there is a lot of concern from the likes of christine lagarde and others saying they are extremely concerned the discussions are going. at the same time, we have this extremely important meeting between the north korean leader and president trump and that is playing a part in this. china is so critical in that. when you look at the actual numbers that are being threatened from the eu particularly and the us, it isa from the eu particularly and the us, it is a small percentage of either economy but what is really concerning and what will be concerning and what will be concerning international leaders like christine lagarde is the trump administration's departure from the rule of law norms that held the wto together, using this national security justification which together, using this national securityjustification which is com pletely securityjustification which is completely spurious and is agreed to be generally. it is difficult for the eu to hit back through the wto because the trump administration is also blocking the appointment of judges to the appeals panel. what we are seeing is the

christine lagarde said a trade war would lead to lose on both sides, and while the imf expects the disputeve relatively minor impact on global economic growth itself, christine lagarde says she is concerned about how the fight will affect citizens. did you know that the company behind milky way, m&ms, snickers and mars bars has been around for over a century? they are also behind head care brands like pedigree. my colleague caught up like pedigree. my colleague caught up with the company's chief executive. they are our best kept secret, but we have been in business for a long time, we have pet nutrition products and we are the biggest veterinary service company in the world. making a better world for pets as accommodation of the ca re we for pets as accommodation of the care we give them, the nutrition we give them, as well as connecting the dots. so tell us how important is the chinese market for used specifically, and are you trying to scale back your plans for china because of concerns around this trade spat that they are embroiled with with the united states? not particularly. we are a

the ims managing director christine lagarde has said it to the global economy are rising amid signs ofrade war. clouds are getting darker each day, especially in the wake of the acrimonious g7 summit. that is where president trump turned on his allies and accused justin trudeau of the bank dishonest -- of being dishonest. u.k., teresa day has stamped down one rebellion s of her party and urged potential rebels to back down on another. that is as she edges toward a deal for brexit. gave his backing to a compromised amendment on customs arrangements with the eu. the governmentf has staved off our challenges as landmark legislation goes to parliament today and tomorrow. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. kong withver to hong a check on the markets. >> thank you so much. you're looking at the equity benchmark here. i will take you through each of these. have a look at the equity markets today, they were mixed and swinging all over the place from that meeting. this is the hour that they actually met. when they closed th

with the threat of a global trade war brewing, christine lagarde sets it is a frustrating time, especiallyince trade has started to fuel economic growth. >> bringing that level of uncertainty with which companies i'm not sure i want to invest in that particular country, i'm not sure i want to intellectual property in such a country because i don't know where this is heading, that is particularly frustrating for those of us who have worked hard to improve the system. >> christine lagarde was at dublint an event university. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm kailey leinz. this is bloomberg. caroline: back to that breaking news on saudi arabia. the country will be producing a record amount in the month of july, 10.8 million barrels per day. you are here with the scoop. markets are moving on it. how big of a move ishow big of ? >> it really illustrates how keen they are to clamp the market down. they were going to put a lot more oil back into the market -- there's been a lot of pressure from president trump's twitter a

that's according to christine lagarde. she says concerns stemming from the risks of a global trade war, uncertain brexit talks and negative market reaction to italian public spending policies led to that revision speaking to cnbc, she said trade tensions in particular have become the biggest risk to euro area growth. >> what worries us is not so much the direct macro impact of the tariff increases because that is in the range of 0.1%, 0.1% there it is not a worrying issue but it is a trend that is worrying, and it's the breach of confidence that undermines relationships which is worrying as well. my particular concern also addresses the poor countries that have had the benefit of improved growth over the last couple of years. prices are picking up again. where it's fundamentally important for them even in countries, whether advanced or otherwise, it is always the poor people that suffer most as a result of those barriers or trade tariffs. >> christine lagarde there talking to cnbc in luxembourg. we're joined by the chief f

russia, emmanuel macron of france, shinzo abe of japan, wang qishan, vice president of china, and christine lagardeith the imf to discuss these issues. i began by asking vladimir putin what he would do to salvage the iran nuclear accord. we all know you want to keep the deal, you say you are a man of action. what actions will you take to keep the iranian nuclear deal alive now? president putin: the so-called iranian nuclear deal has been established by a respective un security council and that is a multilateral, international legal document and it warrants our actions to be predictable. we need to adhere to the common rules. any unilateral action leads into a dead end and is always counterproductive. that is why all of us together, all of the participants of this process should stick to charter sincerely and move forward with resolutions. we discussed this issue with president macron and an idea came to our mind. every four years, presidential elections take place in the united states. so if international legal treaties and documents are being signed every three or four, maximum four years, they wi

imf chief christine lagarde says the treasury secretary steve mnuchin has criticized the u.s. forecast. >> he regards the medium-term outlook as too pessimistic. and frankly, i hope he is right and we are wrong. because that would be good news for the u.s. and it would be good news for the global economy as well. jenna: the world's rich keep getting richer. and they are doing so a lot faster. global personal wealth reached almost 202 trillion dollars last year, up 12% from 2016 and the strongest annual growth in five years. millionaires and billionaires hold half of all global wealth of from slightly less of 45%. after overtaking japan in the last five years. they agree that sanctions north korea can show complete disarmament. penalties will soon start to be relaxed. they met with china's president trump-kim summit. >> we have made it very clear that it would only happen after the polls. >> republican senators pushing china and the potential showdown at the white house. the senate may vote in the coming days on a defense authorization bill. the senate may vote in the coming da

christine lagarde says secretary steven mnuchin has clear signs that fund the u.s. forecast.optimistic and frankly, i hope he is right. and we are wrong. that would be good news for the for and it would be good the global economy, as well. paul: global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries . i am paul allen. this is bloomberg. tell us thatces president trump has approved tariffs of around $50 billion of chinese goods. it will hone in on technologies, where china wants to establish itself as a later. the duties will be implemented shortly after friday. tariffs could be applied in stages with some taking effect within weeks. that comes as the morning post says chinese regulators have approved a position by semi conductor company that early reported china would be approving the deal if it got assurances the u.s. would lift its ban on a homegrown telecoms giant. some republican senators remain opposed to president trump's decision to allow zte back to business. deborah frome with washington. these investment barriers th

christine lagarde the chief of the international monetary fund she is increasingly concerned about the most recent developments let's listen in to what she said so-called trade war driven by reciprocal increases in import tariff gives no winner and we find generally loses on both sides the negative impact on the global economy would be serious not only the united states takes action but especially if other countries as a result were to retaliate notably those that would be most affected such as canada such as germany and other european countries now he specifically mentions european companies like germany to retaliate what are you hearing there is the appetite for its early action in the german german industry and among investors. well what everyone shares is a theory of escalation first that sort of trust and rules based world trade will be eroded in that will have knock on effects on the world economy but whether retaliation is the way to go is a more divisive issue if you take for example the issue of car car import tariffs that trump has threatened with germany in mind some say tha

christine lagarde says steven mnuchin has criticized it.hat he regards our medium-term outlook as tomb toomates the -- as pessimistic. i hope he is right and we are wrong, because that would be good news for the u.s. and global economy as well. secretary of state mike pompeo says the u.s., china, agreekorea, and japan sanctions on north korea won't be lifted until kim jong-un's regime can show complete disarmament. it is a push back against pyongyang's penalties that it will soon start being relaxed. he met with china's president after breeding foreign minister is on the trump-kim summit. global news, 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 in 120ists and analysts countries. i am jenna daggett. this is bloomberg. yvonne: a look at how advertisers are looking to cash in on the action as well. ramy: japanese stocks open higher. matsuit with kathy continues, next. this is bloomberg. ♪ yvonne: this is "daybreak asia." i am yvonne man in hong kong. ramy: i am ramy inocencio in new york. from the u.s. as well as

christine lagarde told an audience in washington, d.c. that retaliation from canada and the eu could have serious repercussions for the global economy. >> unilateral trade actions can be disruptive and may prove counterproductive to the functioning of the global economy and trading system as i've said before, a so-called trade war driven by reciprocal increases in import tariffs gives no winner. we find generally losers on both sides. the negative impact on the global economy would be serious. not only the united states takes action, but especially if other countries as a result were to retaliate. notably those that would be most affected such as canada, such as germany, and other european countries. >> speaking of europe, eu member states backed retaliatory tariffs on 2.8 billion euros worth of u.s. imports. the european commission is prepared to impose a 25% duty on u.s. goods including orange juice, bourbon, jeans, motorcycles. >> also known as my weekend. >> that could be adopted as soon as the next commission meeting on june 20th we'

christine lagarde says threats to economy are rising amid signs of a trade war.s clouds are getting darker each day, particularly following the acrimonious g7, where president trump turn on his allies in accused justin trudeau of being dishonest and weak. the president also threatened to stop trading with the other six nations entirely. theresa may is in advance stocks to head off a rebellion by pro-european members of her divided conservative party. we are told the brexit secretary has backed a compromise on customs arrangements with the eu. may's landmark brexit legislation goes to parliament on tuesday. she faces pro-eu rebels on one side and pro-brexit campaigners on the other. malaysia says it has uncovered many 1mdb's as the government moves to expose state corruption. the prime minister has found indications of multiple criminal breaches of trust at state institutions and companies linked to the authorities. at least $7 billion went missing at 1mdb and the government expects widespread losses elsewhere. global news 24 hours a day, on air and at tictoc on t

christine lagarde has said there could be a bad inflation surprise if the united states continues withl stimulus in congress after the tax reform, and unwinding its blaaalance sheet. you could see a huge spike in globalple line, inflation, that would be bad for the world. purple line, global inflation, that would be bad for the world. we have the largest economy and the inflation forecast for the imf. guy: four chart -- your chart also has the number of charts on it. i am not sure that putting -- what putting them into two panels gets you. we going to have 14 players on the pitch, or whatever you want to pick. can actually move this chart so it is interactive. annmarie: [laughter] excellent. draws are not aloud. in the interest of picking a great harmony, i am going to pick matt miller. harmony, i am going to pick matt miller. annmarie's charts were brilliant, but matt miller is the winner of the opening battle of the charts on the open. matt wins. we will make that clear to everyone. matt: i feel bad, because annmarie actually changed for battle of the charts. i could have changed my

and then there is this one of imf managing director and chairman christine lagarde with a withering lookthe president shows up late for a breakfast focused on gender equality. >>> of course, they will all be overshadowed in about 24 hours by the image of a sitting american president meeting with the leader of north korea for the first time ever. the question now is what, if anything, will that meeting amount to beyond just that photo op? >>> with that i want to women come in my panel. joining me on set from political acts uotsuri, jonathan swan. msnbc national security analyst evelyn farkas. political reporter ken vogel. and joining us all the way from singapore and pulitzer prize winning white house bureau chief for the washington post philip rucker. phil, i want to start with you since you are on scene, the site of all of the action. i'm been enjoying all the instagram photos from jw marriott. you write, and i thought this was a really on point frame. one, is a septegenarian president, the other a millennial president. they mix taunts and tributes to keep the other off balance. thin sk

you see there speaking with christine lagarde of the imf. a breakfast at the g7 summit in canada. >> the event on women's empowerment began with the president who showed up in the middle of remarks by prime minister justin trudeau. had a lot of people wondering, wait, is he there? is he not there? is he going show up? of course tle is. he did show up later. later today we need to point out he's leaving the g7 early to head to singapore. in the mean time, president vladimir putin is in china this morning for a state visit there. his third trip in just over a year to that region. >> now putin arrived friday, the same day president trump said russia should be allowed back at the table at the g7. critics including some members of the president's own party says the president's suggestion is just rewarding bad behavior. cnn's brian todd has details this morning. >> reporter: analysts say it's the kind of endorsement the russian leader vladimir putin could only dream of getting, but now it's coming from a very powerful source, the president of the

christine lagarde has road -- warned that markets could react.ere still a risk in italian markets and is borrowing now sustainable? joining us now is bloomberg's editor in brussels, and our reporter in rome, and our guest is still with me. first of all, what is the latest on greece? yeah, the euro area got this deal yesterday at a meeting in luxembourg. they are hoping it really is going to shut the door on this long episode with greece and the eurozone. forget, greece almost tumbled out of the eurozone and the euro itself was under pressure a while back. but now they feel they have finally gotten it all together. at the same time, christine lagarde was saying we still have to keep an eye on greece and its debt for years to come. it still has almost 180% debt to gdp ratio, and it is going to take a long time to work that down. theyine: how much are being affected by the u.s. china trade skirmish? jones: the whole world is affected by this. is very much is affecting. it might not be so much in actual terms, but it is more like what is going to hap

. -- ad paul jones said saying i could be bad and christine lagarde said the storm clouds are getting darker and bob are this has a piece about global bond yields, the curve already adverting. are you getting worried as well? we areill do not think close to recession. i am getting worried. it is a real concern. to any kind ofe compromise. there is a lot more negativity to come. this will erode the global economy even before these measures are implemented. as long as there is uncertainty, people hold back from investment decisions and business expenditure. ism worried but my base case that we will not see the u.s. economy going to recession until 2020. the global economy will continue to do ok. not brilliantly but it will do ok. we are selling off into the close as matt said. let me argue from the other end of the telescope. all of this is happening and maybe it is not risk off. the other argument is why would i go risk on at this point? mark: that is a valid question. what would get investors excited knowing that we are wait cycle? we are clearly late cycle. when you miss out now you

manus: christine lagarde warned about dark clouds over the global recovery.had the synchronized growth in january. here we are with trade wars. to what extent are you concerned about a full-blown trade war and the impact that could have on demand? morgan, wet j.p. haven't had massive revision on the back of that. however, we do recognize that dark clouds are developing and a trade war could be a key factor that really impacts global economic growth and definitely when the oil product demand growth. he said the customers, the customers, the customers. abhishek: absolutely. that is playing in his mind but i would also say, in opec's mind is the fact that the supply side they have a good idea on but the demand side is the dark cloud developing and if we saw impact on demand because of trade war issues or even the higher oil prices we have had is likely to affect quarterly business at some point. what happens to demand in 2019 is going to be important to opec. manus: one of the major dislocations in the market this week has been in emerging markets. that is where

. >> imf managing director christine lagarde there.ef economist at panmure gordon is still with us. we were talking about this being one of the biggest weeks of the year for the global economy. it looks like this idea of the synchronized growth is concerned synchronized. -- de- growth the u.s. leading. what are the concerns with that? a strong environment where dollars a start to read feature ate because of tax reform and upgraded growth in the u.s., it starts to the toy dollar crunch -- to a dollar crunch. we already see evidence of that. brazil, indonesia, words from the reserve bank of india, even an economy of that scale. we see something from china on the risk of dollar repatriation in an environment where you have high levels of rates in the u.s. , and much more depressed levels of growth and the rest of it evolved world? world.he developed >> this is that the so falling -- peso falling, reaching a new low. do you think that this changes the fed's thinking at all? situation, orm. does the fed think that you took out the dollar de

the imf's managing director christine lagarde had said threats to the global economy are rising. she said the clouds are getting darker, the chick of early in the week of the -- particularly in the wake of the summit. where president trump turned on his allies and accused trudeau of being weak and dishonest. oneesa may has dumbed down rebellion and urged rebels to back down on another. she edged toward a deal on brexit that could hold her divided party together. gave his backing to a compromised amendment on customs arrangements but was not clear if the government has staved off all passable -- possible challenges. legislation goes to parliament today and tomorrow. protectn watchdog features real madrid, it says it could activate phones of users. the aim is to crack down on establishments that legally -- illegally broadcast games. costing 100 50 million euros in spain. 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. this is bloomberg. matt: thanks ray much. next, we are awaiting the news co

christine lagarde not playing the role that they suggested they might do here. they're happy with the expectation for greece and the ability to service the debt. long-term they have the reservations. i've got a chart of debt in gdp for greece. how close really we are to the end of the story because eight years on, extend maturities against 10 years. laurence: the end of the story for sovereign debt never arrived. the question is stability. it is certainly the case with these super low interest rates we have had. it is a debt service costs which is manageable even at a high level of debt to gdp. over a horizon mercifully much longer than i would consider coming out at the question if interest rates were to concern to anything like the high levels we see in the 1980's and 1990's, would it be feasible for sovereign's to maintain their debt? there is an excellent thought that say once sovereign reach a threshold can never repay their debt. ,f nominal gdp is high enough it is not something we can know for now. anna: all we can do is watch. manus: large, let's switch

the faces of angela merkel and christine lagarde looking at the president, not happy he is late.esident skipped out early. instead of attending a session on climate change where he was guaranteed to be the odd man out. his personal attacks on this year's host canada's trudeau didn't set well with any of the other leaders nor did his russia surprise. changes in club membership are meant to be discussed privately first, but that is not this president's style. >> russia should be in the meeting. you know, whether you like it or not, and it may not be politically correct, but we have a world to run. and in the g7 which used to be the g8, they threw russia out. they should let russia come back in. because we should have russia at the negotiating table. >> again the substance is important. trade, russia membership. you mentioned this a bit earlier. the president's style though is also what rubs a lot of the other releaders the wrong way. they have political problems, too. they can't snap their fingers. the club is built on consensus. if you want russia back in, you don't announce it on

i have spoken to christine lagarde about it and she has this great phrase, saying it had been lehmant that anybody is think it should just be lehman sisters, but the mixture of men and women makes the best economic outcomes. i'm quite happy with that! somebody was saying, do you want to come back on that? i definitely don't! we will leave it there. this is beyond 100 days. still to come... the children's word of the year for 2018 has been announced — one that's seen an explosion in popularity. stick around to find out what it is. the financial watchdog has begun a full investigation into the failure of online banking at tsb. the systems problem in april caused disruption for almost 2 million people using the bank's digital and mobile banking services, and left many customers unable to access their accounts. paul weekes tsb customers had trouble logging into their accounts. the service is better now but still unstable. customers phoning for help are having to wait for harper now on average being cut off completely —— average being cut off completely —— a halfan average being cut off c

this is global trade before trade war actually begins, what christine lagarde is warning ? it is very clear what the risks are, and what the downside scenario can be. i think that the u.s. administration is also fully aware of that. but it needs to be put into a context of an $85 trillion global economy that is on a very sound footing, that is exiting a phase of private sector deleveraging and has fiscal support that is able to keep it through this. if it is in fact, something that doesn't end up being protracted. so the length of time that this goes on becomes critical. at this stage though, there has and thist of headwinds type of event in the past, so investors should be cautious about overreacting in the short-term. anna: there were mixed messages now, aren't they, -- there are mixed messages now about what to expect. sure from entirely where, we are waiting to see what the report will contain on friday. wereo you think, -- we having a conversation with stephen engle in china, about how the chinese might punch back? this is what we have seen in the currency. we spoke to

. >> christine lagarde says the threat of a global tariff war breaking out is particularly frustratinge fuels economic growth. she said the world is in a reasonably good place economically, but the tensions over trade could curb investment. >> bringing that level of uncertainty with which companies suddenly say i am not sure i want to invest in that country. i'm not sure i want to build my factory in that focus -- place. i don't know where this is heading. particularly frustrating for those of us who have worked hard to improve the system. ratings hasl affirmed the u.s. score of aa noting the also impact of political wrangling on public finances. output andt a stable expects positive and negative factors to be balanced over the next two years. for theis is in beijing first visit in fars by a pentagon chief. he is expected to press china leaders on corporation on the north korea nuclear problem despite tensions from trade to taiwan. he says he wants to develop listening without "poisoning the well." he also plans to visit south korea and japan. , moreltdown in bitcoin 1500 coins fell in

tom: christine lagarde made this point. outside of the u.s., most economies are decentralized.pay for a poem, this was her example, it is much easier to use bitcoin. it goes from japan to france. if you use a money transfer, it is 15%. bitcoin just gets transmitted. julie: i have to ask the $25,000 question, that was your year end target. tom: it is like a game show. julie: it feels like it sometimes in crypto markets. do you think it is reasonable? tom: i do. consider this. 29,000 says bitcoin will make a ne high by the end of the year. and it peaked at 20,000 a year ago. in december. 100% think that is reasonable, because we know by the end of this year we will have more visibility on institutional activity. everything you mentioned is pro-crypto. outside of the u.s., the regulatory environment is improving. with exchanges launching. bitc mining was the just crypto should be worth 25,000, because -- julie: even with the increased supply coming to market? tom: yes, because the fully loaded cost will be 14,000, reflecting the difficulty, so if it trades at two times it should b

jessica: imf boss christine lagarde says the threat of a global trade war breaking out is particularly to fuel global economic growth. she says the world is in a reasonably good place economically, but tensions on trade could soon start curbing investments. >> bring in that level of uncertainty with which companies suddenly say, well i am not sure i want to invest in a particular country. name not sure i want to beef up my factory in that place, because i don't know where this is heading -- that is particularly frustrating for those of us who have worked hard to improve the system. jessica: india's central bank climb todebt is set to a near to decade high. the stability report says that industries bad debt ratio may by march,o 12.2% 2019, from 11.6% last year, and century.st this indian banks are already struggling with $210 billion of distressed assets. global news, 24 hours a day, on air and at tic-toc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i am jessica summers. this is bloomberg. ♪ yvonne: jessica, thank you. let us get an update on the

kayla, thank you very much for that news on china >>> meantime, imf director christine lagarde weighingon the state of the u.s. economy in the past hour, warning that the trump administration's policies on everything from debt, trade, and taxes is elevating the risks to the economy in the medium and longer term. the imf, in fact, sees growth in the u.s. at half the rate that the white house is projecting in the next five years, saying by 2023, we're only going to see 1.4% growth. imf calls out the impact of trump's tax cuts on the deficit, saying it will rise to 4.5 pl% f gdp by 2019 and the stimulus will raise risks of faster inflation, cause the fed to move faster than the market thinks on interest rates there were some positive, guys, imf noting tax reform and deregulation will have modestly positive effects on growth but broadly critical on the medium and long-term and the economic policies just want to note that the treasury department has responded in the last hour clearly it disagrees we differ significant lowe on the -- significantly our policies, including the productivity >> b