Kathleen is our guest today. We are 30 minutes away from the end of the session. Stocks falling for the sixth day as investors continued to digest what has been a heavy week for central bank commentary. Look at all these currencies rising against the dollar today, the pound continuing after those hawkish comments from governor mark carney. Yesterday, the rising yields continued. We got some data today, euro area Economic Confidence jumping to the highest level in a decade just two days after bronte confounded investors desk mario draghi confounded investors by offering suggesting there is room to he called for prudence and patients. Business confidence in germany ing the governing council next to me to set policy on july. Most economists do not expect a change in stance before the meeting after that on september seventh. Lets get back to the euro rising for a third day against the dollar, the highest since may of last year. Comments from draghi bolstering the view the ecb is preparing to unwind stimulus. He did not retract those comments when he spoke yesterday even as an unidentified official told us the Market Reaction was high percent, at the key level, 114. 28 114. 26. That was the level the day after the brexit referendum june 24 last year. 117 was the level last reached august 2015. We will ask Derek Halpenny if the euro is set to reach those levels and that is the u. K. 10year yield. What i wanted to show you was the german 10year yield. Excuse me while i try to find that chart. There we go. There is the bund yield. It has been a fascinating week and this is showing you the intraday moves. Its quite a busy chart, but it highlights everything that has happened this week. Tuesday was the big move. The big move was the 14 basis point move after draghis comments. The 11 basis points has been the move since his comment. On tuesday, the 11 point move is a 2. 94 standard deviation event, which you can see from this chart which reflects the probability of about 1. 64 in 1000 based on data back to the start of the millennium. There may have been an element of overreaction because there is not much depth in the market. Orlando green, a rate strategist we lovegricole talking about standard deviations. 90 minutes into the trading day in the u. S. How is it looking over their . Julie we are seeing a decline, not sure it would meet the definition for one vendor diffie issue one standard deviation from the normal. We have not been seeing very large moves. In technology, recently, we have seen them pick up. A lot more selloffs for the nasdaq as it is on track to fall for the month of june. We have Technology Falling today, but i want to highlight banks. I realize i have forgotten, much like mark, to put up the chart i was going to be looking at. I am going to call it really quickly. It has to do with what is going on with the banks over the past four sessions. We have seen a climb in the S P Bank Index that now amounts to some 6 . Part of that has to do with awaiting the stress test and the results of them. Part of it has to do with what is happening with the yield curve. The spread between the fiveyear note and the six month bill is one of the proxies. That sort of made a low and has been rising or whitening even as we see banks now climbing as well. That is the trend to continue to watch. Blue apron is now open for trading after the Company Raised 300 million after cutting the price of the initial public offering. Shares 9 from the 10 price at which it shoulder sold shares even though there was weakened demand to begin with. Amazon feeling stealing a little bit of the thunder with the announcement it was going to buy whole foods and blue apron taking pains to emphasize it is not a grocery delivery service, but rather a Meal Delivery kit service. Another stock we are watching you just heard from carson block of muddy waters earlier in the program. Muddy waters is now shorting or recommending shorting protein pro fina prothena. Carson block alleging the drugnys main experimental is not effective and even if it does get approval, that it will not work. There is a good amount of shortage on this stock. 16 as of june 28th. Mark great stuff. Euro area confidence rising to a 10year high after draghi talked about unwinding stimulus. Sterling gaining for the seventh straight day on prospects of rate hikes later this year. Joining us now with his take on Global Central Bank policy and what it means for the currency market, Derek Halpenny, european head of Global Markets research. Is it a confidence that from canada, draghi, and carney all turned more hawkish it cant be a coincidence given that it happened at the same place . Be a i think there could degree of coordination, certainly from the perspective of Draghi Press Conference on the eighth of june and portugal this week and the period in between, of course we had the fed raising rates again and we had them announcing a Balance Sheet shrinkage plan and the bank of england 53 votes in the. Xpectation of rate hikes there there was evidence between the eighth of june and when draghi spoke that Central Banks were beginning to shift. And im sure it gave him comfort and following from that, it is like all the Central Banks will be it is likely all the Central Banks will be a little bit concerned about if it is becoming a global feature of Central Banks. Mark lets talk about the euro because i love this chart. These are the levels. Electionhe post trump levels. 114. 28 was the post brexit point level, 117 was the 2015 high. We are at the 114. 28 point now. Talk to me about those levels and how easy it will be to break through them. Road there is a tough ahead, i think. I am certainly looking at back. You can see north of 150 and although we have been there a few times, it has been briefed. Since quantitative easing and native rates when you had the 105, 105om 140 down to to 150 has been the range. The other point i make is despite this hawkish shift if you want to call it that, from draghi, the spread with the u. S. Has not really changed and a lot of the shortterm metrics were telling us that already eurodollar is looking over expanded. I am not convinced that we are on a sustained march higher from here. Draghi as a tough job. The communication from him is, the risks of inflation have gone. We now have reflationary conditions, therefore, the monetary stance to reflect deflation is no longer justified. I think that is in essence what they are going to try to do. The message will be quantitative easing is perhaps no longer justified. If we get through that relatively smoothly, then i think negative rate is next to go because that is not justified either. In terms of tightening policy, we are nowhere near that and the ecb has been stressing the degree of capacity in the european labor market based on unemployment. It is 18. 5 . The official unemployment rate. Huge capacity and therefore domestic inflationary pressures are still very muted. It is an adjustment rather than the beginning of a road toward tightening. Vonnie we have seen the german 10year yield up 22 basic basis points. 45 right now is not massive, but that is a doubling of the yield in 24 hours. Is this something we should get used to or a very oneoff . What i should say in terms of the spreads i mentioned, the one that has shifted is the 10year spread and i think that does justify the euro move. We are certainly looking Going Forward for yields to move higher. As long as you have the macro fundamental backing for this change in communication, then i think we should expect 10 year yields to move higher. As i was saying to mark a moment ago, we are still in a situation where domestic inflationary pressures in europe are very weak. If markets start to really believe in tapering in 2018 and probably, more important for the long end of the curve, the removal of negative rate, then i think there is definitely scope for certain yields in 2018 moving up towards 1 . Vonnie we saw a major move in u. S. Yields as well. Is this a separate story to do with u. S. Politics in congress or is it that one set of yields is pushing up another set . Derek it is. I think it is more that. For sure, part of the dynamic of the United States show the fact that we have negative rates in europe and profoundly loose Monetary Policy. That has had a big impact on anchoring 10year yields in the United States as well. There is still skepticism over the fed ability to normalize the feds ability to normalize policy as they laid out. I think really the story we have at the moment is the changing dynamics in terms of financial banks part of the u. S. Mark lets talk sterling. Seven days of gain, the best spread since april 2015. This is the level i want to look at. 130. 36. That was the may 19 eight month high. Do we take it out or not . Derek i think we do. I am more convinced on sterling that i is and i am on europe. The metrics for the pound on shortterm models that we look at, this looks more justified. I think also in terms of the monetary change, a monetary stance change. For the ecb, it is next year really. For the bank of england, of course, i dont think it is august or it a they are talking about august, but i think certainly by november based on relatively smooth talks on brexit, i think the fundamental backdrop is essentially justifying the removal of the emergency policy stance that was put in place postbrexit. Yes, we think we think were going to get into a 130135 race range on cable, and brexit is usually important. The big fx moves have had a postbrexit movement to it and that is where there is risk. Vonnie we are out of time, but i have to ask you where in emerging markets you are concerned about giving the shift in developed markets the Central Banks actions these days. Derek when i look at somewhere like the mexican peso has had a huge move and i think there is a lot of currencies that have been carry an by kerry obvious leave this changing dynamic in terms of Central Banks lifting yields in the u. S. As well. Some of those currencies that that it performed really well over the short term, we could be in for correction and i would put the mexican peso in that group as well. Mark great job. See you soon. Derek halpenny european head of Global Markets research. 4 13 london, lets check in on bloomberg first word news. Courtney President Trumps travel ban will take effect tonight. That will give embassies and consulates worldwide enough time to figure out how it all works. The band focuses on 6 or dominantly muslim nations. Existing visas will be offered, but new applicants must prove they have a relationship in the u. S. House Speaker Paul Ryan says reports of conflict between President Trump and Republican Congress are fake news. He also told a Radio Program there is no need to have an artificial deadline on passing and obamacare replacement bill. A jury has found five men guilty in the murder of russian Opposition Leader he was a top opponent of president Vladimir Putin who was killed by walking near the kremlin in 2014. Global news 24 hours a day, powered by more 2600 journalists and analysts in more than 120 countries. I am courtney donohoe, this is bloomberg. Mark thank you very much. Coming up, theresa may facing another test of her minority government. Find out how abortion rgi vonnie live from bloomberg World Headquarters in new york, i am vonnie quinn. Mark european closes roughly 30 minutes time. Prime minister theresa may facing another test of her minority administration. Lawmakers voted today on whether to approve her conservative government plans for a brexit dominated parliamentary session. The bloomberg barometer made up for employment and inflation growth dropping opposition from the labor party labour rises. Bloomberg managing editor for brexit, kennedy. Who wouldve guessed a a vote on giving free abortions to a northern to Northern Irish women would pose a threat to her alliance with the dep. It displays the fragility of her minority administration. She has 10 lawmakers from the dep that signed up support. It shows the Opposition Labour Party can kind of tweak the Prime Minister as it wants. There is an amendment that would require her to seek the benefits of Single Market and custom union membership, but not stay a member of them. There is lots of ways the labour party can amend the legislation and make it hard for her. That is the big win, if she wins at all. If she loses the abortion vote, but wins the other two or three, how would you simon if she gets the clean speech through. She will spend a lot more time getting this kind of legislation through. Mark how can may inshore confusion and sure how can may ensure confusion doesnt continue to marc an she stands out confusion within her government or not . Simon here is someone who had kind of an iron grip on management of the party. She had people around who kind of formed this victorian guard and she went into the election very much running a vote for theresa mays party. Then she doesnt do as close as awayipated and that sucks authority. In public, trying to cross positions. She has gone from being almost president iallike figure to someone who basically is just employed by the party, kept in position by the party but subject to it at its act and call and the members back and back and call mark thank you for joining us, simon kennedy. Vonnie thanks. Still ahead, call it market thursday on merger thursday. The deal between walgreens and righty is falling apart. Right aid is falling apart. This is bloomberg. News, in an and a news, walgreens is scrapping plans to buy a rite aid in the u. K. The government pushing back deal forhe 15 billion full control of sky news. Joining us, at hammond. What are the authorities concerned about when it comes to fox and sky . Markets is one of the they have gone on and on, there has been rumors they would emerge. I think there are questions over which mr. Murdock controls. The issue of plurality has always been there and it is one the government and previous governments look at heavily with regard to this deal. Really what they have done is they have planted it punted it. They want to be assessing the deal. Crucially, they have not killed it. There was worry they could come out and say we are not going to let it through. They have not done that and it seems it is positive in the market. That said, there is still uncertainty. It is going to take a long time yet before they decide whether it is something to allow. Vonnie the other reason we are calling this on merger thursday although i hate that kind of phrase is the Walgreens Alliance with rite aid. Its not going away, just changing significantly. Simon thats right ed thats right. This is another deal that dragged on and on and they previously cut the price and then said they needed more time. The remedy they come up with with the regulators has been insufficient a couple of times and this was a deal that has struggled. There is so much overlap and there were always questions as to whether or not they could do it at all. What best the solution the solution they have come out with is to say they are not going to the m a deal, we are just going to buy assets from rite aid. What happens to the remainder of rite aid . You end up with a reduced rite aid. Vonnie it has turned into almost a real estate deal. Ed that is right and that is kind of what these guys do. They own a bunch of stores. The difference in terms of what they do in the stores is pretty negligible. One pharmacy is much like another. The real loser in this situation is the smaller pharmacy change was going to pick up the assets should the deal have gone through. Shares, offn their about 25 what he five cents on the news. Mark just finishing off, murdock has been here before. Will he be troubled by this, by has triedons he before. He is clearly eagerly desperate to take full control of sky. Ed i think he is. You are right, he tried before. Whetheris both old and this goes in his favor are not, i am sure he will weather it. There is so much uncertainty and instability. Should the government fall, that kind of change ednie at hammond, hammond, thank you. Mark we are four minutes away from the end of the thursday session. Today. Cent down i will tell you what is happening in just a second. The close is next. This is bloomberg. Mark live from london and new york, this is the european close. Stocks finishing up the thursday session. Lets take you through the market action. Two Industry Groups rising. A, industry resources. Banks raising with higher yield curves. 600 is the main gain down by 1. 3 , big decline since september. The biggest weekly drop since november last year, fourth straight weekly drop as well. The worst run since the work the brexit last year. Did investors recalibrated their thinking in the wake of hawkish rhetoric from various central bankers . Big day yesterday for banks in the u. S. Given the stress test results. Bill of health for the u. S. Banking industry. This is a simple chart showing you u. S. Banks, white line versus european banks, blue line. Tangible book value and european banks trading at a discount since falling to an almost five year low. They have risen by 51 . Thought i would bring that up for you. Lets talk about sterling in the wake of mark carneys hawkish comments yesterday. Up for a seven day seven today, the best stretch since april 2015. He said the Monetary Policy may need to raise rates despite the weakening economy. Sterling has raised the postelection rosses losses. A week ago, carney suggested he was in the low rate in the currency could move toward 135 according to lee hartman, he is an fx strategist. 130. 30 six, that was the may 19 eightmonth high. We are close to that level. Theresa may faces a key legislative vote later. Her vote on her agenda later this evening. Watch out for that. That could have an impact on the level of the pound. Just finishing off euro, this is euro nominal effective extreme Exchange Rate now at the strongest level since december 2014 against its Major Trading the ecb unveiled the qe program. A further increase in the meer could put inflation lower according to unless Oil Prices Rebound and the euro falls, any announcement on bond tapering would have to be postponed until october or later so says an economist at the private bank in geneva. Great chart. Summoning great charts. Vonnie markets are really interesting at the moment, i guess that is why. Emerging markets as investors central bank. One area of opportunity could be emerging markets. The msci emerging markets index is up more than 17 year to date and if you get into my bloomberg, the function gmm yeartodate. You can see some of the best ones may not be the ones you would anticipate. Stock exchangeck itc and then when it comes to currencies, the mexican peso has been performing well. Lets bring in the chief strategy officer. These look at all of statistics, i think to myself, we have had a great run in em and maybe i should think about avoiding that profile. Think emerging markets will be the primary growth over the next five years. The key thing is it is not going to be the older growth drivers. You are not going to see emerging markets it will very much be emerging markets finding internal engines of growth and a much more granule granular approach as to how you look at the emerging markets. Vonnie whereabouts in emerging markets did you look and were you waiting for the msci to switch around what it would include and not included indices . Taimur we think including the is a as they did recently step in the right direction. In the biggest scheme of things, a big drop. The indices in fixed income and equities, the broad indices are very much focused on the old economy, on financial sectors, on metals, mining, the Old Industrial supply chains. We think, as we look at the big opportunities that most of the new sectors that are represented in the broad index and require a much more active approach to get to. M trade, theem to e modernization of new parts and ecommerce. Mark which nations are set to benefit most . One of your themes is leapfrogging into the digital era and you cite brazil, china, and india. As you just said, you cite rapid expansion of commerce and distributional linguistics. Logistics. How do we reposition ourselves for that theme . Taimur a monolithic view of emerging markets no longer makes sense. Those old alphabet suits of acronyms also bit soups of acronyms no longer work. If you are looking at longterm real estate investing, countries with contract laws and political stability would not be markets we focus on. Cannot be indonesia a longterm real investor, but it is a good market to think about shortterm. Of the area where we see opportunity in particular is ones that have to mastic that have domestic drivers and can rely on their own growth engines and that is brazil, injury india, china. All countries where we see the opportunity in ecommerce and mobile payments. Themether big thing is the rising rising middle urban class. Taimur it is fascinating how em to em trade has gone up from 25 in emerging markets to over 40 now. A lot of the opportunities as you said, how do these countries fit in with each other . One simple statistic captures it. The number of Chinese Tourists in other countries is now more than the entire size of the u. K. And french population combined. A lot is happening between and there wills be more opportunities opened up for middleclass is to create demand oriented growth rather than feed into supply chains. Mark i like another one of your themes, structural transitions. The opportunity to provide money maybe to real estate, to infrastructure, local bond markets that are maturing. How can we position ourselves for that . Is ar i think mexico poster child in the real estate sector where if you start tracking signals a few years back, International Shopping chains like walmart building offices. You saw a market that was otherwise to formal. Now you are seeing opportunities. I think tracking those signals of which countries are going over that into modernization is something we follow closely and there is a bunch of leading indicators you can use to see that. Vonnie you say increasing lee emerging thats increasingly emerging markets will master their own fate. How do you hedge for things like currency risk and so on . Taimur i think there has been so much volatility as you are referring to driven by Central Banks in terms of are you in high currency or low currency . I think very much so the flows that are correlated across the countries. Investors are willing to take a longerterm perspective, we think emerging markets are more resilient than they are given credit for. Of macro sort stability to withstand some of these shocks. Vonnie you are saying by all of these in local currencies or by dollars or what . Taimur we are saying look at what happened after the u. S. Election. He had a big drop in emerging side, but the debt mexico certainly was impacted. Other emerging market debt recovered rapidly. We see emerging markets actually more resilient to shock coming from other countries and also less likely to have risk. When you look at brazil with commodity issues, russia with geopolitical risk, india relying for the next round of reform and china with leverage issues, they are very different and when the like in the 1980s in the 1990s and early 2000s, it is much less likely to happen. You need a granule granular approach. If you do that, we see real opportunity. Mark what are the risks of being sort of wedded to index hugging strategies . Ultimately,hink there is room for passive and active in an investors portfolio. When it comes to emerging markets, combined with the broad fixed income emerging market that index, you are buying into the most indebted countries in the world because it is based on outstanding issues. That is not a very Sustainable Way to think about the opportunity in emerging markets. A bunch of currencies in the broad index are also not convertible and cannot be traded. You do really need to rotate between currencies and second ares to capture the opposite and sectors to capture opportunities. You saw it when the msci added china. You get access to Financial Services in the old economy and older opportunities that we see as Portfolio Managers investing and talking about technology and em trade in the new modernizing sectors rather than the broad index. Forie thanks, taimur hyat this exclusive interview. Taimur thank you very much. Vonnie i want to mention the nasdaq is at the 50 day moving average. If you jump into the bloomberg, you will see the 50day moving average and the 100day in green and the 50day in purple. Lets check in on first word news. Courtney house Speaker Paul Ryan is holding a News Conference on immigration with Homeland Security secretary john kelly making an appearance alongside other gop leaders. They say they will no longer look the other way on immigration and that sanctuary law. Will uphold prefers dialogue to get north korea to drop the Nuclear Weapons program. President trump is under pressure. If u. S. Economy did better in the First Quarter than previously reported. The rose at 1. 4 , that is more than a previous estimate. Consumer spending and trade added more to the expansion. Chancellor Angela Merkel has given a preview of what next months g20 some it may be like. In a speech, she dismissed brexit and set efforts to flight to fight Climate Change are irreversible. She took a swipe at President Trumps America First rhetoric saying nations turning to protectionism are making a serious mistake. Global news 24 hours a day, powered by more 2700 journalists and analysts in more than 120 countries. I am courtney donohoe. Vonnie Senate Leaders are working to make changes to their health care bills. Former health and Human Services secretary Kathleen Sebelius weig hs in on the efforts to repeal and replace obamacare next. Take a look at stocks in the u. S. The nasdaq is down 1. 6 as we have a look at some of the worst performers. In it is being led lower by nvidia. This is bloomberg. Live from london and new york, i am mark barton. Vonnie i am vonnie quinn. This is the european close on bloomberg markets. Mark time for the Bloomberg Business flash. A look at some of the biggest business stories in the news right now. Walgreens spreads its deal to buy all of rite aid. Instead, it will buy a smaller place of the piece of the drugstore chain. The original agreement seems doomed i antitrust regulators. Walgreens will pay rite aid 355 million termination fee. Prime minister theresa mays government is pushing back on Rupert Murdochs attempt to create a transatlantic media and entertainment giant. Fox is set to build the rest of sky. It will undergo more scrutiny by regulators. The government says they are concerned about the growing impact of the Murdoch Family on media preamp orality. Plurality. Onnie thanks happening right now on capitol hill, house Speaker Paul Ryan is holding a weekly News Conference. Homeland security secretary john kelly is making an appearance speaking about measures to bolster enforcement of immigration laws. That is not secretary kelly, that is somebody else. Sometary kelly did mention things about Homeland Security. I want to give you some of the headlines from what ryan said about health care. He said we are still on schedule and on track in terms of the agenda. The house moves quickly when the senate finishes the bill. He says he thinks the senate will prevail on health care. Letsng of health care, stick with that. Robert corcoran saying he expects eop leaders gop leaders to repeal a tax on Investment Income that affects high income earners. I spoke with ben cardin of maryland and he expresses hope for common sense approach. We want to work with republicans to improve the Affordable Care act. What we hope is that we will not talk about repeal, what we will talk about his make it better. Vonnie joining us from to because, kansas is Kathleen Sebelius. Thank you for joining. Do you see any path forward for any kind of a compromise that also includes democrats and the seven or eight or perhaps more gop senators that do not like this senate bill . Sec. Sebelius i think it is a great opportunity for the senate to come together and figure out exactly what they want to do. The house bill was more about tax cuts and dramatically changing the underlying Medicaid Program which has been in place for over 50 years. A lot of senators have said we dont want to do that. We dont want to take Health Care Away from people and we really dont want to cut into the Medicaid Program where over 70 million americans 40 of our children, 10 million disabled adults and children, seniors in nursing homes, they rely on those services and every state in the country relies on that funding. I think there is a fundamental problem with are they talking about the Affordable Care act and replacing it or what i would hope would be repairing it so that people continue to have coverage and then lets have a separate conversation about medicaid and what the issues and problems are. Vonnie you are speaking as if or ad a whole semester whole year or even a term to get ,his done and gop leaders senator Mitch Mcconnell saying he wants something in place by tomorrow that can then be scored over recess. That is simply not going to happen, is it . Sec. Sebelius well, actually, he is the one playing beat the clock. The republicans alone, every piece of real estate in washington, the house, the senate, and the presidency at least, at the very earliest, give that up in january of 2019. We are sitting here in june of 2017, lots of people, 20 Million People have Health Insurance now who did not have it before and i think that this artificial timetable, the notion that we have to rush, do something in secret, not have any hearings, not have any input so we can bill that is widely unpopular with governments, constituents, people who have health care, makes no sense to me. Senator mcconnell can slow this process down and i would say that that would be a very good thing to drive democrats to come to the table. Vonnie given your position and how much you hear an effect you are in kansas, i am sure you do a lot of travel. What do the public and supporters want more . Do they want a promise kept in this country or do they want to continue on whatever Health Care Plan they are on if they still have health care because we know a lot of insurers have pulled out of many states. Sec. Sebelius actually, what i hear from people is they would here in kansas, a state which overwhelmingly voted for donald trump, they like the theises he made, what trump candidate said is i will not touch medicaid. They would like that promise kept here in kansas. Candidate trump promised that inple would have lower cost any new health plan. They would like that promise kept and he said we wont leave anybody out. We will have a better insurance for everybody. They would like that promise kept. What they see is a republican measure that went through the house with the support of the kansas delegation. One that is pending in the senate. One of our republican senators has said he endorses the senate bill as it is pretty the other one has said he would have been a no vote. We even have a split in the kansas republican delegation about the Senate Version and i think that is reflective of people across this state who say , we dont want to take coverage away from people. We dont want to hurt the Medicaid Program, which is so programs to special ed and disability programs. We want to make it better. Vonnie everybody wants everything is what you seem to be articulating and that is simply not possible. Sec. Sebelius i have been trump, whatld donald trump said over and over again. Those are the promises they would like. Vonnie so, everything. Parts of the republican plan and parts of the democrat plan, but they are not coming together on this. Does the administration need to step in and put down its foot, as it were . Who needs to be the adult in the room here . Sec. Sebelius i think step 1 is very quickly say that the law is the law, that congress will continue to pay the subsidies and encourage companies to come into the market for 2018. That has to happen immediately so that more Insurance Companies dont pull out. Whatever passes cannot possibly be in place by the time open enrollment starts for 2018, so they need to reinforce the law, reinforce the rules, tell Insurance Companies they wanted them to be part of this process, and then take time and figure out the next step. Vonnie quickly, how is tom price doing as hhs secretary . Sec. Sebelius i really cant judge very well from the outside. I have had no conversations with secretary price since he has taken office. I know a lot of the key positions are not filled in the department. I know he has played some role in the bill that barely passed the house and is now being pulled from the floor of the senate, which i certainly dont agree with, but i wish him well. An amazingent is place full of very smart people and does important work that every american relies on from the food and Drug Administration to the National Institutes of health to all the children and family programs. I wish him well, but i think that he is handicapped by not having a lot of leaders in the department to help him with this big job. Vonnie Kathleen Sebelius, former health and Human Services secretary. Thank you for joining us. The public and National Committee chair on the pitch to unite republicans at 1 30 p. M. New york time. This is bloomberg. Mark coming up next, our interview with the former apple executive, the man who helped create the iphone. This is bloomberg. Drive, leadership . All of that. [laughter] vonnie it is noon in new york and midnight in hong kong. Im vonnie quinn. Anna dime and edwards. Welcome to bloomberg markets. And i am and edwards. Welcome to bloomberg markets. From bloomberg World Headquarters in new york, here are the top stories we are following. Stocks, chief stress test results opened the way for massive share buybacks. Walgreens gives up on its bid to rite aid. Ht aid and we will have an interview with the creator of apples ipad, tonyhone and fadell. We are halfway through the thursday trading day. Julie hyman . It is a calm and bridges between financials and tech, which abigail will dig more into in about 30 minutes as
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