and commerzbank 5.0. outlook and plunged after unveiling a new plan. >> it is sobering late realistic, but it is not the first time commerce has taken decisions little earlier than the rest of the market. matt: good morning, welcome to "bloomberg markets." i am matt miller in frankfurt. will play more of that interview throughout the day. i am alongside anna edwards in london. anna: indeed. nice to be in the studio. half an hour into the trading day, european markets are up by .3%. interesting to see the contrast. it is not a day for the individual stock movers third commerzbank has been there with a realism that seems to have dropped off the losers board. a mixed bag, really. the downside, let's see what we have got your -- got. imperial brands is down by 2.6%. we have focused a lot on tobacco and other products. we had a warning from macron technologies, which seems to have influenced the way semisolid are trading -- sem i-sticks are trading. news.let's get first word the bank of england may have to cut

stephan engels has served as cfo of commerzbank since 2012.'s cfo is leaving denmark's biggest bank. aarup-andersen will lead as acting cfo. why the shakeup now? baltzer.ens to >> he has only been a cfo for over a year at danske bank. new ceo that has come in recently, new chairman that you mentioned after the money laundering scandal. frombrian stephan engels cut -- they brought in stephan engels from commerzbank. matt: what -- you know, how far do they still have to go with this money laundering scandal? surely they are not out of the clear yet. >> indeed. they are a long way from being out of the clear. we have not heard the final results of their own internal investigation. faceines the bank will will trickle out sometime this year. what happens to commerzbank now? i mean, losing stephan engels must be a blow for them. >> it is. the whole bank has had a lot of of difficulty in terms of the whole negative rates environment. years,en there seven although from his point of view i can certainly understand that he would want to change, try some

commerzbank is giving up its goal of high revenue.hey say economic slowdowns and lower rates are forcing them to cut costs. they are trying to reverse years of falling revenue and they say that returning to profit will be down to when it can agree on its restructuring. >> with the interest rate environment and all of the positivity we have right now, that seems to be a pretty tricky idea. but the assumption is that we can not only compensate for the negative interest rate environment, but also that we have the ability to have growth by 2023. where carrie lam is taking blame for the entire arrest rocking the city. try to reducey tensions ahead of the people's republic's 70th anniversary. already granting an application for a rally on saturday but organizers of march on sunday say they will go ahead without police approval. and france released a 2020 budget is set to deliver tax cuts in an effort to appease so-called yellow vests protesters. according to the spending plan, the lowest tax rate will be cut by three points but it will mean

your dixon is commerzbank's global equities economist.s chart shows the european stoxx 600 has outperformed both its developed market peers and emerging-market equities in the third quarter. looking ahead, over the past decade, the fourth quarter has seen the biggest gains in europe, with the rally providing average gains of 2.8%. don't forget, all of our charts in the gtv library. this is bloomberg. ♪ ♪ guy: from london, i'm guy johnson. vonnie: from new york, i'm vonnie. this is the european close on "bloomberg markets." it's time for a look at some of the biggest business stories in the news. in china, alibaba and richemont's joint luxury offering his gone live. alibaba has predicted that chinese consumers may take up almost half of the global luxury market by 2025. microsoft's largest reseller is planning ipo. the swiss tech firm to software one is planning a deal for q1. kkr intends to keep a significant stake after the ipo. that is your latest bloomberg business flash. let's check u.s. markets now, the final day of the quarter,

and commerzbank warning. saying low rates are to blame. >> basic change are the interest rate environment as well as the general macroenvironment we have seen pressure on margin rates and customer activity. that's why we are not going to see higher revenue >> and a whistleblower report alleged president trump abused his power on a phone call with a foreign leader and then the white house then tried to cover it up. >>> good morning, commerzbank has formally approved the latest overall. my colleague is with us live from frankfurt what did the angels have to say? >> i had to ask him why now because clearly the interest rate part was pretty much clear already when they had their last quartly earnings in august it took them some time to realize what it is going to mean also for their revenue out look. the bottom line is because of the interest rates and easing cycle and also the out look in the economy and revenue guidance this year was too optimistic i had to ask him why now and what's the biggest drag. take a li

commerzbank downgrades its revenue outlook as the bank confirms a strategy rebound that has underwhelmed. we speak to the cfo, stephan engels. don't miss that interview at 8:00 a.m. london time. when you're going to work, tune into bloomberg radio. this is bloomberg. ♪ ♪ 7:18 a.m. in london, 41 minutes away from the start of cash equity trading in europe. let's get the bloomberg business flash. here's annabelle droulers in hong kong. is cutting costs as it refocuses on its core business. it is selling the former chief executives private chess. the company has postponed its ipo amid concerns over its evaluation. they are also selling three side businesses. it may also turn to job cuts that could number in the thousands. peloton is slumping on its debut yesterday. it is the latest in a long line of text based startups to flop on its first day of trading. while the fitness company raised over $1.1 billion in its ipo in the company's chief executive semains positive about peloton' future. >> people either see it or they don't. the are believers and nonbelievers. people that have invested in

from cfo is coming commerzbank.wealth management and the current chief operating officer will leave. nordea bank has named a new ceo to try to restore revenue growth after years of restructuring. the biggest nordic lender has promoted its had a personal banking. he takes over immediately. the new ceo will be under shareholder pressure to cut costs and double the return on invested equity. ubs is preparing a sweeping shakeup of its investment bank. bloomberg has learned that the swiss lender will put a new management team in charge of dealmaking around the world. ubs will also combine its trading unit. the moves are a part of a bigger revamp that may automatically lead to hundreds of job cuts. that is the bloomberg business flash. taylor, francine? francine: thank you so much. we are just looking at pictures for those of you on radio, pictures of riksbank governor stefan ingves speaking right now. a little bit later on, we will of course interview him. that's about one hour and 15 minutes. what we have heard so far f

commerzbank is giving up its gold for growth.n economic slowdown and lower interest rates have forced it to speed up cost-cutting. stephen engle says the new strategy is sobering late realistic. soberinglyg late -- realistic. we are going to be speaking to the president of the african development bank. he is going to be in new york city and he will join us. a look at u.s. markets now -- the s&p 500 up just more than 0.1%. the dow up zero point 3%. the nasdaq down three points. ♪ ♪ >> we have 30 minutes left in the european trading day. the europeanis close on bloomberg markets. guy: let's see where we are. volume isn't a great. we continue to see these volume days. the story out of europe is the pound on the move, but not for breakfast -- for brexit reasons. wen if we get a brexit deal may need a rate cut. miners are well bid today. brent crude down .7%. basically, there was a headline earlier on suggesting that maybe we are going to get a partial peace deal in yemen. that sent prices lower and we closed the gap between the spike

by 4.59%, and thus we talked about the banking sector, the markets are not widely impressed by commerzbanky 7.37%. that is a look at the european close. vonnie: a definite shift in mood in european markets this morning. they were taking their toll from the manufacturing data out of europe. we got manufacturing data here that was better than what economists were looking for. the services part of the economy disappointed slightly. but in the last few minutes, we stocks.ng gains in u.s. s&p 500 back up, although there are empty up stories of stocks that are lower, we will get to that in a moment. 10 year yield. higher, in the dollar index is strengthening. let's move over to exports and look at the groups that are moving. u.s. steel is higher by 1.2%, even after a downgrade from j.p. morgan, which downgraded the entire sector. still grappling with the downgrade on china and uncertainty. 1.75%, concerns mile.its last one analysts say the last mile is supposed to be the cheapest mile, no reason for fedex to be talking about this in that tone. . netflix is down 1.73%, it has lost a lot of value

the euro's auto, mining, and banking sectors trickling down 1% or 2% peugeot, germany's commerzbank among performers, but the other big story has been the tour company collapsing overnight after it failed to go anywhere what's at stake? 21,000 jobs, 100 uk travelers stranded abroad along with others it's the largest situation as others work to bring uk citizens home thomas cook has been wrestling with 2 million in debt they could stand to cut capacity the other bing story is how the uk prime minister boris johnson has touched down in new york, see how he plans to respond to this general story back to you. >> see ma mody watching europe for us. >>> when we come back, an exclusive look inside we works boardroom. the latest in the we work saga if you didn't get that, you're hopeless back in a minute liberty mutual customizes your car insurance, so you only pay for what you need. i wish i could shake your hand. granted. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ when didwhen i needed ton? jumpstart sales. build attendance for an event. help people find their way. fast

a new cfo is coming from commerzbank. danske also named a new head of wealth management.ng officer will now leave the bank. there are reportedly some exits at goldman sachs come up to a dozen partners negotiating their departures, and will probably leave by the end of the year. others have already left. david solomon is said to be culling partnership he sees as bloated. last year the number of goldman partners peaked at almost 500. that is your bloomberg business flash. time now for futures in focus. joining us from the cme, bill ba ruch, blue line futures. two way price action back. a big selloff taking place. bill: we are seeing a lot of pressure here. risk sentiment getting a huge boost overnight. but it is not just the news itself. there's a lot of technicals getting triggered here. the bonds come in. this is a much-needed sort of cleansing in the bond market from where we've been. there was a trendline in the 30 around 1.65%.e we are coming down to 1.6 3%. i think we see the thirty-year make a move back. we are seeing this consolidate down. i think it is just getting

deutsche bank, commerzbank. the entire sector is really struggling.e banks there are passing on negative rates to some of their wealthiest clients. how much damage is this doing to the financial system, the financial sector in particular? the key transmission mechanism in europe? is it having a negative effect to the point at which it is outweighing the positives? michael: i think it is. modeladitional banking really doesn't work very well when interest rates are at these levels. so when they get under pressure, things like credit become more difficult and so on, so i think -- i mean, it's a balancing act, so you don't want the overleveraged parts of that system to all of a sudden get in trouble, which is i think why draghi decided to take the direction he did on his last appearance. a the bottom line is it is tough situation, but for the banks, it is not a good one. romaine: professor spence, so great to have you here. so glad you spend your morning with us. that is professor michael spence of the invite you stern school, general atlantic senior -- o

you do have, according to the likes of commerzbank, suggestions or belief in the market that the currencyting to stabilize in terms of where it is heading. depreciation is likely to continue according to most economists but it will be gradual. we have news from the south china morning post suggesting china is prepared to offer to buy more agricultural products from the u.s. when they go to that meeting in washington if the u.s. agrees to soften some curves around huawei and maybe hold it back on some additional tariffs. it seems to be that there is some momentum in the trade talks. that has proven positive for the currency. the fixing helps, 15 straight days of stronger-than-expected fixing. shery: tom mackenzie, thank you for that. also thanks to adam haigh. coming up next, more on commodities, traders and analysts expecting a new picture of agricultural forecast this week. why some are bracing for the worst. this is bloomberg. ♪ paul: i'm paul allen in sydney. shery: i'm shery ah in new york. investors will get an update on the state of markets this week and there is a rumble going in t

commerzbank has been there for engle.years with stefan angl so he has experience, and they have taken of how they want to take the bank going forward. shery: "it is clear to us that the status quo is unacceptable." that is the walmart ceo speaking to news that the retail giant will stop selling some types of ammunition and ask customers to not openly carry firearms in the aisles. what impact will this have on walmart's bottom line? matthew: well, it will have an impact on her sales of ammunition. they control about 20% of ammunition sales in the u.s. and said today these measures will reduce their market share from 20% to between 6% and 9%. denied saying it will have a broader financial impact where they will see a reduction in earnings. they wouldn't go that far today, but it will certainly have an impact on their ammo sales. romaine: oil is falling to a one-month low as the trade war stokes concerns, this as copper hits a two-year low on a global slowdown. some would say it's a canary in the coal mine. others say nothing to panic. my: copper was the leading indicator last year. it d

in germany, commerzbank is up .8 percent. this is after they provided a growth outlook they cut. a sobering cut, but realistic. investors, long and short, liking it. on thethe big stories day, micron falling. sincee for its worst day 2015, which was a brutal year for the company. they cut their profit outlook citing trade tensions. it is weighing on the entire sector. the chips underperforming on the day. vonnie: do remember the function gtv on bloomberg allowing you to browse the charge featured on bloomberg tv. catch up on key analysis and a savior favorites for future reference. this is bloomberg. ♪ vonnie: live from new york i vonnie quinn. guy: from london, i am guy johnson. close" onhe european bloomberg. courtney: senate majority leader mitch mcconnell is trying to shield republicans from trumpial fallout from the impeachment inquiry. he criticized democrats for pursuing what he calls a never ending impeachment parade in search of a rationale. he has yet to offer a vigorous defense of president trump and his interactions with the ukrainian president. he allowed a passa

higher, boosted by fresh stimulus measures out of china banks are one of the best performing sectors commerzbankjobs. they'll sell a stake in a polish subsidiary, expected to reduce assets by 17 billion euros when talks with deutsche bank fell apart, the stock hit a record low, is trying to streamline business. >>> brexit back in the spotlight, a brexit deal could be reached by october 31st the pound hit a two month high, but dropped after the irish foreign minister dampened expectations another global market posting big moves, india the stock market seeing the biggest jump in a decade after the indian government unexpectedly cut corporate tax rate from 30 to 22%, making it one of the lowest in asia, ahead of prime minister modi's rally in houston, texas where president trump is attending top of mind, the trade dispute between washington and new delhi. jon? >> thank you. >>> let's get a news update. sue herera has that also at hq. >> indeed i do, jon, thank you very much. here's what's happening at this hour new york mayor bill de blasio ending his run for the white house. he made the announceme

some individual names, the biggest gainers on the stoxx 600, including the bank of ireland, the commerzbanke ecb unleashed fresh stimulus, rose to the upside. they had a lot of new trials out this morning, one including with multiple sclerosis. that data came out and they were updated at bank of america, merrill lynch. and imi one of the biggest losers on the stoxx 600. they seem risk to earnings in the short-term, even though there's optimism around management changes. anna: thank you very much. up next, the great rotation. money continues to move. we talk about it briefly. we get more thoughts. is this a fundamental shift or short-term reaction? thoughts with our guest in london. this is bloomberg. ♪ anna: welcome back to the european open, 20 minutes into the trading session, stoxx 600 weaker. the bigger markets moving very continentalards, ones anyway. london markets down. out of equities having their moment in the sun. she value sox -- stocks have their best run since 2002 amid a dramatic. eversal.tic r for more these factor based strategies and the latest moves, here's dani burger. da

first off, they were against the commerzbank merger, warning -- worried it would dilute their shares.70% stake has returned since they took a position in may of 2014, but should look at some of the recent executives and board members they have appointed. one important one being their representative on the supervisory board. recently, he was given an important management role. he is administrative officer in terms -- in charge of regulatory affairs. also, a new representative of theirs coming from a private wealth side. that took place over the summer. recently, draining the supervisory board. maybe an indication that they thatto improve and add to private wealth offering. great reporting. bloomberg's simone foxman out of doha. we are minutes away from the open. next, a look at your stocks to watch, including ab inbev, the beer giant raising $5 billion in the ipo of its asia unit. this is bloomberg. ♪ matt: just under seven minutes until the start of trading across the continent. in the u.k., let's get a look at your stocks to watch from around the newsroom. annmarie hordern is looking

sonali: after commerzbank and bank'so -- and deutsche merger fall through, they both amounts to -- theyunced massive job cuts. alix: there you go. sonali: big numbers. alix: do you have a favorite area or is it universal? julian: evaluations are so ofressed, arguably because the dynamics of interest rates, but you really could look at just about anywhere across europe. alix: there's one take away from the last 40 minutes. julian thinks rates are going higher. sonali vasek, thank you very much nationally b -- sonali basak, thank you very much. julian emanuel, always great to see you. president trump addresses the u.n. general assembly in about two hours. if you are heading out and jumping into your car, this into bloomberg radio, heard across the u.s. on sirius xm channel 119 and on the bloomberg business app. this is bloomberg. ♪ alix: president trump will address the u.n. general assembly in the 10:00 a.m. h our. joining me now is vincent cignarella. i was surprised he wanted to talk about this. vincent: the reason why is this is going to upset trades across the board. it? do you do go

david: i haven't heard to me people come up with an alternative plan, other than merging with commerzbankthey talked about for a minute. sonali: they have some time to show this is going to pay off. everyone knows it is going to be costly. alix: our third story has to do with who is going to win the saudi aramco ipo. the different conversation now versus a few months ago is that there's no doubt the ipo is going to happen. sonali: well, we'll see. [laughter] alix: it feels like they've done the moves internally. sonali: what's happening now is the bank lobbying. was reported over the weekend to be in a prime .osition for the lead fund had wealth steak with uber as well. weworknd who's on the that might now really want saudi remco if wework doesn't happen? sonali: it is a very big year for jp morgan ahead with a lot of tricky questions. david: thank you so much for being with us today. coming up, congress returns to work. we will take a look at the to do list. senator tom carper from delaware joins us next. alix: if you are jumping into your car, you can tune into bloomberg radio on sirius

commerzbank giving up its goal for growth this year.ngle saying the bank strategy is soberly realistic. shares of tesla climbing the most since june after ceo elon musk says things are looking up. in an email to employees, musk says the electric carmaker has a chance to top the vehicle delivery record it set in second q, on track to reach about 110,000. for the second quarter, tesla reported more than 9000 deliveries. the lower margin model three sedan revving up demand. i'm viviana hurtado. that is your bloomberg business flash. alix: thank you so much. but did they get that approved by the person that is supposed to approve those tweets i elon musk? weekly we turn to our "business week" feature. ' ceo is making it update to keep up with rival tactics. and a wealthy businessman writhing a wave of discontent to the land's highest office. and aviation shame hurting airlines, increasingly under pressure as passengers become more climate contests -- more climate conscious. joining ms. joel weber. mcdonald's is investing -- joining me is jo

the person taking over a cfo, commerzbank is not happy to see him go.lped to them through a major restructuring. also has to deal with structural changes in germany since they've shifted to a retail bank. danske bank, it could be very good for them in terms of stability. they've hired from number of other banks around the region. vincent: usually with banking, that doesn't work out very well. though, talking about changing its investment bank. that is a different scenario than danske bank. sonali: totally. some of the people that will be rising, and by the way, in about an hour or so, they will have a town hall with their employees. some of the new leaders are some of the old leaders. ross stephenson is one of my favorite people moving up. she joined barclays. she used to run the business, but moved to become executive chairman, and she is now going to be coming back to run the investment bank, alongside another who were both hired under the same era. we will see if some consistency will help. vincent: when you are combining trading units, that usually

remember, tom, we were talking about them potentially merging with commerzbank and that did not happeneeds the right framework for consolidation. i wonder whether that is just a dig at regulators, that so far people say have actually held banks back. tom: i would say he's managing the message in frankfurt this morning talking about better economic growth in europe right. hugo rogers here. both of our guests have taken space at we work and they join us. here is the vote of the street you cannot vote. with the equity because they cannot get it done. they have a bond that has migrated south since the middle of september. you have enjoyed a move on your bond price down to 92 and at 9.72%, 10% yield beckons as well. hugo: the bonds, it is the company done -- is the company done? maybe not yet. they are having to pull an ipo until next year. they need the ipo to release the funds from jp morgan to keep the machine rolling. i think this is indicative of something we have spoken about in research notes. the unicorns are dying. maybe not debt, but dying -- dead, but dying. tom: is a game over?

it is not working so drastic --ion will have to in peter dixon, commerzbank.talking to the chief economist for the latest on brexit. remember as today, lot of the u.k. manufacturing sector has been shrinking. it has been shrinking in the u.k. where we saw that shrinkage. and treasuries are closed u.s. markets are closed because of labor day. this is bloomberg. ♪ from the couldn't be prouders to the wait did we just win-ners. everyone uses their phone differently. that's why xfinity mobile let's you design your own data. now you can share it between lines. mix with unlimited, and switch it up at anytime so you only pay for what you need. it's a different kind of wireless network designed to save you money. save up to $400 a year on your wireless bill. plus get $250 back when you buy a new samsung note. click, call or visit a store today. iffs go livew tar and closing on the upper water affected. the fate of the u.k.'s exit from the eu and was johnson hang in the balance as parliament gets back to work tuesday. hong kong officials say they will not rule out incl