you were in charge of the bundesbank at the time. what is different now to then?s stimuli zynga the banking desk stabilizing the axel: aroundm -- two dozen seven what kept us busy was stabilizing the banking system. we have moved toward being more soluble. this is not an amount that we saw in 2007 period. the banking system is more resilient, more result. what we really haven't made progress is market based analysis. we castrated in -- we concentrated in -- what is fragile is shadow banking. there is a lot of activities out there that have been banking activities but they have moved to markets. everything that uses leverage, that is credit origination and uses maturity transmission is a bank like activity. we need to watch it there. are no new agility's building up -- no new agility's are building up. -- banks mightre be more resilient. matt -- manus: 2018, as he started out on the journey was the year of normalization where carney is going to be able to our -- normalize. the ecb was in that mode of moving toward the exit door. we'll 2018 still be normalizing, giv

and the bundesbank. background rises however stay mostly stable despite the greater market volatility. and finally for me it's snowing again here in paris this part of france is so unprepared for winter weather. heavy snowfall has wreaked havoc causing traffic jams and forcing shot the eiffel tower no. yeah tells us more about the economic impact this could have an industry in the paris region. while some are having fun in the parisians no. others were desperately trying. to keep their businesses a float. this company in the east of france's facing a dilemma. whether it should accept orders for deliveries it's not sure it can complete is awful nice from what. information regarding which writes i know not changes every two or three hours. so we can get the green light to send a truck and but when it gets the the righis claims to be venomous obligat. unusually heavy snow fall because the major traffic disruptions in e north of france ts week. leing authorities to ban heavy lorries from using the main roads

the chances are rising for young man our man from the bundesbank here our reserve bank in germany to eventually succeed mario draghi when he leaves this post in the autumn of twenty nineteen conrad who's in first in frankfurt a financial correspondent thank you. now today it's back to work for traders in asia after the lunar new year celebrations hong kong's hang seng index closing off eight percent. and for traders the first day of the work week was dubbed the special new bold was a woman with a big posse that will be used to host ceremonies the companies that are listed in hong kong's hang seng index there's also an area that museum telling the history of the stock market which started trading in eight hundred ninety one the. now here's if there were you could pop internet tronics store to test drive a car well that's the case for this next electric vehicle developed by a bunch of swedish students in collaboration with the men's over two thousand people have placed orders so far. it began as an innovation project at the university in sweden now after raising well over a million eur

tomorrow i will be bringing you an interview with the president of georgia bundesbank and a member of governing council. this is bloomberg. ♪ vonnie: in new york, i am vonnie quinn. this is "bloomberg markets." it is time now for our stock of the hour and we are looking at the shares of the food and beverage company at the lowest since 2011 on a disappoint quarterly report. abigail doolittle is with us now. abigail: the stock is getting hit on this report. dean foods has 31 brands that they own or have relationships with. it was not huge, but it's more part of the trend. let's look at the earnings function in the bloomberg because this is the fifth quarter that they have missed in a row and we see this here in the terminal in the bloomberg. but ones lines represent the actual etf put up so they are dismissing time after time. if we open up this graph, we going to see that this is the stock and white. these are the earnings projections. the company cut the forecast last year in a big way. interestingly the stock has been falling off more recently. the earnings estimate for this quarter

later we bring you our interview with the president of the bundesbank. ♪ a very warm welcome from righte in our blood body. we have a great day ahead of you. many important figures speaking to the conference and they will speak to bloomberg. we have a real rally on our hands and a potential for more momentum. or do we? bitare looking at a little of a global risk on momentum. before the powell testimony is saying sustained growth is there but he doesn't want to kill it off with high rates. oil inventories could rise by 2 million barrels. in february. 1.5% the best january in a decade for the oil market. this is dollar-yen. the worst quarter in dollar-yen in four years. still the market is hungry for a bit of en. of yen. 2018 special items will be slightly rising. this is a forward-looking statements. that missed the estimates given the growth that the imf and the world and the ceos talked about. about slighting sales growth for 2018. estimate.eat on the would you have there is a green to measure -- manage -- merger their oil and gas unit. this is what the market is going to focus on most

one at ecb, one at bundesbank. thank you very much. mark cranfield.orcan follow the mliv go smart market analysis throughout the day. what have we got next? the mobile world congress opening in barcelona. we have exclusive interviews coming from that event. chief executives of bush telecom and seat. these things are being merged. what is a car show? what is a tech show? what is a telecom show? the venn diagram is blurred. all of that coming up. the market open is 19 minutes away. ♪ guy: 16 minutes until the start of european trading this monday morning. let's talk about the telco sector and figure out what's going on. executives are gathering in barcelona for the mobile world congress. we spoke exclusively to the ceo of deutsche telekom about intra-market consolidation. he spoke to caroline hyde. telekom is the biggest european telecommunication operator, and we have 11 markets in europe and intramarket congregation. we have congregation with upc, we are working on accommodation in the netherlands, where we are bringing mobile operators together. this

coming up, bundesbank board members will join us on set. that's next.. ♪ ♪ more conviction buy investors, more flows. i am positive overall. if you are on the markets, we have good growth prospect. in particular in europe. overall, yes we see signs of monetary policy that has connectivity and also capital market connectivity. low volatility. that was the ceo of france's second-biggest bank. you are watching the european open. let's focus back on europe now. a week of chromatic moves in global equity markets leaves the banking sector scratching its head. trying to figure out what is happening here. let's start an exclusive interview with andrea strummed andreas dombre. i've heard it as a healthy correction. this at current to you? neither surprised nor your tainted by what happened in the markets. it hasn't changed in the fundamentals. it is also not changed my view of the economy. or my expectations. there have been concerns about higher valuations for quite some time. that's why i was not irritated and i was also not surprised at the same time. correct

the head off the bundesbank is set to take over it's very political now in europe and draghi's task isomplicated. >> peter spiegel, thanks for joining us. >>> energy has been a big factor as well over the course of the last couple weeks. the etf for energy down nearly 9% since friday. let's get to jackie deangelis with more on the slide in oil prices >> good morning. i want to put this in context. commodity prices themselves are not reacting as sharply to the market selloff as many expected. oil is holding under $65 a barrel copper was up in yesterday's session. gold did not spike that dramatically either. the relative stability in commodities is telling us there's confidence in global growth and demand. copper is a widely used metric when it comes to appetite for global growth because of various industrial uses. it's up 2.5% in the last month going a step further, the energy stocks, earnings misses from exxon, chevron, hiss, they have been dragging the sector down. that drop in the xle was significant. chevron and exxon are numbers 14 and 20 on the dow. when they see losses of 5% mult

this is timely moment to have the fed, the former bundesbank head and the chair of ubs and goldman sachswhat a cacophony of voices. anna: fascinating to hear what they have to say that demand for treasuries and the inflation conversation. also regulation is a comment you will -- the topic you get their thoughts on. >> i thought about you last night when i watched the winkle bitcoinns talking about and it has a long way to go to catch up with gold. we will talk about regulations. through the meyer of basel and what happens next in united states of america, it's a 30 minute conversation. they could have come down heavier with the ruling, but it could have been a sledgehammer and it simply was not. bitcoin just never fades from the news belt. anna: manus cranny all over the regulation story an important market developments from there in frank for. that's get the first word news update with juliette saly. juliette: societe generale has been estimates with estimates of 69 million euros. it had been expected to post 180 million euros. ceoif lucid theory, the said he is upbeat about the investm

that comes after the bundesbank warned that brexit could be a watershed moment for the financial hubvernon with us, chairman of metro bank. the report says that britain is set to lay out its position on financial services. it wants mutual recognition of regulations to preserve the city of london's access to the e.u. i guess what financial services wants is certainty. will this provide certainty? vernon: certainty in the financial markets is never something that we see. i'm a long way from the expert on how this is going to end, but my personal opinion is, no matter what, relationships are going to remain pretty much the same. mark: does london lose its allure? does new york get a lot of the business? -- some are saying warsaw, dublin, frankfurt. who is going to win when it comes to financial services? vernon: london is not going to lose. i see new york and london as being the financial centers. mark: why are you so confident when banks clearly are taking to prepare measures for the worst case scenario? vernon: you are only talking about a narrow sliver of the market. you are not talk

you.ine: thank the deutsche bundesbank president interview.g german yields and inflation at 8:30 a.m. in new york. this is bloomberg. ♪ tom: bloomberg surveillance from london and new york with tom keene and francine lacqua. let's get to the transaction of the day. and $160alcomm billion all bet in. not broadcom for qualcomm. i look at it right. this is an extra dinner a chart. -- this is an extraordinary chart. sky tv back to 2008, the extrapolation of a trend from 2015, as clear as all get out and with the subpar performance of sky, the bid by mr. roberts brings the value on most up plus or minus a little bit. murdoch, iger and roberts in this asset. great to have you with us on short notice. sky difference that makes them want this? >> the thing with sky, whoever owns a sky has the leadership position in pay-tv in the u.k., german and italian markets. also, there is a presence in spain. the only market of the five major markets you would not have a presence is france. if you look at the sky brand, it has externally good brand, they run thei