if he can pull that through, does he absolutely need commerzbank?k he has to have that bank. i think he looked at that as a particularly easy target because unicredit had done so well in germany. and commerzbank is a bite sized piece. they might be able to take over relatively easily. i mean, maybe he has his sights also on deutsche bank. i'm sure he has had a close look at them and said that would be another target that suffers from some of the similar problems from commerzbank that they might be able to resolve. so that would be another target. but there's all sorts of banks all over europe that he could turn his targets on. it just seemed that commerzbank was a nice fit, fit very well into the unicredit strategy overall and what they've been able to achieve. he needs acquisitions, but he doesn't necessarily need commerzbank. >> imagine i can imagine christian saving over at deutsche bank would put up one hell of a fight though. octavio, thank you very much for joining us. octavio marenzi, ceo of optimus. ahead on the show, the uk economy narrowly

. >> about his commerzbank plans. >> i'm quite. optimistic of being able to convince. >> everybody. >> not only of the premises, of how we got. >> to this investment, but. >> also that a combination between the two banks. >> has massive. >> value. >> to be created. not only for the two banks and the stakeholders. >> but also for. >> germany and for europe. >> and french president emmanuel macron pledges to roll back. >> european red tape at the i. >> action summit in paris, as the bloc battles to keep. >> up with the u.s. and china. >> this summit is not just the announcement of a lot of investment. >> in france. >> it's a wake up call for a european strategy. >> very good morning to you, and welcome to the program. our top story this morning. tariffs. eu commission president ursula von der leyen said she deeply regrets the u.s. decision to impose tariffs, adding they will not go unanswered and the bloc. >> will trigger. >> quote, firm and proportionate countermeasures. this comes after. >> the eu trade. >> commissioner, maros sefc

staying with job cuts, commerzbank has announced it the move will likely help the us company ease andt incident that happened munich a car a group of the are tell7you �* what we hea7rd u �*what we hea7rd from �*what we 77h7ea77rd7 50571 items. we 77h7ea77rd7 ho}; item... 5 77h7ea77rd7 ho}; item... a te? ’%f’: "’* .l gaymg saying that police spokespest seyingthet car approached police a car approached police cars at was a union we trade union gathering, we there. the _fl and hit people. and sped up and hit people. and we fz hearing sped up and hit people. and we fz fire |ring 7727 sped up and hit people. and we fz fire brigade, . at iieast peapie were that at teastzqpeopte were police injured. the police spokesperson who is we do not a we do m that at a we do m that at the is also moment. is also saying that the of drove—into—that crowd was a at the za—year—old afghan. at the we not moment wedonot know whether was to moment wedonot know whether was. f” crowd, to moment wedonot know whether was. f” crowd, we to �* whether was �*whether was an accident knewwhether itrwas an assieent what

a couple days later, it will be commerzbank and the focus will be on the m&a side and trying to convincestandalone entity. there's an economic slowdown and recession in germany and lower interest rates as well, so that is dragging down earnings and pushing up risks so it is complicating this. >> we have this slower pace of rate cuts from the bank of england and u.k. banks reporting. how is that expected to feed into their earnings? >> we have banks this week and next week and it is expected to provide a boost because that reduces margin pressure and for barclays there's also a boost from the investment bank so they should have a good quarter that is expected to be on revenue and be quite solid across the board. that is a similar tailwind expected so it should be a good quarter for the u.k.. >> we have to discuss our favorite subject, luxury. reporting on tuesday that is interesting in light of the surprise departure of the future director. >> they usually sit at opposite ends of the performance spectrum when it comes to the market. whereas they are usually more vulnerable to lower demand

we will be speaking to the ceo of commerzbank bank as well, so tune in. this is bloomberg.t for couples the climate360® smart bed is the only bed that cools and warms on each side and all our smart beds adjust the firmness for each of you and now, save 50% on the new sleep number® limited edition smart bed. shop a sleep number® store near you. >> earnings rolling

lizzy: that was the siemens ceo, and we can see in germany, because we have more earnings out of commerzbank crossing the terminal as well. really needing to pull out all the stops to fend off unicredit's unwelcome takeover bid. they are an optical complain to substantially let profitability over the coming years and say this year preparatory to decline to 2.4 billion euros. european banks having to contend with the pressure of ecb read god's, but you are looking at -- rate cuts, but you are looking at the latest profit. we will be speaking to the ceo joining opening trade after 7:00 a.m. london time. we also have earnings out of nestle, a coffee and cocoa because and nestle saying it sees 2025 underlying trading operating marginat least 16%. 1.5% growth more than the estimate. all the debt secured 300 million friends of savings and organic revenue of 2.2% growth up from an estimate of 2.04%, so i be there. there are some of the first earnings we are getting in this hour, but we can check in on the broader market, as it is a busy day for earnings and geopolitics. earnings pointing higher on

the ceos of commerzbank and others spoke to me at a roundtable event in frankfurt yesterday. could a sense of what they had to say. >> there's hope that, if we have a stable government after the election, that we will quickly see a shift in sentiment. >> i have never experienced the sense of urgency as that high. there is the pressure to change so i'm optimistic it will be addressed. >> we think in the next few years german industry will perform better based on having that pressure at the moment, but the short-term view is not positive. >> we are unfortunately a country of savers and not investors and we need to change that. >> i don't see it as a threat. it's probably the start of a negotiation. we have seen what's happening with canada and mexico. we are prepared to counteract and then we start negotiations. tom: marcus and others speaking to me yesterday in frankfurt. staying on germany now, porsche has warned it will take an 800 million euro hit this year as it revamps its lineup. the carmaker is pulling back ev's, saying demand has been overwhelming. it's at a more combu

thursday will bring us results from barclays, siemens and commerzbank following last week's job reportattention now turns to the week ahead with the closely watched cpi print on wednesday. we will also get fed chair jerome powell's testimony in the capital on tuesday and wednesday. thursday will then bring january's ppi reading alongside initial jobless claims, with retail sales rounding off the week. on friday, i'll be paying particular attention to jay powell's testimony to congress. always interesting to get his take on the state of the us economy. now, in terms of the market reaction to these new tariffs that president trump put forward yesterday, here's a look for you at united states steel corp. you've got an extended trade us steel higher premarket as nippon mulls bold buyout revision. trump pledging tariffs. that is one to watch ahead of the us market. open. now coming up on the show olaf schulz and friedrich maritz clash on trump debt and nato in their first televised debate. as the country's election campaign enters its final fortnight. we'll bring you the latest next. >> hom