And spain and france. Strong gains across europe. And look at crude, which is set for weekly gains, up by 1. 25 on the week. Showing just about that gain today. We got surprising inventory builds yesterday. Traders seem to be taking in stride. The u. S. Treasury department issuing final rules to crack down on those tax inversions. Thats when a company is acquired by a smaller foreign business in a low tax country to avoid paying the higher u. S. Corporate tax rate. The new rules crack down on earnings stripping when the u. S. Subsidiary avoids taxes on domestic operations by sending them overseas as tax deductible payments. Got that . Sara eisen does. This is clearly becoming a signature issue for the treasury secretary, for this administration. And what he issued yesterday were new rules to crack down on tax avoiding companies. This earnings stripping strategy, its a common practice by inverted companies, they use the u. S. Subsidiary to issue loans from the Foreign Company that are t
Lets spend a couple of seconds thinking about the beautifully written speech that president obama said it was an historic speech and it really important one. Tom and some controversy on both sides. Did you see the headline come across the bloomberg from Prime Minister abbe . Many Young Americans died in the war. That is an extraordinary headline to see the president and the Prime Minister with the memorial behind them. This is deeply emotional from my childhood. That is not a church. Although it has bordered on a religious moment. Hiroshima hall, arguably one of the great World Heritage site. Just extraordinary to see this moment. I was caught by the president speaking of a terrible force. We know he will meet with for survivors of that 1945 bombing. Get to the bloomberg first word news. Ine of president obama hiroshima. Historydent obama made moments ago in japan, the first sitting president to visit hiroshima. The president placed a wreath at ground zero. He said the bombing shows th
How on earth can anyone get a hotel room right now . Tom they cant. Some substance may come out of it. Im watching more e. C. B. Than opec. I think it could be interesting. Caroline through surveillance for the five hours this morning. But right now to bloomberg news. The opec ministers are in a meeting this hour with production policy atop the agenda. Delegates familiar with the situation think saudi arabia is ready for a deal with opec members in an attempt to mend divisions. No formal offer has been made. The e. C. B. Is in vienna for the rate decision. Economists see no change on the horizon. The president will brief reporters after they set policy. The projections are set to reinforce the monetary easing that the e. C. B. Is struggling to meet inflation goals. Angela merkel is headed for another conflict with the turkish president. The parliament is voting on condemning the Ottoman Empire killings and deportation of armenians as genocide. France, russia and other nations recognize
We have a most interesting day because we have a record low for the 10 year yield, and we have quite a lot of movement on currencies. It is very nuanced. When i was suggest is we are looking at charts from denmark, charts from new zealand, charts from south korea. It is a global new wants to day with a letter attention to it. Most people are saying do not look at tech valuations, it is negative rates that are putting in boko haram yields. We will discuss that next. Lets get to bloomberg first word news. Ramy israel is cracking down on palestinians of during the first major attack. They opened fire in an tel aviv shopping district killing for his release. In response israel has revoke permits for palestinians to visit israel and travel abroad during robin done. Those who want to u. K. To stay in the European Union warned that it breaks it could cost jobs. Some companies have already frozen hiring in u. K. While others are using shortterm contracts to fill jobs. Meanwhile the deadline to
So we are really quite uncertain about that. In your speech in philadelphia, you call the slowdown in job growth last month concerning. You mentioned today that you want to verify the underlying momentum in the economy and labor market is continuing. What do you need to see to convince you that the labor market is still moving toward full employment, and how long do you see it . I cannot give you a formula, i know that you would like to have a number that is a cut off for what we need to see in a particular report. There are a lot of different indicators of the labor market. For example, the labor market has 19ons index different indicators. Clearly, we will be looking at the next jobs report. If we were to see a healthy pace of job growth, above that needed to kind of maintain the status quo in the labor market. I should say, over time, we should expect to see, as the economy comes closer to maximum employment, the likely pace of job gains is probably going to slow down somewhat. We h