trump named neil gorsuch as his pick for the supreme court. the feds make the first rate decision of 2017. and the end of an air of. general electric ceo tells bloomberg the time of unbridled trade is over. globalization from 30,000 feet, at a resort or in a townhouse or think tank don't

know a thing about the way globalization really works. country backcountry, deal by like i wish it was all free trade and all that other stuff. that's not where we are. manus: and china kicks off the year on a robust note. the dollar rebounds as with potentialal trump trade tensions. his bloomberg daybreak: europe, show.ag shy -- flagship anna: him these in the house of commons behind me set late into the night yesterday just to give the mp's time to have their say, to say their piece, what they thought about the brexit vote.

this is all because theresa may has been forced by the supreme court to bring the brexit vote into the houses of parliament. the vote will take place later today after 6:00 this evening. that's just one of the many stages the bill will have to go through. next week they will continue the conversation but the debate continues before then this afternoon. there will be more outpourings of emotion over brexit. we have breaking news, full-year net profit comes in at 619 million swiss life -- swiss ranks. they say their assets under management at the end of december cover 336 billion swiss francs. those are the assets under

management. if your shareholder, it's 1.20. we saw the transaction volume, 50's -- 50% declines in both clinton supporters and trump supporters are ready to get ahead on these markets. bear may have been penalized for not having that u.s. exposure. we will have a conversation with the ceo of jill yes -- julius b aer a little layer. you can see that interview at 7:15 u.k. time. you have a little bit of pharmaceuticals. rochethe swiss drugmaker producing numbers this morning. is to beding call broadly in line with sales and they see sales growing in the low to single mid -- digit

range. last night we were reporting at bloomberg that they are considering various options surrounding their diabetes unit. would it be a full sale of the business or a been off? could it attract private equity into the market? other large players in the space of been pulling out because of the price treasure. i haven't seen any comments yet from roche but that is something we will be looking for. line or on the light side, but nothing substantial. that's a quick look at some of the breaking news. the dollar all about , it's the air of here. that is the bullish dollar air is getting a little bit then for the dollar bulls.

that is what is driving this market. donald trump fired the interim attorney general. ?ill the fed trump the trump that is the question. the dollar index is still where -- above where it was when donald trump came to power. the won and aim at the end, his trade person having a go at again. what you have is really an attack on the dollar. into the worsted start to the year in history after what was a cracking trump trade on the dollar on the back end of 2016. when this happens in the market, markets react, reset, reposition.

reset your trading position and reflect and indeed reconsider. have a look at this, the dollar of .10%. the worst start to the year on record. at the top of the screen, s&p futures again, four straight days of no gain. that's the longest drive fell since november 4. the market really tries to grapple with a protectionist trump, or is he just doing what he said he would do in his manifesto? question.e navarro blasted germany as undervalued. were off the highs of the morning in gold. make $1450. set to

let's get to shery ahn with the first word news. shery: president donald trump has named judge neil gorsuch as his pick for the supreme court. the 49-year-old would become the youngest justice since clarence thomas joined the court in 1991. one billionaire says he's more donald trump's populist policies may overwhelm his pro-business agenda. this marked a change for the founder of the world's biggest hedge fund in a daily note to clients, he said the current investment environment is marked by exceptional uncertainty. they recommended avoiding

selling assets. a key u.s. lawmaker wants a banking relet -- regulator to halt talks over international agreements until president trump has a chance to review it more. house financial services committee vice chairman patrick mchenry wrote, the federal reserve must use all attempts to review until president trump has to appointrtunity officials that prioritize america's best interest. the brexit secretary called on lawmakers to get the government permission to implement the u.k.'s formal departure from the european union. he could off debate in parliament which continues today, suggesting rejection of the timetable for article 50 would do struggle it -- destroy public trust in competition. prime minister theresa may could initiate brexit as soon as march in malta. summit

apple rose extended trade after quarterly revenue topped analyst projections. it was fueled by demand for the latest and most expensive iphone. sales rose 3.3% to $78.4 billion. sales in china dropped 12%. the only region to see a decline. global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. you can find more stories on the bloomberg at top . thank you very much, shery ahn with the first word news. let's get a look at the markets. we got the markets back in action after the holidays. >> we do, things are looking quite good across most of the asia pac region. playing had kept the global

selloff we saw during yesterday's trade, the hang seng down by .7%. petrochina one of the worst performers there. china will be closed all week and a number of their market still remain close. interestingly we're seeing a little bit of upside coming through from the sensex as the indian finance minister hands down his budget. a lot of the story today is about dollar weakness ahead of the fed meeting later today. we're seeing most markets higher, the australian sharemarket closed up .6% and the nikkei stronger as we started to see a little bit of yen depreciation in the late afternoon trade. good to see a little bit of greenback on the screens. president trump's executive order barring citizens from seven countries from entering the united states has incited protests around the world. only this week the ge ceo

commented on an employee blog that -- but avoided direct witticism of the policy. our editor-in-chief set down with the ge ceo for an exclusive interview and ask about his reaction to trump's executive order. >> i sent something out to all of our employees because we have a lot of people that live outside the united dates, and they are concerned. they are afraid of what is going on. we speak out to see we reallyand that safety is important, but we also want to be able to work with the people that work for ge and allow them to still travel in and out of the united states. we said we understand the cutbacks, but we think there may be better ways -- we are not opposed to speaking out on that, but yesterday the president sent

out an executive order that said to regulations have to be canceled for everyone that gets added. we're looking in all the negatives without looking back and saying there are some directions he's going in that will be very good for business. specialized in hiring analyst from around the world irrespective of nationality. workforce% of your comes from outside. >> if you look at it from a business standpoint, we're running the place of the president has outlined. we are a huge exporter and small importer. the things the president talks affectingly are more people that are importing lots of products and exporting nothing. our play kind of fits the play the president wants to run.

therefore i think it's up to me to speak about how important it is that the u.s. has good relations with potential customers around the world. we have people there on the ground that are iraqis or saudi's or italians are things like that. and they can help us with our local customers, provide that local face. >> is there anything in terms of building walls with mexico or anything to do with the ban on people coming in, does any of that help manufacturing? philosophically, we believe in trade. we believe in the free flow of goods. inherently we don't think things like walls are good ideas. that's -- at the same time, i would say there's nothing wrong with president trump wanting to add manufacturing jobs in the united states.

the president of china wants to add manufacturing jobs, the president of mexico wants to add manufacturing jobs and the chance germany wants to add manufacturing jobs. how do we help the exporters? i think that is a good thing? >> what about the relationship with china? is the prospect of any kind of trade dispute with china, does that worry you at all? >> i think in the economic context, there is no good case to be made with the two biggest economies on earth beginning a trade war. i think of bilateral trade war between the u.s. and china is significantly important for the whole world. that is one i would be very strong on. >> the issue of deregulation and ,articularly of corporate tax , is america's point of view

that something you particularly wanted to do in that field? >> it's a place for your going to have different camps. i respect walmart, but were going to have a different perspective on tax reform than walmart. we are going to have a different starting point. i think all of our voices need thee heard, but if president cannot act on tax reform with republican congress or a republican presidency, that is a big miss for where we are now. and on regulations, the fact is regulations have exploded. we need regulations. you now have the possibilities of marine le pen. are you still confident about the future of europe? you invested very heavily there. >> we have never looked at europe as europe. we know the difference between france and germany.

in 2014 we were stopped in paris by a set of decisions that basically violated russell's rules. we are kind of sitting there as american companies sucking her thumb in paris, and we had to fight our way out of paris, then we had to fight our way out of brussels. it didn't feel like the european union at that time. we have learned how to manage paradox as the company. we've learned how to manage subtlety is a company. globalizatione from 30,000 feet, at a resort or at a townhouse or a think tank don't know a thing about the way globalization really works. country by country, deal by deal. i wish it was all like free trade and all that other stuff. that's just not where we are. of ge.that was the ceo

over $405 million in trade. the big elephant in the room is china. , i said atis worried the start of the program. react, reset, re-trade. the market is reacting every day in terms of the dollar. we've gone from the strongest quarter in many years on the dollar to the weakest on the year on record. of market is very unsure trump. >> we've seen him coming up with a whole bunch of promises, which he was coming up with for while, and now he has enacted them. in terms of reacting, i think it remains difficult. we will have to really see what the fed says this evening before the market can settle down and

start pricing in what the economy is actually doing and not what trump is actually doing. we will get to the fed in just a moment, but sticking with what trump is doing, walking the fine line between -- between being critical of stock policies but also wants to emphasize things he can agree with trump on. we heard from blackstone yesterday and they said they're starting to think about investing around him of the themes around border tax, some of the capital expenditure tax relief plan to buy trump. are you actually investing around the things he's talking about implementing? >> a lot of what he is talking about was already happening, so he's accelerating the trend. moving away from globalization spy a lot of companies, or have's ge is not a great example there. that was already happening in the summer last year.

the inflation trend was already happening last year. he is accelerating that. we are thinking we are in a reflationary environment. the biggest difference he's made is the speed in which it is happening. i think that is probably a market perception. manus: a little bit of breaking bba fourth-quarter net income of 678 million euros. it was pinned in at 520 million. billion -- euros. incomebeat on the net that will probably be interesting for the market. that is bbva coming out with

those numbers. the other thing coming through fed take out the the one last pillar of dollar support. the fed are grappling with inflation expectations at a five-month high. inflation is here. does the data trump the ambiguity of trump there? is it aggressive, in your view? >> not at all. there's a lot of debate whether we get two or three or three or four. janet yellen this evening is talking about we need to be aware of what's going to happen. ascould get the first one early as march. the shifting currency is giving her a bit of space to do that. this weakness we've seen in the be ones year, that could

of the things that sparks a rate rise as we get into march. anna: talking about where we go on the dollar, what is your expectation around the dollar? i was reading some research yesterday saying trump's talking down the dollar with all his comments about others being manipulators of currency, or words to that effect, but at the same time he's introducing tariffs. >> putting controls on your border, increasing the friction lg of trade, he deftly has an deflationary impact their, but we've seen rising rates pushing the dollar higher as well. we are certainly thinking by the end of this year, dxy is higher. it's against europe and china as well. you will have a little bit more conversation with us.

the world's biggest drugmaker and what they say about the u.s. market is critically important. fourth-quarter north america truck and take declined by 3%. the european truck order in europe but that's at 12%. america 2017, the 216,000 orders. in the fourth quarter rose by 10%. it's the order intake that's a red headline across the bloomberg. about toughness factory gains, starting the year in a robust way.

let's get straight to hong kong. malcolm scott is standing by. a strong start for 2017. happy new year, malcolm. >> thank you. let's put this in the context of the chinese new year, which often we see a pullback in january and february. put in that perspective, the pmi's pretty strong, the number we saw today. the other number is the nonmanufacturing pmi. the services pmi was very robust again. what a difference a year makes. time last year everyone was panicking about china's outlook. right now is pretty robust. anna: thank you very much, malcolm scott, with a brief look at what's happenings on the data front in china. luke, what is the big concern for you in china? is it that the government and stimulustakes their

for what off too quickly, or is it around trade wars with the united states? >> i think it's really what happens with the stimulus there. they did remarkable job last year of alien the ship. we will watch closely what happens in the property market in china. generally we will see a bit of stability from china this year. it's not going to be taken as much attention as it did last year. we will almost certainly be looking at what happened to the u.n. and latin america than with china in particular. you never know, donald trump may talk about that. theme this is the whole over the last when four hours. an administration that's --pooning currencies saying we're seeing kinder comments coming through from that. but the governor is going to

hopefully be the ambassador to strengthenede yuan in january and i think it's going to have the opposite direction to what we thought was going to happen. it almost seems they haven't an.e after the yu is this a big risk for the market, that the chinese let yu thean slowly drift off this year? >> it's the one thing i suppose that could affect the inflationary argument here. if thewon reverses some of the affects thee that inflation rate we get globally. but generally speaking, in spite of himself, trump is quiet about china. nixon,be a little bit

listen to what i say, look at what i do. anna: is at the optimist inside you speaking? we saw navarro yesterday talking about the euro and he's not a fan of china, we learned that in the past. >> i think from the political state perspective there's a good chance of that. watching the chinese premier's speech at davos was fascinating. he was trying to step up on the stage and take a leadership role in the world. that's got to be something we watch out for, that china wants to expand into some of that space. i don't think they are going to want to do that while making a big splash with america over the currency and the economy. lot of politics to get through.

of next, permission from parliament. anna edwards is live at the house of westminster. this is bloomberg. ♪

the yen has fallen, the market reacts, it sells the dollar, it resets, it re-trades, and has the worst start on record. of daybreak is available on the bloomberg and on your mobile. making top stories this morning, the cover story, it's all about the industrial bellwether. thanks to renewables and digital

. that's the front story making the front pages. we've got more earnings coming through, the focus today is around apple. the manufacturer and maker of a recorditous iphone, quarter, better than expected iphone sales meant that the tech giant pulled in its biggest profit ever and pushed its stock up 3% after hours. we will keep an eye on the tech sector when it opens up later on today. new customers are still coming on board. finally we focus on the fed, concluding its meeting today in washington. no changes are expected though officials may weigh in on the prospect of sweeping changes to

regulations, tax codes, immigration, and trade. more try to put some context around the markets. 31 minutes into the daybreak trading day and it's all about the dollar. it seems as if the shakedown we've had is only have in a temporary effect. >> look at all these asian currencies weakening against the dollar. the bloomberg dollar index stabilizing, even gaining a little after its worst month since march. the actions of president donald trump playing into this trait. indexci asia-pacific pretty flat after losses in the last session. hong kong resuming trade after the holiday, china still closed. also the 10 year yield in the ..s. up to basis points

ofthe commodities space, mixed picture in industrial metals. gains here in australia and south korea. hong kong reopening on a low, up by point percent. market, therex was a lot of focus on the euro and you and yesterday. fromis after comments donald trump about china and japan playing the money market and is traded guys are calling the euro mostly undervalued. event has hit back on the yen comments and we've had many strategist, angela merkel pushing back on the euro, after 1.08.ro touched we've seen a bit of a reversal in the yen trade. for seeing the yen its weakness after its best monthly rally since the brexit talks.

you,quickly a want to show we've been talking about volatility picking up after it's been low in u.s. stocks. does this mean a bit of a shift in the volatility picture? british prime minister's draft to trigger >> it faces his first hurdle today. it got a vote, it's in the house of commons in westminster. for 11 hoursed yesterday and will continue today. anna edwards is at westminster. they will vote tonight. even if it gains enough support, talk us through the beauty of british parliamentary debating. two of the debate

but not the end of the story. the debate kicks off at 12:45 today and we don't get to vote until 6:00 this evening. it looks as if it will pass this some --ut there will be it will have to go through the committee state where amendments could be attached. and then on to the house of lords. yesterday was almost like watching a cathartic outpouring coming through from the mps. many of them wanted to have their say even if they were then going to go in vote for the bill and allowed theresa may to trigger article 50. let's listen to some of the voices we heard. >> there must be no attempt to remain inside the european union or to rejoin it through the back door and no second referendum. >> the country voted to leave

the european union and its duty of the government to make sure we do just that. >> the british people did not get this government the mandate to threaten to turn our country into some tawdry low regulation economy. the british people did not vote to make themselves for my pulling ourselves out of the greatest free trading single market world has ever seen. >> what is it about having power back in our parliament that they cannot stand? mr. speaker, the once and future sovereign parliament of the itted kingdom wants to make sovereign again. that is what the people challenge you to do. restored to us our national self-confidence, gave us politically a role in the world as a leading member of the union , which made us more valuable to our allies like the united -- made ourade us

rivals like the russians take us more seriously. >> a new liberal democratic structure which would give us that democracy and that piece, and that's why hope everyone is to be taken out of the system. >> so voices from both sides of the brexit debate making their voices heard. around for that boat 6:00 this evening. manus: before the debate restarts again today, we've got prime minister's question time, which is always lively, to say the least area do you think the trump? factor will feature in the conversation the ongoing signage -- 1.5 million people have signed a particular petition.

i think it's up to 1.7 million. there is a rival petition going around suggesting donald trump should be allowed to come here on the state visit. the question isn't about whether he will visit, it's about the form of his visit. a state visit means being wrought here with pomp and ceremony, visit -- visiting the queen, stay with the royals at either buckingham palace or windsor castle. those who signed the petition bill this would be inappropriate at this time, that it could be embarrassing for the queen. the prime minister said the official invitation still sants -- still stands. i think one or two ministers have reflected back on other ministers around the world

that her majesty has met as queen of the united kingdom. let's try to put all this in a market perspective. the one thing that comes through time and time again will we talk about brexit, prepare for the worst, hope for the best. how is aberdeen preparing for the worst and hoping for the best? where is this crystallizing for you at the moment? >> again, this is part of the wider trade we've been looking at. trade and it means we will have some decent firepower from volatility that brexit will give us as we go andugh the rest of the year kicking off individual ideas as we get through the process. and negotiations can actually

finally start once that happens. i would like to see some clarity by the end of this year about what the deal is going to shape up to be. right now as an investor, it's hard to think about three or four years in the future. it's hard enough thinking about the next couple of. it's defensive, it's keeping a lot of firepower ready for when that volatility hits. what are you expecting with the pound? how does the bank of england and their intentions play into that? carney will want to imply they are very much ready to raise rates, but not actually do anything. the inflation is higher in the u k and it some point we need to raise rates in the u.k..

he will talk up the rate rise possibility and i think that just might give the pound a little bit of a boost. it's going to be a good reentry level. manus: the duration of these trades are obviously getting much shorter. >> have preferred to be a much longer-term investor than thinking about the next two or three weeks. inflowsook at this, the -- that's in part currency, but that should of said something a little bit different to you. are you holding cash, stacking for firepower into the u.k. story later in the year? >> is not that easy to find.

they're getting quite aggressive. warner, johnson & johnson getting involved again. all these great allen's sheet companies suddenly are as safe as they used to be. regulated balance sheets at the moment, it's still a pretty good place to be. manus: let's see what the year brings for us all. the great dollar trade in the u.k.. our sights on india. the government has presented its budget this morning. instituting a sweeping demonetization form last year. ministerthe finance proposed and is it in line with what the market was expecting? >>

infrastructure as well as increasing farm loans. is a 1.8 trillion rupee expenditure that's being proposed. anna: why is this budget so important then? this is a good glimpse of the impact that expectation around the demonetization policy. >> it is. so far demonetization has hit india's economic growth and investors are looking at signs that could boost growth again. we're still watching to see with the budget brings, but so far they've talked about streamlining foreign direct investments and abolishing regulatory authority that controls investment and freeing it up so it's still a work in progress and were watching it as it goes on. we're reading those

headlines as they cross. coming up, we'll be joined by the iris financial services miniter -- minister. this is bloomberg. ♪

anna: good morning, this is "bloomberg daybreak:europe." let's get the bloomberg business flash. juliette: general electric chairman and ceo jeff immelt warns the tide of global unbridled trade is over. newsoke exclusively to our editor in chief and weighed in on president trump's travel ban. >> we understand the context,

safety, but we think there are may be better ways to do it. we are not opposed to speaking out on that, but yesterday the president sent out an executive order that said to regulations have to be canceled for everyone that gets added. to frequently we stick to all the negatives without standing back and saying there are directions were going in that are going to be very good for business. anna: renewable energy projects and digital services led to better than expected first-quarter profits. profit from industrial operations rose 26% in the quarter. billion are george soros is a chiefof cap investment officer, according to people familiar with the matter.

fitzpatrick did not immediately respond to a request for comment. traderose in extended after record quarter with revenues helping analyst projections. sales rose 3.3% to $78.4 billion. sales in china dropped 12%, the only region to see a decline. speaking on a conference call, ceo tim cook addressed tax reform in the u.s.. >> i'm optimistic, given what i'm hearing, that there would likely be some sort of tax reform this year, and if it does seem like there's people in both parties that would favor repatriation as part of that, i think that's very good for the country and good for apple. >> the wall street journal

reports that apple is waiting taking legal action against the trump travel ban. manus: thank you very much. european cities fight for business as financial services seek to remain part of the single market. londonsh minister is in and is with us today making a case again for dublin. , your a debate last night mission is to build business for dublin. what isit down for me, the real number of conversations on relocating to dublin? 50as we approach article being invoked, it's quite clear for some companies that if you

want to continue to act in the market, you should relocate some businesses outside of london. inquiries, number of over 100 at the central bank and to the government as well. some still have decisions to make in summer waiting a little longer. anna: good morning to you. which parts of the banking business do you want to get for ireland? are we talking front office or back office? are there parts of the business you don't want to see in ireland? >> we are going to transform every part of it. the types ofk, businesses that may be relocating, that is a decision

for the central bank governor to make with the financial regulator. i think it would be prudent for the irish economy and for the central bank and the ecb. the central bank is meeting with anyone who wants to have a meeting on possible relocation. i think it's very encouraging that they look to our central bank and see a strong and independent central banker who will be able to regulate their business if they choose to move. manus: a little breaking news on the indian budget situation. for 2018, they are raising the budget deficit goals from the original level of 3%. the finance minister aims to inieve 3% this goal deficit 2019. they will limit the net market borrowing to 3.40 8 trillion rupees. so there is a revision to the goal for india.

let's return to our conversation. the central bank last night, the governor suggested he has elasticity in terms of scaling of to deal with any additional business that may come to you. some stories about hsbc. can you give? us any other indication in terms of geography do you have any clearer indication of the geography of the institutions that may wish to seek ireland as their new point? careful because they will make a commercial decision and when they want to announce that decision, they will and we have to respect that. they are ready to reprioritize as result of brexit interest. and also there are additional resources if and when they are needed. anna: in your conversations with

tanks, what have been the factors that have been putting people off dublin, such as federal taxation rates? is that something that is come into the conversation? >> we regard ourselves as the natural location of choice. not just between london and dublin, but between cork and london and ireland and the rest of europe. we've not heard too many negatives in that regard. we think it is a fair taxation system. we have special programs for people coming in from foreign countries. we think we have a fair tax rate would hope to have a new international school, where opening doors and 2018. we also have some quality of life issues.

and have live and work their lives there, we think it it's a popular offering for them. i just want to pick up on one of the themes we talked about last night. feltwillingness have you from other eu countries, you and an team, and terms of understanding of the necessity for some form of redemption some kind of individual deals to be done there. that theunderstand political institutions are a related tond protecting the peace process, the possibility of a hard border, we don't want a hard border.

we think we've done a strong job communicating our concern, and people understand those concerns. they don't want to see any part of your returning to that kind of situation. so we could make our point, obviously article 50 will ". -- on article 50. just briefly, are you worried about a cliff edge with brexit for the financial side of the sector? the cliff edge is a very real possibility if there is a transitional arrangement in place. if a transitional arrangement is agreed, we can conduct talks in a prudent and safe way. thank you very much for joining us this morning.

next, we will talk more about ge. this is bloomberg. ♪

>> the confirmation fight begins . the trump administration takes aim at the end, the yuan, and euro as the fed makes its first rate decision in 2017. the dollar is firming. the end of an era. general electric ceo says the time of unbridled trade is over. >> we see globalization from 30,000 feet at a resort or townhouse or think tank, the you not know a thing about how globalization works. it is country by country, deal by deal. i wish it was like free trade.

that is not where we are. anna: the world's biggest company makes more money and pulls its biggest profit ever. we break down the numbers. a very warm welcome to bloomberg daybreak europe. i am anna edwards in westminster. manus: i am manus cranny in the city of london. the whiteing news on goods maker, they make it, we use it. a lecture looks so. this is what we have got. operating profit comes in at one swedish 2 billion krona. under the estimate, the market is looking for 1.75.

organic growth down 3% for a electrolux. this doesst reading not make for a hugely optimistic topline read. organic growth revenue fell by 3%. the profit is below market estimates. growth is confirming the rate of 1% for 2017. in regards to north america, the 2% to 3%ere possibly in 2017. these are the lines coming through from the electrolux ceo. he will be joining the team of later in the day. his first interview of the day and you can watch them on surveillance at 9 a.m. a little bit of breaking news coming through on monday -- on mondi.

retires.hawthorne this is one of those paper and packaging groups, paper and pulp and you get the idea. it is a south african group. it has gone for a management change. electrolux have seen a drop in the newrevenue naming ceo. i have written down, react, reset, we trade. the 3rs. the dollar is at the worst start of the year ever on record. the administration lampoons the germans, the euro, the yuan, the end. equity markets are ticking higher. the dollar is down, commodities are slightly better bid. this is part of the story in terms of the weaker dollar trade. it is playing through on the dollar equity side. this is possibly a little bit to

do with china and we are seeing stabilization comes through on china on the data, on the pmi. top live go summed it up. it wouldn't -- it would be great if the market reflected back to a country stabilized on growth rather than bashing the markets on a daily basis. i mentioned the dollar. it has bounced from its lows, no doubt about it. you have the dollar index up .251%. we have gone from the worst start of the year on record for the dollar. the s&p futures are taking 2280, up .251%. with four straight days of no gains, the longest since november 4. we have seen volatility fairly flat up by 12%. money was rushing into gold in the past 12 hours. ubs says that you could retest a

level of $1450. that would been -- b 19%. the dollar is up by .25 of 1%. it could be the nixon era according to our guests from the last hour. look at what i do, not what i say. hopefully people listen to some of the things that anna and i stay on a daily basis. let's get the bloomberg first word news. president donald trump has named judge neil gore such as his pick for the supreme court. the nomination of the religious right supporters -- supported triggering a showdown. he would become the youngest justice and clarence thomas during the court in 1991. and more concerned of the effects may overwhelm the

benefits of his pro-business agenda. incomingllish on the president's ability to stimulate the economy. clients, theye to said the current investment environment is marked by " exceptional uncertainty." they recommended avoiding concentrated that -- bets and holding easy to sell assets. and calling on lawmakers to give the government permission to implement the uk's formal departure from the european union. he kicked off events in parliament which continue suggesting any rejection of the timetable would destroy public trust in politicians. if all runs smoothly, the trimester could initiate the legal mexican -- and the brexit. a recorde after quarter with revenue topping

analyst projections. it was sealed by demand for the latest and most expensive iphones. sales rose to $78.4 billion. sales in china dropped 12%. the only region to see a decline. speaking on a conference call with analysts, tim cook addressed tax reform in the u.s.. >> i am optimistic because of what i am hearing. there would likely be some sort of tax reform this year and it does seem like there is people in both parties that would favor a repatriation of part of that. i think that is very good for the country and good for apple. apple is weighing taking legal action against trump's travel ban. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. you can find more stories on the bloomberg at top .

it has been a bit of a turnaround in the late afternoon session. most markets are higher with the exception of hong kong although it is worth noting it has come off the losses of the day down .4 of 1% within hours trade to go. the market has been closed all week for lunar new year. it is playing catch-up to that global selloff we have seen across other markets. much in focusy ahead of the fed's meeting. we have seen a little bit of yen weakness which has pushed the nikkei higher by .6 of 1%. south korea's market doing well, economic data giving a boost to equities. we are seeing the same sex in india flat as the finance minister hans budget. we saw in uptake coming through in the indian rupee against the dollar. and lifting the asx 200 up by .6 of 1%. all in all of fairly positive day for asian equities although still seeing a lot of caution out there as we await the fed

and also watch the trump administration for equity markets. manus and anna. manus: just now coming through which is one of that telecom operators. is set toexecutive step down. she had been with the company for over seven years and delivered the numbers this morning as well. 10.5 ap.end is at they had a tough time over the tristanmonths and so [inaudible] will replace the ceo. net ads were good and the lowered turn in the fourth quarter. a stock to watch perhaps in the opening of trade. our editor-in-chief john mikel's weight sat down with the general electorate -- general electric ceo. a wide ranging conversation.

asking if the immigration been helps manufacturing. philosophically, we believe in trade. we believe in e free flow of goods. inherently we do not think things like walls are good ideas. at the same time what i would say is there is nothing wrong with president trump wanting to add manufacturing jobs in the united states. the president of china wants to add jobs and the president of mexico wants to add manufacturing jobs. the president of germany wants to add manufacturing jobs. how do we help our exporters and find ways to help exporters? said hisvision manager aim was [inaudible]

but was doing things that would cause problems. media wants to drag every -- everyone. what is his goal? his goal is to drive manufacturing jobs in the country. it is good for people and me to listen to that, to try to understand it. it is not a bad thing. good for you as a symbol of american manufacturing. no economist inc. this will help you. >> i believe that when you stand back being able to have trade as a positive thing. >> you're being diplomatic. >> for the last 20 years or so it is not like chancellor merkel who is amazing, who i like. president xi in china do not want to create jobs. it is unfair to target some of commentsns of --

president trump has made. we believe in trade. we sell $3 billion of product and export $3 billion. that is called trade. that is a good thing for the people of the u.s. and mexico and we want to keep articulate that. i think somehow the role of people like me is to navigate between the two and hopefully bring them together versus joining one side of the argument that is already quite strong. >> you're on his manufacturing counsel. >> i was also on president obama's jobs council. i did not agree with everything president obama said either. >> what about the relationship with china? ofthe prospect of any kind trade dispute with china, does that worry you at all? >> no. in the economic context.

there is no good case to be made with the two biggest economies on earth being at a trade war. i think that relationship, a bilateral relationship between the u.s. and china is significantly important. for the whole world. and so that is one that i would be very strong on. >> you have very good contacts in china. is there some element of the administration not estimating how much pressure the chinese are under? >> they need to. the chinese are good. they have a worldview just like we do. and i would say that the president is smart enough to understand that ultimately, even though we are going to disagree on things, having some kind of bilateral relationship between the u.s. and china is critical. i think he is a smart guy, he will see that. ceo jeffat was the

trade andking about the trump administration. one prime minister who met the u.s. president is theresa may. she is facing a debate, it is about the draft law to trigger brexit. the bill for 11 hours yesterday. they continue today. anna edwards has not missed a beat. sticking inyou there. day two. what about today, 11 hours of debate. tonight we get a vote. even if that gain support it does not mean that it has passed. it is a long process to get there, is net? anna: today does not make it a done deal for this article 50 bill although it does look as the -- as if it will pass. we see the resumption of the debate.

they debated late into the evening. even if it does pass tonight when we see that vote it still has to go to the committee stage. lord's and ithe could get bounced back to the commons and that is when we start to talk about whether theresa may's timetable has to shift. it does look as if it will pass this particular fertile. we had an outpouring of cathartic and motion around brexit. let's listen in to some of the voices. >> it must be no attempt to remain inside the eu, no attempt to rejoin it through the back door and no second referendum. the country voted to leave the european union and it is the duty of the government to make sure we do just that. >> the british people did not give this government mandate to threaten to turn our country to some tawdry, low regulation, low tax economy. the british people did not vote to make themselves poorer by

putting ourselves out of the greatest free trading signal market the world is ever seen. >> what is it about having power back in our parliament they cannot stand? future sovereign parliament of the u.k. makes -- votes to make it sovereign again. that is what the people challenge you to do. it gave us politically the role in the world as a leading member of the union. which made us more valuable to our allies, like the united states and made us rivals like the russians to take us more seriously. >> a new modern 21st century economic liberal democratic structure which would give us the democracy and peace and that is why hope everyone will vote

for triggering article 50. both sidesoices from of the house and both sides of the debate. many of them calling on theresa may whether they will back the spill calling on her to increase the level of scrutiny that parliament and the parliamentarians are able to give to this brexit process. manus: it will be interesting to see if the white paper hits the desk and what amendments come through. gotre this debate we have prime minister's questions time. usually a lively debate. do you think that the trump issue of him coming, his state visit, is going to feature in that conversation? a petition and counter petition has been launched in that regard. anna: yes. trumps travel ban, the regulation he brought in over the weekend certainly controversial and we saw protests on monday.

now we see this petition, 1.7 million names attached to this. there is a rival print -- tradition -- petition saying he should come. there will be a debate on that subject and it will, in prime minister's questions later. thank you. great to see you there sticking with it. palace ofe westminster. we will have a conversation with our guest walking us through earnings. this is bloomberg. ♪

manus: live shot of the brandenburg gate. the u.s. whoro in treated as it to

donald trump lambasts germany and says that they have undervalued the euro. the administration taking aim at many currencies in the past toy for hours. let's talk about numbers. reporting better than expected earnings. that was a year ago. we have the ceo joining us now. thank you for joining me this morning. a good set of numbers, well done. it is good to raise prices, that is what is coming through from the numbers but what i want to get a sense from you is life after trump. last week i was in switzerland and one of the ceos said more than 50% of my clients hope to do trade, hope to enact, hope to become active that they want to see more meat on the bone from

donald trump. what ratio of your clients are set to pull the trigger or have they already pulled the trump trigger to trade? guest: coming out of very strong results given the environment we and obviouslyntum activity picking up. this is continuing. we are into a total new environment from the macroeconomic but also a geopolitical point of view. there is to be a lot of volatility. alsovolatility means is opportunities. we see a lot of our clients, the vast majority in gauging, that is an environment where we do -- show our our job and clients investment opportunities. this has translated into the full potential of trading, not yet area there is still lots of cash on the sidelines waiting for a clear direction of how the u.s. will interpret its new role on the global scene.

manus: the strategy for you, many people have said you do not have the same u.s. exposure is other people. you said you will hire 80 new relationship managers. are you going to take more of a presence in the u.s. one way or another in 2017 and if so, how? guess: we will not. the market is big enough for us to pursue other opportunities that have a better payoff ratio for us. couldring pipeline we materialize three times are run rate and we believe this will continue. there is a huge window of opportunity for people who want to work for private banking like julius baer. manus: where's the opportunity, middle east or asia? guess: asia is a strong and solid platform. we have invested in the majority

of relationship managers joining us in asia. we going to see more action coming from asia for us. the next steps of , one of the conversations i am having is consolidation. on to get your take. i know that you like to do deals in a certain size, are we going to see that from you this year but i am interested in how would you defend yourself against anybody who might want to take r?t julius bae is there a risk you could be a sideline in the consolidation story? guess: in the last 10 years we have taken an active role in the consolidation. we will continue to be looking .t consolidation opportunities due to our size, obviously, there are less opportunities that are interesting for us and if and when we would like to deploy any opportunity or realize it, it will have to be

something of size enough and substance. in terms of defending ourselves, i think the best recipe is to continue to be successful and post year after year excellent results and trade at the multiples to the rest of the industry. i think this has been a very successful recipe. brexit, veryms of briefly, do your clients talk a lot more about that than they do about trump in 20 seconds, what is the top agenda conversation on the clients' tongues? guest: the top agenda is trump and the ramifications and second item is what is happening in europe on the back of brexit. the third is how the cards get redistributed in the emerging markets starting from asia. manus: thank you for joining us. great to talk to you. keep on hiring. of julius baer.

the market open is up next. this is bloomberg. ♪

guy: you're watching bloomberg markets. this is the european open. your first trade of the cash session coming up. i am guy johnson alongside matt miller. his is what we are watching this wednesday morning. some sugar to go with the medicine. former bossesth and calls for better pricing but his regulation will be eased. we speak to the ceo of road -- roche. deciphering donald. the fed is set to release its