on the earnings lineup we have the state banko,

plus, a new direction for banko santander.s in europe's second-largest bank take higher as they pledged to/over one billion euros in cost and ramp up digital investment. we will be speaking to their executive chairman ana botin from investment day in london. don't miss that interview in 3:00 p.m. u.k. time. welcome to bloomberg markets, this is the european open. i'm matt miller in berlin alongside anna edwards in london. look at washave a moving us around. 500 stocks moving to the upside. that gives you a sense of just how risk on the markets are, and we're seeing volatile sectors moving higher. technology is one, st micro moving to the upside. let's have a look at the downside. this is where the risk on is, if you like, where the trade story is read large. writ-large.ge. -- also, money coming out of the more defensive stocks. bit, butoving a little also consumer businesses like diageo and unilever. let's get a first word news update. theresa may has reached out with an olive branch to jeremy corbyn. she wants to work out a j

banko sent in their plans to ramp up -- banko santander plans cuts will -- the cost come from investmentse executive chairman ana botin . that is the bloomberg business flash. tom: in london, vasileios gkionakis with us and carsten nickel. let us talk about trade, this idea of the dynamics of exports and imports. let's go to foreign exchange, a wonderful prism to look at the dynamics of the international economy. what does it say about the trade debate? vasileios: if you look at emerging-market currencies, they have rallied since september. each rally has moderated somewhat but they are still on a number up, besides of idiosyncratic stories from political risk. the view that the currency market is taking is that the result onedeal will way or another and there will be a deal pretty soon. as far as this thing is concerned, the fx market is taking a relaxed view. tom: and the dynamics is quiet within the markets. what does the yuan do if we come to a settlement? everyone is dollar focused. vasileios: i think in that scenario, we keep on lowering the dollar china -- dollar-china. pretty much

europe, banko bpm .ringing its first at1 getting over 600 million euros on its.et's stick with europe. ecb president mario draghi emphasizing the balance of risk remains tilted to the downside. outlook is a growth remains tilted to the downside on account of the persistence of uncertainties related to geopolitical factors, the threat of protectionist, and vulnerabilities in emerging markets. still with me is subadra rajappa, michael collins, and bob miller. subadra, the financial repression trade is back. subadra: this is a classic financial repression trade. if the ecb is going to keep monetary policy accommodative? we know they will be introducing -- in september. the trade, you want to be in the peripheries. you want to be in btps. we have seen spreads narrowed dramatically. end of last year, 300 basis 200 to 250.between great debt, the lowest level it's been in over a decade. me, it is basically a signal, the ecb being on hold is a signal to take on risk. jonathan: is that right, bob miller? do you expect you'll stick a lower? i think they grind lower. i don'

finally in europe, banko bpm bringing at first at1 two market. steps below investment grade at 8.75%, getting over 600 million euros of bids. let's stick with europe. ecb president mario draghi emphasizing the balance of risk remains tilted to the downside. around the the risks euro area growth outlook remains tilted to the downside on account of the persistence of uncertainties related to geopolitical factors, the threat of protectionists and , vulnerabilities in emerging markets. jonathan: still with me is subadra rajappa, michael collins, and bob miller. subadra, the financial repression trade is back. subadra: absolutely. this is a classic financial repression trade. if the ecb is going to keep monetary policy accommodative we , know they will be introducing tro's in september, the trade, you want to be in the peripheries. you want to be in btp's. we have seen bund spreads narrow dramatically. end of last year, 300 basis points, now between 200 to 250. look at greek debt, the lowest level it's been in over a decade. to me, it is basically a s

also we do have the banko meeting coming up on thursday. especially in light of the better than expected data. german dax up .4 of a percentage point. one thing you're watching out, we will get the gdp numbers this week we will be keeping an eye on those as well to see how the first quarter panned out there italian index, up .4 of a percentage point positive reaction to s&p global ratings keeping it for the sovereign. still a negative outlook they cite some concern about the rising debts moving on to sectors, spent a lot of times talking about banks. going to point out that banks are at the top up .6 of a percentage point auto is cyclical having somewhat of a good day today in light of the better tone coming out of the trade continuing back. health care also in focus. that sector is up .4 of a percentage point despite some disappointing earnings out of health care phillips missing expectations on sales growth weaker. then right at the bottom in tirms of the sectors, we have u timgts down .5 and oil and gas giving back some of the gains. a l

tcoach would allow the banko have larger access and a larger general footprint so he's interesting forot of reasons. he goes back to having lots of things that are interesting in his life as well. john mccoy that i mentioned had worked with david rockefeller throughout his earlier career and had grown through that relationship to become the head of the world bank and the head of chase. so it would've individuals that live between politics and global monetary systems and banks and societies have all tied in somehow. >> host: she tells the story in her book in case you are interested. in the last minute let's bring all these pieces together from the past two hours. what in your view is the solution to this on hundred plus years of banking regulation law and the government? >> guest: i think we do have to reinstate glass-steagall to separate not just our banking system but globally because banks of the banks. from the money that i is putting through peoples deposits and loans and credit that they require for themselves into small businesses or what have you from the more speculative activ

shares higher by banko bpm. triple b. staying at a positive for not just bonds but banks as well.is down more than four point -- 4%. they are getting the chance for this copper miner to finally price in the drop. get straight to bloomberg first word news. this is viviana hurtado. viviana: pedro hernandez -- is back as prime minister. to govern in madrid, he may have to on catalan separatists. it would be one month before any shape.e takes sanchez was forced to call a snap election after failing to pass a budget. pushed ratess according to the international monetary fund. this would put the islamic crisisc inflation at level behind venezuela and zimbabwe. the white house is aiming to curb iran's influence by cutting oil exports to zero. and we speak to the author of that report, the imf director for the central asia region. of a sensor malfunction say it was not a standard feature on boeing's 737 max. that's what southwest airlines discovered after october's deadly lion air crash. available for a fee. the operator thought the one in light worked on all macs jets as it had in previo

on the earnings lineup we have the state banko, of india going to report this week.hinzo abe will be in brussels for a treaty summit and xi jinping will host a belt and road forum which vladimir putin will attend. we have futures pointing to a huge start in tokyo and seoul while the japanese yen is one hundred 12he handle. so three and investors will have trade figures along with exports numbers from taiwan and thailand. sri lankan markets could come under pressure after the tragic events. all right, thank you. let's get the first word news with tom mackenzie. carol: -- tom: ukraine's prominent tv comedian has won a landslide victory. -- vented their frustrations at the lack of politics. /the andd into political took 70% of the vote. petro poroshenko has already conceded defeat. a new bloomberg survey suggests the bank of japan's next policy move could be further easing, possibly as soon as this week. half of the economists we spoke to expect more stimulus measures as the economy slows and inflation remains stagnant. the vast majority of those surveyed said that next