bank earnings.ascinating to stagger from jp morgan to wells fargo and citigroup, and now onto bank of america. bank of america with a really interesting story. a nice stock of recovery as well -- stockerrific recovery as well on that terrific 2019. this is bloomberg. ♪ ♪ tom: "bbg surveillance." good morning, everyone. bank of america out here in 15-ish minutes or so. blackrock out now with earnings and 9% seems to be the number. j.p. morgan with a revenue increase of 9% year-over-year. blackrock gets a huge fixed income pop. yields down with the herd following in following the market and a bull market for bonds last year. that t is for trillion. francine, making a big splash with the climate angle that mr. fink will no doubt take at davos as well. francine: i know when blackrock made that announcement through larry fink's letter to the chief executive yesterday, one of the big questions was how they -- that through their passive investments. that could be a real game changer. tom: a busy day. with

while banks are sticky it's kind of hard to leave your wells fargo or any bank account when they have the choice there is so much bad news about wells fargo that they are deciding to go to one of these other banks. and finally to your question i would say that there could well be managed accounting going on right now you have a new c.e.o. he would like to paint as black a picture as possible so that he can look good in the next quarter or the next year contrasting with that with jamie diamond who is arguably in his his final years he wants to show that he's leaving with a bang with a bank at wells fargo is 2 trillion dollars wells i'm sorry j.p. morgan is 3 point something trillion dollars they're only earning one percent or roughly of assets there's a lot of management decisions that can be made to either stifle or expand on what you're reporting as a profit and then the given quarter absolutely and moving on to j.p. i want to talk about them because they're on the other end of the spectrum here they're q. for profits they grew 21 percent. which marks a record reference revenue for a

and how the banking sector. in time. and that one bank has left another has surged j.p. morgan has come in. we take a look at the final quarter. and what this could mean for the u.s. economy. by the time. i'm going to fulfill the repeated promises apologise to the people and promise to be you know we've all but. pretty. much. pretty good bertha now you want to 1st correct that. no. longer. all be cut. as the democrats gear up to officially start their 2020 presidential primary that is fitting to assess donald trump's performance in office a report card of sorts where is he kept his promises and where has he come up short will any of this really matter. 6 the names volkswagen welcome back by the way 6 a name volkswagen managers have been charged with fraud by german prosecutors who say they deliberately misled officials and consumers ahead of revelations of the diesel emission scandal in 2015 you were a member of that volkswagen was found to have intentionally program some vehicles with diesel engines to only act

bank.n? shahab: one of the important things that has developed is an air of optimism and a sense the government can function in the u.k., and a sense that the risk policies unfriendly emanating from domestic policy from left-wing policies that might be seen as bad for the market, that risk has receded. these factors have lifted the mood. can we substate -- sustain the lift? happy abouts fairly how those are likely to go. i suspect by midyear there could be a cloud on that horizon. francine: shahab jalinoos with us and tom michaud. we are expecting focus on jp morgan, those earnings coming up this hour. we will be providing instant analysis. watch out for an out -- targets and trading -- markets and trading. its revenuekes half on income from consumer and community banks. this is bloomberg. ♪ ♪ "surveillance -- bloomberg "surveillance." sonali basek with us. about theshow a chart jacksonian moment here in. -- moment we are in. this is massachusetts and the number of bank institutions. showed

in europe, deutsche bank and shell are the standout reports. ♪ manus: this is deutsche bank, and we focusedn the fixed income commodities trading revenue. wall street had a roaring, rocking quarter. billion company fourth-quarter net loss, but the bank is 1.6 billion euros. when you go to some of the other numbers, this is the real risk in this stock. 13.6% in the fourth quarter. that might push away some of those arguments about an enforced capital raising. the expectation going into this, higher costs. if we look at higher numbers, the four-year corpbanca revenue is down. ratio,tioned the cet1 targeting 2020 ratio of 12.5%. we are seeing four-year adjusted cost, in line with target according to deutsche bank. the main number we are looking at is that fourth quarter revenue at an estimate of 1.1 coming up, we will speak to the .eutsche bank ceo att interview right here have --. u.k. time we u.k. time. we have roche just hitting the tape. we are trying to assess the impact of a lot of companies of the spread of coronavirus. they miss for novartis. beatate, 19.96, that is a and that is the r

tech companies become banks, they become a bank.nce you start getting regulated like a bank, you have the cost structure like understand where you're coming from, but i would less worried on banks getting this intermediated rather quickly. >> our sense has been very proactive. they have definitely taken the problem head-on. regulations also make sure there is no predictive pricing. >> well, consumers are supposed to benefit. come, boeing loses its title of the world's top plane maker as the 737 max grounding hits deliveries. the indian market open is next. this is bloomberg. ♪ >> indian markets have just opened. we are slightly lower today. what are you watching? >> in-line with other asian markets, we have opened in the red, and i think the globe will be watching out for that trade deal signing between the u.s. and china, and the contents of that deal are critical to watch out for. remember, indian markets have been trading at frontline embassies with some correction coming in from those levels right now. profit looking kicking in.

how the banking sector one time. and that one bank has left another has surged j.p. morgan has seen of some of that we take a look at in the final quarter. and what this could mean for the forecasts of the u.s. economy. put themselves on the line they did a little reject. so when you were the president. want to. but you do like to be close to survival before 3 of them or 10 people. interested always in the waters of the. question. does one magic bullet you could actually come up with some of the top of his baby talk about ways we get access capital and capitalism couples important so we could actually have programs that actually help folks who want to do that but when you give everybody a $1000.00 i'm a poor person i'm going to consume that and then you're rich you're going to invest that equity the wealth the spirit is going to grow because you're not using your money to do it going so you're literally buying more crazy things and then my landlord knowing that i got a $1000.00 and you just go raise my writ so then y

banks and foreign banks. your agency should also carefully review the supervisory frameworks and make any necessary adjustments to appropriately align them with the tailoring rules and requirements. on july 30th, 2019, all of the republican banking committee members and i urged your agencies to s-2155 community bank ratio and short form call reports and further taylor regulations, including addressing the accounting standard, volker rule, interaffiliate margin and madden. thank you for acting on many of these priorities. i encourage you to continue exploring additional opportunities to taylor these rules. in that july letter as well as in october 2018 letter to your agencies, several banking committee republicans and i urged your agencies to revise the volker rule, including to address the current covered funds overly broad definition. although your agencies have joined the set proposal volker rule, which is appreciated, it was left relative ly untouched. revising the definitions overly broad to venture capit

bank bank of america and 45 minutes later goldman sachs. a busy lunchtime.are staying put. the trump administration is not likely to remove levees until after the presidential election. and he moved to do so will be contingent on beijing's compliance with the paid one trade agreement. selina wang has more, she joins us from beijing. how long will it be until we see a rollback of existing tariffs? what is the timeframe? selina: it looks like we will have to wait at least 10 months before we see a significant rollback in tariffs. are sources are telling us the u.s. and china have reached a tacit agreement that the u.s. after the presidential election will review and consider pulling back tariffs depending on progress on the phase one trade deal. this is separate from the tariff s on 120 billion dollars of goods, that will be in place, it was announced in december. the maintaining of the tariffs is the way of the trump administration's way of enforcement. it also allows trump to go on the campaign trail and says he has been tough on china and has struck a deal.

get out of control and now the banks are formed strings of the central banks because they say oh it's them it's me important to keep these guys around that's a big pond so we have a big diversion in the media like we have rachel maddow coming out with russia russia russia we how many times you have to disprove something you can't because the media has agreed to this is the big problem you have not. no out of free media we don't have the mark receive what we have now it's there is a modified or we don't see the united kingdom people think you have a choice between democrats or republicans or labor and the conservatives don't it's the seed and it's just the need for all so it would go with look out for yourself is used only to not do to help we are here to enrich themselves and the oligarchs they need their accounts now rachel maddow now is now being excoriated in the mainstream media because the russia gate houses bendy bunked finally took 3 hairs but anyway let's talk about 20 electing to 2020 alexion even robert shiller who a year ago as a trial paper has turned around and said you k

matt: cfo of deutsche bank.erestingly, i think he was holding back a little bit on the optimism that is clear from the release. his boss came out with a letter to employee's moments later in which he said he is very optimistic for 2020 and that it is time to turn to growth, shift to growth, which i thought was the most telling statement from the bank this morning outside of the numbers. nonetheless, those shares, as we said, down on trade gate in the premarket. they have been the best performing european bank shares so far in the first month of trading this year. we will be speaking tomorrow ceo's about today's results throughout the program. the chief executive of roche joins us this hour. we will speakur, to officers from shell as well as diageo. anna: a lot to talk about on this earnings story. let's see how some of the stocks in the frame today are going to respond. our equities team covering chip stocks for us. let's come to you first on chips. >> it has been an extremely busy week to be an investor in semi

the banks aren't helping either.onnie: shares of ubs down sharply today after the bank missed key profitability and cost targets for 2019. the news piling further pressure on ceo sergio ermotti, who said that a revamp of the wealth unit will improve. >> in the last quarter, they had finalized the plan and had been, limiting many of the actions, and we are right now in full execution, and i do expect positive outcomes. vonnie: joining us now in london is bloomberg's correspondent. what does this mean for ubs, yet another revamp, particularly of the wealth unit which saw $5 billion pulled, mostly from the americas? reporter: what this does is pylon more pressure on ceo sergio ermotti to start seeing results from the revamp he's announced. you are already seeing that mr. khan has taken some decisive action in terms of revamping the wealth management unit. mati a littleair bit of time to see how this ermottilays out -- mr. a little bit more time to see how this revamp plays out. all of that is very much in the to be seen

you have the bank of england and a number of other central banks preparing their banks for transitionnet zero. , thesecore of the system questions are now being asked. are you on the right side or the wrong side of that transition? what are you going to do about it? >> why are investors suddenly realizing this is an issue? >> i think it is a combination of things. i think the biggest asset owners are going to air around 30 years from now, so they can see the implications for their assets. of people at the front line the insurance industry where they are dealing with the pricing cost of this everyday, but then it is people responding actually,lients, and they are not disembodied come of these institutions. they are made of individuals who can see the imperative. in the end, what is the market system therefore? it is to solve problems, to find solutions. it is becoming pretty clear that this is, if it is not the biggest problem, it is in the top three, and that is where the market will go. >> not to pour a cold shower on bringoint, but what you to the table is really key. i was ceo for

with see central banks -- we think central banks will be neutral. what we see is the markets a very extensive. dispersion between sectors, between countries, between asset classes. francine: when you say markets are very extensive, are we creating bubbles? or at some point do we need a correction? fiona: i don't think we are in a bubble. although the u.s. market is market -- the european is trading in a 78 percentile. the growth is still there. there is no reason why they should be a big correction. year andh we had last the equity markets was mainly due to the extension and not because of earnings. , marketske history markets grew 11%. you can see the central bank grew 5%. diminish bank will next year and go back to average growth and equity. francine: fiona, thank you so much. she stays with us. what else you should be looking at for today. turkey has delivered two interest rate cuts. another reduction is on the cards. we have that decision at 11:00 a.m. london time. 1:00 p.m. london time, the south africa reserve bank is expected to cut interest

at the investment bank, about 30. the investment bank clearly taking the brunt of this. this is not the first year they have cut the pool. it's been shrinking over a number of years. you are talking salary-weightede of about already low level being brought down further. elementone interesting is this notion that expansion will be on the fixed income side of things. it happens to be the side where most banks are doing pretty well in right now. elementi imagine of all placese you are trying to keep talent, that will be a tough one. that is the hottest market at the moment in banking. how difficult will it be for deutsche bank to live up to its expectations there? michael: that is something whenst will be watching deutsche bank reports. u.s. banks at a major relief in the fourth quarter, kind of made the year more palatable after a canh first half, so deutsche bank live up to that? we saw some major numbers at jpmorgan, morgan stanley. can deutsche bank live up to that? perhaps not. but fixed income is where they are making their bets. vonnie: is the hope that investors wil

and the banks are small cap regional banks that correspond with the yield curve if you look at kre, the small cap regional etf and overlay that on the 2-10 spread it's a prsk match as was as the yield curve steepened they went up but haven't hit new highs. if you get a flattening yield curve and the russell rolls over because of theregional banks that could be the leading indicator. later lets call it end of first quarter, second quarter that might be the leading indicator that things aren't all. >> why can't it be as esz that the market traded off of big cap tech, macrostories, the same playbook from 2010 to 2018 and everyone said this is what worked where i stay in. and maybe the economy isn't to great. why do i want to go to iwm. >> i think you're right, steve certainly when you look at where investable market cap and big hedge hundred dollars and paefs and etfs goes. the metaphor when you music stops guy gets in. make it a metaphor the masuaku stopped for mall caps in january of 2018. that was the blow off top which was really stopped which the trade war. small caps need high growth

they were also on the bank and so now in 201-820-0100 extension 0 with all of these banks now pumping money and now in massive debts who will bail out the central bank when it comes time. it's welfare for the rich you know if you're rich they want to you need help and you'll call up the central bank and you'll say it's western civilization you must save me the central bank doesn't know what it better there are bureaucrats in academics and so they'll save their friends or wall street if you're a problem or into lido and you call up the central bank and say you've got to save us they won't take your call so yes the central banks and the government to some extent have some power left and what will happen is when things get really bad then the central banks will try to do something to cause a big rally but that won't decide the market's going to say we don't care we're not playing this game anymore and that will be the big big big collapse and it will be one of the central bank will be the worst market in my lifetime over the you. i'm older than all of us will be the worst bear market in

banks, big banks in the u.s. bought $254 billion of treasuries net.hey are funding one quarter of the u.s. budget deficit because foreigners are not buying. the yield differential looks large. once you take into account the foreign-exchange market, it is not. lisa: taking a step back, given that you are pointing to the shift from foreign demand to domestic demand, i wonder how much the fed is fueling this with their repo facilities. they say it doesn't count, it's quantitative easing. how much of that is really going on? mark: the federal reserve has been concerned about the reserves on the system. we think they have done a good job maintaining the fed funds level between 1.5 and 1.75. that is the stated target. we are not so concerned about them continuing to accomplish that. there was a big scare at the end of the year with the level of reserves, what we may see rates do over the term. we thought they did a good job getting in front of that. we see them continuing to provide reserves, whether that is a continuation of buying bills, repos, or some co

the european central bank. has been buying. and is buying them hand over fist the swiss national bank and over for me it's just a matter of time before the fed starts buying equity. i think that it will see more clearly i think they have no other chance but to think for the markets they've proven. markets. in the stratosphere the problem is we're still doesn't know what it. is it's a problem as i said for a couple hours it's impossible to hit the top of a bubble and you can tell we're going to probably have. $13000000000.00 and then we are yet to make a profit. and have a. seat at an all time high making a valuation or test i think there's something in the world. that's not over the outs. and is finding out with. the big technology in those battles. and frankly it needs rare earth metals so those metals not come from china i doubt china is going to be very helpful in for moti american companies over their own. force everybody is getting into the game with the east now so. i think we will come forward and in school. in russia. a

told malaysia that any iranian citizen cannot have a bank account you need go out and close all the bank accounts well how is that fair this isn't a target. added they're not targeting any government entities this isn't targeting any terrorist financing ordinary citizens are now being affected whether you're a student you're a farmer you're a construction worker every single person every single iranian citizen living in malaysia not even living in iran is being affected and now they have no access to capital markets they have no access to banks how is the city how is someone living in malaysia supposed to survive if an entity such as the u.s. can come in and strong arm the country into shutting down your bank account well like you said kristie a lot of these people are now relying heavily on these crypto currencies but could countries really ever block the use of them the because they're becoming so popular . because of how low the. well it's going to be on ramps and they say on ramps and they are fabs that are a problem there's absolutely no censorship in the network itself so if you ow

and the world bank i went to the world bank essentially another 10000000 went to the over head of the u.s. agency for international development us aid agency that channeled much of the recovery money then of the other billions most of it went to u.s. corporations so none of it went less the one percent about one percent went to the actual people of haiti and haitian institutions to repair the disaster but we often feel good about sending money to help them and i like the idea intergenerational debt. so suddenly when the aid money showed up this idea was like oh not only you you owe us money but your daddy owes us buddy a daddy's daddy as well but debt is debt it debt it that it owes us but you know i.m.f. is they're like oh suddenly they've got to pull up the family tree and they're like oh you know you owe us debt so many years 1642. they're $1732.00 right and that's a promise fractional reserve banking that's run on the balance sheet that's completely opaque and nobody really has any access to it so they can claim that there is money in places that no one has ever heard of before an

it cannot all be the central bank.e have less firepower, and for me it's not that we ought to come up with new and more exotic tools, it suggests that this is a time that we need a broadened economic policy. there is no fiscal authority saying yes we should do that when you talk to members of congress, what do they say? robert: when i talk about sewing workforce growth and the need to it'stment in education, hard to not find enthusiastic agreement, but the question is can we get these policies done? is actiong that there being taken locally on education, texas is a good passed, where the state substantial education reform and there are initiatives to do skills trainings. there are actions happening, we just need to ramp them up. about monetary policy, i'm not talking about physical business so much as structural reforms. immigration reform, we have done a lot of work which suggests that we would be well served to look at canada and more skills based in employment-based immigration system. but if we don't have immigrati

bank.bank has lost a little bit of trust and some relationship with its customers over the last couple of years due to all of the legal struggles and the bank not doing well. to regain the trust will take time and a lot of effort. i have the impression they put the effort in and said we will see turnaround but it will take time. guy: great stuff. thank you very much indeed. alix: it is time for bloomberg's exclusive interview from the summit in miami. we have been speaking with stephanie kelton, stony brook professor of public policy and economics, the advisor to bernie sanders, and top president trump's tax cuts and moderate monetary theory. stephanie: mmt is a lens. we are trying to say we have gotten so many of the big things long because we've been looking at the world through the law -- through the wrong set of lenses. we still tend to have narratives that are bound up in fixed exchange rates, gold standard monetary system we do not have anymore. we have a floating exchange rate and so

haslinda: do you think one bank should be given full banking license?i believe that is up to the authorities. haslinda: what is the biggest challenge in 2020 given the politics we are seeing now is a possible slowdown in china? chartsiri: mixed management is a critical and important part of the process. at the same time, there can be .pportunities haslinda: one more question before you go, the outlook in thailand because the government do you seefor that, yourself over the smaller rivals? [indiscernible] bestnk we will do our organically. haslinda: thank you so much. chartsiri sophonpanich, president / executive director, bangkok bank. the largest is commercial bank in thailand. plenty more to come. this is bloomberg. ♪ david: welcome back to the program. have a look at these energy and gas related stocks, especially oil equipment stocks. this headline crossing about an hour back, a state broadcaster reporting china is set to fully open its oil and gas exploration. we are getting some movement in the oil equipment space on the back of more activity comi

central bank for more than one reason that the central bank and the banks are in one way or the other. imposing caps on withdrawals i think we need to move back in order for me to speak if osing caps on woodrow rose as a form of pressure to help the protest movement so they're accusing the banking sector of working and to help those in the street but it's not just that the ruling alliance is also angry and wants to oust but the central bank governor. they believe here is implementing the tight restrictions of us. cover the law is leaving the rule of law and so funny right back to the group which is under u.s. sanctions and the central bank governor is implementing what to the united states u.s. treasury is asking them to do by imposing restrictions on banks not just on hezbollah as a group but hezbollah supporters and the mainly shia community which is the support base of hezbollah and they are singled out because of these measures so there was a political message oh that's nice when banks were vandalized with cash machines were destroyed it was a direct message from the ruling allian

romaine: the banks are rallying the premarket, but once you get back -- once you get past the banks,a percentage basis is delta. they beat handily. this is a consumer story. people are flying more. this is all about u.s. travel and they are benefiting from that. they are also benefiting from the 737 max. they are getting customers from southwest and some of the airlines in the scene. there capacity drop down. the one caveat is that costs are going up high, about 3% which is high for them on the year. the good side of that a lot of that is for the higher salaries. alix: that is interesting. they are now able to get more customers. that is good stuff. for the third story we will head to san francisco, where the j.p. morgan health care conference is in full swing. big mergers failed to materialize at the annual event. ,oining us now is chris schott jp morgan senior analyst for pharmaceuticals. thank you for joining us. i know it is early there. where is all of our m&a? was definitely an expectation coming to the conference. if we think about m&a as a group , 2019 was the year of the meg

we kept focusing on the banking system. of course, quotes from bank executives. there is a real dichotomy between how negative rates seem to affect real economies and financial economies. if you look in regions that have very low competition in the banking sector such as scandinavia, for example, that have instituted negative interest rates, they have less negative side effects of those negative rates. using the word negative too many times in that sentence, but you get the idea. in the eurozone, we have greater banking competition, 50 or so decent-sized banks. that is were the problem emerges with negative rates. lisa: so the idea that you can offset some of the negatives, you can end up with a net benefit without the distraction. guy: my guess is the less competitiveness of the banking system in scandinavian regions means banks can charge wider spreads on loans and make up for the problems caused by profitability for negative rates. lisa: meanwhile, we are talking about european risk assets. how much are the low rates in europe fueling some kind of flight to th

it is a central bank, but it is not only a central bank. it has a more broad mandate. you also do economic structure and perform macro-policies. how do you see the european policy this year? >> good morning, and it is very nice to be with the group and i am delighted that christalina is my successor. i have to say it was tempting to go along with some of the communications she had because it was my life. now i have to focus on a slightly narrower field, which is essentially the european union, and more specifically, the 19 members of the euro area, which has the benefit of sharing one single currency, the euro. so when i look at that part of the world, i see some positive signs, and i see some concerning signs as well. in the positive, i look at the employment numbers and the unemployment numbers just like steven. we never had such good employment numbers. we are certainly back to the precrisis times. when i look at the wage increase, we are roughly on average at about 2.5% wage increase, which for a central banker like us, we are happy with that because hopefully ther

what does that mean for central banks?d to come out and explain how this impacts his models. how muchthe key is impact this will have on the u.s. economy. right now i think the impact will be muted, but if it spreads significantly, it will have some impact. particularly on the profitability of major firms. there is often a disconnect between how the u.s. economy is doing and how the s&p 500 is doing. if china gets hit, i a lot of major u.s. firms, and a lot of exposure in china. the u.s. economy can do fine, but the stock market could go down because china is getting into trouble. tom: i want to dive into inflation dynamics, some of the tone from chairman powell yesterday. , on chairmantion powell -- when you darkened the door, do you feel like the governor to the world? of the worldweight did seem to be on our shoulders when i was there. people were waiting to see what we were going to do. we also tried to gordhan a policy globally. it was unusual to have coordinated rate cuts globally, but we were able to orchestrate tha

pretty they could we would have some wonderful public banks a city bank would be a public bank and chase and let interest either. guys and public banks wouldn't make lent loans for the stock market and speculation and for corporate takeovers we'd make loans to actually spend into the economy and i would oversee a rebuilding of america's infrastructure questions i'm reading some northern european economists i forget which is it's a fan letter sweden but there's a school of thought that believes in a natural rate for the interest which is roughly 4 to 5 percent do you believe that there is a natural rate of interest there was never been a natural rate of interest all rates of interest for the last 5000 years have been administered right any rate as an administered is there a sweet spot for rates that they would hear you toward if a left alone and not interfere with by central banks if you believe in circular reasoning you believe in a natural rate of interest but it's all circular reasoning in that idea that somehow without government intervention if the economy could work without a govern

pretty make good and we would have some wonderful public banks a city bank would be a public bank and chase and let interest rate rises and public banks. wouldn't make lent loans for the stock market and speculation and for corporate takeovers we'd make loans to actually spend into the economy and i would oversee a rebuilding of america's infrastructure questions i'm reading some northern european economists i forget which is it's a fan letter sweden but there's a school of thought that believes in a natural rate for the interest which is roughly 4 to 5 percent do you believe that there is a natural rate of interest there was never been a natural rate of interest all rates of interest for the last 5000 years have been administered right any rate isn't administered is there a sweet spot for rates that they would hugh toward if a left alone and not interfere with by central banks if you believe in circular reasoning you believe in a natural rate of interest but it falls circular reasoning in that idea that somehow without government intervention if the economy could work without a gover

you do see a day that the central banks can. of course there's something wrong what are you talking about i mean these guys are pretty staggering amounts of money debt all over the world is skyrocketing 2008 we had a problem because of too much debt oh my gosh since then the debt is going through the roof everywhere nobody has practiced austerity they talk about austerity but they haven't done anything about it no no no there's no law that says central banks . maybe. just print print print print print but that's failure because if the currency goes to nothing or goes down a lot you and i are not better off so it's a lost of confidence and money so where does that leave us then we go back to something such as the orderly pivot towards something more modern such as crypto currency well throughout history when people lose confidence in governments or money they've always turned to gold and so it doesn't matter whether they should or not they always have and they always will or already turning to crypto currencies crypto currency is

go out of control and now the banks are formed strings of the central banks because they say oh it's really important to keep these guys around that's a big pond so we have a big diversion in the media like we have rachel maddow coming out with russia russia russia we how many times you have to prove something you can't because the media has agreed to this is the big problem you have now you don't have a free media you don't have the mark receive what you have united states is a modified all about the united kingdom people saying you have a choice between democrats and republicans or labor and the conservatives but you don't it's to save and it's just being forward so what you got was look out for yourself governments are not new to help we are here to enrich themselves and the oligarchs that they need their accounts in our rights allowed out the bang excoriated and the mass media because the rush again bending bunked finally took 3 hairs but anyway let's talk about 20 electing to 2020 alexion even robert shiller era go as a trumpet or has turned around and said you know what trump h

the asian infrastructure bank, the world bank.t esg, we have to develop projects and eight public-private partnership that have a big role to play. we are excited about that. we are focused to combat pollution and are working closely with a number of ideas. that is exciting. francine: what do you need from regulators are government? we are lacking common definition. tidjane: yes, standard is a very important. to avoid negative aspects we need standards. we are working on it. we have a climate bond initiative, and developing standards so the bond market can grow. francine: where do you see most of the appetite? is it coming from your asian clients? tidjane: across the board. look at china. europe it ison in well it is really across the board, and driven by clients and investors. i'm looking for the right word -- their fiduciary duty as owners of the asset applying more pressure on them to see all that money is put to a productive use. francine: i do you have to run, but as you look at asia, where are you most optimistic? we talk ab

i'll be the one laughing all the way to the bank.tt: you know, when a person doesn't have any moral compass to go by, he's a real dangerous person. captions by vitac -- www.vitac.com

banking season -- u.s. banks reporting season in the u.s.ty market opening with fairly muted gains, but we see gains this morning come up by 1/10 of a percent in the french market. there are stocks in general up by 2/10 of 1%. really interesting to see how chips are doing and how the auto space is doing because they are very much in focus. more broadly, we are still responding to a little bit of relief that the phase one signing of the trade deal, it happened in washington. we arrived. matt: yeah, absolutely. it is driving more stocks up and down. that is the catalyst. we see over 400 winners and only about 100 losers on the stoxx 600 now. in terms of the winners, asml at the top. we had positive news from pfmc. taiwan semiconductor manufacturing company. that will boost tech stocks across europe. sap is gaining. infinion is gaining. you will see a lot of tech names on the upside this morning. on the downside, there are very few stocks falling this morning. you can see some of the big heavy ones at the top. i believe among the heaviest stock

for the bank.d not think that that was appropriate for the national bank of oman. those discussions were discontinued, but we remain open to any consolidation discussions in oman, because we believe that is a market which national bank of oman would benefit from an a consolidation. it has the capital. any discussions would be something which we will do from a position of strength. >> to what extent have you factored in a potential rapprochement between qatar and saudi arabia and the uae after the standoff has lasted more than investors like it to? at theee countries are forefront of the conflict and they need the integration and the capital and the. confidence. are you optimistic that progress can be made? you're absolutely right it would be to the benefit of all the parties involved. we are planning for the worst and hoping for the best. so, if something happens, that's great. like i said, it is good for all of the economies and international investment sentiment towards the region, but we are pla

how the banking sector one time. and one bank has left another has surged j.p. morgan has seen of some of that we take a look at excess in the final quarter. and what this could mean for the u.s. economy. is you'll need a reflection of reality. in the world transformed. what will make you feel safe from. the isolation community. are you going the right way or are you being led. directly to what is true what is great. in the world corrupted you need to descend. to join us in the depths. or a maybe in the shallows. as the democrats gear up to officially start their 2020 presidential primary it is fitting to assess donald trump's performance in office a report card of sorts where is he kept his promises and where has he come up short will any of this really matter to november. 6th geysers financial survival. when customers go buy your display. in elf well reducible our. that's undercutting but what's good for market is bucket for the global economy. good food descriptions sound up to tell using even for the owners so ho

the dutch bank c.e.o. there officials have extended talks in washington to settle a dispute over ethiopia's grande venice all stand because she is for ethiopia egypt and sudan deadlocked over the fine print of a deal to regulate the $4000000000.00 project that's according to the b.b.c. ethiopia is building the dam to generate electricity but neighbors are wired their water supplies will be cut short. internet shutdowns in africa are on the increase most are intentional by governments to suppress on resto prevent the free flow of information those governments pay a high price when they shut down the net and social media in 2019 internet shutdowns in sub-saharan africa cost a total of choose point $2000000000.00 those targeted shutdowns by several countries taste that lasted almost $8000.00 a quarter of all internet disruptions worldwide the economic impact of shutdowns is considerable sedan is far ahead of the pack with shutdowns across the east african nation of $1600000000.00 followed by chad with $650000

it shows the bank is doing what a bank should do. that is loan growing, deposits growing. investment banking mergers and acquisition fell short than expectations, but we are seeing that across the board. we want to see confidence among corporate clients now that we know consumers are holding steady. alix: what were some of the worries through the quarter? sonali: the expenses were up, but bank of america was a cost-cutting story. something we are hearing from all of the banks is the propensity to keep investing because the cycle is getting competitive at this moment. alix: thank you very much. now i want to go to the latest on trade. president trump is ready to sign a trade deal with china that leaves tariffs in place until november's presidential election. steven mnuchin denies reports the u.s. would only consider more tariff relief of china signs of phase does go deal. deal.of phase two consideresident will releasing tariffs as part of phase two. if not, that will not be any tariff relief. it has nothing to do with the election. do

which were huge you know they're bankrupt bank citi bank but what they really. they didn't need this in those liabilities what they could have done with them into the books of the fed which is actually what they did do after they said they couldn't do it and now they went to federer is there said we can't bail you out and then the government the treasury stepped in with their $700000000000.00 bailout and then the federal reserve did bail them out yes but in rather discrete ways that you know nobody really quite detective and you're right about that he is obama apparently did want to nationalize citibank in particular tim geithner was ordered to do that and tim geithner there's a phrase for but he basically didn't act on it he weighed it and he didn't and obama kind of forgot about it said tim geithner is the drain the swamp he is an unelected official he's appointed so we have many on elected officials in the u.s. government i was there finding under trump who can do all sorts of things and leak all sorts of things and alter foreign policy domestic policy so wha

banks. matt?ook at some of your big movers in the first hour of the session this morning. the chancellor told the ft that britain will shift its economy further away from the european union. traders are pricing in around 70% chance of a bank of england interest rate cut next week. take a look at what is moving with richard jones. our strategist. the shift is pretty obvious. what will happen with brexit likely and that is what they seemingly wanted to do. how is the bank of england going to make this easier? richard: the bank of england has talked about easing rates because of the concern about the economic data. they have talked about what has happened up to now and the starting point is quite low. to actk feels it needs proactively to start growth. however, what you said about the there isr is that still a lot of political uncertainty to be faced in the next year. that will be a big economic headwind that not a lot of people are thinking about right now. briggs it is done. a decisive election res