still with us is andreas utermann of allianz global investors.. we talked about the swedish central bank still in hiking cycle, the ecb pulling back a little bit on qe announcements. what does the fed do now as we approach the meeting in september 18? >> it is going to get increasingly difficult for the fed. it has been under fire from the president. we are nearing the next election cycle. so whatever the fed does come it is going to be incredibly politicized. very, very difficult to predict. my guess is it will come down ultimately to hard data and their interpretation of the trade up between wages, inflation, unemployment. but i don't think there's enough the fed willst move significantly in the next meeting. taylor: is the fed too market-dependent? think they are principally data-dependent. of course, the marketplace a role. months, then the 12 back in a blaster, has been relatively benign, even though volatility increased. i don't think the market today plays a significant role in the liberation of the fed. it is more data-driven. francine: d

lucy macdonald from allianz global investors stays with us.llions of dollars at stake, how much longer can the most loved shares of the year continue to get beaten up? when you're traveling to work, tune into bloomberg radio live on your mobile device or on dab digital radio in the london area. this is bloomberg. ♪ devices are like doorways that could allow hackers into your home. and like all doors, they're safer when locked. that's why you need xfinity xfi. with the xfi gateway, devices connected to your homes wifi are protected. which helps keep people outside from accessing your passwords, credit cards and cameras. and people inside from accidentally visiting sites that aren't secure. and if someone trys we'll let you know. xfi advanced security. if it's connected, it's protected. call, click, or visit a store today. ♪ nejra: this is "bloomberg daybreak: europe." i'm nejra cehic and landed. out of favor equities are having their moment of the sun. they have registered their best run since at least 2002 amid a dramatic reversal and momentum

joining us is oliver bate, ceo of allianz you want to go carbon neutral.that what you were talking about today? >> yes >> is it moving the needle >> it will move the needle and the secretary-general has done a great job to address industries individually and he came to us and said can you do something around the asset owners because the asset managers have always the excuse they can't do anything because of fiduciary duty but insurance pension funds you don't have that so it can make a difference >> you have negative rates, terribly negative rates in germany. is that destroying your typical business model >> no, it's not destroying the business model but it's certainly challenging it it's particularly troublesome because it's not because markets are doing it it is what is called financial repregs. >> you think it's central banks? >> central banks backed up by governments. the primary of beneficiaries are people with a lot of debt and these days that's governments. >> we have the european central bank pushing rates ever lower, doing more bond buying and buy

that is andreas utermann, allianz global investors ceo. coming up, i will speak to pierre moscovici, eu commissioner for economic and financial affairs. live at the bloomberg global business forum, this is bloomberg. ♪ ♪ david: we are here at the third annual bloomberg global business forum in new york, and we are very pleased to welcome pierre moscovici, eu commissioner for economic and financial affairs. thank you for joining us. there's a lot of talk anywhere you go in financial circuits about european growth. we've got german pmi numbers this week that some people found alarming. the manufacturing numbers were down quite a bit. what is the situation with european growth, specifically in germany? commr. moscovici: we see growth for the next two years around 1.2%, 1.3%, maybe a little bit more next year. but of course, there are two countries which are very slow growth. this is italy, almost flat this year, and germany, something like 0.5% this year, and probably a slight recovery next year. the german economy is very open and suffers a

he's a chief economist and allianz and have compiled this report joins us now from a friend for me here there you are does it mean what you found out in this latest report that advanced economist economies are just more resilient economic headwinds or what does it mean. well i would say depends on the type of headwind we've seen very strong growth of financial assets in emerging markets for 2 decades the year 2018 brought a slowdown even brought to light slightly negative number and that was due to china as you said and china was of course hit very strongly by the emerging trade conflict with the united states last year and china was not resilient with respect to that shock the markets really tailspin downwards and that led to this decline actually in financial assets despite the fact that also asian households are high savers big savers and add a lot to their income to their assets every year but the fall of stock markets was just too strong so basically when you say that more emerging economies economies across asia ago it depended on sign on is china really the growth locomotive if y

he knew he had an allianz policy and allianz asked that. there was a token payment from germany but it had nothing to do with the fact -- >> submitted by only once. spent that was 15 or 20 years later and icheic said your dad was paid but they didn't provide them with any documents. what could he do? he about documents and even though there was a sub 20 appellate process he had no basis to appeal because he had to take that it face value. we later got document to the german embassy because the survivors and the nation made a little bit of trouble for peoples of the german embassy got the documents and the records, and then here there's a so-called repayment document that says on november 9, 1938 his dad cashed in the policy. he was taken to buchenwald that day. .. as much. [background sounds] background sound saturday on book tv, at 11:00 p.m. eastern and their new book the education of red. new york times reporter export justice cavanaugh his recent confirmation process. >> at the time of the cavanaugh confirmation hearing, had been underw

well with fancy footwork like this in a few more goals could she could well become a fan favorite at allianz arena. well that's full time for us here international best may day be sure to join us one sunday for more highlights and plenty of expert analysis until then we'll leave you with some of the best seats from the match day so far. i'll be visiting. why i subscribe to do you know where your books you meet your favorite writer right . but i want is to short of finding the phone. books on you to stay up to date don't miss our highlights. program. w dot com highlights. 9 jamming with deafening at any time by many claims using names in the past as cabin. like a. song to sing along to you. for. interactive exercises. like everything is online. interactive jamming 5050 tell you. these balls are a big part of mainstream culture millions of fans all over the world watch top gamers compete live online it's a huge market with lots of money which is why traditional sports clubs are also getting involved what does that mean for gamers i would topic today on ship. did you know the german economy hol

in 2022, the final will held at the allianz arena in munich, the home of bayern munich, who lost on penalties

well with fancy footwork like this in a few more goals could she could well become a fan favorite at allianz arena. well that's full time for us here on international bet man day be sure to join us on sunday for more highlights and plenty of expert analysis until then we'll leave you with some of the best sees from the match day so far. i'll be listening. to see the cars of the future i mean i am frankfurt. and europe's most important auto show keep pace with the big changes in the bill i think. this year the carmakers will show off their lead doesn't feel like turning model. we'll show you the winners and losers the tops on the floor. trying to. we're wondering how exactly. one out of 6 goals is scored a head or. is this a lot. more a sophisticated mental calculation. in search. for the perfect 10. and 13 that. they will not succeed in dividing us so that i will not succeed in taking the people off the streets and because we're tired of his dictatorship. taking the stand global news that matters. made for mines. hello and welcome to driver your motor magazine on the w. reporting from the i

could well become a fan favorite at allianz arena. well that's full time for us here on international best man day be sure to join us on sunday for more highlights include see expert analysis until then we'll leave you with some of the best seats from the match day so far. will be the same. people. who are wondering how exactly. one out of 6 goals is still ahead of. a sophisticated mental calculation. in search for the perfect carry. on t.w. . on the 77 percent of the talk about the issues that. nice waste away behind. is the innocence. from the. pretrial detention. to last human rights group. 60 minutes to. earth the home for saving googling to goes tell stories of creative people and innovative projects around the world ideas to protect the climate and boost green energy solutions by global ideas be embodied in series of global 3000 on t.w. and online.

could well become a fan favorite at allianz arena. well that's full time for us here on international bet may day be sure to join us on sunday for more highlights include team of experts analysis until then we'll leave you with some of the best scenes from the match day so far. of using. the journey through time. from germany's provisional capital in bonn to its current capital in berlin. today i want to enlighten you telling me on a tour coming here that history together was the number one paragraph passing to deal with the country's constitution and all her visit the place was on location to tell the story of post-war germany. next on d w. just small fish ever give me a day and her husband your hopes for more than 50 years they've been fishing in the aegean sea the sea is their life but now there are many fish left. 5 kenyans the fish answering your eyes again and that's 15 year is a day something a little 90 i'm going to. put every nato job up. in 60 minutes. her 1st day of school in the jungle. her 1st clinging lesson and then sto

in 2022, the final will held at the allianz arena in munich, the home of bayern munich, who lost on penaltiessea when the final was played there in 2012. and the following year, wembley stadium in london will host the final for a record eighth time. 2023 will mark the 160th anniversary of the english football associations. samoa have kicked off their rugby world cup campaign with a bonus point victory over russia in kumagaya on tuesday. russia led 6—5 at the break. the samoans had gone down tojust 13 men the samoans had gone down to just 13 men for part of the first half, two yellow cards for dangerous tackles. back to full strength after the break, samoa ran in five more tries to win 311—9 win. tough game. we knew that russia was going to come in that first a0 and first 20, we just had to stick it up there and i'm pretty proud about how the did in the second half. there's just one game in the world cup on wednesday. fiji are up against the rank outsiders of pool d, uruguay, who are playing their first game of the competition. fiji gave the australians a scare in their opening game on saturda

mean it's allianz arena after almost 3 months the white was over the bundesliga was back as brian hosted the campaign's curtain raiser behind the scenes the record champions had been desperately looking for a new superstars even their own players demanded fresh faces finally philippe coccinea was on his way on loan from boss alona he's tasked with outing a certain spot to the squad the brazilian favors the number 10 position won the cup that has previously not had space for in his day. another loan signing is crazy world cup finalists event parasitic. sea world champions lucas and nando's and benjamin pub are. vying. to take. place in a seat in the same league. jamie . by. the punters league or has a problem by in munich have dominated for 7 straight years the league will only say interesting if someone can seriously challenge them in the race for the mice the shallow. lions 1st opponents on match day 11 has a belly. stage she sets. the stage straight stretch the 2 straight up for. this young girl has never seen a different team crowned german champions could that now change. last season

investment strategist at allianz global investors joining us out of the frankfurt bureau.g up, the biggest names for business and government are going together for the bloomberg will business forum in new york. we are going to hear from top bank executives, world leaders, and policymakers, including jamie dimon and incoming ecb president christine lagarde. that is it for daybreak europe. "the european open" is up next. matt: good morning. welcome to bloomberg markets. this is "the european open." europe points higher. dax futures lagger. other contracts as german data is in focus. ab inbev raises $5 billion for its asian unit in the second largest ape -- ipo this year.

coordinate our own parties if we know who to run we can move faster than their bullets let's see them allianz even the guy who came up with the idea wasn't taking it too seriously it was all fun and games until the f.b.i. came knocking on his door thinking he could be a terrorist started out as just from a pure stroke of imagination it's just meant to be funny i want to do something cool out there now that we have a bunch of people but i don't want anybody to get hurt still that hasn't stopped people from jumping on the bandwagon maybe most will just stick to being keyboard warriors and chicken out at the last minute ok but the authorities are not treating this as a joke which may just be adding to the curiosity all joking aside we're taking it very seriously on nation has secrets and those secrets deserve to be protected it also doesn't help that several videos have surfaced in recent years of supposedly u.f.o. sightings all captured by u.s. navy pilots. and the navy only added fuel to the fire of speculation when it labeled those objects and identified aerial phenomena the movie does ignatz

louis, his father told him before he died that he had insurance with allianz. he asked for that policy after the war and was told it had already been paid out. he applied to icheck, his dad's name was on the list and about ten of his aunts and uncles. they told him his father had already been paid out by the policy. now, and they didn't send him anych documents. after icheck closed, german embassy provided him with some information including the so-called repayment repurchase document it was dated november 9, 1938. that was the date his father was taken to buchenwald. that's the kind of treatment the survives got in icheck. >> sir, sir -- >> do you want to -- [inaudible] >> yes, thank you, sir. i just wanted to make a clarification. while the name of my office has process in it, we to not adjudicate claims. when we say process, we act as a facilitator and an advocate for claimants. we don't actually settle the claim ourselves or make decisions on any particular case. we act as a voice for claimants. we do research for them, we try to obtain as much documentatio

allianz global warning of a bigger selloff influenced.need to bring out the bondka for a surge in prices. he is facing a coalition of the unwilling with half of the euro area policymakers pushing back against qe. a sizable opposition aims to cast doubt. most ccb watchers are expecting draghi will prevail. ecb,: for more on the let's bring in adam haigh. and peter coy. let me get started with you. we are expecting this wide-ranging package of easing measures. in the ecb case, is this pretty much justified given where the economy in germany is, not to mention inflation expectations collapsing? >> that was a great segment showing the range of views on that question. mario draghi is one of them more dovish members of the governing council of the ecb, so he is probably trying to bring along withellow governors substantial -- we are talking about possibly a .1% cut of a deposit rate. their market expectations could even be .2%. as for the quantitative easing which could resume, some people think it could resume right away with 30 billion euros

sonia, i put it to you in the words of allianz.utlook is so grim bond managers see a depression priced in. they have moved from pricing subdued growth to u.k. recession and they are now pricing in an extremely long-term depression and stagnation. our markets pricing in a long-term depression in your opinion? >> i would not go so far as to say they are pricing depression, but it is clear we have seen bond markets citing on the more negative outlook. it is clear, i have seen further reports this morning that in case of a no deal exit, we would see potentially a 2% decline in the u.k. economic output over a 12 month period. there are is lots of uncertainty about the magnitudes of of the potential recession on the back of a note yield exit. i think until we know the details of any transition your bank, we have insufficient information. as such, you cannot be depending on your outlook. you want to think markets have priced in various scenarios. manus: we talk about the currency and the daily machinations. bloomberghe view from economics

he's a chief economist and allianz and have compiled this report joins us now from a friend for me herethere you are does it mean what you found out in this latest report that advanced economies economies are just more resilient to economic headwinds or what does it mean. well i would say depends on the type of headwind we've seen very strong growth of financial assets in emerging markets for 2 decades the year 2018 brought a slowdown even broader light slightly negative number and that was due to china as you said and china was of course hit very strongly by the emerging trade conflict with the united states last year and china was not resilient with respect to that shock the markets really tailspin downwards and that led to this decline actually in financial assets despite the fact that also asian households are high savers big savers and add a lot to their income to their assets every year but the fall of stock markets was just too strong so basically when you say that more emerging economies economies across asia ago it depended on sign on is china really the growth locomotive if yo

brexit party made a generous offer to the prime minister, the conservative party, about a germanic and allianzs of borisjohnson was my position as prime minister, he is in new york at the un at the moment. presumably, he has heard about this, it is pretty early in the morning there. what exactly are you he should as the result of the supreme court with their unanimous judgment saying that he was unlawful in his advice to the queen? i'm quite sure he has been informed of the decisions. he will be flying back with great urgency and working out whether he resigns, trigger with great urgency and working out whether he resigns, trigger a with great urgency and working out whether he resigns, trigger a vote of no confidence in his own government, or whether he waits for the opposition to do that. the other key question for the opposition is whether they go for an immediate election, which would therefore not be in november, or whether they actually try and bring together some form of coalition and see if they can push an election further out in order to try and who'd a referendum. let's remember tha