taylor: i just had an interesting illinois pension conversation with fitch ratings, so i know what youtalking about avoiding those g.o. problems and sticking with a revenue bond. eric: we are going to leave muni land and go to esg land. you guys made a big splash with ussg. you opened with $850 million, already the third biggest right off the bat. this is because of an institution that you lined up. talk about what happened here. fiona: we are hugely committed to the esg space. obviously being a european player by domicile, europe has been one of the areas leading the esg trend. for us to have the opportunity to work with the largest finnish pension fund, focused on esg's themselves, a natural marriage and partnership. we are building out a suite of core products that are really offered best in class exposures to esg across the fixed income and equity spectrum. we worked with them to bring this to market. it was really great to see the largest equity etf launch in history is esg. taylor: talk to me about cn. we had a conversation earlier this hour about the bullish outlook on china and

moody's and fitch has given it their fifth highest investment grade rating.10 million. proceeds will be used to help by a majority stake. the ipo range for network international values are up to $3 billion. shares will be listed in london, dubai's biggest bank owns 51% of network international. and that's the bloomberg business flash. thank you so much. francine lacqua and tom keene in westminster, a perfect day here in london. we start strong with a wonderful always eager to talk with you, particularly after nine days since the shanghai banking corporation. congratulations to your entire onm on the optimism you had december 24 last year. take us back to just before christmas, the world was falling apart, and hsbc got the call right. what did you do? , steveoked for equities was looking for lower for longer in bonds, and we were dollar positive. apparently if you are against the consensus you will definitely be wrong. tom: the consensus is the opportunity to trade. is there an opportunity to do anything this morning, particularly with sterling? >> with sterli

now despite the blockbuster profits ratings agencies moodys and fitch held off on giving aramco their top credit rating. you to strong links between the saudi state and the company the pointing to the fact that the majority of the state companies revenue is taken by the government to finance its ever increasing spending. western us financial markets and see how they're trading today in europe markets extended gains from friday as investors digest positive manufacturing data from china and the united states. is a green across the board at close at frankfurt's dax leading it was up one and a thirdd percenent. similar picture on wall street with all indexes closing near session highs dow jones up nearly one and a quarter percent the nasdaq also of one point 3%. this despite the fact the ride sharing firm lift close down more than 12% after it's friday i po. what's your round of now the latest business news from franc. a french prosecutor recommended a five year jail sentence for french businessmen them not the key over accusations that he defrauded the state of nearly half a billion euro

the rating agency fitch has estimated that the ruling party's campaign proposals if enacted would push that figure close to the limit at two point eight percent. the brazilian business classes high expectations for the presidency of shareable so narrow may be coming down to ground level after hearing on the president's pension reform proposals became a verbal brawl the brazilian economy minister and a legislator from the opposition workers' party traded insults as they attempted to debate mr bolton are as policy proposals the scene seemed to be escalating toward a fistfight at one point when the minister was removed from the hearing room those policies would include raising the brazilian retirement age for women from sixty to sixty two and the minimum required years of work from fifteen to ten while taking bigger contribution cuts out of work or paychecks brazil's investor class has made it clear that they expect ableson r.-o. presidency to declare her to deliver clear pension cuts but the fierce opposition and the minister's impolite response to the heckling raises questions about whe

from are going to move fixed income to the world's largest oil producer getting an a plus from fitch.et you more on the first public assessment of saudi aramco's credit quality. this is bloomberg. ♪ ♪ lots of breaking news coming out of the palace in tokyo. we have a new name for a new era. there will be an end to the theent era, ushering in next, accompanying the ascension of the current prints. >> we are going to leave that there, but for bloomberg clients you can continue watching what's going on in tokyo. entriesalso find daily to keep you abreast of what is happening across your trading week. let's get you caught up on the latest business flash headlines. a cosmetics maker in japan is forming a tie up with alibaba, including product develop a marketing in the first collaborative shampoo that will go on sale in september. it is the largest consumer market and is aiming to double its market overall to 15% of total sales by 2020. debatebook entering the about social media responsibility and internet regulation 10 days after the live streaming of a shooting. regulators around the wor

that was eric kim with fitch ratings. guy: let's turn back to the markets here in europe.ence between the ftse 100 and the dax, despite disappointing data from germany out earlier on. stocks really driving the dax's performance right now. wirecard is up about 12.5% softbank looks to take a $1 billion stake in this business via convertible bond. that certainly is turning the story around for wirecard today. the other is in the tech space as well, sap, the tech giant out of germany rising by 11.23%. the numbers were really strong overnight, and the stock is absolutely flying on that. as a result, the dax is outperforming. the same cannot be said of the ftse 100, underperforming right now. we've seen what was doing well yesterday not doing well today. bp is trading down. shell is trading down. some of the industrial metal companies are trading down. rio tinto, anglo american, bhp trading off. it is a resources sector story for the london market, and a tech sector story driving the dax outperformance today. vonnie: we have our annual visit from one of our friends in studio now

oh yeah i know i know you could sell that polaroid and fitch yes i don't i thought she would still be a sinaitic part the ones with the printers and i bearings and green hair and i don't know black jackets and the pounds or she to talk to me when you have a sense of what kind of man you would be understood. yeah definitely definitely do probably someone he's probably older than me and definitely older me and somebody. successful in their own right and somebody you can he's not threatened by me a lot of people authored by me so far so good certain barner because probably i mean you'll say something accused of being in your face very often and i know i can be but i try not to be but also the thing is like i've been brought up in a in an environment where it's ok to argue with people and it's ok to disagree with people and it's kind of part of my family's norm a lot of people don't take that. i have this insane person to defect where if i do something active to the point that i'm sick of it i matter what is. really going. to turn. up here and. i think i was very unhappy and i wasn't happ

bankers to manage its $10 billion bond sale we are getting our first look into aramco's financials after fitchave an a plus credit rating they generated earnings before taxes of $224 billion last year. that surpasses exxon mobil joining us now on the cnbc line, a former saudi aramco executive. he is the founder and president of hue say knee energy thank you very much for joining us here on cnbc. with earnings of that size, why does aramco need to tap the credit markets should they issue a bond >> good morning, brian, aramco is obviously responding to the directives of the saudi government, and the saudi government has a very long-term strategic restructuring program for the economy, and this involves a lot more than aramco. it involves the public investment fund growing by $200 billi $200 billion over the next ten years, the saudi industrial development fund, the logistics program promoting 65 major private sector developments so forth, so yes, it's a lot of cash, but it's going to be put to good use and growing the domestic economy of saudi arabia and also diversifying the economy away from b

news4's justin fitch has toils on this year's event. good mornin h >> reporter: there, good morning. theater. more than 30,000 people expected u show this year. new events you'll find including a musical -- ialluding mus best and be best hopstate cotch. veers are showing up -- volunteers are swing up, you see several spaces for other eventsal you might r this dates back to 1878. it's been a hot ticket ever since. back then rutherford b. hayes was president. the legend goes like this -- kids showed up, s the lush grass and said, hey, can we come over and do an egg roll. and the presid come on in.h, let them in. from then on out it's bee a tradition ever since. the president and first lady today playing an active role. they'll be reading to children here, too. as we come back live, you see the hubbub goinge on ins the white house. outside, too. lots of media here, as well. i want to showng somethi else, as well. this is going to be among the eggs the kids will see out here. it hasnt the preside and first lady's signatures on the back. you

. >> jimmy: plus abercrombie and fitch, it equals lit af. [ laughter ] >> steve: lit af. >> jimmy: that steve: fleek.t. on fleek stree [ laughter ]ug boht a condo there. [ laughter ] >> jimmy: if you take "candy crush." >> steve: sure. >> jimmy: plus plang while you're on the toilet, it equals game on thrones. >> steve: oh. [ cheers ] >> jimmy: there you go, that one -- come on. >> steve: come on. >> jimmy: now you're stretching the imagination. >> steve: that's crappy. >> jimmy: here is another one, fall out boy's pete wentz -- >> steve: sure. >> jimmy: plus pirate's booty, plus the edge --me tis two. >> steve: yeah. >> jimmy: equals pete buttigieg. >> steve: oh. [ cheers and applause ] j my: if you take blts minus the lettuce, it equals bts. >> steve: oh. [ cheers ] >> jimmy: great sandwich. great band. what's your favorite sandwich? >> stevei have to say, gosh dang it. >> jimmy: is it like a -- >> steve: it's either a a reuben -- >> jimmy: a reuben. >> steve: yeah, thank you. my: i understand -- >> steve: reuben is a good one. >> french dip! er jimmy: french dip! my favorite rappude.