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trading results at bnp paribas.ye on ing. >> it's all about the banks this morning in many ways. an absence is coming out from the world's biggest banks. share is notllion enough to say to investors this morning -- stae investors this morning with hsbc. overnight. this technically is europe's biggest banks, a global bank with a massive asia focus. overnight. this came as revenue was announced and profit -- in pro fit, but below expectations. cost rose 8% on an adjusted basis. returning to the shareholders up to $2 billion worth of buybacks, in addition to $.10, dividends have been at a stay. i think the strength we are seeing could be coming through a number of the markets. >> a lot of bank news out today. gainsg out on the trading that boost its earnings in the first quarter. socgen posted lower than expected results, underscoring the challenge for the ceo, charged with taking over responset bank abilities, one of four ceos named in the management shakeup last night. here is what he told bloomberg about that unit.
trading results at bnp paribas.ye on ing. >> it's all about the banks this morning in many ways. an absence is coming out from the world's biggest banks. share is notllion enough to say to investors this morning -- stae investors this morning with hsbc. overnight. this technically is europe's biggest banks, a global bank with a massive asia focus. overnight. this came as revenue was announced and profit -- in pro fit, but below expectations. cost rose 8% on an adjusted basis. returning to...
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May 30, 2018
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bnp paribas and credit agricole are the most exposed. 250 billion euros combined.nched these numbers and these were off of filings last year. i will be looking at how those banks move at the open. it is not just an italian story. what it means for others exposed in europe to this crisis. matt: thanks very much. anne-marie on the ground in rome. she will be talking to an important guest today. the open is in four minutes. this is bloomberg. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. matt: welcome back to "bloomberg markets: european open." from theminute away castrating and stocks. look take a look at futures as we go through these asset classes. eurodollar actually coming back a l
bnp paribas and credit agricole are the most exposed. 250 billion euros combined.nched these numbers and these were off of filings last year. i will be looking at how those banks move at the open. it is not just an italian story. what it means for others exposed in europe to this crisis. matt: thanks very much. anne-marie on the ground in rome. she will be talking to an important guest today. the open is in four minutes. this is bloomberg. ♪ retail. under pressure like never before. and it's...
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May 4, 2018
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the bnp, i think that was the last... the last bnp councillor has gone. the last bnp councillor.ght? just pick up on a couple of things. we heard about the status quo and it is nice not to feel sad as a liberal democrat. in a way you are coming back from a very low base. you haven't much progress beyond where you might have expected? we have made quite a lot of progress. richmond. but you would expect to take richmond. not necessarily. over the last couple of years people said that is the end of the lib dems, only 12, can't come back. i think today we have proven thatis back. i think today we have proven that is not true. we are also not saying it is over. these two are laughing. we had a high water mark when labour were laughing. we had a high water mark when labourwere in laughing. we had a high water mark when labour were in government and we are seeking to gain that again. no one is pretending this is over but i think lib dem members out there today will be going, yes! it's beena there today will be going, yes! it's been a good day. in terms of the conservatives, i'm reading
the bnp, i think that was the last... the last bnp councillor has gone. the last bnp councillor.ght? just pick up on a couple of things. we heard about the status quo and it is nice not to feel sad as a liberal democrat. in a way you are coming back from a very low base. you haven't much progress beyond where you might have expected? we have made quite a lot of progress. richmond. but you would expect to take richmond. not necessarily. over the last couple of years people said that is the end...
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bnp paribas has stayed in all of them.the kind of basic banking is this is that are not that sexy, but quarter after quarter they generate income. management, custody banking, lending to mid-cap companies. that formula has worked for them. francine: matt mead bring up the deutsche bank chart -- let me bring up the deutsche bank chart. thet is striking to see how french are making this huge push into germany. they have set up a commercial sectors in manufacturing areas in germany. even as deutsche is struggling to withdraw from the u.s., and rebuilt in germany. francine: thank you so much. bloomberg surveillance continues with tom keene. this is bloomberg. ♪ francine: italian showdown. efforts to form a caretaker government stall. did yesterday's selloff go too far? tariffs on track. in the sand.e he would rather see nafta die then meet hardline demands from washington. good morning. this is "bloomberg surveillance." is back in new york. i am francine lacqua in london. all the talk was on italian markets. be very auction wi
bnp paribas has stayed in all of them.the kind of basic banking is this is that are not that sexy, but quarter after quarter they generate income. management, custody banking, lending to mid-cap companies. that formula has worked for them. francine: matt mead bring up the deutsche bank chart -- let me bring up the deutsche bank chart. thet is striking to see how french are making this huge push into germany. they have set up a commercial sectors in manufacturing areas in germany. even as...
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europe's trading troubles, bnp and socgen this.rashing high-frequency trading for years, mark cuban buys into it with a well-timed wager. sphere under fire. opening a probe after the vix allegations that the index is rigged. kelly joining us is jason . let's start with those european banks and focus on socgen, because they got hammered the most, down 6% to 7%. their trading business is off a lot. you see what happened to their stock. we actually got to talk to him and asked him what went on because equity trading was down. this is what his answer was. >> if i take specifically the equity, we are more overweight on structured products than on cash. the market has the dynamic of cash and products, so in that specific segment, we delivered the same result as our peers. david: you are looking at it the wrong way. the market did not think to buy it. jason: they did not buy that, nothing to see here, please move along. especially in light of what we saw in the united states, one of the interesting things mentioned is a 32% jump in equiti
europe's trading troubles, bnp and socgen this.rashing high-frequency trading for years, mark cuban buys into it with a well-timed wager. sphere under fire. opening a probe after the vix allegations that the index is rigged. kelly joining us is jason . let's start with those european banks and focus on socgen, because they got hammered the most, down 6% to 7%. their trading business is off a lot. you see what happened to their stock. we actually got to talk to him and asked him what went on...
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May 15, 2018
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in 2014, the french bank bnp brickingas accused of embargoes and find $10 billion to keep its u.s. license. the financial markets now, a mixed picture in europe at midday. the imf has strong economic demand.riven by but germany weighed on investor sentiment in early trading. for more of the business edp hass at this hour, rejected the takeover offer by china-owned three gorges. the company says the initial buyout bid does not adequately reflect the value of edp. the cash offer would see the chinese firm that it does not already own. afterphone shares dropped its ceo would step down in october, even though the company reported a return to annual profit. the secondmed largest mobile operator into a digital communications awerhouse, which includes string of major deals. seattle city of approved a controversial plan to taxpayer companies to help the homeless. for thee been pushing funding of affordable homes. the scaled-back, the new taxes expected to raise $48 million a year to build social housing units and homeless shelters. you, toysfinally from "r" us is auctioning off its intelle
in 2014, the french bank bnp brickingas accused of embargoes and find $10 billion to keep its u.s. license. the financial markets now, a mixed picture in europe at midday. the imf has strong economic demand.riven by but germany weighed on investor sentiment in early trading. for more of the business edp hass at this hour, rejected the takeover offer by china-owned three gorges. the company says the initial buyout bid does not adequately reflect the value of edp. the cash offer would see the...
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we are looking at socgen and bnp paribas.the stoxx 600 yesterday, the s&p 500 dropped below its 200 day moving average. it looks like we could end the week on a positive note. euro stoxx 50 futures up. movesl see how the cac 40 on the banking story. happening in the bond markets, the 10-year bund yield unchanged. we are looking at treasuries. 2.95% is where we are now. anna: things look positive in europe for now, but we have the jobs data in the middle of the trading day. head toward as we that key jobs data. that is it for daybreak, europe. this is bloomberg. -- "bloomberg markets: the european open" is next. this is bloomberg. ♪ we use our phones and computers the same way these days. so why do we pay to have a phone connected when we're already paying for internet? shouldn't it all just be one thing? that's why xfinity mobile comes with your internet. you can get up to 5 lines of talk and text included at no extra cost. so all you pay for is data. choose by the gig or unlimited. and see how you could save $400 or more a y
we are looking at socgen and bnp paribas.the stoxx 600 yesterday, the s&p 500 dropped below its 200 day moving average. it looks like we could end the week on a positive note. euro stoxx 50 futures up. movesl see how the cac 40 on the banking story. happening in the bond markets, the 10-year bund yield unchanged. we are looking at treasuries. 2.95% is where we are now. anna: things look positive in europe for now, but we have the jobs data in the middle of the trading day. head toward as we...
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and it seems he found a kindred spirit injim dowson and his ally, the former bnp leader nick griffin, them? what were they like? they were very pleasant, very friendly, very patriotic. they said they were interested in all of eastern europe because it's not overcrowded with immigrants. it's not just serbia, they visited poland many times, hungary, greece, serbia, bulgaria, and many more i think. he sastim dowson helped boost his group's social media presence, gaining it thousands of facebook followers. so what else did he offer? their support, their support for the movement. goodwill. and motivation, motivation. and, of course, advice. every advice from them is really, really, really important to us. jim dowson denies providing the group any training but said he has worked for hundreds of organisations. his links in serbia, though, go much further, into the serbian government who welcomed him on a visit last year. this mp began questioning jim dowson's presence in serbia and his growing network, so placed a backlash, menacing graffiti appearing around belgrade and death threats. —— so
and it seems he found a kindred spirit injim dowson and his ally, the former bnp leader nick griffin, them? what were they like? they were very pleasant, very friendly, very patriotic. they said they were interested in all of eastern europe because it's not overcrowded with immigrants. it's not just serbia, they visited poland many times, hungary, greece, serbia, bulgaria, and many more i think. he sastim dowson helped boost his group's social media presence, gaining it thousands of facebook...
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shares off the lows of the day, returning to france, bnp paribas with its wall street rivals in the firstuarter with revenue from debt trading tumbling, trading inclement, global markets division falling 15% versus one year earlier and sales from -- sales plunging, outweighing a 19% rise in equities. debtaribas blaming the trading slump on tepid demand for our clients for rates and foreign-exchange dealings. growth and corporate and investment bank is a central part of their ambition to increase revenue and approve -- improve profitability. day,s off the lows of the down 1.5%. 90 minutes into the u.s. session here in julie -- session. julie: stocks dramatically high with all three major averages at the highs and the session with the nasdaq up and apple, apple is having a strong week. the strongest in a couple of month. appearingl market is to catch on now. apple shares now at 3.4%, trading at a new record. this comes as the news that berkshire hathaway bought an additional 75 million shares of the company in the first quarter , that news in an interview with warren buffett on cnbc. , itou
shares off the lows of the day, returning to france, bnp paribas with its wall street rivals in the firstuarter with revenue from debt trading tumbling, trading inclement, global markets division falling 15% versus one year earlier and sales from -- sales plunging, outweighing a 19% rise in equities. debtaribas blaming the trading slump on tepid demand for our clients for rates and foreign-exchange dealings. growth and corporate and investment bank is a central part of their ambition to...
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May 30, 2018
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cleanup hashe happened already, especially for the blue-chip majors -- bnp paribas. these are good quality banks that are sound financially from the capital perspective. and i do have some lending growth. you have a lot of positives can starting with the valuation, but the fundamentals and the fundamental earnings power of these businesses has improved. i think despite the fact that normalization may as a result of the political instability be a little bit further out, you have other positives that make up for it and still give you a very strong value proposition. vonnie: we definitely want to get your german carmakers and some of your other holdings in a moment, but i do have a final question. you obviously are a value investor that invests in these stocks on the fundamentals of these countries. nonetheless, if something major macro-wise were cap and italy got in trouble european union where the ecb decided to stop backstopping italy come with that change of mine on the fundamentals of these italian companies? david: when macro becomes important is what it impacts o
cleanup hashe happened already, especially for the blue-chip majors -- bnp paribas. these are good quality banks that are sound financially from the capital perspective. and i do have some lending growth. you have a lot of positives can starting with the valuation, but the fundamentals and the fundamental earnings power of these businesses has improved. i think despite the fact that normalization may as a result of the political instability be a little bit further out, you have other positives...
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May 22, 2018
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joining us is daniel morris from bnp paribas.s we talk about the overall market cloud that's been there, it has been china, it has been the trade talks. is there anything that you have seen over the last couple of days that has given you a bit more optimist about what's happening with the global market >> absolutely. i guess i would question whether or not trade has been such a big overhang on the markets. we saw a rebound yesterday certainly with the announcement from china, maybe not as much as you would have expected given the assumption it's been a drag up to now. the bigger issue for the u.s. markets over the last several weeks has been interest rates. we have conflated that with the outlook around trade certainly on the margin sentiment should get better. if we're worried about trade, i'm not sure we see a huge move up in the s&p because of it, because we still have interest rates that are of a concern. >> it's an overhang that has been lifted, it seems at this point a u.s./china trade war is being averted. earnings season
joining us is daniel morris from bnp paribas.s we talk about the overall market cloud that's been there, it has been china, it has been the trade talks. is there anything that you have seen over the last couple of days that has given you a bit more optimist about what's happening with the global market >> absolutely. i guess i would question whether or not trade has been such a big overhang on the markets. we saw a rebound yesterday certainly with the announcement from china, maybe not as...
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we are back with daniel morris of bnp paribas asset management.l problem for the italian government or the european central bank? guest: certainly both. the ecb can't ignore what is going on. if we think about how this might evolve over the next weeks or months, that is certainly one of the comments that is going to be very important. not only is there all the machinations around building the government itself, it is part of the eu and when he the reaction from those agencies as well to interpret what the dynamic is going to be in the markets. francine: is there a signal that italy can send said that international investors are a little less freaked out? guest: i think certain things people would like to hear is even if we do propose cutting taxes and increasing payouts for guaranteed minimum income, that is going to be offset by cuts somewhere else. that is that the message we've got so far. the plan is to issue more debt, and that is what is spooking markets so far. that may be a little difficult to foresee. guy: this is just one of the issues e
we are back with daniel morris of bnp paribas asset management.l problem for the italian government or the european central bank? guest: certainly both. the ecb can't ignore what is going on. if we think about how this might evolve over the next weeks or months, that is certainly one of the comments that is going to be very important. not only is there all the machinations around building the government itself, it is part of the eu and when he the reaction from those agencies as well to...
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socgen and bnp paribas disappointing on revenues.hose two stocks dragging the french markets south we are still seeing gains on the boards for the uk, german market and italy. i would say the dax has given up territory in the last 30 minutes of trade here's a look at some stocks moving in europe ferrari shares hit a record high after a sharp rise in first quarter core earnings. it cited strong sales of its 12 cylinder models. >>> pearson's said it had a good start to the year. the educational publisher backed its full-year outlook and said it was on track to deliver 300 million pounds in savings by 2020 the stock is up 4.7% >>> and to iag today, and the latest is that the stock is also bouncing in the early part of the session. shares soaring after posting a 75% jump in first quarter profit they benefited from a 58 million euro net foreign exchange benefit. norwegian air has rejected iag's takeover po posal saying it remains fully committed in the strategy >>> shares of airfrance-klm lowered the 2018 profit expectations the first qua
socgen and bnp paribas disappointing on revenues.hose two stocks dragging the french markets south we are still seeing gains on the boards for the uk, german market and italy. i would say the dax has given up territory in the last 30 minutes of trade here's a look at some stocks moving in europe ferrari shares hit a record high after a sharp rise in first quarter core earnings. it cited strong sales of its 12 cylinder models. >>> pearson's said it had a good start to the year. the...
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bnp and socgen miss out, while hsbc opts for organic growth over buybacks.weakness. coming to a are beautiful shot of the capital and washington, d.c., welcome to bloomberg "daybreak." it is jobs day and equity traders should not be looking at washington, they should be looking at churchill downs. just before i came on set, in the last 10 years equity markets have only been down one time after the kentucky derby. only one time. not up a lot, but up. urth be withe fo you.
bnp and socgen miss out, while hsbc opts for organic growth over buybacks.weakness. coming to a are beautiful shot of the capital and washington, d.c., welcome to bloomberg "daybreak." it is jobs day and equity traders should not be looking at washington, they should be looking at churchill downs. just before i came on set, in the last 10 years equity markets have only been down one time after the kentucky derby. only one time. not up a lot, but up. urth be withe fo you.
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May 2, 2018
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target and below the estimate of the long run sustainable rate of unemployment, hit both goals over at bnproblem is it's become difficult with inflation at or above target to justify why policy should be accommodative. the limit of the economy on inflation. supporting that idea is another strong jobs report that's just a good number on friday from the government and an unemployment rate that will sink into the 3s from the current 4.1%. strong construction and manufacturing jobs this morning and the bls estimate of 195 for friday some sympathy on the committee for letting inflation run a bit hot because the fed missed its target for so long but unclear how new fed chairman jerome powell if he embraces that idea. the market does not seem to as it bids up a chance of a fourth rate hike this year. take a look at these percentages. probability of a june hike 93, september 68% and december now, almost at the high of the contract at 39%. goldman sachs in a report thinks the fed could go further this cycle than originally forecast seeing upside to its prediction if the fed will stop hiking at 3.25
target and below the estimate of the long run sustainable rate of unemployment, hit both goals over at bnproblem is it's become difficult with inflation at or above target to justify why policy should be accommodative. the limit of the economy on inflation. supporting that idea is another strong jobs report that's just a good number on friday from the government and an unemployment rate that will sink into the 3s from the current 4.1%. strong construction and manufacturing jobs this morning and...
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May 21, 2018
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we will get oil dynamics worldwide with bnp paribas. we will do that. stay with us.omberg. ♪ ♪ francine: this is "bloomberg surveillance." tom and francine from london and new york. we were just briefed by the rome bureau chief about politics in italy. we understand the new prime minister could be the law professor giuseppe conte. we need to look at italian bonds extending the slide among increased borrowing. for more on the markets and the euro, we are back with jim reid of deutsche bank. how are you going to finance some of the things we understand the populists want? can they dial it back? even if they find new rules, could it help with growth? bill: it is -- jim: it is an extraordinary sign of the times that someone no one has ever heard of could be the italian prime minister in 24 hours. if italy does try to spend old a little more money, it could be positive for italian growth in many ways, but that just piles up debt long-term. what italy has in its favor in the short term is that it has current accounts that have turned out a lot of its debt. the route to a c
we will get oil dynamics worldwide with bnp paribas. we will do that. stay with us.omberg. ♪ ♪ francine: this is "bloomberg surveillance." tom and francine from london and new york. we were just briefed by the rome bureau chief about politics in italy. we understand the new prime minister could be the law professor giuseppe conte. we need to look at italian bonds extending the slide among increased borrowing. for more on the markets and the euro, we are back with jim reid of...
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May 18, 2018
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julia does not really loved ithe dax, because when she was at bnp paribas she nailed it. now?o you believe this malarkey? julia: i think even it chair powell saiden chair we do not know about 2020. what we do know is 2018. that is three or four rate hikes total this year. that is a reasonable estimate. hown that, it depends on the u.s. and global economy evolves, how the inflationary situation evolves. francine: has world growth picked -- peaked? julia: yes, i do think it has. everybody,- almost with the exception of japan is pulling back stimulus, the u.s., china, europe. we are already seeing the global manufacturing indicators moderate. that is not terrible news. that is to be expected, but that also means harder trade-offs for policymakers, and the fed in particular. francine: so this is which and our, right?inh what does it mean for overall grid -- risk in the market? julia: what we're seeing is not wage and salary inflation. that tends to be a demand -- kind of inflation. we will see how that plays out. i would say that the rise in oil prices probably dampens consumer pu
julia does not really loved ithe dax, because when she was at bnp paribas she nailed it. now?o you believe this malarkey? julia: i think even it chair powell saiden chair we do not know about 2020. what we do know is 2018. that is three or four rate hikes total this year. that is a reasonable estimate. hown that, it depends on the u.s. and global economy evolves, how the inflationary situation evolves. francine: has world growth picked -- peaked? julia: yes, i do think it has. everybody,-...
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May 2, 2018
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weightings inarge banks, but those are in the eurozone and japan. ,he biggest is unicredit followed by bnp chartered, as long as i can remember, has struggled to control costs. sprawling geographic reach. wheret think of a period they were getting that under control. we have a straightforward and compelling valuation and growth story. [indiscernible] unicredit, there's always consolidation rumors. see.it is very hard to the future is a struggle. that that hard to see would be allowed to happen. francine: do you like financials? please predict the future. andrew: i think it is a sector that still trades at a very deep discount. it also does have a growth story. long growth in europe is rising. cost inyou are seeing terms of default still being quite low. yields are higher this year. that is going to be a small boost. francine: thank you all for joining us. stephen morris, our u.k. banking reporter. ali and andrew sheets from morgan stanley. bloomberg users can interact with charts using g tv . andh up on key analysis save charts. take them, use them. this is bloomberg. ♪ economics, fina
weightings inarge banks, but those are in the eurozone and japan. ,he biggest is unicredit followed by bnp chartered, as long as i can remember, has struggled to control costs. sprawling geographic reach. wheret think of a period they were getting that under control. we have a straightforward and compelling valuation and growth story. [indiscernible] unicredit, there's always consolidation rumors. see.it is very hard to the future is a struggle. that that hard to see would be allowed to happen....