up, we speak to the chief financial officer of abn amro. don't miss that interview.anus: certainly going to be interesting. let's talk about markets. the s&p 500, are you fully hedged? 34% of bank of america merrill lynch surveyed that they are fully hedged. they also need to see the market dropped by another 18%. the battleground is 2800. you have got stockpiles versus geopolitics moving the oil markets. and dollar-yeah, a lovely note this morning. 100 .4 could be on the cards, crash test level. trade were still dominates headlines, the question comes whether this was a machiavellian plot to get the fed to cut rates. and if that was the case, how would markets react if we saw what would be called a defensive cut? that is what our guest refers to as. looking at the 10 year yield, we are not moving a lot. the nuclear option has always been that china might sell treasuries. not necessarily as a game plan, it may be a way to cap reserves and avoid capital flight. the aussie is not stable, hitting a four-month low down .2% following the china data. china's factories are

abn amro post declines. anna: good morning, less than 30 minutes from the start of european trading. we have a lot going on in equities. i want to show you how little is going on everywhere else. this is the 10 year yield , exactly where% it was at this time yesterday. the same would be true if we look at the yen and the gold, there is nothing going on in terms of price action outside of equity space. there is a lot going on there, yesterday'sthrough european session, around the world, the u.s. and europe and in asia. and today in european futures, big gains again. 0.5%, doingup about the best out of the bunch is of gdp numbers that came out. ftse futures up almost as much. what do you see? picturereally resilient coming through, and the chinese markets, despite weakness in the data. it is industrial output, retail sales, or manufacturing investment, at its lowest rate since 2004. some of these numbers are week, but we see the index up. and ongoing speculation on what policy support the chinese will give, so

new chief executive of dansko bank the dutchman previously spent seventeen years of the dutch bank abn amro. he doesn't have an easy task ahead of him could be trying to clean up the bank's image off it was embroiled in money laundering scandals lost yet well for the two hundred billion year is. riana is making history the barbadian singer is launching a fashion label with french luxury goods group lvmh and in doing so becomes the first woman of color to lead a fashion house under the ground. the ground we based in paris and make ready to wear clothes shoes and accessorories. but she's no stranger to new collaborations she previously boosted sales a prima when she 05/10/19 05/10/19 [captioning made possible by democracy now!] amy: from pacifica, this is demoacacy no but he it com to high targetin e every mission is to gogo aft one person. but anybody else th is killed inhehe strikis jt blanant leassumed to be e an associate of the targeted d indivial. amy: the u.s. drone war whistleblower ha been charged with violating the espnanage act.

still with us are stefan schneider of deutsche bank and our guest from abn amro. -- him him him stephane global economy, it tariff war or a tech war? stephan: i think you can't really separate the two, you can see the strength has already started to push the tariff war into a tech war. i think ultimately, in my view, the ultimate aim of trump is not 2% or three percentage points of the u.s. current account deficit, it is more about the long-term technologic leadership worldwide. i think that is highlighted by this recent shift. interview, it the is a double-edged sword. on the one hand, there is some dependency in china for u.s. but u.s. restrictions cause a greater need in china to develop on their own. so this causes the disintegration of global trade, and that hampers growth overall. nejra: tom, would you be anyways to trade the trade war in fixed-income? tom: i suppose they generally dominates sentiment. everything have seen with the discussions in the u.s. has been negative for credit. a lot of bad things have been priced in the last few weeks, but there are a lot of clouds in the