we have an exclusive interview with david lipton, first deputy managing director of the imf. what he says about the possibility of a looming trade war. on the 20th anniversary of the -- hisiday agreement, take on russia relations, north korea relations and how to approach china. we are 30 minutes into the trading day. it looks a little better so far. abigail doolittle has the details. the dow, s&p 500 and the nasdaq are higher. we are already off of the highs. tech really fading because of the early sector strength coming from tech and consumer discretionary, now not so much. the dow is outperforming the other averages. on the volatility continual themes of uncertainty around big tech. d.c. drama, plus the possibility of a trade war. let's see what this looks like on a daily closing basis. we see the last time there was lots of volatility in late 2015 early 2016, down more than 1%. 2017, that slow melt up. a move to thehad downside of greater than 1%. today, we have had some intraday volatility. stay tuned as to what is next. if you take a look at consumer discretionary, we a

that was peter moscovici and david lipton.ckee, bloomberg's national economics and policy correspondent. i love that he brought up the trade, technology, and trust. reporter: it is not so much an emergency law as a broader application of what they have power tog with the block anyone's investment if they think it is against the strategic interests of the company. they are looking at doing that because they are worried about the chinese intellectual property, the idea that china comes income abides buys into home companies, and takes the ideas as part of their made in china 2025 plan. alix: whenever we see some kind of tariff, china responded right away. if something like this comes through, what power does china have? reporter: it is going to get complicated. the tit-for-tat we have seen so far is the $50 billion in trade sanctions. ,f we do the $100 billion extra we don't export that much to the chinese, so they would have to look at some nonconventional ways of sanctioning the u.s. they could put on restrictions on u.s. inve

the deputy managing director of the imf, david lipton, in that exclusive interview.st day. a look at its unusual trading debut. that's next. this is bloomberg. ♪ rishaad: you are back with bloomberg markets. i am rishaad salamat in hong kong. haidi: i am haidi lun in sydney. spotify marked its unusual trading debut with a calm session, trading up 13% from the initial price, a valuation of about $27 billion. spotify guest is a investor, joining us from singapore. there were some concerns about head scratching, whether many investors would want to sell going into this. a you know, i think this was beautiful direct listing. of thee got about 37% investors not keen on selling the stock. a really beautiful opening, and very well-organized. , lots of you think companies have been watching this, tech companies in particular, that this will become more common, given that it went off rather successfully? is important for tech companies is the power of their brand. if they are ubiquitous, known and recognized by a global audience, you will see more and more companies like this

that was an exclusive interview with david lipton, the first managing director of the imf saying thatoes need to look at its trade practices. we've had a very strongly worded response from beijing on this u.s. tariff. targeting industries that beijing his a great deal about. it strongly condemning and opposing u.s. tariffs and also saying -- betty, this is probably the strongest wording in terms of reciprocation or retaliation. china planning reciprocal measures on u.s. goods to the same scale according to the chinese state media. >> trump's aggressive going to backfire on him and cost, ultimately, u.s. jobs given the escalation in the tariff and trade war. you mentioned pretty strong comments. that's what we've seen so far from the chinese side. watch us live and see our past interviews on the subject and many more on the interactive tv function tv . you can dive into the securities and functions we've talked about. and become part of the conversation by sending us instant messages during the shows. this is for bloomberg subscribers only. this is bloomberg. ♪ betty: headlines jus

one of those voices we heard was david lipton of the imf. he is still optimistic for 2019., he did contain that note of caution, times are good but getting risky with trade being perhaps the top of that risk pile. >> that is right. trade is a risk. there are other risks that we are seeing on the table in february, that we saw a correlated decline in asset value, equities on prices -- byd rises, oil prices concern of higher interest rates and then of course with the entrance of march came these trade concerns that have added further downward pressures. optimism that we could move to some sort of the taunt would be e whereositive -- detent any further spin out of control with trade would bring downside risk to growth and equities, downside to commodity prices. paul: let's pick up on those commodity prices and the optimism as well. that treasury territory -- treasury secretary stephen mnuchin is optimistic on reaching an agreement. he will go to china but has no timeline or confirmation. if it happens, could we the an end to what you called choppy, bearish sentiment of commodi

in an interview, imf official david lipton said officials in beijing have acknowledged the need to changeies that were enacted at a time where china did not have the same influence over the world economy that it does today. >> the time has come for them to address. they too need globalization. that is how they had this spectacular growth and how they will have a great future. they need a globalization that is durable and that finds a way to find free and fair trad e. mark: lipton called the growing economic tension between the u.s. and china unfortunate and he urged continued dialogue between the world's two biggest economies to help increase market access on what he calls a fair basis. global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. you are looking at live pictures of the san bruno police force responding to reports of an active shooter at youtube headquarters. it is around 11 miles south of san francisco. what you are seeing are police on the scene surrounding the campus of youtube's headquarters,

in an interview with bloomberg, david lipton said officials in beijing have acknowledged the need toade policies that were enacted at a time when china didn't have the same influence over the world economy that it does today. >> the time has come for them to address it. they to need globalization and that is why they had the spectacular growth and it will have a strong future. they need a globalization that is durable and that means finding a way to have free and fair trade and to get along with trade partners. mark: that than also called going tension between the u.s. and china as unfortunate and urging continued dialogue between the world's two biggest economies to help increased market axis of what he called a fair basis. a washington today, 33-year-old became the first person sentenced in special counsel robert mueller's investigation. the dutch lawyer was ordered to serve 30 days in prison and fined $20,000 for lying about his contacts with former trump camping official rick gates and the person connected to russian military intelligence. environmental addiction agency says scot

some of our guests today include david lipton.nish economy minister and the german finance minister. miss our special coverage from the event. that is at 2:00 p.m. new york time. now, let's get straight to the bloomberg first word news with taylor riggs in new york. barclays willo of keep his job after the investigation by british regulators, and the probe thesed on unmasking whistleblower. stay insay he will his role. they will recommend his reelection at the shareholders meeting next month. president trump has been told he is not the target of the investigation into russian election-meddling. or the probe into his longtime lawyer. deputy attorney general rob rosenstein offered the assurances to the president last week. downsay that has tapped on the president's desire to fire either robert mueller or run rosenstein. the phone lines to be used by moon was tested today. mate over brexit negotiations is about to get deeper. according to people familiar with the matter, eu officials are set to reject a proposal, which would mean the