>> coming up on bloomberg west, the stories that shaped the weekend. financials and focus. >> we saw fixed income trading. >> the markets are having an issue with bank of america. another report since shockwaves through washington. congress and the public get more detail on the mueller probe. a.g. barr: the special counsel did not find any evidence that violate law. >> it seems like oil indicators are pointing in the right direction now.

taylor: president trump keeps supplying verbal pressure to the fed. the catastrophic fire in one of europe's most treasured landmarks. chancellor philip hammond believes theresa may see brexit through. >> as far as imo, she doesn't -- i know, she doesn't have any intention of leaving until that deal is done. taylor: auto executives at the shanghai motor show discussed the road ahead for the world's largest car market. >> the energy segment is growing at a very fast clip. taylor: it is all straight ahead on "bloomberg best." ♪ taylor: hello, and welcome. i'm taylor riggs. "bloomberg best this is -- this is "bloomberg best," your weekly review of bloomberg television

around the world. let's start with a day by day look at the top headlines. u.s. bank earnings were in the spotlight all week, starting monday with goldman sachs and citigroup. ♪ vonnie: citigroup and goldman sachs reporting earnings this morning. let's start with goldman. its revenue structure has been quite static, and if you got such a static revenue structure, you can't afford a 40% drop in something, can you? alison: goldman had a really strong rebound in the first quarter of 2018. if you look at this quarter, pretty much across the banks we are seeing decline. we did see at goldman a better-than-expected beat in fixed income trading. the same at citigroup. however, both coming in lower on the equities side. even though they beat on the earning side of thing, revenue

is probably about in-line with some of the key businesses, perhaps a little bit light and some other businesses, but really the beats or tax driven, -- were tax driven, and that is why investors might not be giving them as much credit as compared to if it was a big revenue boost. >> a major fire devastating the notre dame cathedral. french officials say so far the force of the fire is unknown, and no injuries have been reported. what is the latest on what can be salvaged? >> it is not good news. it seems right at the two bell towers. they have managed to get some of the artwork out but a lot of it is something you can't move. there's chapels and frescoes and statues in their, and obviously those things you can't move out. officials are saying they are not 100% sure they can save the cathedral. >> should one of the bells fall

in one of the towers, it could take the whole tower down with it. we are still at a very perilous stage. this is not over. guy: french president emmanuel macron has vowed to rebuild the cathedral. the money is pouring into rebuild the cathedral behind to rebuild the cathedral behind you. reporter: we just learned the ceo behind lvmh and tim cook of apple will be donating money to rebuild notre dame. money around the world from global business tycoons is flowing in. it is also helping to support emmanuel macron, who last night said they want to rebuild notre dame, and they will. it is the destiny of france and the destiny of their people.

guy: bank of america reporting record profit on the back of its consumer unit, despite a 30 drop in trading revenue. retail lending carried the back to a solid beat. however, stocks trading down. net interest margins, the fading influence of the rate rises, i think a factor behind this. reporter: the markets are having an issue with bank of america not because of bad results. as you mention, the prophet hit another record this quarter. but it is the guidance for the rest of the year. we are really talking about the last hurrah quarter with the fed rate hikes being on pause. executives on the call this morning said that the net interest income, the difference between what the banks are paying out to depositors and what they are making on loans, it is going to grow half as much this year as last year. that is still an up arrow, but it is half as much. ♪ >> china's gdp grew at 6% in the

first quarter with stimulus measures providing support. the economy has proven unexpectedly resilient. march factory output jumping more than 8% year on year. retail sales rising strongly. >> there's always skepticism when it comes to china's data and whether you are getting an accurate read on what is going on. the bigger picture is that it is hard to ignore the trend. it seems like all indicators are pointing in the right direction now. retail sales holding up quite well despite the trade war and negative sentiment. industrial output really surged, and fixed asset investment is also picking up. the effects behind this doesn't necessarily mean this momentum ca bemand rather than the external story, and that probably bodes well in the trade deal they are negotiating over the coming weeks and months.

♪ david: morgan stanley shares rising in premarket after the bank beat estimates. alison: it is a little bit light, but almost a rounding error, so i would call that about in line with what we expected. we are going to be looking at deposit pricing at morgan stanley. we've seen pricing coming up on the wealth side, and deposit growth as well, but the trading business, the equity trading business, they earn more from that business, along with goldman, then any of the other global peers. ♪ >> senior u.s. and chinese officials are talking more trade talks to reach a deal by early may. what is different this time from the many times in the past we were close to a deal?

>> it does seem like we are in the last leg now of these negotiations. we have more of a timeframe, according to our sources in the u.s. we are at a point now where we are expecting mnuchin and lighthizer, the trade secondary and representative, to be here the weekend of april 29. then we are expecting the chinese premier to fly to the u.s. the following week. after that, we are expecting a deal to be announced when he is in washington. what we are then expect to see is the two presidents will go to a signing ceremony somewhere towards the end of may, and president xi and president trump will sign off on this deal. there are still big question marks over the tariffs. we still have reporting suggesting the u.s. has asked china to shift retaliatory tariffs away from agricultural

products onto other goods so they can sell this as a win to u.s. farmers. but yes, more details on the timeframe. it seems we are getting closer to that in point. ♪ david: there's only one thing going on in washington, and that is the mueller report. attorney general william barr holds a news conference today and will release a redacted version of the report around the same time. a.g. barr: the special counsel not find any conspiracy to violate u.s. law involving russian linked persons and any persons associated with the trump campaign. so that is the bottom line. >> barr was hired for this moment, to bring some gravitas to the podium or attempt to put this behind them. pres. trump: i'm having a good day, too. it was called no collusion, no obstruction. [cheers and applause] vonnie: the report has now been handed to congress and is also on the department of justice

website for public viewing. a lot redacted, but a lot does point to the fact that this isn't over. >> mueller found at least 10 instances where the president could have been construed to have been trying to obstruct the probe into the russian interference in his campaign's involvement. some of those instances are pretty damning for the president. >> we are seeing some of the oedipus that was built up by the attorney general start to crumble. this is a very damning assessment from mueller that he didn't have the confidence to clear the president. i think this explains why the attorney general wanted to get out in front of this. it undercuts immediately the stance the president has taken. kevin: the president getting support from key allies, including the republican national party, which has released a statement virtually completely saying that this exonerates the president, and that it is time to move on.

democrats say not so fast. they want to see bob mueller testify on capitol hill. taylor: still ahead as we review the week on "bloomberg best," u.k. chancellor philip hammond shares his thoughts on brexit negotiations in the future of prime minister theresa may. plus, the challenges facing european banks and the quest for economic growth. >> the problem is how you coordinate all these countries to have a fiscal boost in case things get worse. taylor: and up next, more highlights from a week full of earnings reports. l'oreal's numbers suggest beauty is alive and well. >> demand is very strong. taylor: this is bloomberg. ♪

♪ taylor: this is "bloomberg best." i'm taylor riggs. earnings season shifted into high gear this week. let's take a look at some of the prominent companies reporting, starting with entertainment powerhouse netflix. ♪ vonnie: netflix delivering a disappointing forecast for the current quarter, with domestic growth slowing to a trickle. are investors right in being concerned despite the beat in subscriber numbers? reporter: i think this is a bit of an overreaction. i don't really see disney being a huge competitive challenge. i think they are going to be more couple of entry.

-- complementary. the interesting thing about netflix internationally is the fact it has very strong growth. they are building a larger and larger library of non-english begin content. they are being smart about extending the reach of content and what they are doing. i think the reactions we saw were a fear that the forecast was a little below what people thought, maybe because of this competition. probably more like because of the price increases and some of the turn we see, but i still think there's good opportunity. david: johnson & johnson shares are rising in premarket after the company beat expectations for both earnings-per-share and revenue in the first quarter. this was driven mainly off of your prescription drugs. is that fair to say? >> i think the balance was heavily weighted toward the prescription drug side, but we are very optimistic about continued cadence of improved growth we've had, and we are looking forward to 2020 to be at market performance are better. but prescription drugs did perform very well across all of

our therapeutic areas. immunology, oncology, pulmonary hypertension. not just for the short-term data, but for the long-term? we had significant improve will during the quarter as well. >> roche is raising its outlook. the drugmaker sees sales rising by a made digit percentage during this year as new medicines for multiple sclerosis and breast cancer help offset pressures on older treatments. analysts say it is rare you normally have enough confidence to raise your outlook after the first quarter. why this year? >> we started very strongly into 2019. the strong growth is entirely driven by our newly launched medicines. that is the reason why we have raise the guidance now for the full year to the mid single digits. ♪

anchor: l'oreal got more revenue from asia than from western europe for the first time last quarter, surging demand for luxury products countering the drag of a slower chinese economy. guest: for luxury beauty products, demand is very strong. the growth that we had in the first quarter was at 30%, 33%, which is exactly why we had this year. we see a very strong appetite of chinese consumers, young chinese consumers, and i think that is one of the secrets of the reason of the boom. very young consumers, millennials, are really jumping on the products. ♪ anchor: rio tinto has slashed guidance for the next quarter after various natural disasters, fires and the like.

>> they are saying there's going to be continued disruption, flagging that there may be some lingering impact into the second quarter. that is to give the recovery efforts and slow progress. they've been hampered by another tropical cyclone that formed in the region, and your guidance for shipments through 2019 have been cut as low as 333 million tons. if it did hit that low, that would be lower than the amount shipped in 2018, and this just adds to that bearish sentiment around supply in the iron ore market. ♪ >> blackstone reported quarterly earnings today.

guest: we've handicapped ourselves with our corporate form. by changing just our form bubble we will double the amount of money that can by our stock. shery: how big is this conversion? guest: it is pretty big. a lot of my clients couldn't get around the k-1. they weren't in the index. this is really a game changer. blackstone is going to open up to a lot of owners, so it really is a big deal. ♪ anchor: it was a strong start to this year for europe's biggest consumer brands. nestle reported its best first quarter since 2016 despite rising prices.

unilever beat analyst estimates on underlying sales, helped by positive performance from its home care business. we are concerned about the economic picture in europe even more than in the u.s. nonetheless, global growth is slowing, and yet it looks like consumer staples companies are able to keep selling their goods with pricing power. >> yes, i think what we are seeing here is clearly some improvement in pricing as we recover, particularly in the u.s. the western european market remains pretty deflationary. we are seeing a tough retail environment in germany, france, even somewhat in the u.k. overall it is really the emerging markets boosting numbers today. ♪ vonnie: pinterest and zoom video shares start trading, those ipos priced after the market close yesterday above their valuations. what were these pricings like,

and how do you expect they will go today? reporter: pinterest closed around $19 a share, which would put it below its last private round. there's a lot of enthusiasm around zoom. zoom's financials look great, whereas pinterest doesn't look like it is going to be the x -- the next facebook. it is trying to be its own thing, but investors don't seem to understand it. >> do you see profits coming soon and if so, when? or, is your focus going to be more on investing to grow the top line? guest: we are going to continue to invest for the long term. we should really get improvement, but my eye is always on what is going to make pinterest great three years, 10 years from now. that is going to be how we continue to run the business. we are really excited to get -- to see it keep growing. ♪

♪ taylor: you're watching "bloomberg best." i'm taylor riggs. how serious is europe's slowdown? that was the topic of much discussion this week as investors watched for encouraging data points and pondered a gloomy forecast. in an exclusive conversation with "bloomberg daybreak: americas," societe generale's chairman shared his thoughts. growth is being revised. there's no recession overall. it is just that, like in the u.s., growth is not as expected and not picking up, so interest rates remain low, at zero or negative. we need more investment, private

and public. i think europe compared to the u.s. has room to maneuver on the fiscal side because it is going down. the problem is how you coordinate all these countries to have a fiscal boost in case things get worse. that is the big? -- question mark. carol: one thing people have been talking about is can european banks be successful with a negative rate regime. guest: if we were at the same level as in the u.s., we would be as profitable as u.s. banks. we have negative rates instead of 2% rates in the u.s., and we contribute every year to the single resolution fund, which has been built up. the sum of negative rates and these contributions is about 15 billion euro. every year, the banking system is giving up that tax.

if taxing banks is the best way to stimulate the economy, congratulations. [laughter] they have to make the decision. if i look at japan, if i look at switzerland, they have tiering which reduces the negative impact of negative rates on the economy. so i think that is something we have to look at. but it is a big decision. carol: bloomberg is reporting that ecb officials lack enthusiasm for this tiering plan you are talking about. in light of that and what you call a tax on the financial system in europe, many are expecting more consolidation. this consolidation a good or bad thing for you? -- is consolidation a good or bad thing for you? i'm thinking of, for example, deutsche bank and commerzbank.

guest: again, if i look at the u.s. as a model, i think where the u.s. was 30 years ago and even 10 years ago, you have seen this consolidation happening. together with the creation of a capital market which is helping the banks, i think we need to see that in europe, too. consolidation a be within the first stage within borders, and then cross-border. we need to create european banks that compete with u.s. banks on the same level. ♪ taylor: coming up on "bloomberg best," more compelling conversations. u.k. chancellor of the exchequer philip hammond discusses the chances of a compromised solution to britain's brexit stalemate. plus, a conversation with blackstone's stephen schwarzman, and kkr explains why they think china is on the verge of an comic rebound. -- of an economic rebound.

♪ >> the monetary as well as the supplied side is starting to work. ♪

♪ taylor: welcome back to "bloomberg best." i'm taylor riggs. last week the european union granted the u.k. a six-month extension to reach an agreement on a brexit deal. talks between the government and the opposition labour party are set to resume next week, even though neither side has much room for compromise on the key issues that divide them. bloomberg's francine lacqua spoke with britain's chancellor of the exchequer philip hammond the world bank imf spring meeting in washington on whether he supports a permanent customs union if that was required to bring a deal across the finish line.

chancellor hammond: we've gone into these talks on the wenciple that we agree that need to leave the european union and end freedom of movement, but beyond that we haven't set out red lines. we are prepared to discuss anything they put on the table. we know this is one of their public demands, a custom union. -- customs union. it is not what we set out to deliver, but we are prepared to discuss all of these things with them. just because they've put it on the table doesn't mean we are going to accept it, but we are pretty talk about it. francine: but personally, would you accept it? chancellor hammond: it is about the government's position, and we are prepared to talk about it. francine: many are wondering whether theresa may will go. is it better for her to stay beyond the extension? chancellor hammond: the prime minister has said she will leave once she has done the deal and taken us out of the european union.

as far as i know, she doesn't have any intention of leaving until that deal is done, so she is a person with a strong sense of duty. she feels that she has got a duty and obligation to the british people to deliver brexit. she would certainly want to make good on that obligation. ♪ taylor: this week, the shanghai auto show brought together leaders from auto companies around the world, and they had much to discuss. there's the recent sales fall off in the world's largest car market, as well as signs that china's electric vehicle industry is approaching a bubble. bloomberg's tom mackenzie spoke with several executives about their outlook and concerns, starting with volkswagen's ceo. ♪ guest: we are very strong in china. we have got an 18% market share. use they want to

momentum of china to become more competitive. tom: we've seen 10 straight months of falling sales across the market in china. when do you think that starts to turn around? guest: we have seen two quarters with declines. also, i am quite happy with the development from our viewpoint because they could defend our market position. losing a little bit of volume, but gaining market share. we are not too scared about china. we hope that with communications between the u.s. and china, that the situation can change rapidly. there is a huge demand still in the market. the economy is basically in sound condition. also, the stimulus should work and should affect the markets. i am quite optimistic that the second half of the year is

-- will be the better half. >> the auto sales decline us on -- i would say is quite significant. however, what we see at the same time is that the energy vehicle segment is growing. every month, you see growth about 80% or so, so that is very impressive. tom: how does it play out? are you looking at companies being wiped off the map, or are there going to be partnerships here in china tying up with some of the startups? how do you think that plays out longer-term? >> i think it will happen in various ways. we are seeing players slowly fading away, which means they will slowly disappear without funding, without product, and cannot get to the market on time. simultaneously, there are players that will look for strategic tieups with oem to

become may be the new energy arm of some of those oem players. we see that happening with some of the tier two or three players. i think the market will involve, and ultimately, what will be left to compete will be very small. ♪ taylor: global investors are also hoping the chinese economy starts hitting on all cylinders after data this week shows government stimulus is starting to take effect. with the the trade war u.s. would certainly strengthen the outlook. kkr's henry mcveigh explained what that new trade relationship might look like. ♪ >> i think the u.s. will keep the $50 billion they originally put in place in place. i think there is a chance they roll back the $200 billion. i think president trump needs

some growth going into 2020. i think it also sends a nice sign. but in my 20 plus years of going to china, it talks about -- goes back to something i talked about two shows ago, which is that i think there is a divide. the relationship with things related to technology is more structural. i think it will affect supply chains. i think the way people think about expanding globally, asia becomes marginalized, the americas becomes marginalized and europe will be somewhere in the middle. that is not insignificant for europe. europe gets 49% of its gross gdp from exports. you saw them, as china slowed, they really slowed down, too. a lot of our focus in europe is really around finding industries that can go beyond that global slowdown that is being forced upon them and that has led us to technologies in some areas and consumer experiences. reporter: if i understand you correctly, the chinese economy, the slowdown has bottoms. guest: i think it has been

arrested. i think there is a clear message from being on the ground in china that the stimulus they did, both monetary and some of the supply side, is starting to work. reporter: when does the impact of that stimulus melt in places like europe? guest: probably the third quarter. reporter: that much of a lag. guest: i think there is a bit of a lag. unlike in the past where it was just pure monetary stimulus and we had a more immediate spike, i think this will be much more gradual. i think that is important consideration. nominal gdp in china, when you have a fixed investment economy, you can grow 15% to 20% nominally. today it is a service economy with demographics in their face, i think you grow maybe 8%-12% nominally and that is real gdp just north of 6%. taylor: also weighing in with insight on the global economy and markets with stephen schwarzman of blackstone, who spoke with bloomberg's jason kelly.

jason: you have a bunch of portfolio companies that give you a window into how the consumer is feeling and how ceos are feeling. how are they feeling? where are we in the economic cycle? steven: we are pretty close to full employment, so that means there's more money going to consumers. consumers are still confident and active. the tax bill is a real shot in the arm, if you will, for capital equipment with the depreciation schedules. we have slowed down a bit from where we were. i think the current estimate is around 2.5%. for u.s., we've got good growth. in china, unlike what people were thinking. i was there a few weeks ago talking to people. they just reported around 6.4%. to the extent of those numbers

are absolutely accurate, i can tell you from being there that people are not worried the way they were two or three months earlier. jason: are you worried about a u.s. recession in the next year or two? stephen: i haven't been, and i was somewhat alone in the fourth quarter. i don't know why there was this huge drumbeat. we didn't see it with our companies. we have about 200 companies in that part of the business at blackstone. no ceo thought we were going into a recession. jason: and they remain confident? stephen: yeah, they remain confident. it is not as good as it was a year ago, but it's got a good footing at a lower growth level. ♪

♪ taylor: this is "bloomberg best." i'm taylor riggs. let's resume our roundup of the week's top business stories to -- with the sudden resolution in -- to the business dispute between apple and qualcomm. ♪ emily: apple and qualcomm agree to end a legal battle over billions of dollars of fees that licensing threaten to jeopardize qualcomm's line of business. >> it is not a surprise they eventually decided to go down this road. apple decided it was nearing a settlement, whereas qualcomm has been talking up a settlement for months now. they both benefit. apple now has a clear path to releasing new iphones and ipads next year in 2020 with faster 5g networks to be compatible with those, and qualcomm sees its business model being certified and vilified here with apple being an agreement with them by settling, so to speak. ♪

guy: president trump rendering -- renewing the attack on the federal reserve, tweeting that the stock market could be as much as 10,000 points higher if it weren't for the fomc. does the united states have anything to worry about when it comes to fed independence? >> not in the near term. the fact that trump is tweeting about undermining fed chief powell does not actually lead to change in his orientation or action. i don't think people around him believe that. >> mario draghi on saturday said it is disturbing that the united states would be attacking its own central bank. he says, "i am certainly worried about central-bank independence, especially in the most important jurisdiction in the world." people are concerned that if these tweets start to have an impact on market psychology, it -- even if the fed doesn't react, it could interfere in the markets might not perform in the way people want them to.

jonathan: more are being reported to join the fed board even as reports that the administration is talking to a number of candidates. kevin: conservatives here in washington, d.c. such as the heritage foundation are very much still backing stephen moore, who has deep ties to the conservative ideology. people like art laffer are still backing stephen moore, in particular. they are saying he is someone who is more of a policy wonk and crafted in the vein that would add a sense of seriousness that is differentiated from someone like herman cain. if you look at herman cain, his chances of being senate confirmed are increasingly not there. the mass is not working -- math is not working for

him. let's take a look at the senators opposed. senator lisa murkowski, mitt romney, cory gardner. for herman cain, a difficult path forward, but for stephen moore, the chance is still there. ♪ >> we have the u.s./japanese trade negotiations starting. do we know what we want out of japan? >> we want to get this done and dusted soon because president trump has had a problem with part of his base, and that is the farmers who have been hit as a result of the trade wars with china. with japan, it is really a tale of the consequences of the president's own decision. by pulling out of the transpacific partnership early in his administration, he left the lucrative agricultural market open to improved access for countries like australia and new zealand, and meanwhile the europeans have moved in and find their own trade deal with japan. which took effect february 1.

a lot of people in the farm sector here in united states want to see something quick. ♪ jonathan: germany's forecast was not terrific, 0.5% now forecast for 2019. >> a wake-up call for the german economy. 0.5%. to put this in context, you need to go back a year ago. that point, the german government expected growth of 2.1%. clearly it is a massive revision. what you see here is that none of the tailwinds they were counting on, china, turkey, the emerging markets, have actually helped. what you see is that exports and karmic -- makers best carmakers are still very much under pressure, but for europe in particular, the big question has to do with fiscal stimulus. are we going to see germany spending money to grow? until now, they have been reluctant to do that. ♪ anchor: congressional democrats are ramping up their investigation into president trump's finances and any dealings with the russians. they have issued subpoenas to

deutsche bank and other financial institutions. deutsche bank has been cooperating. what is the panel looking for specifically? >> it is looking for any indications that deutsche bank inappropriately helped donald trump out of financial difficulties in his real estate dealings before he became president, plus anything else that may lead to questionable behavior in the campaign of 2016. eric trump immediately came out with a tweet blasting the committee for this, what he considered to be a "political witchhunt." the democrats have to be careful they don't overplay their hand. matt: we've heard this described as a friendly subpoena. is it a problem for the bank? >> they've actually wanted to cooperate for a long time, but given the constraints on talking about a client related, especially one that is as important and sensitive as this one, they never were able to cooperate. now that they've been served a subpoena, it is a legal requirement for them to cooperate and hand over those documents. i think for them it is sort of a relief.

they want to put this behind them and get these documents to the democrats, to the house, and wash their hands of the story if they can. ♪ anchor: a shakeup at j.p. morgan. they have named marianne lake the ceo of consumer lending. she was previously the cfo. it always begs the question, are we grooming a successor to jamie dimon here? could one of these females be the next in line? reporter: this is the really big question because marianne lake was widely seen as one of the top candidates to be the potential successor. this definitely puts another woman in the pipeline. both women are the same age, actually. one has been at the firm for more than two decades. it definitely puts somebody else on the bench, but draws questions about who will really take the top seat at the end of the day. ♪

anchor: 190 million voters in just six hours will cast their ballots as indonesia hosts the world's largest single date election. once again, the president is running against the former general for the top job. how significant is this election? >> it is significant because the country's unity is at stake. it is not about the economy. the two sides do not differ very much in terms of economic policy. front and center at this election is a political identity, the religious identity of the country. this is where the country is split right down the middle, between moderate and conservative islam. what is important is unity. whoever wins this election will need to bring the country together, and that in itself is a huge challenge. >> the indonesian president set to claim a second term, with unofficial counts giving amazing

-- showing him taking a significant lead. his rival is already disputing the result claiming an internal exit poll shows he has more than 55% of the vote. this feels like a replay of five years ago, but what happens from here? >> from here it is about healing the country. we talked about how the country has been divided because of religious issues. right now the priority is to get everybody together and reunited. that was precisely the message he sent across to the country when he spoke after the elections. however, it is a mandate for him to go on with his reform agenda. also, it is an endorsement of his economic policies, which he has implemented so far. he has not claimed a victory. he has said he will wait for the official results, which will come by may 21. ♪ vonnie: the ultimate personal and professional come back, tiger woods won his 15th major title, his fifth green jacket at the masters sunday.

yesterday's win was also a major boom for the few sponsors that stuck through tiger through his downs, nike and tailor-made. this is a massive story. reporter: the one company you always associate with tiger woods, back to 1996 when he turned pro is nike, they were one of two companies that you associate with tiger woods. back to 1996 when he turned pro, it was nike. they stuck with him through personal and injuries. back in 2008 when tiger won his last major, nike was everywhere. they don't do that anymore so tiger had to go elsewhere. tailor-made makes his clubs. bridgestone makes his ball. when he made his return to the sport wearing that customer redshirt, that is perfect. ♪

matt -- ♪ matt: i've got the earnings analysis chart from the bloomberg terminal on my screen. in terms of a surprise compared to what the analysts had been estimating, it has been a pretty poor season. >> we wanted to highlight a brand-new function on the bloomberg, a fresh look at etf's in europe. taylor: there are about 30,000 functions on the bloomberg, and we always enjoy showing you our favorites on bloomberg television. maybe they will become your favorites. here's another function you'll find useful, quic , where it will lead you to our quick takes

where you can get important context and fast insight into timely topics. here is a quick take from this week. >> we're entering an era in which our enemies can make it look like anyone is signing anyone -- anything at anytime. >> jordan peele showcased this technology where anyone can say anything out of anyone's mouth. the technology behind some frauds is improving. this is your bloombergquint take. deep fakes, or realistic looking fake video and audio, developed as a way to put famous actresses into porn scenes. they input real audio or video of a specific person, the more the better, and the software tries to recognize patterns in speech and movement, introduce a

new element like someone's face or voice, and a deep fake is born. >> it is actually extremely easy to make one of these things. there were just some breakthroughs from academic researchers who work with this particular kind of machine learning in the past few weeks, which drastically reduces the amount of video you need to create one of these. >> programs like fake app need dozens of hours of human assistance to create a video that looks like this rather than this. in august, researchers at carnegie mellon revealed software that accurately rendered not just facial weather, but changing patterns and flowers in bloom. this advance is not yet available to the public, but with increasing capability comes increasing concern. >> this is kind of fake news on steroids, potentially. we do not know of a case yet where someone has tried to use this to perpetrate fraud or an information warfare campaign or,

for that matter, really damage someone's reputation. but it is the danger everyone is really afraid of. >> in a world where fakes are easy to create, authenticity also becomes easier to deny. people caught doing genuinely objectionable things could claim evidence against them is bogus. fake videos can also be difficult to detect. there are researchers around the world and the u.s. department of defense has said they are trying to reduce them. it can also be difficult to detect. researchers around the world end of the u.s. to permit of defense have said they are working on ways to counter them. deep fakes do have some positive uses. a firm that creates digital voice is for people who lose theirs from disease. >> each synthesis is the artificial production of human speech. >> there are also applications that could be considered either good or bad, like the many deep fakes that exist to turn as many movies as possible into nicolas cage movies. >> oh, hi mark. taylor: that was just one of the many quick takes you can find on the bloomberg. you can also find them on bloomberg.com, along with the latest business news and analysis 24 hours a day. that will be all for "bloomberg

best." this week. thanks for watching. i'm taylor riggs. this is bloomberg. ♪

♪ nejra: unicredit's legal hangover. the italian bank ended one of its most significant disputes by settling a u.s. probe over sanctions violations. trading places. as trade deals get shaken up and weaponize, what role does regulation play in trade finance? we talked to the swedish financial markets about what his country's largest lender needs to do to recover from the money laundering allegations. welcome to "bloomb