we are going to start with the story about the agm expected at barclays.nvestment part of the bank. we are expecting a bit of a boardroom bust up today. edward branson doesn't think that the investment banking part of barclays is the way they should be looking forward to the future. he would prefer the bank to focus on the retail side. tess daly is an investment banker by heart and wants to keep the diversification of their business. should you have a drop in revenues, you've still got the investment bank there to back it up. when you look at the returns, the investment bank produces less than the retail banking site. there is a cause for the argument but barclays has often done both in its history. investment banking has changed over the years. it's a different beast to what it was in 2007—2008. i think there's enough reason to think having both in the business is the way forward. also, the investment banking side, if it goes well, brings great rewards. but if it goes wrong, it can be costly. just thinking about the global financial crisis, mis—selling, f

the share price puts barclays up 2%.. ♪ bloomberg surveillance, francine lacqua in london and i'm tom keene in new york. william barr not testifying to the house today. that is the washington news of the moment. the economic news is the fed meeting yesterday. governor carney joins us. we have really been focusing on the equity markets, the earnings season, revenue dynamics kerry and i want to focus on the bond market. mi and for total return -- mi in bonds -- am i in bonds for total returns or to clip a coupon? you just heard was an honest gentleman. that is white we log -- that is why we like bob. he tells us the truth. it continue. >> from a fixed income standpoint, the numbers have been a lot better than what most people expected at the beginning of the year. had phenomenal performers across high-yield and corporate bonds. that those spreads have come a long way. it's not to say you can't still clip the coupon. it is still pretty attractive, relative to the government bonds. >> joining us in the next hour, we have bon

we are not saying there's anything illegal that has been done at barclays.e saying they are still using this practice of dividend armitage. dividend target or will tell you it is a legal way for investors to maximize their profit by lowering taxes. however, there has been a lot of scrutiny by the authorities in europe and also in the u.s. nowadays in germany there is an investigation [indiscernible] that are different from what barclays are doing. , we should remember barclays in the past has shut .own this controversial unit backing billions of dollars with taxes. important to have a look at this business and shed light on the activities. vonnie: great reporting. we'll continue to monitor. our appreciation. time for our stock of the hour. rails and trucking companies like union pacific leading stocks lower on concerns about tariffs on mexican goods. about $2.5ic got million in revenue from mexico. taylor riggs is here. taylor: kansas city union pacific getting hit hard. about $2.5 billion of revenue from mexico. that is 10% of the top line of about $22 bill

bloomberg barclay's average. that performed minus 6.48%. the total performance in 2018 of the funds was 6.73%. we also see, again, only 12 data points here. so some of the statistics aren't that significant, but we could see that downsize volatility was lower for the fund. we also could see, from this analysis, the column left from the right was higher for sfers as compared to the 70-30 portfolio. we did a similar analysis for five years. here, again, using as a benchmark, a simple 70% global equity an and 30% barclay's, we seek it was almost 18 -- we can see it was 19%. it was 3% annual. we also did that with less risk. we define risk as volatility of the portfolio. also with less down side risk and more positive months. moving on to ten-year analysis. sfers delivered adjusted returns, 70-30 benchmark. remember, the reason we picked 70-30 is because it's close to the risk that we take on our strategic asset allocation. the expected volatility is close to that benchmark volatility or risk. so again, the superior risk adjusted returns, less

we are back with christian keller from barclays bank.we not understand the chinese economy, what do the markets not understand about the chinese economy that economists do? christian: i am not a true economist, but it is the biggest black box in a way, the most important one in the global economy. what is crucial, if we go to a scenario where the trade war persists and china slows, and people start looking at reserves , the and at the cny question is can we go back to 2015 where you see capital going out and the chinese trying to bring their capital out, that remains the biggest achilles heel. . it is not an emerging market, but it would have to be liquidity inside china wanting to leave. francine: but there have been some kind of capital controls. they haven't really left, they are trying to stay put. christian: that is exactly to the point. the biggest difference from 2050 is a have done capital controls. the reserves are one trillion less but they have capital controls that seem to be working quite well, and to give the pboc confidenc

barclays is made up of two bits.ney or sell shares to investors. the big question today is whether the bank should be doing both bits, one far riskier but potentially more lucrative than the other. two americans, both titans in the world of finance, have wildly contrasting views on this. the boss, jes staley, has the support of the board for the wheeler dealer world of investment banking. a rebel investor, who owns just over 5% of the whole bank, the quietly—spoken edward bramson, says it's not good value for money for investors, given how much it costs to run. let's talk to philip augur, independent banking analyst. he has suggested that he won't win the vote today, but i guess the crucial question is how many other shareholders will he convince? exactly. the agm is going on as we speak. it was interrupted by climate change activists before it got under way. it's certain that he will lose. he has said so. the fact is, this is another point he has made in a statement today, just the fact that he is there in the backg

barclays occurring in them and one politician of this bill does one want an inquiry. what do you see is the real solution obviously the effect it these loans were paid to lie boards problematic particular the barclays learned so maybe that you know the council was a millions of pounds out of pocket because pieces fell in the interest rates the bigger issue which is the more systemic one which has yet to be tackled any of these legal cases is that the information provided to the council was the advice given to them by the likes of capital but as i care to enter into these loans in the 1st place. to be the basis of the case they have mean are they the means hugs the dates the people who instructed the local authorities under advisory contract to go and take out a loan and it transpires since we're taking your thousands of pounds in kickbacks for doing so from the banks there's been no legal action against the treasury management advises today so what we're calling it was an kickbacks agreement commission and i would say that is green liberal democrat all the. no one is

the brexit secretary, stephen barclay.nesday in parliament with me, david cornock. still to come, has your phone been hacked ? mps try to find out. back now to prime minister's questions, which weren't all about brexit. jeremy corbyn chose to focus on inequality and poverty. the labour leader claimed poverty levels for children and pensioners were rising, with a school in great yarmouth opening a food bank for its pupils and even the department for business establishing a food bank for its own staff in central london. theresa may sidestepped that question but said income inequality had been reduced since 2010. mr corbyn tried again. when the wealth of the richest 1,000 people in britain has increased by £50 billion in one year but there's not enough money to properly feed our children, or pay workers a decent wage, then we have failed as a society. this country is seeing the rich get richer while the poor get poorer, while the government is in the pockets of a super—rich elite. more children in poverty, more pensioners in

has one million risk and barclays.e also should look at the past when he had the stake of over 20% in electra. lost, in a14 when he shareholder meeting, he lost convincingly as well. everyone was expect him to leave or sell the stock. however, he stuck around. to install managed himself as the ceo of electra. still a long way, barclays changing the management, the new chairman, the investment bank numbers are not too bad, so we will see what happens and if he decides to stick around. as of now, he will lose a lot of money that she will lose a lot of money if you sell now. moneywill lose a lot of if he sells now. guy: thank you. vonnie? picke: coming up is the for the federal reserve award. this is bloomberg. ♪ this is bloomberg. ♪ so with xfinity mobile i can customize each line for each family member? yup. and since it comes with your internet, you can switch wireless carriers, and save hundreds of dollars a year. are you pullin' my leg? nope. you sure you're not pullin' my leg? i think it's your dog. oh it's him. goo

when compared to the bloomberg barclays ag index, shag has trailed since its inception.s an expense ratio of 12 basis points and gets a green light in the bloomberg traffic light system. scarlet: that does it for "etf iq." make sure to catch us each wednesday. this is bloomberg. ♪ ♪ back -- ren buffett the oracle of omaha landed $10 million in financing as occidental snapped up anadarko. the political crisis in venezuela deepens, threatens to disrupt more oil production. the impact. let's get ready to export. we spoke to the ceo of enterprise products partners, who says almost all of the additional premium crude this year will go to international markets. ? alix: i'm alix steel. welcome to "bloomberg commodities edge."

thanks antonio, the chief -- at barclay's. >> i think after the numbers, there could be some down side projected for q2 gdp numbers for europe if you want to get involved in the conversation, we are on twitter at street signs cnbc also on twitter directly >> coming up, burb bank chairman is addressing shareholders in german lendsers agm as he comes under pressure to step down. we'll have more details on that next >> before we go to break, let's take a look at chinese markets as trade concerns weigh on indexes. you can see that the shanghai composite is down 1.4% we're at a four-month low now for many of these asian indexes. we'll be discussing more about trade tensions with the wto directoror general that is at 10:30 cet and about 50 minutes time. n'gonyere. cake in the conference room! showing 'em you're ready to be your own boss. that's the beauty of your smile. bring out the best in it with crest 3d white. crest removes 95% of surface stains... in just three days. the wifi that set just raised the bar again. introducing xfinity xfi advantage. it comes with everything you love about

he built the research and economics business at barclays.n, lehmanition -- post- acquisition, barclays was number one in fixed income and equity research by institutional investors. getting this guy back to work with our operating companies and help them on the macroenvironment and some of the research issues is just terrific. a great resume. that is really impressive. >> well, the macroenvironment is pretty important in terms of where you're going to put your investments. i think the private equity space is an interesting space, and very attractive right now, with lots of liquidity and very low returns elsewhere. financial services, it seems to me, you've had banks recapitalize. it's been now a decade since the crisis and valuation is still very low. i think it is a great opportunity, great firm. bob is a great builder of businesses. value.i can add alix: we are getting our signals now. this world is totally different than when you might look at into thousand three, in terms of where the ecb is going to be and how you value a bank stock, ba

that's the barclay's index. that's the same index the aflcio uses. not we. they use to compare their results. to reject a notion they don't we long in a liquid credit portfolio by our benchmark and their benchmarks are the same. the liquidity that anna has talked about and is going to talk about is by virtue of this pure treasuries portfolio. to reclassify i don't think it s appropriate. >> if i could add an example of the treasuries, he thi they read well with the public investments the 4th quarter of last year when it declined in value a lot. the treasury portion of this portfolio increased by 2 .23% when equities were falling double digits. , 5, 10% or more. aflcio's investment went up, but less than the treasuries because they are spread product. so spread, it's that additional yield before treasuries. they are very conservative spread products, but they still are something where you own it. over time, you hope to earn a higher return. sometimes they underperform in stressed environments. this is a very recent example of that. >> i hung up on kurt's comm

stephen barclay refered to the tory labour talks. including the discussion between the prime minister and the leader of the opposition this week. what we have made clear, and what the prime minister has made clear, is we will bring the withdrawal agreement legislation to the house the week after recess, and the house will get an opportunity to vote at that point. i would have thought it is clear that if the prime minister's deal is put for a fourth time, if it is allowed, it will fail just as it has failed three times already. but i want to make it clear that labour opposes the idea of passing the withdrawal agreement bill without an agreed deal. that would put the cart before the horse. and labour will vote against second reading on that basis. so how on earth does the secretary think that a bill to implement a deal that isn't before the house can pass in two weeks' time? or is this about keeping the prime minister in office for another week to give her a lifeline for today's meeting at the 22 committee? we have been clear, and i th

financials, a host of earnings out of ing, bnp, over at barclays.ll talk about these financials any moment. what do you see? matt: i'm seeing a lot more stocks down than up this morning. 404 stocks down. only 168 are rising on the stoxx 600. the breadth overwhelmingly to the downside. as far as the winners come you see royal dutch shell adding some of the most points to the stoxx 600 this morning. is also a gain or. hugh hefner novartis, sanofi, glaxosmithkline, all adding points, as well as smith and nephew to the stoxx 600. on the downside of the ledger, axa is one of the bigger losers. 4.6% onxa down about the day it is paying out its dividend. there are a number of big companies out with dividends. unilever is one of them. munich re is one. . those companies will weigh on the stoxx 600. european markets, opening lower after the fed chairman jay powell says there is no bias to either tighten or ease monetary policy. >> i think our policy stances appropriate now. we don't see a strong case for moving in either direction. the weak first-quarter per

exchange benchmarks used in day to day transactions for over a decade the european commission named barclays citi group j.p. morgan the royal bank of scotland as well as mitsubishi u.s.g. as the offender's citi group was the hardest hit in order to pay more than $300000000.00 euros switzerland's u.b.s. was also named in the scandal but was not find after the alerted e.u. officials to the illegal activity. of sri lanka was listed as travel guide lonely planet's top destination and 2019 but since the devastating easter sunday attacks tourism there has plummeted and he could do a popular surfing destination in the southwest many hotels are currently closed. competition for a deck chair used to be stiff not anymore restaurants to have been struggling to draw in visitors. since the easter sunday attack 3 lanka has seen an 80 percent drop in tourism with fears over a piece of a devastating attack like this one keeping people away. most of the hotels in this area have closed those that have remained open are relying on local to make up for the drop in foreign visitors still managers are keen to con

barclays made a direct connection.bout the potential for a trade war, it will hit those countries that rely on manufacturing and export. countries like germany will be impacted more than the u.s.. david: is at the root of the problem? reasons we have three why manufacturing has been hit in germany. one is related to china and trade uncertainty. the other was related to a trout last year, and the third -- to a the thirdst year and was related to week production in the car sector, partly to diesel and partly to the introduction of a new standard. all of these factors are temporary and all three have subsided to some extent because we have seen china come back. there is a little bit of a puzzle. is the come back of china might be temporary because the trade war will hit it. even though germany is trade dependent, this is not an senseelming effect in the that it cuts both ways. there is the lack of demand from china. there are tariffs imposed on chinese goods that also induced switching of expenditure toward chinese and ge

talk about responsibility of british bank barclays warns that it will take u.s. plane make a boeing longer than expected to get back on form in the wake of two crashes of its top. model boeing says it's working to correct issues with the plane and plans to start a reef flying a seven three seven months this fall but in a box a survey in the u.s. and in europe just on the hof said they would wait for at least a year before flying in the mobile possibly foresee allan's to move the planes grounded. it's writing off. that's it for me of the business africa. formal business background you can always visit our website www dot com slash business schools and do follow us on facebook twitter or. check. with us because africa with it. is a place to stay. sometimes you books are more exciting than real life. preparing to. very. long you know. what if there's no escape. trigger list. german must treat. they want to represent you so what do you want from the joint on the phone from twenty four i'm still unsure valid as we put your questions it seems politicians from around to

they will decide what to do in barclays.ategy is changing and now there is new management and a new chairman that is taking over today from the previous one. the next few quarters will be important for the bank. >> boeing is holding its annual meeting today with the recent 737 accidents taking stage of the conference. making progress on the path to certification having completed the engineering test flight of the software and the final technical flight test prior to the certification. >> the ceo doing the best job he knows how to reiterate safety and talking about the software updates are not saying anything about how the original software was flawed. tiptoeing the line. the concern is we're not getting any new information. there was a question from one of the shareholders, why haven't you step down given you have betrayed our trust and the public? he said our focus is on safety and dodging hardball questions. >> a day after the boeing, airbus came out and smashed estimates and quarter one, their narrow body which competes w

barclays is the latest firm to/price targets.analysts warned tesla may be relegated to a niche carmaker. this just a day after musk scent antimale to staff pushing for delivery to catch up to demand. craig -- joining us is craig. how are investors and analysts reacting? these emails have been an effort on the part of musk to on notiond put to rest the that tesla has a demand issue, but also to rally the troops. it is also just an attempt that has not gone over that well with the market. up did see a bit of a tick the last time he sent in a mill to employees, where he did try to put to rest this idea that they have a demand problem. he also phrase these emails in ways to where he left out the fact that there is a lot of work to be done for them to have a great quarter. the second email was on the side , we haveve work to do to work your our delivery issues and bring costs down in order to have a great quarter. had theen't necessarily effect that other n.l.'s have had, where it read in the past is that he sent these wanting them to

guy: let's get back to the barclays news we broke a little earlier on in this program. shareholders rejecting edward bramson's attempt to get onto the board, a convincing rejection as well. is jes staley popping the champagne corks? with us now is our bloomberg banking reporter. is this a confirmation of his strategy, or just a sense of giving the new chairman a little more time, and therefore edward is going to have to wait? said theyhe basically are willing to give more trust to the new chairman and see how it goes in the next few quarters , and then they will decide what to do with the stake in barclays. it is probably worth noting that they have already started changing strategy slightly. the chief of investment banks was basically let go, and in the changedarter they have a lot in terms of bonuses. the strategy is changing now that it is new management and a new chairman taking over from the previous one. the next few quarters are going to be very important for the bank. vonnie: will there be dialogue between bramson and the executive board, or is that it effective

joining us now is a guest from barclays. explain to us the dynamics in tips and the broader treasury market since friday? >> the risk off tone that you described in other markets, equities, commodities, is certainly flowing into rates and the inflation market as well. while the knee-jerk assumption could bethat tariffs inflationary, as they are passed on to consumers, there is much more concern about the negative growth impact on the economy, which could cause inflation to go lower rather than higher. thus, we are seeing investors go into nominal rates instead of tips, as a sign that inflation may go lower instead of higher. bet,e: if that is the currently, that would also be a bet that the fed would consider cutting again this year. >> may be. it is not clear what the fed's reaction function might be. commentspowell's caused considerable volatility in the markets with regard to the uncertainty of their reaction function. in the spring, they spent time saying they would focus on realize inflation. realized inflation has come

brexit ticket harry steve barclay says don't rule out the pop -- brexit secretary steve barclay says don't rule out the possibility of a no deal brexit. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm kailey leinz. this is bloomberg. guy: thank you very much indeed. coming up, we take a look at the outlook for italy with nobel laureate economist michael spence. u.s. treasury secretary steve mnuchin is testifying to the senate subcommittee, saying tariffs are being used to create a fair agreement and there is still a lot of work to do. it ismonths ago he said "most likely" he will go to beijing. vonnie: we are keeping an eye on auto stocks because we just learned president trump plans to delay imposing tariffs on auto imports. that delay will be up to six months, according to a person familiar with the president's thinking. be a relief for the europeans. perhaps i can bring in michael spence on this news because we were waiting for may 18 to see if there would be auto tariffs on european ca

this is about 10% of barclays stock trading revenue.uts for the london operation, mitsubishi is offering buyouts to about 500 directors. it is roughly a quarter of its workforce in london. they make up for slow growth at home and they are in cost-cutting mode. the shares of gap plunged after sales declined. ofturns the potential appeal a discount chain. the turnaround doesn't appear imminent. they are down in the low single digits. thank you so much. i appreciate it. we are going to dive right now into what is stronger. let me bring up the two-year yield. 5:01 a.m. wall street time. i want to go all caps kill us on you. i want to do that with your mathematics. let's assume the president is oblivious to calculus. what are the accelerated tendencies right now that you are watching? >> i think it really is this tension between a rate market which is increasingly confident not just that the fed will cut rates, but that the fed will cut rates significantly. what thes ray much accelerating down momentum shows. very recent comments from the fe

. >> edward bramson's attempt to get a seat on the board of barclays, did not go well. 87.21% of thelders voted against the bramson revolution. is this a confirmation of jes staley's strategy or a sense of, well, we will give the new chairman a little bit more time, therefore edward will have to wait? >> he said the main institutional investors must be willing to give more trust to the new chairman. to see how it goes in the next few quarters, and then they will decide what to do with the state they have in barclays. so the strategy is changing and now there is new management and a new chairman that is taking over today from the previous one. so yeah, the next few quarters will be very important for the bank. >> boeing is holding its annual meeting today with the recent 737 max 8 accidents taking center stage at the conference. >> we are making progress on the path to certification having completed the engineering test flight of the software and the final technical flight test prior to the certification. >> the ceo there, of course, doing the best job that he knows how to reiterate s

it comes from a barclays analyst.e says, we believe alternative meat can reach a market share of 10% of the industry in 10 years versus the current sharer of less than 5% in the u.s., less than 1% on a global basis. coming up, storing petrochemicals and building out storage. that is coming up next on bloomberg's "commodities edge." ♪ alix: i'm alix steel. this is bloomberg's "commodities edge." an in-depth analysis on clean energy, advanced transport commodities, and emerging technologies. today, we focus on solar. solar is hitting 143 gigawatts by 2021, according to one report. walk us through your estimate and how we got that high for 2021. >> hi there. we expect the global market to increase by 22%, so from 108 gigawatts in 2018 to 131 in 2019. the strong growth is coming partly from china. this week, national authorities have disclosed they received 15 gigawatts of requests for subsidy free projects to come online in the next few years. the chinese market should account for approximately one third of total install

david strauss with barclays. >> sure. >> boeing worst performer in the dow but hard to find green out there. all over the big sell-off. tech is the worst sector performer but best this year overall. should you buy on this big drop? we'll get into that and lyft reports after the bell what you need to know before the company reports for the first time stay with "power lunch." one-millionth order. millionth order. ♪ there goes our first big order. ♪ 44, 45, 46... how many of these did they order? ooh, that's hot. ♪ you know, we could sell these. nah. ♪ we don't bake. ♪ opportunity. what we deliver by delivering. right now. shares of lyft down 3% ahead of its results after the bell its first report since going public the stock down 18% since the ride hailing service began trading just over five weeks ago. justin patterson is an analyst $80 price target one of the highest on the street great to have you with us, justin >> thanks for having me. >> there seems to be a real sentiment change between the time when the company went public and it was on the road presenting its most recent results

our oil and gas analyst at barclays.he note of the week from the libyan national oil company chairman who says "i cannot foresee any scenario other than an immediate cease-fire in which libya's oil exports are not impacted by the conflict of violence on the pendulum one way or another threatens to take off-line much of libya's oil production and along with it, libya's prospect." coming up on the program, global head of oil trading on imo 2020, next on "bloomberg: commodities edge." ♪ alix: i'm alix steel and this is "bloomberg: commodities edge." we get in-depth analysis on clean energy advanced transport commodities and emerging technologies. today, california solar energy. joining me, logan. solar installations in california jumped last year. what was your take away from that? logan: the changing rate structures and state and federal subsidies have boosted the opportunity for solar storage in california so as accommodation of these factors, we have seen the market grow from a few hundred installations a couple of years

jonathan: has the bloomberg barclays high-yield index already peaked in 2019? gershon: no.ry: yes. diana: no. jonathan: great to catch up with all of you. that does it for us from new york. we will see you next week, same time, same place. this is bloomberg. ♪ mark: i'm mark crumpton with bloomberg first word news. u.s. and chinese negotiators held trade talks today under increasing pressure after president trump raised tariffs on $200 billion in chinese goods, and beijing promised to retaliate. talks wrapped without a deal but steven mnuchin described the discussions as constructive. china's top negotiators said the talks went fairly well. earlier today, president trump said there was no need to rush a deal. the pentagon says it is reallocating $1.5 billion to help pay for construction of 80 miles of wall at the u.s. mexico border. the money is being drawn from savings and numerous defense programs, including ones that support the afghan army and other security forces. in march, the pentagon transferred $1 billion from army personnel budget accounts to support construction

they had a matter of hours to figure this out, and i think when the barclays deal fell apart, what theyaw was that there was no meaningful future without an acquirer. and with customers running and taking their business away, this was an entity that getting it through 24 hours or 48 hours without crashing was not going to rescue this entity without finding some merger partner. this was essentially a doomed enterprise, and i think they felt that under those conditions and given what was an absent absence of sufficient collateral, they felt they had no choice. it was not a decision they actively made. i don't think there were good options. i know there has been an interesting book that looks questions whether or not there was sufficient collateral. i would tell you this is a crisis situation with hours to make a decision. three people who had no higher priority than stemming a financial crisis who made the best decision that they could under the circumstances. >> thank you. >> good evening and thank you so much for your time. i apologize in your vans in advance for having a slightly less