Well. But i like how you mentioned brazil. To john for air and 10 minutes in brazil but between brazil and the philippines, a lot of emergingmarket politics going on within the student of economics and finance. Of economics stew and finance. Francine now, lets get to the bloomberg first word news. Nejra Bernie Sanders is not going away. He says he will fight for every last vote. Night, he defeated democratic frontrunner Hillary Clinton and the West Virginia primary. Lead inlinton has a big delegates, closing in on the number she needs for the nomination. Meanwhile, Presumptive Republican nominee donald trump won in both West Virginia and nebraska. He faced voters for the First Time Since rival ted cruz dropped out. British prime mr. David cameron may have an awkward time and ofrats when the leaders nigeria at afghanistan visit this week or he told Queen Elizabeth the two countries are extremely corrupt. Prime minister cameron nigerians, the leader is fantastically corrupt. Nigeria and afghanistan corrupt. Ctually not nejra a spokesman for nigerias president says cameron does not recognize the work the country is doing to fight corruption. An anticorruption summit will be held tomorrow in london. This may be the last day in office for brazils president dilma rousseff. The senate votes today whether to impeach rousseff for illegally using state banks to fill a budget gap. That would force her to step down temporarily. Rousseff would face a trial she appears unlikely to survive. In bangladesh, the top leader of the countrys largest Islamic Party has been hanged. Was convicted of crimes against humanity during the 1971 war that led to the creation of bangladesh. Theres concern the execution could lead to violence. And asian buyers help set records at christies art aucti on. One spent 57 million on an untitled painting. Auction sales are showing signs of slowing down. Last nights total of 318 million represents a 52 decline from a similar sale year ago. A day news 24 hours powered by our 2400 journalists in more than 150 news bureaus around the world. Datalets get to the checks very quickly. Not much going on. That is what you see a few days after the american jobs report. Crude elevated. On to the next screen. Note equities elevated. In our next hour, the german 10year has my full attention. Zero, positive 0. 113. That continues to grind lower. I notice a little curve flattening in the u. S. Francine tom, this is my board. When you look at a lot of these european equities, they are a little bit on the downside. Basic resources gaining on the k of news about copper then i did two currencies. Of course, the dollop it this is probably one of our biggest stories of the day the dollar. This is probably one of the biggest stories of the day. This is an interesting play. This is the picture for yen. Gaining on speculation that the slide was overdone. Tom lets go to the bloomberg. We have two esteemed guests. This is the philippine peso, back 25 years. Here are the horrific prices, 1997, 1998. Leads to further peso depreciation. The valuation and the miracle of a cessation for the philippines. Stronger peso throw all of this. Then the recent weakening of the peso. With the new president coming 39 vote, you wonder where the philippines are heading in the next four years. Francine yeah. That is an extreme the important chart, especially as the elections are somewhat lets say controversial or interesting. Probably just as interesting as the u. S. President ial election. This is my charter picked toda y. In white, the price of brent. In purple, the brent moving average. In blue, the 200 day average. The average price of brent c rude is set to rise thats a golden cross. That is to be we seen as a sign of bullishness. Now, we are joined by a managing director and jpmorgan Global Market strategist. You so much for coming on. Lets start with you. I do not know how much you look at currencies, but we talk about Goldman Sachs saying that expect the dollar to rise. Overall, is this going to be the big theme . Are traders going to nowhere it is inward looking. Every single Major Economies looking inwards. What is really remarkable if you look at the period since the crisis has been how much of major currencies have moved against each other. If you look at the dollar versus yen, the dollar versus the euro, etc. It has been 30 of change with real Macro Economic change being rather limited. A lot of this has been german on expectation, the expectations of diversions, expectation a lot of this has been driven on expectations. The continuation of exactly that theme, that in an economy where japan is continuing to lag, in an economy where the eurozone has only just finally exceeded gdp and where demand is still 2 lower than it is the2008, the u. S. Only major developed economy that looks relatively, and its all relative, relatively robust. And i think that is kind of the main driver of the diversions. Francine do you agree . Is the rally going to continue . I would not say it is going to shoot up massively compared to 2015. We think it is more a sideways, for the dollar, especially when you have the European Central bank, the bank of japan trying to push down their currencies. There is less of an upside for the dollar in the next 12 years. Tom i want to congratulate on your research note. Some great charts. I brought up the eu gdp chart observations. Your i blocked out all the volatility of yearoveryear gdp. All you see is a president ial for your moving average of what was and what is now. Nandini, what i see is malaise. Malaise with the challenges of china. They desperately need a better china, dont they . Its true. The European Growth story is 2 gdpthrough, 1 to growth. What they need and european markets is that level of connection to china. When china is demanding less, you have equities listed in germany or france or even spain exporting a lot less. A bit stronger with the euro. Chinese demand, European Growth is in that 1 to 2 . Tom im going to suggest a productivity reaction of the developed world, a brussels or amsterdam, is a little bit different than manila or beijing. What will be the catalyst to jumpstart em growth, and particular china growth . And particularly china growth . The nearterm prognosis for that is we are not going to be seeing much more optimistic news coming. What is already very encouraging compared to where things were at the beginning of the year is that the Downside Risk of a very deep downturn and financial crisis within china, that Downside Risk seems much more limited now. That is probably the most optimistic we are going to be getting. So sadly, the eurozone will not be rescued by china. It has to reform from within. Tom folks, you say to yourself the answer is a currency war or currency depreciation or maybe a releverage. I think they are already leveraged. One of our themes through the morning. Will bring hour, we it over to bluechip america and the price of perfection. Seth masters has had a huge response on the show. Hell be with us in our next hour. From london and new york. Bloomberg surveillance. Francine this is surveillance. Tom, lets go straight to the Bloomberg Business flash. Nejra disneys latest earnings mediaoking the fears of investors. The Worlds LargestEntertainment Company posted secondquarter results that missed estimates. Profit from the abc broadcast operation fell. Lusplus, disney shut down its infinity games division. Carlsberg reported firstquarter sales that beat estimates. Forecasting higher profit this year due to rising sales in asia where it battled. Heineken. Offsetting a sharp decline in russia. And developers in london are trying to capitalize on rising rents. In the last six months, they have started a Record Number of Office Buildings an essential part of the city. 14 million square feet of space is under construction, the highest and eight years. London Office Vacancy rates are at a record low of 4 . And that is the Bloomberg Business flash. Francine thank you so much. Now, this may be the last an office for brazils president dilma rousseff. The senate will vote on whether to impeach rousseff, which will force her to step down temporarily. Our executive editor for International Government for bloomberg news. John, great to have you on the program. When you look at dilma rousseff, shes always had some fighting talk in her. She said, this is a coup. I wont resigned. Will today change anything if there is a big majority voting to impeach her . John this looks like this could very well be her last day in office. What will change today if this vote goes against her, she will a lot have to step down but she will have to step aside. She will be suspended as president heard it will be very difficult for her to come back from that. We are expecting if you look at the numbers, the opposition, the numberssenate, were looking at our 5060 at least. Then, of course, this begins this 180 day impeachment trial that will then take place in the senate. For that, the opposition needs a 2 3 majority to finish her off. They will most likely have those numbers. Francine are we surprised at house with it has been . It looks like surprised at how swift it has been . John yes. Of thrillseen a lot and spills a longoria. Monday and tuesday were two of the most dramatic days i can remember there has been a lot of thrills and spill ed. The interim head of the house try to annul the vote from last month. That said brazilian markets into a tailspin. He reversed himself at midnight on that day. One of the weirder reversals ive seen in recent times. Follow the narrative thread through all the noise, there is a clear direction to this. The constitutional process it is a very difficult one for rousseff to fight. And one is Market Reaction the huge backdrop of the olympics. The torch has been late in athens. August 5 is the jumpoff date. Bring up the brazilian real. Basic idea, year of the crisis, in the 1990s, up we go. In the middle, the magical lula strengthening of the brazilian real. Then all the problem that johns team has reported on. Frame for us the bet of the market that brazil can get better fast. John all of those hopes are being pinned on the vice president. Certainly there has been a lot of optimism. We have seen a pretty large runup in brazilian assets this year. There is a letter hope that a lot of hope that when he gets in, he will get the deficit down and cutting inflation. There is a worry that he himself, he will not have a strong mandate. If you look the numbers on him, 58 disapproval in rousseff. His disapproval rates are almost as high. He is going to have to do as much as he possibly can over the next year. The next date to look at will be the next president ial election. Only then will we get a firm sense tom i have got a pattern here. I got austria with an offeror within their political system. The philippines an uproar. Lets not talk about that em economy, the United States. In brazil, the same thing. Is this impeachment a mask for a populist uprising in brazil . I think brazil is different. You are right. There is a general theme about mostly Blue Collar Workers in emerging markets as well as developing markets feeling left behind. There is this rebellion against establishment. In brazil what is happening, despite the optimism being expressed by a number of market analysts, i think this is problematic. If you actually look at the impeached is being for, these are given the standards of emerging economies, given the status of urgency and the standards of george osborne, our own chancellor, and the shenanigans that many governments get up to, in trying to manipulate or move money around, this is not a crime she should be impeached for. Be oncus should corruption which is far more seriously pernicious. This is further going to polarize the brazilian society. I do not think this is a longterm healthy solution. This does not demonstrate a censoring of brazilian institutions. Francine how much is this also just an economy on its knees . You saw unemployment almost double in a couple months. Inflation going through the roof. This is mismanagement. How do we know the next person in charge will do a better job . We dont know. Which is why we are less constructive on brazil and the emerging market space. There has been a strengthening of the real. Going buy now, are you to get this feature reforms that has rallied on a hoax of . On the hopes of . Francine thank you so much. Of course, our very own brazilian expert, john fehar. Boone pickens capital founder and ceo at 2 30 p. M. In new york, 7 30 a. M. In london. A lot of companies rolling up their debt. What does mr. Pickens think about that . Im Francine Lacqua in london. I work of this morning and i thought, what can i surprise tom keene with . This is my morning mustread. Look at that. Budweiser rebranding itself. America. Fret not, it is only temporary. We picked out something, Scott Galloway writing in the ft. This is a bold move. It is a bit like apple changing its name to innovation, because one of the core associations of budweiser is already america. It could be a stroke of genius, but i think it is a risky change to what is ardently one of the worlds greatest brands. America. Tom shall i give you a little bit of background as an imbibe or of paps blue ribbon beer . Are acutely aware that budweiser is owned by a foreign company. They are acutely aware that st. Louis has not been the jane. Been louis has not maybe after the election and i would defer to professor galloway, that they got a beautiful ability to com e labor day, the first tuesday of november, and give a gazillion dollars to their favorite charity. I look at it very plus, plus, plus. If it has a short shelf life like budweiser beer. Francine youre good, tom. You are on a roll this morning. This isnt till the u. S. Elections. Kapoor knowes sony about budweiser . Have you ever had a budweiser beer . Sony i have, indeed. While wearing American Flag underwear. [laughter] francine i am not sure where to take this. This is as much to do about rebranding. Us having fun on air as it is with protectionism or this sense of nationalism in the u. S. Which is lost on europeans, which makes donald trump the front runner. I think this is a rise of that isg, a brand notoriously not american but does symbolize american roots and energy. Changing this is a sign of that. You have america, trump saying, make America Great again. Populist wanted to support america this populist wanted to support america. Tom where is the case of john courage . Dont we have a case on set somewhere . I need some john courage right now. Bloomberg surveillance. Show me top new artist. Ah, ha ha. Show me top male artist. My whole belieber fan group. Its not a competition, but if it was i won. Xfinity x1 lets you access the greatest library of Billboard Music awards moments, simply by using your voice. The Billboard Music awards, live sunday may 22nd, 8 5 pacific, only on abc. Tom good morning. Tom keene in new york. Francine lacqua in london. Francine is looking at the brexit debate. Lets look at first word news. Nejra Bernie Sanders is not making it easy for Hillary Clinton. He won the democratic primary in West Virginia. And he vows to keep battling for the nomination. Appears weders it have what a big, big victory in West Virginia. And with your help, were going to win oregon next week. A big still, clinton has lead in delegates pitch he is closing in on the number she needs for the nomination. Meanwhile, Presumptive Republican nominee donald trump won in both West Virginia and nebraska. He faced voters for the First Time Since rival ted cruz dropped out. Hundreds of protesters battled police during a demonstration against labor reform. French president Franois Hollande used a special power to push the measures through the lower house of Parliament Without a vote. The measures would extend working hours and make playoffs easier. Hollande says the reforms will lower unemployment. Norway will increase the amount spends this it year. The government is dipping into its Sovereign Wealth Fund to hold off recession. It will withdraw 10 billion, 18 times as much as it had planned last october. President of the philippines keeps changing his mind when it comes to the u. S. And china. Hes open toe says cooperating with china on oil china sea. The south on the other, he questions why the u. S. Does not end an Aircraft Carrier to challenge china and shows solidarity with the philippines . He may clarify his remarks now that the campaign is over. Britonsan half of think that leaving the European Union is the only way to curb immigration, according to a new poll. Halting immigration from the eu leaveentral plank of the campaign or global news 24 hours a day powered by 2400 journalists and 150 news bureaus around the world. Tom, you have more on brexit. Tom more on brexit. Francine has carried the water on brexit. Guests. Two what i was suggested as the gerard lyons piece in the sunday times caught my attention. Economicyons, great forecaster at Standard Chartered and working with force johnson who is brexit, brexit,. We do not need a trade deal to trade. the eu is a customs