anna: we need to talk about allianz.id the series of earthquakes will not stop them from reaching their profit goal for 2017 and buying back more shares. it expects its full-year operating profit in the upper half of the target range. manus: it said in july it expects to reach the upper end of the range. aining us from munich is exclusive interview with dieter wemmer. the guidance will be taken warmly by the market. talk us through the strength of this quarter and take me forward in terms of the biggest risks to the numbers. good morning, manus. thank you for the question. with 2.5 billion operating we are almost half a billion lower than in previous quarters and that is all explained by the hurricanes. i think our underlying performance continues to be very strong. pimcoa positive -- from continues, 32 billion net inflows. first 10ok at the months of pimco, we have billion crossed the $25 net inflows. that is a fantastic recovery of our pimco performance and the team is really doing great. i think the outlook for the re

game since the rfu confirmed they'll be paid match fees, england were rampant running in 13 tries at allianzarlequins wing jess breech on her debut. the two sides will play again next tuesday and saturday. there was one game in the aviva premiership tonight where top of the table saracens lost at gloucester. sarries dominated the first half at kingsholm, but a remarkable comeback from gloucester meant they scored 20 second half points including this try by tom hudson to seal a 23—17 victory. so confirmation of that score and the night's two other matches in the anglo welsh cup. both all welsh affairs as ospreys won at cardiff and the dragons beat the scarlets. onto tennis and andy murray has split with his coach ivan lendl for the second time. during their time together, murray won three grand slam titles, two olympic golds and obtained the world number one ranking. the briton has been plagued with injury all season and will continue to work on regain his fitness leading up to january's australian open. meanwhile, his brotherjamie is progressing well at the atp tour finals in london. jamie a

that was not the message that came through from the allianz cfo. richemont, up by 46% operating profit. we are going to keep an eye on that. let me tell you the details. $1.92 billion beats the estimates. they are the world's biggest steelmaker. another favorable reported. china opens its door. is it a big moment? from j.p. morgan, embracing the potential to raise their stakes, and raise the game, and capture more of the market. financials up by .2%. that is the big headline. i.t. softer. energy up two thirds of 1%. yesterday aty 24% one junction. that has moved down to 7% on the day. this is your chart number on vol. the gilts are softer. so, again, more deliberations from the europeans. one of our stories this morning is that there is the gentleman that crafted the ability to lead the e.u., saying it is possible for brexit to be delayed. we had that discussion this morning. how would that go down politically in the u.k.? lead balloon.a i am off to digital radio. very much indeed. let us turn our attention and look at some of these movers in the s

investment strategist at allianz global mona. >> thanks for having me. >> how much of the news is factored in? >> we're at a unique time in history when there are earnings, economics, and low rates supporting the markets, as mike touched upon, which has led to low inflation. you also have this positive overhang from tax reform. i think tax reform, that question will be answered likely next week, if the senate can pass the tax bill, i think we'll get strong momentum into year end. but i do see -- i'm more cautiously optimistic for 2018. there are a couple of reasons the markets may take a breather. one is the fed, as we mentioned. i think the fed is going to come into play. i think they will hike three times in 2018. they will continue balance sheet tapering. and i think that takes liquidity out of the system. that's one thing. the second thing is the tax reform bill itself. we're going to have to then roll up our sleeves, parse through who are the winners, who are the losers. it's not going to be good for everyone across the board. there are a couple of things coming next year that could p

joining us is lucy macdonald, chief investment officer, global equities, allianz global investors.t we could call the dinosaurs of the stock indices. there were two yesterday which we knew would classify as dinosaurs, cisco and walmart, and they both came through with numbers better—than—expected. cisco has not really grown its top line for a couple of years, and showed some movement in the top line, we are only talking low single—digit is, but even so. and that was greeted well. and then walmart as well, and the rest of the retail sector has been under pressure from amazon. so it has been a bit of an electric kettle to get some of the other retailers to move their businesses online more. that seems to be providing some progress. and moving away from dinosaurs, some other big news this week coming out of norway, trying to move their alliance away from oil and gas. they have said that they will divest from the 6% of their portfolio, their wealth portfolio, probably next year. and it is significant. for them, it is partly because their whole economy is very reliant on oil and gas, bu

it's second against first in the premiership this afternoon as saracens take on exeter chiefs at allianzrnational duty, but sarries have coped better so far, alex goode scored the first of their two tries against the reigning champions. it's 15-6. in this afternoon's other game london irish are leading wasps 3—0. in netball england have won the second match of the vitality netball international series against malawi. the roses led 31—25 after half—time and continued that dominance to win 61—53 at the copper box arena in london. they go 2—0 up in the 4 match series. that is all the sport for the moment, plenty more later on. the archbishop of york, john sentamu, has put his clerical dog collar back on, ten years after saying he wouldn't wear one until zimbabwe's president robert mugabe resigned. in 2007, the archbishop dramatically cut up his old dog collar during a bbc interview. he's now put on a new one, saying mugabe should apologise for taking a prosperous country to the brink of ruin. do you know, andrew, i could attempt to put this one back, or, i could try to put them all together

make allianz even greater. not the most catchy slogan, but you get the point.airway. mr abe has often cast himself as donald trump's number one friend in asia. today, he got his payoff. president trump lavished praise on him and japan, calling it a treasure partner in crucial ally. on monday, the us president will fulfil another long—held ambition, an official welcome from japan's emperor. rupert wingfield hayes, bbc news, tokyo. the headlines: damian green strenuously denies claims that pornographic material was found in a computer in his commons office in 2008. the royal college of psychiatrists says it is a scandal that mental health patients are being denied ca re health patients are being denied care and treatment because of a shortage of consultants. donald trump says that no nation should underestimate american resolve as he arrives injapan at the start of a marathon tour of asia. sport now, and for a full round up, from the bbc sport centre, here's catherine downes. starting with today's premier league football and tottenham against bottom side crystal

fischer is stepping down , the position open in the central bank with mohamed el-erian currently at allianz, the parent company of pimco where he was the ceo and co- cio and is a columnist at bloomberg view. said to be considered as a nominee for the federal reserve vice chair according to dow jones. we will keep you posted on this story and further developments. a new name potentially into the ring for the fed. let's get the first word news with courtney donohoe there >> jeff sessions denied that he lied or misled congress about contracts between russia and the trump campaign. he is testifying before the house judiciary committee and democrats are focusing their questions on revelations by special counsel robert mueller that appeared to undercut jeff sessions sworn testimony at his senate confirmation. president trump will soon be back on u.s. soil. therefore if one will refuel in hawaii as the president comes back from asia. he left manila after two days of meetings with leaders from southeast asian nations and he said that trade rules have now been changed at all countries know that the

allianz offering to buy up its remaining shares.t is a move to take full control of the world's biggest trade creditor. stakez will increase its through a cash tender offer of 122 euros per share. an 11% stake from existing shareholders. look if those shares rocket high today by 20%. vonnie: great stuff, mark. congress in the u.s. returning to capitol hill with a to do list. at the top, tax reform. the senate is pushing to hold a vote on the bill by thursday, but the democrats don't have many votes yet. joining us is our bloomberg white house reporter. thank you for joining us. it is a few don't support an understatement. we are looking at a few have two dozen here. >> that is exactly right. these are senators that can be convinced if the bill is tweaked to get their support, but you have a large number of senators in the republican party who has said they're concerned about where the bill stands right now. they have about 48 hours to get those members of congress on board. beht now, the president will meeting with members of the se

but, it confirmed 80% jump in the first half profit shares allianz shows a drop in third quarter. catastrophe related claims dropped them down. the jerman arcelormittal with slower earnings outlook. let's look at altice shares, moving high. michael coombs resigned. as the company tries to reassure investors after poor results in europe the stock lost a third of its value when they said they lost 75,000 broad band clients. not much of a rebound, i would say. >>> u.s. president, donald trump and his chinese counter part set out competing trade visions and speeches trump touted his agenda and xi called on economies to be more open and embrace free trade. nancy is live from the summit, listening to both speeches what is the reception there? >> reporter: i will say, both leaders got a strong applause at the conclusion of the speeches, but starkly different visions put forward on the stage behind me let's start with u.s. president, donald trump as you mentioned, u.s. president trump sent a warning about free trade to the region saying he was very encouraged by the growth he saw in the e

. -- allianz global investors see deals in roughly 1.5%.se are the three calls ahead of the boe, tomorrow. this is a wonderful chart. sequence -- since the 1990's and have expanded interest rates. he says the bubble may have arrived in interest rates, european bond bubble as it is called by this chart. check it out. vonnie: that is fantastic. the proxy battle between pershing square's bill ackman and adp is in its final week with a shareholder meeting next tuesday. adp says it plans to file a complaint with the securities and exchange commission alleging ackman made false and misleading statements to the advisement company. this as he fights for three seats on adp's board, including one for himself. he says adp has not learned the lessons of the likes of ibm or kodak and is losing ground to smaller more innovative competitors. he also says he has a strategy to increase margins. bill ackman joins me now. thank you for joining me. what do you want your holders to vote, this week? literally five business days left to make up their minds. do yo

lucy macdonald is with allianz global investors. the numbers yesterday were stunning.mployment in 17 years in france. you were looking at a really strong european economy. have a look at the dax, because it is all about germany. this is it relative to the stoxx 600. are you still bullish into the close on the dax? lucy: yeah. it is certainly. -- there are certainly going to be a number of reasons why it heads done so well this year -- there are certainly going to be a number of reasons why it has done so well this year. germany,ad-based in not just exports. it is also consumption and asset prices. , and itet is strong seems pretty solid. given the businesses that will positively be transformed by technology, where do you play that in europe? theou're looking other than u.s. industrials iny: europe will be the interesting impact of this. maybe different regions of the world will begin to benefit. this is about reinvention of the manufacturing process using technology. where do you look for that in germany? lucy: industrials. we have seen relatively mature businesses lik

in an exclusive interview with 'soomberg, ali on -- allianz chief financial officer spoke of it. >> lesseuros, which was really small, so i if the insurers come to us and ask for more money, we will be hesitant to agree to this. scarlet: he said the catastrophic weather will not suffer company from reaching its projected profit this year. the world's largest wealth manager is not allocating funds to bitcoin to do a lack of government oversight according to the chief investment officer, who says bitcoin has not reached critical mass to be considered a viable investment. ubs is being cautious, and it's not that out of the ordinary. julia: big bank. makes sense. , thethink of the risk moment something big happens, a terrorist attack, and they find out the funding channel was bitcoin. you have to consider the risk and the legal ramifications. did you see the value of bitcoin in zimbabwe this week? that was incredible as well. that was my chart of the week. i thought was incredible with the zimbabwean stock market. scarlet: just give yourself a shout out. joe: the key thing, in dollar terms.

allianz offers to buy the remaining shares for $2.2 billion.omberg. ♪ ♪ matt: welcome back to the european market open. berlint miller in alongside guy johnson in the new studio in london. we see the market down across the board. we are looking at red all around as far as the european equity indexes are concerned. the only gainer is the ibex 35. only spain is gaining. everybody else is down with the ftse release. let's get the mid-cap movers with nejra cehic. nejra: we are starting on a record high biggest trade credit insurer. they offered to buy the remaining shares for $2.2 billion. you can see up more than 20% in today's session. we are looking at icade, france's third biggest property company. they have benefited from the reforms brought about by emmanuel macron, but also the prospect of some of the actual happenings of reorganization of brexit. they have raised their guidance the year ahead of their goals. it is raising its cash flow 8% to 7%ow for about and that number is what it is pegged to. it is up 1.9%. -- ingenico iso moving from u

alix: with us, neil duane of allianz. expectations have been anchored in europe, not in the u.s..e a look at this chart. i compare them for basis points. a five-yearing at five-year forward, 18 negative basis point change for the u.s.. that is confusing to me. >> europe is in a different economic cycle. we've still got maybe 10% unemployment. this hot for quite some time and hope to get what i would call the virtuous circle of low unemployment, more consumer spending. i think the u.s., we are writing that edge and have been for some time. you are hearing the phillips .we will eventually start to see wage growth. alix: how hot can mario draghi really risk it? >> we still think the euro is the most undervalued major currency. we think it should be worth 130-135. clearly, he needs better economic growth to allow them to spread this further. if the currency has to see quite quickly, then clearly the weaker its forces -- not general ones. they don't want the currency to appreciate too quickly. eventually, the dollar is heading up. jonathan: structurally, that would make sense. 242 basi

. >> there was a chief strategist at allianz global investors who says he expects no prospective returnsxt decade based on where valuations are today. you agree? >> i wouldn't agree. i would argue that returns over timeort of long period of are really driven by earnings. i would argue this has actually been a much more normal recovery than many people suggest. earnings for the s&p 500 are about 6.5%. add a little bit of dividend and you are talking about a global return. there's no reason to think it would be different than the 120 year average of 11%. >> a year for the next decade? >> in terms of total return. we will have a recession at some point and they always change the average depending on what sort of rolling window you use. from a longer-term point of view the 120 years that we have data for the s&p 500 very clearly says there is basically a trend channel with an average return of about 11%. many people argue we are in a lower return world. the average return in this cycle byluding 2009 which was only the numbers the other way is 14%. i wouldn't make too much of the fact that 14