Transcripts For BLOOMBERG Whatd You Miss 20240714 : vimarsan

Down day in a row. Lets look at the chart we have been watching. Below its 100 day moving average. Moving had 200 day average and blue. Tendency to drop back down during the volatility of last year, in the fourth quarter, well below the 200 day moving average. Low bitittle bit below the 200 day. You can also make, from another pattern, the case that the s p 500 is confirmed to drop even 2600. Possibly toward sarah ive been focusing on the financials. Today, they were once again the worst performing area of the market. All but two members of the s p Financial Sector were in the red yields lower and yield curves flattened across the board. Pularu look at xlf, a po exchangetraded fund that tracks the second, we have the sector, we have seen outflows. If you add this for last week, 2 billion. That is the worst single week outflow since 2008. Thank you so much. Malik and us is saira luke kawa. Sarah piggyback off what was just talking about is it really signaling the process of they signalsr are of global momentum . The yield think about curve historically, when it inverts, a recession about 14 months from now. Weve seen this yield curve convert a few times before. Date is so mixed. We do think it is a real issue. Peoplee you hearing more confidently say they are seeing a recession or at least proved odds improved odds . Luke yes, across the board you hear that recession risks are rising. What are bond yields reflecting . Worries about the u. S. In recession or Global Factors . Both. The main thing is that consumer remains in fine shape and that is why people are bullish on the economy. Caroline how important are the retailers about to come out . Consumer is the u. S. That has been driving this recession. I mean, this economic expansion for it to continue. We think it has been holding down Capital Spending and some things needed to continue. As long as the consumer can hold, that will give us more time before we go into this typical recessionary scenario. Joe is there any prospect in your view, maybe a trade agreement, equity downside the u. S. . Thea our view is that tariffs will last into the election. We think the issue will continue for quite a while and continue to be an overhang for the market. You mentioned that you want to be exposed to Companies Less dependent on global growth. In . Sectors would those be or is it really about individual companies . Saira you are looking for companies have their own lever stumble. Long growthth a tale went, growth tailwind, Like Health Care. Across the board, it tends to favor defensive growth sectors Like Health Care and consumer staples, but you can find them in any kind of Industry Company has their own internal thing going on. Caroline what is the next shoe to drop this week . Data, earnings . Luke i think inflation could be oneresting i doubt any Inflation Report will change the likely course. Schedule, ion the keep my eyes open for an unscheduled fed appearance. That is fairly unique in Economic Data is surprising to the upside. We saw the credit data wasnt as strong, so i would be looking to see if that starts to follow the real economy. Scarlet china could always and add more always add stimulus as well. Caroline great to have you. A bit of an executive shakeup. Froms hiring brian newman pepsico to be appointed the new cfo. He will join the Management Committee and seniormost leadership team. 0. 6 . Ups has of course, been in the headwinds of technological change and trade issues. Scarlet not to mention Something Like amazon. That does it for the closing bell. Remain bostick Romaine Bostick steps index for whatd you miss . This is bloomberg. Live fromwe are bloomberg World Headquarters in new york. Heres a snapshot of how the u. S. Stock market closed down today. Every group on the s p 500 in the red. Landmark loss in argentina. Investors running for the exit after a larger than expected defeat for market friendly macri. Deepeningng, the political crisis risks becoming a significant economic one. Argentina isrisk, at a crossroad. Tumbledtrys assets today after a popular opposition candidate beat president macri. President ard from the he took to the airwaves and he seems to be understanding the Market Reaction and promising economic reforms, but what would they be . We know so far that they are standing by their current policies. The economic name is working on new measures. We still dont know what those are. We are servicing the market today to contain the volatility in the spot rate. Our . s over what will happen over the next few months as we gear up for election which will be in october. Fernandez very lately be the winner. Could very likely be the winner. The i saw a stat that dollardenominated loss in the stock, the second worst anywhere in the last several decades. How about the reaction on the street, especially the situation in the early 2000 fresh on peoples mind . Thing that issues angert there is a lot of on the streets. Narrowing,deficit is they are just not willing to give him the benefit of the doubt be of government spending, subsidized transport that is what they are betting on. Theourse, a weakening Exchange Rate concerns men on the street, business owners, anyone who needs to know the value to make transactions. All right, carolina millan, joining us today. Ofare joined by jim, head emergingmarket debt at schroders. We talk about the move in the dollar, the 40 plunge in maine stock index, then the bond market. Macrist here is that policies werent enough to soothe the public. As a new restriction how does a new administration generate what macri did wrong . No quick fix. S macri made a lot of improvements that he might not get credit for. Program gote imf off to a good start. Currency looked better, Inflation Numbers looked better, and the market was assuming that would lead to gains for macri in this election. That is why you got, in an illiquid market, a shocked reaction. Caroline fernandez, if he wins, reaction . E james he needs to come out and give some soothing signals to the market. If you are thinking of buying and selling, take a look at incentives. There is no incentive for fernandez to stoke the fires of the market, tell them it is all macris fault. He needs to come in, meet with his advisor, go from there. There is certainly some flexibility on the part of the imf. They dont want to see thing go any farther south than they have. Ive to getn incent things moving, get things stabilized. If you think the sort of calculus on the likely part of the next president is to tamp things down crazy here is a statistic. Agreement,f argentine debt is covered through 2020. You have bonds the yield the bonds a year beyond that yielding 16 . If fernandez comes into office, engages with the imf. Romaine so between now and october, what sort of steps can the government take to stabilize the currency and keep things in check before we get a sense of what the new government will do . James there is a small, negligible, but real chance that can convince the population that this is a sneak preview of what will happen under fernandez. Populoustroduce more more populist measures. That cant help fundamental economic numbers between now and october, but it can help him in the polls. I very quickly ask how the polls got it so wrong and are you in shock that you are on the wrong side of this . Ises that is what everyone scratching their heads about today. The researchers on wall street dont have a good explanation. I think there was builtin resentment over macri that he did turn that he did not turn things around center. Romaine that is jim barrineau, head of emergingmarket debt at schroders. Says the ceo will step down and be replaced by david gibbs. We will bring you more information on this as we get it. It coming up, to italy, why noconfidence vote is being delayed. This is bloomberg. Turmoil initical italy intensifies, the Italian Senate is delaying a noconfidence vote. Alessandro in joining us from rome over the phone. What is the state of play in terms of the prospect of this government coming down and another election . It is probable still. Salvini iswriting riding high in the polls. His Government Parliament only has 17 . Votes toind enough bring down the government which , then supported last week have the president dissolved parliament and call for election in october. Romaine how much do we know in regards to how much support sa thei has within the leak league . Salvini has a very strong control of the league. There is relatively no infighting into league. When he took over, the league was a fledgling party and only in the northern part of the country. Party, ita national win election it can elections alone, something that happened that hasnt in italy for years. He was taking photographs on the beach. What he wasbout looking to do compared to other parties against. The fivestar coalition teaming up with the centerleft party, is that doomed to failure . Salvini is trying to project this image like an everyman, he is like them. Sea, likes go in the to have a beer, goes to parties, opless, just goes to the beach and has a good time. That is why italians identify muchhim and he is very antiimmigration, his number one message. Caroline that seems to be a theme throughout europe at the moment. Viacom weres and lower today. Bloomberg has learned that the ratios being discussed would value viacom at current levels. The ceo would be the leader of viacom. A Canadian Company said a Second Ontario facility breached regulations. They had already been struggling from breaches in ontario. The National Football league has taken its first major step in legal sports gambling it signed a partnership with sports radar. Now, the company will have a right to distribute to the u. S. That is your business flash of. Ate. Lash upd romaine lets go back to some breaking news. Named a new ceo. David gibbs is going to be the new ceo, to replace greg creed. Create has been there since creed has been with the Company Since 2015. Gibbs is pretty much a lifer here. Here at oneadership of the bigger fast food companies. Caroline ups is reaching for new blood, changing their cfo. They have brought in someone from outside, from pepsico. Ryan newman will be appointed as ceo. Crosswinds, all the winds for a company like ups. Caroline saudi aramco, no surprises after the earnings. Oil aheading price of of a initial public offering. This is bloomberg. At comcast, we didnt build the nations largest gigspeed network just to make businesses run faster. We built it to help them go beyond. Because beyond risk. Welcome to the neighborhood, guys. There is reward. Beyond work and life. Who else could he be . There is the moment. Beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. Take your business beyond. Groupsmmigrant rights are criticizing the trump administrations new rules that cards tovide green immigrants if could deny green cards to immigrants if they use food stamps or medicaid. Throughout our history, selfreliance has been a core principle in america. The virtues of hard work and d thesufficiency lai groundwork of our nation. Mark although outlined today, the new rules are not scheduled to take effect until october. The president has not decided when to unveil his administrations middle east peace plan. Jared kushner has been drafting a proposal for the last two years. That thet said today u. S. Isnt looking for regime change with the Palestinian Authority but that the United States would continue to avoid any dealings with hamas. Attorney general william barr is ofcussing the weekend death jeffrey epstein. Epstein was found dead in his cell where he was awaiting trial on charges in new york city. Appalled and, indeed, the whole department was, and angry, to learn of the mccs failure to adequately secure this prisoner. We are now learning of certain irregularities at this facility that are deeply concerning. Made attorney general barr his comments at a Law Enforcement conference in new orleans. He added that the case is far from over and those that may have conspired with epstein should the governor of puerto rico says education will be a major focus of her administration. In one of her first move says governor, baskets announced isernor, vazquez says she restoring a contract for the power grid that was destroyed by Hurricane Maria nearly two years ago. Global news 24 hours a day on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. Im mark crumpton. This is bloomberg. Caroline the Worlds Largest oil producer got through its firstever Earnings Call with no feathers ruffled. Aramcorabia saudi andutives discussed the ipo plans. I can attest that the company is ready for an ipo. The timing of the ipo will be determined by our shareholders or the owner of the company. Editore joining us, the for coverage in the americas. Everyone talks about a great quarter. It was a great 30 minutes. Not that much information. In that response, you learn what everybody knows, than an ipo is coming. The question is when. They have no plans to tap into the International Debt market this year. Obviously, we saw a huge response. They are not going to go in and capitalize on, at least for the rest of 20. They will increase the capacity of the eastwest pipeline. That is a crucial outlet for avoiding the strait of hormuz. They also talked about the company being ready for an ipo but not necessarily giving the timing. Joe could it not happen again, like last time . Tina of course. Joe do we know where they are likely to list it . Tina no. Forth,s been a back and wanting to avoid u. S. Markets because of transparency issues. This is given a little bit more insight into how they operate, showing where they spend their money and how. Romaine we also got inside it to them trying to broaden it out a little bit. Tina this was announced 10 minutes before the emco earnings drop. This is about a 15 billion deal. This would create a joint venture between reliance, the indian conglomerate, and saudi aramco. In withthis gets them their customer. Reliance, it helps them pay down their debt and maybe expand facilities. Joe turning to something completely different, whats up with corn . Tina corn had a horrible day today. Acreage out how much had been planted this season and the market did not believe those numbers. What the usda did was unprecedented. They said, we are going to resurvey. Maybe we have got the numbers from. That is what they put out today. Neardid not trim anywhere what the market thought they would. Joe brutal day for corn. Making public for its ipo, bloomberg. The company is looking to raise 3. 5 million which would make it the second largest u. S. Ipo this year. I cant wait for the wework n umbers. Company is so controversial, so complicated, people have different opinions. What will you look for when the full filing does it . Evaluation. In the private market, it is a tech company. It is a real estate company. What are they going to do in terms of pricing it . A real estate model where you have companies that are profitable and paying dividends, or will it be tech company . Romaine end of july, they had the analyst event. Caroline quinoa and beer. Romaine most of the analysts were in that tech space. Then i heard some of the real estate analysts kind of protested. Jeffrey he wants a tech multiple. He wants tech analysts, tech investors. If it is valued as a real estate company, hes not going to get the multiple he has in the private market. Caroline they burned through more than they made. They are also trying to raise debt. How are they putting this money to work to convince everyone this is a good deal . That to they need all leases, new new revenue. It is a continual revenue build model. The question on whether they can think the whether they can make the ipo work is the question. Now the equity market is a little bit of a risk so who knows how long that lasts. It toow problematic is banknto yet another soft backed. Jeffrey it doesnt give you the warm and fuzzies. If you were going to put a multiple, it is lower than it was. Romaine do we have any idea of what the liquidation will be by softbank. Tend to ftbank like holds after the company goes public. Romaine they are holding on to a lot. Caroline evaluation keeps going up. Romaine coming up, going for the gold. Why golds spectacular rally is just getting started. This is bloomberg. Caroline quick check of the headlines. The amazon back Food Delivery Service pulled out of germany. A casualty of the cutthroat business the cutthroat market. Shares of World Wrestling entertainment are down nearly 6 from their alltime high. 2 3 ofpresident unloaded her steak in the Company Since last thursday. Facebook is helping fund an indian start of that wants to bring more commerce social networks, like facebook. Facebook is taking part in a 125 million funding round. Firm has a new name. The departure of the founder and recent problems. Moneyors have pulled since 2013 after the firm disclosed it was the target of a bribery operation. Romaine gold value continues to shine amid global uncertainty and Money Managers are going all in. With more, bloomberg money reporter justine of ascus. Quez. Stina vaz others saying they see this as 1600 down the road. This data came out friday, showing this multiyear high in hedge fund position. It was showing, even versus those shorts, those that are bullish on gold outweigh the shorts. Joe i wonder the underlying theory. Dalio was saying it is a good time. The managers, why are they saying it is a good time . Justina part of it is the idea that the economy is starting to slow down. The fed and Central Banks have been decreasing their interest rate. A lot of that is bullish for gold because there is an opportunity cost. The dollar versus some of the other Financial Sector<\/a> were in the red yields lower and yield curves flattened across the board. Pularu look at xlf, a po exchangetraded fund that tracks the second, we have the sector, we have seen outflows. If you add this for last week, 2 billion. That is the worst single week outflow since 2008. Thank you so much. Malik and us is saira luke kawa. Sarah piggyback off what was just talking about is it really signaling the process of they signalsr are of global momentum . The yield think about curve historically, when it inverts, a recession about 14 months from now. Weve seen this yield curve convert a few times before. Date is so mixed. We do think it is a real issue. Peoplee you hearing more confidently say they are seeing a recession or at least proved odds improved odds . Luke yes, across the board you hear that recession risks are rising. What are bond yields reflecting . Worries about the u. S. In recession or Global Factors<\/a> . Both. The main thing is that consumer remains in fine shape and that is why people are bullish on the economy. Caroline how important are the retailers about to come out . Consumer is the u. S. That has been driving this recession. I mean, this economic expansion for it to continue. We think it has been holding down Capital Spending<\/a> and some things needed to continue. As long as the consumer can hold, that will give us more time before we go into this typical recessionary scenario. Joe is there any prospect in your view, maybe a trade agreement, equity downside the u. S. . Thea our view is that tariffs will last into the election. We think the issue will continue for quite a while and continue to be an overhang for the market. You mentioned that you want to be exposed to Companies Less<\/a> dependent on global growth. In . Sectors would those be or is it really about individual companies . Saira you are looking for companies have their own lever stumble. Long growthth a tale went, growth tailwind, Like Health Care<\/a>. Across the board, it tends to favor defensive growth sectors Like Health Care<\/a> and consumer staples, but you can find them in any kind of Industry Company<\/a> has their own internal thing going on. Caroline what is the next shoe to drop this week . Data, earnings . Luke i think inflation could be oneresting i doubt any Inflation Report<\/a> will change the likely course. Schedule, ion the keep my eyes open for an unscheduled fed appearance. That is fairly unique in Economic Data<\/a> is surprising to the upside. We saw the credit data wasnt as strong, so i would be looking to see if that starts to follow the real economy. Scarlet china could always and add more always add stimulus as well. Caroline great to have you. A bit of an executive shakeup. Froms hiring brian newman pepsico to be appointed the new cfo. He will join the Management Committee<\/a> and seniormost leadership team. 0. 6 . Ups has of course, been in the headwinds of technological change and trade issues. Scarlet not to mention Something Like<\/a> amazon. That does it for the closing bell. Remain bostick Romaine Bostick<\/a> steps index for whatd you miss . This is bloomberg. Live fromwe are bloomberg World Headquarters<\/a> in new york. Heres a snapshot of how the u. S. Stock market closed down today. Every group on the s p 500 in the red. Landmark loss in argentina. Investors running for the exit after a larger than expected defeat for market friendly macri. Deepeningng, the political crisis risks becoming a significant economic one. Argentina isrisk, at a crossroad. Tumbledtrys assets today after a popular opposition candidate beat president macri. President ard from the he took to the airwaves and he seems to be understanding the Market Reaction<\/a> and promising economic reforms, but what would they be . We know so far that they are standing by their current policies. The economic name is working on new measures. We still dont know what those are. We are servicing the market today to contain the volatility in the spot rate. Our . s over what will happen over the next few months as we gear up for election which will be in october. Fernandez very lately be the winner. Could very likely be the winner. The i saw a stat that dollardenominated loss in the stock, the second worst anywhere in the last several decades. How about the reaction on the street, especially the situation in the early 2000 fresh on peoples mind . Thing that issues angert there is a lot of on the streets. Narrowing,deficit is they are just not willing to give him the benefit of the doubt be of government spending, subsidized transport that is what they are betting on. Theourse, a weakening Exchange Rate<\/a> concerns men on the street, business owners, anyone who needs to know the value to make transactions. All right, carolina millan, joining us today. Ofare joined by jim, head emergingmarket debt at schroders. We talk about the move in the dollar, the 40 plunge in maine stock index, then the bond market. Macrist here is that policies werent enough to soothe the public. As a new restriction how does a new administration generate what macri did wrong . No quick fix. S macri made a lot of improvements that he might not get credit for. Program gote imf off to a good start. Currency looked better, Inflation Numbers<\/a> looked better, and the market was assuming that would lead to gains for macri in this election. That is why you got, in an illiquid market, a shocked reaction. Caroline fernandez, if he wins, reaction . E james he needs to come out and give some soothing signals to the market. If you are thinking of buying and selling, take a look at incentives. There is no incentive for fernandez to stoke the fires of the market, tell them it is all macris fault. He needs to come in, meet with his advisor, go from there. There is certainly some flexibility on the part of the imf. They dont want to see thing go any farther south than they have. Ive to getn incent things moving, get things stabilized. If you think the sort of calculus on the likely part of the next president is to tamp things down crazy here is a statistic. Agreement,f argentine debt is covered through 2020. You have bonds the yield the bonds a year beyond that yielding 16 . If fernandez comes into office, engages with the imf. Romaine so between now and october, what sort of steps can the government take to stabilize the currency and keep things in check before we get a sense of what the new government will do . James there is a small, negligible, but real chance that can convince the population that this is a sneak preview of what will happen under fernandez. Populoustroduce more more populist measures. That cant help fundamental economic numbers between now and october, but it can help him in the polls. I very quickly ask how the polls got it so wrong and are you in shock that you are on the wrong side of this . Ises that is what everyone scratching their heads about today. The researchers on wall street dont have a good explanation. I think there was builtin resentment over macri that he did turn that he did not turn things around center. Romaine that is jim barrineau, head of emergingmarket debt at schroders. Says the ceo will step down and be replaced by david gibbs. We will bring you more information on this as we get it. It coming up, to italy, why noconfidence vote is being delayed. This is bloomberg. Turmoil initical italy intensifies, the Italian Senate<\/a> is delaying a noconfidence vote. Alessandro in joining us from rome over the phone. What is the state of play in terms of the prospect of this government coming down and another election . It is probable still. Salvini iswriting riding high in the polls. His Government Parliament<\/a> only has 17 . Votes toind enough bring down the government which , then supported last week have the president dissolved parliament and call for election in october. Romaine how much do we know in regards to how much support sa thei has within the leak league . Salvini has a very strong control of the league. There is relatively no infighting into league. When he took over, the league was a fledgling party and only in the northern part of the country. Party, ita national win election it can elections alone, something that happened that hasnt in italy for years. He was taking photographs on the beach. What he wasbout looking to do compared to other parties against. The fivestar coalition teaming up with the centerleft party, is that doomed to failure . Salvini is trying to project this image like an everyman, he is like them. Sea, likes go in the to have a beer, goes to parties, opless, just goes to the beach and has a good time. That is why italians identify muchhim and he is very antiimmigration, his number one message. Caroline that seems to be a theme throughout europe at the moment. Viacom weres and lower today. Bloomberg has learned that the ratios being discussed would value viacom at current levels. The ceo would be the leader of viacom. A Canadian Company<\/a> said a Second Ontario<\/a> facility breached regulations. They had already been struggling from breaches in ontario. The National Football<\/a> league has taken its first major step in legal sports gambling it signed a partnership with sports radar. Now, the company will have a right to distribute to the u. S. That is your business flash of. Ate. Lash upd romaine lets go back to some breaking news. Named a new ceo. David gibbs is going to be the new ceo, to replace greg creed. Create has been there since creed has been with the Company Since<\/a> 2015. Gibbs is pretty much a lifer here. Here at oneadership of the bigger fast food companies. Caroline ups is reaching for new blood, changing their cfo. They have brought in someone from outside, from pepsico. Ryan newman will be appointed as ceo. Crosswinds, all the winds for a company like ups. Caroline saudi aramco, no surprises after the earnings. Oil aheading price of of a initial public offering. This is bloomberg. At comcast, we didnt build the nations largest gigspeed network just to make businesses run faster. We built it to help them go beyond. Because beyond risk. Welcome to the neighborhood, guys. There is reward. Beyond work and life. Who else could he be . There is the moment. Beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. Take your business beyond. Groupsmmigrant rights are criticizing the trump administrations new rules that cards tovide green immigrants if could deny green cards to immigrants if they use food stamps or medicaid. Throughout our history, selfreliance has been a core principle in america. The virtues of hard work and d thesufficiency lai groundwork of our nation. Mark although outlined today, the new rules are not scheduled to take effect until october. The president has not decided when to unveil his administrations middle east peace plan. Jared kushner has been drafting a proposal for the last two years. That thet said today u. S. Isnt looking for regime change with the Palestinian Authority<\/a> but that the United States<\/a> would continue to avoid any dealings with hamas. Attorney general william barr is ofcussing the weekend death jeffrey epstein. Epstein was found dead in his cell where he was awaiting trial on charges in new york city. Appalled and, indeed, the whole department was, and angry, to learn of the mccs failure to adequately secure this prisoner. We are now learning of certain irregularities at this facility that are deeply concerning. Made attorney general barr his comments at a Law Enforcement<\/a> conference in new orleans. He added that the case is far from over and those that may have conspired with epstein should the governor of puerto rico says education will be a major focus of her administration. In one of her first move says governor, baskets announced isernor, vazquez says she restoring a contract for the power grid that was destroyed by Hurricane Maria<\/a> nearly two years ago. Global news 24 hours a day on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. Im mark crumpton. This is bloomberg. Caroline the Worlds Largest<\/a> oil producer got through its firstever Earnings Call<\/a> with no feathers ruffled. Aramcorabia saudi andutives discussed the ipo plans. I can attest that the company is ready for an ipo. The timing of the ipo will be determined by our shareholders or the owner of the company. Editore joining us, the for coverage in the americas. Everyone talks about a great quarter. It was a great 30 minutes. Not that much information. In that response, you learn what everybody knows, than an ipo is coming. The question is when. They have no plans to tap into the International Debt<\/a> market this year. Obviously, we saw a huge response. They are not going to go in and capitalize on, at least for the rest of 20. They will increase the capacity of the eastwest pipeline. That is a crucial outlet for avoiding the strait of hormuz. They also talked about the company being ready for an ipo but not necessarily giving the timing. Joe could it not happen again, like last time . Tina of course. Joe do we know where they are likely to list it . Tina no. Forth,s been a back and wanting to avoid u. S. Markets because of transparency issues. This is given a little bit more insight into how they operate, showing where they spend their money and how. Romaine we also got inside it to them trying to broaden it out a little bit. Tina this was announced 10 minutes before the emco earnings drop. This is about a 15 billion deal. This would create a joint venture between reliance, the indian conglomerate, and saudi aramco. In withthis gets them their customer. Reliance, it helps them pay down their debt and maybe expand facilities. Joe turning to something completely different, whats up with corn . Tina corn had a horrible day today. Acreage out how much had been planted this season and the market did not believe those numbers. What the usda did was unprecedented. They said, we are going to resurvey. Maybe we have got the numbers from. That is what they put out today. Neardid not trim anywhere what the market thought they would. Joe brutal day for corn. Making public for its ipo, bloomberg. The company is looking to raise 3. 5 million which would make it the second largest u. S. Ipo this year. I cant wait for the wework n umbers. Company is so controversial, so complicated, people have different opinions. What will you look for when the full filing does it . Evaluation. In the private market, it is a tech company. It is a real estate company. What are they going to do in terms of pricing it . A real estate model where you have companies that are profitable and paying dividends, or will it be tech company . Romaine end of july, they had the analyst event. Caroline quinoa and beer. Romaine most of the analysts were in that tech space. Then i heard some of the real estate analysts kind of protested. Jeffrey he wants a tech multiple. He wants tech analysts, tech investors. If it is valued as a real estate company, hes not going to get the multiple he has in the private market. Caroline they burned through more than they made. They are also trying to raise debt. How are they putting this money to work to convince everyone this is a good deal . That to they need all leases, new new revenue. It is a continual revenue build model. The question on whether they can think the whether they can make the ipo work is the question. Now the equity market is a little bit of a risk so who knows how long that lasts. It toow problematic is banknto yet another soft backed. Jeffrey it doesnt give you the warm and fuzzies. If you were going to put a multiple, it is lower than it was. Romaine do we have any idea of what the liquidation will be by softbank. Tend to ftbank like holds after the company goes public. Romaine they are holding on to a lot. Caroline evaluation keeps going up. Romaine coming up, going for the gold. Why golds spectacular rally is just getting started. This is bloomberg. Caroline quick check of the headlines. The amazon back Food Delivery Service<\/a> pulled out of germany. A casualty of the cutthroat business the cutthroat market. Shares of World Wrestling<\/a> entertainment are down nearly 6 from their alltime high. 2 3 ofpresident unloaded her steak in the Company Since<\/a> last thursday. Facebook is helping fund an indian start of that wants to bring more commerce social networks, like facebook. Facebook is taking part in a 125 million funding round. Firm has a new name. The departure of the founder and recent problems. Moneyors have pulled since 2013 after the firm disclosed it was the target of a bribery operation. Romaine gold value continues to shine amid global uncertainty and Money Managers<\/a> are going all in. With more, bloomberg money reporter justine of ascus. Quez. Stina vaz others saying they see this as 1600 down the road. This data came out friday, showing this multiyear high in hedge fund position. It was showing, even versus those shorts, those that are bullish on gold outweigh the shorts. Joe i wonder the underlying theory. Dalio was saying it is a good time. The managers, why are they saying it is a good time . Justina part of it is the idea that the economy is starting to slow down. The fed and Central Banks<\/a> have been decreasing their interest rate. A lot of that is bullish for gold because there is an opportunity cost. The dollar versus some of the other Asset Classes<\/a> that dont have as high interest rates. Some of it is geopolitics. Some of it is this currency war, with trump china a currency with trump calling china a currency manipulator. Caroline our people getting into it . Etfs seem to be plentiful. Fewina thereve been a etfs recently that have seen some multiyear highs. A 10d about one that hit year high. I always mix up the f and ph. It is one of the ones that recently hit a high. Another example of retail and Institutional Investors<\/a> getting into gold. Romaine does this mean that gold bugs are not pranks anymore . More . T cranks any joe i finally see. Romaine thank you for joining us. Turning from gold to another haven asset, cryptocurrency. China wants in. The peoples bank of china is said to be close to issuing its own cryptocurrency, especially working since Facebooks Libra<\/a> was unannounced. I could see why someone wants to buy cryptocurrency. Why i would buy a chinese cryptocurrency. Joe im going to bed that never sees the to bet that never sees the light of day. Caroline this is the antithesis of decentralized. They want to see what you are spending more. Joe they have those apps where if you read and learn about xi jinpings ideology, you get credits. Maybe it will automatically for doingyptoyuan good things online. Caroline time for a look at what stories are going to be trending across the bloomberg dollars the bloomberg universe. A junior analyst charged with Insider Trading<\/a> only a year after being at stern school of business. The private equity firm serious Capital Group<\/a> will acquire a Digital Printing<\/a> company, electronics. A story on huaweis founder intending to overhaul the technology giant, creating an iron army. Major structural shifts are around the corner. Tictoc on twitter reported that the demand for u. S. Air travel is booming. Increase from 2013. Airline executives are crediting airlines,ights, more and millennial travelers. You can follow all the stories on your terminal, bloomberg. Com, and at tictoc on twitter. Romaine the biggest description since hong kongs economy the protest in june. Protesters shut down the airport. The latest on the ground, next. This is bloomberg. Now, to asia ahead. The hong kong airport is reopening after being effectively shut down by protests. All flights were canceled, marking the biggest disruption to the economy since those demonstrations began in june. Four straight days, protesters occupied the airport. Slowly the airport getting back to normal. For the most part, protesters have called it a night. This is something we have never seen before, where we saw up to 4000 demonstrators packed through the arrival halls, departure halls upstairs. It ultimately led to multiple flights being canceled monday evening and afternoon. We are seeing some of these and setcome back online to come off tuesday morning. Hecticd be a bit of a one. Flights to hong kong could still be canceled on tuesday. What was interesting in the latest development was the police presence, or the lack of it. There were no officers who showed up to disperse these crowds. Perhaps Police Taking<\/a> a little bit more of a cautious response after another violent weekend. Both sides hardening their stance in this recent escalation. Beijing also ramping up the rhetoric, saying serious crimes are being committed by protesters. All eyes now on carrie lam as she meets with reporters tuesday morning. Caroline yvonne man about 2 00 or 3 00 in the morning local time, so we thank her for it. We might start to see some flights taking off soon but what is the economic damage . Shery Second Quarter<\/a> hong kong gdp contracting. If this unrest continues, we could potentially see a technical recession. ,e are talking about tourism retail sales getting hit. How long is this going to go on . What is the latest . Shery we have seen the chief executive, carrie lam, come out and talk about full measures needed. This has been going on for a couple of months. It is the 10th week of consecutive protest. Beijing is not backing down. Seen some have businesses caught in the crossfire. ,ersailles gee, for example that tshirt. Caroline serious faux pas. Shery it listed hong kong as being part of its own country. Chinese celebrities coming out. Dropped example, she the contract with for saatchi. With versace. Romaine one thing that is interesting is that we are starting to hear from a lot of prominent business people, speaking out. Wu. Y peter they are really caught between a rock and a hard place. They have businesses in hong kong that depend very heavily on business with china. Saying out in a column going against the extradition bill was a victory. The big tree of this movement. He is not wrong. This started as the extradition bill and protesters are going against it to something fundamentally bigger here. He was more focused on the violence by protesters more than the hong kong police. Caroline what is interesting, perhaps not music to the protesters years, the real estate billionaire is able to preach this. Half the problem is the lack of real estate in hong kong. Shery this has been going on for years. When i was covering the umbrella movement, students were talking about how they cant afford housing because the prices are soaring. Perhaps, there is so that thes right now rent could come down. Caroline great point. Silverlining amid plenty of clouds. For more on these stories, dont miss daybreak australia and daybreak asia. Cpi numbers for july come out. Joe i will be watching tilray, the Cannabis Company<\/a> reporting earnings after the bell. Romaine real real, the Company Releases<\/a> first results since going public. Mark this is bloomberg. Emily taelor im taylor riggs in new york, in for emily chang. This is bloomberg technology. Wework set to file a perspective for its ipo this week. Plus, election surprise. Argentinas primary results","publisher":{"@type":"Organization","name":"archive.org","logo":{"@type":"ImageObject","width":"800","height":"600","url":"\/\/ia801004.us.archive.org\/2\/items\/BLOOMBERG_20190812_200000_Whatd_You_Miss\/BLOOMBERG_20190812_200000_Whatd_You_Miss.thumbs\/BLOOMBERG_20190812_200000_Whatd_You_Miss_000001.jpg"}},"autauthor":{"@type":"Organization"},"author":{"sameAs":"archive.org","name":"archive.org"}}],"coverageEndTime":"20240716T12:35:10+00:00"}