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Speaker 1: This is Bloomberg Surveillance. When the Fed rises rights, it

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Speaker 1: has a huge I act on the rest of the world.

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Speaker 1: It's actually very negative for emerging markets. We've had a

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Speaker 1: confusing market, not just in oil and not just in

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Speaker 1: the financials, but across all commodities. China's both maybe slowing down,

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Speaker 1: but we're still talking about China growing at six and

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Speaker 1: a half seven percent, and even if it slows down

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Speaker 1: a bit from there, it's still running it a much

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Speaker 1: faster right than the developed world. Bloomberg Surveillance your link

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Speaker 1: to the world of economics, finance, and investment on Bloomberg Radio.

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Speaker 1: Good morning everyone, Jobs day around the world, across America,

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Speaker 1: the American labor economy. The report was moldy futures are

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Speaker 1: I'm gonna say negative five. They went down to negative ten,

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Speaker 1: maybe even negative twelve. Dollar futures right now negative eighty.

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Speaker 1: The VIX trading before is a little less complacent. Sixteen

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Speaker 1: point four zero up a point four nine vis points.

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Speaker 1: That's maybe more news than you need on volatility. Jobs

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Speaker 1: a hundred and sixty thousand way under survey of two

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Speaker 1: hundred with a net revision of negative nineteen down to

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Speaker 1: a summed negative. Excuse me, positive one nine, which is

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Speaker 1: a molding number. Mike, you've got something that interesting. Note

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Speaker 1: here from John Sylvia, our friend, the chief economist at

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Speaker 1: Wells Fargo. He's noting that we did see gains in

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Speaker 1: services hiring during the month, but uh, there was not.

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Speaker 1: There was actually a contraction in retail trade. And he's

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Speaker 1: wondering if we had a seasonal issue with the early

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Speaker 1: easter this year, and then if that's the case, then

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Speaker 1: maybe you get a rebound next month. Yeah, the red

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Speaker 1: SOX have an issue with early easter is well. This

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Speaker 1: four X brief brought to you by Interactive Brokers within

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Speaker 1: are of FX weeks two thousand fifteen award for the

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Speaker 1: best Retail for X trading platform visit ib at ib

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Speaker 1: kr dot com slash four x very quickly. Yen stronger,

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Speaker 1: you see that off the report dollar weeker Yen stronger

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Speaker 1: one oh six year os stronger not like yen one

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Speaker 1: for thirty two and a nice move in euro yen

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Speaker 1: one twenty one point seven nine shows that strong yen

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Speaker 1: relative to the euro. Look at this as well. The

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Speaker 1: w i r P, the the measure of Fed Funds

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Speaker 1: expectations June now two before the number. Yeah, and interest

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Speaker 1: rates grating around a little bit. The stock market gyrating.

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Speaker 1: We need to pause from our economics and go to

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Speaker 1: the prescription drug counter and get calmus and complacent with

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Speaker 1: David Wilson. Are we volatile in your space this morning?

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Speaker 1: There's certainly some volatility and a couple of share sales

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Speaker 1: at contributing to it. I'll start with Walgreen's Boots Alliance.

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Speaker 1: The shares of down three percent. The drug store chain

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Speaker 1: is selling fifteen million shares on behalf of its third

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Speaker 1: largest stockholder, k k R. Sales equivalent to a one

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Speaker 1: point four percent stake, and we'll bring in about one

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Speaker 1: point two billion dollars that today's closing price. Southern Company

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Speaker 1: the most active stock and early trading down about three

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Speaker 1: percent as well. The utilities sold nine hundred million dollars

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Speaker 1: of shares to help finances takeover of a g L Resources,

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Speaker 1: among other things. The sale amounts to about a two

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Speaker 1: percent stake. Slowed down terms of earnings. Nonetheless, there are

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Speaker 1: definitely some companies to talk about their activision. Blizzards one

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Speaker 1: of them that's up four percent. The video game maker

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Speaker 1: reported third quarter earnings of twenty three cents to share

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Speaker 1: and Alice expected twelve cents based on the average estment

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Speaker 1: in the Bloomberg survey. I should say first quarter results.

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Speaker 1: Activision second quarter profit forecast also beat projections, and then

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Speaker 1: you have Endo International looks like the disaster dou jour

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Speaker 1: and the earnings front, it's down thirty four percent. The

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Speaker 1: drug makers slast this year's earnings forecast by about twenty

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Speaker 1: three percent, largely because of price cutting in the generic

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Speaker 1: drug industry, and Will also reduced its full year revenue

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Speaker 1: projection by eleven percent. And you've got value pharmaceuticals down

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Speaker 1: four percent. The drug maker form the committee that be

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Speaker 1: responded setting prices. Indeed, Valiant among the pharmaceutical companies that

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Speaker 1: has come under fire for buying older drugs and their

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Speaker 1: prices and company under fire life, but that stock what

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Speaker 1: does a moment You're doing your Valiant right to herbal Life.

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Speaker 1: This is the actmen going down moment, really because the

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Speaker 1: sticks up twelve and a half percent. The seller of

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Speaker 1: nutritional supplement set it's in late stage talks with US

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Speaker 1: regulators to resolve a problem or whether it's a paramid scheme.

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Speaker 1: Of course, that started after Acman began selling Campaign Square down.

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Speaker 1: The online payment company posted a wider first quarter of laws,

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Speaker 1: and analysts predicted. Square said a financing program for small

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Speaker 1: business customers is facing what it called challenging credit market conditions.

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Speaker 1: David Wilson, thank you so much, Mike. We'd like to

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Speaker 1: have the research that we see come out. We protect

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Speaker 1: the copyright. We're not going to send out Alan Ruskin's

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Speaker 1: research from Deutsche Bank, Locomotive in Chief slowing down. You

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Speaker 1: know the headlines the multi jobs report. Well, you heard

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Speaker 1: Bill Gross with us just a few moments ago, saying

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Speaker 1: the Fed's reaction will be very dependent on the stock

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Speaker 1: market reaction to the numbers today, and the stock market

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Speaker 1: reaction has not been pleasant. Right now, Futures are trading

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Speaker 1: down on the smp UH ten points half a percent.

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Speaker 1: Matt Maylie is an equity strategist for Miller tay Back.

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Speaker 1: He joins us from Boston. Good Morning AM in Boston,

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Speaker 1: Matt Uh, Where does the equity market go on these numbers?

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Speaker 1: Is there a significant drop in confidence that the Fed

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Speaker 1: can and should address? Well, it's gonna be interesting because

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Speaker 1: we've you know, this is a a disappointing number, and

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Speaker 1: we've seen a lot of other things that have been

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Speaker 1: showing a leaning towards uh, some weakening in the economy,

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Speaker 1: which is not what we want to see. I mean,

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Speaker 1: everybody kind of said, well, you know, the first quarter. Yeah,

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Speaker 1: the last three years we've had a very poor, very

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Speaker 1: slow first quarter, so don't worry about that. Things will

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Speaker 1: pick back up. Now we've a number of the first

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Speaker 1: month of the second quarter. UH employment number aren't good.

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Speaker 1: And we already had seen some stuff on this because uh,

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Speaker 1: you know, some of these reports on on the tax

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Speaker 1: revenue that what we in the tax revenues have been down,

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Speaker 1: so even when jobs are picking up, they were necessarily

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Speaker 1: good jobs, and so uh uh and then we get

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Speaker 1: you know, news out of across across we're not just

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Speaker 1: across the pond, but over in China when we get

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Speaker 1: the private number not not something given out by the government,

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Speaker 1: but the private number on p m I lower than

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Speaker 1: expected and lower than than fifty. So suddenly people are

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Speaker 1: starting to say, well, geez, maybe this uh, this weakness

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Speaker 1: we're seeing is not just in UH in Asian Europe.

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Speaker 1: It's it's starting to grow a little bit in UH

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Speaker 1: in the US, and that we're we're starting to see

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Speaker 1: it that maybe lasted a little bit longer than it

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Speaker 1: than it did last year. The UH, the the companies,

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Speaker 1: the plets say the earning season has not been good.

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Speaker 1: Companies have not been able to make money. UH. The

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Speaker 1: predictions are that's going to improve, but we're not seeing

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Speaker 1: that in in this data. So why do I why

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Speaker 1: would I even think about buying at this point? Well,

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Speaker 1: and that's a two and one thing I neglected to

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Speaker 1: mention on the UH. Just on the on the in

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Speaker 1: the UM issues with the economy is that you look

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Speaker 1: at the retail sector. I mean, obviously we're supposed to

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Speaker 1: be we are a more than two thirds of reliant

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Speaker 1: UH on the consumer, and we're seeing UH these you

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Speaker 1: talk about earnings disappointments, We've seen that in the in

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Speaker 1: the UH retail sector. We're seeing the retail et f

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Speaker 1: rolling over UH and they're not seeing a significant way,

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Speaker 1: but but worse than you know, it's under performing the

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Speaker 1: rest of the market. And UH and and and back.

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Speaker 1: You're coming on on on earnings. It's like, yes, we

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Speaker 1: always beat the expectations because you know, they always set

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Speaker 1: them a little bit. You'll always at the bar low.

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Speaker 1: We always beat them. But it's one thing to beat

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Speaker 1: them when earnings are going up, but when we beat

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Speaker 1: expectations when earnings are going down, it's not a good thing,

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Speaker 1: especially when you get some of the guidance not being

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Speaker 1: as good as people who hope. This weekend, after digesting

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Speaker 1: this report, I'm sure you will be asked, can I

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Speaker 1: buy a large multinational dividend growing blood ship? You can

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Speaker 1: pick the name, what do you say that Maine? Can

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Speaker 1: you buy things priced to perfection? That that that's really uh,

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Speaker 1: you know, going to be very difficult right now. The

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Speaker 1: one the one thing that I worry about is this

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Speaker 1: whole thing we talked about. Obviously, the currency markets have

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Speaker 1: a big impact on these big, large, large multinational companies.

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Speaker 1: And the currency market not only is you know, people

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Speaker 1: that the dollars coming down, that's great, but there's a

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Speaker 1: lot more volatility in the currency market, so people don't

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Speaker 1: have the confidence that that that this dollar move is

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Speaker 1: gonna be sustained. So you really you really have to

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Speaker 1: sit back and and it keeps people back on their heels,

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Speaker 1: and that's very that's very difficult, especially when especially when

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Speaker 1: the market was you know, near it's all time highs

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Speaker 1: just a couple of weeks ago, or near it's all

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Speaker 1: time hives. Uh. You know, valuations are very stretched, earning

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Speaker 1: are coming down, and now we now we've got a

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Speaker 1: poor uh a you know, more gray outlook on the economy.

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Speaker 1: So I just think it's gonna be tough to step

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Speaker 1: to the plate uh and uh and jump in with

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Speaker 1: both feets at this point in the market. That is,

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Speaker 1: what is there some way you you would want to

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Speaker 1: short things here or do you have no conviction about

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Speaker 1: where we end up? Well, the thing, of course is

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Speaker 1: the uh, what's going to happen. One of the things,

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Speaker 1: of course that I've contained and I think a lot

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Speaker 1: of people realize, is that you know, with all the

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Speaker 1: uh you know, similar stimulatve actions from the central banks

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Speaker 1: of global central banks, that the markets have gotten ahead

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Speaker 1: of their of their underlines on the mouth and it's

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Speaker 1: it's to turn around and go short. UH. Means that

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Speaker 1: you think that the stuff that the FED is going

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Speaker 1: to completely back away or the fet not just the

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Speaker 1: feed that the global central banks are going to completely

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Speaker 1: back away. I'm not so sure that's gonna happen, So

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Speaker 1: you do have to be careful getting overly short. I

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Speaker 1: do think that it's kind of one of those things

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Speaker 1: where you want to it's you really want to look

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Speaker 1: at the individual companies, uh whe will and and and

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Speaker 1: use the look at the internals, look at their balance sheets, UH,

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Speaker 1: income statements, etcetera, and and really see who's got the

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Speaker 1: long term uh growth and long term you know, stability

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Speaker 1: to go further. It's it's you know, we always say

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Speaker 1: you can't time the market, but at the same time,

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Speaker 1: there are levels where you don't want to be just

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Speaker 1: you know, blindly mind when anything that Matt Mayley, thank

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Speaker 1: you so much for the military take back a little

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Speaker 1: bit of equity chat. On this important day for economics,

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Speaker 1: I want to make clear the tape is recovered off

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Speaker 1: the shock and awe of a thirty yields have really

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Speaker 1: turned around, including a higher tenure yield one point seven five.

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Speaker 1: Time now to check into if Michael rr get the

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Speaker 1: latest world of national headlines, My Tom, thank you very much.

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Speaker 1: More than eighty thousand people have already emptied out from

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Speaker 1: wildfire ravaged Fort McMurray and Canada's Alberta province, and thousands

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Speaker 1: will be moving yet again today as part of a

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Speaker 1: continuing mass airlift. Canadian officials also plan a road convoy

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Speaker 1: if evacuees if conditions allow it. Fire officials say only

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Speaker 1: significant rain will help the firefighters. The raging fire so

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Speaker 1: far has burned an area more than the size of

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Speaker 1: New York City. Donald Trump says he was surprised to

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Speaker 1: hear how Speaker Paul Ryan say that he's not ready

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Speaker 1: to support Trump as the presumptive Republican presidential nominee, but

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Speaker 1: Trump tells Fox Ryan's rejection does not bother him. Trump

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Speaker 1: says that he's meeting with Ryan next week. The Labor

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Speaker 1: Party's City Khan is in the lead so far from

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Speaker 1: Mayor of London. The votes are still being counted. Global

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Speaker 1: News twenty four hours a day on Michael Bar Mike

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Speaker 1: Tom Michael Barr, thanks so much. You get the futures

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Speaker 1: negative nine, futures seven. He yields down sharply off the report.

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Speaker 1: Then they recover higher yields now one point seventh on

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Speaker 1: the tenure this job today Michael McKee and Tom Keane.

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Speaker 1: Bloomberg's surveillance market drivers brought to you by Mercedes Ben's

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Speaker 1: outstanding offers are in full. Bloom Your Mercedes Benz tri

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Speaker 1: state dealers take advantage of limited time lease and finance

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Speaker 1: programs on select models this spring season. Visit n b

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Speaker 1: usa dot com for details today