♪ manus: good morning from our middle east headquarters in dubai. it's daybreak europe. these are the stories that set your agenda. the united states and china hope candid trade talks. asia's rally pauses as infections raise. the biggest critic of wall

street, star of the overdraft show. the ceo gets drilled on the hill. things change for big oil. shareholder rebellions at exxon mobil and chevron. the push towards a greener future. good morning. welcome to daybreak europe. the deliberation is, why is the yuan at the strongest level in three years? is it because you have constructive trade talks? this traits are is moving to competitiveness. the strength in the yuan is much more to do with the pboc's tolerance for a stronger yuan. is that a political weapon? annmarie: we saw that on the front page of one of the state run newspapers this morning. what's interesting is, what was the best that they could do?

joint recognition that trade is important. that was a quote. there's more divisiveness between washington and beijing. you mentioned those comments were quite a blow from kurt campbell, about the fact that he sees this paradigm shift between the united states and things will not continue to go as they had. he talks about competition between the two. potentially, happy talk on the front page headlines. when you look beyond the surface, there's more divergence. manus: where did they collaborate? where do they compete? my guest says there was a huge opportunity for the green agenda. that's where china will win. perhaps that's where the biden administration is most concerned. we keep that in mind. get ready for more volatility in the offshore you want relative to the onshore. it's on the front page of the security tied.

only in extreme conditions will they check in. how does it look this morning from new york? annmarie: we are seeing a pullback. msci asia pacific down 2/10 1%. we've been talking about the yuan. 6.38 is where we trade right now. three year high against the u.s. dollar. rent under 69 bucks. it's interesting that we had stockpiles lower in the united states. that shows more demand. clearly, the market is waiting on the edge of their seat to see what happens with those talks in vienna regarding the u.s. and iran. let's get more with our top story this morning. president biden's asia's are says the engagement with china is over. the u.s. court may for -- coordinator warns the two countries are entering a time of intense competition. joining us now is -- at the same

time, you hear these trade talks were fairly positive. what do you make of the relationship between beijing and washington? do you start pricing in some more trade tensions? yogi: absolutely. fiscal tensions with the u.s. are firmly on the table. they are both focused on anti-monopolistic government intervention issues, particularly in the tech space. the stronger yuan that you mentioned will have short-term impact and negative impact that we have to be sensitive to. the key thing about china and why we like it is the domestic growth. you have year on year gdp growth passing 2.3. most economies around the world are contracting. china's way ahead of most of these other countries in terms of the covid-19 pandemic. they avoided a second wave.

a lot of investors, despite the yuan at 6.3, despite fiscal tensions reemerging, a lot of this has been priced in for some time. everyone is focused on the domestic economy. manus: we've seen the equity market outperform, heavenly? -- haven't we? you have that in the equity story. we will come to that in a moment. the risk is this. the pboc doing too much, too aggressively, too quickly. is there a risk of to tighter grip and too much tightening in china? could that knock us off course? yogi: of course. china is up 3.6% year to date. the u.s. is up 11% year to date. it is lagging over the past two

or three years. the government in china has been very focused on the anti-monopolistic policies. this is likely to impact the longer chinese growth story. i think you have to be careful. there's a lot of similarity with the u.s.. we are looking at the bond markets in china. fixed income exposure. you are getting a spread around 200 basis points relative to the u.s.. the rates are so low in europe. that stops being an interesting investment idea. annmarie: looking at a stronger yuan, is it a tack to -- tactic to temporary -- temper inflationary pressures? yogi: they are both concerned about all the speculation that's

taking place in the commodities market. i feel is more driven by leverage, hedge funds the retail market, speculating. the supply side issues are going to catch up with the demand that we are now seeing in the post-covid environment. i think one has to be very careful with that particular aspect in china. they are very concerned about what's going on there. we've seen it in the commodity space. we are seeing it in the bitcoin space as well, which you touched on earlier. i think they are making all the right noises but they are lacking the u.s. year to date because of the government intervention. really making investors feel about uncomfortable with the longer-term prospects. manus: the other narrative that people have discussed is the rolling over of the credit impulse in china.

and that that will be more of a con strained on the domestic story relative to the rest of the world. is that something that you track? is that something that we should begin to position for more aggressively? yogi: i think it's a really difficult market to get your head around when it comes to credit in china. it's very hard to understand how the banks are actually doing. we are a bit more cautious retaking significant credit risk in china. we are worried about liquidity in that space as well. gdp growth of cross -- when the rest of the world of -- is contracting. the yuan is relatively weak versus a very strong dollar at the moment. that helps support the export. the domestic story, the long-term fundamentals in china

about population growth, technology growth, commodity growth, reflation trade are all very positive narratives for china over the longer-term. expect short-term volatility for sure. manus: ok. stay with us. let's get your first word news with simone foxman. simone: the u.s. justice department is opening a probe into the meltdown of bill wings management in march. it left big banks in europe, asia, and the u.s. with more than $10 billion in losses. sources tell bloomberg federal prosecutors in manhattan sent request for information to some of the banks that dealt with the firm. no official comments yet. the australian city of melbourne is entering its fourth lockdown. the hub of 5 million people and

all other parts of the state of victoria are facing seven days of restrictions. it tackles an outbreak of the variant first identified in india. australia is far behind in vaccinations due to a combination of lacking supply and hesitance are taking the shot. president biden is renewing calls for a probe into the origins of the coronavirus. the president says the intelligence community delivered a report to him earlier this month on the virus. it acknowledged divisions over whether it was naturally occurring or if it had leaked from the wuhan institute of a rolla g. experts say the origins may never be clear. switzerland has refused to sign a treaty it hammered out with the european union. is likely to undermine relations with its biggest trading partner and potentially damage the economy. the swiss government says the two sides were unable to agree on state aid and wage

protections, two of its key concerns. global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analysts in 120 countries. this is bloomberg. annmarie: thanks. just ahead, the star of the overdraft show. jamie dimon and elizabeth warren share a tense exchange. the details of that spar, coming up next. this is bloomberg. ♪

♪ >> without that overdraft money, would your bank has -- have been in trouble? >> we waived the fees for customers upon request. >> i appreciate that you want to

dodge this question. do you know how much your profits would've been if you'd waived them? >> we waived the fees -- >> your profits would have been 27.6 billion dollars. i did the math for you. you and your colleagues coming today to talk about how you stepped up and took care of customers during the pandemic. it's a bunch of baloney. it's about $4 billion worth of baloney. you could fix it right now. would you commit right now? >> no. >> right now. >> no. annmarie: elizabeth warren living up to her reputation as the biggest critic of wall street on wednesdays grilling of bank ceos on capitol hill. jamie dimon called the star of the overdraft show, making the

point that banks cap charging high fees to customers struggling during the pandemic. he was one of six leaders of the biggest u.s. banks to face questioning. joining us now is dani burger. elizabeth warren really grilling diamond there, saying all of it is a bunch of baloney. is that the sense that all the other lawmakers put forth to the ceos? dani: it was. that was the most contentious part of the debate they had. baloney or not, all of it was very tense. at points, you could sense the frustration. whether it be jamie dimon giving one or. answers. when he was asked about climate change, he said, can we have a mature conversation? setting the tone was a senator from ohio saying that the nation has been very favorable to the financial industry. it's time that you do the same to the american people. if anything, this panel shows

that the banking industry continues to be a political piñata after getting the bailout from 2008. a lot of these had to do with topics from different senators. some of the more interesting ones, comments about the housing market, gorman from morgan stanley saying that the suburbs look frothy but things are ok. diamond saying there's a bubble. that was interesting. executives were asked if they would match bank of america's rays of the minimum wage to $25. no one else would committed -- commit to that. manus: it was a very heated exchange. you know what i had in my minds eye? when elizabeth warren runs for president, she brings all this in. you talked baloney for a long time. there's a new regime in town. thank you very much. dani burger with the very latest on the heated exchanges on

capitol hill. it was a big day for data in the united states. first quarter gdp, pending home sales all on the docket. we have a lot to assess. yogi dewan. i'm beginning to read this a little bit more. peak usa in terms of growth in this quarter. is there a risk of that? yogi: definitely. we are all expecting to see a spike in growth, quarter on quarter. 6.5% versus the last reading of 4.4% in terms of gdp. we are expecting jobless claims numbers to improve to 425 k versus 444 k. it's very clear that q2 was always likely to be the peak.

investors are no far more interested in what's going to happen the rest of this year and next year. particularly with respect to the simulation package from the u.s. , with respect to inflation. u.s. gdp is around -3.5% year on year. unemployment is 6.1%. inflation spiking to 4.2%. we've clearly got a lot of trade and speculation going on in the commodities market as well. it's clearly a supply-side issue in terms of catch up. there is definitely demand post-pandemic, post lockdown that we are starting to see play out. this looks like the peak to us. it could spill over into q3. after that, we see things moderating in a meaningful way. remember the backdrop here is that we've got u.s. markets up around 12% year to date. it's hard to get excited about investing in the u.s. right now

with valuations this high at the moment. annmarie: you say markets overvalued, overbought in the united states. it's hard to get excited. where you're putting your money? yogi: it's a really good question. the bond market is looking very expensive. it's worth looking at rate height expectations. i think you have to stay long-term focus. we are looking at very specific things. rotations. we are seeing certain micra places doing well post-pandemic. economies like the u.k. have done reasonably well in this environment. we've also spent a lot of time looking at emerging markets which are beneficiaries of the reflation trade. particularly china which we touched upon earlier. we think that's a great opportunity as

u.s.. you need to have meaningful exposure to china. most investments are very underweight you look at the index. manus: i was caught by your top line. it always reminds me, marginally underweight reselling. followed by the argument for being fully invested is not compelling. where's my cash palance and weiser not rising? -- cash balance and why is it not rising? i get a real sense of caution in you. are you raising cash or buying defensive? i could give you a laundry list. talk me through that narrative. yogi: we are very cautious with what is actually going on. we are underweight. we are very flexible and will not hesitate to go significantly underweight if we see the economic data change.

the earnings outlook change or significant developments. manus: what could trigger you to go significantly underweight? i have stolen annmarie's airtime. yogi: significant levels of inflation. that would be a real concern in the marketplace. obviously, mixed economic data when you start to see unemployment and the consequences of it. that impacts on the u.s. consumer. the u.s. consumer is the one that is driving earnings globally in the marketplace. any news flow around the spread of covid, we've seen a lot of development in india and japan. we are watching that space very carefully. manus: thank you very much. emory will get more airtime. it's one big machine, the show. thank you very much.

coming up, shale, exxon model getting climate change rebukes. the court of international investors reactive demand. this is bloomberg. ♪

♪ >> investors of all types are focused on this as we are. it's part of the environment today for companies that are providers of energy. i believe our industry as part of the solution. we have the technical capability, project management capability, the engineering acumen, the financial capacity to be part of the solution. manus: the chevron ceo and

chairman speaking to bloomberg after the company shareholders voted for a proposal demanding a reduction in emissions. chevron wasn't the only major oil company to find itself finding a green revolt as investors are mounting their challenges. exxon management delta stunning defeat by shareholders. pushing crude and the driller to diversify beyond oil and fight climate change. shale has ordered to/omissions harder and faster. all guns blazing down, assessing the damage. why are these companies being hit so hard now? annmarie: -- >> they have been managing this energy transition

as poorly as you can. they are not making all these great returns. they are defending their dividends. at the cost of increasing debt. while not really investing much and low carbon energy. investors are becoming more disenfranchised with the way the company is run. they are saying, if you will be in oil and gas company, we should be getting really high returns for this. if you won't be doing that, why aren't you looking forward and trying to align your assets with the world that wants to have zero carbon energy? annmarie: i was so shocked by the exxon story. this tiny activist, .02% stake, no history of activism in oil and natural gas. what does that mean for the future of these oil makers? >> yeah. it's a really good question. the immediate thing is that you will see a lot of divestments.

especially with the shell decision, there's very little way for companies to reduce their emissions in the near term except for selling oil and gas assets. you will see divestitures and that might go to private equity. it might go to national oil companies that are looking to diversify, depending the market that you are in. it's not necessarily going to mean the end of oil and gas. it will certainly mean smaller exxon, shell, and chevron in the future. manus: not all assets are poorly yielding assets. they will offer opportunities to the marketplace. we could see a little bit of action there, couldn't we? dan burton there on the activist investor. it's all about the trade, isn't it? [laughter] annmarie: just ahead, trade

talks underway. we can trade these teasers. president biden says that era of engagement with china is over. this is bloomberg. ♪ (announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise breakthrough that cradles your body so you can stretch and strengthen your core, relieve back pain, and tone your entire body. since i've been using the aerotrainer, my back pain is gone. when you're stretching your lower back on there, there is no better feeling. (announcer) do pelvic tilts for perfect abs and to strengthen your back. do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me, it works 100%. (announcer) think it'll break on you? think again! even a jeep can't burst it.

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♪ annmarie: good morning from new york. this is daybreak europe. here's what you need to know. the united states and china hold candid trade talks. investors way pandemic risks ahead of a raft of data today. the senate's biggest critic of wall street labeled -- ceos are grilled on the hill.

big changes for big oil. sure helder rebellions could see the energy giants push towards a greener future. 6:30 a.m. in the city of london. 90 minutes away from the start of european equity trading. overnight, we are getting fresh barbs coming from the united -- the biden administration. engagement with china is over. that is kurt campbell. he is warning the countries are entering a time of intense competition. it comes as the top trade representatives hold this conversation. manus: yes. the candid conversation but get ready for competition and conflict. that's a new one. i got a trifecta in. candid talk which is supposed to be constructive. and then you have this era of engagement is coming to an end. what is it that drives the yuan? i want to take it back to the market.

containing inflation, as you say. is it a political baton? annmarie: did they do this front running knowing that that meeting was going to be had and currency concerns would be on the agenda? it's on the front page of one of the state run newspapers. what the pboc is willing to do now. the idea, given the angst we have seen from china and beijing regarding the higher prices in commodities, i like the idea that this could be strategic in inflation. maybe it's all three wrapped into one. manus: it's a confluence. it is about the ability of china to pass through the price rise. if the path through the price rises. down the value chain. let's check in on the markets.

asset management said they are not necessarily convinced of the concern that we have in these equity markets. we are lower this morning on covid concerns. they are holding asia back. stronger yuan. this is the highest in three years. volatility indicated every day higher on the offshore you on this week. you will expect a little more volatility there. the pboc will interfere in this currency market and extreme conditions. oil down by 4/10 of 1%. there's a little bit of anxiousness in the oil market. you put on 7% is as many sessions. there's concern about when the barrels come back. can opec-plus continue to taper on -- uninterrupted? let's stick with the oil theme. chevron shareholders voted for a proposal to reduce omissions

from the company's customers. the latest sign that the oil price is coming under pressure to address environmental concerns. >> there were times, not too many years ago, where it came up infrequently in discussions with investors. today, it comes up in every discussion. it is the first thing that comes up in a conversation. i'm not surprised that it's high on their minds. i meet with investors all year long. this has been a regular topic. we've been hearing about it. you're right to get investors do want to see higher returns. our industry is one that has not been in favor with investors because our returns haven't been a strong as they historically were. we've got work to do. it's why i really talk to our people about high returns, low carbon. we need to do both of those. investors say that's exactly right. that's what we expect.

that's what we are committed to. annmarie: -- >> today was extra terry. exxon mobil was taken on by a tiny access investor. they lost two seats to them. shell is being ordered to slash their own emissions in the netherlands. do you worry that this will go to the courts as well? >> i've been in a board meeting so i haven't seen all the developments that have occurred today. this is a very active environment that we find ourselves in. there are lawsuits that have been filed on various aspects of climate around the world. we don't believe that's a fruitful way to engage in dialogue on this issue. we think that they generally distract companies from the real important work which is working on technologies, prot dressed, taking actions. ultimately, the lawsuits haven't

really proven to have much merit. i don't know how it will play out today. we look for constructive engagement. we look to be challenge. we are taking action. we intend to take more action. manus: to be challenged by activist investors in particular, are they a threat to the business model in general? the business model that you provide, in terms of oil and gas. >> i think activist investors, other investors want to be heard. they have a point of view. we engage with our investors all year long. we are listening. we are engaging. we are as transparent as we can be. we just issued a very lengthy report on climate change. our company is resilient in a variety of scenarios. we did analysis under very aggressive carbon reduction scenarios to look how our

company would fare under those. investors of all types are focused on this, as we are. that's part of the environment today for companies that are providers of energy. i believe our industry as part of the solution. we have the technical capability, project management capability, engineering acumen, and the financial capacity to be part of the solution. annmarie: the chevron ceo they're speaking to caroline hyde. let's get a repack -- recap of your first word news with simone foxman. simone: in the u.k., prime minister boris johnson is battling a major attack on his authority. that's after former advisor dominic cummings, the strategist who masterminded his rise to power, declared him unfit for the job. he says johnson's poor leadership led to thousands of unnecessary deaths. the testimony has potential to damage johnson standing among tory mp's who he relies on to

stay in power. the u.s. justice department is opening a probe into the meltdown of archegos capital management in march. it left big banks in europe, asia, and the united states with more than $10 billion in losses. sources tell bloomberg, federal prosecutors in manhattan sent request for information to at least some of the banks that dealt with the firm. no official comment yet. switzerland has refused to sign a treaty it hammered out with the european union. the move is likely to undermine relationships with its biggest writing partner and potentially damage the economy. this was government says the two sides weren't able to agree on state aid and wage protection. that's two of its key concerns. hsbc's exiting its u.s. domestic retail banking business, agreeing to sell 90 branches. europe's biggest lender looks to boost profitability as it

focuses on its wealth management business. the bank expects pre-bank costs of $100 million from the transaction. global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analysts in 120 countries. this is bloomberg. manus: thank you very much. activist investors are interested in getting into the cryptocurrency and a big way. he may put as much is a billion dollars in two the alternative currency. he spoke to bloomberg on main stocks and more. take a listen. >> all kinds of activism get on the board. we've done it innumerable times. a lot of times, successfully. to go in there and make changes. a lot of these companies have hidden jewels in them. the board of management doesn't

want to do anything about them. that is activist going in. you have assets that are not producing enough. you want them to do so and it adds value. that's what it is. >> it's important to add value right now when we have an economy running pretty hot. as the economy in the u.s. running too hot? what you make of this inflation debate? how much are you currently hearing? is inflation transitory or not? >> i really think that we are pumping a lot of money into this economy. obviously, you will get inflation from it. you already have it. you have to be able to deal with that inflation. you have to be able to put on the brakes. otherwise, eventually, we will hit a wall. i don't know if that is here

yet. on a value basis, a lot of these companies are ridiculously priced. just ridiculously priced. eventually, you just can't have this without excess inflation. there will be a price to pay for it. look, i don't think robinhood and those guys are necessarily bad. i think they serve a purpose. money is funneling back into companies. some of these companies might be ok. a number of them, the risk reward is absurd. i go back to my example. it's my favorite one. that's what i know a lot about. you are getting people to support 2% return. you have people that support selling insurance on these malls. it's an absurdity. that's being done. not by people you might criticized, that's being done by

bernstein. we are really moving into certain excesses right now. >> what would it take for you to be an investor in crypto? >> i think a natural manifestation of this inflation is not yet there. what's going to happen if you have that is, it's a phenomena that is looking for other stores of value outside the dollar. we are a reserve currency now. if you keep earning the money, it will be there. i'm not saying that's going to happen for sure. i'm not even telling you it will happen. a currency like this cryptocurrency, look at it and say, it has no value. that's what the critics say. i don't own any at this point. if you look at the subject, you might have another store for value.

the criticism is a little bit wrongheaded. what's the value of a cryptocurrency? what's the value of the dollar? annmarie: giving bloomberg his thoughts on anything from crypto's and any things. for we are restructuring of germany's biggest lender in focus this morning. we look ahead. that's next. this is bloomberg. ♪

♪ manus: let's stick with the banking theme. germany's largest lender hopes christian sewing restructuring plan is the focus.

let's talk about the sector and the challenges. we have magdalena stoklosa. there's no doubt about it. it could be interesting at deutsche bank. from a landscape point of view, when you look at the european banking sector, everybody kept telling us there will be magic -- megamerger's, real cross-border activity. does that sentiment still hold for you? are you waiting for a big deal? magdalena: i think ultimately, yes. the sentiment definitely holds. what we've seen last year was the domestic activity. we've created a 20% market share bank. we have 20% market share bank in spain. i believe that we have to come out of this cycle a little bit.

we've got quite a lot of restructuring still in place with the large players in europe. i have no doubt that within the next two or three years, we are going to see much more of the cross-border consolidation. particularly within the corporate cip banks. i think that model is easier to do cross-border. you are operating on a pan eu regional level. annmarie: is that how the european banks are going to be able to send off the u.s. giant -- fend off the u.s. giants? magdalena: i think within this eib space, within the investment banks, i think that we have to assume that scale became very important over the last decade as the banks needed to adjust to

this tremendous regulatory reform. the european banks were really now kept in a place of number 6, 7, 8 globally when it comes to those in thinking -- investment baking revenues. i believe some of that consolidation will be in unset state in that position. and continue being competitive. manus: some would argue that the american banking landscape has had a much for your hand and rain than the european. we went through a significant provisioning cycle. we've spoken to many of the ceos as we go along. the provisions in europe, do you expect provisions to climb more dramatically? significant release banks. magdalena: i don't. i think that what we have underestimated last year was

just how huge the fiscal support and underpin has been. the government decided to underwrite the income loss, both for the corporate's and for the consumers. we are seeing it already from the fourth quarter onwards. the bank provisions a lot in the first and second quarters of last year. i do believe that there is excess provisioning in the symptom -- system. we will see some provisioning reversals. we've already stopped seeing it. i think that will continue. my only question mark on the shorter-term view is that fiscal support is likely to be taken off the table from the third quarter in this year onwards. i think that will show us how the economy can deal with the

recovery. i think we have provision to match. i think we will have recovery. that drives this tremendous earnings growth that we are likely to see in 2021 in europe. if i put together the earnings of the sector in 2020 versus 2021, 21 will be higher than 6 -- by 60%. that's the extent of the cyclical recovery. annmarie: what about the trading environment? banks keep warning that the trading environment is not going to continue. do you agree? magdalena: i do. i think that 21 was the peak of the investment banking revenues. that's going to come. when you look at the primary

markets in this quarter, they started much slower. particularly within the capital markets. the volumes themselves has also -- have also started going sideways. i believe that we will see quite significant decreases of the revenues from the second quarter on. you're comparing the year on year are very tough. the second and third quarter last year were cried extraordinary. there is something quite structural that 2020 has thrown -- onus. it has shown us that the model has truly changed. we are not talking about investment banks and warehousing entities which are supersensitive to the asset pricing cycle. we are looking at them and they

are now very sensitive to the client flow, to the volatility in the market. much more healthy situation. when i look at revenue projections for global investment banking revenue pools, i think that 21, 23 cycle is going to be about 10% higher than the pre-covid cycle 17 to 19. i believe that we've got a little bit more volatility. there's a little bit more of a flow. in general, i think the structural story is underpinning the fact that cyclicality has peaked in this quarter. annmarie: thank you so much for your outlook on what's going on right now in the european banking sector. magdalena stoklosa. just ahead, the star of the overdraft show. jamie dimon and elizabeth warren share a tense exchange. this is bloomberg. ♪

♪ >> what we need to do is get the economy back to its primacy. >> the u.s. is poised for a strong recovery. >> a very strong economy. we will have it this year. we will keep it going the next year. >> very encouraged to be seeing signs of improvement. not all of our communities are benefiting equally. >> we can help our shareholders enhance the returns at the same time. >> we will harness our capabilities to extend our reach and help make sure the recovery leaves no one behind. manus: dani burger has more on the story. really interesting day of salvos. though ceos remain optimistic. good morning. dani: they definitely do.

especially things like questions over u.s. housing. they are optimistic about that. not too many bubbles. between those bits of optimism, as our colleague put it, it turned more into a squabble. one of the things that caught a lot of attention was between jamie dimon and elizabeth warren over overdraft fees, calling him the star of the overdraft show. at one, jamie dimon says, i beg you to have a rational conversation. it really shows how a lot of this was contentious talk. the senator from ohio setting the tone. he said, the nation has treated you well. it's time for you to do the same to americans. it shows that ever since the bailout of 2008, the banking industry continues to be a political piñata. it's the same kind of line of questioning that they would've

gotten back then. we help you out, why aren't you helping ordinary americans as well? manus: what's a piñata? annmarie: you know? candy comes out. [laughter] dani: it is friday. manus: that's it for daybreak europe. (announcer) do you want to reduce stress?

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♪ anna: good morning. i'm anna edwards live in london. mark cudmore joins me in singapore to take us through all the market action this hour. the cash trade is less than an hour away. here are your top headlines. the senate's biggest critic of wall street labeled jamie dimon star of the overdraft show. bank ceos are grilled on the hill. big changes for big oil.