this is bloomberg markets on bloomberg television. ♪ vonnie: we will take you live to brussels in the next hour. here is what we are watching. cities on four suspects in yesterday's's deadly terror attacks. mark: another loss in the first quarter as the swiss bank cap's and additional 2000 jobs. vonnie: live to the new york show for an interview with toyota north american ceo. data rightonomic now. julie hyman has the latest. julie: new home sales coming in lower than estimated here 1200 annual pacethe here. higher than estimated but a smaller than estimated month over month increase because of the increased earlier revision.

you are looking at a january to february increase of 2%. 3.2% was what was forecast. the number itself was 2000 better than estimated. the mostetter than pessimistic estimates would have feared. sales came inome below estimated. the fourth time in the last five months. all of that said, let's look at what is going on in the broader markets right now. major averages seeing steeper declines than they did out of the gate this morning. it really is energy shares that have been weighing on the s&p 500. look at the imap and energy as you can see is down 1% followed by materials. weakness in the commodities related shares this morning, on the pressure overall

averages are in oil prices are trading lower after we got an industry report last night that showed a build in weekly inventory. government numbers in just about 30 minutes. i will be bringing those to you in oil prices are down 2.5%. also not helping commodities is the fact the dollar is higher this morning. you heard earlier from james alert of the federal reserve speaking in a bloomberg interview and seeming to lean more towards the idea of rates going higher. the dollar has been , .4%.thening you look first at the new home , new home sales index. you see the bouncing around we have had recently. let's look at the builders and how that is playing out. we saw that decline on existing home sales. here is the year to date numbers. home trading higher on the

year. vonnie: you're looking at where european trading is now. mark: it is a mixed day. stocks falling yesterday. best performers, basic resources, oil and gas suffering from the decline in energy and commodities stocks. they stopped at one point yesterday after the blast in belgium. it settled 1% higher and is falling today by as much as 5%. highest ofr the august when china devalued the yuan. a corporate story today is deepersuisse announcing cost cuts, the elimination of an additional 2000 jobs.

you how it is faring against big investor peers. at 100. normalized you will see the yellow one -- credit suisse is faring the worst this year. 30%.s are down by ubs is the best performer down by 16%. the initial restructuring announced in october, seemingly has not been met well by investors and quickly, this -- this is the big luxury stock story. a story that beat estimates, boosted by sales demand. back this year. forhly up between 1% and 3% the year. when it comes to the luxury goods company, running away with it with 13%. better-than-expected news from airbus. vonnie: thank you mark.

let's take it to first word news. more from the news desk. >> prosecutors identified these two men. they were brothers. the other two men had not been caught. they found more than 30 pounds of explosives. islamic flagand were also discovered. heightened security concerns in brussels forced officials to postpone a hearing. arrested last friday to french authorities are trying to get them expedited so they can be tried for the alleged role in the november attacks that killed 130 in paris. airports around the world to boost security after the brussels attacks. -- had beennt

assigned to the trade station. hillary clinton took another step closer to winning the nomination for president. clinton had a decisive victory in the arizona primary pair her rival bernie sanders one in utah and --in utah won alle, trump one -- delegates in his primary. has 739 delegates to ted cruz's 465 and john kasich, 143. an interview on bloomberg politics. 5:00 in hong kong. jeb bush isn't endorsing ted cruz for president.

he says ted cruz is a consistent principled conservative who has shown he can unite the party. he added that republicans must overcome the divisiveness and full garrity that donald trump or risk losing to hillary clinton. news 24 hours a day powered by 2400 journalists and more them 100 and 50 news bureaus around the world. today, credit suisse announced plans to eliminate an additional 2000 jobs this year and deepening cuts at the .nvestment bank this comes five months after the chief executive announced the swiss lender. , they exclusive interview spoke about the latest cost-cutting plan. a numbera response to of events that happened through october and now. the strategy we announced in october, two were

already cost-cutting programs. globalesizing of markets. take it down to 85 billion. in essence, we announced what is really shrinking global market more. a really lovely reaction to what happens. genuinely the worst trading ever. a plan was reversed and that was designed for most conditions. thing is there have been structural changes in regulation, which means particularly where there is now a very stringent stress tests from the fed. structurally a lower profitability. we have to review and we use that for a very difficult market . we take a fresh look at global markets and take it down more

significantly. one of the benefits from it was visibility. .etter accountability before, everything was together. underlying problems in global markets very visible. >> is this what shareholders wanted all along? >> you would have to ask them. we developed a strategy last summer. diligently in january, february, to have a proper plan and we are happy to present it to the market. fundamentally, you find that wealth management is an attractive business.

it is very dangerous in asia and internationally. we said we would trigger the investment bank. is ane have had to do assessment of the business in market conditions here that leads to a more drastic restructuring. surprisedd you were about the liquid position is what you find out? why was this not clear before? >> as i said on record, it was not clear to me. too many people in the central bank. it is completely on acceptable. there have been consequences around that. >> people are trying to withhold information? >> a very interesting question. a cost problem. are too high, and you are not taking them down, a in of the problems

investment banking is people have been trying to generate revenue at all cost because you want -- high-yielding and generating a lot of revenue. people were reluctant to reduce it because it exposed the cost problem. and there was no transparency around that. problems had been taking debt -- taken down. without the understanding of many makers. ? confident it will not happen again? >> we have good processes in that it will never happen again. i can never say never to it i have a good level of confidence that we understand what is going on better and we have better things in place to monitor the situation. mark: the credit suisse chief speaking to francine

makua earlier. next, belgium police are hunting for suspects following yesterday morning's deadly terrorist attack. an update on the search. a look at what belgium authorities have already discovered. ♪

mark: by mark barton. vonnie: i am vonnie quinn. you are watching bloomberg markets. the ceo credits we's, forecasting a first-quarter loss. plan innd restructuring five months. will beal 2000 jobs cut. it will drop as much as four to 5% in the first three months of the year.

the losses are due to restructuring charges. demand a loan protection from clients in the end -- in the dining business. according to people familiar, they want clients to get payment insurance or provide 100% collateral. hurt by slowing demand in china. handbag makerury has reported full-year earnings that beat estimates. profits rose 19% thanks to sales of goods and growing demand in japan. prices were raised about 3.5% to make up for higher production costs. that is your latest. terroret's turn to the attacks in brussels. prosecutors say they are still searching for suspects. they identified these two man wearing dark tops. the other men are still at large. authorities say only the failure of a third bomber prevented a

further bloodbath. ryan is there. the manhunt is underway. what do we know about the manhunt for the said perpetrators of yesterday's attacks. -- attacks? can you hear me? >> yes. still very much underway. police say they are looking for one of the four attackers who remains on the loose. they have not identified him yet here they also say they found explosives in the race that they have conducted over the last 24 hours, 15 kilograms worth of explosives. it is something like a makeshift bomb making factory. it is still very much an ongoing operation in terms of the police here. vonnie: what do we know about the attackers themselves?

ryan: the police say the explosion in the bombing that took lace in the subway station down the road yesterday, the reason for which the road is still closed was caused by one suicide bomber. at least 20 people were killed in that attack. the suicide bomber obviously died in the attack. the airport, they say there were three attackers. late last night, they tweeted a picture of three of them. the man on the right, not wearing any clothes, is the man they believe effectively got away. he is the man they are looking for. are theyen on the left say suicide bombers who blew themselves up at the airport in the departure terminal. that they are both wearing gloves. police say it might be because they had detonators hidden underneath the gloves.

learning a lot of chilling details. some of the information police whois from a taxi driver volunteered that he drove the three men to the airport yesterday, obviously not knowing what they were about to do it he is cooperating with the authorities. vonnie: are the police being very open about what they know? ryan: they have not been particularly open. it is obviously tough, you have to put yourself in their shoes, they are looking for the one man and more accomplices. all the prosecutors did today was issue a statement. howust shows you i think hard they want to get this right before they say much because this morning, we got reports they captured the mastermind, and then they had not, and all the while, really, the manhunt continues. vonnie: ryan for us live in

brussels. thank you. still ahead, toyota previous -- the newest plug-in hybrid. ♪

vonnie:vonnie: you are watching bloomberg markets. i'm vonnie quinn. has the ceo of toyota and north america. matt? -- matt: jim, thank you for joining us. you have spent a lot of money and time on the prius plug-in. prius itself is already iconic. what do you expect from the plug-in as far as volumes and reaction from consumers in a two dollar gas environment? >> it will go on sale later this year. validect to sell a

17,000. last time, we sold 12,000. we think it will appeal to the existing prius owner who is very loyal to prius. they not care, are they not all the sudden out there buying tundras instead? think they are driven by different things. a fuel economy, environment, technology. a lot of the reasons they bought the original prius, regardless existsprices still today. matt: i'm a big fan of the big trucks. i like internal combustion engines. behindind myself lately saying that was cool. i cannot believe it is a prius. you have gone through a design change with the car. >> i think originally it was all about the technology.

we heard from our buyers who said it is great but we want more styling. you look at the car and it is definitely different. interior, exterior driving suspension is different. it is more fun to drive and is better.n feels more like a traditional car experience. it is over 100 miles per gallon average. about a six mile per hour range. it is spectacular. news thattold me sad almost broke my heart. i learned to drive a stick shift on a toyota corolla. it was like a sports wagon form my 16-year-old self. no more at the 15th anniversary. stick, thered the is 8086 per you can have a sporty ride and that was based on the original corolla, the gps version. mean to youoes it

and what does it mean to america? a lot of people learned to drive on it like me. >> it is what everyone remembers. those who remember corolla and toyota in the u.s., it was all about trucks and cruel and corona. camrys did not exist and prius's did not exist. great valued transportation. matt: there has been a lot more xina full it -- xena phobic feelings kicking up. they have been talking about for years the fact that toyota is him at the american company. you have tens of thousands of working on the vehicles. >> almost 7% of what we sell in america is built right here in north america and we continue to expand. we have reinvested. our plight in indiana is an example.

governments will do what governments do. i cannot base my operations on that. we will do what is right and build cars where we sell them. the workers in the u.s. have been great to us. our factories do a tremendous job building everything from small cars to trucks. matt: you have to respond to what the economy does. you have american workers and american customers. biggest car manufacturers in the world, and the connect with the biggest depending on the year. think about the economy? two months ago, investors thought we were headed to a recession. how did a look? months ago, we thought the economy was robust. everyone was concerned with stock prices in china and fuel prices on a global basis. prices have come up. consumer confidence is strong. unemployment rate is low. we are seeing growth in the overall employment rates.

we are very bullish. does that mean we'll see another growth increase in legal sales this year as we have for the last six, probably not. year, aumber from last good number this year. matt: thank you. i appreciate your time. i will toss it back to you in the studio. vonnie: thank you, matt miller. matt will be back in the next hour for an interview with ghosn. ♪

oh, hi! micky dolenz of the monkees here, getting ready to host the flower power cruise. (announcer) we're taking the love generation to the high seas and reliving the '60s. we'll celebrate that unbelievable era with the music that made it so special. there'll be over 40 live performances featuring eric burdon & the animals,

micky dolenz, the monkees lead singer and cruise host, the 5th dimension, the lovin' spoonful, rare earth, spencer davis, three dog night, and many more! imagine enjoying all that great music on the fabulous celebrity summit, leaving fort lauderdale and making ports of call in jamaica and the bahamas. you'll be back in the days of bellbottoms, peace signs, and so much more, with special theme parties and 20 fun-filled celebrity interactive events. cabins are filling up fast, so come on, relive the era you remember so well. the flower power cruise, february 27th, 2017. let your freak flag fly. don't miss the grooviest trip at sea. vonnie: i am vonnie quinn. julie hyman. julie: remember every week we

get the interest rate report from the american petroleum institute on tuesday evening and then we get the government report that comes out on wednesday morning. oil is lower heading into these numbers coming out, down by more than 2%. numbersare getting the and it is a higher build and had been estimated. 9.4 million barrels added to supplies last week. was 2.5 million barrels. we see inventories falling. enough,ingly anticipated in a larger than estimated drawdown and gasoline inventories. rising 917,000 barrels, a drop of 17 hundred was anticipated. the product side. definitely a much larger build. you see there on the screen

behind me, i want to look at bloomberg to look at the oil as well. we tend to get a rapid reaction. we see oil bouncing around a little bit. it quickly took a leg lower. i also quickly wanted to take a look. .his looks at oil pressure on oil prices today. me, but to overturn that. despite today's decline in oil since the lows of last month. has coincided with the advance in stocks as well. go back to february 11. i believe we have a chart. the gainee the game --

in wti has been more than 6%. rally in oil prices. today's reaction is not withstanding. the rally came on the back of the decline. so again, the inventory numbers, to put them into perspective, updating them now. gives take a look, this good perspective. this is a weekly change in inventory. it looks like the game that we about nine aies of barrel, it is the largest we have seen in a couple of weeks. those are the outliers here. the bill we had three weeks ago and the bill this week really stands out. we are seeing this bill at a time when supplies really need to come down. we had a great oversupply in the u.s. mark: thank you.

let's check in with the first alert news. the latest is from our news desk. >> president obama is in argentina after a flight from cuba. with theeet today argentine president who was sworn in in december. mr. obama wants to show that the u.s. and argentina are on better terms. deskkerry is having ukraine and syrian cease-fire. also underscored the urgency of fighting the islamic state. john kerry will have meetings with vladimir putin tomorrow. donald trump says voters have more confidence in him than hillary clinton when it comes to attacks onke the brussels. he sat down with the comanaging editor's mark halperin and john heilemann.

have amp: every time we problem in the world, i do better. we have seen that. i go up every time we have a problem. people view me as stronger. i think they feel i am much more confident. >> you can see all about this at 5:00 p.m. in new york and in hong kong. the tactic in the case involving apple and the iphone. it was approached by an unidentified third party as a possible way to get into the phone. any method the fbi uses may not last long. it could be obligated to give apple the details. global news 24 hours a day powered by.400 journalists in more than 150 news bureaus around the world. thank you.

let's get back to the global economy. asked james bullard about the rate hike at the next fed meeting. have a listen. >> you could argue about global risk. gdp growth outlook may be lower. looks like labor markets are improving. you could probably make the case. let's get more inside from brian jacobson, the chief portfolio strategist at wells fargo management. he did say april is a live meeting. of course they could make a decision and hike if they want to. do you think that will happen? >> i do not think they will. there is an increased discussion that they will. we have to pay attention to who is a voter and who is not. in his viewr matters. i find it interesting he sounded very dovish going into the most

recent meeting. he changed his feathers a little bit. i thought it was a little more hawkish info -- as far as he thinks inflation expectations continue to rise and how that could justify a rate hike as early as april. i agree every meeting is a live meeting. otherwise, why have the meeting? he sounds more hawkish as far as watching the collapse of the inflation. vonnie: mark? u.s. markets have essentially clawed back their losses for the year. att measure are you looking to determine whether the stock rise could go even further? looking atwhat i am is the technical aspect of that market.

these are near term indicators. another thing i am looking at is on the policy front and economic data. are good.ales numbers existing home sales are not. let's pay attention to the purchasing manager entities we have that are showing manufacturing according to market matters are now in expansionary territory. a lot of economic data is pointing to a rebound for the economy, avoiding a recession. a big catalyst could be on april 27 when the boj has their meeting. if they decide to go big like mario draghi did, that could be supportive. they have to keep going bigger and that is one of the problems. one problem was the lack of credibility and a lack of enthusiasm. this is a 5-4 vote. it does not show they are endorsing the view, if they have a program like the ecb launched,

that could be much more supportive. it is not about qualitative easing. that only takes you so far. bribing banks to lend could certainly help. mark: i know you like european stocks. we did a survey of strategist a couple of months ago at the start of the year. rise 12% thisd year and they now say it would be no games because he lost faith in the ecb and also lost faith in the earnings recovery. more positive -- more positive on the stocks? they're think what doing is working, taking the rates that -4%. that is to help support bank lending. you really have a hard time generating a comic growth if the banks are not willing to finance that growth. quantitative and qualitative

easing i think is supportive. the biggest in the two's to supportive growth will be accommodated central-bank policy to get the banks lending again. mark: it is not just about lending. it is about demand. if you look at the evidence, there is not much demand for loans within europe. how do you get the demand side of the equation when the supply side of the equation has clearly been worked on now. do.here is nothing ecb can perhaps the communication strategy could help the demand side. whys one of the reasons small and medium-sized enterprises have gone up. if you lower the cost of financing, that would naturally create more demand here. of the big challenges, to try to be patient as far as watching this play out. the markets move much more quickly than what the

fundamentals do. vonnie: changing the allocation at all since the major central banks made their move and since the turmoil in january? >> we have not really made those changes. still favoring equities. we think the spreads are generous enough that they -- perhaps being applied to default rates are too high than what they could be. we have continued to recommend overweight to international. also between emerging markets. i think as of february 11, they made a more compelling case for investing in the emerging markets. the clear communication coming out as far as what they are trying to do with currency and what the monitor policy is looking like will go a long way to help support emerging markets indicating that it has indeed turned. vonnie: thank you so much, brian.

coming up later today, ted cruz will speak on "with all due respect." ♪

mark: i am mark barton in london with vonnie quinn in new york. time for a look at some of the biggest is the stories in the news right now. closer to the u.s. to face charges. lost and exposition here you london. if it is signed off by the british home secretary, he would have to go to the u.s. accused of making $14 million

contributing to the flash crash. she thing that -- chief executive robert lees last month. he will lead the company and will replace ryan kelly, vice chairman of the board. wishbone salad dressing. the expansion of the panama canal should be open by june according to the agency. they may shift international trade routes. faster thano weeks going east through the cow. -- the canal. some breaking news. >> it has to do with richard branson. the airline backed by him is

reaching out to potential buyers all of sale, a part or the company according to people with knowledge of the matter. the company is working with a financial advisor after receiving takeover interest. the company mailed milley choose not to pursue a sale. the company sold stock in a 350 $300 million initial public offering less than 18 months ago. priced at $23 apiece. it is valued at $1.4 billion. if you take a look at how the shells -- the shares are trading, we have seen them spike on the headlines. i should also mention the shares are halted because of volatility. the price you see is the latest. it is not actively a traded price at the moment. you tend to see the big spikes. get the volatility curves triggered. we saw 11% spike in shares following this pair we will let

you know when the shares back up. we will let you know about any further developments. we are about an hour and three quarters away from the close. the stoxx 600 was up. got oil companies hit by the stronger dollar, small gain in germany and small decline in france today. in the currency and the bond market, sterling is falling against the dollar for the fourth consecutive day today. the longest stretch of decline since january. the worst performing currency against the dollar this year, down by 4%. up against the pound is well, concerns about her fists remain after the brussels attacks, what some say were ammunition.

up by year guild yield is roughly 102 basis points. doolittle has the latest live from the nasdaq, taking close -- a close look at two tech stocks. : the start of a google platform today event being held in san francisco, highly anticipated. investors want to know how serious google is about the cloud and will the effort to new -- merely create competitive pressure against amazon and microsoft in the cloud? we will know soon. reuters reporting that google is set to win home depot's cloud service. all this could help google trade higher on the year. much thank you very indeed. vonnie: time to get to our next guest. grobart joins us.

i feel i need to say that with a deadpan face. what is april taylor? tailer. targeting a twentysomething year bro, a casual post-collegiate man more like a murray in meatball then some of the people you normally see. visual representations. >> these are the founders of one of the leading out there, chubby's. vonnie: i want to get your description. these -- sam: these are dudes, guys. it is not an aspirational kind of sale.

a reflective sale of who they are. they like to drink beer and go to parties and have a really good time. of see that in the kind material and marketing associated with brands like chevys and others. mark: what are they doing different? they are selling retail over the internet. it is being done before. what is the difference in the proposition? sam: they identified a new market and realized nobody has been selling clothes to young , thatoung adult men instead the clothing was being sold to women to buy for men, or were being sold to an older crowd. to actually zero in on the very attitude, it has been revolutionary within the industry. storywhat is the origin of some of the breaux taylor's

-- bro tailers? -- tailors? sam: a group graduated from college and business school, .usiness schools they see a lot of money swirling around. our own, let's start company. i really like dan danis. let's make bandannas. vonnie: it is not a huge amount of money. can all of these moneys survive? sam: i doubt it. a lot of companies are coming along. i think a couple do survive, but to set uper than ever an e-commerce company.

i do not think all of them will make it. vonnie: thank you, sam. ♪

♪ we are talking luxury cars. italian luxury carmaker's showing off its first suv at the auto show this week. bloomberg pursuits matt miller spoke to a carmaker ceo. have a listen. global luxury car market, these types of cars, suvs account for over 50% of sales. over 50% of slightly more than one million of this type of car. market predominately the united states, canada, asia pacific, in particular china is affected. the other regions are significantly growing.

the segment has grown by over 40%. the last five years is forecast to grow. is a beautiful car engineered brilliantly. it sounds amazing. when you are selling a product like this, do you have a dealership network? >> we are in good shape. when we started our offensive in , maserati waslan globally around 300. we have close to 110 dealers. we will increase this by another 20 approximately by the end of the year. saw 12 and a half thousand cars. they will only be available in the last quarter. year, we grow but next

should go into the market with .ull availability all year we should get close to 20,000. if you compare problems for manufacturer for a company like maserati to have enough dealers to cover all of the really interesting stuff, i think we're quite happy. could imagine further optimization by we r.o.k.. okay.-- are matt: 400 horsepower? >> zero to 60 in five seconds. matt: how do you make the decision to keep a v6 rather than a v8? >> it has much more torque than a v8, the signature sound, all of this combined.

an extremely intelligent 4 x 4 system. fourth quarter suspension. but we are working hard. maybe around the year. we are going into more and more advanced systems. a facilitatort for all the other applications. vonnie: that was the maserati ceo along with matt miller. bloomberg markets will be right back. ♪

>> from bloomberg world headquarters in york, i am vonnie quinn. >> you are watching bloomberg markets on bloomberg television.

♪ mark: we will take you from london to new york to brussels. we are watching. the search continues. the suspects in yesterday's of the attacks. we will hear from the belgian ambassador to the u.s. on how washington is cooperating with europe to fight terrorism. vonnie: then we will take into the new york auto show. we will speak with the nissan chairman and ceo about the future of the auto industry. trump -- weonald will hear what he says about that and other national security issues. the results from arizona and utah and what it means for the candidates. ♪ mark: we are 90 minutes into the

trading day in the united states. let's go over to the markets desk. julie has the latest. julie: hello. we will see declines across the board. particularly in the nasdaq which is down 7/10 of 1%. something else is low-volume. yesterday was the lowest trading volume of the year thus far. for all the major averages, all the exchanges in the united states. here is today's volume sector by sector. energy down particularly. utilities, telecom, all these bars are lower on this shortened trading week. we see not as much trading activity. there is a big drop in energy volume but you also see a drop in energy shares. when you look at the big cap oil companies, they are dragging the most of the major averages. in seeing declines, particular, go phillips pulling back by more than 3%. we see energy prices down today.

oil lower after he got that inventories report showing a bigger than expected build in the weekly inventory numbers. it remains around the lows of the session, down by about 3% today. mark: it's not just about oil today. julie: it's never all about oil. there ian interesting court case that just went on involving gilead sciences and merck. merck sued gilead. it's an intellectual property case having to do with the hepatitis d drug -- c drug. merck says the seat for these drugs were planted through its own research with his partner ionis. and is agreed with merck now weighing damages and how much royalties gilead will have to pay merck going forward. merck is asking for 10%. ionas says it will get 20% of that. gilead is trading lower.

gilead -- merck is a little higher. the next news item will be the amount of the royalties. let's look at virgin america. we have been talking about this. virgin america has reached out to central buyers about the sale of all or part of the company. this is according to those with knowledge of the matter. the airline backed by richard branson. shares spiking after the headlines. it has been halted because of volatility in trading once again. up by about 13%. mark: have a peek at what is happening in the european stocks today. this is the stoxx 600, and today chart. this is what happened after the brussels bombings yesterday. 1.6% decline. we arranged most of those inclined, finishing down about 1/10 of 1%. we opened up 6/10 above. about half a percent lower of the last few days. it's being dragged lower by the higher dollar. this level of sterling the last

four days. is the biggest four-day drop since january. the pound is down by 2.5%. principally in the last 24 hours following this russell's attacks. many using the link between terrorism and euro's immigration policy, saying that might benefit those that are arguing against britain staying in the eu. an april, in the last 15 years, the pound is risen against the dollar in all but one of those years. lovely staff which you can only -- stat which you can only find on bloomberg. it said earnings from its online business will be weaker than expected. kingfisher up by 5.3%. diy retailer. is your's biggest. if the estimates and the u.k. and poland. it is coming out in favor of

britain staying in the eu. it is making a contingency plan is difficult until the results of the referendum is known. those better-than-expected earnings boosting shares of kingfisher. are you a diy fan? myself so i things guess you could say i. am let's check in on the bloomberg first word news this morning. authorities in belgium are hunting for the leaders of the worst terrorist attack ever. they are looking for a man and a green coat that accompanied the suicide bomber's of the airport. he placed the bomb but did not explode preventing more damage. two brothers were among the bombings. their hideout was found more than. 30 pounds of explosives at least 31 people were killed and 270 wounded. they say those numbers are likely to rise.

airports around the world boosted security after the brussels attacks. the department of home insecurity says there were no specific threats. law enforcement personnel have been assigned to airports, train stations and ports. passengers have been let back into the atlanta airport. it was a backlit about the bomb squad investigated suspicious package. john kerry is heading the moscow for talks on the ukraine. and the cease-fire the attacks on brussels have underscored the urgency. kderr will meet with vladimir putiny tomorrow. global news 24 hours a day powered by our 2400 journalists in more than 150 news bureaus around the world. mark? mark: it is all about super cars and suvs at the new york auto show this week. assan's new gtr, also known godzilla is making its debut. matt miller is standing by on the show floor with the chief

executive of both nissan and reno. matt: good day to you. i've had the pleasure of driving godzilla, although not in its current form. thanks much for joining us. you have a new gtr on the floor. everyone is excited to see it. what does the gtr mean for you? it's truly a supercar but you must accept consumer brands. this is a car they can best of ferrari, porsche, a lamborghini and nissan is making it. carlos: it's important that the numbers sold is not as important as well we present. we sell about 2500 gt are's a year --gtr's a year. a lot of people come to see it. as an object of a lot of passion and important for the brands. matt: you're the second-biggest carmaker in the u.s. , trucks are almost as big a story if not bigger in the last

year or so the cars. you intend to do something about that with the titan. i have seen the diesel version. people rave about it and now you have a gas version. carlos: it will be very important. we have progressed a lot from the car side of the market to the truck side of the market. nissan is the second-largest brand after toyota for cars in the united states. is already very important achievement. on the back of the ultima, the centro, the maximum, we've been very successful. now we are moving on the truck side. titan is part of the offensive. the frontier is also part of that. we are boosting up the capacity for the road, the suv's. you will see more trucks sold by nissan. it's important. you cannot progress too much if you are unbalanced between being the second-largest brand for cars and the sixth largest brand for trucks. matt: the rochus been an

incredible success. anyone have -- rogue has been an incredible success. welhowdo you think you will do with the trucks? can you hit 5% market share? i believe that is a challenge of may for yourself. carlos: i think we can. we need more capacity. we are already filling the capacity in north america. we are bringing more rogues from korea. we are also bringing it from japan. we will try to answer customer demand much faster than we have done in the past. i am very optimistic about the future of the rogue. matt: what do you think about the luxury market? we have seen the titan up a little. i think infinity is a big player. what are your predictions for the overall industry? carlos: the from your market will continue to progress. it will be more moderate than what we've seen in the past years. it will continue to be a very

hefty market. infinity is repositioning itself. that is what is progressing at a higher pace and the rest of the industry. it is something that a much -- at a much lower level than the leaders, but it's coming with a lot of products and new technology to compete at the higher levels. i am optimistic although i'm not exciting a big boom. matt: well your focus beyond crossovers and suvs? i think of infinity first and foremost as a sports car brand. carlos: we will continue with the sports car and the sedan, but we are coming with a lot of new products and crossovers. crossovers are progressing everywhere in the world and in all the segments. matt: how important is racing for you? infinity is synonymous with formula one championships. it's had trouble and get you still power many of the cars in the league with the reno engines.

carlos: one of the main challenges for infinity's awareness -- matt: outside of the united states. carlos: like china, india, brazil, russia. when you to boost the awareness of the brand. the best way to do that is going for racing and particularly for formula one racing, which as you know is extreme the popular in emerging markets. that's one of the reasons we think continuing with infinity and formula one is very orton to boost awareness about the brand. the job will become of the product. matt: can you get back on the podium? i'm sure you go to the races once in a while. carlos: unfortunately not in 2016. this will be a reconstruction of the competitiveness of the team we brought back from lotus. we are transforming it into the reno team for the support of infinity. it will take two or three years before he make it back to the

podium. matt: is there anything in the u.s. you can do equal to the impact of formula one globally? obviously not a lot of americans watch it. an emerging markets it's an obsession. hundreds of millions of people. is or anything in the u.s. that has a kind of impact? carlos: i don't think so. the method of the same community impact our olympics and the championship, soccer world championships. that is it. you have the choice was a beast three global events which has a global impact. you have to choose a combination of events in order to have that program. matt: you run companies in japan, france, the u.s.. you have a unique view of the global economy. in the beginning of january until february it looked like we were headed for another global recession. we were painting a picture with

markets and volatility. how did a look from your point of view? : carlos -- carlos: when central banks started to lower interest rates they said there will be a lot of volatility in the market and that is what we have seen. we saw it in 2015 and 2016. it will continue. what what we are seeing of the ups and downs of volatility. after a bad started looks like now the situation is getting much better. i am not so worried about it because i think the fundamentals of the economy are good. the fact that interest rates are very moderate are good. the fact that ron materials are low and at a reasonable price. this is very good. a lot of technology coming in order to ensure there will be a lot of productivity on the market. i am seeing a lot of positive factors that will be paying off. still a lot of volatility.

a lot of intervention from central banks. matt: we talk about the strength of the yen. canoesn't seem like koroda do anything for that currency. everybody running for safe haven. how you see the currency picture playing out? carlos: a lot of volatility in the end. we are at 111 or 112. we don't like that. we still think that the yen is competitive. 112 is not a shock for me. it's not a handicap for companies. it's not a question of should it be at 112 versus 120 versus the dollar. we would love to have it more stable. a more stable exchange rate in order to make sure that our strategies deliver on results. we don't like volatility. toy years ago we decided globalize our production is much

as possible. we are producing more than 85% of the car we sell in the united states. they are produced in north america. the matter what happens with the yen it should affect us less than our competitors. i think you are in the unique position as one of the most international carmakers, the most international carmaker there is. i want to get your view of the european situation. brussels andn the huge wave of immigration. how does this affect your business in europe? carlos: it was a lot of uncertainty about the recovery in europe. the recovery so far has taken place. it's taking place at the rate is higher in what we were projecting. all carmakers were seeing 2016 at the plus 2% rate compared to 2015. so far we have seen something more than plus 8%. the growth and recovery in 2016,

even with all these offenses was stronger than what we have seen. we hope it will continue. these are all unfortunate events which are putting more risk and more uncertainty. matt: that he so much for your time. have a great show. mark, back to you in london. mark: great job. the chief executive of nissan and reno. vonnie, back to u.s. politics. vonnie: you are going to be looking at live pictures of the speaker of the house paul ryan. he's in the hearing room of the house ways and means committee. he is delivering a speech to warn against enabling distress and politics -- distrust and politics. "and set of talking about what politics is today, i would to talk about politics -- what politics can be. i want to talk about what our country can be." his speeches live. head to livego on bloomberg.

>> raise our gaze -- vonnie: we will look at the markets and speaking with the belgian ambassador to the united states. ♪

♪ vonnie: live from london and new quinn in newnie york. mark: time for the business sla sh. up on of virgin america news is considering a sale. the airline backed by richard branson is reaching out to potential buyers about the sale of all or part of the company. it is now working with a financial advisor.

virgin america with public less than 18 months ago. sales of new homes in the u.s. bounce back last month. q purchases were up 2% and february 2 and a note rate of 512,000. that is a fourth increase in five months. january sales were upwards. it was you entirely to a 39% rise in the west. the biggest and more than five years. western sales had fallen to 3% in january. the son a billionaire investor warren buffett plans to spend $19 million to help young women of color. the nova foundation created by peter buffett and his wife say it's a largest investment addressing inequality faced by young female minorities. the foundation will speak with girls across the u.s. on how to use the money. that is your business flash for this hour. coming up on bloomberg, police and belgium are hunting for

suspects in yesterday's terror attacks. we will speak of the country's ambassador about the strength of your's counted -- europe's counterterrorism policy. ♪

♪ mark: vice president joe biden and his wife have paid their respects to the belgian embassy in washington today. assigned to the condolence book. they met with the ambassador. he now joins us. ambassador, a good day to you. thank you for joining us. >> good morning. mark: you met with vice president biden. what assistance has the u.s. offered belgium to help with the ongoing terror investigation and let it yesterday's events? >> the answer to that question is the contribution and assistance of the united states to the work we do in belgium in terms of intelligence, investigation, security has been

quite substantial. i have the pleasure to meet with the homeland security secretary. we spoke about how we direct and work together. i can assure you there is a substantive working situation there the worst of the benefit and the satisfaction of both parties. mark: what is the mood like in the belgian government? there has been criticism of the handling of both the government and the security forces. the spotlight has been on belgium since the paris terror attacks in november. it lets the question of how was this allowed to happen? mood likee best within the government when it faces criticism of this nature? >> would think that criticism is not always very appropriate to yearstent we have now for been fighting terrorism.

it's a difficult proposition. it is not an easy thing. we may be more -- given the openness of our society. we are one of the most open countries in the world. we happen to be the most open economy in the world. difficult.t becomes one things are right in the world you benefit. when they are wrong you are subject to problems likely right now face. that criticism is unfair to the extent that in the last few months our government has been setting in place new instruments, enhanced security. including at the airport from brussels yesterday. i was witness. i was traveling on monday and was impressed by seeing the security people, including military people all around. the point is whatever your level of security terrorists can walk into an airport and blow

themselves up. quickly, what needs to be done on a europe-wide level to combat terrorism? >> that is one of the big lessons we do not have to learn the lesson. belgium has always been one of the countries that has insisted on increased cooperation both of the european level and at the global level. the global level means with the united states. that working relationship works very well to our satisfaction. yes, you are right. we have to increase our cooperation in terms of -- vonnie: we will continue this conversation. that is the belgian ambassador to the u.s..

♪ london and new york. vonnie: you're watching "bloomberg markets." the belgian

ambassador to united states. we have speaking about the ongoing operations in brussels and will work in begun. you are telling us what needs to be done on a europe-wide level. it's a very difficult operation for a country like elton to carry this out on its own. >> indeed. you are quite right. if there is a lesson to be learned from the recent past it is exactly that the cooperation among european countries has to be strengthened. i think increasingly most of the countries are fully aware about that. you know our prime minister spoke yesterday. that was one of the topics he addressed. the point is that intelligence should not only be gathered, it should also be exchanged. and beyond the exchange information the intelligence should be actually used by the final destinations. that is not always the case. i think the awareness now is

fully there. vonnie: doesn't need to be strengthened to begin the power of arrest? with this create difficulties with national governments? >> can you repeat the question? vonnie: if it were strengthened in order for it to have arrest powers, with obvious solution? you were.s i said cooperation is the strengthened and all dimensions, particularly in security and intelligence. mark: ambassador, what do you say to those in the u.k. who are using yesterday's event as a reason for the u.k. to leave the eu? parties such as the -- say the free movement of people and lack of border control is linked to terrorists activities. what would you say to them today? personally i'm not convinced

by the argument. i think going get a loan, standing on your own, they give the impression of some liberty of action but not really make sure your action are more effective. -- wek in the world today know we live in a globalized world. world just toof do it on your own is not the recipe. i think on the contrary, we increasingly are dependent on intelligence and cooperation of other countries. therefore i don't that argument is a fair argument. on the contrary, i did as an argument to stay in the union. mark: they would argue that eu leaders are not in control of the terrorist threat given what has happened in brussels yesterday, in paris in november, and paris in january.

three terrorists incidents in the space of 15 months. >> what is your point sir? point is that those who are arguing for britain to leave the eu would say that eu leaders do not have control of terrorist , and having true control over their borders it would be better for the u.k. >> that is another point. cooperation among countries is one point. the border control is something else. on that point think i would agree with your implicit point. and that is that the control and the strengthening of the border controls by the outside of this area and the outset of the european union should be improved. we are working on that. not specifically in the context of terrorism, but the context of the migration front.

mark: thank you very much for joining us today. the ambassador from belgium to the united states. let's have a little peek at what is happening. first word news at this hour. they have found a number of flaws in the most offensive weapon system ever. the f 35 fighter. he told a congressional committee today that one of those is the plane's cyber security. the air force is offering a more optimistic view of the airplane which they say is on the right track after earlier albums. president obama was welcome to argentina today, the first visit from a u.s. president there since 1997. he is meeting with argentine president, who was sworn in in december. mr. obama was to show the u.s. and argentina are now on better terms now that he is in office. court is hearing

arguments today in a case related to obamacare. faith-based groups opposed efforts to make sure employees and students can get cost-free birth control. the race and make sure those groups to not have to pay for or arrange for the employees to get contraceptives. the groups say women are still getting birth control under their health plan and they wanted stopped -- want it stopped. global news 24 hours a day powered by 2400 journalists and wanted to 50 news bureaus around the world. vonnie: think is a much. james bullard wants to stop the risk of confusing investors by dropping the so-called dot p lot rate predictions. he explained his this thing and an exclusive interview with bloomberg's tom keene and michael mckee earlier today. james: i started to wonder about plot.fficacy of the dot c

we are getting some kind afford guidance and a winning if that's counterproductive at this point. when we were at zero and then we put out a forecast when we were going to come off zero, that was considered forward guidance and considered helpful. now you are off zero in projecting these things out over the next two years, the pace of increase over the next two years, you're still implicitly giving for guidance. i'm not sure i'm not sure i really come to a given that can afford guidance in this -- forward guidance in this environment. in the past you look at the greenspan fed, they never gave any kind of indication about where rates were going to go. that i think has served a purpose because the cap people focused on what is the data really just a fine at this point. it let market expectations move around as the data came in. now we have a dot plot with these lines on it.

i'm not quite sure this will be want to be doing. mike: the fed to get rid of it? james: i found myself unilaterally pulling out. i don't suppose it would do much good. you still have a lot of dots. it is an important issue we have to think about. what are we really doing with this? financial markets have been talking about it a lot. we have our own communications committee that talked about it a lot. yes wehey suggested should consider a rate increase in april. willu think the economy developed to the point where april should be considered a live meeting? would you consider raising rates in april? james: i think they should all be live meetings. i think it is really hurting us we have got this kind of alternate meeting. i think we should make all meetings identical.

i have long been an advocate of this. that will allow the committee to come into a meeting, assessed the data as we should in april and see where we are. the data between december and march was not all that different. it didn't look like we were that far off our path only got to the march meetings. i think there was a credible case to be made to move in march. we did not do it. and now we can look at april and pseudo-cycle begins april. mike: you're saying it would be credible to consider a move in april? james: we are basically on the same projected path that we set in december. maybe a little bit off. you can argue gdp growth outlook is maybe a little bit lower. you get another strong report endocyte labor markets are improving. you can probably make the case for moving in april. tom: great work summarizing what they did on the word "overshoot." we see inflation moving higher.

cpi movement is up. i love the cleveland cpi. cleveland is of adhesive st. louis. the cleveland cpi, not the st. louis cpi, and they are migrating higher. can you afford an overshoot in inflation? james: i think we are going to overshoot inflation. that is what is going to happen. if you look at the dallas said trim, it's up 1.9% and moving up. i think all these inflation measures are all moving up and will probably come to over 2% by the time you do 2017. tom: is that part of the so-called inflationista's territory, or can you find a construction inflation back and help heal nominal gdp, create investment through animal spirit? james: i don't have a problem

with overshooting. i found the whole discussion about this issue -- if you're at 1.5% and missing by half a percentage point. it's better to be at 2.1% and 1.5%. you need to be as close as you can be to your inflation target. you can be above or below. i think we are going to overshoot. hopefully that will follow my policy choices and we will not overshoot very much. i think we probably will overshoot. mike: one thing we do not get from the fed meeting was what it is you are looking for as a committee. what is the reaction function now? what would make you move? isyou overshoot on inflation not only ok but expected in the jobless rate is going to go down to 4.5%, what triggers the move if you have not moved yet? james: this is why you should listen to my speech tomorrow. we made a projection in december. then we got to march and we look at the data in march. it was not very different than what was projected in december.

you must've been thinking of some other kind of data other than what was in the projections. we cited global risks. i have cited. inflation expectations there are other things answering into the decision other than just the outlook for gdp and inflation. i think that is causing some confusion among policymakers ourselves and the financial market participants. vonnie: that was st. louis fed president james bullard. we went to get the breaking news with julie. julie: this has to do with yum brands. they are mulling the sale to a chinese unit for $10 billion. they will talk to kkr and others about the chinese unit. we are seeing those shares spike in the headlines. they are now up by about 2.5%. we'll update you as soon as we have more information.

actually, we are not seeing the spike in those shares. we are seeing an increase of 2.5% in the yum shares. vonnie: they said they were thinking about spending off that portion of the company to a separate china unit. that is julie on the bloomberg markets desk. we will be's -- speaking about more bad news next. they say they plan to cut another 2000 jobs. we will take into those numbers on "bloomberg markets." ♪

♪ mark: live from london and new york. vonnie: you're watching "bloomberg markets." here is what we're watching for you. they are making deeper cuts in slashing 2000 more jobs.

more slamdunk for 90. -- nike. they try to run new challenges. i street fight between uber and a competitor in india. they claim uber is using dirty chicks to drive them out of business. mark: we begin with jim -- big job cuts a credit suise. overall, 6000 jobs will be eliminated this year/ -- year. tian pledges to focus more on wealth management most ranking the securities business. in an was of interview, the chief executive says he was surprised to the extent of the thanks trading losses. -- bank's trading losses. >> we're shrinking global markets more. it's a reaction to what happened

in the markets in january. it was the worst january ever. the november terrorist attacks in paris may have damped tourists spendings, but some still inspect a profit. profit rose 19% thanks to sales of leather goods and growing demand in japan. they planned to raise prices about 3.5% in europe to make for -- up for higher production costs. nike usually hits with a quarterly earnings. they evening all forecast that missed estimates, raising concerns about growth of the world's biggest. maker of sporting goods the stronger dollar is hurting sales overseas and competition from under armour is putting more pressure on nike in the united states. s has filed aer

-- they designst -- the 90 accusations calling it frivolous in false. vonnie: time for the quick take what you provide background on issues of interest. speculation the central bank for global -- lower bargaining costs. people and.2 billion has eclipsed china as the fastest-growing economy. high inflation, crippling corruption and crumbling infrastructure are concerns of an increasingly, fed up population most of whom less and less than two dollars per day. was swept toister power in 2014 after offering a change of course. so far he is gotten mixed reviews. he has opened billions of bank accounts for the poor, and limited market base for energy pricing, and started a

manufacturing push attracting more than $400 billion of investment pledges. he has seen a number of setbacks. opponents to control india's upper house of parliament has and his partyx, has gotten crushed into major state elections. in 1991 they embraced foreign investment and set the stage for an economic. the congress redistributed the wealth. the people below the poverty line was cut in half. in 2014 the vote was divisive as part of of the population will never forget him for the handling of riots in 2002. india's democracy has traditionally been divided on lines of religion and caste. they see him as a leader that can shift india towards a more market-based economy in empowering those of the bottom of the country's ancient caste

system. critics say it increases competition for india's tycoons or a move against religious factions of his party. it is a story worth watching in the world's biggest democracy. that was a quick take. --s best visit bloomberg.com visit bloomberg.com or bloomberg.com/quicktake. abigail, what you have for us? abigail: we have the nasdaq trading lower. biotech is the big drag. shares are sharply lower on the news that merck has a surprise victory and a past dispute with gilead over hepatitis c drugs. they say gilead owes them 10% of u.s. sales as a royalty on the drug. i reached out to bloomberg biotech analysts who told me this is likely to settle out of court.

gilead will probably push for lesson that 10%. they may have less cash for vivax but they have a strong cash position, good cash flow generation. nobody is worried the lights are going out for gilead sciences anytime soon. mark: another big biotech stock is down. abigail: vertex pharmaceuticals. the national institute for health and care has generated a report saying -- against their cystic fibrosis drug. says this will not impact the company's 2016 revenues. it has an overweight rating and a $131 price target. he may seize this as a buying opportunity any year that is a very difficult so far for for tax pharmaceuticals. -- vertex pharmaceuticals. mark: donald trump, ted cruz. new states in the latest primary contest. we will have the latest on

bloomberg television. ♪

♪ donald trump and hillary clinton are maintaining their leads for the white house. clinton is up by more than 700 delegates. bernie sanders one caucasus and utah and idaho. on the republican side, donald trump one in arizona but ted cruz dominated utah. what it means for the candidates. joining us from washington is bloomberg politics reporter michael bender. trump did pretty well last night. is there a chance cruz can still catch him? michael: there is a chance. in the race we have seen over the last year i'm not good to make any productions of what cannot happen anymore. the reality is that donald trump is very far ahead. cruz get himself some favors less time of the utah win. he slowed trump's case by a

little bit. but cruz has a long way to go to catch trump. his best of this keeping trump from the 1237 delegates that he needs to win, that anyone needs to win to secure the nomination. vonnie: when does kasich dropout? michael: i do think you think of any delegates last night. is a really curious campaign he is running. he has won only his home state. he promised to drop out if he lost. now that he has won ohio he plans to go all the way to the white house. kashich is hoping for a contested convention. feeney civic of some -- he needs to pick up some wins somewhere. but if he has the money? mark: kasich might've been hoping for the backing of jeb bush.

the cast, and supported ted cruz. house a price should -- house apprised should we be by this? is there bad blood between cruz and the bush family? a personjeb bush is that is surprising and unsurprising. jeb bush got into the race, cru went after him hardz, calling him a pale pastel on the color wheel. saying this is the kind of republican candidates they have lost within the last two elections. bush returned fire, questioning his center on foreign policy. saying he sort of goes whichever way the public opinion polls are pointing. what a difference donald trump makes on this race. this is the shared nemesis. even though jeb bush has long argued for a governor to be cruz asnt, he sees

the best chance to at least slow him down. mark: what was the significance of the utah win for ted cruz? they got 50%, the delegates. is that going to prove significant in a month or two? michael: it is a small piece. this is mitt romney's home state, the republican nominee in 2012. he said he was voting for cruz in utah. the best from the republican establishment that they are embracing the guy that was once -- vonnie: we have to jump in. we are going to go live to mr. obama and the argentine president. thanks to michael bender in washington. >> good morning everyone. thank you for joining us today.

welcome mr. president. we are very happy to have you visiting with your whole family. to share with you this grief all of us around the world have in cruel,e of this new devastating attack. i would like to convey my solidarity to the families of the victims. and once again it is a good opportunity to reflect with you on the fact that fanaticism brings intelligence, aggression, and violence which leads to nowhere. argentina once again condemns this kind of terrorist attacks,

which is deeply regrets. again this is, mr. president, it has a special meeting. we see it as a gesture of at a time friendship when argentina is embarking towards a new horizon. it's in the process of changing. sharel that our countries profound values in common, respect for human rights, individual freedoms, democracy, justice, and for peace. feel that with the you i also share of you on the 21st century with presents challenges

and opportunities. of the a century development of science and technology, innovation, entrepreneurship. that is what will clearly allow us to get the best jobs for our people. at this point i would like to stress, mr. president, your own leadership which is been very inspiring for most leaders. emerged proposing major changes, and you showed they were possible. and witheing bold conviction you could challenge the status quo, and you achieved this in your country and around the world. that was also a point of inspiration for what our dear country is now going through. thank you very much for the inspiration i would like to briefly review some of the many things we have agreed on over

the course of these weeks of work which led up to this visit. withirst one consistent the pillar of the commitment i have entered into with my teams. -- the first pillars are education and work. the first seeks to boost scholarship and teacher training, deepening training and development in science and technology. , let mereation of work stress the importance of increasing trade between our two countries. argentina has a lot to offer and right now, it has a very low level of trade exchange with the u.s. it is important for us to work together to nantz -- to enhance investments