that so it's interesting that they would even consider this so they understand that the central bank of switzerland is acting malevolent undercut commercial banks that they've they said the commercial banks should not be able to print money by issuing loans. they create money so they wanted to take that power away from them that said that commercial banks like j.p. morgan deutsche bank goldman sachs that they could not create money they could only lend against their reserves one hundred percent reserves that only the central bank of switzerland was going to be allowed to print money just like in the case of america would be the u.s. federal reserve would be allowed to create money for the treasury. exactly so they voted it down but they're aware of it they're aware of the. effects of fractional reserve and that money is created by loaning it into existence of there's no there's no collateral banks have no reserves against loans they they they loan more than one hundred percent of reserves of three hundred percent of reserves in the case of deutsche bank they've loaned an infinite amount against non

that so it's interesting that they would even consider this so they understand that the central bank of switzerland is acting malevolent undercut commercial banks that they've they said the commercial banks should not be able to print money by issuing loans they create money so they wanted to take power away from them that said that commercial banks like j.p. morgan deutsche bank goldman sachs that they could not create money they could only lend against their reserves one hundred percent reserves that only the central bank of switzerland was going to be allowed to print money just like in the case of america would be the u.s. federal reserve would be allowed to create money for the treasury to jurors or. exactly so they voted it down but they're aware of it they're aware of the. effects of fractional reserve and that money is created by loaning it into existence or there's no there's no collateral banks have no reserves against loans they they they loan more than one hundred percent of reserves of three hundred percent of reserves because of deutsche bank they've loaned an infinite amount against

that so it's interesting that they would even consider this so they understand that the central bank of switzerland is acting malevolent undercut commercial banks that they've they said the commercial banks should not be able to print money by issuing loans. they create money so they wanted to take that power away from them that said that commercial banks like j.p. morgan deutsche bank goldman sachs that they could not create money they could only lend against their reserves one hundred percent reserves that only the central bank of switzerland was going to be allowed to print money just like in the case of america would be the u.s. federal reserve would be allowed to create money where the treasury is yeah exactly so they voted it down but they're aware of it they're aware of the. effects of fractional reserve and that money is created by loaning it into existence or there's no there's no collateral banks have no reserves against loans they they they loan more than one hundred percent of reserves of three hundred percent of reserves in the case of deutsche bank they've loaned an infinite amount ag

that so it's interesting that they would even consider this so they understand that the central bank of switzerland is acting malevolent undercut commercial banks that they've they said the commercial banks should not be able to print money by issuing loans. they create money so they wanted to take that power away from them that said that commercial banks like j.p. morgan deutsche bank goldman sachs that they could not create money they could only lend against their reserves one hundred percent reserves that only the central bank of switzerland was going to be allowed to print money just like in the case of america would be the u.s. federal reserve would be allowed to create money for the treasury. exactly so they voted it down but they're aware of it they're aware of the. effects of fractional reserve and that money is created by loaning it into existence of no there's no collateral banks have no reserves against loans they they they loan more than one hundred percent of reserves of three hundred percent of reserves in the case of deutsche bank they've loaned an infinite amount against nonexistent

japan with a gain of 0.60% norway central bank, switzerland central bank keeping rates on hold waiting for a decision from the bank of england. france down, germany down, and the ftse 100 higher. >>> a lot of things are happening in the markets let's get to art hogan let's talk about all of the cross currents what is the most important thing that is driving the markets now? we know trade tensions are there. oil is there in your mind what is the most important thing? >> over the next couple of days it will be about opec and what we learn about their decision. that's okay. trade concern about will be the biggest head wind. but until we get some answer out of opec on whether they're increasing production and where that settles in to the commodity price. there's been an uncertainty of market expectations of something north of 1.5 million barrels, and something south of 300,000 barrels a day, we have 500,000 barrels of increase. that gets them back to target. they lost some with the iranian sanctions and venezuela out of capacity >> the nasdaq set to open at a new all-time high. what is it

among 235 fund managers surveyed by bank of america, merrill lynch say trade war was the most commonly sighted risk to markets. big day on the central bank front, switzerlandrway and england keeping their rates on hold bank of england did say the recent slump is temporary. confidence is picking up pantheon macro says it is more hawkish. it doesn't expect to wait much longer till rates move to the upside the pound is rallying on that, about .6% on the u.s. dollar morgan, back to you? >> thank you, seema. seema mody at hq >>> stay with us on "squawk alley. at the marine mammal center, the environment is everything. we want to do our very best for each and every animal, and we want to operate a sustainable facility. and pg&e has been a partner helping us to achieve that. we've helped the marine mammal center go solar, install electric vehicle charging stations, and become more energy efficient. pg&e has allowed us to be the most sustainable organization we can be. any time you help a customer, it's a really good feeling. it's especially so when it's a customer that's doing such good and important work for the environment. together, we're building a better cal

switzerland has rejected a plan to change the way banks lend money in what is seen as a victory for the central bank governor. he has been a prominent critic ofls opponents said would make switzerland was attractive for investors. this option would have ended the system, allowing only the bank to create money and allow assets to be backed by direct claims on the monetary authority. the stock exchanges of singapore -- threatens their long-running relationship. the hearings began saturday and will continue throughout this week. thense is trying to stop change that could replace their contracts. 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 am haidi lun. this is bloomberg. thank you. we are counting down to the major market opens in the asia-pacific. it is not just singapore we will talk about. the latest with david ingles. david: other things happening in the world. we will talk about the markets as we shift away from geopolitics and central banks, but big week but quiet start. wei on your bloomberg terminal gives you the pricing. the nikkei 225, the

ramy: switzerland has rejected a plan to change the way banks lend money in what is seen as a victory for central bank governor thomas jordan. he has been a prominent critic ofsal opponents said would make switzerland is attractive. this option would have ended the system of allowing only the s&p to raise money and allow checking to be backed by assets with direct claim on the monetary authority. the stock exchanges of singapore and india have begun proceedings to settle the dispute over nifty based derivatives. the counsel for the national stock exchange says the hearings began saturday and will continue through this week. they are trying to stop a singapore exchange from launching derivative products that could replace nifty contracts. -- nse contracts. 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. inocencio, and this is bloomberg. ♪ haidi: thank you so much. let's get a quick update on your markets. quiet beginning. australian opened -- australian markets are closed for the queen's birthday. zealand, risk aversion, white 3% lower -- .3% lower. a huge week of even

of the wto, told multilateral trade, and build an open, global economy. switzerland has rejected a plan to change the way banks lend money, seen as a victory for the central has been a critic of the proposals that critics say would make switzerland less attractive for investors. and requireed -- o checking accounts to be backed by assets with a direct claim. singapore and india have begun proceedings to settle a dispute over derivatives that threatened their mining relationship. the national stock exchange says the hearings began saturday and will continue through the week. froms trying to stop sgx launching products that could replace their contracts. london is the most attractive european city for investors for the first time in a decade as worries about brexit implement opinion. a new report put paris at the top for direct investment. london came second. they pointed to the looming split with europe and the election of president macron. global news, 24 hours a day, powered by over 2700 journalists and analysts in more than 120 countries. allen.l this is bloomberg. ♪ we will be concentrating on what's happening with this summit in singapore. the weakly

economists took a look at 22 of the top central banks which set policy for almost 90% of the world economy. but what would they do next? that is the question. zoe joins us from switzerlandat is the overall trend we are seeing? there are three major beasts out of the 22, but give us the math. map --if you look at the >> if you look at the areas of the map that are in red, those that,e central banks through the end of 2019, will be raising rates. in moreook at it detail, a 11 central banks already have raised rates or .ill this year that is half the central banks we looked at, and then almost two thirds will be raising by the end of 2019. not everyone is doing the same thing. you do see white and yellow areas on the maps. those are the central banks that are keeping rates unchanged or are even cutting rates. anna: they are not all on the same path, but there is a large amount of red on the map, isn't there? when will the changes in policy take place? zoe: some of them have taken place already. if you look at the five big ucb,al banks, the fed, the the bank of japan, the bank of canada, and the bank of england, three of those have already started to raise rates. d to haves

central bank governor thomas jordan. he has been a prominent critic of proposals that opponents said would make switzerland less attractiveestors. in the u.k., the billionaire be raisinger will parliament over his contact with russian officials. banks want to know if the bank profited from the meeting, following revelations over the weekend that he repeatedly that the russian ambassador. ukip's biggest donors before the election and has reportedly given more than 80 million pounds p a global list with a four hours a day on air and on twitter, powered by more than 127 journalists and analysts in more than 127 countries. you can find more stories on bloomberg. >> a little bit more of a muted start to the trade here in asia. the yen weekend, so suggestions of perhaps a little bit of risk, but look at the selling you see in china and hongate trade. indonesi us trillion out of action for public holidays. we see a little bit of a pick up in the indian market, and a lot of focus on the south korean market, up by .7% there. with that in mind, let's look at some of the stocks we are following. you are seeing a lot of momentum comi

of schedule. in switzerland, voters rejected a proposal to radically change the way things run money. it would've prevented commercial banks from lending more money they have in depositors that would've left the central the only source of new money. this was national bank president called it a dangerous experiment. awash in sublet office space and that's a bad sign for landlords. subleases maderk of 2.3% of markets of the end of may. that's the highest level for 2010. subleases send but downward pressure on rent. global news 24 hours a day on air and twitter, powered by more than 2700 journalists and analysts in more than 120 countries. on kailey leinz, this is bloomberg. caroline: some breaking news from prime minister theresa may. you can see in the houses of parliament, theresa may has been say the g7 agreed to maintain sanctions on russia. the g7 recognize the importance of continuing sanctions and noticeably theresa may said russia needs to change its g8, thatto rejoin the in response to president trump calling for russia to be re-invited back to the g8. vonnie: a surprise in singapore. kim jong-un made some on decimate unexpected tour of the -- unexpectedhis tour of the island before his meetin

central bank government. he's been a prominent critic that it would make switzerland less attractive to investors. the option would have ended the system ofg s&p to create money and allow checking accounts to be backed by assets on a direct claim by monetary authority. the millionaire brexit accor who founded -- will be questioned element from his contract -- contact with russian officials and whether he used the money to fund his campaign. thatollows revelations that he met the russian ambassador. he's one of the biggest owners before the election and was reportedly given more than 8 million pounds to leave the eu. global news 24 hours a day on air and at tic-toc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. patiencer of strategic with the north korean regime has failed. they will be met with fire and fury. man is on a suicide mission from his self. i really believe that it makes sense for north korea to come to the table. a great dealo make for the world, for north korea, for south korea, for japan, for china. mark: for more on the kim-trump summit, let's get to stephen eng