i anna edwards alongside matt miller. >> good morning. today the markets say let's wait and see on the boe, but investors are watching earnings the continent.n futures are pointing down. the cash trade kicks off in 30 minutes. two central of banks. the r.b.i. delivers a surprise rate cut. are the hawks taking flight worldwide? all about the buybacks. k announcessoftban they will give more back to investors.

anna edwards is leading our coverage at westminster.f pound is gaining on all its peers, theresa may taken at march 29 brexit off the table. a bit softer, a rocky choppy session in asia, and escalation of tensions between india and pakistan has put pressure on asian equities, although they were gaining earlier. oil has touched nearly half a percent higher on brent. falling on thes fact that russia is cutting an alliance with opec. let's look at what futures are doing ahead of the market open, the ftse 100 down and cac down .3%. we are seeing a touch higher possibly. as you can see, futures pointing to a lower start. as i said, today will be a critical parliamentary session, anna edwards is down at the great for us. an amendment that takes the process out of the prime minister's hands and into the lawmakers for we also have the ibex opening software as well. we had earnings today as well and some of these key markets. cac is down. markets are lower, let's take a look at what is going on in these sectors. matt, it is a sea of red today. f

i'm anna edwards.et's talk about what state we find the european economy in. the slowdown is significant. that is now the review of the ecb governing council member. we started the program talking about what you see in the u.k., a lot of brexit headlines. let's talk about the state of the euro zone more generally. regrettably here policymakers on the ecb acknowledging the slowdown, acknowledging the extent of the slowdown. what time horizon do you look at now for some kind of shifting language from the ecb? clear the most useful tools that the ecb has in place at the moment is for guidance, and as we approach the summer we need to clarify the position first on interest rate development, because in theory, interest rates would still be high because at the end of the summer, which no one expects at the moment when you look at the aspect ofarify this --ir monetary policy and [indiscernible] it could put some countries or banking sectors a bit more at risk from a balance sheet perspective. obviously on the

anna edwards. matt: liv-ex falls to its lowest level since september of last year, asian markets provide little sense of direction as european futures rise slightly. the cash trade kicks off in 30 minutes time. ♪ anna: head in the clouds, jumps on [indiscernible] jay powell and president trump share dinner at the white house but the chairman did not guide on monetary policy. the fed stresses the path ahead is data dependent. bp beats the oil giant, joins its peers in beating analyst estimates. ofwill speak with the ceo bp, bob dudley shortly. matt, good morning. matt: good morning, anna, less than half an hour away from the start of european trading. this is a three-day chart of treasuries, there is no movement over the last day of trading. 2.72% is where we see the u.s. 10 year, we are not getting a sense of direction from treasury yields, we're not getting a sense of direction from the yen, from gold, from anything right now, even asian stocks. it is a little bit difficult to tell what will happe

alongside anna edwards in london. utes into the trading day, let's have a look at where we are your some of the bigger stories here, alexa looks in our stocks to watch. it also moves quite heavily on earnings reports. by 8.7%, better news than anticipated. both of those satisfying investors. nice numbers from them on the sales level after hours. bank, the bad news in the price up by 4.5%. bank, that has drawn the attention of lawmakers in the u.k. following recent news flow, but that does not seem to be banishing stock. novo nordisk up by 3.6%. to the downside, messy numbers is the way one bank has described the earnings report. caixabank down by 6%. in the health care space, also interesting down by over 5%. we'll see bankers moving lower as well, a number of reports from the banking sector. let's get the first word news update. china's factory pmi had the worst readout since 2015, the latest indication that they still have a ways to go. it was the lowest reading in nearly three years, and well below the forecast of 4

i'm anna edwards alongside matt miller in berlin. matt: good morning, anna. anna: asian stocks inch higher as the region ends its lunar new year holiday. jerome powell is coming around to a wait-and-see view. a quarterly loss following a slump. the airline cfo tells bloomberg boosting market share remains a priority. julius baer's asset management falls. we hear from the ceo during the next hour. a very good morning. you were rudely cut off talking about as we head toward the european equity markets. matt: nonetheless, i will tell you we are looking right now at a treasury yield that is coming up a little bit as investors selloff the paper. we are seeing some signs of risk on appetite in these markets, although they are few and far between. take a look at futures right now. you see a mixed trade there. not a lot of action this morning. getting a goodot indication of which way markets are going to go this week or even today. text futures little changed as well as ftse futures and cap futures. what do you see on the gmm? anna: we are lacking news flow. as we ha

i'm matt miller in berlin alongside anna edwards at bloomberg's european headquarters in london. ot a subject i am qualified to comment on. we will leave that to the analysts and share price response. 30 minutes in, this is what we see across equity markets. broad-based, the rally carried the german market getting the best gains. michelin up over 9%. this is listing some other suppliers for the auto sector. higher by 4%, 5%. they seem to be suggesting as the ceo of mr. feeling -- michelin departs, he seems to suggest there is more to michelin than selling tires. there is much more out there. that is the story behind the numbers this morning. on the downside, let's see what is moving because the luxury goods company is failing to impress on its china narrative, down 3.4%. the activist investor also, down 2.8%. how much of that is idiosyncratic of an activist investor thwarting breakup and the management and confusion and chaos? how much is it about a german industrial sector failing -- struggling? seeing what we are across the markets. ig group down 5.4% perhaps on the back of the

i'm matt miller in berlin, alongside anna edwards in london. utes into the trading day, autos and auto parts story, we talked a little bit, it is on the downside. a scandinavian flavor going to the upside. they beat estimates. businesses bounce back continues after wirecard. by 1.5%. they had numbers out today confirming that the luxury company in paris. let's move to the downside and look at the movers lower. movingsome of those lower, down by 2.5%. this is for the companies that supply the auto sector, the warning keeping that story on the front pages from a business perspective. rockwell is a danish building materials business. they missed estimates, that stock is weaker. down by 7.7% on the back of their dividends policy. that seems to have captured the market's imagination. the big concern is around trade. we also have passenger numbers out with that particular airline. news get a first word update. annabelle has that for us. president trump says he won't meet his chinese counterpart ahead of the deadline for the new u.s. tariffs. this inte

i'm matt miller alongside anna edwards in london. anna? anna: let's have a look. the trading day. 417 stocks going down on the stoxx 600. that gives you a sense of the commitment to the downside. london market underperforming. the currency moving on the news surrounding theresa may and the labour party. amongst all of that, this is what we are seeing for equity markets. u.k. companies bucking that trend. travis perkins up by 11%. a building supplies business. a reshuffle of the management there. the coo is stepping down. numbers came in better than estimated. persimmons up 2.6%. a new ceo being named. we have numbers looking to be in line, but brexit uncertainty. basf up by 2.4%. we spoke to the ceo a few moments ago about the challenges facing that business. the numbers came in better than estimate. the downside on these markets. again, a bit of a u.k. flavor. aviation partsn business. the profits and the guidance coming through from the company disappointing the market. babcock international down. exceptional costs part of the story for that transport support se

i am anna edwards alongside matt miller, who this morning is in frankfurt. matt: that's right. stocks trade mixed. european futures trade higher as a germany narrowly misses falling into a recession. the cash trade is less than 30 minutes away. ♪ anna: time to talk. president trump considers a 60 day delay to china tariff increases. futures in the u.s. and -- feel the love. credit suisse beats the streets on the top and bottom line, with the lender maintaining a more or less flat --. we spoke to the ceo, tidjane thiam, earlier. >> we are going to outperform on a relative basis. -380: breaking up with the a airbus ascribes its slow selling -- itsmbo -- airbus slow selling superjumbo. matt: i am of course here in frankfurt because of commerzbank earnings came out this morning hader than that street anticipated on the bottom line. the sales growth looks a little slow and the ceo is going to have to revamp his turnaround plans to try and get some growth. , am going to talk to the cfo stephen engle's, 11:30 a.m. london time, 12:30 here in frankfurt and get the download on the number

i'm matt miller in berlin alongside anna edwards in the european headquarters in london. d about brexit, but let's do it again. 564 stocks going higher, only 50 or so going lower. this is a story this morning about broad strengths on these equity markets. china went higher. europe deciding to follow suit little bit. trading higher around europe. one is lifting us. there's appetite for the banking sector, whether italian taking names, weather call your bank, or financial services such as wirecard, specific story around that one. it's a broad rally. it's a broad picture to the upside. that's the big story, i suppose. let's look at the downside. the biggest fall on the stoxx 600, smith and nephew, down 3.5%. this is the medical devices manufacturer. it's often talked about as an m&a target itself and yet, on friday, after the close, we saw the report that suggested they were going to do a deal for about $3 billion for another medical business in the u.s. they talked about acquisitions before, but the market reacted like this, down 3.5% as a result. we went to hear from the co

bpra: that was the ceo of speaking to anna edwards a little earlier.ith us are pau and mike. this is the latest a of earnings out of the oil majors. are you positive on oil majors given what we have seen in the early season even though there were high expectations going into it? mike: i have been neutral. if you look at the outlook, it depends on the horizon. what has been driving the oil prices, predominately supply. on a two-year view, i would start to worry about the demand story as global growth slows. as it start to roll over, that the negative for oil prices. on a two-year out of you, i would be more cautious. nejra: speaking of upside to the oil price, do you see that having further to run? we are up more than 20% year to date on wti. pau: i don't think so. seeink we will probably not up prices. the one thing i want to raise is how respectable the levels of oil price in the oil services one ofy, this is where the find attractive opportunities is. majors are showing there is nothing like adversity to get up to speed and try and focus your mind an

i am anna edwards. the cash trade is less than 30 minutes away. ♪ anna: devaluation conversation.ashington said to ask beijing to stabilize -- guaranteeing a stable yuan. glencore announces a $2 billion share buyback after a turbulent year. is drawn into the dansk a scandal. was involvedender in $3.4 billion in suspect transfers. less than half an hour to go until the start of the european equity trading day. let's look where we are positioned. we could go higher at the start of the day. the asian session, mixed and under performances. reportsing to see these about what the u.s. delegation is demanding or asking. another leg to the trade talks. are they asking for a stable currency from the chinese and how with a defined that? austria and china underperforming. the movese currency on as a result of that currency. the yen has been weaker overnight. trade data showing the deficit whiter than had been anticipated. three-month highs on the oil price. or taking a breather from the recent appetite we saw. host of commodities. let's get to the markets. strategist joins us from singapore.

morning.od i am anna edwards live in westminster alongside matt miller.can saying -- markets saying give peace a chance. indian and pakistani assets falling amongst conflict between the two nations. the cash trade is less than 30 minutes away.

i'm anna edwards alongside matt miller in berlin. matt: good morning, anna.sian stocks inch higher as the region ends its lunar new year holiday. jerome powell is coming around to a wait-and-see view. a quarterly loss following a

i am anna edwards. the cash trade is less than 30 minutes away. ♪ anna: devaluation conversation.to ask beijing to stabilize -- guaranteeing a stable yuan. glencore announces a $2 billion share buyback after a

i anna edwards alongside matt miller. >> good morning. today the markets say let's wait and see on the boe, but investors are watching earnings the continent.n futures are pointing down. the cash trade kicks off in 30 minutes. two central of banks. the r.b.i. delivers a surprise rate cut. are the hawks taking flight worldwide? all about the buybacks. k announcessoftban they will give more back to investors. socgen cuts profit targets and announces cost savings at its investment bank. the ceo says the changing environments are to change -- blame. we have announced a 500 million euro saving plan. less than a half-hour away from the start of european trading. i want to take a quick look at the pound is it is so-called super thursday. the boe is going to come out with a rate update, as well as an inflation forecast, and there will be a press conference. this is a one-month look at the pound. at one point, a couple of weeks ago, we were up over 1.32. and we are now coming in at 1.2935 right now. definitely a good asset to keep your eye on as t

anna edwards.ex falls to its lowest level since september of last year, asian markets provide little sense of direction as european futures rise slightly. the cash trade kicks off in 30 minutes time. ♪ anna: head in the

i anna edwards. the cache trade is less than 30 minutes away. thane cash trade is less 30 minutes away. ♪ anna: hsbc takes a hit. the ceo brown's out his first year with worse than expected results and the cfo tells bloomberg they are more concerned about the u.k. than china. >> we are able to grow our u.k. business, i think we are cautious on the outlook for credit given the lack of certainty on the direction of the u.k. economy. hit: production outages bhp's first half results but could surging iron ore prices outweigh the bad news? in god's hands, jean-claude juncker expresses his frustration and the brexit talks as the u.k. tries to negotiate the irish backstop. welcome to the program. less than half an hour to go until the start of the equity trading day. we were without the u.s., presidents' day holiday there which means the start of trading could take a while to get into gear. taking -- this is what futures look at this morning, fairly flat. if we show you the gmm, what we have seen in the asian session, muted seems to be the way to sum up

i anna edwards. the cache trade is less than 30 minutes away. de is less 30 minutes away. ♪ anna: hsbc takes a hit. the ceo brown's out his first year with worse than expected results and the cfo tells bloomberg they are more concerned about the u.k. than china. >> we are able to grow our u.k. business, i think we are cautious on

i am anna edwards alongside matt miller in frankfurt.ocks little changed following the best month for global equities in more than seven years with u.s.-china trade talks set to continue later this month. cash trade is less than 30 minutes away. anna:

i am anna edwards here in london. 30 minutes into your trading day, let's have a look at things on theand how we are shaping up. this is the stoxx 600 making modest gains across european markets. the futures suggested we would be flat. we have a slight move to the upside. one of the biggest gainers this morning. if you look at things from a two of ourpective, big stories from a corporate perspective are up there. we also see the banking sector very well represented in terms of these moves to the upside. the optimism around global trade and a read across into global growth, we see things across the equity markets. let's look at the downside. investors are getting into banking and maybe coming out for some of these health care names. lower. roche moving health care one of the sectors moving to the downside this morning. we have a few of the banking -- other banking names in there. despite the headlines, barclays and deutsche bank are selling. let's get a first word news update. olivia: theresa may is appealing to the conservative party to unite behind her brexit deal she is preparing to

i am anna edwards alongside matt miller in berlin. the market say take a cue from wall street, global stocks extend the rally as asian stocks hit a four-month high. is an em extending into overbought territory? just 30 minutes away from the open. anna:

i'm anna edwards alongside matt miller in berlin. matt: today, the markets say happy new year. stocks rally after coming back from vacation. european futures are pointing to gains at the open after two days of losses. but bunds already yielding near zero -- are yielding near zero. the cash trade starts in just 30 minutes time. ♪

i am anna edwards alongside matt miller in berlin. matt: today the market say take a cue from wall street, global stocks extend the rally as asian stocks hit a four-month high. is an em extending into overbought territory? just 30 minutes away from the open. anna: let it slide, president trump signals he could extend the deadline tariff for more talks if they are close to a deal on trade. santander gives a reminder that juicy yields can calm with nasty surprises, after skipping a call option. disappoints in the fourth quarter, covering plans to bulk up its dividends. good morning, less than a half hour away from cash trading across europe and in the u.k. i am looking at a three-day chart of treasuries, yields continue to climb over the last three sessions, looking at 2.69% on the tenure paper. look at futures, we have gains in european teachers as well. they are not as strong as the gains in nasdaq futures. the u.s. could have another positive day. dax teachers up 0.6%. 0.6%. futures up what else do you see showing risk on signals tod

i am anna edwards alongside matt miller in berlin. matt: good morning. say place your bets. president trump wants to make deals to avoid a u.s. government shutdown and avoid higher tariffs with china. index futures are higher and yields are rising. the cash trade is 30 minutes away. ♪

i'm anna edwards alongside matt miller in berlin.he markets say, what happened to the new year rally? stocks across asia stop -- slumped as trade tensions sour the move. he was futures also point down. the cast -- u.s. futures also point down. the cash trade is less than 30 minutes away. ♪ anna: back with a

i am anna edwards alongside matt miller, who this morning is in frankfurt. matt: that's right. european futures trade higher as a germany narrowly misses falling into a recession. the cash trade is less than 30 minutes away. ♪ anna: time to

i anna edwards alongside matt miller. >> good morning. say let's wait and see on the boe, but investors are watching earnings the continent.n futures are pointing down. the cash trade kicks off in 30 minutes. anna: a

david: anna edwards reporting from london.oming up, the kayne anderson energy estate ceo -- kayne anderson real estate ceo. how he allocates capital. this is bloomberg. ♪ al: the truth behind the fed -- alix: the truth behind the fed's 180. manipulation or monetary policy? janet yellen says it is treacherous to say a country is gaining the fx market for a trade advantage. space race. china and the u.s. battle it out on trade in the south china sea and space. david: welcome to "bloomberg daybreak" on this wednesday. more news coming out of ubs. $3.7 million fine from the french court. now, there's damages as well. alix: it looks to be a record .ine you're also looking at damages awarded -- 800 million euros in damages to france in the ubs case. certain individuals are not being found guilty but are guilty. this does not look good. david: if years ago -- a few years ago, the u.s. dealt with this with credit suisse. they've talked a lot about it, clamping down on tax evasion. france really sending a message. mentioned, ubs could

certainly changes flows of .rude it's a human tragedy scarlet: that was bob dudley speaking with anna edwardsmayor from houston. -- regina mayor from houston. what do the results from shell, exxon mobil and chevron tell us about how the big oil companies are navigating the swings in oil prices? volatile.uite very large companies are able to withstand those ups and downs. where we see things falling out at the margins are the smaller shale producers. there are three key things driving the macro impact for crude price. number one, the fact that opec plus appears to be disciplined in terms of its cuts. we are seeing it three quarters of the way toward the committed cuts already. 12 million barrels per day even with four out of five weeks of reduced count -- rig counts. and then what will happen with the venezuelan sanctions and iranian sections and the conversations with china on an ongoing basis. those are the things that anyone watches on a given day. caroline: today, it is driving the price down, focusing more on oil stockpiles. i want to get your take on where you see the price when going --

banking incirlik, switzerland. , we catchoria street up with him after a good conversation with anna edwardsnt to know a tactical call on sterling, can you give a strategic call on sterling for five years? >> we are still fairly bullish over the long-term horizon. we could be heading towards -- staying around 150 or 160. cable used to trade at two at one point in time. in terms of pure sterling we may be heading lower. something in the vicinity of 70 by the years anend. end.ar's >> for the mortals watching what he said our china or miss moves -- ginormous moves. as we go to a 150 table or a strong sterling versus the euro, what is the effect on u.k. business, on u.k. society? is the caseole it that the currency has had an impact historically predominantly mainly on inflation. the u.k. is an open economy. it is tied very closely to the eu historically. the pound does not appreciate that much in the near term against the euro. that may not change significantly the trade relationship or the dynamics there. where the u.k. could benefit from the u.k. will make a success out of it. the u.k. remain

anna: good morning welcome to "bloomberg markets: european open." london, i amn edwards alongside matt miller in berlin. today, the market say it is about the earnings with the fifth of stocks is hundred companies reporting 11% have beaten estimates. all of those companies have beaten estimates by a 11%, cash trade starts in 30 minutes. anna: the u.s. president uses his state of the union address to announce the second nuclear summit with north korea, but he offers democrats little, saying a wall will be built. president trump: we must reject the politics of revenge, resistance, and retribution, and embrace the boundless potential of cooperation, compromise, and the common good. slump asers profits the maker of verse 80's bands struggles through the u.s.-china trade spat. a bleak outlook for b.n.p. paribas, profit forecasts loses money in his trading business. fourth-quarter results are not where we want them to be. , we need tooking calibrate that and make sure we do not hit on the revolution. -- hit on the revenue line. are half hour from european trading. i want to sh

. ♪ anna: good morning welcome to "bloomberg markets: european open." london, i amn edwardsller in berlin. today, the market say it is about the earnings with the fifth of stocks is hundred companies reporting 11% have beaten estimates. all of those companies have beaten estimates by a 11%, cash trade starts in 30 minutes.