banks and their stories are quite different, hsbc on commerzbank. i find european banking and the partition to american banking to be extraordinary. we will have plenty more on that. we also spoke to j.p. morgan head and he was interested, he said he was expecting consolidation was the thing that nate -- was a thing that needs to come. we also had a conversation about brexit and the fact that j.p. morgan was moving so many assets to service clients. new weakness on turkish lira, 7.79. a very weak lira. that is a remarkable statement today of a weaker lira. 10 year doing better. -.91%. daniel -- daniel ahn. tom: it was said in 1934 about judge --, anyone may arrange his affairs so that his taxes shall be as low as possible. president trump has arranged his affairs fairly well and according to the new york times has shown chronic losses in -- and years of tax avoidance. timothy l o'brien on the art of collecting golf courses. turkish lira much weaker. there is no debate from cleveland tomorrow night. it will be a debate for the ages. keene in new york

comber bank to the -- commerzbank to the upside. the equity market performance, i know at vanguard uber for equities over other asset classes. is that because there is no alternative? or like jp morgan do you look at the cash on the sidelines? equityoes your strong view come from? alexis: there is a role for all asset classes. premium at the moment is relatively healthy so equities are likely to outperform bonds. we see the valuation of equities as still relatively fair. the big thing that is happen this year is we have seen a major downshift in the outlook or interest rates. rates are expected to remain close to zero. the curve is quite depressed. we have a depressed structure which supports higher valuations. that means the equity market could continue to run. not necessarily in the short run. we have had several strong months. this means that equities are much more likely to outperform than bonds which have a pretty depressed outlook right now. matt: alexis, you are going to stick with us. we will take a quick break. we have alex

when there were discussions between deutsche bank and commerzbank with the labor unions pushing hard job cuts. tom: to me, it is extraordinary. bnp paribas i is so european percent book. europe would basically kill francine for citigroup's performance. franciene: i don't know whether this goes back to negative rates are another tax rebate, or just another business model because what they do in finance, there is high finance on wall street, it is widely different from what the european banks do. >> yes, but they often have, the domestic markets to fall back on that the europeans do not have. i am talking about the consumer market, which is a very commission rich and fee rich market. franciene: thank you so much. elisa martinuzzi. up next, simon hoare. northern ireland committee chair. this is bloomberg. ♪ ♪ franciene: -- persuadedffany has the judge to -- it's a lawsuit for canceling its $16 billion buyout. -- u.s. luxury jewelers says jewelry maker says the french giant is relying on a faulty legal pretext to back out of the deal. fortile -- the trial is set 2021. lvmh says it is con

just to make sure i expecting, you are commerzbank and deutsche bank to merge.rting mergers? what is theoking at market enticing banks to do? you look at the banks trending at the biggest discount. are investors, the screens pretty forward. mill willk, the rumor start again and they will have spent the whole time coming up with combinations they can do. deutsche bank will think we need to do something domestically. we cannot speculate on which names will get together. if you look at what the market is telling you and you start in each of the different markets, it is straightforward to come up with a who is the larger party, where did the synergies come from? the government is concerned sheets.nking balance closing that into currency bank makes a lot of sense for a lot of reasons. you can utilize bad will to increase the provision cover. we are not in a position to say this and this will happen. we can show you what the market speculates. it makes sense. francine: thank you for the insight. speak to the chief executive of edleman. homell talk working from next. t

commerzbank has picked up deutsche bank's manfred as its next ceo.will spearhead one of the largest restructuring programs in the lender his -- the lender's history. that will lead to about 10,000 job losses. he will take over from martin on january the third. chairmanund a new after investors soured on the longtime chief executive leading the board. he headed the world's largest luxury car for 13 years until 2019. he won't return. the outgoing siemens boss is now seen as a leading candidate to become chairman. that is your bloomberg business flash. francine: let's get to one of our top stories. president trump pages $750 in u.s. income taxes in 2016 and 2017, reportedly losing millions from his golf course and has hundreds of millions in debt that will be due over the next three years. this according to a report in the new york times. woulde a pledge she pursue no new deals while in office. he has dismissed the report. >> totally fake news. actually i paid tax, and you will see that as soon as my tax returns -- it's under audit, they have been under

shocking valuations of some of the european equities, particularly the banking establishments like commerzbanklike edges bc, that when you get -- like hsbc, that when you get good news, you get a pop off of those shocking low valuations. jonathan: who do you think the bar is lower for later this evening? many of the pundits are saying the president has lowered the bar for the former vp joe biden. tom: the bar is lowest for kevin cirilli because he's going over to the rock and roll hall of fame to see the doobie brothers and having a nap. two of "the new york times," their tech story, you really wonder how that -- there tax story, you really wonder how that percolates and changes the first questions for vice president biden -- for vice president biden. jonathan: equities just inching higher on the s&p 500. from new york and london, alongside tom keene and lisa abramowicz, i'm jonathan ferro. heard on bloomberg radio, seen on bloomberg tv, this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. president trump and joe biden go head-to-head for the first time tonight in the openi

tom: the guy at deutsche bank over to commerzbank, that helped, right? guess to some degree. the hsbc move really helps on the ftse this morning, up by 1.5%. but clearly the concern was there for all to see on a policy outlook, on covid restrictions. we said at this time last week, happy talk in europe is over. i don't that this bounce brings the happy talk back. to happy talk is still behind us. tom: we welcome all of you on bloomberg radio and blumer television -- and bloomberg television. a nice rebound in sterling as well. this conversation goes somewhere in the vicinity of 12 ways. michael mckee is our economic this -- is our economics and policy correspondent. i am sure that jon and lisa are going to go eight different ways here, but i am going to go 14.7, 13.3, 11.1, and the miracle survey this friday of an unemployment rate going 10.2% down to 8.2%. that's pretty good, isn't it? michael:michael: is a lot better than people expected. changed fed has their forecast of where we will be, but still below where we were in february, and in the middle of

more about ubs pushing to make some big transaction that could include either deutsche bank or commerzbankart reports picking up? >> we did report last week that m&a is resurfacing. this does seem to be an appealing option. mendes point, most of the was in market. we still seem to be quite a way any cross-border consolidation. we still don't have an insurance scheme that would really make this possible in europe at this point. it is certainly true that the coronavirus and slipping profitability of banks in this environment have given this idea a new kind of interest in recent weeks. anna: thanks very much for joining us. important to keep across the latest developments and mende into the banking sector. let's recap one of the stories we have been covering all through the last half-hour or so. the u.k. government telling the public to work them home of ofsible, another example this seriousness facing the u.k. right now in terms of the fight against coronavirus. the u.k. telling the public to work from home on the same day that we expect later to get need totion that pups close early and onl