Donald is such a good listener. Businesspeople listen and learn. That is all we do. Christine lagarde has advice for the u. K. In the European Union. It is worth being together, and it is the future. How turmoil in turkey is taking its toll on the market. That is all straight ahead on bloomberg best. Hello. Welcome. This is bloomberg best your weekly review of the most important Business News, analysis, and interviews. Lets kick it off with a day by day look at the top headlines in a week that saw three of the worlds most prominent ranks report quarterly earnings. Prominent banks report quarterly earnings. Bank of america beat analysts estimates. Second quarter profits fell by 21 yearoveryear. What stuck out for you . Well, what stuck out for you across the banks is that interest margins coming in worse than expected, credit is solid. No one is talking about the fact that Energy Credit is stabilizing. That has been the focus. What analysts are focusing on is the consumer side. The tren
Points. It started with macys, and spread to the mall reits, and starbucks and nike. Anything that touched the consumer and your money was sold, and sold hard today. Are these jitters about retail, about retail, or fears about the broader economy . Karen, ill start off with you. Yes, god, the worst weve had in a long time. I think that some of what was going on is specific to macys. Some not specific to macys, very general. Specific to macys, they talk about the issue of the sort of tourist that are big generators for them. Not doing well. But now this is a little different. They dont see that coming back. They used to think that that would be a somewhat, you know, temporary phenomenon. Now theyre sort of backing off that. The call from macys was rather downbeat, i thought. And they its ten times their lowered guidance. Which is certainly low for macys. But theyve missed a couple of times now. Im long macys. I found this very disappointing, as many people did. The wider implications ar
The cac in france up by better than 1 . Ftse higher as well, 0. 7 . Crude oil prices raiding near sevenmonth highs. Check this out up another 1 to 49. 07. Getting back to 50 a barrel. The gains that came yesterday, showed that u. S. Crude stocks dropped by 5. 1 million barrels. Double than what was expected. Well get the eia figures later today. Lets get you to other big stories. St. Louis fed president jim bullard saying june rate hike isnt set in stone. Arguing that labor data suggests its time to pull the trigger. Obviously, weve tried to be dat datadependent. I dont think theres any reason to prejudge the june meeting. We can wait until we get to the meeting and judge the data there. I think on the issue of press conferences we have made many moves over the years without press conferences so i think we could make a move without a press conference in it this circumstance. As for the risk of brexit and the chance that the uk could vote the uk vote could give the fed some pause, bulla
In fact during our show, whether things heat up outside. More of the fireworks have been inside. Speeches, whether ted cruz will personally endorse donald trump to knit. It has been much less about what is happening outside of these walls so far. Things have settled down. They arent settling down here. Dow in record territory. You have big names coming up there, dont you . Yes. Guests coming up for you right here from cleveland including top trump Energy Adviser harold hamm. Andrew puzder. And ted cruz supporter graham hunt. Itll be interesting to see how he thinks this is playing out. And dow down 49 points since brexit lows, market is on its best run, get this, since 2013. We are still moving higher here. Tidal wave of earnings right after the bell rings as well. Intel, qualcomm, ebay and American Express and of course to go with that we have complete Team Coverage of all those reports coming up here in a little while, kelly. Lets start with Morgan Stanley that rounded out a generall