He also said g7 leaders could takegree on what it would to invite russia back into the group of leading democracies. Abeident trump and shinzo are hoping to make their trade agreement a done deal. That is when they are planning a signing ceremony. Onan will cut tariffs american beef and other agricultural products. That will help farmers hurt in a trade war with china. Meanwhile, the u. S. Will hold off on imposing tariffs on japanese cars. Brazil president joe your bolsonaro faces domestic and International Pressure to combat the crisis of wildfires in amazon. He pledged action to control the fires. The u. S. Has offered its support to tackle the disaster. Global news 24 hours a day, onair, and tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. York, it is 1 00 in new 6 00 in london, 1 00 a. M. In hong kong. Im vonnie quinn. Welcome to bloomberg markets. From bloomberg World Headquarters in new york, here are the top stories on the bloomberg and around the world that we are following. The g7 meeting wraps up in france. It showed possible headway in the u. S. Iran relationships. President trump says china than they want a tray pact and satisfies premier liu he called for a deal to be made under calm conditions. Andrew luck stuns the world with his retirement. What it means for the nfl franchise. All that in the next 30 minutes. Taylor riggs with us halfway into the trading day. Taylor we are up near the highs of the session, of more than 1 on all the major indices. Quite a reversal from a few days ago on friday. Be the bigues to outperform or after being the underperformer on friday. Despite all of the big moves that we see on a daily basis, 3 moves in either direction, on a longterm chart, things look relatively calm. The 50Day Moving Average providing good resistance level. In yellow, the 200Day Moving Average is providing some support. Despite the moves every day, longterm things are relatively calm. Lets flip the board and look at commodities. We have said trade has been dominating. Getting a little bit of a lift to some of the commodities we were looking at, like copper, coin corn, soybeans. Longterm Growth Continues to be relatively concerning. I wanted to show the staples as well. Outperforming. Analysts started to get defensive, saying that we are not sure that the trade fight will turn out the way we want, so here we go. Staples, performers here. , despite thearket rally, starting to get more defensive. Vonnie thank you for that wrap up. The g7 is done. World leaders holding their final day of talks in biarritz, france. President trump and french president Emmanuel Macron had a joint hundreds earlier, opening. P the door to iran for more, lets welcome in maria tadeo from biarritz, france. The potential for a meeting with iran made the headlines. What were the main takeaways from biarritz . Maria thats right, and those were big headlines. Belly ump struck a very conciliatory tone, and that was news because until now there have been major tensions between the u. S. And iran. The president now says he would be willing to meet with rouhani, provided the right conditions are put in place. Of course, that means no more nuclear testing, no more nuclear weapons. He also said he would be inclined to extend what is known as a financial letter of credit that would be back by oil, so that iran could meet some of its financial obligations, some relief there, and that is some departure from the tone the white house has put forward until now. They argued the best way to go about this is to exert the maximum pressure on iran. A conciliatory tone from President Trump. In the meantime, Emmanuel Macron says he is working hard to get the meeting done within the next two weeks, said that he would speak with rouhani in the next few hours to get a date for this. Fact, macron almost taking credit for setting this up, talking about as a friend he was doing this, had contacted the iranians, asked exactly the timeline for that, and said he did inform the president after he did it. The president knew in advance, but not before he made the call to europe. Le President Trump also spoke about china. What he said was a little bit eyeopening. Past 24 hours, the president has been all over the place with trade. He wasay, he told us having second thoughts about imposing tariffs on china. Then the white house said those statements were taken out of congress context. Today was a complete the different trump. He said the chinese called yesterday night, said that they badly needed a deal. Now the conditions are in place to engage in more talks to get this trade deal done. It is interesting, the chinese have not confirmed this call to lace. If anything, it would be lowlevel talks. The white house has reiterated highlevel talks are ongoing and china is ready to engage to get the deal done. More over all sounded optimistic about the prospects of getting a deal done. Also asked about his vacation style, this backandforth that was what song markets to political commentary. He said sorry, it is the way i negotiate. Its done well for me over the years. He was asked about Boris Johnson as well, his relationship with the u. K. Prime minister. What did he say about him and his ability to move on brexit . Maria trump was Crystal Clear on that. He said Boris Johnson really is the man. He will deliver brexit. He said the two of them had a nice chat and is convinced that Boris Johnson can successfully break away from the european union. What that means is unclear. ,resident trump has always said a no deal outcome could be a good outcome depending on the terms. It is interesting, one thing he mentioned, was this deal with the united kingdom. He said he would never do over the u. K. Because this is a loves, a Prime Minister that he is happy to work with. He also said the eu was difficult to work with and then cited those failed negotiations with theresa may. Vonnie maria tadeo ian bremmer metz, france, thank you biarritz, france, thank you. Stocks are rallying after those developments. President david spika joins us. Changed what you are doing, in light of the uncertainties surrounding all of the Straight Talk . Alle have been defensive year, concerned about the markets reliance on fed policy and the complacency toward what they believed was a done china trade deal. We have become more defensive and we think its a good time to take a look at the landscape and evaluate the risks and start to price that into the portfolios. Vonnie what does defensive mean . Safee have been saying havens are very rich right now, perhaps even overvalued. You dont have to own just utilities and Consumer Staples to be defensive. You want to lean into companies with better balance sheets, higher dividend yields, companies and health care sector, Real Estate Securities have performed well, maybe reducing your exposure to the cyclical sectors, tech names, industrials, particularly companies heavily exposed to china. That is where youll find the best opportunity in the near term. Vonnie longerterm investors are advised to overlook the shortterm headlines in the market, the daily trading. At the same time, how are longerterm investors supposed to interpret all of these comments coming out about china . Is it possible to know what will happen . David that is an excellent point. Longerterm investors should not be paying attention to the daytoday movements in the however, we are in the 11th year of the cycle. The fed has begun a hiking cycle, now they are lowering rates. Economic data is starting to weaken in the u. S. Dated is starting to weaken overseas. Every indication is we are coming at the end of the cycle. Even longterm investors on the margin can do some things to defend against a downturn. That is what we are doing. We are not saying theyll out of equities and go into fixed income. We are saying, take a look at the risk. Factor that into your portfolio. Vonnie im curious about your thoughts about fed chair powells speech. The market certainly reacted. At the same time now, it seems like weeks that it happened. When did you make of what he said and what it needs for Monetary Policy . I think the chairman is between a rock and a hard place, but he is doing what he has been hired to do, and that is to be independent of politics, independent of the markets, and make decisions that are in line with the feds dual mandate. Employment is still strong, so the inflation area is the one area that they can look to. A lot of commentators saying it is more about Global Growth and weakness that the fed is responding to, but between President Trumps comments and with the bond market is saying, chairman powell is believing he needs to react to that to a degree. The one thing that investors need to realize is when the fed starts cutting rates, that is a sign that things are getting bad, that they need to do that to offset recession. The fed cutting rates is not a panacea, will not be the cure for what ails us. We are not confident the rate cuts will offset the damage done from the trade wars. Vonnie that is partially the feds point as well. All your clients asking you about 2020 yet . The president talking about tax cuts, and what they actually transpire . David that has come up. We are very dubious that anything can happen. With the division in the government, being an election year, it is difficult to get anything meaningful past. We have already seen a pretty significant stimulus round with the tax cuts which had a shortterm impact. Now we are seeing the impact of the fact thatnd we are late in this economic cycle, and things are starting to slow down as they generally do late in a cycle. I dont know that fiscal policy will be enough to offset a slowdown in the economy. Vonnie david spika, thank you for joining. Coming up, the g7 windmill dreams. Not coming true, as President Trump says he will not sacrifice the energy wells in the u. S. For renewable energy. This is bloomberg. Vonnie this is bloomberg markets. Im vonnie quinn. While at the group of seven summit in france, President Trump said he was not willing to sacrifice the Abundant Energy wells in the u. S. On dreams such as renewable power. He made the comment when asked about Climate Change. Jennifer inis washington, d. C. What did he mean that windmills, for example, our dreams . The president was responding to a question about Climate Change where he said he wasnt willing to sacrifice Americas Energy prosperity for dreams such as wind power. This is consistent with his remarks in the past, disparaging wind power. Clearly not a fan of that form of renewable energy. Again today, speaking with much more praise for fossil fuels, particularly oil and gas, which he sees as driving Economic Development in the u. S. , along the u. S. To export energy a broad in the form of liquefied natural gas, and crude oil. Vonnie he missed a session on Climate Change right before a News Conference with the actual host, president macron. Is not aising, he Climate Change believer, but at the same time a little odd to the other attendees at the g7. Certainly, the president interactions on Climate Change have been tricky for members of the g7 and g20 consistently. That is not an exception today. , theve seen in the past president has been unwilling to to consensus on statements about addressing Climate Change. Sometimes a statement representing all the nations except for the u. S. , with anna denton from the u. S. An addendum from the u. S. Describing the position. President trump not at the meeting is consistent with his approach to these international summits. Vonnie when you think about wind power, he particularly we knowindmills, but that he has a lot of wind power from the states that he won, also has a problem with that in certain countries where he has golf courses. The president has been singling out wind power for criticism recently in past months. He was not a fan of the project outside his golf course in scotland. He thought that before he was president. Since he has been in the white house, he says wind power brings down home values, causes cancer, and kills birds. We have heard this refrain time and again. It is in contrast to what he is hearing from Republican Leaders and states which are seeing the benefits of wind power and are racing to develop more win the farms, put more turbines in the ground. Vonnie is he presenting a full choice when he talks about wind power versus fossil fuels . That is interesting. Obviously, oil and Gas Development is driving a lot of u. S. Economic development, and he is right to celebrate lng exports as a big source of economic benefit for the u. S. But what we are seeing in the United States is more clean energy is being developed. Electricmajority of Power Generation coming online today is from clean energy sources. Increasingly, jobs and energy are tied in the u. S. To clean energy. There is indication from jobs data there are more workers time to wind, solar, and ev car development, than to traditional fossil fuels extraction. Vonnie thank you for joining us. Stunsahead, andrew luck the football world by announcing his retirement. How many millions he walked away from. This is bloomberg. Vonnie this is bloomberg markets. Im vonnie quinn. Time for the latest Bloomberg Business flash. Agen getting a chance to buy blockbuster drug, just as some of its sellers are starting to fade. 13. 4 billion for celgenes otezla. They did that to get approval with a merger with some iris squibb. A private equity firm that parted with Berkshire Hathaway to end the merger that created cap times. Reeling afterill that 15 billion writedown on the value of its branded this year. That is your latest Bloomberg Business flash. Half 1 billion, the amount that andrew luck walked away from when he retired from the nfl saturday night. We now discuss his stunning announcement. Everybody is talking about it today. Seasons, 37in seven euros old, has taken a lot of hits. Why so stunning . There are times in history where players walk away before they are done, but this is a guy who was in his prime. Money,think about his the owner was saying, the shelf life for a quarterback, if you can stay healthy, is until about 40, as tom brady is doing. Year, there isa a chance that if he played until he was 40, looking at another 500 million in his career. Vonnie how much has he earned and why doesnt matter if he doesnt have the capacity to do any of it . It doesnt matter. He has made just over 100 million in his career. Note, 24 million in bonuses that he made over the past two years that the colts couldve asked for back because he retired, but the team decided they would not do that. You think about other players that have retired, barry sanders, calvin johnson. Allowt think the lions them to keep their bonus money. Andrew luck has made over 100 million. He is fine financially. Even if he was not, it is smart for him to be evaluating his personal health, physically and mentally, over the money. Vonnie a lot of people saying the latest was a lower leg injury, he should come back and play. Is that a fair position to take . In my opinion, no. We had his father on our podcast last year. He is the commissioner of the xml. We asked about andrew and his recovery and he gave in eloquent recovery statement about recovery, when an elite player thatt playing, the affect can have on your family, loved ones. There is a lot that fans dont realize, the things that these players go through when they are rehabbing, and how their that can be. And the game is brutal. These are like car crash collision hits. Every single play. It is a physical game that is very difficult. I will never fault someone for deciding, im not doing this anymore. Vonnie given that tom brady is the example on the far end, being able to play into his 40s, it may be nice to have an example of somebody stopping before their prime. Whenever players retire early and andrew is probably the most stunning we have had. More is the question, are players going to walk away from the game because of how physical it is . I wonder if owners are taking note of the fact, it he is doing this, others may also. Vonnie it will be watercooler chat no doubt. Major indices up 1 . This is bloomberg. Im all about my bed. This mattress is dangerously comfortable. When i get in, i literally say ah. Experience deeper rest with the awardwinning leesa mattress. This bed hugs my body. Im now a morning person. The leesa mattress is designed for every body. Providing strong support, pressure relief and optimized airflow to keep you cool. Hello bed of my dreams. Order online, well build it, box it and ship it to your door so you can try the leesa mattress at home. Love it, or get a full refund. And rest assured, returns are free and easy. I love my leesa. Today is gonna be great. Find out why so many people love the leesa mattress, then try it in your own home. Order now to get big savings but only for a limited time. Just go to leesa. Com today. You need this bed. Mark im Mark Crumpton with bloomberg first word news. 19 states are suing the Trump Administrations effort to alter an agreement that limits how long immigrant children can be kept in detention. The decades old agreement known as the floor is agreement, says immigrant children should be kept in the least restrictive setting and generally should not spend more than 20 days in detention. The Trump Administration plans to unveil new regulations that would allow longer detention of immigrant families. The president is praising chinas top trade negotiator, saying he wants an agreement to be reached under calm conditions. Mr. Trump spoke today in biarritz, france. When you say, do they want to . Maybe they do, maybe they dont, but they want to make a deal. Im not sure they have a choice. I dont say that as a threat. In the meantime, the u. S. , which has never collected . 10 from china, will in a short time, be over 100 billion in tariffs. So i think they want to make a deal. The president added trade talks with china are back on after beijing requested negotiations. He said the prospect for a deal with china are better now than at any time since negotiations began last year. Prime minister Boris Johnson talked trade with the leaders of australia and egypt at the g7. Prime minister johnson says he and the australian prime dealter agreed to make a after the u. K. Leaves the european union. Johnson says he and the egyptian president discussed their shared desire to strengthen economic, trade, and security ties between the u. K. And egypt. Five months after two massive cyclone the roar through mozambique, residents are still rebuilding. The storms affected about 3 million people, left about 200,000 homeless, and destroyed 2 million acres of crops. Officials are urging residents to resettle on higher land that is less susceptible to flooding. Global news 24 hours a day, onair, and tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. Live from bloomberg World Headquarters in new york, im shery ahn. Live in toronto, im amber kanwar. Welcome to bloomberg markets. Here are the top stories we are following from around the world. President trump says china badly thes a trade pact and says five premiere called for an agreement to be made under calm conditions. Danger zone. Imf officials arrive in argentina to ss the countries billion dollar bailout. Deal blockbuster drug paying 13. 4 billion for a psoriasis drug from celgene. Lets get a quick check on those major averages. That is wants calm, soothing to nervous investors, who are now bidding up the market after fridays selloff. In the s p 500, 496 names traded lower, even though we are moving up today. The s p still on a fourweek losing streak. No shortage of odd things happening in the bond market. Here is another anomaly that we are tracking. Canadian bonds now trading at the smallest premium versus the u. S. Since october 2017. Part of that has to do with the rally we have seen in u. S. 10 year treasuries as well as the expectations a greater rate cuts. We have heard from the central bank in the United States more times than i can count on my hand. We have not heard from the bank of canada since the beginning of july, and we will not hear from them until september 4. While the market is pricing in reduced odds of a rate cut relative to the United States, we really dont know because its been two months since we last heard from any member of the central bank in canada. Shery all central bankers right now under scrutiny because we continue to see these prospects for slower economic growth, not to mention the ongoing trade tensions, really not helping the prospects for the global economy. The focus has also been on the chinese yuan. We see the offshore yuan at a record low against the u. S. Dollar. Here you are looking at the uan, the weakest level since february 2008. What that means is the implication for emergingmarket currencies could be significant. We had a post today talking about that. Emergingeing the msci market index for currencies approaching a 200 Day Moving Average that it has not broken since 2014. 89. T would be 15. When it broke last time, we saw a plunge of this index of 14 for the next 16 months. What was interesting is the yuan did not follow suit until the next year, august 2015, with the devaluation of the yuan. We have seen it weaken so much, so perhaps that move has been preempted. The focus continues to be on everything surrounding the chinau. S. Trade tensions. As you illustrate, a lot of potential ripple effects. And centerfront issue at the g7 summit in france. Donald trump weighed in on the ongoing negotiations in a joint News Conference with french president Emmanuel Macron. When you say do you think they want to . Maybe they do, maybe they dont. I think they want to make a deal. They dont have a choice. I dont say that as a threat. They dont have a choice. In the meantime, the United States, which is never collected . 10 from china, will in a short time the over 100 billion in tariffs. So i think they want to make a deal very badly. Course, that was welcome news to the markets. For more, lets bring in shawn donnan. Who hasuestions about the president policy here on this issue, Peter Navarro emphasizing that you should be even tougher on china. Coming out of this g7 meeting, it seemed the leaders did get to of trump and say, while there are important issues to tackle with china, there are great risks to the economy if a deal is not struck. Shawn it is clear his fellow g7 leaders were whispering in his ear all weekend. We certainly saw some manifestations of that in public. Boris johnson said we dont like these tariffs. Emmanuel macron today making the point about uncertainty and its impact on the global economy, and how the world really needed the u. S. And china to make a deal. The most interesting thing here is someone showed President Trump a speech that liu he made. Ast night in china calm andhe word thought it was some sort of concession from the chinese, that they would not escalate further. Hard to know exactly how he read that. He has taken it as a positive and is running with it. Sending out some hopeful messages to the markets today. Shery are we seeing more of a sense of capitulation from the president , whether it is sitting down with iran and president rouhani, or china trade in general . We know he expressed some regret about how this has unfolded, although Stephanie Grisham had to step in and clarify his comments eventually. Shawn i dont think the president would say he is capitulating on any front. This is not a president who likes to have regrets in public. That is what we saw when Stephanie Grisham moved in to clean up what the white house ofled a misinterpretation the president s comments over the weekend. The only regret that he had, according to the white house, was that he had not raised tariffs even more. We are getting a message of hope and peace from the president today, but we should also remember, this is a pattern. When the president escalates things in a trade wars, markets get nervous. He then often comes back and sends a more positive tone to the markets to try to calm things down. I think that is what were seeing today. Hard to know if there is any shift in substance. All summer, we had been on a path of escalation. Im not sure that has changed today. Shery shawn donnan, thank you for your insight. Lets continue the discussions on this and its impact on the market. Chiefwelcome chen zhao, strategist at alpine macro. Issues are having a really big impact on different parts of the market. This chart on the bloomberg at the moment showing all the safe haven demand we have seen recently, whether it is a strong japanese yen, the gold rally that has taken the metal up more than 20 in the past month. Not to mention bond rallying around the world. Are Financial Markets done reacting to the latest trade tensions . Have they factored everything in, or will we see this volatility play out . I dont think we have seen the end of this trade dispute at all. My concern is that president does not meet the Chinese Governments intentions. The chinese are willing to play hardball with him now. If you think about it, my sources in beijing told us the Chinese Government basically mps pain threshold is quite low, as we get closer to elections. He has that to be worried about. Mpsthe chinese president does t have anything to worry about. The Chinese Government also understands the Trump Administration is very sensitive to stock market fluctuations. 10 , therket is down Trump Administrations tone would change, whereas the Chinese Government does not give a squat to what the Chinese Market are doing. The chinese economy is slowing down. We are heading for the soviet anniversary of the founding of the peoples republic of china, not to mention hong kong is just getting worse. My Chinese Government understanding is the Chinese Government really thinks about hong kong as a separate issue. If you have mastered the stations, five demands that they want the Chinese Government to agree with. I am not going to agree with them. If the hong kong economy is getting problematic, that will eventually sway Public Opinion. That is their calculation. Could be wrong. The early speculation that the chinese would send in troops is wrong. The chinese will just wait it out and see whether the economy will deteriorate, so that Public Opinion will change. That is the strategy. Markets, i think the reaction is not finished yet. Of course, if you think about the bond market, the meltdown in yields is partly due to the trade war that is going on with the United States. The other part of the big decline in yields as much to do with the negative yields that are available in europe and japan. You can see there is a close correlation between the negative yields, the market value of negative yields, and the term premium with the United States. I would say at least two thirds of the bond market, bond yield meltdown, has to do with a negative yields in europe, rather than fear. Fear does play a big part here, too. Amber how do you get an edge on a situation that is essentially guessing a coin toss correctly, how do you advise investors to position in this environment we dont have the benefit of sources in beijing telling them who has a higher pain threshold . Reallyink you cannot make your Investment Strategy based on daily news flow. My overall thought is this. If you think about the u. S. Consumer, they are doing fine. If you think about the meltdown in the treasury bond yield, that is benefiting the consumer. If you look at the refinancing index, it is going through the roof. There is lots of savings, disposable income that has been created by the decline in bond yields. Todays situation is very similar to 1998. Had the asian crisis, huge meltdown in u. S. Bond yields, very strong dollar. In the end, these market adjustments actually benefited u. S. Consumers. That same story is being played out. That is why i think no one i dont want to shout risk. You have to have some exposure to the risk. The u. S. Economy could turn out to be receiving a boost from the meltdown in bond yields. Amber thank you so much for joining us and giving us an interesting way to think about that. Alpine macro Founding Partner chen zhao. Coming up, imf officials flying to argentina. Possesses the countrys 56 billion bailout. We will discuss their troubled history with the imf, and what another loan default could mean for the countrys economy. This is bloomberg. Shery this is bloomberg markets. Im shery ahn. Amber im amber kanwar. Officials from the imf arrived in argentina over the weekend to access assess the countrys 56 billion bailout, and to decide whether to keep out doling out the cash. This amid fears of the last imf argentina bailout, which ended in a depression. Joining us live now is carefully milan. E lawn carolina this has to be a tough position for the imf which has to decide to they continue with the next tranche of investment, and if they dont, do they risk their current investment going sour at an accelerated pace . Thats right. The first decision the imf must make is whether to approve the next disbursement as part of the 56 million. That is almost 5. 3 billion expected to come to the country in september. What the Technical Mission will be doing over the next couple of days is listening to the president and the opposition, look which looks poised to win government seats in october and aside not just it argentina is meeting the current targets, but at the program can survive in the future. Shery what do we know about fernandezs economic plans . He has been vague on the key positions, but since the primary vote, he has been on public media and local media repeatedly stressing a few points. He claims he will not default. Last week, he gave his strongest indication yet saying there is no chance of the fault if he is president. He also mentioned the possibility of discussions with bondholders which has added to some jitters in the market, that maybe there is some profiling or research talks in the months ahead. It is not clear how he looks to approach the issue of argentina s large debt load. Amber what is the Reputational Risk that the imf faces . He mentions this is a record bailout that was extended to a country that is notorious for defaulting. Carolina thats right. The last time imf gave argentina a major loan, the situation ended up in the 2001 crisis that led to one of the largest defaults in history. Certainly, for regular argentines, there is a lot of that thatday this will continue to hurt them. The imf also has a lot at stake. Not only putting money on the line but reputation, as they have adjusted some of the previous policies, allow the central bank to intervene in fx markets, allowing them to spend some funds for social spending, programs for the poor. It is in everyones interest for the program to continue in a way that will not hurt argentines and the argentine economy. Shery carillion in the land, thank you. Bristolmyers clears a major hurdle to complete it 74 billion acquisition of celgene. Details next. This is bloomberg. Shery amgen is getting a chance to buy a blockbuster drug, as some of its big sellers are starting to fade. It is paying 13. 4 billion for celgenes psoriasis drug otezla. Celgene is selling the drug so it can win approval for its merger with bristolmyers squibb. Here with more is rebecca spalding. Lets get started with this 13. 4 billion price tag. Celgene asset that wants to off but not too cheap. Exactly. That was the shock today. It was not news that otezla was for sale. We got the news a few weeks ago that celgene would have to divest it. Forysts thought it would go nine, 10 billion. To see it go over 13 billion is raising some eyebrows on the street. Certainly a great drug, makes money, but 13 billion plus seemed expensive. Yet, all the stocks are trading higher on the back of that. Is that because a clear is a very important hurdle to getting their deal done . Absolutely. It clear that hurdle and the companies are getting more for this asset than the street was initially anticipating. Weekse got the news a few ago that the ftc was going to have them divest otezla, that was pretty surprising. Is a bigf course, justification for why these companies were merging in the first place. That is why investors are cheering this today. They got a little more for it than people were expecting. Shery what will celgene do with the money . Rebecca thats a good question. Investors im sure would love to see them pay down debt after this deal is closed. Celgene merger, 74 billion dollars, one of the biggest in history. It will be interesting to see what they do. Im sure investors would love to see them pay down some debt. Amber any other asset sales on the horizon . Good question. Rebecca good question. The ftc seems to be taking a harder line with these companies. We have also seen pushback on the rochespark deal. While they are not expecting any further asset divestitures, what will be interesting is what the ftc has to say about this amgen deal. Keep in mind, amgen is also in psoriasis. That is the whole reason bristol and celgene were forced to sell otezla, because they will also have a psoriasis drug. That will be a question Going Forward to see how regulators respond. Shery when we talk about biotech, we worry about the regulators, and perhaps becoming a part of the 2020 campaign. Rebecca i spoke to some amgen executives after the deal, and they made sure to say, otezlas growth is from volume, the number of prescriptions, not price increases. It will be interesting. Amber thank you very much to rebecca spalding. If you missed any of the charts on the show, you can get them on gtv. From new york and toronto, this is bloomberg. From the couldnt be prouders to the wait did we just winners. Everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. Now you can share it between lines. Mix with unlimited, and switch it up at anytime so you only pay for what you need. Its a different kind of Wireless Network designed to save you money. Save up to 400 a year on your wireless bill. Plus get 250 back when you buy a new samsung note. Click, call or visit a store today. Mark i am Mark Crumpton with bloombergs first word news. President trump dismissed concerns about Climate Change. His remarks to reporters at the g7 in france came after he skipped a session on the topic. President trump we are the Number One Energy producer in the world. It is tremendous wealth. Lng is being sought all over the world. We have more of it than anybody else. Im not going to lose that wealth on dreams come on windmills. Mark mr. Trump is a Climate Change skeptic who once claimed it was a hoax invented by the chinese. He did say he wants clean air and water. Meantime, the United Nations secretarygeneral continues to sound the alarm on Climate Change. He is also attending the g7 summit. Facing a dramatic climate emergency. Last month was the hottest month on record. We are on track