anna: malware strikes. the global cyber attack could claymore victims today. more than 200,000 computers in at least 160 countries have been affected, including the nhs and fedex. manus: longer crude cuts. energy ministers from saudi arabia and russia say they are in favor of extending an output cut into next year. oil jumps to the highest level in two weeks. anna: and chinese led globalization. president xi jingping pledges billions of dollars in financing for the road initiative, and the factory output and investments slowed last month. ♪

anna: a very warm welcome to "bloomberg daybreak: europe," our flagship morning show from london. manus: another day, another set of earnings. anna, the energy producer in germany has a miss. anna: yes. first quarter adjusted net income fell by 18%, misting the average analyst estimates. they are reiterating their electricityrecast, generation revenue contributing to the drop, according to the company. that has been one of the questions, how will they be helped by wholesale electricity price recovering from decade lows? this is the biggest power producer in essen. it will be interesting to see whether they are sticking to their all your forecast. previously they had forecast a 67% increase in profit for this year.

they are recovering from a collapsed and electricity prices, but prompted the sale of the grid business last year. a lot of moving parts at rwe. the numbers themselves are a miss. the share price so far, up by 32%. manus: there has been a bit of a recovery in terms of next day prices. let's talk about one other energy component, which is oil. we have seen a nice, risk rally on oil, on brent, and on wti. brent is up for four days in a row now, the longest winning streak for months. what is the market position on the news that opec and non-opec may extend cuts through 2018? a nice resurgence, but the market -- it was long when they agreed, 1.2 million barrels. we saw that acceleration in terms of getting long. they have agreed to do whatever it takes, and the irony is this -- just as opec and non-opec

agree, down go the open positions. these are the hedge fund positions, the real fast money. they cut net long positions by 70% last week. does that give the market the ammunition it needs to accelerate higher? in other words, all the long positions were washed off, so you have a fresh base. anna: 1.6% higher on brent. the saudi and russian language says they are in favor of extending the cut. the saudi oil minister playing up russia's role in rallying support for non-opec countries. you will see how much influence they have. let's put up the risk radar and have a look at the broader equity picture. there's the oil price, the shanghai composite as well. a couple things going on in big investment, infrastructure playing out yesterday and today. then we have the very short term factory data coming in worse than expected in terms of

expectations. manus: it was a debate between the money xi jingping p promised versus actual delivery. you will see update o -- see a btit of a better bid. aussie dollar up for a fourth day, a nice move higher. again, this is really tied to the commodity complex. as you say, it was disappointing chinese data, but the markets in terms of position, the net longs, any sort of turnaround in oil helps the aussie dollar. have they got a missile that can get to guam? that's the question. anna: a separate test of the ballistic missile over the weekend, dollar-yen on the move. we did see the yen erasing earlier gains. 115.an't mov on

here's juliette saly with the first word. juliette: thank you. crude has jumped after saudi arabia and russia say they are extending oil output cuts through the end of the first quarter of next year to shrink a market glut. speaking at a joint press conference in beijing, they said extending the curves had already agreed upon volumes is needed to reach the goal of reducing global inventories to the five-year average. >> we have come to the conclusion the agreement needs to be extended. it will not reach the desired inventory level by the end of june, and therefore we also came to the conclusion that ending will probably be better at the end of the first quarter of 2018. juliette: in germany, chancellor angela merkel's party decisively won an election in the most popular state, north

rhine-westphalia. it served their opponents a humiliating defeat. also reinforces local standing before a series of international summits starting this month, including meetings with donald trump. in the u.k., theresa may will pledge today to brought unemployment rates in britain as the country pulls out of the european union. the prime minister will say that if her conservative party wins next month's general election, she will introduce measures to safeguard pensions with companies like uber and wages. scotland's first minister has set a vote for her party to protect the economy north of the border from the impact of brexit. >> the message in the election is whether you were yes or no, if you are snp, you are strengthening my hand to make sure scotland voice is heard in these negotiations and that we

can press the case for scotland in the single market. francine juliette: global news, 24 hours a day, powered by over 2600 journalists and analysts in more than 120 countries. you can find more stories on the bloomberg at top . it has been a pretty good session across most asian markets today, despite that miss in industrial production in china. the nikkei is lower due to the yen fluctuation, at the hang seng indexes firmer. it's up for a sixth consecutive session at march highs, good gains on the csi 300. all of that is helping to support the overall regional benchmark, holding near two-year highs, a switch out in commodity-based markets. in terms of stocks we are watching, toshiba has come out. we know it is trying to sell its chip unit, but it says today that without that sale, its for your net worth will be ¥540 billion. tpgey on a tear after offered a full cash share of an

australian company. this is a 12% premium from friday's close. noble group continuing to plummet. it had a 30% plunge on thursday, another 20% on friday. most analysts are saying this company probably won't be able to turn around profit in the next few years. the industrial production data coming through out of china, a fairly simple graph. the blue line here is showing the weakness coming through in terms of what we are expecting from industrial production, retail sales flat in the month. all of this is signaling what a lot of economists have been telling us. we had a quote today coming through securities in hong kong, saying it sends the same message that the economy slowed down sharply in april. manus: juliette, thank you very much. let's shift along now. we have had this unrivaled global cyber attack, poised to

continue, claiming victims today as people return to their workstations and turn on the desktop computers. the european law enforcement thany euro pull says more 200,000 computers and 150 countries have so far been affected by the rent somewhere. somware.e renan anna: what have been the development since the weekend? asia isyou can see and the impact on companies and people in this region. we have had the weekend to prepare for this, obviously this really hits you on friday. asia was asleep by then. but we are still getting companies like hitachi saying they have been impacted. we have had chains in south korea with advertising services hit. we have also had an outage in certain parts of china, where universities have been hit. all these systems, much like in the u.s., use windows-based

operating systems, this worm wannacry, it's the one that has been affected. a lot of the windows systems are being hurt. most of the companies and others in the region have had a couple days to prepare for this. anna: thank you very much for the update. manus: ok, china has lay the framework for its new east-west trade routes, that are known as the belt and road initiative. president xi jingping welcomed world leaders to beijing, describing the plan is a project of the century. anna: our correspondent joins us, tom mackenzie. good morning. take us through the details as they unfolded around this ground plan. nothingrtainly grand, less than the chinese trying to reshape globalization n china's image. some of the details we have had,

this $78 billion of additional funding pledged, and credit suisse could end up pumping in $500 billion to this initiative in the next five years. we also had 18 countries signing up to a financing proposals document, notably not germany, and i can get on to that later, a bit of a sticking point. then you have the development banks, chinese development banks and the world bank's, erbd, and some of the state owned policy wonders and private banks like standard chartered drawing up a financing framework. as well as all that, on the sidelines, we have had deals in securing a $5 billion credit line for a rail link, and china's largest oil and gas companies saying it will do $20 billion worth of deals in the last few days with participants. but clearly there is still a lot of desire. some are brought in and some still need more answers as to what their real intentions are

about this initiative. manus: yeah. if you think of the reach of what it is they are trying to do, the challenges boggle the mind. there's of course the proposition of corruption, at historical. what are the biggest challenges, tom, as he sets this new, ambitious plan? >> absolutely. you touch on many of the most important ones. tied into that is a question that germany's economic affairs minister bought up. when we spoke to her, she had concerns about whether this will be a level playing field when it comes to bidding for infrastructure projects, or whether chinese companies will begin preferential treatment. take a listen to what she had to say. >> we want to be part of it, german companies want to be part of it, but it is necessary that we have a level playing field with everybody, and transparency, that we know about the costs and the labor and work

, everything else. i'm not hearing you so maybe the line has dropped, but what i will tell you is that we also heard from a u.s. representative over here, who also called for greater transparency. he also called for a fair playing field for u.s. companies, and we heard from christine lagarde saying she wanted to make sure that these infrastructure projects were ecologically, environmentally sustainable and friendly. so addressing a number of these concerns, overshadowing to some degree the summit is also north korean missile tests. will we heard from the chinese was that they condemned this, they condemned north korea and pyongyang's seventh missile test. they called for all parties to ease tensions. pyongyang once again trying to overshadow a summit of international leaders in beijing. anna: tom, thank you very much. tom mackenzie, thank you very much for the input. a what to talk about in terms of china.

very: the data was depending on -- was varied. factory output, industrial output, 6.5%. retail sales at 10.7%, fixed asset investment at 8.9%. many they all missed, places showed a retreat from the previous month as well. the bigger picture is the big investment story. let's talk about china. peter allison joins us here in the studio. great to have you. give us your thoughts on china. we have had a few weeks where markets were kept on their toes. chinese assets are under pressure, stock market under pressure, bonds increasingly under pressure as a result of concerns about chinese activity to pop bubbles in the chinese economy. then we see the big

infrastructure push for the chinese over the weekend. what are your latest thoughts? >> there's a lot going on in china, obviously. in many ways, a a lot of the stuff that is going on is positive. the fact that bond yields have been going up is positive. -- i was looking at one of your charts earlier, a lot of the indicators were declining up until about a year ago. we have now seen a lot more stability there now. inflation, which has been negative, high inflation is just as bad as negative inflation. you've now got inflation that has normalized, that's a good thing. there's a lot of very positive things going on. i know people talk about the level of debt in china, i think you have to put that in context. china is very big. you heard it here first.

but the fact is that it does have a lot of debt, and as a percentage of the economy, it is quite high. but that's normal because of the state of china's growth. i'm actually fairly optimistic about what's going on in china. manus: the one belt, one road has suffused numbers -- credit suisse, they are working, 62 countries, $500 billion -- this is a good, global story. type that into where we are in terms of the anxiety in the world. it sort of underpins the growth momentum we saw in the back quarter of 2016. >> absolutely, absolutely. i think the chart you have up showing the financial markets scope indicator, where that peaked would probably be about a year ago, where you started to see global growth leading indicators pick up. i know a lot of people now are quite surprised about the fact that global growth is good. you could have picked that up a year ago, where you saw leading

indicators start to pick up . china, of course, is a huge part of that. the fact is that china's gdp per capita is still quite well, $10,000 or so? that's a huge amount of potential. anna: growth ahead on that front. peter elston stays with us. we will talk more about what's happening with the oil price. coming up, oil pops after saudi arabia and russia say they are in favor of extending an output cut. this is bloomberg. ♪

manus: it's 1:20 in the afternoon in hong kong. hang seng seems to be focused on the belt inroads story, rather than the hard data. 25,000, up .5%. let's get out to juliette saly. juliette: manus, thank you.

diagnosticturer of equipment is in talks to buy a dutch drug in agreement maker. according to people with knowledge of the matter, an agreement could be reached as early as this week. it has the market value of about $65 billion, while pantheon is worth about $3.8 billion. neither could be immediately reached for comment. vodafone south africa unit has agreed to buy a 35% share in safari,, giving it a majority control. according to two people familiar with the matter, they could announce the deal today. a representative declined to comment. that's your bloomberg business flash. anna: thank you. juliette saly in hong kong. crude has jumped after saudi arabia and russia said they favor ending oil out for cuts through the end of the first quarter to shrink a market glut.

manus: speaking at a joint press conference in beijing, the energy ministers of the world's biggest oil producers said extending the curbs already agreed-upon and the volumes is needed to reach a goal of reducing global inventories to the five-year average. >> we have come to the conclusion that the agreement needs to be extended. desirednot reach the inventory level by this june, and therefore we also came to the conclusion that ending with probably -- ending will probably better at the and of the first quarter in 2018. anna: joining us now, tracy alloway anadolu dobby. greatest -- in abu dhabi. they haven't actually cut anything today, half they? they said they are in favor of cutting. tracy: that's right.

ultimately, everything will be decided that the egg opec meeting -- that's a big opec meeting. in the meantime, markets are interested in the language in timeframe. people used to compare opec to the central bank for oil. well, here is one of its biggest members taking a leaf out of the doingaybook in 2012, whatever it takes to bring down inventories to long-term goals. they are talking about extending the cut for nine months versus six months. that might be why we are getting the market reaction we have seen, even though at this point you would argue an extension has been largely baked in. does this do anything to solve the long-term problem in the oil market, which is really about glut, coming a lot from u.s. shale producers? arguably no. i have already seen analyst commentaries saying the risks to as were building, because have u.s. producers responding to the opec agreement, to higher

prices, we are going to see u.s. production ramp up. manus: tracy, thank you very much. let's see what they do deliver when they get together. tracy alloway, abu dhabi. peter is still with us. we started talking about the price of oil, this news has given the renewed emphasis. but if you look at the market, the net long positions have dropped. we are back at levels we had when the first joined cuts were agreed. is this a better basis for the market, if he gets the news in may that they have gone for another extension? >> i mean, i think one has to put the current oil market in the context of what's going on. it's very different now, the oil market, to what it was 10, 20 years ago. on the supply side, you have all sorts of other forms of supply, the main one being shale oil. but you've also got other forms

of energy production. then on the demand side as well, you've got the demanding effected by certain things. go back a year and a half ago, to win the saudis drove the oil price below $30, trying to squeeze out of the market the shale producers. they succeeded in doing that. there was an absolute collapse in shale oil production. but you also saw a real problem with respect to public finances. that was when ultimately led to the saudis linking and saying, actually, we do need higher oil. anna: my colleagues were saying the opec and friends delegation, they completely underestimated the ability of shale to respond to cut costs, to fire people, to get rid of people. then to innovate around technology, to make money at low levels. >> absolutely.

, and it's very easy i'm told, to just switch on the tap. it switches on and off. when you did see this rebound in oil price as a result of the cuts that opec announced, what happened? shale oil producers came back. caused aat has fallback in the price of oil in the last few months. now you have seen opec having to come in again and talk about more cuts. there's a lot going on. i think ultimately, if you look at the real price of oil, which is what i tried to look at in a long-term context, you have actually got oil, which is at a low price, still quite low. manus: peter, thank you very much. peter elston. up next, we are going to talk -- well, the power battle. is merkel marching back to power?

the chancellor's party wins big. we're live to berlin on the day angela merkel meets her new cohort from france, this term background. this is bloomberg. ♪

>> welcome back to daybreak. the dollar-yen is completely unchanged. let's take a look at the market and what is not changed is the data picture. we have details of how the bond markets have been performing. >> we have had disappointing data with infrastructure

upsets some of the growth concerns for the six day search and, as you hasioned, the bond market it hit acted and two-year high last week and analysts were caught off guard they are now saying 3.8% by the end of june and they have had to recalibrate. there isbed 3.5% and hedge fundsut and

have undone all of their wages with more of a rebound. this is where we are at the moment and we have been seeing a little bit of a rally with a commodities surge in the oil session. thatis the only currency hedge funds are not shorting and the long position is the long the and that is they are with a slide and the fed rate rises possibly coming next month. that is what is hanging in the air. over the next few days, what they may have with the june hike

is the momentum with the dollar-yen hitting the wall. this has rallied versus the yen and this has been a world have been beating rally. retracing point and 115 is the level the dollar failed to sustain beyond on three occasions. >> thank you very much. this is africa's biggest it nows earning and is the deal. this >> we have the shares performing

group admits to the high single digits and we will see if there is some positive impact. let's put this to the side and focus on daybreak on your mobile. if you watch from your desk, this is the malware. the cyber attack may continue through today and claim victims. they demanded ransom to unlock the data. andosoft provided a patch they have gone all the way back -- oftware and

>> there is brad smith making some headlines and he is talking about exploit leaked into the domain. with seems to be a story that is going to run. is next story focused in on it is a victory and humiliating to fate destined feet for the democrats before merkel seeks a fourth term. defeats a humiliating before merkel faces the l's fourth term. >> they want to keep the size of the cap the same despite

suggestion of deeper cuts and you have the energy ministers who have details of a new agreement finalized and we will have a lot more comments between now and then and they will all curry favor from the markets. >> it has made an impact here. >> over in germany, let's turn itthe german elections and is the industrial heartland. >> another setback for populism berlin.s get to

this is a bit of a punch for you look at the head-to-head of the autumn elections. andhey are very important this is particularly important. is a massive state in germany and this is only the has won in the cdu is aast 50 years and horrible showing and that makes confident and there

before thehs to go germans go to polls nationally out macron is not going to meet. looking more broadly at the , there isns difficulty finding common ground. seem that way this time around? >> the message was that trade will not be discussed at all and

it should be said our trade is -- that trade is not normally discussed in the g 20. finance ministers care and it is a massive issue. often, ministers were not able to put in bars in the communication and the watered-down language with the treasury secretary mentioning that. listeninlisten to what steve mnn says. towe will reserve our rights be protectionist, to the extent that we believe that trade is not free and fair and, as i said, our approach is to balance trade.

>> it should be mentioned that most of the ministers said that they are warming up to steve mnuchin. they are figuring out ways and donald trump will be back in italy in just a couple of weeks time. mnuchin, youk at get a little bit more of the american thinking. it would seem bilateral list and moderate. clear after 100 days of trumpanomics?

what was the great reflation trade? >> i am positive about the with theor growth reflation trade continuing and you saw the rise in bond yields. it is only natural, given the move you had and growth is about monetary policy. monetary policy is about inflation and inflation is about unemployment. you have seen unemployment this is where you will finally see the growth being impacted open open it in europe. unemployment is still high and

it has a long way to fall and it will continue to spawn growth. you have different parts of the world and i think that the outlook for growth is pretty good. >> are you in the camp that says what different now and wages are not going to pick up this recovery like others? are you in the camp that says there is nothing different this time and we will get wage growth . >> it is all about the phillips curve. this was shown to be a little bit broken in the previous cycle from 2003 two 2009. there was a sharp rise in inflation and you are seeing it

that yout means is need unemployment to fall further than it has in previous cycles and you have seen unemployment fall as low as it ever has and it can fall further before you start to see the pickup and the feds start to tighten. >> this is the discussion i had isld charlie evans and it using it with full employment. in europe, we had upgrades to miowth in the wake of the p and the money is beginning to flood in. has that had consequences for your investment moves? >> we have been overweight on

and itfor some time now has not always necessarily works for us. we have had a lot of geopolitical risks add there is the geopolitics is not going to go away and ec a little bit of a change. the political risk are not going that has to be good for we will continue to overweight europe. let's turn back to asia and

china. they say that there'll is that sustainable this year and the coverage is expected to hit $100 a barrel again. cnpc is working in 19 different countries within the belt and road framework and, of the 12 projects, we are signing some of greats of existing will -- and some we mainly invest in gas projects in russia and central asia.

how do you think the country overdependenceis on energy supplies? >> chinese oil and gas companies must continue to play the role of domestic oil exploitation and we need to speed up the efforts replenishrating to the growing demand for oil and gas. reliance once heavy imports with better use of foreign ins -- resources. >> what is your outlook for oil prices and do you think the cuts can balance the markets? realistic think it is

to hike significantly in the short-term. at the moment, the global supply and the demand is undergoing a transition. the balance between supply and demand is the foundation for a we estimate it will and wend 50 u.s. dollars don't think 60 is sustainable. it will press will see a slow recovery in 2018 through 2020 2014rices will get back to 's $100. really interesting comments

about dependence on or access to u.s. energy assets being imported. if you are a bloomberg customer, you can watch the show and follow all of the charts on the right-hand side of your screen. is lots of extra functionality of the >> the new french -- functionality. the new french president spoke yesterday.

>> welcome back to bloomberg in new york and the future suggests that we could be positive at the fridayf u.s. trade and

ad a dominant theme. let's get back to the business agenda. through march and the german company planned a dividend of 50 euros with a scrap on the previous two years. a real estate project links to president trump has failed to despitecommitments, presentations in four cities. similar of events generated controversy after jared kushner's sister invoked his work at the white house.

a spokesperson denied,. -- bhp is changing their it hasd they said nothing to do with the recent calls for reform. that is your bloomberg business flash. >> thank you very much. this is the first full day in the office. >> good morning. the president was sworn in hear the and we should name of the new minister. businessman who

riske cofounder of the services company. what did you expect from him as a businessman? you used to be in favor of the republican. what do you expect? was expect reforms and he elected on a reform platform and electorate andhe they need to bring change. pointsnew prime minister business withfor the right-wing. >> we need a coalition we do not want

political paralysis and we have to change what they are looking for. him to get aect majority in parliament? that he very unlikely can secure the new parliament half the candidates are new to politics. outcome is going to be rather balanced between his political movement and the center-right. you have a think tank in the macrond do think that

should be tough in the brexit negotiation? >> this is two different issues is a pool add they were trying to take some business away in london and i am sure that the president is going to work in this regard. think the first move is to go theermany tonight and diplomatic advisor is the german ambassador and he wants to be in the center of the policy.

meetnight, he is going to with the german chancellor for his first trip abroad as president. .> thank you very much up next, oil is on the up and russia says they favor extending the out put cuts. we will hear from the saudi energy minister next. this is bloomberg.

computersan 200,000 in 150 countries have been affected. crude cuts with energy minister saying they are in favor of extending an output into next year. the chinese-led --

the output in investment slowed last month. welcome to bloomberg daybreak and i am manus cranny. i mentioned madrid and we are going to spain for some breaking news. this is a bit of a theme on friday within the eurozone and we are continuing with atlanta and infrastructure with toll roads. this is the counter value of the at and they are making it 16.5 per share. it is a partial share there is 22% of

the stock and whether they will accept the offer. we will have to see another aisha.to win over k >> they own two of the airports and they want to move the revenue away from that. to understand the restructuring, have a look at spend. they are still sticking with the

full year of guidance and we have roque and this and they are all holding tight to the full the fulluidance and year of adjusted growth will be you are seeing a loss and theyting are sticking with a full-year target. >> we are speaking to a ceo here we have thought about the revenue numbers and view of pandora and

crossing into the platinum mining company with a lot of thees the set i labor and aboutll be speaking to us this and the broader political landscape on this program. let's look at the futures. theyese of the stocks and are all up by a quarter of 1% and the momentum in the market is being focused on the belton road story, nearly 5 hundred rd spent ormillion to be russia and opec agreeing to do whatever it takes to get theyher in may later when tried to agree to extend the

they put in place and you have a number of different issues driving the sentiment and overcoming the malware attack. >> let's just recap where we are with the oil price and this is up after the russians and the saudi say they are in favor of extending the cuts. we have more to get to before the meeting. the shanghai composite is there for you and we have excitement around the infrastructure story. there was a plan and it was and -- er

the dollar-yen, it has turned around and north korea told the they had the ability to hit guam and you saw the nerves and the aussie dollar they turned it around and you are seeing the aussie dollar stronger. >> the markets are closing out and europe has gotten into the trading day. we are closing both of these on we are lookingd at the bond story. have macaroni and merkel success.regional

you are seeing the slight drops and the treasury is stock in a tight trading range. the unrivaled global cyber attack is set to continue today. that is as facilities gained the upper hand against the first way. the go toe included bed rail system and fedex. the global reach was -- ecedented and the industrial output rose and retail sales have increased.

all those figures miss the economist estimates. the prime minister introduced theures to pensions and first minister has said they vote for this -- whether you vote to leave or hand to are strictly my make sure that scotland's voice is heard in these to go she asia it's and we can press the case. global news power by

journalists and analysts in this we have seen this down 2/10 road and we had the belton initiative over the weekend and we have seen the hang seng up with the six consent to desk six consecutive session. having a look at some of the to havethey continue the net worth including the sale of that unit. bid for this company

premium anda 12% lastlunging significantly week and many say they cannot turn the fortunes around. we have the data coming through and this is pointing to suggestions that we have seen the economy peak. thisurse, you have seen seeing aand you are bit of a change from six years ago. that is the state of play across asia. andet's talk about crude saudi arabia and russia say that they are favoring extending output cuts through the end of the first quarter through next year.

>> speaking at a joint press , they agreed upon volumes and it is needed to reach the goal of the five-year average. bethe agreement needs to extended and we have not reached the desired inventory level and we also said that we were at the beclusion that it would quarter ofthe first 2018. peter is the head with brent and the bond traders nightmare. >> they have many nightmares.

reduces some cuts of the glut and you see the futures curve and it is not going to have us shaking in our boots. wtii am saying is that the could trade up by a handful of dollars and i'm not thinking int this could be some thing that really has the inflation rocketing off and we know that there is plenty coming back on. is more about risk on versus risk off. >> absolutely. they don't have to suffer thereely low prices and are a high-yielding from markets and low yielding bond markets.

>> we see the equity markets in what caught our eye is the discussion over the weekend. and, in theifting space of seven weeks, it has managed to ratchet. the chinese propensity in the bond market. there is a big move and there has to be something that the stabilizes other asset classes. i don't think there is any concern. this is accompanied by ada that hasair or decent and

stronger economic outlooks. we also have the central bank reducing the balance sheet. during -- is not bond bothering bond investors, this is something that we are talking at her row aingly clean low levels. will that change? it will be a we havery effect and the fed and the risk that the at the been talking balance sheet and we have the political environment that will allow them to back away from

easy monetary policy and the low volatility traits have been benefiting from the ever-growing global central bank balance sheet. we will have to think about that next year. >> thank you. that is peter, the head of european rates. the adjusted operating loss. viewalso announced their with pandora. joining us for the first interview of the day is the ceo. great to have you on the program. and about the financiers the investors wanted to see signs that this situation is stabilizing. the situation right now?

up from 420 and improved our net cash position. have the net cash and we have seen the work in progress pleased to see the it has continued into april and may. i'm not satisfied and i know that we can do so much more. in the last quarter, we have shown the finances look better. >> it is about managing the and you are burning through cash a 13.

can you reassure that you will not have to come back? and the a good question the net cash is at $75 million. we are doing all we can in the areas we can control to make sure that this business remains cash neutral in this low price environment. it is a challenging environment we are on top of the game of remaining that weeks -- of remaining cash neutral in this environment. i know that i read that you

put your hardhat on to convince staff to -- do you feel that you have a handle on the social unrest? >> it is a challenging it is aent and department of mineral resources and that is matured today. it is a work in progress with we want toty and in ane the matter and

environment like now, we do not have the resources to pour into the challenges, it is about relationships and that is what we are working on and we are coming to solve the challenges there coming through. >> your country is going through and howitical up people much more difficult is that making it for you. confidence is key from global financial markets. how much more difficult has it become with the politics of your country? >> it is a challenging bigronment and the southdence is sa africa. a momentsupposed to be

of great opportunity. we will find each other again we will make sure we can grow the economy and make sure that it is inclusive. i have no doubt that the current that wees are evidence have to work harder. up next, the global hack attack with warnings that chaos is set to spread. this is bloomberg.

>> welcome back to bloomberg daybreak.

>> thank you. the first quarter earnings missed analyst estimates as profits fell. andlipped through march german company plans a dividend -- year and despite investor presentations they generated controversy kushner invoked his work. you very much. opening like a delayed

coming through. the derivative markets are not the data delay is .n warrants they claim they works and they are protected by the rent somewhere. mware.the ranso >> what are the developments in the attack since the weekend? this started on friday and it has taken a weekend to play out. >> it has started late in the day and it hit very hard and hit

the u.s. hard. bit avoided the word to because of luck and this region and weo use other areas have seen some affects and into today. petrochina is one the biggest operators and some of the machines had gone down and they and the moviesh seeing chain and we are a view of these developments. patch working to try to this exposure and they say that

computer users need to update their software or they will not be for tech did. >> click on the updates. >> oil is on the rise. that will do it for daybreak. this is bloomberg.

guy: good morning, welcome. this is "bloomberg markets," the european open. first trades coming up shortly. i'm guy johnson in london.matt miller is in berlin . this is what we are watching. the hack attack. the global cybersecurity strikes could claim more victims today. so far, asian firms are seeing limited problems. how will markets price this in? lower for longer.