vice president of the ceoe also with us.ome pretty dire numbers there when we look at the forecast of the spanish economy contracting 15% in a down side scenario. how much is this to do with the structural of the economy and because it is exposed so heavily to the tourism industry and how much is down to the government's handling of the pandemic >> good morning. yes, as you mentioned spain is probably going to be one of the countries that are going to be hardest touched by this. our forecast in worst case is minus 15%. best case is other minus12%. if there is a prolonged lockdown in the latest part of the year there are three main reasons why we are hardest impact by the covid. first of all, we have one of the longest lockdown in the world. we were almost four months lockdown in spain. a very tough lockdown for the public secondly, our economic structure is composed of various smes touched hardest by the covid we are highly dependent on the tourism. that has been the sector that has been the worst impact by the covid. these

we asked the ceoe if thought the industry was moving too fast. >> what i worry about is that we don't build fast enough. so our customers have an incredible demand growth forecast. so in china's case, they're growing demand by 50% a year. so if we're not there to philamena need they're getting it somewhere else. >> america is currently the sixth biggest exporter of natural gas in the world. but experts predict we could jump to second in five years because the united states is kicking off so much from the shale o boom. this facility is built by bechtel the private massive building company we spoke to thd ceo a asked him if he thought the ambitious plans with would tually happen. >> it's sort of math matically improbable that every oneop ed in the market happens. of course the permitting process, the eis process that sorts out who gets to go ahead. but at the end of the day from our perspecti the bigge constraint is labor. >> the other question issoney. sloo stock markets and economies go up investors are more likely to spend thell ns to takes to build facilities like this. but if eithe

it was an unbelievable move. , the ceoe now is dan of pfizer investment, which has 3.4 billion assets under management. how you view china. china?china -- view dan: it is messy. theeek that my feeling on way the market has rebounded and wipe them out in one day is investors are very anxious about the fact that this is such a controlled environment. the chinese government allows over 1000 stocks to trade. it plays around with the margin rules. it tells big investors do not sell. have a free market if the central bank is always getting in there and saying we don't like what is going on. doesn't mean that with the government did it didn't work? all of a sudden you turn around and went out. dan: saying something does or doesn't work in china -- it is a joke. this is a country that two weeks after the end of the quarter is able to tell you that growth was 7% per annum. economy and we are not going to get our first read on second-quarter gdp until later this week. china doesn't revise its numbers. what it says happen at the end of two weeks, done. say are doingey is working or not working,

shares are up today onward brazil'supreme court revoked a ceoe owner -- the former .as been holed uphome he was arrested in november on charges of obstructing a federal investigation. turner broadcasting teaming up -- teaming up. -- the subscription fee has not been announced. bywill be curated programmers from turner classic movies, the cable network. to give his 2000 full-time employee shares with up to 10 widelyp -- 10% considered to be worth billions of dollars. it could make some employees multimillionaires. turning back on the federal reserve this week. take a look. the current index of assets higher. i am sure tomorrow as well. joe weisenthal is here now. walk me through the chart and the significance of it. how have the bond markets reacted? of,here is always the sort it is always hard to disentangle market moves and the fed. saw basically everything bottom in the middle of february commodities,g from stocks, emerging markets, everything has rallied since then as it has been perceived that the fed has gotten more dovish. nobody expects the fed to do anything. the real questio

co-ceoe bank's new getting a revamp.ommittee that advises the day lord turned their under pressure to shore up profits. those are your top stories at the hour -- at this hour. matt: four's latest patent. plus, a look at oil, teetering on breaking the $40 mark. more on that is ahead. ♪ matt: your average sedan might feel like a private jet. it can also transform into a lounge while driving, adding swiveling speeds that created a more comfortable setting and an ottoman for your feet. i think we are a long way away from this happening. the ceo was asked about this when mercedes was showing its driving lounge. he said they are still quite a few years out and there is no rush this product. first, we have to get the lincoln continental. that is what i'm -- i'm excited about seeing from floyd -- from fort and then we will worry about not paying any attention to the road. they are driving in the left lane when they should not be there. olivia: that does it for me. stay tuned for more. ♪ matt: welcome back. in the sign of strengt

erik schatzker and stephanie ceoe interviewed a jpmorgan and iconic editor, tina brown. to watch on friday, only on bloomberg. the top are public and politicians from around the united states are making their way to the premier conservative local conference today. each looking to secure the favor of the more than 10,000 attendees at seatback. phil mattingly has been watching nowthings are in p joins us >> good afternoon, mark. the stars are out for the republican party when it comes to see pack. on the senator side, you've got marco rubio, ted cruz and rand paul, you had governors like chris christie and bobby jindal. the point right now is to try to prove their conservative credibility. marco rubio gave a very in-depth foreign-policy speech and ted cruz talked about repealing obamacare and dodd frank. at the future of the republican party -- see pack is a purity platform, something ted cruz made very clear today. >> all of us remember president dole. and president mccain. and president romney. man, decent man, but when you don't stand and draw a clear distinction, when

earlier today, matt miller and i ceoe with the founder and of foresight strategy and to medications.e discussed his contingency plans over greece. at this moment, the contingency plans have been exhausted. we have been redrawing contingency plans over the last four months. now time for leadership, regardless of what party they represent, to consider using russian now in boldness and come up with any solution, any settlement that will allow at least the business community and private sector to continuously move our country step by step forward, and hopefully at some point we will be able also to deal with the structural issues that we andnitely need to tackle get them behind us in order to move the whole country ahead. >> what about you personally? have you taken out enough cash to get you through next week, or are you not worried about it run? >> i have heard so many times that there is this issue, i didn't go. i'm not sure that we will have such an issue at the end of the day. get 1000ure that if i euros and put them in my home for the weekend, that will save me if we end up moving

the ceoe move is next. is going to speak with us live. >> welcome to "on the move."are moments away from the start of european trading. it is what we are focused on for the next 30 minutes. isray cloud and pressure growing on germany. the french minister travels to berlin. the europeanabout health check. is it a reason to worry or the final hurdle before an elusive recovery? we talked to the firm that that dollars on a company that later became worth billions. that company called facebook. we're looking at futures. futures are higher. the dax is pretty much dead flat. a big move in asia. >> the big bet is the pension fund of japan will take a big bag of swag and get involved in japanese equity markets. quite a dramatic impact. it is a little bit of a mixup in irope. going back to asia, will show you the kind of momentum. this is a big question. the hang seng up half a percent. europe had its moves on friday. the yen is lower. this is an important week in erms of data for the u.k. we will get inflation data. you are right. the debate about baking will build up in term

handled -- on the ceoe taking job, make sure your stock is not overvalued. >> what we've seen happy with -- happen with dupont. nelson wins again. >> she won the battle, lost the war. if she had welcomed him and, she would still be ceo of the company. , andought to the death again a not close and again i'm not close enough to dupont, but my sense is it looks like the board lost confidence on yet another earnings guide down. commitments and promises were made that were not lived up to very shortly after and it makes nelson look right and her look wrong and perhaps they decided to pull the plug. >> she did not work with nelson. are you working with him or on the same page at least? >> working with him, i would say we are both big shareholders. he has access to information we don't but i think our thesis -- are similar. >> does it give you posit some people believe heinz looks great, there is huge potential, but the possibilities are also -- already priced in. when you see a deal announced, you are super positive on 3g. when you see 3g and a deal, the market loves it but we had not actually

ceoe: when i was the young the company came to me and said, you have to make a mark, do one boat thingg. i think if a ceo talks about one hing, build the stock. we have got to do it all right, just like the mayor is doing. technology right, culture right, people write, i have got to do it right in every country so i have got to get the whole mosaic. one thing people are going to say, i'm going to miss that son itch.b i am not looking for any other legacy. i am so proud of my company, by the way. we have unbelievable capability. i want to make sure it is one of the best banks in 20 years and i'm glad to be part of the place. megan: is there going to be a second act when you leave? any hint? said, one of my partner you need to do one last big thing. like what? turnaround g.m. for the government. i live and breathe j.p. morgan. it is for this company. i want to make this place that are and i will give it everything -- better and i will give it everything while i am here. if i cannot, i should not be the ceo. if you are going to be the quarterback or head coach, you have got to give it you

ceoe talked to the certainly. the ceo take -- stays with us.sinesses -- british businesses anxious about brexit. not convinced from the two main political parties, that is what interviews with many of the conference reveal. issa -- i sat down with jeremy corbyn and asked if he thinks we need a second referendum. >> we have not considered a second referendum. we want to negotiate this process. we don't know when the next general election will be so we don't know which we will be in government. i want parliament to be able to hold the government to account of what it is doing. challenge the bill as it goes through. this bill is everything i disagree with. parliament should be there to hold government to account. this bill has enormous powers over the secretary of state which he can -- he can override parliament. that is wrong. >> when we see the deal there is on the table -- >> we are not considering a second referendum. >> do you see a transition of something that can be achieved now by the government or is it that takes time to negotiate? >> i

ceo -- ceoe bank john cryan canceling an appearance at the euro finance committee conference in frankfurtwhen to replace him at the event that is going to take place, and will be on the panel with the ceo of commerzbank. we spoke earlier to another man on the panel, from ing. it is a pan-european panel. john cryan is not going to be there. there is a lot of moving parts surrounding deutsche bank at the moment. we will see what is happening in the u.s. with the doj. a pretty important line for him to get solved at the moment. we will get some key guests from the conference of the later on, including one from the institute of monetary and financial stability in luxembourg -- financial stability, and luxembourg's finance minister as well. let's talk about banks. area.s a key john stafford joins us now, still on set. the banking sector in europe is a bit of a two-way street, in my mind. --itive influence potentially lower regulation, yield curve steepening up. we are going to see some negatives. we do not understand what is happening in italy. we do not understand what the regulatory story is

ceoe will be talking to the following the company's earnings release. int is the first interview the second hour. >> begin with china's manufacturing activity. away -- thetech takeaway? >> it singles another month of contraction for the chinese manufacturing sector. we're talking about the hsb project economics. it came out of the of 48.3 for april. it signals a level below 50 which is contraction in terms of manufacturing activity. weyou take a positive view, see some stabilization in manufacturing in china but it does suggest that the chinese government may be forced to roll out some additional stimulus measures to counter the slowdown that persists. railwayasures include action, investment, and energy projects. they may not be having a strong is an impact. we say that in terms -- we see that in terms of the markets. a fourth month of contractions. we will be watching this closely to see what investors think of this. the government in beijing reluctant to roll out a massive stimulus of the likes we have seen in recent years. >> now to hong kong. >> uk

the ceoe you spoke to of msci.ll that he he really does expect that markets will continue to open after a steady and stable rate. the question was around the pace of that. closelypposite worked with the vice-chairman of securities regulator here. they receive strong support from this. also interesting to hear that the next focus in 2018 is looking are has to include mid-caps further down the line. also hope that this decision was welcomed and appropriate. expect itaying they could lead to inflows between eight and 10 billion u.s. dollars. >> good feelings all around it seems. i want to play for you part of our interview with henry fernandez when he talks about expanding the number of shares going into the index. support withstrong the proposal put in place. we were able to get stronger support to revise it to a larger number of caps. that was one thing that was important. >> how important is it? >> it is obviously quite significant that china is finally part of these benchmark indexes. he did note that it is also a

the ceoe speaking with of the red apple group and owns a different kind of retail -- it is a supermarketin. he talked about how businesses in new york city are paying higher and higher rent. butrents continue to go up the tax issue is a big problem for small businesses. listen to part of what he said about how higher taxes affect businesses and individuals. >> the florida real estate people were celebrating that more and more new yorkers are moving down. it is like 400 families or people per day. >> because of the taxes? >> because the fear of taxes. taxes did not go up yet. they fear that it will rise so they figure let's get out of town faster. >> i don't know about 400 families per day number but there are two separate issues -- there is higher rents for retailers and number two, higher who are the wealthy large consumers in big cities like new york. >> you've got higher tax rates. new york has high tax rates but it's the best city to do business in in the world. number?u believe that >> 400 families per day? i have no idea. >> do you believe people are leaving new york to go to flori

ceoe pioneer and chesapeake has died in a car crash in oklahoma city.ndon faced accusations that he conspired to keep the price of leasing drilling rights artificially low. police say he drove his car at a high rate of speed and slammed into a bridge. severalrea has fired short-range projectiles into the sea, as hours after the un security council passed to the toughest sanctions yet on pyongyang. the exports of gold, thanking them, rare earth, and gold, achieve source of currency for kim jong-un. will todayancellor attack the argument of colleagues and his conservative party pushing for britain to leave the european union. thege osborne will urge backing of the merchant, as he speaks along his german council part, wolfgang schaeuble are. . isemy corbyn will begin reform for the banking sector. he told the bcc conference the finance industry must not be an extracted industry that looks at consumers, on, and small businesses as a cash cow. the republican party establishment is really out is 2012 nominee in a bid to stop donald trump's march on the white

the ceoe first time also got a raise. going back to bonds, there's something that caught my eye. japan's longest bond, so basically joined the rest. -- 40 year yield tom: it is an interesting time here at -- interesting time. shahab jalinoos joining us. let's look at gold right now. we haven't done this chart in ages. this is one of my most famous charts. inflation adjusted gold. down we go, long-term gold declines. i am passing my book with a brilliant -- this. d of gold currency. go and here is this very quiet rebound. isn't that the end of the bear market? i do not have an opinion. francine lacqua does not have an opinion. james steel does. we'll talk about that later. there is the effervescence, francine, of gold over 30 years. francine: yet. a -- weat gold, we had had an exchange strategist facing it is all playing out in gold. shanghai, the stock exchange fell 6%. you need to see how you price risk and exactly what that means for investment and whether we should be more worried. let's get to our guest host for -- hour, he is rick like i he is rick lacaille. great to have yo

ceoe carey ran directv as for many years. he obviously has good input.iverse team at the 21st century fox group. i think there's a lot of should you just merit as long as the deal is the right place. >> jason, a lot of people look at the timing of this offer and say, it is genius because 21st century fox has just completed the spinoff of news corp., time warner has just completed the spinoff of time, so they're very both clean, focused media companies. and at the same time, comcast is tied up with the time warner cable acquisition. at&t is tied up with directv. up with vodafone wireless. do you share that point of view of genius? >> genius. rupert murdoch has been building this business since 1954. >> 1954? 1954. he has made bold moves. he is one of the few newspaper titans to be able to transform into a very powerful for relevant global content play today. we like the fact they're willing to make old moves as long as they're very strong price discipline attached to it. >> let's say jeff fugate somehow comes out ahead here, that he persuades shareholders

ceoe is a risk if you are a or a coo, you have an inbuilt risk of brexit word trade. -- or trade. --stic, analysts are too optimistic. consensus has about 10% earn dust earnings growth next year. scope.s no nejra: i was reading a story on the bloomberg saying analysts arc cutting their estimates -- are cutting their estimates. typical.it is i think it is a worry that you have this phenomenon. expensesthrow all your in and the guidance will be questionable given the backdrop. the last four earnings seasons for the u.s., the s&p has fallen. has not performed well. nejra: the point you make about companies hiding behind trade seek outt, how do you the companies to buy or sell? patrick: we are looking for laggards. companies are trading on 10% to 20 per -- percent. aversion moment in yen revenues. u.s. health care has political risk and is trading in multiples below the s&p 500. if we get a democratic president , rhetoric will be harsher than policy. forink the worst case is the health care stocks. nejra: great to have you with us for this hour. bloomberg "surveillance" continues in the

beforeúi=c8v that was thewe ceoe health. welcome to allm1a of you.exchanges. johnson 0o@:hujz for yourvdvdík for bringing us together today to talk about early lessons. !b0c so what are we seeing? >> we're seeing enrollment isjy outpacing the enrollment,z3s/f e marketplace. that's because most of the system glitches have been workeñ vlpñ based marketplace. we're also seeing we're seeing for more robust consumer assistance in those state based3 marketplaces. and medicaid. it's worth noting there is a success story in five states, this is just early on, that been doing what we call fast tracka$nj9Ñq[/&ée4 expedited er medicaid. oregon, forxp example, despiteáw their own going change to enroll 121,000 people into medicaidee. we're seeing that plan choice varied by state level acros38wx; 6júc what it locks like in their states. overall, we're seeing that 80% are choosing silver or higher level. and that age distribution also varies. overall, 24% of the enrollees are in the 18 to 34 age range, that coveted age range. consumer assistance varies. one real

general electric beat analysts' to ceoes, giving a boost jeffrey m l after some investors have grownouus on cell is will heart and still with us is david bianco of deutsche asset management. good news for mr. immelt. guest: organic growth was better than expected pretty much across the board, and oil and gas is not as bad as it has been. four quarters are pretty negative. it looks like sales are accelerating. david: and power and engines are good. up.n: yes, power is it is actually apples to apples, i power is picking up, but think the other surprise was that oil and gas prices were not as bad as they have been pure to sales were down 9%, may be down 21%, so that is a good. himselfid: jeff immelt says that is all about the internet of companies. muchyou think about how progress they are making on that site come on the tech side. karen: we get sales and orders, and they are all growing 15%, 20%. they are not making money in it yet or this could be the year that they are spending less than they are making, so it is an important here on that front. 130 $4 billion is hard to see, but the

lufthansa ceoe to in berlin. >> short-term we tend to be hedged in a better way than most competitorsrs. will be goodices for the industry longer-term. >> that is your bloomberg business flash. tom: thank you so much. single best chart. this goes to international investment. we steal a chart. this is a chart. nejra: what a date to be alive. tom: this is the j.p. morgan asia index. they are doing better than the emerging market index down here with nice delta. this brings up the idea that if you're going to be in international investments, you have to hedge currency exposure. i think that's a great way to lose money. >> i agree with you. you have to think about your portfolio and decide whether it is important. if you had a choice to hedge your emerging market currency exposure, you probably wouldn't at this juncture. dollar strength has been the theme for the last couple of abate andnow going to we get a weakening trend. the whole idea of having a global portfolio is to blend all of this together and deal with the cyclicality of emerging and developed markets in a cogent way. nejra: d

co-chair, ceoe and founder of farfetch. zuma versus the anc.the impact of the south african president's standoff with his own party. we are live to cape town, next. is bloomberg. ♪ francine: this is "bloomberg surveillance," and i'm anna edwards. let's talk a little bit about oil. ve alwaysits allies ha achieved their goal of clearing and oil glut. but their efforts could be derailed by the united states and other rivals. crude has rebounded and is trading $59 a barrel after falling 10% last week, dragged it down, and then bouncing up once again. with more, we speak with emery boar. why isn't oil rallying, then? i guess, it's being treated like a risk asset, isn't it? u.s. futures are pointing down. reporter: exactly. over the last two days, with some risk assets be swept up a bit, but not so much for oil. you would think that with the i.a. save the glut is almost clear, we would stabilize prices, but it is going to be shale versus opec. the shale company is able to deliver even more now as we have those recovering prices and opec production is

the ceoe worst since position changed in 2006.or is this going to be systemic? the flatter yields curve taking a toll on goldman sachs has less exposure to consumer banking versus bank of america. that stock down by 5/10 of 1%. if equities trading was better than estimated, but for bank of america, that interest income was slightly lower than net interest margins. the interest margins should improve in the third quarter. a lot of these issues that were transitory and should improve, we are also getting some readthrough on the deposit data. so how much they are going to raise the deposit base to attract customers. we are seeing a little bit on the asset management unit, not so much yet on consumer banking. that is squeezing the more so we have been breaking these down throughout the show. jeff hartehter, also of sandler o'neill. and michael pachter is still bearish on netflix. david: it is trading for about half of what it is trading for. here we are not going to get your placement for obamacare anytime soon. having counted the vot

until productivity goes up, wage also probably remain muted profrnlgts du >> jurrienf fshgjurrien, if ceoe confident, won't productivity go up we'll let the dreamers stay. the population will grow people worry about that and think we can never get above 2%. don't you think productivity can come back? >> sure. you know, potential gdp growth, the speed limit of the economy is the sum of productivity growth and labor force growth. having immigration is a good way to grow the economy. absolutely all the western -- all the industrialized countries have a demographics problem so you need to boost your population one way or another, whether through birth or immigration. it's a slow-moving thing productivity the same thing. if taxes are cut, regulations are cut that should potentially boost productivity unless you do one or both of those two, you will be stuck at 1.5, 2% real gdp growth. you need to do something structurally to raise that limit, and it comes down to those two things >> okay. thanks, jurrien, david guy, thank you for being here. >> i'm staying i'm not going anywhere >> i know that

andrew keane is an independent trader at the ceoe.trades with citi, jpmorgan, bank of america and goldman sachs. so what do you see for the financials today, andrew? >> the financials are a little lower. they're not down that much. jpmorgan is flat, ge is flat as well. it's interesting to watch the volatility. we saw the vix hit 20. even went under 20. went to about 19, 20. i'm watching the volatility. goldman sachs, they report earnings later this mon on january 22nd. should be interesting to see what the volatility does going into earnings and what the volatility does after earnings. >> outside the financials, which obviously are important just because of their sheer weight in the overall market, what group really sticks out in terms of the likely to be a lot of activity today? >> well, the thing i'm always watching is gold and the dollar. they have an inverse relationship on each other. whenever gold rallies, the market rallies, which means we will keep interest rates low probably the next year than affects financials. basically, w

ceoe think that the portion that that the porsche ceo is the right person?ons: there has been a lot of emphasis on the personnel aspect of the story. we do believe it could be matthaeus mueller. if you think volkswagen needs to follow bob dylan's example and go electric, matthaeus mueller may be the guy to do it. but on the policy side -- and i think that's more important -- i think we are looking both forward and backward. forward in what volkswagen wants to do. how are they going to compete in america, globally, and how will they clean up this regulatory mess? looking backwards, hopefully we will get some numbers on where they are, what sort of exposure they have, what they may be setting aside, how big of a challenge and how deep of a hole they think they will have to dig out. i am moreys interested in the policies. francine? that, theon provision, 6.5 billion, it is unlikely that will be enough. more research says they will have to put aside more. this is a huge scandal. : we have 27 states attorneys general, potential criminal liability in the states as

well, when tesla ceoe lon musk is involved.he use of the world recall. phil lebeau is live in chicago with more on that. >> basically what it comes down to is that tesla had a remedy, a fix for the charging station. basically sending a new adapter to model s owners and it was listed on the government website for all recalls, therefore, it's considered a recall. musk is saying, look, we're not telling people to bring the vehicle is, in model s. it shouldn't have been called a recall. that was part of the news yesterday when he joined us on the "closing bell." another part of the news is he said tesla is on track to build 800 cars per week by the end of this year. he sees model s demand growing in europe and china sales are just beginning. >> we expect to start shipping -- putting cars on a boat essentially in about a month. and then we're hoping to make our first deliveries in china in march. not 100% certain but hoping to do that. i think towards the end of this year we'll see very significant sales in china. we're seeing a tre

. >> the head count to hundred the ceoe and we will -- spoke exclusively to bloomberg at the company's> we will have to go to the capital market to have to show what we have. during the last two years if you heard about ferriday it was mainly about the challenges. at least i heard it from outside. but if you come here and i think you have the chance to see it today, there so must substance here that comes to technology, to the product and to the business model. and this we have to communicate we have to make people understand that this is the most advanced start up company of all those new companies. >> you noted the issue of fundraising. what is the situation. how well-capitalized is faraday, and whats do you need we you get them? >> that is a good question. you have to understand what is going on now in the capital market. if you look back you know i built a unique company three years before. >> and we will talk about that, course. >> three years before an accelerated. if you had a powerpoint presentation at a big vision, you could get a couple hundreds of millions even billions this