240 --> 00:19:00,480 Speaker 1: relative to what trend should be. UM. I think you 337 00:19:00,600 --> 00:19:02,879 Speaker 1: just have to be careful of an economy that depends 338 00:19:02,960 --> 00:19:06,040 Speaker 1: so much just on the consumer and housing. Are we 339 00:19:06,119 --> 00:19:10,040 Speaker 1: going to finally see in this job's report any strength 340 00:19:10,240 --> 00:19:16,480 Speaker 1: in wage growth? Uh? Well, losing those Verizon workers and 341 00:19:16,800 --> 00:19:19,000 Speaker 1: their wages numbers. I think you're going to have a 342 00:19:19,080 --> 00:19:22,600 Speaker 1: steady zero point two percent gain and average our learning 343 00:19:22,680 --> 00:19:25,200 Speaker 1: so on a year over year basis, it'll be two 344 00:19:25,280 --> 00:19:28,320 Speaker 1: point five and it was two point five in January, UM, 345 00:19:28,640 --> 00:19:30,760 Speaker 1: so that now it seems to be we're at the 346 00:19:30,880 --> 00:19:33,440 Speaker 1: two and a half percent or so. And as you know, Bob, 347 00:19:33,960 --> 00:19:36,800 Speaker 1: there's a real issue with respect to healthcare costs and 348 00:19:36,920 --> 00:19:40,520 Speaker 1: insurance and uh, you know how companies are dealing with 349 00:19:40,720 --> 00:19:44,439 Speaker 1: that and with respect to maybe benefit costs of rising. 350 00:19:45,080 --> 00:19:48,880 Speaker 1: But the wages themselves are pretty steady. Jean Sylvia always 351 00:19:49,440 --> 00:19:52,399 Speaker 1: very interesting and illuminating. He used chief economists for Wells 352 00:19:52,480 --> 00:19:56,640 Speaker 1: Fargo Security and has joined us from Charlotte, North Carolina SMPE. 353 00:19:56,760 --> 00:20:00,880 Speaker 1: Many futures virtually unchanged at this hour, as our Treasury 354 00:20:00,960 --> 00:20:02,880 Speaker 1: prices the yield in the ten year at one point 355 00:20:03,000 --> 00:20:07,680 Speaker 1: seven nine percent. This is Bloomberg. And the first word 356 00:20:07,800 --> 00:20:09,960 Speaker 1: is brought to you by your Mercedes Benz Tri State dealer. 357 00:20:10,000 --> 00:20:12,360 Speaker 1: There's no better way to experience summer than the car 358 00:20:12,480 --> 00:20:14,480 Speaker 1: of your dreams. And now you can get an expertly 359 00:20:14,520 --> 00:20:16,879 Speaker 1: craft in Mercedes Benz for less than you can imagine. 360 00:20:16,960 --> 00:20:19,480 Speaker 1: Visit your Tri State Dealer or m B USA dot 361 00:20:19,560 --> 00:20:31,000 Speaker 1: Com broadcasting live to New York Bloomberg eleventh yo to Washington, 362 00:20:31,080 --> 00:20:36,080 Speaker 1: d C, Bloomberg to Boston, Bloomberg twelve hundred to San Francisco, 363 00:20:36,240 --> 00:20:40,399 Speaker 1: Bloomberg nine to the country, US ex General one ninety 364 00:20:40,600 --> 00:20:44,080 Speaker 1: and around the globe the Bloomberg Radio Plus Happen Bloomberg 365 00:20:44,119 --> 00:20:47,959 Speaker 1: dot Com. This is Bloomberg the first Word, and it's 366 00:20:47,960 --> 00:20:50,840 Speaker 1: about thirty on Wall Street. Good morning, I'm Karen Moscow, 367 00:20:51,040 --> 00:20:53,399 Speaker 1: I'm Bob Moon Bloomberg. The first Word is brought to 368 00:20:53,400 --> 00:20:57,120 Speaker 1: you by Bentley University. What do developing apps at Facebook 369 00:20:57,200 --> 00:21:00,720 Speaker 1: and analyzing data at Biogen have in common? An MBA 370 00:21:00,880 --> 00:21:04,720 Speaker 1: from Bentley University, where you'll explore innovation and leadership. Because 371 00:21:04,800 --> 00:21:08,760 Speaker 1: business is everywhere, prepare here and we're just about four 372 00:21:08,800 --> 00:21:11,240 Speaker 1: hours away from the opening of US trading. Let's get 373 00:21:11,280 --> 00:21:12,760 Speaker 1: you up to date on the news you need to know. 374 00:21:12,880 --> 00:21:16,560 Speaker 1: At this hour. Bain Capital and p g As Capital 375 00:21:16,600 --> 00:21:19,879 Speaker 1: are evaluating bids for Takata. They are just the latest 376 00:21:19,880 --> 00:21:22,800 Speaker 1: private equity firms with an interest in the embattled airbag 377 00:21:22,880 --> 00:21:26,040 Speaker 1: supplier at the center of a record safety recall. The 378 00:21:26,119 --> 00:21:29,439 Speaker 1: news sent Takada shares higher in Tokyo Noble Group has 379 00:21:29,480 --> 00:21:31,960 Speaker 1: approved of rights issue to raise about five hundred million 380 00:21:32,040 --> 00:21:35,080 Speaker 1: dollars with support from China's Sovereign Wealth Fund. This comes 381 00:21:35,080 --> 00:21:37,760 Speaker 1: alongside the news the founder and chairman, Richard Elman, will 382 00:21:37,800 --> 00:21:40,320 Speaker 1: step down in the next twelve months. The announcement of 383 00:21:40,359 --> 00:21:43,200 Speaker 1: a cash call from the junk rated commodities trader sent 384 00:21:43,280 --> 00:21:45,840 Speaker 1: its bonds searching by record announts, and it shares to 385 00:21:45,920 --> 00:21:49,960 Speaker 1: a thirteen year loan. OPEC ministers meeting in Vienna yesterday, 386 00:21:50,040 --> 00:21:53,520 Speaker 1: we're unable to agree on a production cap. They were able, however, 387 00:21:53,600 --> 00:21:56,520 Speaker 1: to choose a new Secretary General, something they had been 388 00:21:56,600 --> 00:22:00,520 Speaker 1: unable to agree on since twelve Checking oil now, West 389 00:22:00,560 --> 00:22:03,520 Speaker 1: Texas Intermediate is little changed, up one cent of forty 390 00:22:03,600 --> 00:22:06,359 Speaker 1: nine dollars eighteen cents of barrel, and Brent is up 391 00:22:06,800 --> 00:22:08,879 Speaker 1: more than a tenth of a percent of seven cents 392 00:22:08,920 --> 00:22:12,640 Speaker 1: to fifty dollars eleven cents of barrel. Helseyon Capital Management, 393 00:22:12,680 --> 00:22:15,560 Speaker 1: which runs almost ten billion dollars in assets, has shuttered 394 00:22:15,600 --> 00:22:18,800 Speaker 1: its energy focused hedge fund after the collapse of oil prices. 395 00:22:19,080 --> 00:22:23,040 Speaker 1: The story from Bloomberg's Charlie Pellett. The Energy, Power and 396 00:22:23,280 --> 00:22:28,440 Speaker 1: Infrastructure Capital Fund and its manager Halcyon Energy Investors were 397 00:22:28,520 --> 00:22:31,640 Speaker 1: closed on March thirty one, according to two people familiar 398 00:22:31,680 --> 00:22:33,840 Speaker 1: with the matter, who asked not to be named because 399 00:22:33,880 --> 00:22:37,520 Speaker 1: the information is private. The people say concerns over the 400 00:22:37,600 --> 00:22:41,080 Speaker 1: ability to raise assets for the fund contributed to the decision, 401 00:22:41,480 --> 00:22:43,280 Speaker 1: and one of the people says at its peak, the 402 00:22:43,320 --> 00:22:47,360 Speaker 1: fund managed one forty million dollars. Oil prices have plunged 403 00:22:47,440 --> 00:22:51,159 Speaker 1: more than fifty percent since the downward spiral began in 404 00:22:51,280 --> 00:22:56,120 Speaker 1: June of two thousand fourteen, hitting companies highly exposed to commodities. 405 00:22:56,560 --> 00:23:00,160 Speaker 1: Charlie Pellet, Bloomberg Radio, Thanks Charlie. Bear has a You're 406 00:23:00,160 --> 00:23:02,760 Speaker 1: at about sixty three billion dollars for its pursuit of 407 00:23:02,800 --> 00:23:05,400 Speaker 1: monts Santo. That's according to people familiar with the matter, 408 00:23:05,680 --> 00:23:10,800 Speaker 1: who say Bear has selected five banks, Bank of America, Credit, Sweez, Coldman, Sachs, HSBC, 409 00:23:11,280 --> 00:23:13,960 Speaker 1: and JP Morgan Chase at least provide twelve and a 410 00:23:14,000 --> 00:23:18,320 Speaker 1: half billion dollars in short term loans. Futures this morning, 411 00:23:18,440 --> 00:23:21,520 Speaker 1: they are little changed, the tenure treasury little changed as well. 412 00:23:21,640 --> 00:23:24,359 Speaker 1: They yield one point seven nine percent yield on the 413 00:23:24,440 --> 00:23:27,719 Speaker 1: two year point eight eight percent. Comas gold is up 414 00:23:27,760 --> 00:23:30,119 Speaker 1: seventies cents. That's less than a tenth of a percent 415 00:23:30,240 --> 00:23:34,920 Speaker 1: at twelve thirty announced and this is Bloomberg. The first word, 416 00:23:38,000 --> 00:23:40,639 Speaker 1: Thank you, Karen, were out five thirty three on Wall Street, 417 00:23:40,920 --> 00:23:43,600 Speaker 1: she said, he said, and they're doing it more stridently 418 00:23:43,640 --> 00:23:45,639 Speaker 1: on the campaign trail. Let's bring in Michael Barr with 419 00:23:45,680 --> 00:23:47,920 Speaker 1: the latest. Good morning to you, Michael, Good morning Bob. 420 00:23:48,040 --> 00:23:51,320 Speaker 1: Donald Trump supporters leaving is rally in San Jose, California 421 00:23:51,359 --> 00:23:54,239 Speaker 1: were pounced on by protesters. At least four people were 422 00:23:54,280 --> 00:23:58,480 Speaker 1: taken into custody during the Trump rally. The resumptive Republican 423 00:23:58,520 --> 00:24:03,199 Speaker 1: presidential nominee called hill Re Clinton's foreign policy speech pathetic clocket. 424 00:24:03,280 --> 00:24:06,679 Speaker 1: Hillary said, oh, Donald Trump, his finger on the button. 425 00:24:07,000 --> 00:24:09,520 Speaker 1: I'm the one that didn't want to go into Iraq, volks, 426 00:24:10,280 --> 00:24:12,800 Speaker 1: And she's the one that stupidly raised her hand to 427 00:24:12,880 --> 00:24:16,480 Speaker 1: go into Iraq and destabilize the entire Middle East. Okay, 428 00:24:16,520 --> 00:24:20,080 Speaker 1: because that's what she did earlier. Clinton, speaking in San Diego, 429 00:24:20,200 --> 00:24:23,440 Speaker 1: says electing Trump as president would be a big mistake. 430 00:24:23,840 --> 00:24:27,200 Speaker 1: It's not hard to imagine Donald Trump leading us into 431 00:24:27,280 --> 00:24:32,200 Speaker 1: a war just because somebody got under his very thin skin. 432 00:24:34,119 --> 00:24:38,720 Speaker 1: Philippine president of Lech Rodrigo do Tarte dared reporters to 433 00:24:38,920 --> 00:24:43,119 Speaker 1: stop covering him. This after earlier comments that corrupt journalists 434 00:24:43,560 --> 00:24:47,840 Speaker 1: were legitimate targets of assassination. To Tartey said in English 435 00:24:47,920 --> 00:24:51,040 Speaker 1: during a two hour televised briefing last night, I do 436 00:24:51,200 --> 00:24:54,200 Speaker 1: not care if no one is covering me. Do not 437 00:24:54,400 --> 00:24:57,240 Speaker 1: threaten me, I said. I'm ready to lose the presidency, 438 00:24:57,720 --> 00:25:01,520 Speaker 1: my honor, or my life, just you're not expletive with me. 439 00:25:02,359 --> 00:25:05,679 Speaker 1: During the Newscafferance Deterte wolf Will sold at a female reporter, 440 00:25:06,000 --> 00:25:09,080 Speaker 1: triggering a flood of criticism on social media that there 441 00:25:09,200 --> 00:25:12,919 Speaker 1: is based. Reporters without Borders called on journalists to boycott him. 442 00:25:13,400 --> 00:25:16,360 Speaker 1: The US defend Secretary Ash Cartis says the military will 443 00:25:16,400 --> 00:25:21,600 Speaker 1: take actions designed to prevent accidents once military investigations are complete. 444 00:25:22,160 --> 00:25:25,760 Speaker 1: In the two recent incidents, five soldiers were killed and 445 00:25:25,920 --> 00:25:29,359 Speaker 1: four are missing after a troop carrier overturned in a 446 00:25:29,520 --> 00:25:34,080 Speaker 1: rain swollen creek at Fort Hood. Lieutenant Colonel Sunset Blinsky 447 00:25:34,320 --> 00:25:37,520 Speaker 1: is a spokesperson for Fort Hood. We definitely appreciate thoughts 448 00:25:37,600 --> 00:25:40,720 Speaker 1: and prayers um as we care for our families and 449 00:25:40,840 --> 00:25:44,399 Speaker 1: loved ones and and the fellow soldiers here who are 450 00:25:44,440 --> 00:25:47,640 Speaker 1: impacted by this tragedy. Near Nashville, a pilot was killed 451 00:25:47,680 --> 00:25:51,159 Speaker 1: when his Blue Angels fighter jet crashed. First Lady Michelle 452 00:25:51,160 --> 00:25:53,760 Speaker 1: Obama is in New York to deliver the final commencement 453 00:25:53,800 --> 00:25:56,919 Speaker 1: speech of her tenure in the White House at City College. 454 00:25:57,320 --> 00:26:00,360 Speaker 1: Global News twenty four hours a day, powered by our 455 00:26:00,440 --> 00:26:03,200 Speaker 1: twenty four hundred journalists more than a hundred fifty buras 456 00:26:03,240 --> 00:26:06,200 Speaker 1: around the world. I have Michael Barr Bomp appreciated Michael. 457 00:26:06,240 --> 00:26:08,480 Speaker 1: That brings us to five thirty five on Wall Street. 458 00:26:08,760 --> 00:26:13,080 Speaker 1: John's Teshauer has your Landroper Parsippan a Bloomberg NBC Sports Updates, 459 00:26:13,119 --> 00:26:15,280 Speaker 1: Hey John, all Right, Bob. On a night when the 460 00:26:15,400 --> 00:26:18,560 Speaker 1: Splash Brothers were off their game, their backups came to 461 00:26:18,640 --> 00:26:23,000 Speaker 1: the rescue for Golden State Warriors lead by fourteen, Rue 462 00:26:23,080 --> 00:26:25,840 Speaker 1: Freddy to blow off this place, Livings into the foul 463 00:26:25,920 --> 00:26:34,200 Speaker 1: line rises, I can go. I'm a Fleaveland Firefolks and 464 00:26:34,480 --> 00:26:40,640 Speaker 1: Livingston seventy two or twenty to four run if Warriors Radio. 465 00:26:40,640 --> 00:26:43,120 Speaker 1: If any champs who needed overtime to win Game one 466 00:26:43,160 --> 00:26:46,760 Speaker 1: of last year's finals against an injury rabbits, Cleveland team 467 00:26:46,800 --> 00:26:49,800 Speaker 1: beat a the healthy Calves in this year's finals opener 468 00:26:49,840 --> 00:26:51,640 Speaker 1: with much more ease one oh four to eighty nine, 469 00:26:51,680 --> 00:26:54,399 Speaker 1: only briefly in the third quarter that Cleveland have at 470 00:26:54,440 --> 00:26:56,800 Speaker 1: one point lead. The Warriors put seven and double figures in. 471 00:26:56,880 --> 00:26:59,639 Speaker 1: Clay Thompson was not one of them. Steph Curry tied 472 00:26:59,720 --> 00:27:02,080 Speaker 1: for fifth on the team and scoring each shot four 473 00:27:02,240 --> 00:27:04,760 Speaker 1: for fifteen, but Seawan Levins did twenty points, the Andrew 474 00:27:04,760 --> 00:27:08,160 Speaker 1: bub Rosa with eleven. They shot a combine thirteen for fifteen. 475 00:27:08,560 --> 00:27:11,560 Speaker 1: Kyrie Irving had twenty six for Cleveland. Lebron James twenty 476 00:27:11,640 --> 00:27:13,800 Speaker 1: three and a near triple double. Kevin Love scored seven 477 00:27:13,840 --> 00:27:16,040 Speaker 1: team but none of the Big three shot at all 478 00:27:16,119 --> 00:27:19,280 Speaker 1: that well, and together they had eleven turnovers. Yankee spent 479 00:27:19,359 --> 00:27:21,320 Speaker 1: one night in Detroit to make up an earlier rain out. 480 00:27:21,320 --> 00:27:23,280 Speaker 1: They beat the Tigers five four, didn't get a hit 481 00:27:23,640 --> 00:27:25,639 Speaker 1: until the sixth, didn't but scored four times. In the 482 00:27:25,680 --> 00:27:28,320 Speaker 1: seventh Jacobe Yellsberry with a two on triple. The big 483 00:27:28,400 --> 00:27:30,840 Speaker 1: three of the bullpen, Dellan Patances, Andrew Miller and or 484 00:27:30,840 --> 00:27:33,560 Speaker 1: All This Chapman all gave up a run, but Patances 485 00:27:33,600 --> 00:27:35,840 Speaker 1: got the win and Chapman the same Mets were off. 486 00:27:35,880 --> 00:27:37,639 Speaker 1: They have put David Wright on the disabled this with 487 00:27:37,720 --> 00:27:40,600 Speaker 1: that naggy neck injury that they say could keep him 488 00:27:40,640 --> 00:27:43,480 Speaker 1: out for a prolonged period. He's not having surgery yet 489 00:27:43,600 --> 00:27:46,560 Speaker 1: but could at some point. French open this morning. The 490 00:27:46,640 --> 00:27:49,720 Speaker 1: semifinal match coming up for Serena Williams with the Bloomberg 491 00:27:50,040 --> 00:27:54,720 Speaker 1: NBC Sports Update. I'm John Stashandler. Thanks seven on Wall Street. 492 00:27:54,760 --> 00:27:58,119 Speaker 1: Now time for your T two computing Trust State Business Report. 493 00:27:58,400 --> 00:28:01,159 Speaker 1: Well check in with Bloomberg's at Corey. Happy Friday, Ed, 494 00:28:01,800 --> 00:28:04,600 Speaker 1: Good morning, Bob. A couple of former Deutsche Bank traders 495 00:28:04,640 --> 00:28:07,640 Speaker 1: face federal charges in New York tied to the rigging 496 00:28:07,680 --> 00:28:11,560 Speaker 1: of the benchmark interest rate known as LIBOR. Matthew Connolly 497 00:28:11,720 --> 00:28:14,720 Speaker 1: and Gavin Black are charged with one count of conspiracy 498 00:28:14,800 --> 00:28:17,639 Speaker 1: to commit wire and bank fraud and nine counts of 499 00:28:17,720 --> 00:28:21,320 Speaker 1: wire fraud. That signals that the Justice Department's probe is 500 00:28:21,400 --> 00:28:25,320 Speaker 1: moving higher up at the bank. I'm sure wind developers 501 00:28:25,400 --> 00:28:28,119 Speaker 1: have been given an August fifth deadline to qualified a 502 00:28:28,200 --> 00:28:31,479 Speaker 1: bit on the coveted site off the coast of Long Island. Now, 503 00:28:31,600 --> 00:28:33,960 Speaker 1: if it's fully developed, this site is big enough to 504 00:28:34,040 --> 00:28:37,560 Speaker 1: produce about as much energy as a nuclear power plant. 505 00:28:38,400 --> 00:28:41,280 Speaker 1: It's now illegal in New Jersey to import or export 506 00:28:41,360 --> 00:28:44,920 Speaker 1: big game trophies of animals that are threatened or endangered. 507 00:28:45,280 --> 00:28:48,240 Speaker 1: Governor Chris Christie assigned the measure approved by lawmakers in 508 00:28:48,320 --> 00:28:52,080 Speaker 1: response to the killing of Cecil that Zimbabwe and lion 509 00:28:52,200 --> 00:28:56,400 Speaker 1: whose death sparked protests last year. Finds range up to 510 00:28:56,480 --> 00:28:59,920 Speaker 1: three thousand dollars and that's the T two computing try 511 00:29:00,080 --> 00:29:05,360 Speaker 1: Big business report IMiD Corey Bob thank you the Brexit 512 00:29:05,480 --> 00:29:09,920 Speaker 1: vote coverage you didn't on Bloomberg Radio and of course 513 00:29:10,120 --> 00:29:13,240 Speaker 1: voters in the UK heading the polls on June three 514 00:29:13,360 --> 00:29:15,440 Speaker 1: to decide whether or not Britain will remain in the 515 00:29:15,520 --> 00:29:18,280 Speaker 1: European Union. Joining us now with the latest on that 516 00:29:18,400 --> 00:29:21,080 Speaker 1: pivotal issue is Bloomberg Go and first word euro Banker 517 00:29:21,480 --> 00:29:25,360 Speaker 1: Jonathan Pharaoh Jonathan good morning, Jamie Diamond figures into Braxit 518 00:29:25,440 --> 00:29:29,000 Speaker 1: story to data. The JP Morgan chief set to weigh 519 00:29:29,080 --> 00:29:32,200 Speaker 1: in and campaign for remain. I don't think he'd use 520 00:29:32,240 --> 00:29:34,040 Speaker 1: the words campaign, that's for sure, but he will be 521 00:29:34,120 --> 00:29:39,200 Speaker 1: standing alongside the Chancellor George Osborne in the southeast coast 522 00:29:39,320 --> 00:29:42,360 Speaker 1: of the UK at JP Morgan's offices, where he has 523 00:29:42,440 --> 00:29:45,960 Speaker 1: been very diplomatic. He won't say what the UK should 524 00:29:46,080 --> 00:29:48,280 Speaker 1: or shouldn't do, but he is being very clear that 525 00:29:48,440 --> 00:29:50,760 Speaker 1: his observation of the facts, according to him, and it 526 00:29:50,800 --> 00:29:53,160 Speaker 1: will make these comments very shortly, is that a vote 527 00:29:53,240 --> 00:29:56,440 Speaker 1: to leave would be a terrible deal for the British 528 00:29:56,640 --> 00:29:59,280 Speaker 1: economy and in his words, of the UK does leave 529 00:29:59,320 --> 00:30:02,640 Speaker 1: the EU, the bank may have no choice but to 530 00:30:02,760 --> 00:30:06,560 Speaker 1: reorganize their business model in the UK and Brexit could 531 00:30:06,600 --> 00:30:09,560 Speaker 1: mean fewer JP Morgan jobs in the UK and more 532 00:30:09,680 --> 00:30:12,120 Speaker 1: jobs in Europe, and that sentiment will be echoed by 533 00:30:12,160 --> 00:30:15,000 Speaker 1: the Chancellor George Osborne set to say that four hundred 534 00:30:15,080 --> 00:30:19,280 Speaker 1: thousand UK services jobs could be lost, So quite clear 535 00:30:19,320 --> 00:30:21,920 Speaker 1: to the Chancellor in the Remain campaign, leveraging the point 536 00:30:22,000 --> 00:30:24,720 Speaker 1: of view of the JP Morgan chief. Later this morning, 537 00:30:24,760 --> 00:30:27,400 Speaker 1: Bob Well, yeah, and the UK economy status is an 538 00:30:27,440 --> 00:30:31,400 Speaker 1: important precursor to this Brexit decision. Where does it stand 539 00:30:31,840 --> 00:30:33,640 Speaker 1: well at the moment you look at the UK services 540 00:30:33,760 --> 00:30:38,520 Speaker 1: data and remaining quote frustratingly weak. According to Market Economics, 541 00:30:38,600 --> 00:30:40,560 Speaker 1: we had a p m I reading for services and 542 00:30:40,600 --> 00:30:42,800 Speaker 1: that sectors three quarters of the UK economy, so it's 543 00:30:42,800 --> 00:30:45,520 Speaker 1: an incredibly important data point and it was solid. We 544 00:30:45,600 --> 00:30:48,440 Speaker 1: got an upside surprise, but it's the individual gauges, the 545 00:30:48,480 --> 00:30:50,800 Speaker 1: individual components of the p m I that really interests. 546 00:30:50,840 --> 00:30:54,480 Speaker 1: People's sentiment improved, but new business grew at the slowest 547 00:30:54,600 --> 00:30:57,520 Speaker 1: rate in more than three years, and the pace of 548 00:30:57,680 --> 00:31:01,120 Speaker 1: jobs growth also slow. So Bob quite clear any concern 549 00:31:01,720 --> 00:31:04,160 Speaker 1: in that data. Is it the referendum on June the 550 00:31:04,240 --> 00:31:07,120 Speaker 1: twenty three or is the economy just softening? Regardless, that 551 00:31:07,200 --> 00:31:11,080 Speaker 1: will be a debate ahead of the referendum. Bloomberg Jonathan Farrell. Thanks, 552 00:31:11,160 --> 00:31:13,000 Speaker 1: and you can get all the latest Brexit news on 553 00:31:13,080 --> 00:31:16,200 Speaker 1: the Bloomberg terminal by typing b r e x go. 554 00:31:16,960 --> 00:31:21,960 Speaker 1: This is Bloomberg the first word, and you try to say. 555 00:31:22,040 --> 00:31:24,080 Speaker 1: Business report was brought to you by T two Computing, 556 00:31:24,120 --> 00:31:26,320 Speaker 1: a new kind of I T solutions company for workflow, 557 00:31:26,360 --> 00:31:29,560 Speaker 1: mobility and infrastructure. Let them explain how their expertise can 558 00:31:29,640 --> 00:31:32,360 Speaker 1: help you gain greater business value. Visit T two computing 559 00:31:32,480 --> 00:31:39,320 Speaker 1: dot com for more information Global business news twenty four 560 00:31:39,360 --> 00:31:42,440 Speaker 1: hours a day. If Bloomberg dot com the radio plus 561 00:31:42,520 --> 00:31:45,640 Speaker 1: Mobile act and on your radio, this is a Bloomberg 562 00:31:45,720 --> 00:31:49,280 Speaker 1: business flash. And I'm Karen Moscow U s stock Indix 563 00:31:49,360 --> 00:31:52,520 Speaker 1: futures are little change with the SNP five out of 564 00:31:52,560 --> 00:31:55,600 Speaker 1: seven month high as investors await the government's monthly payrolls 565 00:31:55,640 --> 00:31:58,000 Speaker 1: report for more clues about the strength of the economy. 566 00:31:58,440 --> 00:32:00,800 Speaker 1: SNP e many futures down how of a point? Dowey 567 00:32:00,840 --> 00:32:04,520 Speaker 1: Mini futures up four, Nasacummity futures down three. That acts 568 00:32:04,560 --> 00:32:07,760 Speaker 1: in Germany's up half per cent? Can your treasury little change? 569 00:32:07,800 --> 00:32:10,960 Speaker 1: He had one point seven nine percent? Ni Max Screwed 570 00:32:11,000 --> 00:32:14,120 Speaker 1: oil is little changed? Up two cents to forten of 571 00:32:14,280 --> 00:32:16,480 Speaker 1: Arrol Comic School, the the tenth of upper center a 572 00:32:16,520 --> 00:32:20,120 Speaker 1: dollar twenty to twelve eighty announced, the euro a dollar 573 00:32:20,160 --> 00:32:23,600 Speaker 1: eleven forty two, the yen one o eight point nine seven. 574 00:32:23,800 --> 00:32:26,560 Speaker 1: And that's a Bloomberg business flash. Now here's Michael Barber 575 00:32:26,720 --> 00:32:30,000 Speaker 1: more on what's going on around the world, Michael Karen. 576 00:32:30,040 --> 00:32:33,240 Speaker 1: The search continues for four soldiers who are missing after 577 00:32:33,360 --> 00:32:37,040 Speaker 1: their troop carrier overturned at Ford Hood, Texas. Five of 578 00:32:37,120 --> 00:32:40,600 Speaker 1: the soldiers were killed. US Defense Secretary Ash Carter says 579 00:32:40,640 --> 00:32:43,720 Speaker 1: the military will attempt to learn from the tragic laws 580 00:32:43,760 --> 00:32:47,160 Speaker 1: of life and take actions designed to prevent such accidents. 581 00:32:47,240 --> 00:32:51,840 Speaker 1: Once military investigations are completed. Near Nashville, Tennessee, a pilot 582 00:32:52,000 --> 00:32:55,320 Speaker 1: was killed when his Blue Angels fighter jet crashed. Republican 583 00:32:55,400 --> 00:32:59,000 Speaker 1: presidential candidate Donald Trump says Hillary Clinton should be sent 584 00:32:59,120 --> 00:33:01,960 Speaker 1: to jail for her use of her private email server 585 00:33:02,160 --> 00:33:05,160 Speaker 1: during her time as Secretary of State. Trump, during a 586 00:33:05,240 --> 00:33:08,920 Speaker 1: rally in San Jose, California, also bristled at Clinton's foreign 587 00:33:09,000 --> 00:33:11,960 Speaker 1: policy speech earlier in the day, calling him unfit to 588 00:33:12,000 --> 00:33:15,200 Speaker 1: be president. In sports and Major League Baseball, the Yankees 589 00:33:15,240 --> 00:33:17,800 Speaker 1: beat the Tigers, the Orioles down the Red Sox, the 590 00:33:17,920 --> 00:33:20,800 Speaker 1: Giants were winners Game one of the NBA Finals. The 591 00:33:20,880 --> 00:33:23,320 Speaker 1: Warriors beat the Cavaliers. More and these and other stories 592 00:33:23,640 --> 00:33:26,640 Speaker 1: at the top of the hour, Karen Grey thanks Michael, 593 00:33:26,680 --> 00:33:30,120 Speaker 1: and automakers looking to improve their future sales may want 594 00:33:30,160 --> 00:33:32,680 Speaker 1: to pay a little more attention to a specific customer. 595 00:33:41,000 --> 00:33:43,520 Speaker 1: Was a record for automakers, but it was also a 596 00:33:43,640 --> 00:33:45,880 Speaker 1: turning point when it comes to the type of vehicles 597 00:33:46,000 --> 00:33:50,960 Speaker 1: sold and who was buying. F vs overtook midsize cars 598 00:33:51,400 --> 00:33:56,760 Speaker 1: in is the most popular segment in the overall vehicle marketplace. 599 00:33:56,880 --> 00:33:58,840 Speaker 1: And then when I dove a little deeper into that, 600 00:33:59,520 --> 00:34:02,400 Speaker 1: saw that a lot of that was fueled by the 601 00:34:02,480 --> 00:34:05,840 Speaker 1: affinity that females have for that kind of a vehicle 602 00:34:05,920 --> 00:34:09,080 Speaker 1: when they're the decision makers. James mulcrone, as director of 603 00:34:09,160 --> 00:34:12,600 Speaker 1: research at merits c X, a customer experience software and 604 00:34:12,800 --> 00:34:17,760 Speaker 1: research company, he found from twenty fifteen, mainstream small SUV 605 00:34:17,920 --> 00:34:21,040 Speaker 1: sales to women rose thirty four percent compared to a 606 00:34:22,040 --> 00:34:25,920 Speaker 1: rise in men, and more than of all female vehicle 607 00:34:26,000 --> 00:34:30,000 Speaker 1: purchases are being made by single, divorced, widowed, or separated 608 00:34:30,040 --> 00:34:33,719 Speaker 1: women who are mostly making their own decisions now. There 609 00:34:33,760 --> 00:34:37,600 Speaker 1: are more single person households in the United States, according 610 00:34:37,640 --> 00:34:41,200 Speaker 1: to your Census, than there have ever been, and a 611 00:34:41,280 --> 00:34:46,200 Speaker 1: lot of them are single professional females who have college degrees. 612 00:34:46,360 --> 00:34:50,240 Speaker 1: A lot of millennials are delaying getting married having children 613 00:34:50,840 --> 00:34:53,600 Speaker 1: for a variety of reasons, economics being one of them. 614 00:34:53,880 --> 00:34:56,839 Speaker 1: These trends are compelling to automakers, whose SUVs and other 615 00:34:56,960 --> 00:34:59,719 Speaker 1: like trucks are out stripping Sedan and Coope sales, even 616 00:34:59,800 --> 00:35:03,880 Speaker 1: as may deliveries declined. We'd really have zeroed in on 617 00:35:04,040 --> 00:35:07,560 Speaker 1: the type of vehicle that meets our wants and needs, 618 00:35:08,400 --> 00:35:12,719 Speaker 1: and that is the small crossover. And as a data 619 00:35:12,760 --> 00:35:16,320 Speaker 1: point of one, I myself as a single woman, this 620 00:35:16,560 --> 00:35:19,160 Speaker 1: is exactly the kind of car that I bought when 621 00:35:19,239 --> 00:35:22,680 Speaker 1: I relocated and moved back from overseas. Rebecca Lynlin as 622 00:35:22,719 --> 00:35:26,239 Speaker 1: senior auto analyst for auto researcher Kelly blue Book. It's 623 00:35:26,280 --> 00:35:33,200 Speaker 1: a combination of ride height, of size and utility, of 624 00:35:34,040 --> 00:35:38,200 Speaker 1: a feeling of safety and security, and for people that 625 00:35:38,440 --> 00:35:43,040 Speaker 1: live in weather challenged environments, the availability of all will 626 00:35:43,120 --> 00:35:47,480 Speaker 1: drive and generally all of those attributes come at a 627 00:35:47,719 --> 00:35:52,440 Speaker 1: really very very good value and a very good price. 628 00:35:55,800 --> 00:35:58,960 Speaker 1: Today woman uses the family car to take the children 629 00:35:59,040 --> 00:36:02,200 Speaker 1: to school or I round the sholf. Well, women's needs 630 00:36:02,280 --> 00:36:06,120 Speaker 1: have changed since this vintage film on driving a Ford 631 00:36:06,280 --> 00:36:08,960 Speaker 1: motor car. There is still some catching up to do 632 00:36:09,120 --> 00:36:12,160 Speaker 1: when it comes to the automakers and the dealerships. That 633 00:36:12,400 --> 00:36:16,080 Speaker 1: dealers do not pay enough attention when a woman goes 634 00:36:16,160 --> 00:36:20,120 Speaker 1: into a dealership. We do not go into a dealership 635 00:36:20,280 --> 00:36:24,560 Speaker 1: to prowse. That is what the Northstrom shoe department is for. 636 00:36:25,480 --> 00:36:29,800 Speaker 1: We go in to a dealership to buy. We have 637 00:36:30,040 --> 00:36:33,640 Speaker 1: done our research, we know what we want. We are 638 00:36:33,840 --> 00:36:38,480 Speaker 1: in there to purchase. I do think the auto industry 639 00:36:38,560 --> 00:36:41,239 Speaker 1: in general has come a long way in the last 640 00:36:41,320 --> 00:36:46,800 Speaker 1: ten years in recognizing the importance of the woman car buyer. However, 641 00:36:47,000 --> 00:36:49,440 Speaker 1: I still think there is a long way to go 642 00:36:49,920 --> 00:36:53,799 Speaker 1: and how they market and advertise to her. Jody de Vere, 643 00:36:53,960 --> 00:36:57,120 Speaker 1: chief executive of Asked Patty dot com, a provider of 644 00:36:57,200 --> 00:37:01,360 Speaker 1: automotive advice to women, says dealership would benefit by working 645 00:37:01,520 --> 00:37:06,600 Speaker 1: harder to attract and retain more female employees. Of women 646 00:37:06,760 --> 00:37:09,000 Speaker 1: who come to work at a dealership in a sales 647 00:37:09,120 --> 00:37:14,920 Speaker 1: rule turnover the first year, and that really says a 648 00:37:15,040 --> 00:37:17,480 Speaker 1: lot about the culture at the dealership in terms of 649 00:37:17,560 --> 00:37:20,680 Speaker 1: bringing women in and retaining them as employees. And I'm 650 00:37:20,800 --> 00:37:23,560 Speaker 1: very passionate about changing that. As far as in the 651 00:37:23,680 --> 00:37:27,799 Speaker 1: landscape of the automotive industry, both at the manufacturing level 652 00:37:27,880 --> 00:37:30,800 Speaker 1: and at the dealer level, we need more women employs 653 00:37:31,040 --> 00:37:35,680 Speaker 1: coming on parity will automatically make our industry resonate better 654 00:37:35,760 --> 00:37:38,680 Speaker 1: with women. There are other benefits to catering more toward 655 00:37:38,719 --> 00:37:42,400 Speaker 1: the female customer. Melcrone tells us female consumers are generally 656 00:37:42,480 --> 00:37:45,920 Speaker 1: more brand attentive and loyal than males if they've had 657 00:37:45,960 --> 00:37:49,279 Speaker 1: a good experience, and Women Drivers dot Com, a car 658 00:37:49,400 --> 00:37:53,000 Speaker 1: dealer review service, says about sixty of women who leave 659 00:37:53,080 --> 00:38:00,279 Speaker 1: a dealership without buying never return. I'll just try get that. 660 00:38:02,520 --> 00:38:04,400 Speaker 1: I'm just saying as soon as you buy that small car. 661 00:38:04,480 --> 00:38:06,239 Speaker 1: That's the moment Mr Wright pulls up in the line 662 00:38:06,280 --> 00:38:09,800 Speaker 1: next to you. Not It's time for our daily Bloomberg 663 00:38:09,880 --> 00:38:12,640 Speaker 1: Law Brief, exploring legal issues in the news, brought to 664 00:38:12,719 --> 00:38:17,200 Speaker 1: you by American Arbitration Association, International Trade or Business Dispute 665 00:38:17,239 --> 00:38:20,600 Speaker 1: Resolve Faster with the International Center for Dispute Resolution, the 666 00:38:20,719 --> 00:38:23,759 Speaker 1: leader in alternative dispute resolution around the world i c 667 00:38:23,960 --> 00:38:27,000 Speaker 1: d R dot org. Today, Bloomberg Law host Jun Grossoe 668 00:38:27,080 --> 00:38:30,320 Speaker 1: and Michael Best discussed a new trend among extremely wealthy 669 00:38:30,360 --> 00:38:34,120 Speaker 1: criminal defendants who post multimillion dollar bonds and pay for 670 00:38:34,200 --> 00:38:37,320 Speaker 1: around the clock security at their homes. Well less wealthy 671 00:38:37,400 --> 00:38:40,880 Speaker 1: defendants wait for trial in jail. They spoke to Fordam 672 00:38:40,960 --> 00:38:44,200 Speaker 1: University Law School professor James Cohen and Legal Aid Society 673 00:38:44,239 --> 00:38:47,560 Speaker 1: of New York lawyer Joshua Norkin. Jim, what are some 674 00:38:47,760 --> 00:38:50,560 Speaker 1: of the main things that judges look at when they're 675 00:38:50,600 --> 00:38:53,360 Speaker 1: deciding bail. Is it just whether you're going to return 676 00:38:53,440 --> 00:38:56,719 Speaker 1: to court for trial? Well, most truckers look at two things. 677 00:38:56,920 --> 00:38:59,560 Speaker 1: That's probably the first thing that they look at. Is 678 00:38:59,640 --> 00:39:05,400 Speaker 1: there evidence in the defendant's record of a disregard for 679 00:39:05,880 --> 00:39:10,280 Speaker 1: court proceedings or court orders. For example, a bench warrant, 680 00:39:10,360 --> 00:39:12,680 Speaker 1: a warrant issued for the arrest of the defendant for 681 00:39:12,760 --> 00:39:16,000 Speaker 1: a failure to appear on an earlier case or a 682 00:39:16,080 --> 00:39:19,359 Speaker 1: different case, would be strong evidence in a judge's mind 683 00:39:20,080 --> 00:39:22,960 Speaker 1: that the person should not be released on bail or 684 00:39:23,520 --> 00:39:27,200 Speaker 1: should not be released on low bail. The other thing 685 00:39:27,239 --> 00:39:29,759 Speaker 1: that judges look at is a practical matter, and it's 686 00:39:29,800 --> 00:39:33,400 Speaker 1: codified in the federal courts, is the risk that the 687 00:39:33,560 --> 00:39:38,439 Speaker 1: defendant will commit further crimes. Uh So, in federal court, 688 00:39:38,520 --> 00:39:40,960 Speaker 1: judges look at both. In state court in New York, 689 00:39:41,080 --> 00:39:48,040 Speaker 1: judges theoretically only look at the risk of flight. So Josh, 690 00:39:48,080 --> 00:39:51,960 Speaker 1: for we keep now getting faced with situations where wealthier 691 00:39:52,120 --> 00:39:57,080 Speaker 1: defendants are asking for the ability to to get bail, 692 00:39:57,160 --> 00:39:59,359 Speaker 1: when the government wants to actually deny them any chance 693 00:39:59,400 --> 00:40:02,880 Speaker 1: of getting out of jail pending trial on the grounds 694 00:40:02,920 --> 00:40:06,719 Speaker 1: that they can pay for elaborate security setups. Is this 695 00:40:06,920 --> 00:40:11,279 Speaker 1: something that judges should allow? You know, I think from 696 00:40:11,520 --> 00:40:13,640 Speaker 1: you know, my perspective as a legal aid attorney, this 697 00:40:13,840 --> 00:40:17,720 Speaker 1: is this does not have to do necessarily with the wealthier, 698 00:40:17,960 --> 00:40:21,520 Speaker 1: wealthier person's ability to make bail. It really is a 699 00:40:21,680 --> 00:40:25,520 Speaker 1: poor person's inability to do the same thing. Um. You know, 700 00:40:25,640 --> 00:40:28,480 Speaker 1: in particular in New York State courts, the problems that 701 00:40:28,680 --> 00:40:30,920 Speaker 1: that we see and the problems that our attorneys encounter 702 00:40:31,040 --> 00:40:35,400 Speaker 1: every day really is a judge's unwillingness or inability to 703 00:40:35,600 --> 00:40:38,960 Speaker 1: sort of similarly craft an arrangement that would allow for 704 00:40:39,280 --> 00:40:43,120 Speaker 1: a poor defendant to be released. Um. And you know, 705 00:40:43,239 --> 00:40:46,279 Speaker 1: this is something that it seems like our rich uh, 706 00:40:46,560 --> 00:40:49,680 Speaker 1: you know colleagues or neighbors are sort of entitled to 707 00:40:49,719 --> 00:40:52,120 Speaker 1: which is to sort of arrange uh, some sort of 708 00:40:52,160 --> 00:40:54,960 Speaker 1: a package that will entitle them to release, while you know, 709 00:40:55,040 --> 00:40:58,319 Speaker 1: the rest of the public has to sit on records island. Uh, 710 00:40:58,520 --> 00:41:00,400 Speaker 1: you know, in the hopes that some but he can 711 00:41:00,719 --> 00:41:03,720 Speaker 1: put together enough money to get them out of jail. 712 00:41:04,200 --> 00:41:06,640 Speaker 1: And in reality, it just it just doesn't have to 713 00:41:06,719 --> 00:41:10,400 Speaker 1: be that way. Judges can be doing that same thing. 714 00:41:10,560 --> 00:41:14,560 Speaker 1: They can be doing more thinking, creatively using other forms 715 00:41:14,600 --> 00:41:17,840 Speaker 1: of bail. Jim, do you agree with that basic concept? 716 00:41:18,160 --> 00:41:20,680 Speaker 1: Seconds left? Oh, I do agree with the basic concept. 717 00:41:20,760 --> 00:41:23,719 Speaker 1: I think that judges are not very creative in crafting 718 00:41:23,800 --> 00:41:29,440 Speaker 1: bail conditions for the poor defendant. I think some judges 719 00:41:29,480 --> 00:41:31,680 Speaker 1: will air on the side of leniency and release the 720 00:41:31,719 --> 00:41:34,439 Speaker 1: person risk that there will be a bench warrant. Once 721 00:41:34,520 --> 00:41:36,719 Speaker 1: there is a bench warrant, it becomes much easier in 722 00:41:36,760 --> 00:41:41,880 Speaker 1: the future to deny bail. Uh. But I think that 723 00:41:42,160 --> 00:41:44,279 Speaker 1: is a problem that the poor are treated as they 724 00:41:44,360 --> 00:41:49,200 Speaker 1: always are, differently and worse. Fordham Law Schools James Cohen 725 00:41:49,280 --> 00:41:51,920 Speaker 1: and New York Legal Aid Society lawyer Joshua Norkin. And 726 00:41:52,000 --> 00:41:54,359 Speaker 1: you can hear Bloomberg Law weekdays at four thirty pm 727 00:41:54,400 --> 00:41:57,600 Speaker 1: Wall Street Time here on Bloomberg Radio and as his 728 00:41:57,719 --> 00:41:59,799 Speaker 1: morning's Bloomberg Lab bree If you can find more legal 729 00:41:59,840 --> 00:42:02,279 Speaker 1: in the US at Bloomberg Law dot com and Bloomberg 730 00:42:02,360 --> 00:42:05,600 Speaker 1: b Na dot com. Attorneys will find exceptional legal research 731 00:42:05,640 --> 00:42:09,279 Speaker 1: and business development tools there as well. Visit Bloomberg Law 732 00:42:09,360 --> 00:42:13,360 Speaker 1: dot com and Bloomberg Bienna dot com for more information. 733 00:42:13,880 --> 00:42:17,320 Speaker 1: Futures this morning they are little changed ahead of the 734 00:42:17,400 --> 00:42:21,239 Speaker 1: Mad Jobs report. SNP EMNY futures are down half a 735 00:42:21,320 --> 00:42:24,640 Speaker 1: point down, EMNI futures up to nas DOCKUMNY futures down 736 00:42:24,719 --> 00:42:27,600 Speaker 1: three the decks in Germany is up for tens per 737 00:42:27,719 --> 00:42:30,719 Speaker 1: set ten, your treasury little change yield one point seven 738 00:42:30,840 --> 00:42:33,480 Speaker 1: nine percent, and nimex Scrude oil up a tenth of 739 00:42:33,560 --> 00:42:36,720 Speaker 1: Upper sent now at five cents to forty two a barrel. 740 00:42:37,000 --> 00:42:39,839 Speaker 1: Comax gold is up ninety cents, less than a tenth 741 00:42:39,880 --> 00:42:43,839 Speaker 1: of Upper set to twelve thirteen sixty announced, and Bloomberg 742 00:42:44,040 --> 00:42:46,839 Speaker 1: The First Word continues on Bloomberg Radio