did bnp paribas have a good year?019ank had a good year in and it is really around running a diversified business model geographically in terms of products. we have a fairly diversified client base as well around the world. it is about navigating the cycles. been morearibas has cautious, haven't you? jean-yves: we have. worldwide, there is no question the economy will slow down, however based in new york, the u.s. economy remains very strong. look at gdp, consumer confidence, consumer spending. it remains robust. 2020, i would watch business investment in terms of strength for the first quarter. i would pay attention on consumer spending and pay attention as well to sustainable finance. it is a growing dimension of the world of finance. tom: bnp paribas has a unique commitment to china going back decades and decades, absolutely original commitment. what do your experts in china see about china economic growth in this trade war? jean-yves: the world is slowing down in terms of the economy and china is no exception, eve

host in europet from bnp paribas.hen we look at the oil market, i was in vienna and they did everything your they pulled out all the stops to create this floor of 60 bucks. transfer that into commodity currencies. is there upside in commodity currencies in your view? sam: we think there is. when we think of commodity currencies, capex is the first to come to mind. ironically the canadian dollar exists a less than stable relationship with crude advantage does with yield. but that is at the top of affects and super important we come back to the point earlier about the low volatility environment. that environment suggests carry trades outperforming which suggests it does well. nejra: what are your preferred carry trades? you have any involving the norwegian krone? sam: for us, dollar-swiss is the most attractive. for us, it has the most positive absolute carry and the most positive carry in volatility adjusted terms. comparedas the benefit to a short or long. the problem with being longer dollar versus low yielding curre

viktor hjort, bnp paribas global head of credit strategy.is bloomberg. ♪ ♪ york, i'mve from new vonnie quinn. this is the european close on "bloomberg markets." it's time for your latest bloomberg business flash. bloomberg has learned boeing may temporarily halt production of the 737 max. it now appears unlikely the company will get regulatory approval for the grounded jet to return to the sky by next month. executives are convinced a temporary pause would be less disruptive than a slowdown in production. u.s. homebuilder sentiment hit a 20 year high, according to the national association of homebuilders index. they have seen stronger sales and a surge in prospective buyer foot traffic. that is your latest bloomberg business flash. checking markets now in the u.s., the dow is up, but the worst performer in the u.s. the s&p very close to 3200 now, and the nasdaq, full of chip companies getting upgrades, up more than 1%. very muted times for the vix these days. a couple of major uncertainties are out of the market now, and it is reflected in t

daniel morris, senior investment strategist at bnp paribas.s is bloomberg. ♪ vonnie: ager indices down more than 1% apiece -- major indices down more than 1% apiece. only merck is higher in the dow, and only very fractionally. we have an elevated vix close to 17, after a few days of volatility. copper and steel companies performing the worst, clearly a china and trade story. miners inrope, the the oil stocks having the toughest time. stocks doing well, wirecard trading higher. cac 40 down by around 1%. luxury stocks under a little bit of pressure today as a result of that spat between paris and washington. the close is next. this is bloomberg. ♪ when you move homes, you move more than just yourself. that's why xfinity has made taking your internet and tv with you a breeze. really? yup. you can transfer your service online in about a minute. you can do that? yeah. and with two-hour service appointment windows, it's all on your schedule. awesome. so while moving may still come with its share of headaches... no kidding. we're doing all we can to

thank you very much, daniel morris of bnp paribas.trade war leaders from japan from south korea and japan -- and china. moon jae-in says he wants shinzo abe to reverse export controls. we will give an update for you. talking a lot in 2019 about trade tensions between the united states and china. other trade tensions have been airy manifest in parts of asia, so we take a moment as we come 2019 -- what 2 progress was achieved? more on that next. this is bloomberg. ♪ ♪ good morning, everyone. francine, tomnfo keene in new york. viviana: china is on a mission to create a "aircraft carrier sized investment bank," opening up its financial industry and wants to beef up its players to compete with wall street. china does not have much of an international presence. have as many assets as goldman sachs. germany and russia expect the pipeline to be delayed until next year because of u.s. sanctions on the project. 7% still needs to be laid. hong kong residents are looking for apartments in other parts of protests as intense could drag on into nex

we will speak with bnp paribas' global head of credit strategy viktor hjort.ry data out of the u.k. we are waiting for bank of englund governor mark carney to speak later. new cohead of wealth management makes his mark, restructuring the unit which serves ultrarich clients. from new york, i'm vonnie quinn. we are counting you down to the european close on "bloomberg markets." ♪ vonnie: let's check u.s. markets now. , not justing records on the trade deal and british election. we are also seeing upgrades to stocks like goldman sachs, stocks like the memory chipmakers, like micron and western digital. they are all leading the s&p 500 higher by 25 points, very close to 3200. the dollar index back above 97 again.

one of the biggest gainers otherwise, thanks including santander, bnp paribas, stock jen -- all puttings today. index finallynk .ose to its february 2007 peak it has taken 12 or 13 years for those bank stocks to get back to record. not quite there yet here in europe. i also want to mention that the gilts are tumbling. back in fixed income. they are tumbling sending u.k. yields to the highest level we have seen since june. another result obviously of the decisive win by the conservatives in the u.k. we're looking at 10 year yield in the u k of 0.873%. 0.873%.e u.k. of in the u.s. as well. we saw the u.s. 10 year yield jump back over 1.9%. investors are comfortable selling off the perceived hd of government debt. a lot of investors are using those proceeds in order to buy stocks. and as a result coming european markets are opening up strong, in the green, the stoxx 600 index. up broader european index 1%. after that win i boris johnson in the u.k. election. the phase one china deal cannot hurt risk assets. has beenlearly what the driver of markets in the last 20 and it is no different ove

glaxosmithkline as a gainer, as well as bnp paribas, and hsbc. sanofi.e bit is rush and sanofi are dragging. udc glencore moving down again, another step down, 1.2%. the drop for glencore, we talked about the lawsuit after hours. you see airbus also down. airbus has to sell more planes if it wants to make its annual target. we talked about that in the stocks to watch segment, as well. in general, we do see big gainers and big m&a. phoenix group is buying swiss re's u.k. unit. they're going to pay 2.5 billion pounds, 1.2 billion of which is in cash. anna: indeed. with that in mind, joining us from zurich is john dacey, the cfo. good to speak to you. i wonder if you could talk to us by telling us what your intention is with the shareholding in phoenix to get to the result of this and the option of a board seat. how long term a shareholder do you plan to be? guest: good morning and thank you for this. we're taking a combination of cash and shares in this combination. we've said for a long time we believe this is a very good business but swiss re is not a gr