how does bnp get back on track?e had seen bnp paribas outperforming many european peers over the past few quarters , so of course, investors could choose the success story. but this time around, bnp to trading not go like we saw elsewhere in the u.s. and europe. fixed income revenues falling 26%. equities on the rise about 6%. that was not enough to compensate. overall, the global market division saw the lowest revenues in almost two years, down 17%. that is not as bad as some european peers, like deutsche bank, barclays. to give you a comparison, the second quarter, bnp paribas had only a 2% decline in these global markets. as a result, bnp paribas was the worst performing stock today in the euro stoxx 600 banking index. mark: are things looking better in the retail banking business? >> if you look at the consumer banking revenues in the three main regions, france, belgium, italy, they were almost let. in france, for example, revenues down 1%, but that is mostly due to the low interest rate environment. they actual

bnp expects flat like for like net growth amid a slow down in client spending.nd bnp paribas third quarter earnings crossing today as stocks slide to ryanair, the best performer on the stoxx 600, it's maintained its full-year target despite a drop in net profit staffing problems they say are behind them saying performance was solid amid the cost disruption steve? >> thank you two of president trump's former campaign aides face money laundering charges as the investigation into russian interference in the 2016 election heats up. paul manafort and another aide, rick gates, were arraigned at federal courthouse in washington both have pleaded not guilty robert mueller's office announced another trump aide, george papadopoulos pleaded guilty in july to lying to the fbi. paul manafort's attorney said there is no evidence of collusion with the russian government >> are there are no activities r official capacity in which the trump campaign took place in these activities most took place before the campaign existed >>> that wasn't paul manafort's spokesperson that was sa

bnp paribas out with numbers. gravitational effect of the problems we are seeing when it comes to a lack of trading volume and volatility does seem to want again be having an effect. the thick division did not do well. the i think a result had intact from that. they are sticking with it though. that is interesting. wpp is downgrading its estimates. keep an eye on it at the beginning of trade. stock that comes under pressure this morning. airbus still having problems with the 320 line as a result of the engines. still having problems with the 350 line. keep an eye on bp this morning on the back of its numbers. keep an eye on this this morning. looks like they have cut them. so pay attention to that one as well. more broadly, equity markets don't look like they are going to go anywhere in a big hurry this morning. at a headline level, seeing some of these indices really flatlining into the open. take a look at the apple supply chain as well. at could be something worth paying attention to. apple was the reason the u

paris, where we speak exclusively to the chairman of bnp paribas. also coming up, politicians and business leaders gather in moscow for russian energy week. president putin will be speaking during a discussion moderated by bloomberg's senior executive editor, john fraher. this is bloomberg. ♪ felipe viking criticized catalonian separatists for unacceptable loyalty. looking for example, at the 10 year spread between bunds and spanish bonds, that gap is definitely widening. as we were saying, the spanish king weighed in, calling what the separatists are doing unacceptable disloyalty. he vowed to keep the country together. >> the catalan regional government has broken the democratic principles of every rule of law and have undermined the coexistence of society. the authorities have rejected this their irresponsible behavior, they are threatening the economic and social stability of catalonia and spain itself. beenine: bloomberg has covering the story with maria tadeo. what does this mean for the prime minister? he's looking for allies. maria: i mean, t

amy: expelling was the envy -- explain what bnp is.lly, if you're familiar with bank of the west, it is connected. bnp paribas is their parent company. their parent company. they are the eight largest bank in the world. amy: dallas goldtooth, with the indigenous environment all network, you spent a lot of time in the last year at standing rock. as this year come at this moment, we are seeing the largest number of hurricanes ever in recorded history in this country. i think the number is up to 10, the last one named is ophelia, which hurtled the furthest east in the atlantic than we've ever seen and hit ireland. you were participating in a protest a year ago warning about the catastrophic effects of climate change. you were participating and those protests at standing rock, north dakota, where indigenous people and their non-native allies are continuing to go to court for their protests. >> it is absurd that we're facing this time of extreme climate they also. you are fires. yet hurricanes. you flooding all across this world. yet mainst

many people wondering if that's a takeover target for bnp.t deflied tanied takeover talkd they are interested in germany >> something to watch. >>> mondelez posting better-than-expected earnings in revenues the company benefitting from rising sales in europe, latin america and other emerging markets and cost cuts. the stock a big mover on this report don't miss the mondelez ceo at "squawk on the street" at 10:00 a.m. eastern this is her final quarter as ceo. she is definitely ending on a high note. better organic growth. power brands like oreos and ri it shgritz crackers helped the quarter. >> a good day to interview a snack company. on halloween >> they do make a lot of candy >> i'm sure last night they would have gotten rid of a lot of it. >>> shares of alison transmission getting a pop the jump coming as revenues topped analysts expectations >>> and exact sciences with a less than expected drop. the stock up premarket. >>> still to come a doeuble dos of apple news. we are live in beijing with the latest on that. >>> apple reportedly consid

manus: michael sneed is from bnp paribas.ge. -- the banks we bring you the latest market action. way?t open the we will discuss. this is bloomberg. ♪ is this a phone? or a little internet machine? it makes you wonder: shouldn't we get our phones and internet from the same company? that's why xfinity mobile comes with your internet. you get up to 5 lines of talk and text at no extra cost. so all you pay for is data. see how much you can save. choose by the gig or unlimited. xfinity mobile. a new kind of network designed to save you money. call, visit, or go to xfinitymobile.com. guy: 2:30 the afternoon in tokyo. building up to election fever. dollar down, the we have been falling for a couple of days. it is the beginning of a bigger move. let's have a look at some of the stories that made it into today's edition. the tacoma expect between the united eight. country plunged the suspended non-immigration visas with each other. guy: the u.k. prime minister theresa may reported that she may reshuffle her cabinet after the meeting w

bnp paribasas the ceo speaking to bloomberg. let's talk about the european growth story.e growth numbers out of parts of europe today. how stellar is the european growth story for you? it is the international economic success story. when you look at the job the ecb have done, it's a tremendous job. they have got a recession and slow growth to a growth rate that for the second year running out runs the u.s.. --a: might the pop politicians the slow and tackling the bad debts? nicholas: yes and i think that goes to the ecb with the power of ecb -- qe. we have written up a story the focus on the purchases of corporate that remind viable. the question is where with a concentrate the reduction in their qe? quit sovereign and less corporate? don't hit the buffers. what do you think will be reductions? nicholas: very likely to be of the government side. you think about the impact of qe, the power is on the corporate side. when you look at the average corporate bond, it yields today 67 basis points. that's an astonishingly low cost of capital for the average european corporate. at

bnp paribas says bank mergers are likely despite reports they want a tie up.consolidation will continue on a domestic level and declined to comment on the rumors. he says the industry is still uncertain about the follow from brexit but thinks be in the is a better place -- but thanks bnp is a better place than most. >> we need to prepare, need to consider the assumptions. we are a eurozone based bank, so the challenges are smaller for us than many others. yvonne: more changes on the way at deutsche bank as the head of investments is leading the asset management arm as it reorganizes. deutsche has said it plans to list a minority stake by marge and hinted at that overhaul the asset management unit. the operation has more than $183 billion worth of assets at the end of june. next, we talk about the casino industry, review security after the mandalay bay massacre. we hear the president of las vegas sands. this is bloomberg. ♪ kathleen: 11:30 in sydney. the excess 200 trading up about three points this morning. yvonne: i'm yvonne man in hong kong. kathleen: i'm ka

potential suitors are the named like bnp paribas. >>> microsoft will drop a lawsuit against the u.s.overnment after the justice department changed rules over data requests. microsoft filed the lawsuit last year t claimed the u.s. government was violating the constitution from preventing the company from alerting users about the requests for information. >>> underarm ser reportedl armog the exit o tennis and other outdoor categories as it struggles to grow in an increasingly difficult sports wear market also kevin plank's first partner, kip fulks will take a sabbatical from the company. >>> time for our top trending stories. landon joins me. >> amazon has received 238 proposal force i >> amazon has received 238 proposal force i for its second headquarters cities are vying to host the second home base the online retailer says it will invest more than $5 billion and create up to 50,000 jobs for its hq2. >> amazing number of proposals i know amazon is a hot company, hot stock. >> it's a front page read. even towns, a suburb in atlanta is offering to name its city amazon it's a big win fo

the legislation which would have split the retail units from major lenders such as deutsche bank and bnparibas. [no audio] [no audio] insurance rates. investors can call their capital and transfer investments to a new vehicle as insurance rates are expected to rise. a spokeswoman declined to comment. that is your bloomberg business flash. manus: thank you very much. donald trump has senate republicans for show over it but it's a nominee of the chairman reserve.deral anna: the president took a straw poll -- [no audio] question about the ability to get a tax agenda through. when you see the president of the united states asking for a straw poll in april, i don't know how serious he was -- in a room, i don't know how serious he was. it does unnerved me that this kind of soliloquy played out. i am not surprised he did something opposite to what the senators want. think about being here when you're from now, central bankers would change, we will have a different fed. we will have a potential successor for draghi chosen next year. we have across the board, including the pboc, more worry about

under-performance given the spat between barcelona and madrid the ftse mib is off by .2% all eyes off bnp when it comes to the sectors, this is the chemicals, retail, household goods outperforming. base basic banco monte dei paschi that resumed lending shares were suspended last december after failing to get capital from investors and having to seek support from the italian government shares off 67% that's the impact of the relisting. and kering shares are trading at the top of the stoxx 600 after the company beat third quarter sales forecast boosted by strong demand for gucci's products and a pick up in chinese consumer appetite like for like sales were up 28%, sales at gucci grew almost 50% the fashion group warned about negative currency effects. >>> shares in lufthansa, they are under pressure today after the company opted to stick to its full-year forecast despite posting record results for the last nine months the carrier reported a 32% rise in third quarter operating profit and improved ticket pricing trends, but net profit fell 17% shares also under pressure because we're seeing s

only a handful of international banks such as jpmorgan, deutsche bank and bnp paragraph have -- haveraphpariba licenses to open. manus: done it -- donald trump is thinking of giving janet yellen another term. of changing leadership amid a stock rally. trump does not intend to appoint gary cohn. here we are, another day, another story that trump perhaps wants to make his mark but he calls janet yellen terrific. the continuity trade could be very much live. seed: we have to wait to who he does announce. he is going to want somebody who will move us back to more normal policy at a gradual pace and he wants a strong growth in the u.s. and as we have discussed, all central banks are moving at a gradual pace to get back to mourn him allies policy. having -- we will have a new head of the fed and head of the , they will continue the policies that the predecessors have set to get us back to more normal policy but it will take a long time. manus: it will take a very long time. we have written lots about a variety of people seeing a doomsday scenario for the bond market. here we are, 2.43%, we hav

bnp did increase stocks. this is the lowest quarterly sales and almost two years.nings last order you it did eat estimates. to the world3.1% they got company cut its sales forecast and reduced our clean spending. that continues to weigh on revenue. wpp is having the worst year since the financial crisis. unilever is scaling back the advertising budget. it is troubled industry, not just troubled. they are a big gainer in the eurozone in putting elation data. economy underline why the ecb kept it from monetary stimulus. below 1% forlling the first time in five months. vonnie: now to washington as investors assess the fallout from robert dollars investigation. the conversation about russia's meddling in the u.s. election will continue. tech giants had to capitol hill. with grassley spoke kevin's really about the congressional probes into russia. >> they are not interested in who runnings these countries. they want to discourage confidence in the democratic process. they are autocratic and they don't like democracy because it might sneak into russia. it might challenge

paribasble, look -- bnp , look for price-to-earnings ratios.ht with a cornucopia of catalyst. we have the trump decision for the fed chair do on thursday. and janet yellen potentially the foschs -- the last of meeting. and i want to pull of the board here to look at some stocks in focus. look at sony. have the record target. climbing after slashing the net income outlook on a goodwill right now. the fed did raise the operating profit forecast by -- shares continue to climb at highs as it shakes up its executive ranks. and a last peek of what is going on down under in sydney. aussie stops are resuming gains. we had nickel miners, western areas, and independence group rising with more optimism around use of nickel in electric vehicle space. that is gaining the most ground since january of 2015 after regulators say no further inquiries will be made on its financial report. a few micro jumps here, but it's about the big picture themes in the first few weeks. triple when he with the fed, the announcement of the fed chair as well. auntie of other thi

the chief market economist at bnp paribas joins us this morning. nothing is going to happen. i don't buy it for a minute. what do you look for in the statement that could surprise? paul: i'm not sure there is going to be any great surprise to be honest, tom. the thing we've got to look for are the individual speeches afterward, in particular, what is being surprising over the last couple months is the weakness in inflation. energize the to doves to be more vocal in opposition to a december rate hike? tom: here is the chart, folks. service sector inflation. down we go with a little bit of an uptick in goods. inflation, well below zero. absolutely outright extraordinary. how transitory is transitory? paul: it is not transitory. six out of the last seven months, we have had a downward in inflation. if you take out shelter from the inflation in cpi, the u.s. is running below europe. running below europe. that tells you that the fed has failed manifestly to get inflation up and i think that is because, if you look at the last two or three years, inflati

alix: steven friedman of bnp paribas.ant to get you up to speed with what happened with bank of america about 45 minutes ago. they did beat on earnings and what they said about credit was interesting. the increase their consumer credit union by $150 million, less than their peers. a net interest income was up 19%. these numbers coming in very solid for bank of america. david: coming up, we will be joined by larry summers, former united states secretary -- treasury secretary, talking tax reform and his problems with the trump plan. ♪ ♪ alix: this is bloomberg daybreak. happy friday the 13th. s&p futures up. dow jones up. bank of america getting a nice pop and pre-markets. european stocks seeing their highest level since last june. one of the performers is the german ten-year bund. webasis points is what printed there after bloomberg reported their bond buying but extended the length that which they buy bonds, affecting the euro. it is higher on the day but lower on the session. 118 -- 1.18.ar now waiting on inflation data

france's bnp paribas says it wants to do more to combat climate change.ll no longer finance companies whose main business stems from oil and gas stemming from shale. they say they will not fund such objects in the arctic. the wealthy are staying on the sidelines when it comes to cryptocurrencies like that coin according to ubs -- bitcoin. they tell bloomberg they do not think there is any meaningful desire of high risk investors to make bets on crypto currency. uber faces at least five criminal investigations from the justice department, two more than previously reported. bloomberg learned authorities are asking whether the ride hailing startup violated price transparency laws and looking into whether cooper had a role in the legend theft of documents -- alleged theft of documents regarding alphabet's self driving technology. david: a big story from eric newcomer from bloomberg tonight, today overnight. it extended the possible criminal wrongdoing by uber. stealing software from people, spying on people, misleading on people, kickbacks. alix: the idea is