Kenya has never experienced a confirmed case of the disease. The current outbreak has killed more than 1400 people. Fans areraptors jamming downtown toronto. You are looking at live pictures. They are holding a parade for the nba champions. Million people are expected to be in the parade, including Prime Minister justin trudeau. The raptors are traveling in openair doubledecker buses. Global news 24 hours a day, onair, and tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. It is 1 00 in new york, 6 00 in london, 1 00 in hong kong. Im vonnie quinn. Welcome to bloomberg markets. From bloomberg World Headquarters in new york, here are the top stories on the bloomberg and from around the world we are following. The fomc walking a tightrope between tricky trade policy tradeoffs and fragile global growth. The fate of the aca. We will talk to the Emblem Health ceo on why the moves to dismantle it are causing Health Care Prices to rise. Humility over hubris. The boeing ceo speaks at the paris air show, saying the number one focus is safety, but boeing says it is open to a name change for the grounded 737 max. All that in the next 30 minutes. We are halfway into the trading day. Taylor riggs has some details. Taylor what caught my eye was the s p 500. The median average analyst 2950, so thereill is room to the upside that strategists are seeing by cutting the profit forecast for the end of the year. My eyes are always on the russell. The big performer despite a weaker dollar. You see these small caps continue to outperform. If you come into my terminal, it is all about health care today. Within the russell 3000, you are seeing the Health Care Sector up 3. 6 . Some of the individual stocks moving are all about the big biotech firms. Forer had purchased a rape a 62 premium on their stock, which closed at a record on friday. Clearly betting on a pipeline cancer drug on array. They are up 57 . Drugsre pipeline of colon as well. Biotech in focus. Another conversation we always have is about tariffs. Recently, we have seen corn, wheat, soybeans take a hit from lack of demand from china. In the last week, that has not been the case, given the poor weather going on. You have the crop season really at risk. , we have an index showing the planting season. Only 83 of the way through. As you can see, it is always about the weather, when it comes to these corn, soybeans. In the last week, getting a surge. Vonnie taylor riggs, thank you. Traders are watching jay powell when he speaks this week. The consensus is july will likely be the soonest the fed will ease monetary policy. Joining us now is the senior u. S. Economist at bloomberg economics. Has anything changed in the last few days . Weaker housing data, Empire Manufacturing data showing a recession could be on the table. Business sentiment is deteriorating, which means consumers once again will have to handle growth altogether. We will continue to see gdp growth being driven by Consumer Spending but other sectors are really contributing to less of a degree. I think the fed will take note of that when they meet this week. Upgrade theobably description of Consumer Spending , at the same time, noting the rest of the economy is not doing that great. Vonnie if that happens, will traders price in something new, or alre we already priced in for a rate cut . It is premature in our view. What would a rate cut do at this point . Would it help Economic Growth at this point when the Unemployment Rate is so low and Consumer Spending is doing just fine . It is really probably going to help the stock market but will do very little to spur Economic Growth at this point. Vonnie how concerned is the fed, if a rate cut will not help, and inflation is not where they want it to be, what are they supposed to do . I guess what they will try to do is reassure the market once again that they are there, ready to help the expansion, trying to send a dovish message at this meeting. The fed is facing a lot of challenges. Chair powell will be facing a lot of challenges at the press conference when he tries to transitory he calls weakness and inflation. It does not look like it is transitory anymore, because we did see a rebound in apparel prices and airfares, but it didnt really help consumer inflation at all. A lot of challenges. Vonnie what do market of stanleys takmake fischer saying that, would not. Nominated if powell not be renominated . That is something that could put us into recession next time around. I think it will hurt the feds credibility. It will hurt how we see monetary policies being done. A real possibility, if President Trump is reelected, that chair powell will not be there for the next term. Changes ataking of the head of Central Banks, what will mario draghi say today that might incur some confidence . Bemario draghi will try to as dovish as possible. What is really important for the , against the backdrop of other Central Banks being very dovish and patient, and may be getting ready for more easing, is the u. S. Dollar. The strength of the u. S. Dollar, at this point, will hurt the manufacturing sector. Abroad, theolicy fed might consider to be more easy as well, not to allow the strength of the dollar to continue. Vonnie thank you very much. Our bloomberg economics. Up, karen ignagni, ceo of Emblem Health. President trump making moves to take on the aca. She says they have had the opposite effect and have caused Health Care Costs to rise. This is bloomberg. Vonnie this is bloomberg markets. Im vonnie quinn. Attemptt Donald Trumps to transform American Health insurance is almost complete. He threatened to use executive power to do what congress failed to legislate. Next week, he invest the last set of rules. Thanks to the changes we are estimated 11 million americans will now choose their own plans with the help of the hra. This will increase the size of the individual market by at least 50 , improving choice, promoting competition, and lowering costs for the american people. Us now is karen ignagni, president and ceo of emblemhealth. She had been an advocate of the aca and critic of the Trump Administration in the past. That was friday. More recently, you said that he would overhaul the aca once more , would unveil that in a month or two. How concerned are you about the next phase of what President Trump wants to do . Karen the most important thing is to step back and for us to have a broad discussion about the future of health care, which is happening organically in the political arena anyway. What we are doing is going back in north, what is the role of government . That underlines the whole discussion. That is a fine and fair question to debate. For us, in the Health Care Sector, its important for us to step forward and demonstrate what we are doing, why we are worthy of the trust of the american people, what we are providing, how we are providing access, and what we are doing to reform, restructure, and transform health care industry, which is what Consumers Want to hear. Vonnie that is all well and good, but it congress decides do something, or if the president as the president says doesnt matter with the Health Care Sector is doing, wont it be legislated . Karen we have seen some regulation and thus far. It is important for the sector to respond to that. We have responded to that. We have put affordable products in the market. There is a little bit of an overhang, however, with respect to the aca. Our people required to participate . As health plans, we are required to make our product available, but we see people now not participating, which has an impact on cast. Cost. Some of the younger and healthier people are not necessarily participating. That forces the cost of for everyone. That is a discussion we will have in the forthcoming president ial campaign, but its important for the industry to step over and ask, what to do about that . New york state has stepped forward, new jersey, connecticut, others are stepping forward and filling in that gap, defining those answers. You are the largest notforprofit insurer, 3 million in the tristate area. What are you saying then . Karen its important to step forward and provide some opportunity to give people a roadmap. Vonnie what does that mean . Karen it is important for people to understand that there is a route to reducing cost, to get everyone in. To have the younger and older people involved in a pool that actually puts the cost where it should be, balances them. Right now we are out of balance. That is what states have done, new york state, connecticut, new jersey. They are wrestling with this effectively, which is good. Our job is to provide the information and data to give them a roadmap on what they can do to solve these problems. That yout strikes me are bound by what the legislation is, so if there were to be, for example, an upset in one of the more leftleaning democrats winning the election, you might be looking at something different, even a radical overhaul. Karen you can always look at something very different in the future. Our job is to respond to the here and now and prepare for the future, whatever the externalities maybe. We are putting products out in the area to change the focus, to put the focus on value in the healthcare system, as opposed to volume. We have had a fee for service system. We are searching that switching that, working with our provider partners to do that. Vonnie is there anything wrong with the aca as is . Karen the aca was laid out to get more people into the system, and it did accomplish that. Some of the recent changes in congress have made it more difficult for individuals to actually achieve that objective. What states are doing is they are stepping forward and looking at what they can do to ameliorate some of these impacts. That is where we are now. What happens, per your question, in the future, is another thing entirely. Doe have to do is with is deal with the here and now, and bring a Delivery System that gets the most people in, getting the cost down, and improving quality. It is the triangle of issues. Vonnie drug pricing . Karen a significant challenge. Without a doubt, prices are too high. We have to have a direct discussion about what is driving up prices, why are they so high, and what to do about it. One of the things that worries me is, we are talking around that, talking about everything about the fact that the prices are too high. They are being set to high. Too high. Vonnie we look forward to all of those discussions. Thanks to karen ignagni, president and ceo of emblemhealth. Kamala harris is running for the democratic nomination for is having tot she defend her record as a california prosecutor. That story is next. This is bloomberg. Vonnie this is bloomberg markets. Im vonnie quinn. Boeing ceo Dennis Muilenburg says he expects the grounded 737 max jets to return to the skies by the end of the year but possibly with a new name. He was speaking with guy johnson at the paris air show. They talked about plans to fix the jets, working with regulators to get the jets certified, and when the maximum fly again. We are very focused on safety, that is our paramount focus here. That is the tone for the entire show. We are making solid progress on bringing the max back up, working through the certification, simulation flights this week. We hope to schedule the certification flight test shortly and get the planes back up in the air. All of this is being done through the lens of safe the. We will take whatever time is necessary to make sure the plans are safe and 2019, 2020 . By the end of the year, certainly. I dont want to give you a specific timetable. We expect it to happen this year. Are the regulators going deeper than you anticipated, is this a more thorough examination of the aircraft . It is a thorough examination and we encourage that. The faa, regulators around the world, about two weeks ago, the faa hosted by multiregulator forum in dallas. We are working with the bodies around the world. Its important that we do this in a disciplined and thorough manner. You keep emphasizing thorough. Are the regulators going in farther than you would have expected initially . We are going deeper than normal and that is good. We are looking in every dimension of the max, the Software Updates we are making. Not only the aircraft itself but the training, education materials, overall and two and design and certification process. Are the regulators on the same page . They are well aligned and i see growing convergence between the regulators. A lot of questions we are answering, detailed work on the certification. We are encouraged by the collaboration between the regulators. Aircraft think the will fly first in the u. S. And that in europe, same time . I think theres an opportunity to do it together. I know there are meaningful discussions happening as we work through certification. We will do whatever the regulators want to do. Your sense is they are getting closer together than farther apart. Is there a gap . Still some work to do but clearly, the trend is they are converging. That alignment at strength. Where are the chinese in this . They are part of the discussions as well. I see convergence across the world in that group. Our focus will remain steadily on safety. Vonnie that was guy johnson with boeing ceo Dennis Muilenburg, going up 2. 25 today, 10 this year. Kamala harris rose through the ranks as a prosecutor in california. Now as a senator running for the democratic nomination, her background is making some in the party question her progressive credentials. Joining me now is tyler pager. How is this going over with voters . Taking extra steps now to defend the decision, to be a prosecutor. I was with her last weekend in las vegas and she talked more directly about the decisions she made to be a prosecutor, painting it in personal terms, trying to fix the system from within, as opposed to being an activist on the outside. There are still some questions among Democratic Party leaders, rankandfile democrats about whether or not she is progressive enough, and about that record on crime, but a lot of people said that she is making strides to defend that record and some say that she does not need to defend that record because she was making changes from within the system. Particularly as a woman of color, important to have representation in those rooms. Vonnie first woman elected and San Francisco district attorney, and then as California Attorney general in 2010. Phenomenally qualified. Maybe she had to take some positions in order to rise up the ranks, but the question is, can the person who did that change their mind on certain truancy,or example, police brutality, other issues . Truancy was one issue i heard from voters. She was in las vegas and i are spoke to i spoke to one woman who had some questions about the senators positions on truancy, whether she has grown from those positions. A lot of conversations among democrats about whether or not that background should be something that is held against her. The majority of people i spoke with in las vegas said that that should not be held against her, but some still have questions. It,ie she is embracing proud of it, using it to her advantage. She thinks it will win her the her critics call her a cop. It, even defending talking about her family when she graduated law school, was skeptical about her becoming a prosecutor. She said, i think we need to be inside the system to make changes. She comes from a family of activists involved in the civil rights movement. Were outside protesting, which is important, but we also need a seat at the table where the decisions are made. I understand there are criticisms about the criminal justice system, and i agree with those, but i want to be on the front lines to help make those changes. Vonnie tyler, thank you. We will see how this plays out over the next couple of months. Protesters flood the streets of hong kong this past weekend. The contentious legislation suspended. Where the city goes next from here. That is coming up next on bloomberg markets. This is bloomberg. The latest innovation from xfinity isnt just a store. Its a save more with a new kind of Wireless Network store. Its a look what your wifi can do now store. A get your questions answered by awesome experts store. Its a now theres one store that connects your life like never before store. The xfinity store is here. And its simple, easy, awesome. Mark im Mark Crumpton with bloomberg first word news. Asian state tv says former president mohamed mursi, the Muslim Brotherhood leader who rose to office in trees first reelections in 2012 and was removed a year later by the military, collapsed in court during a trial and died. The family also confirmed the news. The Associated Press sites and it judicial official who said the 67yearold mursi had just addressed the court, speaking from the glass cage he is kept in during sessions, and morant that he had many secrets that he could reveal. A few minutes after, he collapsed. Speaking on condition of anonymity, he said, because he was not authorized to talk to the press. The European Union says it will wait or scientific reports on thes compliance with nuclear deal negotiated with world powers before announcing its response. The eu says it will not speculate on what would happen if tehran veers away from the terms of the deal. Iran says it will break the euro byestop limit set by the act world powers in the next 10 days. The interest we have is to keep the nuclear deal in place. We never made a mystery out of it. During the last year, it has become increasingly difficult for all to keep the nuclear deal fully implemented. This has been our constant focus as europeans, as the European Union. Meantime, the russian u. N. Ambassador haley is accusing the United States of destabilizing the middle east by escalating what he calls aggressive, accusatory rhetoric, and artificially fueling antiiranian sentiment. He condemned the attacks against the tankers at a Un Security Council meeting today, calling for an International Investigation to identify the organizers and hold them accountable. The Trump Administration accused iran of the attacks. The European Union is joining china and five other countries in protesting the Trump Administrations 16 billion bailout for farmers. The countries say that it could violate wto rules. The Program Seeks to help American Farmers affected by trade wars. Gloria vanderbilt, the artist and fashion designer, has died after battling stomach cancer. She had four marriages and three divorces. Then about was the greatgranddaughter of Cornelius Vanderbilt and the mother of cnn anchor anderson cooper. Gloria vanderbilt was 95 years old. Global news 24 hours a day, onair, and tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. Live from bloomberg World Headquarters in new york, im taylor riggs. Amanda im amanda lang. We are joined by our bloomberg and Bnn Bloomberg audiences. Taylor here are the top stories from around the world. Historic round stick to the streets in hong kong to protest a bill that would allow extradition to china for the first time. We have the latest. Merger monday. We will speak to the steeple financial chairman about the companys acquisition of gmt capital. Its cancerting portfolio as it faces rising generic competition for its blockbuster drug. We will tell you about the nearly 11 11 billion deal. First, i want to get a check on the major averages. Coming in this morning on risk off mode. That has been turning around. , clearly thecare big out performers here, as well as some of these all caps companies. Terminal,e into my Something Interesting is going on. 10 of 24 strategists that bloomberg tracks have cut their profit forecast but have maintained their price target on the s p 500. Perhaps here is why. The dividend yield on a relative basis to the 10 year treasury starting to look attractive. This is the spread between the two. We are now topping 3 , the highest going back to december 2016. This is why we are seeing investors continue, despite the trade concerns over global growth, continuing to shift back to the u. S. Equity markets. Amanda interesting, taylor. Lots of speculation about what will happen this week. Take a look at the expectations for inflation. You get a read on why the fed has room to maneuver here. According to jay powell, this is the most important driver of actual inflation, the expectations read. Another look at the economy and some weakness in the form of the Empire State Manufacturing gauge. It fell by the most on record. Anybody looking for reasons for the fed to cut, we see lower expectations this week. A number of cuts on the books for this year, and a couple of pieces of evidence about why that might be. Taylor all about that insurance cut. Amanda absolutely. We have been watching the images of hundreds of thousands of protesters in hong kong. Another mass demonstration after the chief executive suspended that contentious legislation that would have allowed a traditions to mainland china. Protesters are calling for the bill to be withdrawn and for lam to step down. A prodemocracy activist weighed in on lams future. Executivet, the chief of hong kong may be connected to beijing. Fiveis why we organized years ago to ask for free elections. We deserve to freely elect the leader of our city. Amanda he was speaking to Stephen Engle. Lets bring in Stephen Engle from hong kong. Still in the streets. Obviously, there will is strong, but what is the sense that they will get what they want, lam stepping down . That is what they are demanding, obviously. Keep in mind, it is about 1 30 in the morning. That large rally you just talked about, that second rally on a sunday was a day and a half ago and they are still here. Lamss in front of carrie offices, several thousand, mostly Young Students who were the leaders of these protests. About done a hand count, 62, so they are keeping a presence not a large presence granted, it is early in the morning. They will be back first thing in the morning. They are not trying to paralyze the city necessarily, but they want to keep the pressure on carrie lam. Carrie lam on saturday suspended this controversial extradition will. They want her to withdraw it complete, and they also want her to step down. They did win another victory earlier today late monday when the Police Commissioner announced that the protests on wednesday, june 12, was not classified as a riot but protest. It did get violet, there were ever bullets, protests and the like, but they declare it was a protest, not a right. That is significant for those who were arrested. They will not necessarily face the more serious charges, if they indeed, did sign a riot. Taylor what would it take for the protesters to call it a victory . Has it been a victory given the fact that they have removed the bill, or do you need to see it permanently removed and not suspended, or these protesters to say they have gotten a victory . The people ive spoken to already say the suspension is a de facto withdrawal. It is a facesaving move by carrie lam, not withdraw completely. As long as the pressure continues, they very well could withdraw it. Pretty much for this year, the bill is pretty much dead. Going forward, the question is, does she have any clinical capital left here in hong kong, Political Capital left with her bosses in beijing . She has lost any goodwill she has had with the population of hong kong because most estimates , at least from the organizers on sunday, were that 2 Million People in a city of 7. 5 million showed up on a sunday. The week before it was one million. It doubled, according to the organizers. I was in the middle of it most of sunday afternoon, and it felt like the world was crushing on you. Can you imagine the pressure that carrie lam is feeling right now . She has already given up two victories to protesters, and there could be more coming against her. Taylor wonderful reporting on the ground. Thank you for staying safe, Stephen Engle. For more on the tensions in hong kong, i want to welcome Michael Hurston from the eurasia group. What do you make of all of this tension . Was this scene as a misstep by carrie lam . I think so. What was interesting, in the middle of last week, you saw beijing say that it was lam driving this. Trying to give the authorities in beijing some distance for her to withdraw this bill, at least temporarily. It really has been a terrible misstep on her part, misreading of public sentiment in hong kong. Amanda michael, what makes this so interesting, at its heart, this is a human rights rally, and this is china. At what point does beijing simply not allow this to continue in a way that one imagines it could at some point . Michael it is difficult. Beijing is worried about their de facto control of hong kong, implications for the domestic audience within mainland china. I tend to think that beijing will be very reluctant to see lam stepped down from power early. Emboldeningeally be further protests, which is not something beijing wants to see, but they have a very difficult situation. Does not have any Political Capital, that will be difficult, but they dont want to see her stuff done early from power. Taylor interestingly, earlier, you said china was trying to distance itself from this. You have the Chinese Ambassador to the u. K. Come out and say beijing did not order this. Did they . Michael that is always difficult to say. It is a very opaque process. Thatn interpretation is beijing has been setting the principles, in terms of where they want the Hong Kong Government to go. I dont know that they specifically told lam to do this. I tend to think this was her reading the directives from beijing and trying to find an opening in this murder case with taiwan, which provided an opening to push through what she beijing wanted to see. It feels to me like this particular opening was one that lam chose, rather than beijing directing her. Coming asis of course there are continuing hopes that President Trump and president xi will meet and speak of the g20, make headway. Losingimplications of faith implications on the chinese side of the equation, that may make this play into those hopes . Michael if this situation had continued to escalate and you had seen further violence, it would have been a much more difficult job for the g20. There, itint, it is is an issue that will be a part of the backdrop. But i dont see President Trump pushing this issue. Now that there has been deescalation, i dont think that is something he will raise in a forceful way. The bigger issue for g20 will be north korea. Isjust learned president xi planning his first trip to north korea in the coming days. And the trade and Technology Issues that are the center of the dispute, in particular, huawei. I view those as important now that we have seen the hong kong situation deescalate a bit. Amanda great to have your thoughts, michael hirson, thanks. A live look from the street in toronto. The nba championship being celebrated in the city. Bigger crowds and even expected. Than 2timates say more Million People have flooded the streets of downtown toronto. It is mayhem and gridlock, but it is happy mayhem and gridlock. This is bloomberg. Isnda torontobased gmp selling the bulk of its capital of basis test business tuesday for capital. Does the future mean the future of gmts cannabis operations will be in the hands of st ifel . Thank you for being with us. Absolutely. How are you . Amanda i want to start with that cannabis business. One play that gmp played in canada. Are you holding off on acquiring the u. S. Part of the cannabis business . I think theres been a misunderstanding on that. Clearly in the u. S. On a federal level, cannabis is not yet legal. Live inion americans cannabis legal states and we are going to be positioned to provide advice in this industry, capitalught gmps markets business. What we meant to say is that we are limited in what we can do with u. S. Cannabis but that expertise is coming along. We will be a player in this industry, or sure. Cannabisas it the space that attracted you to gmp or its longtime expertise in oil and gas . Both. Gmp is certainly a leader in the Canadian Cannabis space, but also significant expertise and energy. Gmp first energy is something that we think is going to pay a lot of dividends for us. Also health care and technology protocols, all of which aligns s focusely with stifel on small and midcap companies, not only in the u. S. But globally. Taylor talk about the broader motivations for the deals. So often in this space, if you dont have scale, you cannot compete. Is it size, scope, and scale you are going after . It is more from the client perspective. We always look at our new partners we have done 30 acquisitions over the years. We want to be more relevant to our clients. We believe that this transaction makes us more relevant to our clients in the United States, but importantly, gmp will have a lot more to offer small and midcap Canadian Companies and crossborder opportunities. That is really what is driving this transaction. Gmp has a long history of one of the leading independent firms. I could not be more enthusiastic and optimistic about our opportunities to work together. Amanda give me a sense of what you make of the price, looking at a longterm chart, stock chart for gmp, you are getting compared to the valuation the company once had. Ron those are your words. I think we did a fair deal that balanced a lot of different objectives. I am happy with the transaction. Again, you are going to see gmp they are going to have a lot more capabilities in the canadian markets, and the energy especially, will be more impactful in the United States. All, i want to congratulate all of you, by the way, toronto, on the raptors. If you think about it, you have the nba championship. Im in st. Louis, we have the stanley cup. We can swap things between canada and the u. S. Amanda we are all winners today. Taylor im going to fold us back into the u. S. As we talk about the financials of the transaction and you and operate gmps Balance Sheet onto stifels, we talk about goodwill and synergies. What are you expecting from the steel . From this deal . Ron the synergies will be mostly on the revenue side. We will do more business together than we would do apart. Im not looking at this as a costcutting exercise at all. As an abilityt it to do a lot more business across the verticals we have talked about, energy, cannabis, health care, all of which we will do more business together. Taylor the financial landscape is changing. Chairman andifel ceo ron kruszewski. Coming up, another merger monday. Pfizer shelling out 11 billion for array biofarma, a company developing cancer treatments. This is bloomberg. Amanda this is bloomberg markets. Im amanda lang in toronto. Taylor im taylor riggs in new york. Buying arraye biopharma for nearly 11 billion, so they can gain promising new medicines for cancer. The new drug could limit the use of punishing chemotherapy for some patients. Joining us now is cindy kunz. Great to have you here. Cynthia kunz. When a big farm and john goes in, it is all about the pipeline. Someat is right ,array has drugs on the pipeline already. What they are doing in cancer, what a lot of Big Companies are going after, targeted therapies. Traditionally, we thought of cancers about where it shows up on the body, but increasingly, scientists are uncovering similarities in melanoma, showing some promising results in colon cancer. They are targeting a mutation that as they study it, may have broader applicability in their ability to treat more patience. One of the complaints ive seen about the deal is simply the price. Onn if array comes through revenue, growth expectations, it is still fairly valued. How much of this is about the Development Expertise that they are acquiring here, as well as the drugs in the pipeline . Definitely about that. Pfizer said that they would allow the company to operate independently within the pfizer universe. To the point of price specifically, a lot of cancer deals recently have come at prices like this. The premium is not out of step with recent deals. The world is very competitive for oncology assets. Pfizer knows what they are up against, there may have been a bidding war. This really is not out of step with the way the market is operating right now. Does not necessarily mean it will pan out successfully, but it points to the heat in oncology specifically. Taylor how much is a cancer focus and how much is pfizer facing pressure from the generics we are seeing, and trying to get ahead of that, instead of r d spending . That is the big story for pfizer and these Big Companies. They are usually levered to a few big assets and every year they will age out of the pipeline. Pfizer has a pretty diversified pipeline, not as uniformly focused on cancer as their competitors. This is an area that is highly competitive, but you see other companies where far more of their pipeline is pegged to cancer. Their is building up cancer area, but i would say they are quite diversified for what the market looks like right now. Amanda thanks for that, cynthia kunz. Taylor, i want to take you back to toronto, where the nba championship is being celebrated. Raptors fans from all over the country have come in. Peoplees of 2 million flooding the streets of downtown toronto. As you know, there is a big push to persuade Kawhi Leonard to with thehe city, reup raptors. That looks totally insane and fun. Wonderful. This is bloomberg. Mberg. Mark Mark Crumpton with bloombergs first word news. Mexico says it will not tolerate human trafficking. More than 150 of the 850 migrants it stopped this weekend were considered rescued because people were stuffed into trucks and could have suffocated. Mexican Officials Say each of the migrants paid up to 5,000 to be smuggled to the United States. Experts are meeting in germany for talks on climate change. Diplomats meeting today will focus on resolving issues that could be agreed upon. This includes the rules governing the International Trade of carbon certificates which allow rich countries to offset emissions by paying for projects in poor nations. Argentina is not ruling out a cyber attack for causing massive lockouts that struck five south american countries. Cyber terror is not considered the primary colbert culprit. Officials are looking at technical issues or humidity