i'm joumanna bercetche these are your headlines shares in germany's second largest lender, commerzbank, jump as it says it will resume its dividend this year we hear from the cfo first on cnbc >>> vodafone sees red as vitorio colao steps down as cfo. >>> easyjet shares soar to the top of the stoxx 600 as a higher load factor helps losses narrow at the budget airline and the company forecasts revenues to rise for the year. >> the fact that our brand is stronger and higher than even british airways for the first time in the uk, that's all part of the result. looking forward, we do believe that we have a good momentum for the winter, and we hope that will continue throughout the summer. >>> and just a few more days italy's ten-year bond yield hits the highest level in nearly two months as the five star and lega leaders are granted another delay to agree on a prime minister >>> good morning before we get into all the markets, i want to draw your attention to some corporate earnings and announcements announced this morning starting with commerzbank which is up more than 3% shares have been

we have somebody covered commerzbank -- covering it commerzbank -- covering commerzbank and somebodying all yachts -- allianz. expectation will continue to carry on with its convergence strategy. their child to bundle together phone, tv, and cable services. they are getting stronger results today from organic service revenue, beating estimates. interesting time for vodafone. guy: in terms of the numbers, what do they look like? >> fairly solid. organic service revenue key metrics for vodafone was a slight beat against estimates. the outlook for profit in 2019 was good, in my with estimates -- in line with estimates. the business is in good shape and the current ceo is leaving on a high note. guy: what is going on at commerzbank? >> numbers are looking pretty good. the bank beat on revenue and operating profit. shares were up in the first quarter. they are now coming down a little bit as analysts and investors are digging deeper into the numbers. it looks rather mixed, with the company missing on the cost side. they reiterated that the cost targets will be -- through the end of the ye

. >> commerzbank ceo martin zulke has aimed to resume dividend payments for 2018.said revenues were stable in the first quarter compared with the year earlier commerzbank is set to reveal its first quarter results next year. >>> and air france has recovered some altitude in early trade after falling to a one-year low on monday. unions have decided not to pursue new strike action giving investors some hopes of talks moving forward union strikes caused the airline big problems including the resignation of the ceo over disagreements about conditions and pay. we had a sharp drop in the air france share price yesterday, down 13%, 14% at one point at least the stock is rebounding >> following comments from the finance minister among others saying they would not support the airline if things did not go well another company with huge interference over the years is telecom italia the new chief executive has been confirmed, he said he would only continue in the role if he won full support from the board which he has now done. >>> warren buffett says he still sees potential i

megan greene from manulife asset management and max kettner from commerzbank.argo tries to move past its series of scandals with a shift into --. we have an exclusive interview next. we also check on your data, on markets. i am looking at italian bonds rising. stocks are drifting in certain parts of europe. investors are trying to digest this easing of trade tensions. also, the latest comments from members of the fed. we will get treasuries, look at inflation's in the u.s. next. this is bloomberg. ♪ ♪ economics, finance, and politics. this is bloomberg surveillance. i am francine lacqua. let's check in on what is trending on tictoc. find out why steve mnuchin is urging a big -- a doj review of big tech. had to bloomberg.com. had heads to bloomberg. -- to bloomberg -- head to bloomberg.com. our most red, we start with number three. it is a little bit like the oscars. in third place, it is more trade war developments with president trump retreating on china terrace due to concerns with north korea -- china tariffs due to concerns on north korea. cute with china i

war and hold for now after talks produce meaningful progress through the equities economist at commerzbankrning. the chinese are going to help to substantially reduce the trade deficit, but they are not getting the $200 billion number. is this real progress? >> i think it's walking back from the edge of the cliff. over the course of time, real trouble for me at least is there's no sense we have progress with regard to the questions of the appropriation of western technology which is an underlying problem between the united states. if that were to remain on the agenda without any resolution, it's how we move forward from here. >> the bigger piece of all of this is the claims that china is stealing u.s. intellectual property. what happens now is that doesn't get resolved. they haven't given us any inclinations they are willing to deal with the issue. that's one of the president's biggest problems. >> absolutely. the u.s. as a threat if you'd like and they showed willingness to compromise. the next time may not be. it may well be you will have to deliver upon the thread that you've made which

whether we will see some sort of consolidation inside the german banking scene meaning a tie-up of commerzbank and deutsche bank. some investors are putting their money on that, like having a stake in both banks. but the bigger version is having cross-border consolidation, but that may be a long time to go. i'm hearing on the ground that first of all we need more european integration, perhaps a deposit scheme as was just talked about or deeper capital market unions. so before we see huge cross border consolidation we have to see more mergers and acquisition in the individual markets to grow those lenders another topic will be brexit on the ground and what bafin means for euro clearing, the multibillion dollar business to say whether this will or can stay in london after the uk is leaving the european union or whether parts of it has to migrate to the eurozone. with that, back to you >> annette, thank you very much. i want to bring you comments from the central bank governor in italy he is saying italy must press on with reforms italy must be a respected voice on debate in redesigning eu regula

revenues are still slowing -- we expect that for three consecutive years for commerzbank. but we are starting to see the ceo, so says the ceo of germany's number two bank. we have talk of them selling equitymc unit, the market and commodities unit. that could go through relatively soon. that seems to me playing the stock as well. i want to be digging into other assets for you. i want to be talking about the turkish lira. the bloomberg exclusive done by my colleague guy johnson that she was talking to erdogan, president of turkey, sending shivers down investors' spy. we could see the president if he wins the next election take hold of monetary policy. we are seeing the turkish at the weakest rate we have ever seen versus the u.s. dollar, this as we hear he intends to take more responsibility for monetary policy if he does indeed win the next election. therefore, of course can he says he wants to call for lower interest rates. fascinating move. vonnie: yes, and that election in about a month's time. back to our top story -- richard clarida president trump's pick for fed vice

commerzbank said this expectation for stagnation for the year is clearly a negative putting pressure morning. 9%.lly nexans down nearly xx swings in the currency market. first quarter sales growth was unexpectedly weak. they said they doesn't change their view for 2018. we'll have to see. they are certainly under pressure this morning. guy? matt? guy: thank you. let's talk about one of the biggest stories over the last 24 hours. tesla blew through another billion dollars of cash last quarter. this month started off on an optimistic note. musk got sick of questions. let's put it that way. the analyst questions that were being asked. he described them as "boring". boring questions which he said were not cool. take a listen. >> we're going to go to youtube. sorry. these questions are so dry. they are killing me. talking about a 3% to 5% gain. next. yes, sir not cool. i think if people are concerned, they should not buy our stock. 'm not here to convince you to buy our stock. >> you mentioned the -- >> ask questions that are not boring. guy: elon musk on the call. quite a call. i just wo

commerzbank is paring back corporate lending while it focuses on retail lending. thank you.hat we saw from guy johnson interview with president erdogan. we saw the lira drop. we saw mystic turkey drop as well. turkeystic bonds within drop as well. >> first of all, you are the head of the state. when the people involved into difficulties because of monetary houses, who are they going to hold accountable? they will hold the president accountable. we have to give up the image of a president who is influential on monetary policies. guy: you will play a role in monetary policy going forward? is that the change? >> this may make some uncomfortable. we have to do it. those who rule the state are accountable to the citizens. guy: you hold very, let's call them unorthodox from an outsider to view, monetary policy. that is going to be run on a very different basis from the rest of the world is that something you are both? while doing all of these, we're not doing them to disturb circles on international level. we take the steps in order to country's interest. we will do whatever my co