1
00:00:02,400 --> 00:00:05,800
Speaker 1: Global business news twenty four hours a day at Bloomberg

2
00:00:05,840 --> 00:00:08,920
Speaker 1: dot com, the Radio plus Mobile Act and on your radio.

3
00:00:09,200 --> 00:00:13,360
Speaker 1: This is a Bloomberg Business Flash. And I'm ter in Moscow,

4
00:00:13,520 --> 00:00:17,160
Speaker 1: US on Index futures, they are little changed. Now let's

5
00:00:17,160 --> 00:00:18,720
Speaker 1: go to the First Word and Breaking news desk for

6
00:00:18,840 --> 00:00:22,560
Speaker 1: today's morning call. Here's Bill Maloney. Good morning Bill, Good

7
00:00:22,560 --> 00:00:25,840
Speaker 1: morning Karen. That's right. US futures are quiet today. Doubt

8
00:00:25,880 --> 00:00:28,240
Speaker 1: futures turned me hired by nine points. Smps are a

9
00:00:28,240 --> 00:00:31,560
Speaker 1: little changed and as a futures rise by two He

10
00:00:31,720 --> 00:00:34,600
Speaker 1: was tenure yield at one point eight eight percent and

11
00:00:34,720 --> 00:00:38,120
Speaker 1: overnight in Asia Shanghai Game two point two percent rose

12
00:00:38,200 --> 00:00:41,280
Speaker 1: for a seventh day, while man Upay markets are trading

13
00:00:41,320 --> 00:00:44,320
Speaker 1: mixed this morning on the US Economic Frinday A thirty

14
00:00:44,440 --> 00:00:47,879
Speaker 1: Chicago FED at ten o'clock existing home sales and at

15
00:00:47,880 --> 00:00:52,000
Speaker 1: twelve forty FEDS. Lockhart speaks in Georgia in deal News,

16
00:00:52,040 --> 00:00:55,680
Speaker 1: Marriott and Starwards sign amended merger, packed Sharon Williams to

17
00:00:55,680 --> 00:00:58,080
Speaker 1: require a ball spar for nine point three billion, and

18
00:00:58,200 --> 00:01:00,880
Speaker 1: I h S and Market to murder I just to

19
00:01:01,000 --> 00:01:04,640
Speaker 1: own fifty seven percent of the combined company. Finally, summing

20
00:01:04,720 --> 00:01:08,280
Speaker 1: key Wall Sheheet upgrades and downgrades. Tessa raised to buy

21
00:01:08,440 --> 00:01:11,880
Speaker 1: Versus holding August price target three thirty three, Intel cut

22
00:01:12,000 --> 00:01:16,560
Speaker 1: underperform at Bernstein, Somantech raised overweight, Nordstrom, cut to neutral

23
00:01:16,640 --> 00:01:20,080
Speaker 1: at Piper Value, cut under perform at Missouo, and finally

24
00:01:20,200 --> 00:01:23,240
Speaker 1: dover cut to neutral versus by over at sun Trust.

25
00:01:23,600 --> 00:01:25,720
Speaker 1: Live from the First Breaking News Desk, John, Bill Maloney,

26
00:01:25,800 --> 00:01:28,560
Speaker 1: Karen Hi, thanks bail to hear live breaking news over

27
00:01:28,600 --> 00:01:31,840
Speaker 1: your Bloomberg type squawk go on your terminal. That's s

28
00:01:31,920 --> 00:01:35,520
Speaker 1: qu a w k go. That's a Bloomberg business flash.

29
00:01:35,560 --> 00:01:37,880
Speaker 1: Now here's Michael Barr with more on what's going on

30
00:01:37,920 --> 00:01:43,440
Speaker 1: around the world. Actually, I'm sorry, Tom and Tom and Mike. Okay, Karen,

31
00:01:43,560 --> 00:01:45,520
Speaker 1: thank you so much. We know what's going on around

32
00:01:46,160 --> 00:01:49,000
Speaker 1: you do enow, folks. Here's Tom King was sort of

33
00:01:49,120 --> 00:01:52,160
Speaker 1: kind of like what's going on around the world Bloomberg

34
00:01:52,240 --> 00:01:55,919
Speaker 1: surveillance this morning brought you by Investco. Investing isn't about

35
00:01:55,960 --> 00:01:59,680
Speaker 1: meeting benchmarks, It's about achieving goals. Find out how invest

36
00:01:59,720 --> 00:02:04,600
Speaker 1: goes high conviction approach can help. Visit investco dot com

37
00:02:04,720 --> 00:02:09,079
Speaker 1: slash high Conviction I n V s CEO Investco dot

38
00:02:09,120 --> 00:02:14,840
Speaker 1: com slash high conviction. We digress David Harrow with us,

39
00:02:15,320 --> 00:02:19,120
Speaker 1: with Harris Associates and of course oak Mark International. You

40
00:02:19,200 --> 00:02:21,200
Speaker 1: may not know. I mean, you know if we talked

41
00:02:21,240 --> 00:02:24,320
Speaker 1: Green Bay Backers football, that he has a fondness for

42
00:02:24,560 --> 00:02:28,720
Speaker 1: his Wisconsin and has been supportive of what I would

43
00:02:28,760 --> 00:02:33,920
Speaker 1: call free market business and selected Republican candidates. David, I

44
00:02:33,960 --> 00:02:37,040
Speaker 1: believe there's a primary in your neck of the woods

45
00:02:37,760 --> 00:02:43,760
Speaker 1: April five or so. Is Wisconsin Trump country? Well, I

46
00:02:43,760 --> 00:02:46,880
Speaker 1: wouldn't think so, but you know, as we're seeing anything

47
00:02:46,919 --> 00:02:50,280
Speaker 1: as possible. And you know, I read an interesting story

48
00:02:50,320 --> 00:02:53,440
Speaker 1: saying that the field just can't trim fast enough and

49
00:02:53,560 --> 00:02:56,840
Speaker 1: Mr Trump seems to stay ahead of of that, the

50
00:02:56,919 --> 00:03:00,640
Speaker 1: trimming in the field. Um, I would think he is.

51
00:03:00,680 --> 00:03:02,880
Speaker 1: But you know, this whole thing has been baffling. The

52
00:03:02,919 --> 00:03:07,799
Speaker 1: whole campaign cycle has been quite baffling. Well that is uh,

53
00:03:07,880 --> 00:03:12,120
Speaker 1: that is true. Um, at this point, do you see

54
00:03:12,160 --> 00:03:18,320
Speaker 1: it reflected? I don't in the markets, I think to

55
00:03:18,480 --> 00:03:21,480
Speaker 1: some degree. I think one of the reasons why we

56
00:03:21,480 --> 00:03:23,840
Speaker 1: were off to such a soft start this year is

57
00:03:23,919 --> 00:03:27,280
Speaker 1: because of the political uncertainty in the United States, and

58
00:03:27,320 --> 00:03:29,440
Speaker 1: of course you have the issue in the United Kingdom

59
00:03:29,440 --> 00:03:34,079
Speaker 1: with the Brexit, and you have what's happening in in

60
00:03:34,200 --> 00:03:37,440
Speaker 1: the MIDI still has always I guess that's a continuous issue.

61
00:03:38,360 --> 00:03:41,200
Speaker 1: Just some of the reason we do see this weakness

62
00:03:41,320 --> 00:03:44,840
Speaker 1: is to discomfort what I would call a feel bad factor,

63
00:03:45,640 --> 00:03:51,440
Speaker 1: because markets, amongst anything else, do not like uncertainty. And

64
00:03:51,480 --> 00:03:55,520
Speaker 1: when you have people like Mr Trump, Um, yeah, I

65
00:03:55,520 --> 00:03:58,160
Speaker 1: think once on on one of your TV programs, they said,

66
00:03:58,240 --> 00:04:00,280
Speaker 1: what do you think of for Trump's positions? I said,

67
00:04:00,280 --> 00:04:03,280
Speaker 1: will you tell me what Trump's positions are? And I'll

68
00:04:03,280 --> 00:04:05,600
Speaker 1: tell you what my thoughts on them. I mean, I

69
00:04:05,600 --> 00:04:07,640
Speaker 1: I don't know what they are. Do you? Does anyone

70
00:04:08,840 --> 00:04:12,680
Speaker 1: who knows how what he really feels about the issues

71
00:04:12,800 --> 00:04:15,000
Speaker 1: or how he would govern? And I think this is

72
00:04:15,040 --> 00:04:19,120
Speaker 1: an uncertainty. That's one of the reasons why look across

73
00:04:19,160 --> 00:04:23,039
Speaker 1: the gold markets are flat to down. David, is international

74
00:04:23,600 --> 00:04:28,080
Speaker 1: soft enough where you completely reallocate your percentage to international?

75
00:04:28,680 --> 00:04:31,640
Speaker 1: I means it's such an opportunity that whatever your percentage

76
00:04:31,640 --> 00:04:37,520
Speaker 1: breakdown is, you had ten or international. Certainly there there's

77
00:04:37,520 --> 00:04:41,080
Speaker 1: a strong valuation argument to be made, but one must

78
00:04:41,120 --> 00:04:45,200
Speaker 1: always remember to move gradually and slowly. Just ease your

79
00:04:45,320 --> 00:04:49,240
Speaker 1: increase because nothing moves in the straight line with markets.

80
00:04:49,680 --> 00:04:54,280
Speaker 1: And number two is to stay diversified. Even though an aggregate,

81
00:04:54,600 --> 00:04:57,560
Speaker 1: international equity markets appear cheaper stay than the U S

82
00:04:57,560 --> 00:04:59,880
Speaker 1: S and P five there are still plenty of good

83
00:05:00,040 --> 00:05:03,120
Speaker 1: values in the United States. So you know, we're we

84
00:05:03,200 --> 00:05:05,840
Speaker 1: always take things that Harris associates on a stock by

85
00:05:05,880 --> 00:05:10,520
Speaker 1: stock basis, looking at the valuations of individual businesses. Um.

86
00:05:10,720 --> 00:05:13,679
Speaker 1: So we were never big believers in doing a hundred

87
00:05:13,720 --> 00:05:17,719
Speaker 1: eighty gree turn. When you see value, slowly increase your position.

88
00:05:18,120 --> 00:05:20,880
Speaker 1: When that value starts to be extinguished, you slowly get

89
00:05:20,920 --> 00:05:25,280
Speaker 1: out of your position, etcetera. I just was looking at

90
00:05:25,320 --> 00:05:29,600
Speaker 1: the various polling services and just just for the record,

91
00:05:30,279 --> 00:05:33,160
Speaker 1: there have been no polls in Wisconsin since the middle

92
00:05:33,200 --> 00:05:36,200
Speaker 1: of February. Trump was winning at that point, but obviously

93
00:05:36,240 --> 00:05:40,960
Speaker 1: we're a month beyond those poles. So who knows. Um,

94
00:05:41,880 --> 00:05:44,880
Speaker 1: there's a big Senate race going on there. Senator Johnson

95
00:05:45,520 --> 00:05:48,760
Speaker 1: is going against Ross Fine Golders, you know, a perennial

96
00:05:48,800 --> 00:05:52,320
Speaker 1: Washington insider will we beat six years ago? So that well,

97
00:05:52,360 --> 00:05:56,440
Speaker 1: that will be of interest because the Republicans desperately need

98
00:05:56,480 --> 00:05:59,920
Speaker 1: to keep that seated. Well, it will, it will certainly,

99
00:06:00,240 --> 00:06:02,719
Speaker 1: it may bring people to the polls, which will be interesting.

100
00:06:04,680 --> 00:06:07,039
Speaker 1: David Harroll, thank you so much, greatly appreciate it. With

101
00:06:07,080 --> 00:06:10,840
Speaker 1: Oak American with Harris Associates. You heard the message there, folks.

102
00:06:11,120 --> 00:06:13,720
Speaker 1: And we even got to talk about BNP Perry BA

103
00:06:14,120 --> 00:06:18,479
Speaker 1: versus some of the other challenging banks of UH Europe.

104
00:06:18,480 --> 00:06:22,160
Speaker 1: Always fascinating with David Harrold Mike, let's do this now,

105
00:06:22,160 --> 00:06:24,479
Speaker 1: we're gonna do it earlier, and David came on the

106
00:06:24,520 --> 00:06:29,000
Speaker 1: line quickly. Four day work week and it's not job today.

107
00:06:29,000 --> 00:06:33,120
Speaker 1: We're not cramming, you know, claims and a DP and together,

108
00:06:33,360 --> 00:06:37,119
Speaker 1: but we do that. We cram a lot in don't we. Yes,

109
00:06:37,720 --> 00:06:43,320
Speaker 1: we try to. Um, I'm looking at your bracket here?

110
00:06:43,520 --> 00:06:48,920
Speaker 1: Oh God, please noted that anyway? Yeah? Should we note

111
00:06:48,960 --> 00:06:51,279
Speaker 1: the g d P is scheduled to be revised on

112
00:06:51,400 --> 00:06:54,279
Speaker 1: Good Friday. That is interesting and that it is going

113
00:06:54,320 --> 00:06:55,800
Speaker 1: to be out on a day when the equity markets

114
00:06:55,800 --> 00:06:58,920
Speaker 1: are closed. But it's the third revision, so the second revision,

115
00:06:59,000 --> 00:07:02,200
Speaker 1: the third report, so it won't have a major impact

116
00:07:02,279 --> 00:07:07,160
Speaker 1: in the markets. Uh. We get on the market. U

117
00:07:07,240 --> 00:07:10,200
Speaker 1: S Services p m I that's the company involved in

118
00:07:10,240 --> 00:07:15,840
Speaker 1: the merger. This morning with h I mean probably uh

119
00:07:15,960 --> 00:07:20,680
Speaker 1: this week existing home sales today at ten o'clock, probably

120
00:07:20,680 --> 00:07:24,480
Speaker 1: the biggest number out there. Housing. And then we go

121
00:07:24,520 --> 00:07:27,800
Speaker 1: into durable goods as well, and always some interesting dynamics.

122
00:07:28,200 --> 00:07:30,119
Speaker 1: Uh as we'll turn to the market here on a Monday.

123
00:07:30,200 --> 00:07:32,680
Speaker 1: Maybe that's a snow snow, I say, the snow in

124
00:07:32,760 --> 00:07:36,120
Speaker 1: New York three to six inches became one of three

125
00:07:36,160 --> 00:07:39,640
Speaker 1: inches became I guess half an inch, so how we

126
00:07:39,800 --> 00:07:42,720
Speaker 1: put it. We will continue economic data next. This is

127
00:07:42,720 --> 00:07:48,840
Speaker 1: Bloomberg Surveillance. Now they with all due respect, highlight brought

128
00:07:48,880 --> 00:07:50,400
Speaker 1: to you by land Rover. If it's in your nature

129
00:07:50,440 --> 00:07:52,000
Speaker 1: to cast off the every day and sink adventure, the

130
00:07:52,000 --> 00:07:54,200
Speaker 1: Discovery Sport was built to help your search visit land Rover.

131
00:07:54,280 --> 00:07:56,320
Speaker 1: Try state dot com for special offers during the only

132
00:07:56,320 --> 00:07:58,760
Speaker 1: adventure sales of land Rober above and beyond