let's start with commerzbank. dani: you and matt earlier spoke with the commerzbank cfo.ise profit, really centered on their turnaround plan on cutting costs and strong securities results. it is also upgrading its full-year revenue outlook, saying it should be slightly above that of last year. previously it had estimated a decline. we have seen commerzbank up about 2% so far this morning. mark: we also had the allianz cfo on daybreak earlier. what was the main takeaway? dani: strong results as well. allianz says after 2020 hit the insurance industry really hard, we are going to get back to profit growth. this quarter shows they are on track to do that. the question is, can they continue this? it was a 45% jump in profit. also seeing good results from pimco. that brought the highest result since 2017. anna: let's also reflect on tech stocks. matt has talked about what is going on in taiwan, the market there. will there be any translation into europe? dani: there could be. they will be an interesting session for european tech. do they follow what is going on in taiwan with

we are getting breaking news out of commerzbank. first quarter adjusted revenue coming in at 2.31 billion euros. the estimate was for 2.25 for the first quarter for 2.25 billion. the net interest income is also in line. going through a few of the earnings from commerzbank. loan loss provisions is what we want to look at, 149 million euros. the estimate was for 180. the chief financial officer will be joining us in over an hour. in february, she had said that it is going to be hard for commerzbank to post a profit after taxes this year. the big data point is the shape of u.s. cpi, inflation set to quicken with a year on year comparison amplified by the shock of covid-19 shutdowns in 2020. any reading that suggest higher prices will reignite the debate over tinkering. the great and good have weighed in on the debate. >> any spikes we see in inflation are likely to be temporary. >> the highest inflation numbers are ahead of us. i think ultimately it is going to be more temporary. >> inflation is likely to go higher for a time, but ther

of kris kobach in the program germany's 2nd largest private bank commerzbank has returned to profitability after being hit hard by the economic fallout of the coronavirus pandemic c.e.o. monthly will be presenting the figures at the bank's annual meeting which will be held online later today now in the 1st quarter of this year commerce bank made a profit of $133000000.00 euros putting it squarely back in the black but in the final quarter of last year the bank suffered dramatic losses worth 2700000000 euros now the flourishing securities business has driven the turnaround the bank has also benefited from money injections by the european central bank but cuts are still likely with one in 3 employees in germany expected to lose their jobs in the coming years now our financial correspondent conrad booze and is covering the shareholders' meeting for us conrad good morning to you there in frankfurt 2 more figures here 8000 jobs are on the line the number of branches to be haft will this get the thumbs up by comments from shareholders today. there is no doubt you know chris the german government

we will get back to ulrich leuchtmann from commerzbank.. ♪ anna: welcome back to the market open. we can see the german dax is up. elsewhere, aflutter in the markets. ftse 100 is fairly flat. the yuan has rose to its highest levels in years. suggesting more appreciation is likely. our guest thinks it may be overdone. ulrich leuchtmann head of fx research. we talked a little bit about your view on the currency more broadly, why enthusiasm for the euro against chinese currency? ulrich: the idea that when it is too strong, there will be a normalization. on the other hand, i am skeptical about going long on it because i see problems coming along. here, the euro has quite a large way in the basket. it is something like a substitute. anna: more specifically on the euro, what is in the driving seat? we hear about the dollar, is this a dollar weakness story or something about the recovery plate, the later vaccine rollout? ulrich: i think the market is already looking through the story of recovery in europe. new saw a situation where it was conduct

if i talk about it enough, -- commerzbank warrant it will not be a one-way route with a trajectory to other side. michael metcalf, will return to that conversation in a moment. he says he can see inflation spiking to over 4%. he says it may take you into the back of autumn to decide whether it's sticky inflation are just social inflation. that's manus: good morning. this is "bloomberg daybreak: europe." the story to set your agenda. the fed hawks are sounding more and more dovish. tapering conditions could be met this year. attention turns to other central banks, the boe expected to upgrade the near-term growth outlook. societe generale has its best equity trading performance since 2014. >> it's a mix of positive markets, high volatility and organize level and the reflation trade, activities also on the corporate side. so a lot of elements were aligned to help us. annmarie: cheering on the equity manus: -- manus: cheering on the equities performance. we'll hear more from him shortly. the g7 clearly lampoons china in terms of its human rights position. the red headline that unseated th

bpn doing well, unicredit having a good month, commerzbank staying -- trading strongly.looked at these numbers earlier on samba dell was all the way up here. at the end of the month a look of profit-taking, may be does the update taking the story out. more idiosyncratic are the bottom end of the market. train lines, the u.k. has reshaped and reshuffled its real portfolio, producing a national champion. some of the reopening trades have done better. some of the trading stocks have done better. also some of the minoe track -- some of the miners tracking a little bit lower. you've seen outperformance of european stocks. kailey: some outperformance of u.s. cyclical's as well. let's talk both sides of the atlantic. an agreement could reshape the global tax landscape for the biggest corporations and it is approaching a crucial first stage. she seven finance ministers met virtually ahead of their in person meeting in london next week. joe biden's proposal for a minimum corporate tax is set to top the agenda. >> i have a very good feeling that in just a few weeks we will agree o

that belies a more substantial note from the likes of commerzbank and other houses who are saying thaturo could rally. cirti has a bullish -- citi has a bullish call. even bloomberg intelligence are saying the vaccine rollout will take you to 1.25 by the middle of the summer. net shorts are the lowest since early march. and treasury markets, yes, in case anybody is of any doubt, i do know that the cash markets are closed. there you go. we get a print in the futures. you see? 1.32 is where we trade on futures -- 132 is where we trade on futures. the question is whether robert kaplan is right to talk about talking about the debate. how will the fed allow the inflation narrative to run? i leave you with the crypto craze and a currency that the boys at berkshire hathaway are rather disparaging of. this is bloomberg. ♪ >> wood costs added 24 thousand dollars. number prices are expected to stay elevated for months to come. -- lumber prices are expected to stay elevated for months to come. >> good morning. welcome to "bloomberg markets: european open." i am matt miller in berlin. the cash tra

commerzbank revenue soared 35% in the first quarter.strong trading and investment bank conditions. that is your latest business flash. alix: thanks so much, ritika. the nasdaq rolling off here, down 3%. within the s&p, same thing. even though yields are popping higher, energy is the only outperformer to those higher oil prices. guy: the nasdaq is only up by 1.8% year to date, so you have really seen a significant turn in the narrative since the start of the year as the cyclical trade has really kicked in. talking of that energy story, over here in europe, that is what is driving the london market to some outperformance today. the ftse 100 is up by over 1% today. you're seeing some of the big names, the companies that benefit from this reopening trade, but the energy names, bp, royal dutch shell trading similarly. so a similar narrative over here. europe doesn't have that tech story. it doesn't have that long duration risk that some of the u.s. markets do. alix: if you look at the s&p tack, the real underperformers are all the semis, whi

commerzbank revenue soared 35% in the first quarter.ofited from strong trading and investor backed conditions. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> you're going to be very slow to raise interest rates, until we get to full employment and 2% inflation, and they are confident inflation is going to go above 2%. we know that is going to take a while. once they start, they are going to have to catch up, so it is going to be a period of slow and a period a fast. jonathan: that was bill dudley, former federal reserve new york bank president. good morning. alongside tom keene, i'm jonathan ferro. lisa is on break, she will be back with us monday. here's your price action going into the cpi data i date: 30 eastern -- data at 8:30 eastern time. 14 points lower on the s&p 500. a bit softer and the bond market. just a touch firmer, yields lower just a nudge. tom: don't you agree with me, the market is se

tom: commerzbank saying it's largely symbolic, they think longer-term the trajectory for that you want is higher -- y for theuan is higher. particularly the u.s., that's proving support for the currency. you have the likes of scotia bank saying 6.2 for the currency going forward. standard chartered saying they think this could be one of a series of measures by the pboc. they think this may not be a one-off. so continue to watch for action on this, but again, the move building on the jawboning were seeing on this. haidi: the longer-term demographics worrying as well. i know lots of people that are only having one child. so what do we know about what they are trying to do? tom: to your point anecdotally, those i've spoken to, none of them have said they want to have three children. most wouldn't even consider having to because of the cost. the details of this, the politburo signed off on the move, you will now be allowed as a family to have three children. we don't know the exact timeframe, but it does follow decades of very gradual reforms to these very rigid family planning policies we