A lot on tap this morning. The go to the market desk were julie hyman has the latest numbers for consumers. Is the sentiment reading from the university of michigan. We are coming to 89 and 90. People are not so optimistic. A slew of Economic Data with personal income and spending. All of that is pretty much in line with estimates. You are seeing stocks fall across the board at this point. All major averages in the red after sequences decline. So, continuing the selling other get further into todays session. What exactly is driving the selling . If you take a look at the s p 500 and the Bloomberg Health care, it is the worstperforming group today. So, a lot of the cyclical groups , although health care is not necessarily cyclical. Energy shares are now little changed. Earlier, it has been one of the where rare areas in the green. Well talk about big energy earnings. Even though yearoveryear, it is on a decline with net income it did come way above . 28. The interesting thing here is that the boost it was not from the socalled upstream business. Rather, it was from the petrochemical business which saw a 38 increase. It is hanging onto gains. Chevron is lower, posting the first loss going back to 1992. In 1992, oil prices are 18 per barrel. It is interesting that we were seen that once again. That company is posing a 61 drop in earnings. It is defining margins not so strong. But as some of the other energy producers. That energy index is now, as i mentioned, going down. We have seen a little rally in many of the stocks. Although, many of the companies that have been volatile like southwestern have seen huge doubledigit gains. Overall, we have seen a big increase in Energy Stocks for the past few months. Take a look at the bloomberg 1122. This is the rally we have seen in crude prices. What we have added to the market cap globally is about 400 billion. So, they have been quite happy about the rebound we have seen in oil. I had a similar looking chart on. Of the upstream price not doing as well as their others. I think this chart illustrating here. Where you see that, even though they have this huge plunge that 2013, thehe middle of price of oil falling off the cliff. Exxon has not been able to keep up the pace with their construction costs. In fact, there are lifting those costs for the year. Finally, theyre starting to bring them down. You ifthe idea is that you are an Energy Company bowl, and all these companies are cutting cost romantically, they will be an better shape as a Oil Prices Continue to rebound. Oil prices have been higher today. We have seen a downward move in the oil price hike. We have been seen a rally for the fourth straight session. That has very sharply turned around. Lets take a look at the u. S. Dollar. They have been feeling some gains in oil. They are not helping oil anymore. That has not been the combination of the lower dollar as well as with falling production. Some things change. Mark it is pretty glam here. Every Industry Group is trading lower on the stock europe 600. The index itself down by 2 . The biggest fall for the month. We are on track for our first weekly decline. We are on track for the second decline since the index hit it second of february 11. This month, the bestperforming Industry Group, basic results. And basic results is are falling. What a big quake it has been for wekings earnings echoed have lost more than double missing estimates because of the 223 Million Pound impairment charge which was primarily. Elated to exit they also paid 1. 2 billion asnds to the u. K. Treasury part of the bailout repayment. Also, it will take longer than expected to resume dividend payments. It needs to complete a series of tasks before it follows with the first payout since 2017. As ive showed many times this week, all the u. K. Banking players, were in the middle of the board. They have a standard chart down by 45 . Really quickly, the British Airways say the fight has been hurt by the brussels terror attacks. They had inflation in the new area. Falling. 2 percent. That was more than expected. It was a long way away from the ecb. It inflationme, was a 2 . So, yes, growth rose. But the inflation wheres the inflation . Inflation, that is the hope from mario draghi. It is hiding. Lets get to first word news this morning. Vonnie quinn has more. Vonnie thank you. We begin with Vice President joe biden. Did not say what they are planning to discuss in a private meeting. The sitdown with the cardinal is his last stop at the vatican. He talked about Regenerative Medicine in vatican city. They plan to meet with the italian president. Officials say 11 bodies have been found after a helicopter crashed on an island off the coast of westerner way. It was carrying 13 people from an offshore oilfield when it crashed near the city of bargain. The broadcaster says 11 of the 13 people on board or employed by the oil and gas company. Helsinki, a tunnel is warning the finnish government that they could expect harsh reactions from russia. Havea and for ministers the military technical response. Nato supporters in finland and sweden are dealing with the ukraine crisis. And, investigators in minnesota looking into whether the the gentleman died of a drug overdose. It was going on in the weeks before his death. There are are reports that prescription drugs are found in the singers body. Global news, 24 hours a day. Powered by our 2400 news journalists. I am vonnie quinn. Betty much more had come up up the volume. Listening hours for pandora. Pandora ceo Tim Westergren joins us next. It an exclusive interview with Robert Kaplan. That is on television and radio. He has potential risks for the u. S. And global economies. They might keep the fed on hold. Mark live from london and new york. Betty youre watching bloomberg markets. It is time for look at the business flash. Volume pharmaceuticals has filed a annual report meeting the selfimposed deadline. That means bondholders attend noticing of the fault with the financial report. They are under investigation by several agencies. They have nominated new board members. They are under incoming ceo. The debt crisis enters a new phase as weekend, and less they can go through the bond payment for the coming days. There and need of a technical default. Congress is looking at a rescue plan that will probably not be brought back until congress is second from may 10. That is your business flash. Shares of pandora are surging following an encouraging earnings report. Firstquarter sales topped estimates and increased 4 . For more, emily chang is intent San Francisco with the pandora ceo. Emily Tim Westergren, thank you for joining us. Since theot been ceo company has 40 employees, why are you back in the chair . Tim i love the company and i believe in it. I have been the foreign manager for all these years. I feel connected to the company. Affiliate is the right time. Tim the strategy is intact. We had in january the same plane we have no. Im really working to build from this Huge Foundation we have. We will expand this into new features and sets. Emily pandora has explored a sailor this year. Tim you do not hire a ceo and invest like we are. It is full steam ahead. Again, we spent 10 years building the underpinnings of a really big business. Emily now, active listeners picked up that this is not a huge increase. Will it take to drive that growth even faster . Tim we have 100 Million People that come to pandora every three months. That is a 25 pool. The first half, how do you make those listeners monthly listeners deco the big catalyst of that is ce and auto. Making pandora more of a habit to more places. Outing ahead, we will roll more expensive features that we talked about. More activity. That will allow us to provide for all the things people want in music and one spot. , they want to listen to a song. We want to keep them on pandora. I think last, but not least, we will add some more live events. This might be your onestop shop for music. ; millennials spend more time on pandora than youtube. Dropped morehas than 40 over the last year. Why . What are investors missing . Tim i think it is a lot of misperception about the company. It is my job. Any to make sure the story is clear. A lot of our strengths are not immediately visible. The engine that drives our song alection on the radio is fantastically hard problem. Even as we have a lot of competition and people talk about free alternatives. Our per month listening has continued to increase. I think that is the reflection of this massive investment. The second is motivation. We monetize our products pretty closely. It is only 1 5 of the ad load. Those are two huge strategic pillars for us. They are not very well understood yet. When we talk about that story, it brings up the next coming months. Emily what about listeners choosing what they want next considered is waiting for what comes up . How close are you to that ondemand platform . Tim audio acquisition brought in great talent to help us fix it. The word thing about it is that this will not be a youtube service. Our 30 million songs in a search box approach is not how we will come to this. We have 100 Million People that come to pandora. We note baton about them. What songs they like, what stations you are creating. We know a lot about preferences. We can bring you into this environment in a relevant way. So, we can take in with the music we already know. Walkinging that problem to the record store you can have everything, what do you do . Pandora console that for us. I think will be a version of ondemand. Labels asking for the same rate for the give spotify 70 . Would you pay that . Tim i suspect that we will be in the same ballpark for services. Wille hoping that labels look to be flexible on how the prices come to market. I threw one it i think one of the great opportunities pandora has is to address this tens of who are of listeners not typical subscribers and im not really thought about it, to introduce them to premium services. We want to hire for our product. If we have some flexibility, we can really expand the industry. Emily you said pdoras about to get louder with advertising. When cap or more usage than youtube in the united states. Have these levels of maturity. It means we need to speak louder and invest more in marketing this year. Products, you will see us be more vocal about that to declare what were doing. Emily beyonce drop entire album with exclusive streaming rights. What is your take away from that . Cannot change the future for title . Are increasingly seeing more and more artist rebelling against streaming services. Tim i think that you will see a handful of artists who actually have the stature and the audience to do those kinds of things. I do not think that will be a broader trend. I think they will want to make the music broadly available. I do not think that will stretch beyond the top artists. Emily of course, founder of pandora. Ill send it back to you. Betty emily chang in san fran. It is friday. Tgif. We have your weekly look at the 3 trillion etf market. We tracked social media sentiments. Stay with us. Betty youre watching bloomberg markets. Im here at mark barton. Is good to julie hyman. We go with our weekly deep dive into the markets. Julie what to say on twitter could end up on the etf. Are selects stocks based on social media sentiments. Here is our etf guru eric. There are a lot of etfs that tracked social media stock. This is different. It is stocks of being talked about on social media. Eric that is correct. It sounds a little gimmicky. But, i say lets just look at them. The first is a social media insight. What this does, ill just give you the process. You know, some people already do this. It is like a fundamental analysis, or technical analysis. Basically, we look at the 100 most talked about stocks across 20 to 40 financial blogs. Then, we go what is positive deco who go through who is saying. We find somebody with good predictive ability. Then, that is how they get the 25 stocks in the etf. They weigh them by sentiment score and balance them every month. That is essentially, how the etf operates. It is very quick. Where, this is holding the basket for some amount of time. There was another index out there called market profit. Shorted stocks that were negative. That is not out yet. The person who started this one, they said their think about this one. Just come out with one that is easy to understand. That is just the general play. Look, there a question i have for them. Are you going to stocks if the price already goes up . They claim that no. There are stocks that will get eventually come to of a cross that is going through google to ford. You believe that social media they willsentiment have stocks that are owned and the s p. Julie would this have performed that way when they introduced a . Eric just assume that they have outperformed. It. Nnot look out nobody will launch an etf. Julie this is the one youre just describing. The other one is a crowd investment etf. Is there methodology similar to the others . Eric they said we will base this on the wisdom of the crowd. So, they have an app which you can sign up for. There are 500 users. Of people vote on stocks. They vote on one per month. They are like antagonistic. Actuallythe crowd is unbiased. That is the thing. Some people can finance. Some people do not. Basically, theyre trying to get a sample of the crowd. Then, theyll put the stocks in their that the crowd votes on. In a way, this is all dependent on the one app. Other one goes out into the wilderness and scrapes data all over the place. A little different, but the same time is that the sentiment is weighted. Ill send it back to mark barton. Mark thank you. Still ahead, who will be talking with the fed reserve bank of dallas Robert Kaplan to get his insight on the state of the Global Economy where the fed might move to hike Interest Rates. That interview is next. ai betty live from world news headquarters here in new york and london. I am betty lou. From we are seconds away an exclusive interview with dallas fed president Robert Kaplan. Before we begin, lets have a look at what is happening to European Equity markets on this friday session. It looks like we are down for the week. After two weeks of gains, it looks like stock markets will finish the friday session low. Every Industry Group is falling. It has been a good month. It is the last trading day of april. Stocks in europe have risen for a second consecutive day. There has been some bounceback since february 11. That is where the stoxx 600 hit its low. The gauge has rebounded by 14 . I want to welcome our listeners a this on Bloomberg Radio and television. I am mark barton. I want to introduce a special guest. Robert kaplan will join us from london exclusively. Thank you very much. The big piece of data this week was the u. S. Gdp. We have the worst quarterly performance in two years. Cetaceans cannot blame the weather. We have seen back after the First Quarter, what sort of a risk is there that will see a similar bounceback this time . There is a risk on the Positive Side that the consumer is getting stronger. Their capacity to spend should be improving. So, we are very hopeful that you will see a rebound. We are is what expecting. It is what im expecting. Mark the slow growth mean the Federal Reserve should take more time before it raises Interest Rates again . The job market has been strong. So, right now, i will put it a little differently. We need to reconcile gdp data with job data. That will have been one of two ways. Job data will get weaker or, the gdp will get stronger. Im expecting the latter. I think that if that happens, personally, i be moving towards advocating some accommodations removal. Betty this is betty here in new york. You mentioned that you believe that the consumer will pick up. So far, what we have seen is that any income gained by the backmer seems to be going into their bank. They are pocketing that money and not spending it. How do you get consumers to spend that money . Robert the question becomes why are they spending. One is the financial turmoil of the first few months of this year had a real impact. It is understandable to turn on the television and say turmoil, youre not as likely to buy a car. Thatther thing is Political Uncertainty is having an effect. Its also that the population of the u. S. Is getting older and people are thinking a lot about saving for retirement. The truth is that only time will tell. People have the capacity to spend, that is the first step. It is just a question of when will we see that . To take aalso have look at the improving job market. We are almost at full employment here. Translateat going to into substantial wage gains, which we really have not seen. Robert we have not seen much other than in skilled trade. I think part of what is going on, there are different theories. The job market has never been more global. Companies are thinking globally about where to hire. They have choices to position jobs globally. Downwardhat puts pressure on wages and effects in negotiating wage earners. That is unless you are skilled trade. I think that might be part of why you are not seeing more weight pressure. I want to bring in our economics editor mike mckee. Mike i was listening and had a question for mark barton. They said i should ask it. Mark will be going to the voting booth on june 23. You will be making a decision on Interest Rates on june 15. How much is that going to impact what the u. S. Does. Robert it will be a big factor. You laid it out right. Our meeting is on the 15th and eight days later is the vote. I will have to make an assessment on june 15 what the likelihood is. And, right now, it is a little bit unclear. It is a little on clear. If it is still unclear on june 15, that will be a big factor. Polls,f you look at the they are notably unreliable. So, how will you make that assessment in just eight days ago robert ive had lots of conversations about this. If the polls are unclear, and they showed to be close, then you have other measures which are more lopsided. The