took: this week, allianz a stake in about 40% of beijing left insurance company.we were reporting at bloomberg was that you purchased the investment from goldman sachs for about $1 billion. is that how much you paid? so, that number was a little bit lower. i can tell you we paid about 800 million euro, so not far from $1 billion, just a little bit lower. the idea is the financial investments, think about our general account portfolio, is about 800 billion euros right now, so it's not exactly 100 billion, but almost. 10 basis points of our general account. from that point of view, we are well diversified. we are investing every 120 billion euros, and we look at different opportunities and we've seen these assets are quality assets. that's point number one. we might potentially, have strategic opportunity in the future, that we might find collaboration. so as a financial investment, we have a very well diversified portfolio, may be in the future to find strategic operation. nejra: right, ok, that's clear. the china investment is the fourth significant deal for allia

matt: you are looking at allianz . i know dani is looking at credit agricole. in some senses a wealth management inflow story. >> that's right. pimco had 22 billion euros of inflows. that more than offset the sister unit. the call for allianz going to the open are mixed because the property and casualty business had a slip of 10%. anna: credit agricole, you can tell us about that later. thank you all very much. this is bloomberg. the open is next. ♪ here, it all starts with a simple... hello! -hi! how can i help? a data plan for everyone. everyone? everyone. let's send to everyone! [ camera clicking ] wifi up there? -ahhh. sure, why not? how'd he get out?! a camera might figure it out. that was easy! glad i could help. at xfinity, we're here to make life simple. easy. awesome. so come ask, shop, discover at your xfinity store today. anna: a minute until the start of the last cash equity trading day of the week. this is "bloomberg markets: european open." marketsok at where the in asia have left us, a little weaker. some of the negativity because the japanese ma

lucy macdonald, cio of global equities at allianz global investors.ext up, we will talk about what is happening in the u.k. romaine: until we get to that, let's get a quick check of what is happening on the level markets. here's kailey leinz. kailey: we aren't seeing huge moves in terms of the equity performance, but the three major averages in the u.s. are at record highs. we will see how we close the session. the s&p is up 0.1%, the nasdaq is up 0.2%. shaking off some of the weakness in the asian station, with the hang seng lower by about 0.3%. interesting about the rally today, it comes with a continued rally in the safe haven treasury market. the 10 year yield is lower again today by about two basis points, the ninth in 11 sessions in which the guild has moved lower. we can look at -- in which the yield has moved lower. we can look at a chart in which the yield has moved 21 basis points lower. investors are buying equities, but also still buying bonds. a very interesting dichotomy to note. i far as what is rallying today in terms of individual equ

now it's allianz simply call it aqua or high water but that seems like something of an understatement when you look at the flooding that hit venice in recent weeks the highest water levels for generations have devastated large parts of the unesco every texan city and among those heavily affected are the makers of its famous gondolas who ply their trade close to the water know that the i'll go out to have subsided elisabetta and you know trying one team can finally reach their gondola shipyard the front is once again dry land but just a few days ago the entrance was submerged in the worst flood in over 50 years. the water kept rising and rising and never stopped it was all dark and i was a little terrified. the water here was at least 55 centimeters deep i didn't open the door because i was afraid that these rocks and would would be swept away by floodwater we could only stay outside in the dark and wait until the water level one down it was a scary night and we didn't know when the water would go down. there was damage but they were the lucky ones they didn't lose their entire livelih

the german champions beat olympiakos 2—0 at the allianz arena with robert lewandowski getting the first his first touch late on to help managerless bayern bounce back from their 5—1 league defeat at eintracht frankfurt. manchester city knew a win away at atalanta would secure their place in the knockout stage, but they could only manage a one all draw against the italian side in the san siro. it was an eventful match which ended with defender kyle walker keeping goalfor city. imran sidat has the story in the cauldron, the task for manchester city was simple. a victory they would qualify for the last 16. scoring 11 minute hat—trick when they met two weeks ago, and it took seven minutes to open his account here. they could not keep sterling out of the action and his free kick, the ar said penalty. a letter playing of the champions league for the first time in their history and their back on terms in the second half in chelsea was left in. it was game on in milan. claudio bravo was brought on at half—time after an injury to edison and a rush of blood saw him see red. kyle walker was forced

with the ftse 250 at a 15 month high, we are going to get a view from allianz global investors equityive from london, i'm guy johnson, with romaine bostick in new york. we are now counting you down to the european close on "bloomberg markets." ♪ romaine: let's get a quick check on what is happening in the u.s. markets, coming off of yesterday's 24th record high for the s&p 500. a little bit of moderation today, not too surprising. as long as we stay in the green, that

globalup, allianz investors is avoiding steel and other base metals.rector and senior portfolio manager -- is going to join us to explain why. paul: the snack chain that drew the ire of hong kong's protesters is facing a double-digit drop in revenue. our exclusive with the ceo is ahead. this is bloomberg. ♪ paul: this is "daybreak asia." i am paul allen in sydney. inhleen: i am kathleen hays new york. asia stocks seeing slight declines. mark cranfield joining us from singapore now. one event that seems to have caught investors eyes, president trump met with jay powell at the white house. it was a cordial visit. have the markets reacted to this very much? reallyhe message is not one for today necessarily, but it helps to set a framework for what we can expect in the weeks and months ahead as the presidential 2020 campaign really gets fired up. i think it is reassuring for the president that jerome powell and the fed are not going to take the traditionally very neutral stance you would expect from a central bank during the presidential campaign. as part

and we're going to leave plastic that's it the future allianz will find plastic and that's all they'll find alister i did think x. to originally saw plastic would feature in his pyramid so you've introduced a rather interesting dimension to it yeah it's a good place a plastic pyramid scheme filled by paper money thought up by air heads like jay powell although jay powell seems like he's putting up at least a mock you know trying to trying to go get him to negative interest rates and he's playing the damage on distress you know he's out there teasing the show's a little thought i and he's like oh yeah my cut rates i might not and they go oh oh my big brother go negative rants you know it's like if very bizarre courting exercise and then trample eventually when i suppose. be beaten the some degraded lower rates because do you believe he's going to be resistant to negative rates. well i mean negative rate. completely wrong because it just stands time preference on its head we now have what do they say something like 1617 trillion of bombs around the world all a negative yield i mean how d

on the surface of the planet well let's look on the bright side maybe some futuristic peace loving allianz that were coming to help us will see the warships orbiting the planet and it'll serve as a sign that they should turn around and save themselves. you know just fail and feeling for them. because being peace loving on this planet especially in america is not good for your health just ask medea benjamin she's the co-founder of the anti-war group code pink you know them as the as the men and women constantly protesting war dancing around in colors that cause mild seizures among spectators. media i support your cause but why does peace have to be so goddamn bright i mean i'm hung over usually i just can't i can't handle that level of neon so early in the morning out any way this week d.c. police without warning came to medea's brightly colored house and tried to arrest her on false charges they claim geo salted against this debbie wassermann schultz anyway this attempted arrest came on the heels of the arrest of journalist max blumenthal also by d.c. police also after a false charges of a

customers of a potential power safety known as psps the concern is mainly for the north bay knows allianz here foothills where winds are anticipated to peak at 55 miles per hour. low humidity is very low and vegetation is us that we havet seen much . of any rain so that's causing a lot f concern a lot of fire danger. the utity any will spend today not only warning customers to also working to determinif a psps is necessary with that wind event now we're waiting to hear from pg e about specific cities but in the meantime we have been talking with pele to see how they are feeling as they brace foyet another potential power shut off. >>but if it saves us from being burned like we were 2 years ago i guess it's ok there's 2 des to this so we've got to fix and they do need to ix here. infrastructure for the company will alert people not only today but then at the 24 hour marknd then during the showed off. but we're and alscontacting pga to see if they can let us know what they're leaning towards also what cities could be impacted. obviously this is not the first soot off with people are much mo

a gainer,again -- with allianz, prudential, banker sent in their. banks and insurers and financials gaining this morning. a look at the losers. knowtt benckiser, i never how you actually pronounce it, i have been saying it for 20 years and cannot get the british pronunciation right, but a consumer stable rising. nestle, a consumer stable falling. some other consumer staples dropping. lever down, danone falling, smith and nephew's. a lot of stocks that make stuff people nedd, can -- need, cannot really decide not to buy dropping this morning. not a bad sign necessarily. anheuser-busch taking the most from the stoxx 600. broadly, european markets are higher. that is as president trump says he protested about u.s. interest rates to fed chairman jerome powell, in their second face-to-face meeting this year. the president complained rates are high compared to other developed countries. it is, i don't know how important it is, but interesting dimension he also said the meeting was cordial. his view is not shared by boston's fed president eric rosengren, w

you know i took is getting super famous so allianz are planning to take it from here for america they're just you know they're like anally in. the end ship 'd trying to take the iraqis to predict it but i think a they want to take it as you said that they dreaming. daydreaming what is your biggest concern as a young college student not having a job not having the opportunity you know to get one where you really do serve you know not like you have always been you know thinking well you've got a job you know i'm going to get something i'm going to get rewarded for like the hard work that i've paid for like you got so many years you know. what do you think that just being out in the streets expressing yourselves by chanting by protesting by painting what impact you think that's going to have on the young people of iraq is the feeling of power yeah of course because you know they're we're not asking for something that we don't deserve is the right asking for nothing but our rights and yeah and by the way i know i could get up like a chance you know traveling you know abroad in have an end jo

allianz chief economic advisor. >> mohamed el erian. >> the coatless, jacketless mohamed el erian. >> >> awesome i like it. >> actually, jim jordan, i've seen him get a lot of grief for not wearing jackets. on the onion they said he's getting more casual. just a tie at the impeachment hearing which i thought was -- we should not -- >> not doing that. >> no. i'm definitely not. >> looks very comfortable. >> he is >> look at the sleeves. >> almost too comfortable. >> no one's sitting on this set is too comfortable. >> we'll come up with uncomfortable questions later. we'll get there. >>> in the meantime watching three big stories this hour. markets and trade. futures pointing to a lower open when the bell rings. yesterday all the major averages hit record highs during the session. only the nasdaq actually closed in positive territory. the market moves covering the u.s./china trade talks president trump said he will hike tariffs on china if the two countries can't make a deal. >>> number two, president trump's big visit to a plant in austin, texas, which he'll be touring with ceo tim coo

whitehouse: we need to make sure the budget lines with -- allianz with those priorities. it is a setback. we do have appropriators who will pay no attention to the on bothmmendations sides of the aisle. this is a bipartisan phenomenon. i think it is really important. with respect to one particular piece of this, the medication assisted treatment, rhode island is probably the national leader right now and getting medication assistance to prisoners before released. we have dramatically reduced death by overdose within that population. we have used the whole array of approved medical interventions . .o.p., we understand, uses only one drug. you are trying to expand the program as you say and they -- the expansion in the budget. this is the kind of example where you say, we know it works, we have seen the cases where it saves lives and improves recidivism when they are out. really hits rubber the road, you undercut yourself with a budget request that does not meet the goals you wish to achieve. ms. sawyer: part of the limitations on the other drugs right now is that we don't