Higher growth areas . We have got some breaking economic numbers on the housing market. Julie hyman is at the markets desk with more. Julie existing home sales rebounding last month. We got numbers for the month before that were disappointing but now we have a climb of 5. 1 month over month to 5. 3 3 million on an annualized basis. It compares with februarys 5. 0 7 million. The median forecast, 5. 2 8 million. A larger rebound than had been anticipated and does exhibit some resilience in a u. S. Housing market especially going into the spring selling season. 3hat number coming in at 5. 3 million, an increase of 5. 1 month over month. The existing home sales number does not tend to have a big impact on stocks. At much appears to be having big impact on the overall direction we are seeing today. The dow and s p, little change. Nasdaq doing a little better. Any increase means we are at new highs for the year above 2100 as we have been watching for the s p 500. Above 18,000 for the down. As we get into the thick of earning season the focus switches to micro from macro. Lets take a look at the scorecard. This is something we will probably be checking on a daily basis on the bloomberg. T is ea here is the quarter by quarter change in earnings per share and earnings pers and share. Chris for shared down about 10 with 69 of the 500 companies in the s p reporting sales up about one third of 1 . Betty tell us about some of the movers. Cocacola coming out disappointing investors even the earningspershare feet estimates. Shares fell 4 matching but analysts anticipated. We saw a decrease and unchanged level in sparkling volumes and in increase in the noncarbonated beverage volume. Coke realizing structural volume declined from here on out. Interesting perspective as shares fall by 5 . I wanted to get a check on intel stock as well as it cuts it announced that 12,000 person job cut. Intel stock bouncing by 1 on that news. Mark for the 8 day we are up. The stoxx 600 was down by 4 10 of 1 . We have rebounded. What a winning run the european benchmark is enjoying led by banks, basic resources, technology among the declining Industry Groups. Today dominated by earnings. By 3. 4 . Es up the worlds biggest maker of power grids. Firstquarter profit drop left an estimated less than estimated. News from theig chief executive martin blessing. Shares went down lower. 2. 3 lower. He says a slow First Quarter will make it difficult to achieve last years profit. This is just a month after the bank projected an increase in fullyear earnings and finishing holdings. It reported net outflows of 3. 1 billion swiss francs in the First Quarter. Market turbulence prompting investors to avoid risk. Any Investment Management division falling to 67. 3 billion francs in the end of march from december 31. The Company Expects performance these to fall in the first half of the year as market instability continues. The trend yesterday, a bit more even keel today. Those companies that reported sales and earnings. Betty we will dig into that. Throughout the next two hours. Lets check in on first word news. David Hillary Clinton lost seven out of eight primaries and caucuses but in the state she represented in the u. S. Senate clinton won with 58 of the vote. Againay you proved once there is no place like home. [cheering] david clintons victory make sit almost impossible for sanders to win the nomination. Aides say sanders will determine his path forward after the next round of primaries next tuesday. President obama is in riyadh to attend a Golf Cooperation Council summit. The president plans to encourage allies to deepen their involvement in the fight against islamic state. He plans to discuss the war in syria and yemen and talk about counterterrorism efforts more broadly. Another tremor rattled ecuador. The strongest aftershock is the deadliest earthquake in decades. Quakeays magnitude 7. 8 killed at least 525 people. Hope is fading anymore survivors will be found. Recovery teams in southern japan are continuing to find bodies following powerful earthquakes last week. Searchers located the body of a man in an area hit a landslide bring the death toll to 48. Three people remain missing. Global news 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus around the world. Gura. Vid betty the sense of trading con that has been shattered tumbled the most in nearly two months. Shanghai composite dropped 4. 5 overnight. No obvious news driving the decline. Some are pointing to signs Chinas Central Bank has not reduced the appetite for monetary easing. Joining us now is ben manziel. Good to see you. Could you ride in at the nation for what happened in china . Could you find an explanation for what happened in china . Ben i think we have seen an economy accelerating through the middle of the year. Evidence of that is an Asset Investment that has been pretty strong. Housing market has been pretty strong. Even our mediumterm view on china is not a particularly sanguine one, i think what that does, when you have an medium trend that is challenging a short run trend that is stabilizing that is a recipe for volatility. I do not think there necessarily needs to be a particular news item or trigger when you have that confluence of events. I think we are looking at tension between near term and short term. Betty your outlook on oil is pretty negative. Ben over the medium to longterm certainly. The short run is about geopolitics. If you want to predict the oil price in the short run you need to have a strong conviction view of some geopolitical event. Betty you see price swings may be 10 . Ben i think you see price swings in that order of magnitude. In the medium to longterm it is all about u. S. Shale productivity and real interest rates, both of which will put pressure on the oil price. Strengthens, the inverse of that is the dollar weakening. Unless the dollar strengthens, the fed will resume their rate hike in june which leads to my question, as the bloomberg dollar spot index trades at its lowest in a year, is the full run over . Is the bull run over . Ben i believe there something left to it markets are pricing in a nontrivial possibility that fomc stays on the hold or moves in the opposite direction. Our view is that you are going to see about two rate hikes this year consistent with what the fomc has projected and that will be an upward impetus for the dollar. How far they can go is going to depend on the path of the dollar in and of itself. I think you get into relation between those things but in general upward support for the dollar as Monetary Policy does its work over the course of the year. Mark one of the more interesting calls came from prudential financial. It says the 10 year yield could fall as low as 1. 25 . I want to bring up a chart on the bloomberg which shows the japanese bond market. The yield on the 40 year fell to a record low meaning that all parts of the curve are yielding below. 3 . Point inential have a the search for yield you will continue to push u. S. Treasuries higher and yields lower . Ben i think that is certainly a possibility. This is part of the u. S. Treasury market and the u. S. Dollars privilege in being a global reserve currency. So part of it is that. I generally agree with your point that there is a search for yield and when we look at fixed income markets we see compelling opportunities in relative value where the high yield markets, u. S. Treasury, australian bond market relative to the food and jg be in canada. Real yield will be an important factor driving returns for investors. One which we subscribe to. Betty i want you to look on your screen. Inside our bloomberg there is a cool chart where we map out the returns. The relative returns of three asset classes. 1970s, stocks still outperformed all of the other the two other major asset classes. No matter what your outlook is stocks are still the best that. Ben what that chart is telling you is that the equity risk rhenium has not collapsed. Certain risk premium markets which have been decimated. Looking at the term risk premium investors are paid to hold duration. That has been squashed to zero negative. The equity risk premium. Betty you still have to be careful. Ben some risk for sure. That is the inherent tradeoff in equities versus bonds. Betty thank you so much. Ben mandel. Mark coming up next, shares of intel falling after the Company Announced 12,000 job cuts. Whats next for the worlds biggest maker of semiconductors . More Bloomberg Markets ahead. Mark live from london and new york, i mark barton. Im mark barton. Betty im betty liu. A look at business stories in the news right now. Or motor apparently paid 199,950, 55,000 more than the Sticker Price to buy one of the first sportutility vehicles made by tesla according to vehicle registration documents. The model x was the six to fourth one made at teslas factory in california. The vehicle with michigan plates has been spotted in the detroit area. Automakers often buy cars made by competitors for road testing and teardowns to reveal components and materials and how exactly they are put together. Itted continental has made official, shaking of its board as part of an agreement with investors. Robert milton will be the new chairman. Milton will replace the current chairman henry myers. United agreed to give seats to firms askcapital for a chairman with airline experience. In other Corporate News we are watching intel shares rising today after the worlds biggest maker of Semiconductors Made the decade. Cut back in a cory johnson joins us now for more. This is a shift we have seen with a lot of older big tech companies. Cory the pc market decline is news to no one certainly not intel. Intel has had success in gaining market share while everyone else has offered. Is much worse for others than intel. It is a place where people go to work for long careers and expect to stay there. Both cuts would be voluntary and involuntary and our big. 12,000 people, 11 of the Employee Base as measured at the end of december. The messaging from the company is just as interesting. They want to grow and invest. Capital expenditure will stay as big as it was with fewer people. Mark they are shuffling management and the Management Change that that out to me was the man who to me was synonymous with intel particularly on earnings day, stacy smith, cfo. What is the significance of that . Cory i think it is important. Stacy smith stepping up to a bigger job in charge of sales and manufacturing. What is intel is not sales and manufacturing . I suppose research as well. Stacy smith has been a cfo for a long time. More than 10 years. Maybe he is itching for a change. A relatively young guy stepping up to a big position. The company says this is not a succession plan. Stacyng at a time smith stayed at cfo. Rene james was made president and effectively coo. She is gone and he steps up in a big role and i think that is important for this intel lifer to step up to this big job at an important time for the company. Mark thanks for joining us to chat about intel. Cory johnson, bloomberg editor at large. Still ahead, Harley Davidson stocks cruising. The companys chief executive joins us to talk growth and competition next. Betty you are watching Bloomberg Markets. Give us a quick check on how markets are trading in europe. Mark little change but earlier we were down so we are up a little bit. Up for the eighth day and night. I will show you a chart and roughly 40 minutes that shows you we have broken out of this important Holding Pattern which the stoxx europe 600 has been in the last month. Marginally higher. The ftse is a little bit lower today. The dax is higher. Cac 40 is higher. It is banks, basic resources. Those are the leading gainers. Energy stocks are down along with the price of oil. Health care is also lower. Lets finish up with currency markets. Big day for data in the u. K. We had evidence that the u. K. Labor market is cooling. We will talk about that later. Sterling down against the dollar, down against the euro. The yield on the 10 year down to 1. 48 . Betty we are pretty much not budging one way or the other either. We are focused on earnings. Earnings season kicking into overdrive this week. One company we are watching is Harley Davidson reporting profit that beat estimates. Shipments up more than 4 yearoveryear. Business at home was just slower. For more i want to head over to bloombergs matt miller with the ceo of Harley Davidson. Matt here with matt levatich, pleasure to see you. I want to talk about the brand. I have become a convert since the last time we met. I got a roadster 48 and i fell in love with the engine, the way it pulls. An amazing experience that i did not get before i had written a harley. More than 50 of the big bike riders in the u. S. Have known about this. Matt l. i think we have a fantastic 51 . Most of our presen competitors e in single digits. We have hatchling for decades. The issue for us is not about growing share but growing the sport, making sure that motorcycling is a vital part of what people do in the United States. It is surprising people come a two to 3 of americans ride motorcycles. Matt m. globally sales were growing in the u. S. Quarter. We had a great strength in international, 4. 5 . The u. S. Marketplace right now is extremely competitive. It was all last year because of the strong dollar. Nonus competitors able to price pretty aggressively which they did and they continue to do. At the same time there has been a lot of new Product Introduction in the motorcycle space. Probably coming out of the downturn a lot of companies pulled back, got their feet under them, started launching new motorcycles and that is in the marketplace now so we have never seen a level of competitiveness that we saw in 2015 and our pitted to driving demand that we talked about in october and january announcements is all about putting our foot down, backstopping share loss we had last year. Up from a historical average of 45 climbed up to over 54 and now we are at 51. We have retraced in 2015 and i think the quarters results are strong about making a stand. We are here to win and here to lead and we will do that with a lot of different matt m. who is your strongest competition . Ducati, they tha have a cruiser now. Polaris has a couple of brands that are looking to aggressively take market share. Matt l. it varies around the globe. The International Growth and evers petition that brings and the challenges vary across the globe. In the United States we have a leadership share and theres really no close competitor. All trying to zero in on what we have and that is great. Competition is good for the industry and good for the riders we are investing in product to compete. That is good for the rider. We aim to compete, maintain leadership position and also invest to grow the sport of motorcycling. The United States is a pretty mature Motorcycle Market from a population perspective. A couple of things, we are talking much better to what we call our outreach segments and we have changed the mix of outreach sales over since 2010 from about 34 of sales to outreach customers to now 39 . That is by being smarter about product, wiser about how we talk about it in making sure dealers are up to speed on how you meet people on their own terms. Adults, women, africanamericans, hispanics. When you look at the population mix in the United States we have a Great Customer base in that core customer. 50 million white men 35 and older. 50 million of them out to 2030. The outreach segments are 150 million and that is going to. Row to 200 million by 2030 investing in rider training to help people realize how awesome it is, like you know, to ride a motorcycle and motorcyclists like you and me having conversations like this telling the world you need to think about motorcycling because it is awesome. Matt m. thank you very much. I will ask you about the 110 engine at the break. Thank you. Ordering chinese food is a very predictable experience. I order b14. I get b14. No surprises. Buying business internet, on the other hand, can be a roller coaster White Knuckle thrill ride. Youre promised one speed. But do you consistently get it . You do with comcast business. Its reliable. Just like kung pao fish. Thank you, ping. Reliably fast internet starts at 59. 95 a month. Comcast business. Built for business. Shoshow me more like this. E. Show me previously watched. Whats recommended for me. X1 makes it easy to find what you love. Call or go online and switch to x1. Only with xfinity. Betty live from bloombergs World Headquarters here in new york and london, i am betty liu with mark barton. We are getting oil numbers. Every wednesday we get those, and they continue to be more and more important. Particular since opec is not doing anything at all to stem the declines we see in oil. Julie hyman is standing by at the markets desk with one of these numbers. Julie we are seeing a built in the inventory, as expected, although it is smaller than had been estimated by oil analysts. We are looking at a build of 2. 80 Million Barrels week over week. 2. 9 Million Barrels is what analysts estimated. We are seeing a drop in gasoline inventories of 110,000 barrels a much smaller drawdown than had been estimated. Distillate inventories seeing a larger drawdown. 3. 6 Million Barrels. It looks like a mixed report in terms of crude itself, and then the refined products. Just looking at the feed through two oil prices and the reaction we are saying, oil lower on the day. Last night we got Industry Data that predicted the build. Oillso learned the kuwait strike was not going to go on. Oil has been trading lower by about 2 . It has been coming off the loans of the session in the wake of these headlines. To aually tak