>> i central bankers in the spotlight. we hear from draghi and carney today. a partial win and an uphill battle. the u.s. supreme court clears part of the travel ban, giving president trump partial vindication. meanwhile, the senate health bill faces opposition from enough gop members to block it. fema under fire. e president has been charged with corruption by the chief prosecutor.

a very warm welcome to "bloomberg daybreak: europe." it is our flagship morning show in london. i'm manus cranny. we have a great show for you today. we have a couple very interesting conversations and these gentlemen will join us. at 6:30, we speak to the ceo of allied irish bank about the company's ipo, which seems to have gone so far, so well. and then we will be speaking to colum eastwood, getting his reaction to the deal done between the tories and the d.u.p. welcome to daybreak and the markets. it comes to talking about bullishness, have a look at this. chart number 461, just closing

in the green. but there is an uneasiness in the market. the citigroup sentiment indicator. when it is in the bearishness, it is in the red. this indicator shows the growing divorce between bearishness and where the s&p is. that gap is widening. being in the s&p is not the most crowded trade in the world. the net long valuations are pretty close to neutral. they raised their cash allocation. those are the uses of the terms bullishness and bearishness, and look at the gap. mind the gap, the message from the markets. you have this nice move in some of the equity markets. you have the dollar-yen moving as well.

that really is beginning to change the sentiment in the market. 1% atpix, up 1/3 of 1618. we are waiting for janet yellen to speak today, and we did trade up to 112.13. what will this do to the dollar? the topix, the highest close since 2015. currency volatility is that a 20 month level for treasuries are trading at a rate we have not seen since 1970. oil, holding on to its gains. nationwide supplies are expected to drop to 2.2 5 million barrels. and the shale producers could make money in the mid 20's. slap it tookhuge yesterday, down 1.6%. talk about fat fingers, that is

atrocious. 1245 is where we are trading. according to the notes from morgan stanley, as a way to see what happens next from the fed. those are your markets. let's get to juliette saly. reporter: thank you. temer has been charged with corruption by the country's top prosecutor. the highly anticipated move needs to be approved by 2/3 of the chamber of deputies. if the president is found guilty, he could be jailed and stripped of office. he has repeatedly denied wrongdoing. president trump says the supreme court's partial revival of his travel ban is a clear victory for national security. justices unanimously said lower courts had gone too far by blocking the 90 day ban. people from six muslim majority countries will be barred, unless

they can show a general relationship with the united states. the court will consider in october whether the executive order is constitutional. at least republican senators now say they will vote to block the latest version of the party's health care bill, threatening mitch mcconnell's hopes of repealing obamacare. a new estimate from the congressional budget office found the bill would leave an additional 22 million people without health insurance and a decade. republican leaders still hope to hold a final vote this week. and the u.s. president hasw warned modi that his country must do more. at the same time, donald trump offered recent purchases for u.s. made equipment at a joint news conference. he promised increased economic cooperation between the countries. our conversations today, president trump and i have discussed all dimensions of india-u.s. relations at length.

both nations are committed to a bilateral architecture that will take our strategic partnership to new heights. reporter: the european central bank's president has put an end to the debate about the inclusion of great bonds in the ecb's asset purchase program. that is as draghi says commitments offered by creditors still could provide sufficient clarity on the country's future debt path. the government is counting on quantitative easing to aid greece's return to the international debt market. 's speechmario's dragh draghi at 1:00 a.m. u.k. time. global news 24 hours a day, powered by 2700 journalists and analysts in more than 120 countries around the world. you can find more stories on the go>.mberg at top

bearing gains in japanese stocks, but a switch out of the csi 300, which has been having a good rally on the back of the inclusion of those livestock into the msci global benchmark indexes. also, gold players are under pressure and australia. taiwan, rising the most based on a report that a research team is collaborating with nasa to develop virtual reality products. the housing market australia has raised the interest rates on its interest only rates by 30 basis points, saying it is in line with regulatory requirements. and this is the penny stock in hong kong, followed the most in record. interestingly, it makes umbrellas. not sure what it is falling so much, considering the rain we have had recently. having a look at this chart. we have heard after the bell yesterday that takata will be lifted from the tokyo stock exchange. this chart shows how significantly the market cap has

plunged since we heard more outcomes of the struggling airbag maker. also, takata's obligations are larger thanlf times its cash. t this stage, it still looks like it could open on the close today, so we are expecting it to fall the daily limit. this, after it rose 45% when it trading on friday. t thismanus: we do not talk abot penny stocks very much. theresa may could come under fire from brussels -- well, she did yesterday over her plans to protect eu nationals living in the u.k. barnier said the prime minister must offer the same rights afforded under european law. meanwhile, mark carney has entered the bank of england's financial stability report today, giving an early indication of whether he will take the first steps towards normalizing policy in the u.k. joining us now to, james bevan,

ccla investment management. great to see you. from a market point of view, i want to jump staraight to carney. one year ago there was a flood of extra money into the market, to be bolster, to be pragmatic and prudent. is it time therefore, for carney in the bank of england to move higher on the countercyclical buffer? in other words, building capital again fo rbr banks. >> i worry. we have had a household spending position predicated on the premise it will continue to borrow. inflation is rising faster than wages. i think the u.k. economy will become progressively weaker. i think mr. carney will remain deeply supportive. manus: perhaps we are a little bit ahead of ourselves.

you see that as perhaps a little bit too hawkish? james: far too hawkish. in the states, the federal reserve will hike again in december, not september. i think we will get a steeper yield curve, meaning we will see 10 year rising in the states substantially. manus: you are concerned about the u.k.. i got very excited about consumer credit growing at 10%. he said i was talking bumpkin, basically. james: you are quite right. manus: he did say affordability, running your debt, has never been so cheap. that was his counterargument to me. you would perhaps disagree with that a little bit.

james: i definitely would. credit availability will be constrained. we have monetary policy online one hand and potential on the other. the banks have to be very careful. we have art using this example in the global car market, bubbles emerging. people will get into real trouble whether they can pay it back. if in the u.k. we have prices rising faster than wages, we will have continuous disappointment and that is hardly a recipe for optimism. manus: jpmorgan brings forward their call for lift off of rates in 2018. nomura says a liftoff in u.k. rates, they say august could be live. you would not concur with this either? james: you are talking about? manus: in the u.k. jame: actually, this is so far ahead. what we really are talking about, is there anything imminent in the horizon? there are too many variables to

confident about 2018 or 2019. at the moment, there is nothing on the horizon that leads me to believe we will see rates higher in one year's time. manus: nothing that says rates will be higher in one year's time. i was looking at the gilt market. yearng up on the tw oyeao paper. james: there is not a monstrance uptick yet. the context of the sideways trend. what i do find fascinating is the 10 year yield remains at 1%. the second-largest owner of gitls after the bank of england is the nondomestic investor. why are they prepared to finance our government's debt? in terms of risk

the future value of the pound. manus: so, if i take that statement and take rates agreeded, mam i that this is reprised in the propensity to reprice is the upside? james: the yield upside. manus: my question to you is, therefore, has that got the propensity to move? james: i agree we will get a steepening of the yield curve. it will continue overtime. in other words, we have seen the yields, andlt the only ship is likely to be up on a trend basis. manus: james bevan stays with us. let's get your highlights. it will be a busy day, a busy week. 9:00 a.m., mario draghi makes his keynote speech at the ecb's annual forum in portugal.

then, the bank of england releases its financial stability report, followed 30 minutes later by the address from the governor, mark carney. at 6:00 p.m. u.k. time, it is the lady herself, getting yellen. sh-- janet yellen. at least three republican senators said they would vote down a draft of their party's health care bill. plans to repeal obamacare in danger. this is bloomberg. ♪ manus: it is "daybreak:

europe." here's juliette saly. reporter: bmw is bolstering its best defense against donald trump's trade row with germany. yesterday the german automaker revealed the revamp sports

utility vehicle in the palin a, as it carolina, release plans to create another 1000 jobs. >> we are releasing in the united states market. it is our second home. we are manufacturing and assembly as many as possible. that is why we are investing in other $600 million, another 1000 jobs in the next four years. we are coming into the market with a new urgency. the united states is a very important market for us. reporter: italy's finance ministers says no more of his country's banks will need state aide. he was speaking in schools of lead to bloomberg after the italian government are castrated a 17 billion euro rescue of financial lenders. >> we don't expect other lenders needing state aid.

considering of course, as i said, cases in which this would be, in theory -- lumia underlined that, in theory, with new cases. we don't expect no cases to come out. reporter: the ceo of stevens is working to keep activist investors at bay. ahost of lenders base face surge of shareholders to manning change. increasingly wary of tracking the right balance between financial results and building for the future. successful in the short-term, yet there is a balance. there is a difference between the short-term aspect and the long-term aspect. reporter: the siemens ceo spoke

exclusively to francine lacqua. you can watch the entire interview next month on bloomberg television, and at bloomberg.com. that is your bloomberg business flash. manus: there are potentially three republican senators that said they would vote to block the current version of the party 's health care bill, endangering mitch mcconnell's plans to repeal obamacare. bill estimate found the would leave an additional 22 million americans without health insurance for a decade. in other news out of the u.s., the supreme court cleared part of donald trump's travel ban, suspending entry into the u.s. by people from six muslim majority nations were over 90 days. it takes effect in 72 hours. james bevan is still with the "daybreak" team. two pieces of political theater,

one of which is the travel ban. the second and more important for markets, is the potential that they repeal of obamacare could falter. million americans could be without insurance for a decade. how would markets interpret this bill if it was dropped on the floor? james: there is a general concern that the floorplans of washing policymaking have been played out in a way that puts real risk on the trump commitment to cutting taxes and deregulating. , the eight team senior members, have 113 years of political experience between them. hefty amount of business experience. team trump is deeply competent.

whatever you anticipate about donald trump, his team behind him -- the treasury secretary, all of those people are very capable. however, getting through the political format of washington is proving really problematic. assumes of people would with a big republican majority in the legislative area of government, he would find is difficult. i think people will be much deregulation,he which from a small business point of view is very important. manus: one thing the producer and myself looked at this morning, health care stocks. they have tripled the s&p return over the last month. the benchmark is relative to the s&p itself, and relative to energy. that is another conversation. in a melee, did you get drawn to

health care? did you think, i want part of that potential change? does that dissipate if the bill fades? james: if you step back from the market more generally, until the end of this term of the year, we should expect the s&p to be somewhere between 2400 and 2500 points. i would say the defensive strategy investors need to consider in current target conditions is to stick with the correlation. that means that having an extravagant weight in the health care stocks. manus: now, you sent this through and i could not resist. the u.s. pricing. prices the u.s. msci at momentum index. we are getting into standard deviation land; i love this. what does all of this mean and tie that back to the potential

for markets to reprice. james: it is simply this. at the end of the day, in the long run, markets have to reflect fundamentals, but in the short term, markets are moved by buying and selling pressure. when you get an upsurge in pricing pressure, there is a correction, up or down. because of the pricing we have at the moment, there is a rising probability of a correction, meaning a turn in prices of 5% to 10%. i do think we need to see a shift to recession. i don't think there is every sign of a recession in the united states until the first or second quarter of 2019. without having have the elevation of growth, we might not even feel the recession by then. i'm not calling a bear market,

but i do think there is a rising risk for an actionable correction, meaning you have a slightly higher cash rating, and you could find better buying opportunities later this year. manus: if you put the pieces in flow there, and we talked about the fed -- we potentially are underpricing inflation risk. this is the other dynamic. let's put the 10 year government bond yield. you expect bond yields to rise, and you expect them to rise -- well, 2.3% to 2.8%. indictment oft an the world in which we live, relatively low growth and low inflation? in the long run, we have deeply bullish equity markets. there are many people who say, look at the stretch valuations. we look at the mother of all selloffs. i think that is poppycock, as long as we have reasonable economic growth and low

inflation, and relatively bond yields. i see the probability of that happening anytime soon as quite limited. manus: presumably, to get that .8% and to get up to 2 beyond, you need that experience in the eight members of the trump team to deliver on fiscal form and programs. james: i am assuming the trend economic growth in the united states is much closer to the 2%. i think steve mnuchin will not get his 3% growth. that is why i think this right to remain bullish for longer. manus: james, stay with us, the cio of ccla investment management. we will be talking to the cme group chairman, joining the team at 7:30 p.m.

up next on "daybreak," draghi's defense. the stimulus program has benefited young people living in the eurozone. we have more on what we can expect from the central bankers this tuesday. ♪

>> it is daybreak. let's check in on the markets. this and it ise interesting to see how it will go today. we are a long way from impeachment and the market reaction may not as negative as you think. we will be keeping an ion that. eye on that. ore reacted well.

let's show you europe, going nowhere. and we to focus on this will see this and continue to monitor how this goes. we talk about the outlook for u.s. equities and there are a number of contracts betting on thatecline and you can see line andts above the it continues to move down with the volatility surrounding the bomb markets. and we have been moving down.

>> the calls aren't coming to wind down the program. speaking to students ahead of the forum, he argued that people would benefit from the growth. greatued they have made progress. thatis should go at speeds do not create major imbalances. and is called convergence think that great progress has been achieved with this. live here.

why did mario draghi decide to have a meeting. >> itting question mark was the first time they organize this meeting and this is the main concern for the ecb. there is the hiring among the youth and we are obviously seeing the headline number falling and there is no doubt that the youth have suffered disproportionately. unemployment is even higher for countries like portugal. mario draghi decided to meet with the youth and tried to explain to him the purpose of the policies they have out andted and to point bring the message home that these policies will boost growth

and help lower unemployment. >> that is the challenge. we were chatting with the central bank governor and there was a great debate on what is the next move. what can we expect from the ecb? there are interest rates that have to be low to recover and he stress on the the best tack. is a message with central. have been trying to

emphasize that this is about academics and it is about the opportunity to step back from the topics of today and the issues that they face as a policymaker and they think about what is their next step. what is on everyone's mind is what they are going to say about the next step and we are going andear from the president we are at a point where the growth is recovering and that is what he told his students. the question is what is next and they obviously have not discussed tapering. they have not discussed the next step, but they said that the growth has been balanced and

they could think about the next step. the topic is investment and growth. out, they make the policies to help growth and make it more. >> there is monetary policy in place. thank you so much. draghi'save mario keynote speech here on bloomberg. time.s at 9:00, london with this team. the message could not have been any clearer. is nossage is that there growth and saving and it is a

.ovish mario draghi the battle lines are becoming much more divided. i anticipate the growth position is still quite fragile and that he will be in no hurry to remove this. >> this is the challenge. you have mark carney telling us that they are not that hawkish. and youthe inflation have the europeans and they have issues with the challenge for all of them. the loaded inflation expectations have to do with oil and it has drifted away. is this a challenge or are we becoming overly-myopic?

i have talked about what drives inflation inside of the inflation is the moving at a fast pace and what is not moving fast is the importers and we have this real conundrum of what will happen in the north asian economy. that are developed markets produce goods and services that they could not otherwise afford and they are able to export with and we didc prices see the end of last year and a china andricing to

the big question is where it goes from here. if it is correct that there is more of a profit motive coming that is forced on them by the sector, we can look at the atlation and when they look the volume, there is more inflation. >> this is a risk and we caught up with the chairman. >> i get the point that you are making and i'm trying to make a tangential jump about the consumption for automakers. we talk about the political theater and that is another discursive. this has been huge for the equity story for us. there is the auto exposure.

and theres me nervous has been a high dependency on exports and there has been things they can extract and i would say that they will be subject to competition and disruption is going to be difficult. is that traditional manufacturers do not have a head start. they'll assume a bigger market share and it is not going to happen. brazil.ll talk about the president has been charged with corruption. the charges are the latest development in a series of there has been a

repeated denying of any wrongdoing. great to see you. thank you for being with us. is it deja vu or have we entered a new phase in the debate? of thes a continuation corruption scandal that has dogged brazil for the last three years now and we saw the impeachment of the former president. concerned,his is this is a harsh allegation and an indictment from the attorney general who accused him of several charges of corruption, including obstruction of justice and involvement in criminality. as far as he is concerned, it is a new phase and it will be a difficult time for brazil. for his part, the president insists that he has done nothing

wrong and he is going to stay on and fight this. >> this is a thing you can say about the brazilian leaders. they will fight until last moment. >> there is the announced plans to increase spending and create 1000 jobs. and heller made the trip asked what is difficult about making an investment and the administration seems ambivalent about the free trade. there is a product and we

in jobs for the next four years and we will have clear demand and it is that the united states is a egg market for us and it is a number one name for us. >> you will employ 10,000 people here and you touch 120,000 jobs in the united states and you export more than any other manufacturer. have you explained this to president trump? march with the german chancellor and i visited with that administration. we are the biggest exporter and ouras surprised that 70% of production goes to the world. additional jobs that we

created and there is commitment and passion that is well received and i made it clear that we need free trade. >> do you think that they understood those arguments? he wants to brussels and told counterparts that the germans are bad and that the m w sells millions of cars. does it worry you? >> i am not concerned and it does not worry me. we have our partners in south tradena and we need free for future growth and business development. we may have to explain that a little bit further, but i'm sure we will have a good administration. >> the rolls-royce was one of my favorite and you have a mini and that is fun. do you think you will be able to

keep all of the manufacturing production in the u.k.? happens andee what there is a trade agreement with pragmatism on both sides. otherwise, both sides lose. we have to look at what comes and what develops. we hope to have a solution. say they called the u.k. fantasy island for german carmakers. kid.xt, the come back we speak to the lenders.

>> it is daybreak.

welcome back. 3 billion euros for the irish government and it is significantly less than what was spent in the wake of the financial crisis. bloomberg spoke exclusively about the outlook for the lender. bank that has strength and diversity from the irish economy and we have this bank withand it is a strong prospects into the future. >> the minister believes it is ceong prospects and the joins us now. gone well and according to plan. so me the plan and the investment you just sold.

what is the future trade? them have a lot of the business model and it is very attractive. we deliver strong levels of thisal and it looks like there is an opportunity to increase his needs in the future. many people in the market and to what extent is it going to be a handoff approach and would is going to make it a close relationship.

>> we have been able to demonstrate the shareholder and running the business with the framework and the board is responsible for the day-to-day and this has come through strongly to restructure the business. you can absolutely do it from the state. remember this from 30 years and there was a and wecant operation know the domestic story is one of recovery. reengagehe addition to

on a global scale? are we looking at something more expensive? the next two years are about doing what we are doing and this is more efficient and it is working. about 40% of the market and this is attractive. this is when we keep the opportunities they present and there is a small footprint and it is modest and it is about the efficiency and making sure where the exemplar with how we operate in the new world and beyond the three-year horizon. we will come back and talk about

that. i come back and and we talk abt the italian banks and the velocity in the nonperforming loan markets. what are your plans to offload these and can you give us anything to benchmark the way the nonperforming loan story goes? >> you go back and we had 30 billion nonperforming loans and we announced that we had the reduction and the number was we expect the total number to continue to work

through and it is going well with employment and asset growth end withve reached the we can dolios and both and we will continue to boot -- to do both. go, i am let you curious to know if you will be getting stock in the company and what kind of size will be? been the allocation process and there will be no

allegations of favoritism. we are in a closing. anything would be after. talk with the interim results with me. andome back to the market the continued success. that is the ceo having a good restart to the market. james was listening to that. the nonperforming loans are going hot and heavy. what did you make of that conversation? domesticis basic business and you have the power this is the sort of thing i would look at. >> it is a cliché that time will tell and this seems to be a theme of opportunity for the goliath and the demise of david. >> i agree and the italian bank

reorganization will be more supported. at thisteresting times andt because of the context what was said and what was not said? >> fascinating read. >> we touched on the cars and you were concerned about the european automakers. why? fromworry about disruption vehicles and driverless cars. and i worryallenges and people should be and i would be looking at these and it is

correct to say that people drive more. >> thank you so much. great first hour. up next, much more.

>> central bankers in the spotlight. a partial win and it uphill battle. supreme court clears part of the travel ban and gives donald trump some vindication. enough lawmakers to block it. the brazilian president has been charged with corruption. climb in tokyo trading.

welcome to bloomberg daybreak year. it is our flagship show. this is a return for equities and it indicated just slightly off and we are waiting for a huge amount to come through and this is how it looks and janet london and we in will hear a little bit more from mario draghi. missill have the dovish and what will janet yellen the united states.

these are indicators and volatility is something we will talk about in a moment. close-out atseen a these levels since 2015 and we will talk about the next move and what drives the next move with the dollar-yen coming back the graphics team has moved more quickly than i can's take. we have the stockpile and the inventory. dropupply is expected to and there is a note that they can make money in the mid-20's. if this is the case, hello torture. and there is an anxiety

trade, according to morgan stanley. it is sufficiently offset by the economic reality. the topics are up and it is slightly lower in the futures pricing. what does mario draghi said and has he gotten overly hawkish, in terms of expectations? message on the bond market. let's get to the first word news . >> the trump administration says anothery are planning

weapons attack. he said that aside would pay a heavy price, if they proceeded. the attack prompted donald trump to order a cruise missile strike against syrian targets two days later. the partial revival of donald trump's travel ban is being called a victory and he said that the lower courts have gone too far. people will be barred, unless they can show a genuine relationship with a personal entity in the united states. three republican senators said they voted to block the latest version of the health care bill. a new estimate from the congressional budget office found that play 2 million with the without health insurance.

michelle has been charged with corruption by the top prosecutor. clear how long the process will take. if they president is found guilty -- the president has repeatedly denied wrongdoing. and they backnion on living in britain after she said at the report. blow for a dealt a swift deal. global news card by 2700 journalists and analysts in 120 countries. a little bit of a mixed session

it closed higher with the yen little weaker against the dollar. we have a locket the stocks in detail and this is an they could story and be pairing up with nasa on this project. this is increasing interest-only rates in line with regulatory requirements and we're seeing it coming through in a hong kong today. underscores a bit of a risk. over the weekend, they showed

how the market cap has fallen takata has come off the list today. interestingly, the obligations are 2.5 times larger and there are more worries ahead for that company. >> thank you. we have some breaking news coming. we turn our attention to spain they are officially signing a merger. to the banks and

the government plans to sell shares in the bank and that was the intention. we have this merger going through and we saw it happen as they took on the bank and they were given a backstop with assets. let's focus in on the central bankers of the world. mario draghi will give a keynote speech at a forum and mark carney delivers the bank of england's financial stability report and gives the indication. is -- ellen

the head of multi-assets. it is good to have you with us this morning. yellen and this is the challenge i should james. isy all face this and it expectations.on what does that mean for the head of asset management and what does it do to you? influences the asset there is a factor why the search has come back into the recent weeks. thinka key factor and i

you'll see a different response from the central bank and janet yellen and the federal reserve and to look through this argue on the upward pressure. this andghi will use say they are easy and slow. >> these are more intelligent people than me looking at this extrapolating the arguments. and that, look through this will there be a policy misstep? it is a simple question. >> i think that is was they are arguing. it as a reason to

and they argueg they will look at something different and look at the u.s. economy that is progressing and has more fundamental reasons with pressure and mario draghi says he is looking over europe eurozone and it is behind and we don't have a tight labor market. >> we don't have a eurozone tigd there is an underperformance by europe and the barbarians are by the gate. activism.ing more are there barbarians at the

gate? that.ould not put it like i am from the netherlands. you see that. taken over not being by anybody. not the barbarians at the gate. this is the respectable market i would not be too going further in the next few years. bank hase the central been undone and we have the political side of areas where we

are concerned and it has been added. story of europe as a the last two or three months and we are still overweight there and it gets priced into the markets. this is the reason we still prefer across-the-board. up next, theresa may reaches an agreement and we speak exclusively to the leader of the northern ireland democratic party. bloomberg.

welcome back.

it is daybreak. i am with the head of multi-assets and he is with the daybreak team. this is what you are familiar with. and is policy uncertainty it comes back a little bit. market is like the 1970's. what is that? you know all the political them andd they ignored realize it was something else. this time around, the economies kept going and that is

surprising. the question is coming down about fear for the political littlepe that looks a of ifand it is a question the market is complacent. >> the top line on the story is that greed runs the show in global markets and that is disparaging and it is the biggest risk. i look at this and the ambivalence and should i build updisparaging and it is the biggest a little more cash? are you doing that? we are sticking to being overweight on equities and the yields with the credit in the

european region and i think that volatility is low and we see the movement between the different sectors and you look at what the commodity markets are doing and it is not the case that all markets are flat and i think you are relatively high and can look at the broader profile of investor behavior and i think that it is early to say that everybody is complacent and the thing that can happen is a crash. >> let's take that representation all the and thist bond option says to me that -- >> it says to me that there is a

sounds likeand it people are defensive and there is a lot of look good in the and they don't want to go anywhere? >> i am not convinced of the marginal move. i do think that there could be a .rigger i could imagine this is what i talked about earlier with the central bank. if they change course, we could have a couple of months. >> with this manifest with outlook? where would you want to be? >> who moves? the dollar moves and you want markets.rt in those i think you want to look at the

assets. bernankeber when ben started hinting at tapering? >> that is called anaphylactic shock. thank you. great to have you with us. >> the democratic unionist party. supporting the may government in key votes in extra funding and scrapping the commitments. me thisu for joining morning. i terms of the finances, promiseou welcome the as a whole.

>> we welcome extra money to reinvigorate the public services and we are in a process of negotiations to reestablish the institutions with the government and we hope to get that done and leave this with the tory party. i would rather see the all-inclusive government by the end of this week in a way that benefits all of the people. pressure on you to reconcile your differences? put your differences aside and manage the money. >> i would like to see that happen and i tried to get that -- get that to happen for

the past number of months. be largest parties seem to arm wrestling and we need to get on with things and run a government. the economic crisis could be coming because of brexit and the crumbling health services. we want to see this, but the big issue is with the conservative party and it is hard to know and negotiationtical influencel be able to when it is necessary. i suppose that all of us need thisat some point and pressure will -- >> has theresa may compromised yourself russian mark you said

the negotiations are nothing new . is this spent by theresa may? shias the whipping boy. i told us to theresa may and we will find out if she is able to serve. i hope that she is is -- i hope that she is and we understand the pressure. if she is not able to apply the pressure, that is a fundamental problem for the agreement and the political peace process we have. >> that is a the hard of the issue and it is the ability to enact and continue the good friday agreement. let's talk about brexit and it is an end orton to area for the

north of ireland. blankt that this is a check on brexit. and howgree with that to have anter that sphere of influence on the negotiations? >> the concern is a vote on any issue and to have a sphere of influence on the negotiations? this is an issue because we do not know what this means because we are not sure what we will see and what we one that is in needingle market and we this up and running and a strong -- strong position on brexit for when we go to westminster and

the executive needs a seat at that table. i don't think we're in a the britishtrust government that does not tend to understand much. >> as you understood. are you surprised the taxes not on the agenda? know how much this will cost the northern oral -- the northern ireland block grants and the corporation tax is dropping in the united problem we the big harmonizeat you can

your tax levels with the republic of ireland and this is attractive, if you leave the market, that harmonization is -- once we need to go. that is it. thank you.

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