Life on 9 11. Rick earned the silver star and the purple heart for his service in vietnam. He later became the Vice President for security at Morgan Stanley in the World Trade Center. On the day of the attack, rick died while leading countless others to safety. His selfless actions saved approximately 2700 lives. Today i am honored to announce that we will soon be awarding rick the president ial Service Medal for his extreme area sacrifice. Though for his extraordinary sacrifice. Though rick has left this earth, we will ensure the memory of his deeds will never, ever be forgotten. His memory will forever indoor. Will forever endure. Thank you. Thank you, rick. [applause] pres. Trump thank you, rick. Here on the western side of the pentagon, we saw brave men and women rush into the fire and race into the scorching flames to rescue their colleagues. When people seeks to do us harm when people seeks to do us when evil seeks to do us harm, the incredible men of the the incredible men and women of the United States military answer with incredible resolve. Navy admiral david thomas crawled through live wires and debris to save a colleague. As admiral thomas remembers, it was the worst day of my life, but the heroism and selfless regard i saw that morning is forever burned in my heart. Admiral thomas, america salutes you and every patriot who defied evil that day. Thank you very much. Thank you. [applause] pres. Trump thank you very much. Thank you very much. Bremennger chris repeatedly went back inside the burning building, rescuing one injured person after another. Before he entered, he said a prayer and asked god to give him strength, and then he dove into the suffocating smoke and fumes and flames. At thee time, sheila moody had just prayed that someone would find her. Then she heard chriss voice. Chrisila says, god sent as her guardian angel. Chris, thank you. [applause] pres. Trump thank you very much. To fulfill our unbreakable promise to every survivor and we fully 9 11, reauthorize the Victims Compensation fund to the tune of billions and billions of dollars. Nearly 6tember 11, million young men and women have joined the United States armed forces. They have crossed seas, climbed mountains, tracked through deserts, and rushed into any coming rushed into enemy compounds to face down the threat of radical islamic terrorism. Service members have laid down their lives to protect our home, our flag, and our american way of life. American freedom survives only because there are patriots willing to sacrifice everything in its defense. No tribute is sufficient to convey the infinite depth of our nations gratitude. On this solemn day of remembrance, our thoughts also turn to the 200,000 valiant soldiers, sailors, airmen, coast guard, and marines who are now at this very moment stationed overseas. Conflict, but if anyone dares to strike our land, we will respond with the full measure of American Power and the iron will of the american spirit, and that spirit is unbreakable. We had peace talks scheduled a few days ago. I called them off when i learned that they had killed a Great American soldier from puerto rico and 11 other innocent people. They thought they would use this attack to show strength, but actually, what they showed is unrelenting weakness. Have hitfour days, we our enemy harder than they have ever been hit before, and that will continue. [applause] pres. Trump and if for any reason they come back to our country, we will go wherever they are and use power the likes of which the United States has never used before, and im not even talking about nuclear power. They will never have seen anything like what will happen to them. No enemy honors can match the overwhelmed no enemy on earth can match the overwhelming strength and might of the American Armed forces, and we have rebuilt and strengthened in the last two and a half years, billion, 716 approved,nd now, just 738 billion, more money by far than ever spent, on our armed forces. You are the fearless sentinels who stand watch over all that we cherish and everything we hold sacred, priceless, and dear. This morning, we also give thanks to the dedicated men and women at the department of homeland security. Their department was created after 9 11 to help secure our immigration system and ensure that those who threaten our people are denied entry to our shores. To every lawed enforcement official, state, local, and federal, who devotes their life to keeping america safe. As we gather at this moment and in this incredible more incredible memorial, we are reminded that there is no greater testament to our Fallen Heroes than the presence of their families, who knew and loved them so much. Among the family members here. Oday is Stephanie Dunn her husband, Navy Commander patrick dunn, was one of the patriots who gave his life right here 18 years ago. Before he left that morning, patrick gave stephanie a big, beautiful kiss. Then, for the first time, he leaned down and kissed her pregnant stomach. Monthsie was just two along with their first child. Earlier this year, their daughter ally celebrated her 17th birthday. Allie grew up into a strong, truly remarkable young woman. She mentors the children of our nations wounded warriors, and recently i was honored to give allie the president s volunteer Service Award for her hundreds of hours of community service. We are blessed to have allie here with us at todays ceremony. Thank you, allie. Allie mp iq, thank you, allie. Pres. Trump thank you. And allie, i know your dad is watching over you, looking down with love and pride. He is so proud of you. Thank you very much. Incredible. [applause] us istrump also joining a family that, for generations, andserved in our military, in the new York City Fire and police departments. These are two great department. I grew up with them. I know. Detectiveer 11, nypd josephreggie on rushed into the World Trade Center and died. His brother also gave his life that day at ground zero. Sonse time, josephs three were young boys, ages eight, six, and three months old. This morning, they are with us. The youngest, john, just started his freshman year of college at suny maritime college, and he plans to join the military. A marine. Is reservist, and just like his father, a proud member of the nypd. James is a corporal in the marines. On his last deployment, james uss newioned on the york, made using 20 tons of steel from the World Trade Center. Every time he left the mess hall on his way to his bunk, he passed a picture of his dad. , and james, and to their family, you have sacrificed beyond measure, and you will never, ever stop getting back to this country. Thank you very much for being here. Thank you very much. [applause] pres. Trump thank you. Very proud of you. Thank you. Thank you very much. The heroes present today remind us of an immortal truth. The future of our nation is secured through the vigince of our people. Tourrave men and women who through the gates of hell to save the hurt and the wounded, the Service Members who hor by friends who perished continuing their exceptional life of service, the moms and dads who endure the loss of their soulmates and fill their childrens lives with all of the adoration in the world, the sons and daughters who suffered grave loss, and yet through it all, persevered to care for our neighbors, defend our homeland, and safeguard our nation. Each of your lives tellshe story of courage and character, virtue and valor, resilience and resolve, loyalty and love. This morning, we make a sacred vow to carry on this noble legacy. Today and every day, we pledge to honor our history, to treasure our liberty, to uplift our communities, to live up to our values, to prove worthy of our heroes, and above all, stronger than ever, to never, ever forget. We are now and will forever be one american family, united by patriotism, bound by destiny, and sustained by the face of almighty god. Thank you. God bless you. God bless our military, and god bless the United States of america. Thank you all. Thank you very much. [applause] President Trump speaking at the pentagon 9 11 memorial on the 18th anniversary of fourmber 11, 2001, when planes were hijacked. There were two moments of silence at the time when the south World Trade Center collapsed, and when flight 93 crashed in pennsylvania, as passengers and crew attended to regain control from the hijackers. The president there speaking of shock, horror, sorrow, and righteous fury at the events of that day. As you can say, the reading of the names continues in new york city. From new york, im vonnie quinn. Youre watching Bloomberg Markets. Lets check in on todays first word news. Heres viviana hurtado. Viviana u. S. Antitrust regulators are investigating whether amazon is using its market power to hurt competition. A team of u. S. Federal trade Commission Investigators began interviewing Small Businesses that sell products on amazon. The interview suggests the agency is skeptical about claims that choppers and suppliers have real alternatives. China announcing a range of u. S. Goods it will exempt from 25 tariffs put in place last year, but it is keeping pressure on american farmers. In europe, the d continues to hold onto gains, up 0. 8 . 1 . Ftse 100 up 1. 10 now. Rading below meantime, the Hong Kong Stock Exchange has made a surprise offer for the london Stock Exchange group. sy deal would upend the lse acquisition of refinitiv. It says it will consider the proposal. Joining us is sarah siad. Put this into context for us. It would be a massive deal in the context. Reporter there are so many players it is difficult to focus on one. To call it a politically sensitive situation would kong e protests at the moment. The Hong Kong Exchange has interestingly tried to position itself as a more Global Player rather than a hong kong or a chinese one, and that is something that the lse really needs to consider, but it could deal, ase refinitiv this deal would be contingent on that not going through. Vonnie how does this tie into the hong kong protests, if at all . Ignore theto geopolitical factors, including brexit on the other side. Sarah for international the u. K. Has become a more attractive place, certainly due to the drop in sterling. Having said that, there was a small window for any bidders interested in the lse to make a move. Given the announcement that they would like to merge with refunded if thats with refin with refinitiv after that deal, it would really be too expensive after that deal. Vonnie thank you. We would like to note that bloomberg lp competes with refinitiv to provide financial news, data and information. Meantime, yields plumbing for another session. Bund driving global yields higher. The ecb announcing its policy decision tomorrow. Analysts widely expect mario draghi to announce new stimulus measures. We are joined by david kelley, chief global strategist at j. P. Morgan asset management. We are obviously, all of us in new york, thinking about the anniversary of 9 11 today. Nevertheless, markets continue to trade, and we are looking at the ecb tomorrow. What is j. P. Morgans view of what mario draghi will do . David i think the ecb will cut to 50 basis points on an overnight rate, but i take issue with the word stimulus. Our Research Suggests that when rates are at this low level, you actually do not stimulate the european economy, nor would you stimulate the u. S. Economy. So i think we have more monetary expansion, but none of that causes the economy to grow any faster. Vonnie so what can mario draghi do in terms of expansion that might be stimulative . Markets are looking for him to do something. David if all you are doing is digging, stop digging. The ecb has got to stop with the idea that they need to fix things. It cant fix things. Perhaps they should call Angela Merkel and see germany be a little less conservative in terms of their fiscal position, but also le a call to the United States to try to come up with some certainty about global trade rules because what is really going on here is uncertainty has slowed down the Global Economy. Cutting Interest Rates to these levels will not stimulate the economy. A lot of research weve been doing suggests that cutting rates at these low levels actually hurts aggregate demand in the Global Economy. Vonnie there is huge reluctance in germany to engage in some kind of fiscal stimulus, or to change the rules in europe so as to allow this to happen. What needs to change in order to get fiscal stimulus . David it may change because germany is not doing well right now. The german Manufacturing Sector is pretty weak. Hopefully germany sees some value in increasing fiscal spending right now to help the economy grow more. But more than that, over the time, there is populism around the world that is destructive to economic growth, but hopefully over time we will turn to a more cooperative, proglobal growth agenda around the world. If we do that, i think we will see stronger activity. Vonnie your most recent note is titled, quote the failure of is titled,rategy the failure of monetary strategy. What do you say to policy makers . David they should bring rates back to normal levels and trust the economy to do better, but for investors, if this medicine has turned to poison, but we keep it ladling it out over the next decade, we are going to be stuck in this quagmire of lowInterest Rates and low inflation for a long time. It is actually dragging on the Global Economy. Youre not going to get inflation. Youre not going to get more gross. Youre going to get less. Returns on the bond market are going to be very low for a long time. Vonnie defensive stocks have been a little less defensive and the last few days. People have been pulling out of them a little bit. Why do you think that is . David when people talk about reads and utilities as ways of protecting against or Getting Better yields in a bad environment, but if you look at things like financials and energy, those are traditionally cyclical areas, or have been recently. I think these areas are just less cyclical than they have been, so there is just better value elsewhere. Vonnie where, then . Obviously, yields are bouncing around all over the place, and you want to be very careful with where you allocate the fixed income portion of your portfolio. What about stocks . David both energy and financials look cheap because they are both price for much more cyclical sectors than they have been in the past. I also think International Equities look better. I know the dollar is strong because of this trade war, but you can look at it over a number of years. International stocks are extremely cheap right now. The last thing i would say is in alternative investments, we have a very abnormal environment, but some things are not priced normally. Things like infrastructure, you can get a better return. Just got to recognize it as an abnormal world and take advantage of that. Vonnie how long do you have to hold onto some of these to see them payout . Netted trust income wasnt going to be asked Net Interest Income wasnt going to be as high as people thought. David banking provides services. If there is a limit to how much they can cut deposit rates, they will put fees on various things. The financial industry is good ways ofing to find creating, so i am not negative on the banking industry. The other thing i would say is this trade war wont last forever. , theres anvestors election within 450 days in the United States. After that, trade tensions will probably diminish one way or the other. If they do and the Global Economy picks up, it is going to be a little more about getting back to somewhat more normal rates. Vonnie in fact, chinas global times editor says it will be good for u. S. China relations, plus the lifting of some of the tariffs make it seem a china is trying to extend an olive branch. Guy i think china wants to make a deal david i think china wants to make a deal, but they are nervous about making a deal and having Something Else happen. I think a big deal with china will have to wait until after the next election. We seen a bounce in yields. Is this something we will see for some time, or are we back at acceptable lels . David theres nothing except a ball about 1. 70 . You will be paid more for your forbearance, but in real terms, you are actually having to pay to lend money, and of course, we mentioned the german 10 year yield at 50 basis points. We may be at a trading range in the short run, but i feel people should be underweight extend come underweight fixed income. Vonnie internationally, you said there looks to be extraordinary opportunity. Where . David i think emerging markets look cheap and theyve got better growth prospects. Europe also has some prospects here. I know everyone is focused on brexit right now, but in the end, whether brexit is hard or soft, the day after, they will patch things up. They have to. And i think they will. When we get past that uncertainty, i think that will help europe. I think we have also seen transition in the italian government, which reduces some uncertainty. Overall, europe has got a lot battering it right now. European stocks are cheap. U. K. Stocks, frankly, are cheap. I realize the brexit issue, but they are selling at 12 times earnings. Briefly, what is your base case on brexit now . David i think there will be an election before the end of year. I think they will probably not have the tiebreaking vote in parliament. If that happens, i think you find some sort of brexit which probably keeps the backstop in Northern Ireland, but imposes some trade barrier between Northern Ireland and the rest of the united kingdom. I think thats how they will cut this knot. Morgan david kelly, j. P. Chief global strategist, thank you. The north tower of lower manhattans trade center collapsed. As you can see, names are being read now, and will continue to be read. Souls losing their lives that day. At this moment come of the north tower was about to begin to collapse. And of course, we are about to have a moment of silence in honor of that, a tribute and remove rinse of the lives lost , depending on in manhattan and the pentagon. Chimes] [reading names] vonnie as you can hear, the reading of the names starts up again following that moment of silence to mark the moment when the north tower collapsed 18 years ago on september 11, 2001. Their lives,osing and we remember them every single year. The president speaking earlier of the shock, horror, sorrow, and righteous fury people felt that day. That, of course, is all about communities. It is time now to get to our muni moment. Catherine stienstras senior Portfolio Manager and head of municipal investments at columbia threadneedle, and she joins us now. I have to ask you if you do or are that day. Were you in the markets already if you do remember that day. Where you and the markets that day . Catherine yes, i do. We are 18 years on, and all thinking about that day. At the same time, markets continue to trade. We have seen a lot of money flowing to munis. Why are we suddenly seeing these flows . Catherine its been an incredible year for the muni market so far you to date. Broad index is up 7. 5 . What is really driving that are several reasons. The treasury market has rallied significantly this year, so that has led strong returns into the muni market as a result of the treasury rally. Secondly, we had overwhelmingly positive technicals in our market this year that we havent seen for many years. Part of that is the demand side. Itjust passed 35 can sick if weeks of inflows into the 35i market passed consecutive weeks of inflows into the muni market. It is approaching a record set back in 2009 of 78 billion, so we will see if we had that again. Tax reform is partly the reason for this inflow. The state and local tax reduction cap limited the amount that investors could reduce at the federal level, so that certainly has driven flows into the market. Additionally on the supply side, we are seeing less because of the tax reform that a limited advance refunding. Suppliesou do expect to increase . Catherine we are coming off of the seasonals in the summer you have a negative supply that is very supportive for the market. ,ow we are going into the fall where you see supplies pickup in september and october. Had this tremendous run, so we might see a little nearterm pressure as a result. One dynamic taking place in our muni market right now is taxable ,ssuance coming into the market and advance refunding taxexempt debt. That is taking supply out of their market, and that could mitigate the underperformance we typically see in september and october. Vonnie are there geographical areas you are my focused on . I dont know that you are seeing more value. Catherine we are seeing value in the Housing Market right now. Theres an uptick in supply there. It is a very highquality sector , and also provides income, so we like that. Right now we think income is very important as the key driver of returns for the rest of the year. We are moving up in quality, as i mentioned. We are seeing airports come to market, and uptick there that has amp exposure. We know investors are less exposed to amp as a result of tax reform. Value,oking for relative we have a credit staff that can navigate markets, so we rely on them. Vonnie where do you see us in the credit cycle . Catherine we are at the tail end of a long business cycle. As you know, you are starting to hear the recession word more frequently as a result of the Treasury Curve being inverted. It feels like we are at the tail end. We are seeing increase in highyield supply, and covenants that are coming in are a little less tight, less protection for the investors, but every deal coming to the market has been wildly oversubscribed and repriced lower, so thats an indicator might be getting closer to the end of the cycle. We are moving up in quality as a result, not abandoning highyield entirely, but certainly being a little more cautious in our approach. Vonnie catherine stienstra, thank you for joining us today and getting your input from columbia threadneedle on meniscal debt. On municipal debt. I want to mention, crude Oil Inventories coming in just a moment ago. Wti crude trading about where it 16 at 57. 58. 0. We got a drawdown of 6. 91 Million Barrels. That refineryt a utilization was positive, and distillate inventories was a build refinery utilization was positive, and distillate inventories was a build. Crude inventories down 6. 9 one Million Barrels. The market was looking for a drawdown of 2. 6. Risks remain as policy around the Affordable Care act and debt ceiling concerns continue to be debated on the political stage. Anchor jason kelly is here with more. Jason thats right. Im here with ali satvat. He runs all Things Health care over at kkr. Great to have you with us. As vonnie mentioned, this is a massive market. 3 trillion, essentially, as an industry. 8 of gdp in the United States. How do you invest into a market that is that huge . Ali i think it is fundamentally about finding opportunities that we understand. It is finding opportunities backed by really good teams, and a lot of cases that we have spent a lot of time within the past. That growth is still there. It is a 3. 5 trillion market. If u. S. Health care were its own economy, it would be the fifth largest in the world. Theres dynamism. I think that favors a patient and longterm investor who cannot only focus on the macro of health care, but also get very deep on the individual opportunities and figure out why those might prosper while others might not at the same time. Jason lets talk about those investors that you are talking to, certainly public investors. We watch them every day move in and out of various aspects of the health care market. Limited partners, big institutional investments. I imagine they have a little bit of skepticism around headline risk, all the things vonnie was talking about in the intro. What do they say to you about the opportunity . Ali they say now is a good time to be in the space. We are very excited about the space. A lot of things that are topical in the news from a policy standpoint, these are not things we havent encountered before. I think the great thing about health care is stasis is a pretty powerful force. That force keeps a lot of things in play, but i think to be successful, youve got to be very mindful of potential changes and put those two together to succeed. What we tell our investors is we think we are very excited, and we think we can understand some of those challenges. Jason when you think about the potential changes from a regulatory or policy perspective, what would be catalytic for investment . What do you look for that would be a game changer . Ali on the positive side, i think what we look for is fundamentally what is going to deliver better quality or lower cost, or both. If there is a Business Model challenged in one or both of those regards, that is probably tougher to invest behind. However, a lot of the business we have found, for example, a pra which makes Pharma Companies more efficient, finding innovative drugs that help patients, those are Business Models that succeed regardless of policy. Jason talk about pras. Multiples of capital return. What happened there . Ali it was a great investment. It was a space we had researched for years. They essentially make Pharma Companies more efficient at getting drugs to market and to patients faster. We worked with someone we had known for 10 years. Pra was the 20th Contract Research business we looked at, but the first we invested in. But we looked at was not only what the business was, but what it could be. We basically tripled the revenue, tripled the quadrupled earnings, all while making a fundamentally better partner to its ultimate pharma client. It is a very good example of when you identify the right space that has the right secular tailwinds, you identify the right management team, and combine the execution we can help them with, that is a really good partnership. Jason you made a lot of money on a deal. Ali we did. I would investors made about six times their capital. It is a good example of when you identify the right theme with the right team and have Patient Capital alongside. Jason how competitive out there is it for deals right now . You work at apex, i believe, before kkr, so you know the space very well from a financial sponsor perspective. What about a more strategic buyer perspective . How are valuations, etc. . Ali valuations are not low. We are back to the 3. 5 trillion health care market, so not everything is trading high. If we combine the spaces we really understand and build better businesses that either have optionality ongoing public, looking to grow their own businesses, we can find a home for that, but it is a competitive market. That means we have to be better at finding spaces we understand or have a real angle. If we ask why we should own this business or part of this business and cant answer that, we should move on. Jason in terms of the exit side on the os of t deal, there have been some existential questions about the current ipo market. Is that the preferred route, or do you see a lot of bigger strategics that are hungry to buy some of the stuff you own . Ali weve seen both. Pra was a company we took public and sold down over time. Thought the best home was raising Additional Capital privately. That is a company that could stay public or be a strategic target. We had businesses like our ajax platform, were resold the underlying asset. We had a business in the ear nose and throat space that we sold. Businesses,ow good they will have the right outcomes regardless. Jason how much do you worry about the Politics Around this . We are heading into a president ial election year. Elf care is, by far, the Biggest Issue health care is, by far, the Biggest Issue in terms of advertising. Ali i think the mindset goes to what could change the underlying region for this business to exist, what could change about how this business gets paid. But if you go back to basics, if you are fundamentally delivering either higherquality and or lower cost, and can combine those for the market, people have to get cared for. The vast majority of Health Care Spending is nondiscretionary. You come back to that principal. But i do think there are Business Models where if the only goal is to raise price, that is not a very good strategy. Jason well, congrats on all your success so far. Ali satvat, head of Health Care Strategic Growth at kkr, thank you. Vonnie thank you for that. Coming up, another tech giant facing antitrust scrutiny. We look at the ftcs amazon investigation next. This is bloomberg. Vonnie live from new york, im vonnie quinn. Is is Bloomberg Markets lets check in on the bloomberg first word news. Heres viviana hurtado. Viviana President Donald Trump commemorating 9 11 by placing a wreath at the panda gone. He spoke at the pentagon. He spoke to survivors and those who had relatives who died there. Pres. Trump we come here and the knowledge that we cannot of pain we cannot erase the of that dark, wretched day, but we offer you all that we have. Our unwavering loyalty, our undying devotion, and our eternal pledge that your loved ones will never, ever be forgotten. Viviana at the World Trade Center here in new york, fable members gathered to read the names of those killed in the attack family members gathered to read the names of those killed in the attack. The Hong Kong Stock Exchange made a surprise offer for the london Stock Exchange group. Bernie be grouped together would redefine Capital Markets bringing the groups together would redefine Capital Markets. Lp competes with refinitiv. Iran signaling it approves of President Trumps firing of National Security advisor john bolton. President has hundred honey urged the u. S. To put warmongers president Hassan Rouhani urged the u. S. To put warmongers aside. Global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. Im viviana hurtado. This is bloomberg. Vonnie thank you. Another tech giant in the crosshairs of u. S. Antitrust regulators. The ftc has begun interviewing Small Businesses that sell products on amazon to determine whether the company is using its market power to hurt competition. Joining us from washington is Bloomberg News tech lobbying reporter ben brody. It seems like each day brings new antitrust and new digital on slots for these major tech companies. Today it is amazon. Take us to the heart of the question here. Is speaking to these thirdparty merchants to ask a series of questions about how amazon interacts with their suppliers. , sonhappens if an alleges they have broken the rules and suspends them what happens if amazon alleges they have broken the rules and suspends them . But if you are dealing in electronics, where amazon has an exclusivity deal, say with apple . Issues like that. What it seems like they are trying to figure out right now is if amazon is dominating in its market. If it is, there are certain things they cant do because they are deemed to be anticompetitive. It seems above all to be trying to figure that out right now. Vonnie you were able to speak with merchants. Tell us what you learned from them. Ben it seems pretty serious. A number told us they had spoken with multiple lawyers, at least one economist. Some told us they had spoken with them multiple times. In one case, a seller told us he had called the ftc, and the very next day, the ftc called him wek and the lawyer told him are very interested in amazon and want to know more about this. Neither amazon nor the ftc has disclosed a probe. The ftc says it is just looking into tech generally, but of course, google and facebook have disclosed federal probes, so we think amazon might not be that far behind. These conversations are serious, and it seems like word is spreading in that independent party seller community. Vonnie it does seem like amazon should be expecting this if it hasnt been. How will it prepare for this . What kind of defense will it have . Ben the defense, of course, is that it faces robust competition , that it is not dominant in its market, that there are a lot of other places that these merchants potentially could sell. Some of the merchants that we spoke to pushed back on that. They said when they have tried to go to places like ebay or newegg, they are not able to sell their wares nearly as well. They are stuck with inventory, sometimes up to 90 of what they were able to sell on amazon. That is the question that amazon is going to be facing. Can they push back sufficiently on that sort of line of questioning . But you are absolutely right, federal regulators and state regulators have expressed a lot of interest not just in social media, but also in the Online Retail space. Vonnie is amazon sticking with the line that it is one marketplace . Can they say that it is thousands of marketplaces competing against different retailers . Ben it is basically saying that in global retail, it is about 1 to 4 . That is sort of what it is sticking with. Vonnie we will continue to follow this. Our thanks to bloombergs ben brody in washington. Still ahead, Pricing Power at fast fashion chain zahra is showing signs of slipping. It is our stock of the hour, next. This is bloomberg. Vonnie time now for our stock of the hour. We are looking at zahra owner at the zahra owner. Emma chandra has more. Sena shares have ri some 8 , putting pressure on the retailer to outpace its rivals. They did do well in the first half of the year, rising some 6. 6 , doing better than the before,arter and a year but still a ways off the doubledigit sales growth that inditex investors had perhaps become used to. The difference this time is even though sales et cetera did in the second quarter, we saw that margins did not. Margins and came in prior than the year prior and came in lower than the year prior. Usually, accelerating sales would give momentum to probability. What we are seeing this year is a bit of a reversal of fortune in the two main fast fashion retailers in europe. We are talking about a battle between inditex and h m. H m shares outperforming those of inditex. Detects inin tex is still up a respectable number on the year. Joining us from the cme ieble of our of rjo futures. Market, wee oil finally crossed below the fiveyear average on inventories. Millionout 416 barrels on inventory, so we are seeing the supply cushion dip below that average as well. Oil supplies tightening up just a little bit. I think the reason why we are not getting that reactionary rally is that opec monthly report came out, and they said they cut their demand estimates come about oil is starting to get a lot of headlines coming the oilcially with minister. That will create some drama on the oil markets. I think oil is back on the tle as a commodity that looks like it is really tradable right now. Vonnie do you have your eye on levels at all . Average, 58,ving we keep hovering right around there. 60 is the psychological resistance. Opec wants to get it back over 60. So do the u. S. Shale producers. I think they are trying to push this market up. They might have some problems with u. S. Production up at 12. 5 billion barrels at 12. 5 Million Barrels per day. Rates. A brief word on does the 10 year stay around 1. 72 until them . Phil the 10 year looks real interesting. Saw was interesting was we the price index edge up, and show that there is some inflation in the markets here. I think the fed really doesnt want to cut. I think they are being influenced by other central banks. If youre going to watch the euro currency, watch the euro and the dollar against gold. Gold futures have pushed up. They had a little bit of a fall back. Vonnie thanks for joining us today from the cme. Rjo is Phil Streible of futures. Coming up, we are joined by ts lum bard chief economist Charles Dumas ts lum bard chief tsist ts lum bard lombard chief economist Charles Dumas as we head towards the european close. This is bloomberg. S is bloomberg. Devices are like doorways that could allow hackers into your home. And like all doors, theyre safer when locked. Thats why you need xfinity xfi. With the xfi gateway, devices connected to your homes wifi are protected. Which helps keep people outside from accessing your passwords, credit cards and cameras. And people inside from accidentally visiting sites that arent secure. And if someone trys well let you know. Xfi advanced security. If its connected, its protected. Call, click, or visit a store today. Willy davis, who has alzheimers. I decided to make shirts for the walk with custom ink. The shirts were so easy to design on the site. The custom ink team was super helpful and they just came out perfect. Seeing my family wearing my shirts was such an amazing reminder of all the love and support that everyone has for my dad. [narrator] check out our huge selection of custom tshirts and more, for teams, businesses, and every occasion. Youll even get free shipping. Get started today at customink. Com. Vonnie 30 minutes left in the european trading day. From new york, im vonnie quinn. This is the european close on Bloomberg Markets. We had seen a nice bounce earlier on that rotation encyclicals. Up 0. 9 . 100 is still miners and banks are doing particularly well today. Industrials, as well, seeing some rotation. The 10 year yield in germany down before the ecb policy decision tomorrow. All eyes on that. That is pushing global yields higher. We will see that in the u. S. In a moment. The euro weaker as well by 0. 4 . It looks like we are getting some overtures from china, and that has stocks higher in the u. S. , also the dollar index stronger. The 10 year yield off its highs of the session, but still above 1. 70
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