president trump embarks on his first official trip overseas. he wheels up to rebound -- a rocky week in washington came to a close. -- will trouble at home overshadowed meetings with key u.s. allies? in saudi arabia, the kingdom and the u.s. will send several big deals at the court of the country's foreign minister. we will look at what saudi arabia wants in return. i sat down with the secretary-general. let's look back at the week. -- megan murphy is the editor-in-chief of bloomberg. marty, let's start with you. spending two days

on capitol hill. what did we learn from them here in the last one to four hours? >> we learned a number of things, among them that he knew fbi director comey would be fired before he wrote his infamous memo on his performance during the election. that he has given his special counsel a wide berth to go wherever his investigation is going to go. me ask you how this esteem, regard has shifted over the last week or so. he was a darling of the white house last week, that has changed. >> it's interesting for him as well. he released this memo -- we have to put this into context. when it was released in the white house used that as their entire reason for firing -- that story felt art, shifted, over the ensuing week. charge ofg molar in the special counsel looking at this investigation, you certainly here -- that this is a

smart move, a move to bring grown-ups back into the room to see his back control of discipline, proper washington is bloomberg -- that the strikes back at establish what -- washington strikes back. that's the months running everyone. esq but this trip. what kind of groundwork has been delayed, -- groundwork? arabia,tting saudi israel, italy, and belgium. a couple key things he is looking for. he will build more of a partnership with saudi arabia. be a big armswill deal signed. some of that was underway under the previous administration but some of that is new. the saudi's in particular are looking for more support -- pushing back against iran. when the president meets with nato allies he will look for

commitment from european partners, he wants to see them splitting 2% of their gdp in defense spending to ease the burden. are -- pushing back against russia along with eastern europe. david:david: there will be meeting and greeting of leaders on this trip -- they're also be stephen miller, the senior white house adviser renting a number of the big ones. and a lot ofhes countries. what can we expect from these speeches? >> but could possibly go wrong? sure he doesn't make any fundamental mistakes that cause a controversy. to establish his presidential credentials to get away from the cacophony of washington daily news coverage,

and to change the narrative, make the more comfortable with him as president than they have shown in the last 100 days. >> how prepared is the president for this? from parties describing and not sleeping in his own bed, something he does not like to do. what could go wrong? >> this trip is fraught with peril. speech in riyadh is on moderate islam, the place and holds on the fight against radical terrorism that he has been such a huge -- has been an issue for him. to be able to strike the right -- right notes is a fine line. if we are looking at possible catastrophe, particularly we see certainly envoy -- come up with the other thing that's much, these trips

are long. they are hectic, intention. he has junior staffers with him, the slightest little things will be looked at by foreign leaders. or not they have the mechanisms, discipline and going stamina, but it's to be interesting. 90's off the golf course -- away from trump properties -- sus the first and we will see that during presidency. whod: let me ask you about has laid back groundwork. when you look at foreign policy in this at the distraction, is this the job of secretary of state, rex tillerson, or jared kushner's responsibility to have such a broad brief? a lot of these countries are part of a. >> it's hard to keep up with jared kushner's portfolio. normally the state department would be heavily involved in a big trip like this, in

conjunction with the white house. the fact of the matter is, there are not a lot of top appointed officials around the secretary of state rex tillerson. the president does not have his own picks in place. you look at ambassadors you have thefar, ambassador to israel, united nations -- other people nominated but not having the names sent to the summit. they doot of people -- have an important role to play to they are not privy white house and what to the president's goals are. david: what do you think will happen washington next week? theere talking earlier for prpects of jamesey testimony while the president is away. is that likely theo, that was before

appointment of mueller as the special counsel. -- ink that jim comey would suspect a miller would say, talk to me before anybody else. i would suspect jim comey will lead a low next week. we had a trump budget hitting the hill on tuesday, probably dead on arrival but that will create headlines and news next week. that's about it. david: megan, do you think the institution of picking up this advocate -- independent counsel will quiet things a bit of washington amid a noisy week? >> megan: it's possible but there's further leaks and possible further involvements to come. people still want to air their side of the sort -- story. you always think it will be a quiet 24 hours until another bombshell drops. i think it will reassure people that there's more process in place, and administration that

has showed itself devoid of the come about whether that can prevent more stories, reporting from coming out as reporters pill back into the layers a possible collusion wherever they might lead. ford: thanks everybody joining us. let's get the check in with where the markets stand, julie hyman is here. seeing a rebound in today's session that is strengthening and has been go intosteady as we midday here. it's also pretty broad, considering the rocking us of the week here. it's interesting, volume is strong, up 6.5%. groups on the move -- quite a broad base road. --o groups in the s&p 500 industrials financials and

energy leading the pack. really quite a lot of strength here across the board. as you guys have been talking about, what's going on in saudi -- buying particular combat ships made by lockheed martin, want to check on defense contractors. there is a company called huntington ingles which makes the ships including destroyers, that sometimes are partnered toh the lockheed to make protect them, than raychem makes missiles to go into these destroyers. there's a ripple effect going on varioushin the industries. i also want to talk about a potential field within the power, utility industry. some companies surging 24%. wall street journal reported today the company has been approached by energy about its -- potential takeover in preliminary talks. finally a will to look at oil on

the week. we did just get the rig count for the week. oil and gas rates rising 16-901. if the 18th straight game -- in those rich -- not falling down much -- coming off ties a little bit. he see the kids in the week is 5%. that's the best weekly performance for oil that we have seen. much, thank you very house republicans barely had enough folks to pass the american health care act. why congress may need to vote on that piece of legislation again. this is bloomberg. ♪

david: let's start with the headlines of bloomberg first word news this afternoon, mark crumpton has those. is toldn rosenstein members of cars he stands by a memo he wrote that preceded the firing for fbi director james comey. the justice department has prepared remarks that rosenstein has delivered to congress in separate briefings. rosenstein said he learned a day before comey's firing that the president wanted to dismiss them. he said he thought it was appropriate, and produced a memo summarizing what he said for his quote, long-standing concerns over comey's handling of the clinton email investigation. next week the president will send congress a proposal to balance the budget within 10 years. according to a government callsal, the trump plan for deep cuts to discretionary

and safety net spending. social security and medicare wouldn't be touched. lawmakers of both parties are likely to object to cuts in certain programs. leaders of the main political parties in britain are spending the day campaigning ahead of the general election on june 8. prime minister theresa may addressed scottish supporters in edinburgh, urging to vote for the conservatives, saying a vote for any other party is a vote to weaken our union. her arrival jeremy corbyn campaign -- and saying the country needs a government that cares for all the people. british opposition party -- the liberal democrats -- campaign in bedford telling voters the party could offer what he calls help up at -- ahead of brexit negotiations. beenran voting has extended for a few more hours into this presidential election. iranians are deciding whether to give -- second term to pursue engagement with the rest of the world they will hand the country's top elected office

back to conservatives whose antagonism towards the west isolated. most opinion polls of showed them in the lead. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. i'm mark crumpton, this is bloomberg. david: the republican health care bill passed this chain by a razor thin margin earlier -- now faces the possibility of having to vote again on the controversial health measure. here's sahil kapur joining me on set. great to see you in person. edible piece by a colleague on capitol hill. looking at where this legislation is today, it is still the desk, has not moved over. why is that? sahil: house republicans are keeping it there in anticipation -- in this scenario does not has the rules for reconciliation under the newest cbo score exct to come out wednesday, may 24.

under those rules the bill has to save at least $2 million in deficit reduction or doesn't pass. speaker run was asked about this on the radio and said out of an abundance of caution -- clearly they are considered policy and not to take it seriously. david: so they are waiting for ass cbo score, the senators well we sense. we have any indication when that might come to schumer >> is coming on wednesday, may 24. david: how out of the ordinary is this? with other us to get this legislation passed by this republican led congress. herrera's this? sahil: unusual. democrats had a grueling process of 14 months, markups, votes, setbacks, votes again. everyone of those votes on the floor had a cbo score. this is something house republicans did to make last-minute changes to the bill that finally got them to vote. they wanted to vote while

they're still had them before they broke away. it moved as quickly as they could and said they would get changes later. one crucial thing to note, cbo score will include one change that allows states to get waivers for provisions like a central health benefits and the community rating. that could have up costing the government a lot more money than people may be able to take advantage of subsidies under skimpy or health plan -- health care plans that weren't in the original bill. david: what is the senate doing at this point? have been begun writing their version --have senate republicans? sahil: they talked about it but haven't written legislative language. the senate has a much -- a more narrow margin. you can only lose to republican votes because the only have 52 members. they needed minimum of 50. your monitor -- moderate senators -- on one end, then very conservatives on the other

end. difficult task. david: we had our big first house hearing -- yesterday. what did we learn yesterday, was there and it a more symbolic -- was a hearing in which progress was made on an effort for tax reform? sahil: no progress in terms of decisions being made or republicans uniting. we know house republican leaders have their solution, a proposal -- june 2016 the house relatively on taxes including controversial revisions like for a tax imports and eliminating interest predictability, a big deal for this economy. sat republicans don't like those traditions in her nowhere close to an agreement on this. saidke to a senator who the tax break will probably will pass. that thecconnell said border tax is unlikely to pass the tenant -- side. republicanhe

leadership still saying within the spring calendar year, 2017, we will see tax reform? sahil: speaker ryan certainly is. is lessmcconnell certain three he said the hope is to get something done this congress. he has been a much less polly anderson than other members. david: sawtelle, great to see you. still ahead, how the proposed regulatory changes in washington are affecting the ipo market. we will announce that next. this is bloomberg. ♪

david: this is bloomberg markets. i'm david gura. president trump embarking on his first official overseas trip today, first stop is riyadh, then tel aviv, jerusalem, rome. the president has been critical

in the past of nato and financial commitments members have made -- one subject of debate at the meeting which generally instill merkel will see -- i spoke with him about those and if he expects to see the mess by the end of this year. >> that's feasible. we are now discussing concte proposals on how we can agree on th concept of national plans, outlining how the different nato good onre going to make the promise they all made back in 2014. that's to stop the cuts in defense spending. they gradually increase and move towards spending 2% of gdp. that's on the fence. we party scene that nato allies have started to increase defense spending. there's a long way to go but they're starting to move in the right direction. as a migrant crisis, the issue of counterterrorism.

the frustrated are you have so much focus has to be on funding, that were talking so much about how nato defense is funded ? >> defense spending, funding is critical. we need the funds to finance all the different activities. provide both a fully call collective defense in europe, responding to a more assertive russia, annexing --mea -- but we also need to have part of the fight against terrorism, stabilizer neighbors. spend moree need to in defense. the end of the cold war, nato defense spending which is understandable, because engines are going down -- it's possible to reduce defense spending but now pensions are increasing again. david: the president of the

united states spoke at the coast guard academy this weekend said new partnerst seek and strengthen old friendships, partners who help us, not those who take. a depth ofe to do to exegesis there to interpret that he was talking about nato. how damaging is that rhetoric? well, president trump is clearly stated to me and -- in several conversations last summer he met in the white house in april, that he is strongly committed to nato. the messagebeen from his security team, from the vice president, secretary matches, tillerson, macmaster. to which wemmitment don't only see in words, but dean's. the united states is not increasing its military presence in europe for the first time in many years. at the same time, all allies

understands that we need a fair burden of sharing -- that's the thatn why 28 hours read those who are spending less than two deep -- gdp on defense have an increase and have started to move in the right direction. david: what you help to hear from the president this week when he speaks to you and allies gathered in brussels? i hope and expect that he will reiterate his strong commitment to nato. his expectation that nato should do more in the fight , also investrism more and defense. i expect that this will be in its message -- since the elections, also because strong nato is not only good -- strong nato is also important for the united states. two world wars and the cold war that stability in

europe is most important for prosperity and security. we have two member the only time that nato has invoked our byicle five, was an attack the united states, 9/11. e are being engaged -- david: das part of my interview with e nato secretary. how the proposed regulatory changes in washington are impacting the ipo market, that's next. this is bloomberg. ♪ the show's about to start! how do i look?

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we'll take 2! [ laughing ] xfinity x1 gives you exclusive access to the best of the billboard music awards just by using your voice. the billboard music awards. sunday, may 21st eight seven central only on abc. david: this is bloomberg markets. i'm david gura. but start with headlines and first word news, mark hampton has those. mark: president trump is

accelerating the campaign to defeat islamic state according to james mattis, speaking at a news conference about anti-terror efforts. the defense secretary said the president's goal is to annihilate is it -- the islamic states, not to extend the -- contain the group. this comes after a department of defense review of the campaign to combat terrorism. congressional budget office will release cost estimates for the health care bill that passed the house of representatives next wednesday. house may need to vote on the obamacare repeal bill once again because speaker paul ryan -- because of potential tweaks. house leaders are waiting for the cbo to release its updated estimate to make sure the bill conforms with reconciliation rules. wikileaks founder julian assange praised decision to drop a rate probe against him but said he won't leave the ecuadorian embassy in london or restock refuge for the fast five years

as long as he remains a target in the u.s. and u.k.. some said british police continue to seek his arrest for jumping bail in the suite's investigation. american authorities are targeting him for extradition because his organization's leaks of classified documents. he continued quote, the proper war is just beginning. cooperman has agreed to a wider penalty in that insider trading case brought by the securities and exchange commission. pay $4.9 million and there will be no impact on his ability to running his hedge fund. tougherd refused settlement offers because he said he did nothing wrong. global news 24 hours a day powered by more than 2600 journals than analysts to more than 120 countries. our mark crumpton, this is bloomberg. david: thank you. we are not seeing as many companies go public as in the past -- that something ahead of josh jay clayton says he like to see this changed.

have -- jackie, let me start with you, what kind of diminishment have we seen in terms of ipo's? slower definitely been this year. especially as it relates -- two 2016. we've seen a pickup in this first quarter but -- the momentum that has been building is fantastic. think we'll see more activity as we move through the year. so when you do think about these claims -- the appeal market is broken, we need to fix things. i look at companies out there, they seem a more mature than they were in the early 2000's. what actually does need to be changed from your respective, from your conversations with your clients? while it's interesting. we have been stunning the markets, the fact that there have been fewer ipos generally speaking in the markets, especially when you look back pre-tech boom on the roof for a 500 ipo's the year.

now are like, hooray, there's 200. is that a good answer? then we've been looking at what's happening in the private market, we have seen this pickup in capital access. so whether it is -- traditionally we think of venture and to some degree, private equity, corporate development, crowdfunding, the holy ghost system of private capital has gotten so robust. these two things are playing against each other. the great effect, companies that do get to capital markets, public markets specifically, are really strong. much does it really matter? >> it's interesting. people would say, should it? that's the question on a lot of debates -- in the hill. it's an opportunity for you and me, everybody to be a part of that opportunity.

that same access doesn't necessarily exist in the private market. >> there's been a big dislocation over the last year, we do have a loyal back and $50 a barrel+++ have we seen a big surge in energy service, specifically after 21 months about a listing, what's going on in that market

that has been don't -- that for the past 18 months? >> it has been challenge, the market has been tough. there was a big boom a couple years ago so a lot of companies got access back then. then things tighten up, investors are looking at -- were going at those returns? great news, oil prices are up for optimism is up -- i'm really excited that we will see more of these companies come to market. there's been an the last couple years. david: scarlet: this is a problem of command -- american repetitiveness? companies going public is -- outside the u.s./ honest truth is, no. i don't think there's competitiveness. if anything companies around the world choosing to list somewhere else, looking outside of their home market, the u.s. is one of their favorite places to go. despite the fact -- all the noise you hear in the system, we have one of the strongest capital markets in the world. ability once again -- one of the most stable. companies evaluating this, it's a small group. most go public at home. they're comfortable with the environment they're operating in. if they go abroad a lot go to the u.s.. about the ipo, being a public company, doesn't have the same cachet as it did 20 years ago? >> i don't think so. there's fantastic name brands, we can name a lot of them that are great private companies.

the something exciting about unicornne of our hot companies, a company with cnn or, go public. we are part of creating that come all of us together. the consumer. clayton,,entioned jay what is he going to do differently? how will he increase for listings here in the u.s.? the and previous chair didn't focus on enough. >> i don't know exactly what is going to happen. everybody is pro-capital formation. everybody wants to seize companies that are growing, entrepreneurs getting access to capital that they can grow and become those next group of market leaders. obviously we want to see listed companies to, it's part of that portfolio. a lot of discussions around capital formation.

we've seen a lot of changes over the last several years. all of this discussion is healthy and a look forward to where the answer comes out. david: one more question if i could, what power does the fcc have to change all of those? is it fundamentally about companies -- less so than regulatory -- the regulatory environment is a part of this but companies are going public. they want to have a brand name that's visible in the world, they want to give -- attract the best talent. it's all the right balance. there's a big ecosystem here that supports these markets. david: thank you both very much. aysing up, rob rosenstein -- mmo, i quote -- i wrote it, i believe its, a standby. what he has to say in the memo

he delivered to congress in just a moment. this is bloomberg. ♪

david: this is bloomberg markets, i'm david gura. markets staging quite a comeback. they are, it's unusual this year to see any kind of move of at least 1%. we are not there today but major averages are making a go at it. here's the daily s&p 500 index change. is it -- only four times this year we have seen movement of at least one month -- 1% in the snp, two up, to down. one of them was indeed earlier this week. as we are rising 8/10 of 1%, we

are making a run at another 1% move. we will see where we are by the end of the day. industrials doing well because of the kind -- company dear. coo,er company named a new shares of interest -- a percent. ge participating in the rise. ,ake a step back, industrials which fall to the value category, not been doing walls other stocks this year. if you look at the bloomberg, you have the spread between the two this year. the s&p 500 index growth index has been going up. we seen the value index underperforming, relative to growth. what's happening today is different with those industrials doing better. what could be crossed the other bitcoin today? this is bitcoin over the past

.ear, 300% rise today's price for bitcoin, a record. we have seen a lot of buying and bitcoin as a potential haven in emerging market economies, different reasons for the buying. bitcoin at $1932 per the moment. go get yourself some. a record day, thank you very much. in the close today, deputy attorney general robert rosenstein told lawmakers he stands behind his memo on former fbi director james coming. the president's decision to fire the no formal director was fitting. he said quote, notwithstanding my personal affection for director coming come i thought it was appropriate to seek a new leader. want to brand bloomberg's congressional reporter from capitol hill and ken doyle -- and a, b start with you. there was this written testimony. what else did we learn from it -- the deputy attorney general today?

>> we can close terminating this -- morning. senators the left their breeding yesterday had -- the big question is, when this was written, what did the deputy journey attorney general that when he wrote it? if you knew president trump was early planning to fire fbi director comey? came out-- members who today said there were questions about the timeline. he read from his reparative to was and said that his memo a professional opinion, it was a recommendation for the president. by that, he stands by what he wrote in that memo as his best reading of the situation david:. david:me ask you what we've learned about the relationship between the at -- former fbi director, james comey. there was a respect between them. >> i for that as well. thingthe most significant about the firing of comey and

rosenstein's role in naming an -- thisent counsel whole thing has been an independent counsel investigation. this ultimately is going to be a significant thing if you look at the history of independent counsel investigations, focus on the president. nexen -- a direct results of those investigation. i think it has to be taken very seriously that this is where this has led david:. david:are we getting a better sense of the timetable for this? -- powerthese 2 lawmakers and others in washington prepared to be patient with this investigation? >> it will be a focus of attention and news reporting

throughout the process. if you think about the whitewater investigation, started with white water and morphed into monica lewinsky as the result of bad civil litigation started by pollen , lewinsky came up as a witness, clinton would charged with -- investigated about perjury in that civil deposition. as a whole thing developed, clinton ultimately survived. it completely overshadowed his second term. you have to think about, what an administration that's under one of these investigations will be able to do. >> what a lawmakers telling you?

>> they most want to know the facts. going on.to know it's of course they have different buttical considerations, both sides are hesitant to speak about what they think should happen, what they think did happen, until they have committees here in congress and the of investigation come right -- covering those documents, speaking with people involved instead of relying on news reports. as goes forward you will see opinions developing on both sides of the aisle as to what should happen, what the consequences should be. here forhe first steps mr. mueller nobody special counsel? >> he will pick up in the fbi investigation were comey left off. these former associates of trump and the campaign, principally, the one in the news most is mike

-- general flynof course, who legal exposurent possibly on foreign agents registration act. they will look at those people flynn has artie said apparently that he is not going to cooperate -- with the senate intelligence committee. interest talked about community and so on -- he might be resisting that but that seems to be the first battle that they got into. an investigation like this would start with some of these people -- in the process, try and work what today no, what other them know, ultimately what president trump knew about what was going on. you used to be one of our correspondents -- there is turmoil and unrest there is a

result of airport and the global newspaper involving allegations of corruption, involvement -- from where you stand now with the experience you have, what does that look like to you? >> it's interesting you would mention that. this whole week, with people beginning to mention impeachment. trip of of see this news reports that right now doesn't seem like it's something that's good enough to remove the president from office. what we saw in brazil is the accumulation of this -- it's a consistent questioning of the credibility, with what led to a situation where congress felt like they could remove -- a president from office even though the reason wasn't necessarily of -- legal foundation that some considered solid. it's not a judicial process that goes through the legal system,

it is a political consideration. david: great to speak with you, have a great weekend. thanks to my other guest as well. coming up will talk about saudi arabia, president trump -- embarking in his first leg of the trip to that country. american corporate type is gather in riyadh to meet with the president. we will examine what businesses stand to benefit the most. this is bloomberg. ♪

bloombergs is markets. president trump headed to saudi arabia on his first foreign trip is taking office. american cte torporaans will visit riyadh of the same time. is up -- unprecedented economic reform, what the deals can we expect to see?

what do we know about the kind of deals we could see inked over the next couple days? fromrge number of deals big-time country does -- companies in the oil industry, the big for oil services company's. all the way down to the andpment makers, engineering companies as well. this is such a huge customer and the oil industry that they are all willing to lay ball in some way. david: what do you know about this appetite for deals? ipohey have this massive that is come down the pipe within the next year. 5% of the company being sold, quite large. they want to get their ducks in the row, show investors they have agreements. the party been doing work --

they have already been doing work with these people but they just want to show what they have . it helps for what saudi arabia's trying to do to get global content for oil services by 2021, to reach their goal. all that helps saudi arabia. david: are there specific companies or types of companies you think stand to benefit the most? at the government -- saudi arabia government would be interested in? >> equipment, national oil marco, and engineering and construction companies, what i mentioned earlier. general electric -- provide a lot more of the big building for the infrastructure of the oil fields, more so than service companies. they are already doing work. -- ceiling andne how ch service comnies can make of these long-term agreements. you have to deliver things from refineries to petrochemical plants and saudi arabia --

that's for the construction and heavy equipment can really benefit. david: what do we know about the timing? how is the relationship and -- between u.s. and so you're in a changed since trump got into office? >> part of its affected by this output cuts from opec. it's causing on the oil industry side at least, those in the west still wants to work with saudi arabia and get as much work as they possibly can. saudi arabia stuff is interest in getting some of the technology from the companies in the west. there's still have interest, they're definitely not distancing at all in the oil industry stars two countries go. " word,you used the "s shall production. what role that playing? >> not heavy at the beginning.

certainly that's a possibility for something more down the road . saudi arabia has risen with her of patents in the u.s., they are looking at more technology here in shale or service companies, they have to fill some of that shale technology internationally to help grow their international was. would bringgy higher-margin business for service companies. that's a good thing for them in this recovery stage in the oil industry. opec, me ask you about there's lots of talks about renewing or extending production cuts, deal put into place involving non-opec producers. what's the latest on that, when will we get clarity? >> we will know sooner. a meeting this weekend or next weekend, where it is believed had more agreement will be among opec producers. it's a most like a given that they will extend the cuts even -- further for another six

months. saudi arabia has a huge incentive to get oil prices over the next year -- saudi arabia will be doing a lot of heavy lifting try to get oil prices higher and bring output down. david: great to talk to you as always, david. look here at this air force base outside of washington, d.c. see air force one, winning to take off. president headed to riyadh in the first leg of his foreign trip as -- first foreign trip as president. i will speak with jpmorgan's head of media and telecom banking on monday in boston from the jpmorgan technology media and telecom conference. look for that on monday. this is bloomberg. ♪

scarlet: it is 2:00 p.m. in new york, i am scarlet fu. julia: i'm julia chatterley. welcome to bloomberg markets. ♪ we are live at bloomberg world headquarters in new york over the next hour. let's start with the top stories we are covering from around the world and on thebloomberg. president trump getting ready to ta off on his first overseas unwanted with some baggage intel. we examine the challenges facing the president and where this leaves his agenda at home. speaking of his agenda, the president's plans for tax reform have stalled with gop leaders lit and democrats are fusing to sign on. we will hear from you i will he on why comprehensive reform is so critical to this business. plus, hedge