betty: we are going to take you from new york to london to washington in the next hour. a warning from the imf this morning three at it says global economy could slide into stagnation. it is cutting the outlook for gdp. chief economist saying there is no longer room for error. mark: big news in the banking industry. citigroup and nomura are planning to slash jobs while italy is forming a fund to rescue its troubled banks. -- a: the late posthumous memoir released today. what the former aig chief said about the u.s. government bailout of the insurance giant. how he paid back that money. markets wherethe

julie hyman has the latest in a market that is fluctuating here. julie: struggling to hold onto games this morning. the imf forecast not helping matters cutting global growth forecast to 3.2% with the chief economist saying there is not much room for error. on to gains.ng out of the gate this morning, the dow is the strongest of the three major averages. a big scene in the u.s. is earnings season getting underway . so far, not so good. take a look at alcoa which came out with its numbers last night. it cut its forecast with global aluminum demand this year. cut its market deficit rejection because of slowing chinese demand. the company said the consumption of aluminum this year will climb 5% down from a 6% forecast it had previously and the shares are lower by 4.4%.

we are watching the networking companies after juniper networks came out with a preliminary forecast of full earnings out on april 28 that would blow estimates. it's likes demand from -- it sites demand from corporate westerners and plymouth of telecom clients. analysts are saying there are negative implications for some of the other networking companies including the giant cisco as well as s five. there is the maker of tools and fastenings, fastenal. those shares are down 1.8%. , but soit is early yet far not so great. betty: oil is helping things along. julie: oil is helping mitigate some of the declined we see in stocks today and that is after we get a new forecast from the energy information administration as to production from u.s. shale formations.

they say it will drop to 4.8 4 million barrels a day in may. the lowest in almost two years. but above a huge gain $40 a barrel which is notable. the action in the yen today which is halting its advance. the first time in eight sessions that the dollar is rising versus the japanese yen. official rhetoric heating up in terms of some sort of currency intervention. that happening here even though the dollar is up, oil up as well. that is a bit unusual. mark: we are holding onto gains come up to the third consecutive day. the longest winning stretch since march. basic resources leading today's advance. earlier we were down as much as three quarters of 1%. uncertainty about earnings and economic growth weighing on sentiment early but we picked up a little bit. thanks, one of the reasons why -- banks, one of the reasons why the stock is rising. the stoxx 600 bank index.

a couple of italian banks gaining. a number declining in case of san paolo, media and got -- to name a few. finally, this multibillion euro fund to help we can banks raise capital and unload bad loans. is a 5 billion euro fund going to be able to deal with 360 billion euros of soured loans? the world's biggest luxury goods company, first-quarter sales than estimated 3% because of a decline in tourism linked to terror attacks in europe. i have done a nice chart for you. the big players in europe. irma has come a percent lower for the year. first and your down. -- christian dior, down. big news on u.k.. inflation today we had headline

inflation rise the most in months. increase the most since october, 2014 which tells us inflation could finally be picking up after almost a year of hovering around zero. leads us nicely ahead of the bank of england's meeting. let's check in on first word news. david gora has the latest. david: two met haven't charged in relation to the brussels bombings and three others have been detained in connection to the terrorist attacks. the two charged with involved with renting an apartment that served as a hideout for the bomber that attacked a subway in brussels last month. a judge is going to decide tomorrow whether the three people should remain in custody. pro-government forces in syria are launching an offensive today south of aleppo to retake a strategic hilltop village from insurgents.

the area has been held by groups opposed to the government since 2012. in syria a russian helicopter crashed near the central city of homes killing two pilots. the group of seven nations should stop hyping territorial disputes in asian waters and focus on the slumping global economy. that is from china's foreign minister in response to calls from countries to stop land reclamation. g7 foreign ministers have raised concerns over tensions in the east china sea bank and south china sea bank where china has been asserting claims that -- china is taking its most concrete steps today toward assuming a direct security role in afghanistan. beijing has pledged $70 million in military aid and is proposing a security block. the move signal concern from china that peace talks between afghanistan and the taliban and could fail, providing a safe hazven. president dilma rousseff a step

closer to impeachment after committing a lower house vote for her to -- the brazilian real reached a high on speculation she will be ousted. she denies wrongdoing and says impeachment would amount to a coup. global news 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus around the world. gura.vid mark: let's put the spotlight on financials a little more. bank job cuts. this time at nomura. the japanese firm said to be exiting its european equity operations. citigroup is planning to cut staff in london as it seeks to trim costs. the news comes as u.s. banks start reporting third-quarter earnings with jpmorgan. it kicks off things tomorrow before the bell. a bank analyst at cls a. here is how he defined the quarter last week. >> a little bit of an ugly quarter for u.s. bank earnings. you have pressure on net

interest margins. the 10 year has come down. you also have cap markets being sluggish in the first quarter. trading down one fourth year over year. that hurts the wall street banks more than the main street banks. mark: let's bring in michael moore who covers the structural changes reshaping global banks for bloomberg news are you thank you for joining us. what do we know? does it seem as though nomura is closing down its european equity operations? michael: it seems like it is significantly pulling back from that business. a still going to be a presence here in terms of japanese stocks and clients. certainly this is a significant cut in the european and u.s. businesses for nomura. mark: back in 2008 it bought lehman's european and asian office. since then it has been expanding and contracting its overseas business. can it make up its mind whether it wants overseas business? michael this seems to be

pulling back significant way from that. they have not been profitable in their overseas businesses. they bought the lima business trying to bring that -- the lisman business trying to bring that up the scale. it has not gone to the point where they can make money off of it. you see banks across the globe pulled back to their home regions or areas that they specialize in. you have seen that with barclays pulling back more to the u.s. and u.k. now you see it with nomura pulling back to japan. betty: you say it has not been profitable for years. it makes the question, what took them so long. michael: there was the hope that they could generate the kind of scale that they would need and bring, as japanese clients were going more outward from japan, there was an opportunity. after a certain point you have to recognize what the numbers are telling you and that seems

to be what they are doing with these cuts. betty: the timing is interesting . before we get bank earnings coming out from the u.s. we have jpmorgan kicking things off, bank of america, citigroup, goldman sachs and others. what does this indicate to you about the bank earnings? michael: i think it is one more sign that you are going to have a tough trading not just the first quarter but throughout the year. deutsche bank last month came out and said they think trading will be down for the year. all the banks who have said anything at this point have said the first quarter was particularly tough. the first quarter, at least in fixed income, is typically when -- typically the best quarter of the year. that is not a great start for the year and you see that with equities as well mark:. march was not as bad as january or february. a grim couple of months in the first quarter. michael: you saw the most volatility in those quarters --

in those months. even barclays said march was not as good as a year ago. it did not seem -- maybe the volatility will let up a bit but the activity was not there. mark: it was not just nomura that said it is reshuffling its overseas operations. citigroup saying it is cutting staff in london. what's behind that? michael: nomura is more of a secular move. i would say citi is more cyclical. citi has talked about the first quarter being down. if operations are down you have to cut costs somewhere. i think this is more of a reacting to the environment and perhaps less optimism that it will bounce back quickly. betty: michael, in terms of the specific earnings themselves, what we expect at a jpmorgan and how is that going to serve as a benchmark for the others? michael: jpmorgan is almost always the bellwether for the

industry. they have all the major businesses and tend to report first. it will be interesting to see how trading turned out for them. they were on the early side in terms of warning people about the quarter. it will be interesting to see how march turned out for them and whether they made up any ground. also, on the investment banking front it was a very slow period for deals because of that volatility. and how much that affected the conversely ifr enough deals close that began last year to prop up those revenue figures. betty: michael, thank you. much more ahead. we have a look at today's top energy movers. jeff curry on where optimal oil prices need to be for bloomberg markets -- more bloomberg markets straight ahead. ♪

mark: live from london and new york, i mark barton. betty: i'm betty liu. it is time for the bloomberg business flash. a look at business stories in the news right now. the head of emerging market at rbc capital markets is leaving according to a person with direct knowledge of the matter. daniel penn cows or will department's month. he joined rbc in 2014 from standard chartered bank and before that he was at merrill lynch, lehman brothers, and goldman sachs. the ford f1 50 scored the top rating in new crash tests performed by the insurance industry. rival pickups from chevrolet, not -- only the ford

truck received a good rating in a 40 mile per hour crash designed to mimic a partial head-on collision. ceos from traffic aura, the world largest oil trading houses say crude market woes are probably over. some traders see dresses climbing to $50 a barrel by next year grade oil has rebounded after falling to the lowest level in more than 12 years. the global glut may be easing on lower u.s. output. staying on energy let's head to the market desk where julie hyman has the latest julie:. we talked about oil of the minutes ago and how it is higher and there are stocks that are higher as well. chesapeake energy is rising again today. remember yesterday the company basically pledged all of its assets to maintain its $4 billion credit line. it's not going to be reviewed again until 2017. the shares are surging again

today. the 8% higher. -- 28% higher. the stock was raised to a hold at tudor pickering because of "constructive lender update." the stock has been volatile and is heavily shorted. undoubtedly there is short covering going on in this ounce we are seeing in today's session. marathon oil going to be selling assets securing agreements to sell $950 million of its assets. a lot of companies in the industry have been making these kinds of moves. it includes all of this company 's wyoming, upstream and midstream assets in the total amount of sales -- asset sales sincerathon, $1.3 billion last year. watching other energy companies including devon. tudor pickering saying private may besentiment difficult to gauge what buyers

may be looking to get in here before a bigger rebound in oil and do some asset buying. they named devon as one of the companies that could benefit. as we get into earnings season, earnings companies -- energy companies are going to start a report in earnest starting the week of april 20. just wanted to put a fine point on how much energy is going to drag down. s&p 500 earnings. total forecast is for a decrease of 10.1% but if you take out energy it has that decline. energy companies are accounting for about half of the decline in earnings for the s&p 500. mark: let's stick around with energy in london trading. brent crude climbing to a four month high trading around $43 per barrel. earlier today bloomberg surveillance heard from jeff curry on where optimal prices need to be for global economies. >> let's answer the question for russia. where was that optimal number?

about $115 per barrel. where do you think it is today? $10 per barrel. i think that is the key point. the answer for the u.s., let's say $55 per barrel down from $70 a barrel over the same time. i think the key is you see big shifts in where the equilibrium their values are. mark: he thinks the meeting of oil producers will not have a major effect on oil prices even if supplies reach a soft agreement to freeze output this weekend. still ahead, helping humans plug into the global -- helping cubans plug into the global economy. more with the interview with penny pritzker, next. ♪

betty: you are watching bloomberg markets. i'm betty liu in new york with mark barton in london. on trade agreements.

tpp. a lot of attention from all the presidential candidates. none of them have been favorable. in an interview on bloomberg go this morning, penny pritzker defended u.s. trade policies and explained why she is optimistic that epp will pass. -- tpp will pass. >> companies need to explain to their workers that their market is broader than the united states. that 95% of customers are outside the united states. that 11.5 million jobs in this country depend solely on our ability to export. i think it is really incumbent upon business leaders themselves to talk with their employees about the facts about their business. >> talking specifically about the tpp, i know that is important for the administration and for you. you have limited time this year. a presidential election year. people on both sides of the aisle who don't seem to be

supporting it. how realistic is it to think you can get that through this year. i thinkan optimist and we can get it done this year because i think at the end of the day putting aside the political rhetoric, the facts are if american companies don't have access to the fastest-growing markets in the world we are going to fall behind and be at a competitive disadvantage. as it relates to the impact on workers, one of the things one needs to keep in mind is that globalization technology and other factors are affecting our workforce and i think trade is being conflated into that issue. we need to separate the issues and say it is important that we help our skilled labor force get the training they need to be competitive. trade agreements also make the american worker more competitive because in the trade agreements are labor standards that insist that countries that we trade

the conditions and the pay that they have for their own workforce which is important to american competitiveness. david: talk to was about the politics and the process. limited legislative days. as a practical matter, is it most realistic to think this would get done if at all in a lame-duck session after the election? sec. pritzker: i'm not the expert on exactly when this will get done. i do think it will get done this year. this is the window for this agreement. i think that if you really peel back the cover on the trade agreement, when you realize is how important it is for american companies. i think that realization exists i just think there is a lot of political rhetoric in the way right now. david: let's turn to cuba for a moment. another subject that i know is important to you.

tell us where we are on u.s. companies doing business in cuba. how successful is that going? sec. pritzker: our cuban relationship is one that has evolved. the president has created policy of engagement. with our engagement now we have direct mail, direct flights, more americans can travel to cuba. we have some manufacturing occurring. in limited sectors. we are limited in what we can do by the embargo which is something the president has called for congress to lift. so we can have greater commercial engagement. right now you are seeing remittances have become unlimited. you are seeing greater entrepreneurship occurring in cuba. some small manufacturing. activity in

telecommunications. there is a lot more -- of course travel and tourism. there is a lot more that could occur if the embargo were lifted. betty: commerce secretary penny pritzker on bloomberg go. more on trade especially when it comes to china today at 3:30 p.m. eastern time. gary locke is going to be joining bloomberg markets. up next, a memoir from the late aig ceo bob benmosche. we talked to his son ari millsteinand jim about bob's memoir and his criticism of wall street. ♪

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let's check in with bloomberg first word news. david gura has more. david: the meeting lasted one hour and 10 minutes. he was scheduled to meet with a republican from tennessee and alaska. she later changed her mind. texas senator ted cruz's neck and that with hillary clinton a matchup among married women who are likely general election voters, according to an online poll conducted by purple strategies for bloomberg politics. against donald trump, clinton him 43%. today is equal payday, it marks how far into the year women must work to catch up to men's earnings from previous year. president obama is going to designate the house that serves

as the headquarters for the national women's party as a national monument. it protects one of the oldest standing houses in the u.s. capitol. deutsche bank said today it's free -- freezing plans to create a north carolina location, due to a state law that limits antidiscrimination policies for lesbians, gay, and treasured her people. it retains people in the software development facility. global news, 24 hours a day, powered by 2400 journalists in more than 150 news bureaus around the world. i'm david gura. minutes left in today's equity session in europe. we have been up and down, we lower, as you can see -- we were lower on the stocks zero 600. stocks 600. here the best-performing industry groups today, thanks very much -- banks were up, now

they are lower. they are trying to unload bad loans. 3% autosources up by up by .3%. a quick peek at what's happening in the currency in the bond markets. inflation quitting the most in 15 months, consumer prices up by .5%, inching towards the 2% of the big of england. the german 10 year up by four basis points. bloombergs abigail doolittle has the latest from the nasdaq in mid-town manhattan. we're looking at an early green to red reversal for the nasdaq, one of the worst drags it is a starbucks, the second worst drag on that index traded lower after deutsche bank

cut its rating to hold from buy. study valuations and tough costs. sayskes the company, and they are likely to remain best in class, but investors are concerned about these headwinds. it's gapping down in a bearish manner, suggesting the stock may trade lower. its worst start to year since 2008. mark: you mentioned starbucks, the worst in the nasdaq, what about the confidence overall? abigail: there's one standout loser, horizon pharma super bowls. -- pharmaceuticals. less than consensus by six with 7%, despite reaffirming the full-year outlook. investors may be thinking this is a sign of what to come as the year progresses for horizon pharmaceutical, a stock that's having its worst day marks of july 2014. mark: abigail, thank you. , who repaidenmosche

a record $182 billion u.s. bailout criticism for wall street after his death. before he died last year, he wrote good for the money, my fight to pay back america. in it, he says sharks were circling for bargains as he tries to reshape the insurance giant. he also says given that the american taxpayer was our banker, it seemed all the more imperative to me that aig replenish america's pocketbook. nothing would be good enough until we showed we were good for the money. is released today, and joining us is ari ben was shaped -- been much shape -- his son who was recruited to take the job aig. thanks for joining me. theas a very good read stories are just as colorful as

bob was in life. you watched your dad take over this company, what does this mean to you? : i joined the company after they ushered in that historic payback. nice experience to be able to take the two things i was passionate about, which was the story. it wasan aig -- infectious across the entire organization of how everyone rallied together to pay back the government and marriott with a passion of mine which is real estate investment. it was a terrific opportunity. aig?: you just left ari: i'm off on my own, harnessing my entrepreneurial spirit to invest in small retail shopping centers. betty: is that some in your dad taught you? opportunityi: "the

to take over the lafayette theater, it turned out to be a real estate play. i'm going to give you the freedom to act, you can make mistakes, but you handle it. i did, and i was able to turn that around and maybe believe i wanted to be in real estate. that is what i chose for my career. betty: when you read this memoir, what did you think? ari: they made me sad, because i miss bob, i could hear his voice. jim: we were in a foxhole together, we forged close ties. they may be missing. -- betty:k out you what struck out you the most? jim: it was really the personal , andcter traits he had

that comes through loud and clear the book. aig at the time was a company on its back, and bob was a guy of great self-confidence and sense of mission. leader, andneeded a bob was always prepared to lead in any situation he was in. ability toeat communicate his own confidence in himself, and a sense of mission. to get people to fall behind him , a company as big as aig, as much trouble with morale, is deeply in the dumps as it was, it was just the spark that was needed. betty: people were very down in the dumps when he took over. ari, i wonder if you knew you would be in this position of essentially shepherding this book along? i was surprised when bob told me he was writing the book, it

already revealed the news of his new prognosis with his cancer. we spent some time with bob at the villa splenda in croatia. you as the family knew, but the public didn't, the new prognosis of his cancer. in a hard never place, the hardest thing was telling denise, and then telling my son and my daughter. it was very hard on me. and then close friends. --ng able to say to them unfortunately, there's going to be a timeframe here. but let's think about all the things we could celebrate, of what we've already done. betty: what do you think knowing that, he still wanted to write this book? ari: he worked on this book for a year, he really didn't know

what his short-term prognosis actually was. betty: when he started it. ari: he knew it was important to tell the story, which wasn't read about in the papers, about the financial crisis. you wanted to tell the story of this wrigley and efforts of the aig people did. effort of whatan the aig people did. in light of cancer, he wanted to share the kind of person he was in the leadership lessons he had. which is you have to give people the freedom to act. betty: you do. that seems to be essentially what helped to boost morale at aig. yourself, andhat by the time you left even on friday, that things have changed within the company? ari: i felt the change will he was there. i could see it in the results that happened during his tenure. this $60him run , while heus company

was battling cancer, it was staggering. betty: he was still running 15 miles a week. top of worldwide travel on top of high-level business dealings on top of speeches to thousands of people. he would go from townhall to townhall to tell the people of aig stop thinking of yourselves as a problem. you guys are the solution. he was a firm believer it was the world versus aig. bob is going to take over the world. betty: jim, what do you make of calls right now, after bob is done with the turnaround, now calls to split up the insurance company? jim: we're now in the stage of how to maximize shareholder value. i think our competing views as to whether there are multiline insurers, whether it's a good balance of businesses for the business cycle, or whether or not property and casualty should

be spun away from one another. at it, will do everything during the course of the government's role in aig. , and othercluded people may disagree, but we have concluded that, for the moment -- betty: better together. jim: having those together made it more stable overall. the government's interest in financial stability is different than shareholder interest in maximizing shareholder value. peter is an extraordinarily smart leader and financial analyst, really. if it make sense to do it, i'm sure will be done. and if it doesn't, he will resist it. betty: jim, people who look back , who are still closed aig -- hank greenberg they still feel aig was unfairly punished. if you look at the news

yesterday, goldman sachs paid a $5 million fine for their involvement in mortgage backed securities. people like hank greenberg would say goldman sachs got off scott free, basically, and aig got punished severely. jim: the alternative for aig was bankruptcy, their shareholders would have been wiped out. can, good for him that he sue the government and try to extract value that would have been completely lost had the board decided not to take the rescue and file for chapter 11. i have little sympathy with the position hank is taking. i think the government came to the rescue when aig was not part of the primary dealers that the fed deals with to sell its own securities. it wasn't a member of the federal reserve system. it left itself in a position where it had no choice but to come to the federal reserve for

emergency loan cover the largest loan in recorded history. very little sympathy for the position hank has been advocating. betty: jim, good to see. ari, things for stopping by as well. ari: it was an honor to be here. betty: ari benmosche. you have some big discourse. and russia arabia have reached a consensus on oil freeze. this is according to the interfax news agency, russia's newsagency. unidentifiediting persons on this consensus. there's a meeting taking place on sunday, whereby it was hoped at least in some sort of deal would be thrashed out. interfax as the saudi's will decide on the oil phase, regardless of iran. initially there was a view that saudi arabia and russia wouldn't go ahead and less iran to waste. it seems it will go ahead regardless of iran, which is

boosting output after years of sanctions. that's the big news. the price of oil is up by 1.6%. a big spike in the last few minutes on that interfax news. we'll return to the story. the darkberg markets," side of a booming television renaissance in the united states. we will tell you about the shortages hollywood is facing. that is next. ♪

mark: this is "bloomberg markets," i am mark barton in london, with betty liu in new york. a look at the business stories in the news right now. raytheon is asking congress to navyase purchases of a

missile interceptor, even as the pentagon investigates the weapons failure in testing, according to people familiar with the company's efforts. after a $12es million missile was lost during a test in october and officials say it appears to be a bad component that inadvertently made it through quality acceptance process. ortho says it will stop using a class of chemicals widely believed to harm be used. the company plans to phase out the chemical by 2021 in eight products used to control garden pests and diseases. also a division of scotts miracle-gro company will change three products for roses, flowers, trees and shrubs by 2017. in other products later. that is your latest business flash. betty. betty: the recent rise in television production, all your favorite shows, may be providing us with plenty of shows to been

watch. -- to binge watch. there's overwhelming filming facilities. jerry smith looks at the shortest. -- at the shortage. you could've seen this coming. jerry: there's a huge increase in the amount of television production in the last year. last year there were more than 400 original script and tv shows, there's really no signs is going to slow down. i don't know about you, but i'm completely overwhelmed by the amount of shows that are being created. betty: hugely overwhelmed. i need to get paid just to watch shows now. [laughter] where are the shortages the most? jerry: they are happening in states that, for example, georgia, they've had a huge increase in television production. in large part because of the tax incentives they offer hollywood studios to film there. what they have found is when producers arrives, in some

places -- in some cases, there isn't enough studio space. wholked to a tv producer said they needed construction workers to build a set, but there were more than 30 dollars which is already filled around atlanta, so they had to fly in their own construction workers to build a set for them. vancouver has had a shortage of studio space as well. i spoke to a prop shop in queens in new york city, but there has been a lot of tv production. he told me there are three tv shows fighting over the same fake tombstone, they are all filming graveyard scenes during the same week. normally has over a dozen of these fake tombstone to rent out , is down to his last one. betty: my goodness. mark: the fake tombstone industry is the one to head into. ?hat about a late -- l.a l.a. has a little better

in the structure to a comment all this filming. -- and for structure to accommodate all this filming. i spoke to a union rep who said there's a shortage of greens and greensmen. if the show is supposed we set in boston, that all of the plant life in every scene is native to boston. aat's a job where there's shortage of people. it's happening in l.a., new york, vancouver, georgia. these are popular places where television shows are being produced now. in some cases, they are scrambling to keep up with demand. mark: jerry, thanks for joining us, jerry smith there. you can read his story in the latest issue of bloomberg businessweek. big news coming out of the oil market, we're hearing from interfax that russia and saudi arabia have reached a consensus on oil freeze. the river this big meeting is

taking place between opec and non-opec nations. the's what's happened to price of crude in the last few minutes. "bloomberg markets," continues. ♪

mark: audi is hoping a turbo boost shares from its competitors bmw and mercedes the second-generation of its supercar. matt miller got a firsthand look at the car. audi is reaching for a bigger slice of the lunch reply with its second generation r8 supercar. built on the bones of the lamborghini heard on, this is the fastest, most powerful, and most expensive car audi has ever built. >> is an evolution of a successful design. i think of designers did a great job. version that0 plus

we tested without 610 horsepower . the carpets power to all four wheels with a seven speed, dual clutch transmission. it does zero to 60 in just about three seconds. if those specs sound familiar, it's because the car built by ,olkswagen's stablemate lamborghini, uses the same powertrain. >> the biggest challenge is to keep the two brands as separate. races.ut audi wins 50% of thecontains parts from the racecar that run -- that one the rolex daytona last year. >> teresa car that was exactly like this is special. daytoname to win the really speaks tremendously to what this car can do. ♪

driving the car at the daytona international speedway, the lighter weight and the rear ng are welcome changes. flex i have it in performance mode, manual shifting, of course. you can feel the car slipping already. [laughter] i've never driven this fast in my life. i'm just flying. meter, maxing out the g doing about 180 miles an hour around the banks corners at daytona. it's a feeling unlike anything else i have ever experienced, except maybe being a roller coaster. but standing in line for roller coaster isn't nearly as luxurious as the cockpit of an

r8 v 10 plus. starting at $190,000, it feels like a bargain. mark: matt miller, the cap the got the cream. -- the cat that got the cream. you can learn more on the bloomberg. up next, the european close is next. italian things, interfax reporting that saudi arabia has reached a consensus on oil freeze. the russian energy minister has declined to comment on the report. don't forget, we have talks taking place on sunday. the european close is next. ♪

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scarlet: from bloomberg world and quarters in new york, i'm betty liu. mark: and i'm mark barton.

you are watching the european close on bloomberg markets. we are going to take you from new york to london in the next hour. here is what we are watching -- shares of a italian banks are jumping around today after a massive 5 billion euro fund has been created to help struggling banks used capital. will it be enough to encourage growth? one of thebetty: luxury is slipping. can demand for pricey goods recover? what impacts have the terror attacks had on the bottom line? mark: and the relationship between barclays and the premier league is winding down. what top so