jonathan: and cio dan ivascyn. dan: by far our interest is in credit markets. it is related to corporate risk. jonathan: the equity markets are cratering, that credit market is arguably seizing up, and pretty much every one of the major funds at pimco delivers positive returns. how do we arrive at that moment? manny: i would say it is the occasion to shine, where you get tested, and we get tested in difficult markets. we had a view, thanks to dan, on value and what the right position was to have before q4. i would not say that we saw it coming, but proper risk management mitigated the problem. we are quite pleased about the result. jonathan: defensive to want to -- going into the final quarter of 2018, coming out of it and deciding to re-risk is a different proposition. to say now is the time re-risk. derisking is one thing, then having the enthusiasm and confidence to say now is the time to re-risk is a different question. you approach it by saying now is the time, buying some of the weakness. dan: that is right. in response to an environment in the fourth qua

jonathan: and cio dan ivascyn. dan: by far our interest is in credit markets.ated to corporate risk.

a bloomberg television special featuring his complete conversation with ceo manny roman and cio dan ivascynhe european central bank presented its financial stability report. it says risks to the eurozone's private and public finances has risen. it's site both internal and external threats to growth. matt miller sat down with ecb vice president luis de guindos and asked him about the report's key findings. luis: the economy is growing. it is growing at a slow pace. it is going to be slightly above 1%. there are downside risks. but these downside risks are related mainly to issues outside the borders of the euro area. that is something we have to take into consideration. matt: i wonder about trade. when you watch what is happening between the u.s. and china, are n't you concerned about the sure to come trade war between the u.s. and europe? luis: i think that now the focus is what is going on between china and the u.s. i think that the main risks are the trade tension. so far what we have seen are some announcements of increasing in tariffs. but the real risk would be an escalation toward the

a bloomberg television special featuring his complete conversation with ceo manny roman and cio dan ivascyneuropean central bank presented its financial stability reports. it says risks to the eurozone's private and public finances has risen. it cites internal and external threats to growth. matt miller sat down with ecb vice president luis de guindos and asked him about the report's key findings. >> the economy is growing. it is growing at a slow pace. it is going to be slightly above 1%. there are downside risks. but these downside risks are related mainly to issues outside the borders of the euro area. that is something we have to take into consideration. matt: i wonder about trade. when you watch what is happening between the u.s. and china, are you concerned about the sure-to-come trade war between the u.s. and europe? luis: i think that now the focus is -- i think that the main risks are the trade tension. so far what we have seen are some announcements of increasing in tariffs. but the real risk would be an escalation toward the full-fledged trade war. that would be into mental to th

jonathan: and cio dan ivascyn. by far our interest is in credit markets. to corporate risk. jonathan: the

jonathan: and cio dan ivascyn. dan: by far our interest is in credit markets.sk. jonathan: the equity markets are cratering, that credit market is arguably seizing up, and pretty

on "bloomberg best," exclusive interviews with morgan stanley ceo james gorman, manny roman and dan ivascyn, and the founder and ceo of huawei, plus the vice president of the ecb says he is worried about a full-fledged trade war. up next, more fallout from the european elections. angela merkel's handpicked successor does not appear to be succeeding. >> what you would have expected a fresh face and a boost to the polls, and that has not happened. viviana: this is bloomberg. ♪ viviana: this is "bloomberg best." i am viviana hurtado. let's continue our global tour of the week's top business stories with more fallout from the european elections. a crushing defeat for the ruling party in greece puts the prime minister's future in doubt. stocks in greece climbing this morning after the prime minister, alexis tsipras, called for a snap election following a crushing defeat in the polls. we have also seen that 10-year yield in greece hit a record low. why are markets are reacting like this? >> basically because, while polls had shown from a few months ago until just before that tsipras was set to lo