. ♪ .onathan: i am jonathan ferro positive after a week of marginal losses, down by .3%.out the boards, , yieldses whipsawed .own 6-7 basis points 2.38 on the 10 year. the euro weaker this morning. let's get you headlines elsewhere. the president of egypt has declared a state of emergency after church bombings killed 43 people. islamic state claimed responsibility for the explosion. explosion. in sweden, people are questioning back countries open immigration policy in the wake of the truck rampage that killed four people. the driver allegedly went underground and eluded authorities trying to deport him. a second person has also been arrested. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. . am emma chandra jonathan: a four horse rates, left.eks of campaigning we are joined now from paris. walk me through it. some people would say we are .ot in a four horse race fillon is not gain that much. melenchon is gaining. he has taken votes away from the .ocialist candidate voters seem to be throwing thei

the balance of risks of the global economy, some political risk coming from the french election. ,onathanit go away after the french election? after the election you face the prospect of having an italian election which would put redenomination risk on the table again in a similar light. .en: i will disagree you do not see italy as being a mortal threat to the euro area in the same way as france. if you have that momentum building against what you characterize as antiestablishment politics, and france would be a big step forward in that debate, then i think actually the momentum swings. we know from polls that the euro area, people in the euro area favor keeping it together so it is an uphill battle for the existential threats. that is not a core view. jonathan: ben mandel, thank you for joining us. bloomberg real yield, we talk about the bond market at noon every friday, a 30 minutes dedicated to fixed income. counting down to the market open, you are watching bloomberg. ♪ ♪ from new york city for our viewers worldwide, you are watching bloomberg. counting down to the market open. the ma

. ♪ ,onathan: from new york city for our viewers worldwide, you are watching "bloomberg daybreak."f session highs. range.ies, remarkable , 2.30 on in the middle the 10 year. eurozone inflation, a big upside surprise from the previous month, marginal against the estimate. , 1.2% coreadline inflation the highest in four years. against the up dollar. stock specific, switch out the board. deliveringmanagement decent earnings, the stock goes nowhere. 55%, all about fixed-income trading revenue down when the big five on wall street delivered a 24% jump. the stock trading lower by 5%. it is time for today's trading diary. we get our first reading of first reading of first-quarter gdp at 8:00 p.m. eastern. great to have you with us. not a good number to be sure. there are two explanations. one is this recurring pattern of seasonality, complications we have seen since the great recession. economists call it residual seasonality, but q1 tends to come in weaker than performance over the prior quarters. that is part of the story. that, we had a disappointing performance from consumers in the f

approaching this in terms of growing it profitability in country in a market that has plateaued. ,onathan being worried about auto related debt. the value of them and what it means for credit. what are you saying back to investors when they bring up those questions with you? mark: we have been very transparent with our credit company in terms of what has been happening in the marketplace. and you are right. we are seeing more leased vehicles come back into the marketplace. thanis why we lease less the rest of the industry. because you want to make sure that we are conservative during any kind of reduction in the values of those vehicles. and we have called our credit operations this year, operability is down somewhat because of the supplemental depreciation but we have been prudent in how we are managing our portfolio, understanding the dynamics of more used cars coming on with reduced visual values. isathan: the other question your ability to test the credit worthiness of the people that you lend to. what do you say about the crit worthiness of the people you have built up? : i'm side. i

onathan: if you went in friday and he did ok, you could sit back as a small investor.f america, you are confident about through 2017. james: the big winner was the banking sector to get you took away some of the uncertainty, reticular leave the peripheral banks. can the -- particularly the peripheral banks? can the ecb start to taper further and raise the rate? that is the question for the banking sector. as the market starts to factor in the ecb normalizing monetary policy, you can get more for the banks. david: james barty, thank you for being with us. on friday, on the eve of president trump's 100th day in office, trent lott and tom daschle will be with us here. for our viewers worldwide, this is bloomberg. ♪ ♪ emma: this is bloomberg daybreak. i am emma chandra. p.m., wilbur12:00 ross, the u.s. commerce secretary. this is bloomberg. now to your bloomberg business flash. plans to slim down its operations and is squeezing profits. they missed estimates. their estimate -- attempt to spin off sales hurt sales. a new ceo takes over on may 1. mcdonald's ramped up its ico