>> good morning from dubay -- to buy. -- from dubai. >> these are today's top stories. contagion fears. chinese officials block travel from wuhan, locking down the city's 11 million people as it --ks to spread kristie lagarde is expected to announce the institution's biggest ever institution today. opening arguments as u.s. democrats present the case for president trump's removal in the senate. we hear exclusively from secretary of state mike pompeo to address the issue of ukraine. >> our policy with respect to

ukraine has been set on the fundamental principles of reducing the footprint of corruption and helping the ukrainian people build up a democracy while under threat from the russians in the east and southeast. nejra: and coming up from the world economic forum will be speaking to a star lineup. right here on bloomberg tv and radio. manus: welcome to daybreak europe. a beat on the chips on revenue and on the margins. 39.3%. the estimate was 38.2. net revenue 2.75. estimate was 2.6. if you think the just the position between the auto industry and what is happening,

yesterday, the rating tfm c. evolutionl about the of the market that will reinforce the view that tech is remaining pretty strong. and i think the highest of estimates with regard to net revenue. nejra: it is interesting because yesterday they announced share buybacks. we heard from the ceo, shrugging off concerns about u.s. china trade tensions in relation to their business. manus: we are trying to understand and grapple what happened in 2020. is it reflective of 2002, 2003? i'm talking about the coronavirus. protect yourself first, and ask questions later. that seems to be the sentiment in the market. the pastd over 3.8% four days. a lot of movement is today.

when the biggest moving days since july of last year. a dreadful export data from japan this morning. down for the 13th month in a row. let's look at some other markets. the coronavirus and the data coming through bearing pressure on the oil market. reconfirming the world is awash with oil. aussie dollar somewhat cheery. the market re-prices the liberty for rate clots -- rate cuts. between canada and australia, if you look at what is happening we have ridge water saying the fed is boxed in, the aussies are potentially on hold, and they are opening the door to a new paradigm on rates in 2020. nejra: yeah. aussie not the only currency being pushed around by the data. that happened to the pound yesterday. a gain on business optimism. some people have called it back to the future trading with the pound moving on data that

investors were not paying as much as -- attention to before. the next key data point this week will be the pmi data coming out on friday, tomorrow. in the meantime the rate cut that's being pulled back a little bit to 50% probability of a rate cut this month for the boe. but year-end 135 sterling forecast holds, according to a bloomberg survey. most positive since october. 10 year yield slipped. towards the beginning of the week, they were saying it could touch 170 in the short-term on coronavirus concerns. could it still do that given where we are moving? we were flat on european equities and u.s. equities yesterday. futures pointing lower in europe and the u.s. right now. in europe focus is the ecb. in keeping a close eye on the italian political story which moved markets quite a bit yesterday. btv market fading perhaps at the risk of a snap election by the end of the session. the top story dominating

the agenda, it is the coronavirus. the epicenter city of wuhan placed in lockdown with travel suspended as officials try to stop the spread of the inflammation that has killed at least 17 and infected hundreds. of trip.com spoke to bloomberg about the impact of the virus. >> i think the hospitals and communities are much better prepared compared to the sars stage. we are working hard with doctors and industry. if ourls just announced customers are diagnosed to have the virus, we will cover all the costs for the cancellation, changes, and delay of their trips. nejra: we also heard from the vice-chairman of a security regulator who sees limited negative impact from the virus.

>> obviously it is a challenge. but if there's any country in the world that can deal with this kind of challenge, it must be china. so, i have no doubt that our government and its people will be able to deal with it in a timely and effective manner. and whatever damage it may have in the economy, it will be very limited. nejra: let's go to our china correspondent selena wang in beijing. decisionho delayed a on whether to name this a public health concern on an international scale. what steps is china taking? selena: we have seen all the top level officials come out and say this needs to be resolutely curved, there needs to be transparency. as you heard from exec it is earlier, china has made a number of steps since early 2000, lessons they learned from sars when court -- when china was

criticized for being slow to respond. since, china has spent 12 billion debt -- ¥12 billion to upgrade its public health system in terms of disease prevention. you've seen them implement a number of transparency controls. yesterday during that public health re-think, china is implementing screening. also implementing nationwide checks and updates as well as more regular updates with the world health organization, which is also going to be deploying authorities to china to help local authorities on the ground. you are seeing much more international communication and collaboration with international organizations. praised forrgely being quick to share the genetic sequencing of this pathogen which helped other countries be able to more quickly identify this. conversations had for the past two to three hours, it is fundamentally structurally a different world since 2002 to 2003. the modes of transport and the

speed of transport. what businesse of leaders are saying in regard to the situation. selena: i think it is absently right to highlight that. it is a very different world. you mentioned the fiscal infrastructure part but now we have social media, emergence of the internet and information flows much faster so the government has to be held more accountable, to do more checks. weeks ago we have people complaining they were not getting enough transparency, complaining why there was so be spreadthis could through human to human transmission. many more people in china now own cars even though wuhan is is essentially under lock down in terms of outbound trains being blocked. that does not mean people are not able to get into their cars, albeit there is a lot of traffic to try to get out of the city. this type of luck down is very difficult to implement, but this

is a pretty unprecedented step. this is a study of 11 million. this is an important transport hub, a center of high-speed rail. to try to do something like this is extremely difficult. manus: the effect of the day that blew me away was that in 2019, chinese travelers made 3 billion trips during this period. that is 25 text giving movement equivalents. selina, stay safe. for the very latest on the coronavirus. now it's get your first word news. annabelle: thank you. eu itshe u.k. leaves the first priority will be getting a deal with brussels. the comment came as a surprise to the u.s.. treasury secretary steven mnuchin said he was quote, disappointed, adding, i thought we would go first.

as the impeachment trial of president trump continues, his defense team is confident of acquittal. one of his lawyers said there is no question trump continue in office. but how is the impeachment hitting his image abroad? mike pompeo says it barely comes up. >> it has not come up. inalso never comes up speaking with my counterparts. there are too many important things going on in the world. much that weut so do. they see the know is in washington but it is not something they would think in the time we have that they would raise. annabelle: global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. nejra: thank you. coming up from the world economic forum, we will be

speaking to the stellar lineup of top executives. all right here on bloomberg tv. manus: don't miss our conversation with the -- with wilbur ross. ♪

this is bloomberg daybreak: europe. the secretary of state mike pompeo has accused iran of spreading a destabilizing cancer around the globe. he spoke exclusively to bloomberg's chief washington correspondent in kingston, jamaica.

he started by asking the secretary of state about has below finding its foothold in south america. >> when folks think of has ball of -- hezbolah they think syria and lebanon but they had put down roots throughout the globe. it is great to see multiple countries have designated them as a terrorist organization. >> i am struck by this. hearing what you are saying, an backed terrorist organization has found a home in america's backyard. it is something we have been talking about for some time. when you see the scope and reach of what the islamic republic of the iran regime has done, you cannot forget they tried to kill someone in the u.s. they conducted assassination campaigns in europe. this is a global phenomenon. when we say iran is the leading

destabilizing force in the middle east and throughout the world, it is because of this terror activity they have spread as a cancer all across the globe. >> this past week as you travel the globe, we started in germany and berlin where he met with german chancellor angela merkel. i am sure you talked about iran, but as you know, europe has not always follow the same strategic route as the united states when it comes to iran. did your meetings with european leaders move the needle in that direction at all? >> we have been clear, we have a different view on the right way to proceed to make sure iran never gets a nuclear weapon, that their missile program is contained, and the terror regime is pushed back. they never wavered from our shared objective, they deaf have a -- they just have a different view of how to proceed. iran is now threatening to leave the npt. i talked with my european counterparts. they have not taken a step under the jcpoa to invoke the dispute

resolution mechanism. i think not only they, but the world can now see this rogue regime has no intention of complying with the central tenants of what that agreement can take, and the world must unite to ensure -- when i saw president micron say that yesterday, we need to work together to achieve it. >> then how do you get tehran to go to the u.n., to come to the u.n., work with the international community aside from the sanctions and their military response options? >> ultimately the people of iran will get what they so richly deserve. a regime that behaves in a way consistent with the values of the iranian people. in the end the iranian people will -- you see it in the protests. you see it when they walk around with american flags. they were put down by the islamic republic leadership. they can show pictures of a merit -- people walking over the

flags. this is not about iran versus the united states. this is about a regime that has treated some people terribly. the world can see it. it is a regime that even now the iae is trying to figure out how nuclear material got to places the irani and leadership said it would not be. so this is a global risk. president trump started his remarks the night after an american response i saying iran will never have a nuclear weapon as a private purpose. we just want them to behave like a normal nation and reenter society, the community of nations. secretary of state michael pompeo speaking exclusively to bloomberg in jamaica. here is what you need to know today. investors cashing out of hedge fund outflows in 2019. last month saw the longest stretch of withdrawals since the 2008 financial crisis. with more is dani burger. dani: what an ugly year for

hedge funds. three times the amount in 2018 and 3% of total assets. we knew it would be an ugly year. the underperformance has been stark and harder to justify the high fees. the s&p 500 when you reinvested dividends return to 31%. hedge funds last year, 9.2%. a hard time keeping onto client cash and even fundraising. we saw more closures than openings. a lot of marquee names had to close their funds were completely return shareholder capital. the best-performing strategy last year was equity but they still lost $30 billion. only two strategies out of the many from hedge funds were able to see inflows of $10 billion. that was mortgage-backed securities invent driven strategies. manus: thank you very much. let's get you up to speed with your business flash.

annabelle: deutsche bank is zeroing in on how do seep -- a next to discretionary pay across the firm. it comes as a lender prepares to prepare its biggest loss since 2016. they range from no bonuses to minor cuts. restartxpects to production of the 737 max within a few months. couldholding out boeing return to normal production around april. boeing is not likely to be cleared for service until the middle of the. sellinga is considering stock in its maintenance business to fund their expansion and help boost their market value. a partial spinoff of the division is being considered that would lend an --

lufthansa declined to comment. that is the bloomberg business flash. coming up from the world economic forum we will be speaking to a stellar lineup of top executives. all right here on bloomberg tv. manus: and don't miss the conversations with the greek prime minister, u.s. commerce secretary wilbur ross, and that will be live from davos on bloomberg tv and radio. this is bloomberg. ♪ is is bloomberg. ♪

>> the business community just did not want lower rates. >> negative rates are a problem for the banking sector. that is true. >> i have a very hard time to believe they would do more. inthe more divide you have political parties the more

uncertainty you have. >> by now it is clear the longer you keep that policy, the more the side effects become important. >> when you have zero negative interest rates, almost by definition you will have asset bubbles. cyclical link in the aftermath of a crisis. >> if you want to ride that wave while it is happening, but keep your eye wide open for a correction. >> in the medium-term, this cannot be the way in which you can manage the real economy. >> long-term away on the level of rates. negative or not, stay low. >> my expectation in the end is the strand moving towards zero rates and positively rates. nejra: those are some comments on the negative rate environment by banking executives at devils. they come as christine lagarde fires -- we have all the details. >> following the meeting, christine lagarde poised to make

her marks -- remarks with their biggest ever strategy review. inflation is stubbornly low and almost 90% of respondents to the bloomberg survey predict the ecb will alter its strategy to give equal weight to too low and too high inflation. at the core of the debate is price stability. the wording is too vague. an era -- their other policy tools could be reviewed. central bank relies on negative rates, easing, and long-term lowest two -- loans to banks. one item is climate change. the boldest move to be favoring so-called green bonds in qe or discouraging bonds for carbon intestate -- her officials doubt schedule of finishing any review before the end of the year, knowing how long the fed has taken, which is still happening. cracking elasticity of

pricing for green bonds. week with the climate discussion has been top of the agenda. he highlighted key areas of focus in a bid to be more sustainable. he sees a robust economy in the u.s. and in europe. two key themes are plastic waste. the entire plastic goods industry is making significant efforts and trying to show real progress with a strong commitment to the year 2025 to make all of our packaging reusable or recyclable. also exerting a lot of effort to help solve the problem that has been created so far with rustic waste. the longer running one is co2 emissions and greenhouse gases. our 2050are having

commitment to be a net zero. we will be issuing later this year a more detailed roadmap on how we intend to get there. what we are seeing now is much larger consumer interest and also much more interest from financial markets. i think that is a good thing because it means you get rewarded for the efforts you do in that space. >> when you look at the world economy, is there a danger that as soon as recession hits, our green initiatives are left behind? >> i think the momentum that has been reached is such that it is here to stay. i think that tipping point is either approaching fast or is already here. i think it will stay with us and that is a good thing. it should not be something that is cyclical. it is certainly not cyclical when it comes to our commitment. having said that, i also see a good, robust economy for the rest of 2020 so i am not too worried about that. barometer the perfect to understand exec they what growth or demand is.

where do you see your strongest regions? >> we are certainly seeing a robust economy in the united states. this mirrors the message president is giving us here. we are also seeing good volume growth in europe. some pricing pressure but good volume growth. i think for the rest of the world all throughout, not sort of at the maximum speed but certainly a robust and strong showing. nejra: that was the nestle ceo speaking to bloomberg at davos. we are nowhere near done. coming up at the world economic forum, so much to look forward to. a bunch of ceo's all right here. have further conversations with the greek prime minister, and u.s. secretary of commerce wilbur ross. this is bloomberg. ♪

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nejra: good morning from bloomberg's headquarters in the city of london. this is "bloomberg daybreak europe," these are today's top stories. manus: chinese officials block travel, locking down a city of 11 million people. it seek tose co-tain the spread of coronavirus. affected.ks opening arguments as u.s. democrats paren the case for president trump's ru

re-mufle in the senate. we hear from secretary of state mike pompeo. he addressed the issue of ukraine. >> our policy with respect to ukraine has been set on the fundamental principles of reducing the footprint of corruption and helping the ukrainian people build up a democracy while under threat from the russians in the east and southeast. nejra: the world health organization has delayed a decision on whether to declare the corona virus a public health emergency but equities taking price, exy it is trending lower. we get all the market action from around the world. manus: we do indeed. we're battling against the corona virus and the implications but at the same

time we have central bank conversations and risks to assess. is in o that julie sally singapore. danny is in london. coronavirus fears are affecting the equity market story on the cusp of the lunar new year. so this is take it off the table now and ask questions later. >> it seems that way. you are seeing a huge change in the fund. about 80% of the stocks listed n there falling. basically any company that has wujan in its name has been dumped by traders as well along with south korean cosmetics stock on the back of the travel ban we heard from wujan, a city of 11 million people. we've been watching the impact

to the casino players as well in that bloomberg index of macao gaming countries as they cancer ethis -- cancel the lunar new years celebrations there ast second case of coronavirus there. they're down 10% so far this week. nejra: danny, you've been looking a at the ewe roe which edged higher yesterday, being pushed around by the data a little like the pound. how is the european positioning? >> you'd expect given that this is a historic announcement that you have some volatility priced into eto market. instead what we're seeing is relatively subdued trading when it comes to overnight volatility. the past spinings the chart are heading into the other e.c.b. decision. but this time around we're seeing no sort of spike to that sort of level. it's just a little bit over the average. might have to do with the fact that rates are likely to stay

where they've been for the foreseeable future that might be manufacturer important to where the euro goes and a lot of traders i've been speaking to said they're on edge now with the virus possibly spreading further than what they've seen that might being abehr impact, a bigger macro impact to economies at this point than what the .c.b. might say today. manus: thank you very much. we are back in davos for day three of the world economic forum's annual gathering. on focus is still very much climet. has linda is there this morning. d haslinda is there. >> joining me now is the c.e.o. of l.g.p. which provides private banking and investment services. good to have you with us.

from a banking perspective it was ta good year in 2019, saw an uptake in client activity. is that what you saw as well? and how sit looking for 2020? >> you're absolutely right, last year overall was a good year. we had good inflows. reasonably good clarity. wasn't as good as it has been in other years. still good. nor year, i think we're off to a good start. i'm quite optimistic in the outlook as well. good new client inflows. hopefully good client activity. that depends of course. haslinda: what kind of growth are you looking at? >> we're looking at 5% of our overall efforts as targets. sometimes a bit better than that last year we were around that level.

haslinda: it's a bad time for banking. how concerned are you about the compression of margins? with see the same trend, margins have come down over the last couple of years. partly due to low interest environment. reducing margins come kun a little bit further. automation. digitization. all the hubs to bring down costs. some of those efficiency gains will be passed on to our clients. we do expect a bit more margin compression. that's ok. haslinda: add to that, negative rates, how is that impacting fees and flows? >> of course we don't like -- we do hope for an environment that will eventually allow long-term trend to revert but realistically our expectations for this year and for

significant rate change, rates increasing if not -- is not there. we expect the situation to remain a little bit like we are seeing it now. >> we do think it is not helping. having said that, it has helped our asset management that has strong focus on private equity. people have struggled to get the returns in traditional asset classes. they shifted their locations to the alternatives which is be strong. haslinda: the stock market has been rallying. it does look like a mark that wants to keep going up. how much more upside do you think there is to the stock market. >> i think we've seen it grow

and grow and grow and i think a little bit more downside risk than upside chances. we don't see it anything sort of really threatening on the horizon with the exception of the coronavirus, that's just popped up. the market has been resistant. so hopefully we'll enjoy a good market for a little bit longer. haslinda: at what stage would you advise your clines to take money off the table? what would it take? what sciences are you looking for? >> we think timing the markets is a really difficult thing to do. clients we advise your o be invested in diversified strategy, be invested in companies that, in an environment that has a little more risk, can still do well, so

the market has not worked out for people too well. haslinda: the focus here in davos is sustainability, are wealthy people warming up to the idea of investing noo these investments? >> i think the entire world is warming up to the idea. i would say that some of the institutional investors, especially from the in orderic countries in europe, dutch, have been on the forefront of this trend. ut unfortunately all the disasters covered other the last cup of weeks, it is clear. we need to change in the way we're doing and running things and therefore it's an important opic, it's gaining momentum,

it's close to my heart, we have always had a strong emphasis on running our business with a long-term orientation, being long-term oriented and sustainable as a way to do business. haslinda: prince max, thank you. nejra: coming up we speak to the c.e.o. of standard life aberdeen, don't miss that conversation next, this has bloomberg.

manus: this is bloomberg day break europe. nejra: let's get the policewomanberg business flash with anna belle in hong kong. -- with annabelle in hong kong.

annabelle: deutsche bank is zeroing in on its bonus, taking an ax to discretionary pay across the firm. it comes as the lender prepares to unveil its biggest an u.s.-mexico loss since 2015. the options range from no bonuses to top management to ther cuts. after holding out for boeing and its suppliers to return to a normal rate of production around april, the boeing isn't likely to be cleared for service until the middle of the year. lufthansa is considering selling stock in its jet aircraft maintenance business, to help boost the airline's market value. a partial spinoff of the division is being considered. that -- an initial public offering is the most likely possibility. that's the bloomberg business flash. nejra: annabelle, thank you so much. world leaders gathering this

week in davos to talk shop while tackling inequality, the future of globalization and climate change. francine is live there with a guest. great to see you again. francine: i'm glad to be joined here by the chief executive of aberdeen. thank you for braving the cold to come talk about investment marks and what we're expecting for 2020. we have quite a ride when it came to equity marks in 2019. can we continue on this path? is this now the return to access funds? >> i think in the short run, despite all the noise about trade, i think it look ok. we found out last year where the top rates are. arguably where the bottom for earnings. is i think there's a bit of momentum behind the markets. that will continue. i'm clearly biased. i think access funds are really important and as well as the

sort of normal active versus passive debate, one thing we're getting a sense of in the last couple of days is the importance of e.s.g., the importance of managing the climate transition, and if you're going to do that, you need an allocator of capital. francine: have you exercised different voting rights? >> we have been running, we've integrated e.s.g. into our investment process and we've been doing e.s.g. since 1993. so we're long-term player. what we have done this year is 've made sure that we take account of climate change, global warm, integrated that into the investment process and even into asset allocation. really big strategic things that are important, it's very, very

important to stay accountable. francine: does it mean going up to chief executives and saying i own 4% of your -- whatever, your firm. if you don't change i'm pulling out? >> we're an integrated firm so we engage all over the world on these issues. one of the thing that's really important is this is not about exclusion. this is actually about managing a transition, that what is really important is getting people to be aware of the risks and start shifting the agenda and when necessary, yeah, i get involved. francine: are there bubbles in the marks? is it priced to perfection or are there industries where you can feel -- >> yeah, so, i think you know, where there's greth and it's concentrated in tech, there's a huge difference between that and value between developed market

growth and emerging markets. so i think if we are to see momentum continuing beyond the early part of the year, we're going to have to see a broadening and deepening of the market. and you know what things are safe and i wouldn't be surprised if that happens. francine: we're entering year three of the mergers, what happens to outflows and inflows? >> we're heading toward a close period. we've got results on the early part of march, march 10. francine: so francine, stop asking. >> we'll update the market then. francine: have you made any changes, for example, to s.l.e. in the wake of the liquidity bubble we saw in 2019? >> liquidity is something we have always thought about and managed carefully like many big asset management houses. what's important with liquidity spirit you adhere to the

of the legislation rather than, you will, the letter of the law. o we have a large hunt which has had a difficult time. it's seen for many years the outflows. one thing they're proud about is something closed, always the right amount of liquidity. francine: has anything changed in your perception? you have some exeef executives, big asset managers, saying i don't want any more of these star fund managers, something could go wrong with it. >> we've always run assets and approach. -- our i aproach has always been team, we talk about process, philosophy, an people, you get the right process, the right philosophy, populated by the right people and you can run the

money. so if individuals change, the team is there to run the clients' money. i think there's been wakeup calls in 2019. saying, you know, it's not about an individual. don't buy the individual, buy the investment process. in that part of the retail market i think it's really important that, how can i put it, that the industry professionalizes. francine: what about expansion, would you expand in private marks? >> it's a big strategic priority for us. about $100 billion u.s. across the broad spectrum of private equity infrastructure, private debts, and we're pretty big in private real estate. so given the liquidity premium, given the afweem, given the demand from clients, it's a big focus of attention for us.

francine: would you expand to private equity or private debt? >> i think across the piece, because one of the things i think we can offer to clients is our ability for small to medium-sized clients to do tra iegic asset allocation between the poles, it would be a broad push. our big eexpertise is in private rules. francine: how much bigger will that part be, i don't know if it's it's 12 months or 24 months. >> i think it's longer than that. i think if you look at the allocations, you know, people say there's about 15% allocation private market. it'll go up to 20. i think coming back to climate change, one of the things that i think will happen is some of the transition period we'll see, i think some assets going private before they come public. so you know, we want to be -- we

want part of that, making sure it's steady growth. francine: can we really make a difference if there's so much passive money out there? if index funds, the e.s.g. component is much more difficult to measure. >> you can make a difference. in order to make a difference you've fwt to speak up. you've got to be vocal. i think you've also -- going back to the exclusion point, you've got to be invested. and you have absolutely got to engage. i think as a firm, we have a really proud track record of doing that the last couple of days, there's an awful lot of rhetoric about this stuff. the really important thing is we don't lose sight of what needs to be done and the reality of what gets done matches -- matches the rhetoric. francine: for the moment we have dealt with brexit, the middle east had loads of headlines, what's the one event you worry

about putting volatility in the markets? u.s. elections? china? something else? >> it's all of those. i've been in markets for 40 years, one thing i've learned is can't try to see around too many corners. if we're talking about if we know it, by and large it's priced. in it's something that comes from left field. francine: especially not on what, january 23. thank you so much for joining us. >> you're welcome. francine. we'll have plenty more throughout the day from davos 2020. this is bloomberg. ♪

manus: this is bloomberg day break europe. nejra: e.c.b. president christine la guard is expected to announce the biggest ever stratjiss review today.

other than that strategists think global central bank action will be subdued over the next several weeks. danny has the -- dani has the details. >> we have a host of g-10 central banks giving decisions over the next several weeks. they say don't expect any resounding optimism if the language the banks use. they don't see any upgradse in terms of their jut look on the eco environment. when they release their different decisions we look for different language tweak bus morgan stanley says there's still a lot of rifts on the horizon, most have to do with trade. they say u.s. and china despite the phase one trade deal risk are out there and they're at threat of escalating not going lower. same for e.u. and u.s. manus: dani, thank you very much. so now this is a debate as dani said, how much breathing room does e.c.b. have? if you look at what's happening

over the past 24 hour, yesterday we set the stage with the south korean export data. today we look at japan's export data. canada leaving the door open to rate cuts. i put it forward that it is not a baseline assumption of not much going on with central bank this is year. i sort of disagree with that particular starting point on the resorgee note. nejra: particularly if you think about the bank of england. i was talking about the bank of england, we saw it rise with business confidence, more data at the ep of the week in terms of p.m. inch. interestingly uric look at pound options over the next month, it looks like traders do expect the pound to hold up even maybe if we get a dovish signal. it's a 50% probability of a rate cut this month now manus. manus: it's -- of course the one thing to bear in mind, we touched on it, looking at marks the epidemic,002,

this is different. t's all about davos, isn't it? ♪ nejra: welcome to bloomberg.

we are live from london. i am anna edwards alongside matt miller in berlin. >> the markets say nothing is immune. stocks slide as fears of the coronavirus spreads. cash trade is less than one hour away. matt: