win.ume you wanted her to you're going to do great you're make more planes. same.l work out the we're better. wal-mart announced plans to thethose jobs be in in united states. in the united states over the next four years to create 50,000 jobs. terrific, by the way. we have many others, many of you in the room. you know what exactly what i'm talking about. we have many other companies. we're very happy. have 24 ceo's from the manufacturing companies and even in the world. people just in this room, nearly one trillion and two million employees large majority of which are in the united states. our commitment to bring manufacturing back and create jobs in this country. been biggest part of my campaign. the border, big part. military strength, big part and jobs big part. which isant to say most important. we always have to say defense is the most important. take care of our defense. make great products. products thathe we do for military. couple of countries who not to buy from us, i gave authorization. you can only buy from us. bay -- buy from us. they are allies. they're going to be buying from on.rom now i want to thank all of my staff has been amazing. from you all know gary goldman. we're really happy. just paid $200 million in tax in order to take this job. unlike gary. much he's great. criticized by the media because he's getting paid $197,000. he really wanted that money. which he gave up. gave up.e it was one of those thing. thank wilber has been so fantastic. i've known wilber for so long. guy, greatt fair negotiator. the deals we have other unbelievably bad. we don't have any good deals. toe find a country where we have a surplus. everything is a deficit. mexico we have 70 billion deficits. we can't let it happen. we're going to have a good relationship with mexico, i hope. don't.on't, we we can't let that happen. $70 billion in trade deficits. that doesn't include the drugs border.he like water. we can't let that happen. have close to $500 billion trade deficit. we have to do something. spoke to the president, i spoke to many people we're going hard.k on that very we're going to do things the proper things to do. said to my people, find a country where we actually do well. so far we haven't found that country. everybody.osses with we'll turn that around. i want to thank jared kushner who has been involved in this. all my guest. team.e a great we have a team of all-stars. been credit -- right now in, as you know, he's mexico. i said, that's going to be a trip. we have to be treated fairly by mexico. that's going to be a tough trip. he's over there with general kelly who's been unbelievable at the border. sudden, we getting gang members out and drug lords how. getting really bad dudes out of this country. seenrate that nobody ever before. they are the bad ones. military operation, what has been allowed to come into you see gangwhen violence that you read about, thatf the things, much of people here illegally. they are rough and tough. but they are not tough like our people. them out. i thought what we can do, maybe and gotart with ken around my room and introduce yourselves to the press. we have lots of media. that's one that treats me very nicely. few.f the then we'll talk privately without the press. we'll figure out how to bring millions of jobs more back to the united states. ken, go ahead. you mr. president. good to be here. from mercantile. >> america field ceo of ford motor company. >> thank you mr. president, group morrison from kemba company. president,u mr. greg, from united technology. ofdid you bring any more those jobs back? said, youhe did, i were given so much credit for days ago ard two you're sell far more carrier air conditioners. buying carrier because of what you did. bringing jobs back to indiana. i said that. tohought that was going happen. good, thank you. president, lee. with al tech inc. johnson and johnson. >> david for a with emerson, st. louis. >> executive chairman of .aterpillar we have plenty of d10's. >> like the d12. doing d11. >> the d12 i'm waiting for. that's going to be bigger than anything in history. caterpillars are the best. dollar, it's the the one thing that stops you doug. >> we'll take them on. on.g them >> we have to give you a level playing field we have to let give you a level playing field. caterpillar. i've been driving them for a long time. >> mario with u.s. steele. >> you will be doing pipeline. the pipelinein business. keystone pipeline and dakota. they have to buy steel made in country. >> 100%. drive way when you come trucks, come up to minnesota, our mains you'll see them up there. >> i'll be out there. wolf. president, jeff corporation. >> marilyn houston from lockheed martin. i want to thank you for the spent this morning about generating jobs. we're excited that this is one actions.rst thank you very much. lothank you for -- we did 10. planes out of 3000, but it was not doing so well. now it's doing great. right.'s we welcome you see those line.ft on the production >> mr. president, great to be here, look forward to really on creating --u >> jeff watched me make a hole-in-one. should you tell that story. >> we were talking president the apprentice. he looks at three of us, you richest golfer in the world? that's a comment. hole-in-one. [laughter] i've seen the magic before. >> it's crazy. i said i was the best golfer of the rich people. to be exact. hole-in-one. we started cool. thank you. >> bill brown from harris corporation. thank you for coming to our melbourne, in florida twice. >> absolutely. great. president, new. corps corporation. paper.of international >> bob kraft is a big fan of right.ou know that >> ceo of live box. representing services industry in manufacturing form. >> good. we will. president,ning mr. dow chemical. to thank you for your help. you've been great. ivanka.nows president.ning mr. 3m. good morning. >> great company. president,ning mr. great to be back. michael dell with dell technologies. >> general dynamics. >> good morning, juan -- company. >> jared, maybe i let you take over for a little while. we're going to then go through the room very carefully. we'll find out how we bring more and thank you to the press and media. we really patient it. we'll -- appreciate it. we see you later. much.you very watching been president trump meeting with 24 ceo's from the largest companies.ng chemicals and so forth in the country. we recap some of the headlines now from what he said. he talked. bringing jobs back on the united states. he talked two individual ceo's and executives including the lockheed martin ceo marilyn houston. saying you'll do great. companyd to the parent of carrier ceo and told him he knew that carrier had been conditionersair domestically after what carrier had done by keeping jobs in the united states. to hand over to meet to jared kushner. ivanka trump also attending. let's go to kevin cirilli he's at the white house. we were watching some of those ceo's and listening to what they had to say. theysoppedded grateful -- sounded grateful to the president. how committed they be speaking about the general price of the average american worker? seee'll have to wait and what they say after the series of round robin meetings they are headed into. i was thinking back to the campaign trail when then trump was in iowa. spoke very similarly to what we just saw now. discussing manufacturing. that thehe image administration wants to put forward. donald trump the businessman. the bombasted brash reality star character but someone who ceosle to brings the together to begin crafting policy. these ceo differs on key pieces and rather it's regulatory policy. all that coming before the president across to capitol hill addresses a joint sessions of congress. >> one of the interesting thing he said, couple of countries buy when it comes it military equipment. he said, i give them the authorization, you can only buy us. he gave them the ultimatum that they can only buy from the u.s. are buying planes from other countries. he wantsme things that done and he wants backing of ceo's. about the ceo's? some are more equal than others. companies geter their say at the table as equally the bigger companies? they're hoping today. representatives from four, johnson and johnson and merck campbell soup all part of the crew of ceo's here at white house. as they look to begin to craft issues fromnge of tax reform which this administration is hoping to time before some the august recess to regulatory partses on walking back of dodd-frank. they're beginning to work with the group of economic advisers who have emerged point people for this group of ceo's. housely here at the white but all throughout the country on whom to work with. jared kushner getting a prime shotout from the president. he was instrumental in helping to organize today's meeting as gary cohen,le like others.y mnuchin and clearly a gathering of the minds and what the courthouse is -- white house spinning session.nstorming >> how much of these recommendations are actually seen through to the end process. they're going it try to draw and job on tax creation, trade, deregulation and infrastructure, all sorts of things. there's a lot of input on all of these things. actual input from today and from these other meetings will lead toves the end product? >> somewhat. suggest that you just ceo's trying to present a more positive outlook with their interactions with the administration. all company or businesses have taken that approach. i can tell you that sources i with here in washington in the business community have then several concerns about transition period as well as the early week in this white house up toeo's would wake potential tweets from coming from the white house. companies. specific now i think what you're witnessing is ceo's trying to house and this white to work with him as he again brings people together to have the table to craft policy. whether it's environmental financial or regulatory matters or tax a lot of things for them to talk about. specifically mentioned trade people. he alluded to his secretary of rex tillerson who is not here today month is visiting in which bilateral trade agreements going to have to merge. ceo's.ing to need these it is a two way street as they those bilateral trade agreements. >> kevin cirilli correspondent news.oomberg let's check in on markets and reacting toks are president trump's comments. one press when conference with president trump we are seeing a reaction in the u.s. equity market. earlier we the dow and s&p 500 trading higher. we're looking at declines for all three. pace for its on worst decline of the month. on pace for worst decline of the year. bit of a down tick. we look at the chart of the dow. here, thet happens dow had been higher and the start of the press conference, you see the dow lower. higher it will be tenth up day in the row. if not, we will have a breaking big bullish streak for the dow. as for some of the companies, thestocks, the companies ceo's that represented at that meeting, we have a number on the board here. and johnson, emerson dow and g.e. small gains for johnson and johnson. emersondecline for electric. g.e. now 1%. out,tock that stood lockheed martin, prior to introducing all of the ceo's, all of thetroducing ceo's, president trump signaled houston, saying you'll do great. you'll make more planes. you're a tough negotiate to, you did -- negotiator you did the right thing. thanked president trump for the opportunity shares are lower though. since the election, the shares about 10%. finally let's take a quick look at the worst drag on the dow. banks including bank of america, j.p. morgan and goldman sachs and morgan is we have the ten days.ield now down two taking small leg lower during conference. >> thanks. earnings. analyst the how close is the lenders with turn around goal. bloomberg. >> shares barclays is falling. it took a charge for accelerating the cost of bonuses. joining us now is banking reporter steven morris. swing barclay shares today. initially up 4%. 2.7%. what's going on? >> it was very interesting day stock initially. investors took a lot of cheer fact capital level prevent any losses imposed on shareholders taxpayer public. day,way through the analysts spotted potential multibillion shortfall. due to various details, very complex accounting rules. could actually affect the bank level. the sharenge in prices. the capital wasn't as strong as appeared.ly extricatingclose to themselves from this? >> yes. partnership?ld >> they've just about managed to sort out transition improvement a number of years. they'll hand off i.t. system, rebrand the africa unit. they are waiting for regulatory sign off. fixed income was good. they missed slightly there. they get a close noncall unit. houses lot of the toxic assets. six toes earlier than usual. was 25 billion. that was 5 billion more. they beaten and missed on that. a mixed day.it's >> there will be nothing management to hide behind if core business isn't delivery. element to truth? >> exactly. lot of banks taken the opportunity of the financial crisis to create noncall units. nickname bad banks. where they stuff everything that's poorly performing. trying to say that's really not main group. to its credit, barclays will in and start back reporting two separate streams. much credit is due for -- bonus reflects that. a year ago, everyone was saying, investment banking. sort of did the opposite. move out of africa, investment still very important. has he been proven correct? >> the moment bond trading lotping up the results of of other group. they had a great banking result today. issuing debt and loans and dividing companies. it wasn't as good as u.s. appears. europeans.er than he want to be chasing american. it was good in the sense that results today. it could be more structural line.m down the european bank still keep losing their share -- the trumpying on trade. some of the things from brexit that have gone banks way which is funding? are firm about brexit in terms how it will affect their business structure. worried about credit card business and retail banks how things could slow if confidence is not. every bank, they are sort of hostage to their local economy and interest rates. that determines what .hey can charge customers cane's certain amount ceo do to differentiate banks. >> bonuses okay? >> bonuses okay. they've actually become slightly less transparent on their bonus this year. quite sure exactly is.e the pool they were down about one percent this year. it was a pretty good year for them. one barclays is desperate to avoid headlines of increased bonus. >> stephen, great to see you. morris, covers banks for bloomberg news. busy day tomorrow. have another look what's happening to european equities today. board. equities you can see, we're seeing declines for the big four. next.ose is this is bloomberg. >> this is european close. stocks finishing first session lower. for a second day. earnings taking center stage. to barclayse on shares up as much as 4%. highest in the year. the banks signaling progressing to divert africa unit. the firm recognized high cost. bonuses and fixed .evenue up 33% these are all the big lenders since brexit, hsbc reported earlier this week. since brexit up by 43%. exposure is more asian markets, barclays the second despiteformance initially raising 4%. now down by 2.9%. by 29%.p biggestem, britain defense company posting better than estimated 13% gain. spending picks up weapons demied in wars in syria. tores should increase 5 10 percent. it was in line with their previous guidance. the last annual earnings statement, discussions are further euro to -- the company benefits from delivery of the lockheed martin f35 lightning. is a major supplier. this is a wonderful chart. divergence when index. the german two year deal, which minus .90.ow now, when there's an improvement from inflation and you see the yield tracking the stock market higher. happening. investors clearly putting their mark into the german because of heightening political upcomingd of the election in netherlands and france. >> i'm going to start with that. though we've had comments steve mnuchin. that's what's holding the dollar little bit. this week the dollar index is about positioning. it tell the better story. as you can see, little bit of the dollar.r strengths for the mexican peso continuing. he continues to shore up the peso. canadian dollar stronger as well. 2.39%. year yield, let's go to cmm on the bloomberg. have a little more of a dive what's happening here in the united states. i want to point too, the likes of the british pound are stronger. the japanese yen down to 112. wti crude as well, showing gains. willt inventories abigail tell us about those. higher.ding $1.49 let's get to abigail for the details. reversal looing a bit here in the u.s. we have the dow trading slightly higher. it dipped lower around the start of president trump's press conference with the heads of companies.ng i now recovered slightly on pace for another record close. still in a 500 is small decline. the nasdaq has been down all day. worse day of the month. look at the 2000, more than 1%. considered one closely related to president policies.pro growth today, down, very interesting that we have had this reversal. at the chart of dow jones industrial average, the dow has been higher around the press conference. stands out, we have that press conference last thursday. stocks didn't budge. that in and of itself, stands out. as for some of the companies at that press conference by the ceo's, we have some mixed trading action here. we have two healthcare companies, johnson and johnson and merck, both trading higher, percent each.alf we have general electric and both down morec than one percent. this may have nothing to do with the trump press conference. at risk.rnings are befor oil on the day, we'll talking about inventories. oil is higher on the day. it's well off peak. peak, there has been api report that suggested we were going to see a draw down versus a big add to oil supply. when the data came out the survey was call for 3.4 million barrels. in 564,000-barrel. we have oil higher but off those highs. very quickly, we have a great bloomberg, this is g hashtag b tv. the sectors look at since the election of president trump. on top, the financials have led all the way. to point out,want energy had been onely top sectors out of the election but now on the year starting to reverse. literally this year's sector as is trading lower. fascinating. that's one thing that is predictable. let's check in on the bloomberg news. >> u.s. president trump toldal group of ceos that he plans to put them to work restoring manufacturing jobs. among those at the white house meeting were the chief executives, g.e., dupont and lockheed martin. president took the opportunity to blast unbelievely bad trade deals. in russia, president vladimir protecting his country security with military syria.n in putin thousands within russia and nations have joined militants in syria. they pose a major threat to russia. government special forces making state. against islamic it's part of u.s. backed defense driving islamic state forces out the western part of that city. pushing backs against u.s. pressure over policy.cs change he doesn't think there's a large possibility u.s. will name as -- south korea as a currency manipulatetor. has fallen almost 6% year. global news 24 hours a day power than 2600 journalist, bloomberg.y, this is >> top analyst estimate delivered the best trading results since the commodities 2008.n chief executive opening the door for a special dividends this year. toing the time is right reward shareholders. joining us now and the rest of mining industry, lynn thomasson. hi. joining us. this is the boom bust, boom chart. familiar with. 2015,ack in september investors were questioning. months.gs change in 18 it's been incredible turn around. >> exactly. i think the phrase that keep hearing is what a difference a year makes. it's so true. these ago, all of companies were going through so much pain. having to sell assets and cut costs and cut employee. do everything they can to save cash. such a change in attitude, there's such a change in the confidence that you're seeing coming from these mining companies. >> that was all the rage back then. got to slash our debt. $30 billion, go to slash it. come down a lot. side -- investors no longer worried about debt levels. .> they addressed them glenncore cut that in half. that level -- what you're hearing, they still want to use debt levels. no one is looking to get back in debt market. >> they're keeping or raising dividends. how does that work? are they going to be able to the debtoing back to market? >> i think one the interesting these that lot of companies did in the crisis they changed how they're going pay dividends. technically speaking if profits then dividends should fall proportionately with the profits. investors like that. example, zink. glenncore got production of zink back. do that fornue to there aements is potential, boone for them in the future? the mining of companies don't want to kill the to ampgoose by rushing up production now. until theyill wait know that the market can handle the extra supply. prices keep going up, it's going to be become more appealing to increase production. >> they have a better sense what's happening in the market. was concern about a year admitted, he couldn't interpret was going on in china. the trading unit did well. that suggest they got their game back on when it comes to market conditions? >> the trading position did well.ely trading division, made more it ever made since 2008. some sense that firm their money. to make >> they were highlighted. administration. >> exactly. highlighted that the rally may not be sustainable. which will be an interesting to see how that plays out. of people are on that .andwagon you. great to see >> coming up, president elst daughter is pushing a campaign pledge for a tax overhaul that include a deduction in care expense. president trump has been meeting with ceo's from manufacturing and beyond. the ceo's could come to the camera any moment and we'll their comments live. stay tuned. this is bloomberg. >> from new york. >> this is european close on bloomberg markets. let's get to bloomberg business and look at some of the biggest news right now. morgan stanley may move 300 u.k. because of the brexit vote. according to people familiar with the matter, the banks for office face in frankfurt and dublin. morgan stanley will probably move about a thousand of its in the u.k.es made.ision have been tout $600 million of capital expand businesses in saudi arabia. that's according to people familiar with the matter. credits already has securities and equity business there. use capital to offer saudis loans, backed by assets. psa group years ago, bailed out by the french government and a chinese to make profitable and looking to buy losingds which should be money for years. businesshe bloomberg flash. >> mark, thanks. ivanka trump has been meeting the house andf senate pushing her $500 billion plan.care tax deduction eldestt clear the daughter for her proposal. joining us now from white house is shannon pettypiece. first of all, give us explanation on how this tax work?ion would >> well, it would be a tax deduction. outline mostly structure that would bin working families. a paid dayare using care while they are at work to take care of children. not all the specifics. did get some insight. mother and noto fathers and biological parents. of the details of this are still taking shape. ivanka hasething been pushing for. her father outlined plan on the trail to help working mothers pay for child care. this brand that she has with women who work. very's definitely one specific kind of proposal. know,is criticism you it's costly and regressive. favors with families with two working parents. >> again, as you mentioned, it's costly. there's estimates this can cost as much as $500 billion. with alle problem these issues. it sounds great, it would be great to help give people a tax deduction to pay for child care. how are you going to pay for that? that's what we're waiting to find out. there are cuts you can make. those cuts will be and whether taxes are going to have to give certain people deduction. >> shannon, you're great reporting, trump did say back in september, this time completely self-financing by reducing program.ent insurance sana really true? it, he, if he can do wouldn't be the first person to andand reduce fraud unemployment and cut areas. from the tax plan, which they're working on now, they've said everything is is on the table. there's been reports of possible things that they would like to cut. we should have a final tax plan or three weeks. if you cut the rake places, if herequeeze money out of and there, you can pay for things obviously. there a will to do that from congress. where are you going to cut to what.r >> she is taking after her father in the sense she had a dinner for female executive. ex-wife of rupert murdoch. i guess similar to what the president is doing now. they chatted about these issues forhow to get traction them. whate hear anything about emanated from that dinner? away froms who walked that did have the clear impression this is a priority. involved from her, she doesn't have official position in the white house. daughtersition as the to the president and as private citizen, the way you can wascate for issues, this something that she was taking on. very important to her. it was not just something said on campaign trail. weeks into theew president, she was started trying to lay the ground work she would get some sort of benefit for parents and working mothers into this tax legislation. >> yeah. are there any other kind of havesals out there that any kind of traction at all? idea isn't too keen at least members of the talkednd senate that we to. it's an idea that's been talked for a while. make the final cut? this isn't the first time someone talked about trying to do something like this. that's why i think the real test and the to be of ivanka people around her, can she navigate this through all the washington and the hill to get that through. someone in her stature coming new to washington, that's a exactly. she has dina powell, very skilled and well sourced on the who is working with her on this. that's someone who can help this through. it's going to be a test someone who's really getting into this time. >> challenge maybe test credibility too. pettypiece,annon white house reporter. thanks for that. we also want to mention that could come to that pod -- podium outside the white house. mr. trump meanwhile, told the executives earlier, we work to restore manufacturing jobs and in trade.ance there are 24 executives in there of g.e., the ceo's merck,dow chemical, whirlpool and many more. battlewhile get ready, of the charge. will companies continue their s traction. dividend detailing that. one involving china. this is bloomberg. >> time for battle of the chart. we take a look at most challenging charts. for investors you can access by runningloomberg the function feature at the bottom of your screen. equityelly one of our fundamental analyst here bloomberg. hi kevin. it off, looking at something that's a hot topic, with shareholder friendly activity continue. we've had about 90% of the s&p report earnings so far. what i wanted to to do is take a broader view and look back at company have done. right here, we got the s&p. bar, we have the s&p buy back index. which shows company have the highest buy back ratios. in yellow, i got this custom companies look at that grow dividends faster than peers. buy back company have done lot better than the markets. will that continue. we have to look down here on the bars. looks at free cash flow per share. you saw thisline, tick up after 2009. in 2014. willstalled or declined. companies generate enough cash flow to continue the activities. would have to raise initial debt. we've had a pretty good one. what would that mean for companies moving forward? see that chart. >> that's going to be some chart to beat. raise the bar. >> i'm not sure if i -- i will interesting.thing going up.been total going up to almost 35 trillion at it point. the thing that is most interesting about this, the they're going up because the amount of money china has been pumping into its banks, sign.ould be a warning it is a warning sign for a long time. amount of money that's being pumped into institutions. it's the lighter blue bar and at a record high. 10 trillion of those reserves. that's a fascinating chart too. fascinating as kevin kelly. out, it, bonnie puts it was equally brilliant. aich is why today i'm giving tie. two excellent charts. i can't separate them. you both.to -- commentspany from chief executives pep they come to the microphone. trump summoning the prominent executives to the white house. he spend intends to put them to work restoring manufacturing jobs. bloomberg market americas continues. bloomberg. vonnie: it is noon in new york, 5:00 p.m. in london and 1:00 a.m. in hong kong. welcome to "bloomberg markets." we are going to take you from bloomberg will take reason you to washington, d.c. and seattle along with mexico city this hour. recordscks returning to . the dow poised for a 10th straight session of gains for the longest rally in nearly four years. energy shares among the biggest winners. and john kelly meeting with top mexican officials in mexico. amid rising tensions over president trump's hard on deportations and immigration. and his mexican counterpart are expected to make a statement later this hour. we will bring you that come alive. if we will bring you that, live. investors will be looking for details about big