up next, we will look at corbyn movers, including deutsche bank -- corporate movers, including deutscheank. a look at those businesses when we come back. ♪ guy: 7:52 in london. let's find out how the markets traded overnight. work our way to the market open. juliette saly standing by with details. juliette: not a great session tuesday for asian markets. we are on fed watch now. a likely would just the likelihood that we could see another lift off in june. -- the likelihood that we could see another lift off in june. the market down .8% and asian markets. the hang seng is off 20%. -- is off .3%. way down that we do have the yen summer today. -- the fed cash regional loss we have seen in three sessions. you can see when you look at the regional index that there was nowhere for investors to hide. the weaker oil price lang into the oil and gas sector which is .1%. .1%.mer stocks were down toyota has added to that recall. toyota shares down 1.4% in tokyo. to shareting for sony its outlook for the year. that was delayed due to the earthquake last month. you can see the weakness coming through

talking about shareholder anger at deutsche bank. reporter: a lot of bad news around deutsche bank.ls and huge losses. investors are fed up with germany's biggest lender, venting their anger at the annual general meeting in frankfurt today. the new chief executive is taking the heat. he admits the changes are demanding, but they will be worth it. one decision, shareholders refused a change to the system of bonuses for the top management. reporter: the protests outside deutsche bank may not quite be on the same scale as previous years, but that doesn't mean shareholders are not upset with management. there is no dividend. how can you be happy with that? wherever there have been financial problems in the world, deutsche bank was involved. last year, deutsche posted a record loss of 6.8 billion euros, caused primarily by setting aside reserves to pay its horrendous legal bills. a lot of people are asking just how the bank plans to actually make some money in the future. >> the shareholders need positive news from the report. we have had five years of agony behind us, and now we need so

guy: is deutsche a special case?nvestment banks, other uisse, ubs,its they have other ways to reshapes the portfolio. jonathan: there are clearly banks that are able to withstand what is going on, they can withstand the crisis better than others. there are differences, but it is a pan eurozone banking problem. the u.k. has been slightly better at raising capital earlier, writing off loans quicker, not as quickly as they -- but they are one stage further than the eurozone banks. when we are talking about the recovery in europe, hopefully we can say, we are getting towards the end now. but we still have to recognize nonperforming loans. guy: have european investment banks been beaten fair and square by u.s. investment banks? jonathan: they have one hand tied behind their back in terms of what they can do. you are heading towards that route, clearly. the big global investment banks in the world are now u.s. and europe is struggling. as flat ass. curve it has been since 2007, until that steepens up, do you think banks wi

defending deutsche. ceo john cryan has his first investor meeting since last year's shakeup. and an almost 50% drop in the share price. welcome to "the pulse." here in london. i'm francine lacqua. it is an extremely busy day. let's get straight to the markets. we have the fomc meeting yesterday. the fallout from that and the fact that investors had to read price their expectations of a possible fed increase in june. a lot of the immersion marking currencies -- emerging-market currencies are down. 0.6%. down travelf the focus is on stocks. a lot of the airlines -- the stocks are going down. news,we had that terrible egypt deploying naval ships to search for this egypt airbus. they went missing overnight. we have news that it may have crashed near one of the islands in greece. this has not been confirmed. highlymeantime, i suggest if you are a bloomberg . go to live gordha this is our up-to-the-minute blog. there is a press coverage an hour and a half from now. we keeping up-to-date with the and the cr

mark: does deutsche bank need to raise more capital?io dippedpital back a little bit this quarter, as you know. -- theye the plan to are selling their chinese bank by the end of the quarter, which will boost the capital ratio by 40-50 basis points. i think the key will be whether they can keep the earnings trajectory keep on to stay onside. they are doing everything they can not to have to raise that capital. mark: and the investment bank, we know from the shareholders meeting last week, mr. cry am is keon this key on sticking wih it. is that a wise plan? is deutsche bank still correct to invest so much faith in the investment banking business? function ofn be a what your alternatives are. deutsche bank is a little more dependent than many of its peers on investment banking. some firms have come if you take ebs as an example, they have shrunk their investment bank and try to emphasize wealth management. deutsche bank's wealth management business has been growing, but it's not as substantial as ubs'. i think they are playing the hands th

let me take a look at deutsche bank.pent a lot of time with deutsche bank since i've been here over the last couple of weeks. this chart shows you charts -- shows you which a bank's performance against its peers. deutsche bank in blue, its peers in white. it is far underperformed its european peers. the continued lawsuits that are brought up, it seems almost daily. now we have seen that they have slipped down to fourth place as far as global currency traders. more than $5 trillion a day market. deutsche bank has less than 8% market share. this time last year they had more than 14% market share. it has been a rough week for deutsche. primark, what do i say about it? how do we think this market is ?oing to open that is the story from yesterday, a massive rally from the stoxx 600. this morning, we are going to add to it. the market open, next. ♪ guy: good morning. welcome to "on the move." i am alongside matt miller. he is in berlin. where moments away from the start of european trading. matt has your morning brief. matt: t

deutsche bank.t ithave heard is has emerged as a probe into whether traders rigged options for u.s. debt. they are citing unidentified people familiar with the matter. the newspaper said deutsche bank has not disclosed that it is under investigation for treasury trading. we are watching deutsche bank traits. we are also looking at alliance trust. trust said it received a takeover approach from rothchild capital partner. at it looking that -- being the last close. we are also watching rit. matt: thank you. rose 3.4% inprofit the first quarter. operating profit climbed to 3.4 4 billion euros. it is a first time the carmaker has not set aside billions of euros for provisions. since rigging -- since admitting that it had rigged the vehicles to pass the emissions test. talk us through these numbers, chris. it is a big beat but a lot of it is special items and currency effects. currency adjustments for the 16.2 billion they have set aside so far. otherwise, it would have been a decline at it is a better d

let's move to deutsche bank.tors gathered this morning, amid plunging revenues and the news of capital mounting. last meeting, shareholders vented frustration. wasin weeks, the co-ceo out. what is in store for his replacement? it takes place today in frankfurt. we are joined from frankfurt by bloomberg's matt miller who has a guest for us. matt? actuallyh, i am here at the annual general meeting. it has been referred to in the german press as the annual general feeding, because deutsche bank as been really taking it on the chin. i am here with hans-christoph hirt. thanks a lot for joining us this morning. you are going to hold a speech, voting to take part in a vote of confidence for the board and the supervisory board. let me ask first how you are going to vote? a lot of people are not going to give their vote of confidence to this board. hans-christoph: we are splitting, saying the people responsible for the formal opposition, voting against the chart. but we are bolstering confidence in the new management boar

donny: i'm donny deutsch. mark: and i mark halperin. respect,d with all due i got this. ♪ episode this special tonight, the donald's do's and don'ts tonight with donny. it just these are reinforcing in some ways capabilities. last night, the "wall street journal" reported that the clinton foundation received and included in the ownership list is a woman who "the journal" described as a "close friend of bill clinton. and then following that is a negative story about donald j. trump, the billionaire. of paper claims it has audio donald trump pretending to be his own spokesman, john, and this morning, on "the today show" on nbc, donald trump denied that the voice was actually his. have obtained a recording with the voice that they say is, in fact, you, someone pretending to be a pr person. this is 25 years ago. let me play a portion of the tape for you. >> what is your name? john: john miller. about his dating exploits, his reports, so my question is for you this morning, are you aware of the tape and if so, is this you? i don't recognize

♪ donny: i'm donny deutsch. mark: and i mark halperin.onny: and "with all due respect," i got this. ♪ mark: on this special episode tonight the donald's do's and , don'ts, tonight with donny. but first, the damaging headlines about donald trump and hillary clinton published in the last 24 hours. each reinforcing, in some ways, their worst vulnerabilities. last night, the "wall street journal" reported that the clinton foundation received .oney from a for-profit company included in the ownership this is a woman named julie mcmahon and who that "the journal" described as a "close friend of bill clinton." and then following that is a negative story about the clintons is a negative story about donald j. trump, the billionaire. the paper published newly found audio that they say includes trump pretending to be his own spokesman, calling himself john miller when talking to a magazine reporter about his interactions with women and his divorce. he denied the voice is actually his. savannah: they have obtained a a voice that they say is in fact yo

francine: what is your take on deutsche bank?iece of bad news, which is to be expected. given all the troubles they had, i do not know if it is a surprise to anyone. but when will we start seeing positive news from deutsche bank? lionel: deutsche bank's ceo has been quite honest when he says that we should not's -- we should not expect to see any improvement this year. ceo's are being paid to restructure and pare back their ambitions. think we should be unhappy to see banks staying away from that mentality. you do not want to lose your core franchise, but we can take the bad news with a pinch of salt. francine: european banks are becoming so much smaller. they are retrenching, looking much more inward. is there real risk that means a free lunch in the u.s. and that will not lead to a brexit? lionel: u.s. banks are taking up market share at the expense of the europeans. it is easier for u.s. banks, given the efforts they have made in the past, to adapt to challenges that all banks are facing. this is a global issue. a lot of marke

deutsche bank seems to be a large restructuring unit.here does the banking business that's where is the banking business of the future for this company? calm compared to last year. , james had a speech and overall, the was a crisis mood in the auditorium. cryan's new, he has to cleaned up. the management. --t she has to clean it up he has to clean it up, the management. win over thean doubters? it does seem like he made a positive impression on not ,nly the large shareholders some of whom we just heard from, but definitely from the smaller shareholders as well. the germans have traditionally urine for a german ceo. yearned for a german ceo. a swiss man took over. there have been concerns that the bank was not as worried about germany. , who isohn cryan british, spoke very good german and refer to germany as the homeland. the most positive thing by far they said to shareholders today, they will not be needing a capital raise. that has been the concern for the big investors. they raise capital three times for $22 billion and the market cap

deutsche.stions are now going on about whether the bank recorded losses that may have happened around 2013. deutsche and whether it may have delayed any of these losses. >> so it would have made it look better. question definitely a being asked. do i have -- it's a very complicated business. lot of questions being asked right now about how they theseo the evaluations of onds and whether subsequent ed it's ay have impact harder to trade and harder to value. why now? been, like, eight years. >> these trades are positions the were developed after crisis crisis, 2011, 12, 13. so we'll see over the course of the investigation in the weeks months ahead what might come out of this. 2012 deutsche bank for et aside $14 billion any fees and losses it has. losses really the starred to pile up in 2015. mean for deutsche bank? for certainly distraction effort easy to get the bank back on track. >> that's what he said. whether the bank gets behind this probe and is cooperating fully and tries to accelerate t

what does this mean for deutsche bank's day-to-day business?hael: i do not think it means a lot. you have seen some of their spreads that blew out back in january and february when there was concern about the ability to pay. those have come back in. unless the market gets spooked why this, i do not think it will have a major impact on their cost of funding or their day-to-day business. alix: good to see you. , euro areaming up finance ministers convene in brussels today, talking about a $12 billion aid package for greece. we are speaking with a cio for one company that helped greece restructure four years ago. where do they stand now? alix: it is a mystery stock of the day. a new partner is giving the mistry stock wings. it is quite of a jolt after investors got vertigo from a after sharesview crash this year. scarlet: julie hyman will be here but the big reveal. wings? ♪ okay, ready? whoa! [ explosion ] nothing should get in the way of the things you love. ♪ get america's fastest internet. only from xfinity. alix: from bloomberg world headquar

moody's has cut deutsche bank's credit rating.he unsecured debt rating was lowered to two levels above junk. says deutsche bank faces mounting challenges in carrying out at turnaround. john cryan says the bank is very disappointed by the cut and the bank could easily repay its debt many times over. hackers may have targeted more banks than were previously reported according to the ceo of swift. hackers exploited weaknesses and how banks connect to swift to still $81 million from the bangladesh central-bank. they are boosting security members -- measures. costs toeing hurt by prepare -- repair a chip factory damaged by an earthquake and they are facing a drop in demand for smartphone components. that is the bloomberg business flash. tom: madura, thank you so much nejra, thank you so much. we need to bring in simon theedy, who has darkened doors for the intrigue that the governor faces, particularly given the referendum, eu referendum. does it color and shade everything now? simon: pretty much. mark carney is likely to find that aga

let me talk about deutsche bank.o-ceo john cryan is the most challenging job among all his european counterparts in turning around the german letter, according to martin gilbert. that's even if he can continue to borrow money. he spoke with francine lacqua. listen in. >> i think john cryan at deutsche has a tough job. tijian has a very good wealth manager that he can fall back on; barclays has a good retail bank. all got goodey've bits, and they'll have investment banks that they are probably trying to downsize. matt: let's bring in a shock ashok shah. let me ask you what you think about a bank like deutsche. you can to borrow at low rates and pay dividends; investors should be happy about that, but he has a heckuva job in the turnaround, doesn't he? >> absolutely. the problem with deutsche bank is that it is still too large, and the capital structure will need a lot of boosting. of course he has time until 2019 to get to the requirements. so in the meantime, he continues to make sure that the middle of the balance s

. >>> deutsch bank is in the spotlight as controversial documents warn of failings in the money laundering processes. >>> and a merger abandoned. amid opposition from regulators concerned about competition. >>> hi, everybody. good morning. happy holiday here in the u.k. and it's a bank holiday today but stuff is still going on, nevertheless. we have data hitting the wires right now. the eurozone factory growth. 51.7 versus 51.5 in the flash estimate, 51.6 on the march final reading. the march final pmi and the eurozone march output prices 47.4 versus 47.7 on the flash estimate, the second lowest reading since 2010. so the manufacturing pmi edging up to51.7%. they're cutting their prices to the second deepest rate since 2010. factory growth weakening in april despite the fact that we've had pretty heavy discounting going on. the euro dollar 1.14. we were looking at a much lower euro dollar. we have a guest in a half hour's time so we can get more into what's going on notice currencies at that point. >>> let's move on with the pmi data. japan's final raidirating shows industrial sector contr

at the deutsche bank annual meeting.to bring you up-to-date again on the egypt air situation. starteds a flight that in paris, was on its way to cairo, disappeared overnight over the mediterranean sea. they are searching for debris. right now, there is a press conference going on with the egyptian air ministry. you can get this on top live on the bloomberg. ♪ david: this is "bloomberg ." hour, dougn the next ramsey says you better brace yourself for higher volatility. taylor: here is your bloomberg business flash. a deal that would create the biggest supplier of farm chemicals. bayento with an offer from r. they have a market value of $42 billion. there is more consolidation in an industry battered by the collapse in oil prices. companiesrvices have agreed to merge in an all stock deal. the company will be based in paris. both lost a quarter of the market value over the last year. investment banks will take a big hit in second-quarter revenue. that is according to a new report from jpmorgan. fixed income commodities

nejra: we start with deutsche port, caroline just spoke to the cfo.ock is moving higher after earnings before interest and taxes jumped 21% in the first quarter. that is the fastest rate in 13 years, and it was propelled by moving parcel deliveries for online retailers, but also savings from reorganization of the supply chain businesses. this story heading higher, another company heading higher is metro. second-quarter sales met estimates, basically, but sales in germany were up 1.1%. perhaps that positive number for germany is driving the stock higher. we are about a year away from the company actually splitting. performers isst down almost 6.5% at the moment. this of course is the french altice.n of lt' numbers were missed across the saw a miss ono we the sales number as well. caroline, guy? guy: thank you. i am trying to the together a chart for what's been happening with the brazilian stock market. let me show you; this is the context for today. huge, huge day in that country. this is the brazilian stock market -- this rally has been significant.

manda: we had deutsche bank's .hief u.s.trategist plus searchlight capital will be with us on ways his private equity firm is finding opportunity in a low growth in the late environment. and we have a look at the markets. here's your update. shaping up for a second day of gains. futures positive of 65 points on the dow. overall it seems like -- market this morning. theda: let's go around world for in-depth coverage of our top three stories. robin ganguly is in hong kong. matt miller is here in new york. and francine lacqua is in zurich. let's start with francine. why the big jump in the stock this morning? the jump in the stock is basically because we had earnings that were not great but they were better than analysts thought they would be. they're trying to execute the strategy unveiled in november that he had to update in march when things got uglier when he thought they would. execution andout cost-cutting and targets. this is not a great set of results but they are going in the right direction. the ceo said this means th

deutsche bank says it is just the beginning. they consider buying the dollar against the yuan, mexico, south korea. and there is movement in the markets as well in terms of positioning. we have gone from being net short for the first time a number of years to being net neutral. that leaves a lasting potential to turn higher. what if the fed really went into full engagement? here is the market. i want to take you back to egypt, the tragedy obviously across the country and the market. and the egx dropping by 1.8% on close of business, volumes lower, tourism, i will talk to one of our managing editors about this, 40% lower since the russian air jet liner was dropped. the benchmark is tied to the u.s. dollar. though we had one devaluation. is there another on the way? egypt very much in a state of turmoil. they want more answers than they have questions. let us reflect back on the middle east markets that we saw on the close of business thursday. of course, what you have there is down 1.6%. dubai down the most in two weeks, the most

david: does deutsche bank deserve more credit for its comeback efforts?t has been in decline the past couple of corners. david: has greece turned the corner in its debt debacle? high-profile leaders said share high-level insights in the week's best interviews. >> the regulars want this to be a level playing field. we can expect turbulence in the financial markets. david: it is all straight ahead on "bloomberg best." ♪ david: hello and welcome, i am david gura. this is "bloomberg best," the weekly review of the most important analysis of business news and interviews from around the world. two giant chemical companies took over the headlines. shery: bayer is proposing a blockbuster deal that would create the largest supply of farm chemicals and genetically modified seed. bayer wants to buy monsanto for $62 billion in cash. that represents a 20% premium. it would be the biggest takeover ever by a german company. francine: if monsanto actually reject the offer, are you ready or do you have a capacity to increase the offer? werner: we are totally convinced abo

it's a busy day for deutsche bank. they are investigating whether it's inflated the value of securities in the mortgage bond trading business. that's according to people familiar with the matter. its last night, movies cut debt to one level. that is to levels above junk. it faces mounting challenges it carrying out the turnaround. the co-ceo responded and said his bank has never had or capital and could easily repay its debt many times over. investmenthe big for tax in 2016. weird down by 22% deutsche bank is down by 30% is down byit suisse 35%. chairs are rising as much as 13%. buy germany's wmf. it's going to make the world leader in professional copy machines. shares are up by 8.7%. youy: they may have helped let's check in on the first word news. emma has more from the newsroom. emma: there are signs that explosion brought down the egyptair jet in the mediterranean. human remains suggest there was a blast on board. he can't say there's anything that indicates what caused the explosion. egyptian officials have said

defending deutsche.he first meeting since last year's shakeup and i almost 50% drop in share prices. and egyptair flight disappears with 66 people on board. we have the latest from cairo. i am francine lacqua in london with tom keene in new york. we will talk about the meeting. for our global travelers, there is a huge search and rescue operation off of some of the greek islands where we have lost atck of the egypt airplane 2:30 local time last night. is very fluid. we are watching for the aggregation of headlines. we will have a map soon. i know we are going to cairo soon. it is a nation that has seen too many of these accidents. francine: let's get to the bloomberg first word news. here is nejra cehic with more on egypt. jetliner fromtian paris to cairo has disappeared over the mediterranean. egypt's prime minister says he cannot rule out the possibility of a terror attack. flight eight 04 was lost on radar at 170 miles from the egyptian coast. it was an airbus 823. andtian military aircraft ships are

they'll get hit by things like deutsche bank. the real risk in the financial business right now is the asset managers. the asset managers are where the risk is. black rock, companies like that, to me, look like trouble. >>> one widely followed tech investor says he's thinking of getting short, get this, short apple. dan will be here to explain why, and where he sees value in tech right now. later, tesla, sol ar city, is elon musk biting off more than he can chew. former apple ceo weighs in with a very interesting take. much more "fast money" right after this. ♪ you're not gonna watch it! ♪ ♪ no, you're not gonna watch it! ♪ ♪ we can't let you download on the goooooo! ♪ ♪ you'll just have to miss it! ♪ yeah, you'll just have to miss it! ♪ ♪ we can't let you download... uh, no thanks. i have x1 from xfinity so... don't fall for directv. xfinity lets you download your shows from anywhere. i used to like that song. >>> welcome back to "fast money." the dow ending the day down more than 200 points, having its worst day in three months

deutsche bank gaining much, despite their downgrade.ng at what is happening with that risk. you look at the finance minister in japan, some intervention. the yen down by about .4 of 1%. a look at u.k. assets with 1.4 percentage points and the pound gaining and remains, getting momentum ahead of the referendum on june 23. some risk and futures higher in the u.s.. we can you down to the market open. -- we count you down to the market open. david: we are just under 30 minutes a way from the opening bell in new york. i am david westin with jonathan ferro and vonnie quinn. coming up in over 30 minutes, an interview with the vice issident, a man that perhaps second to mario draghi and they have a big meeting next week. we will talk about brexit and easing the quantitative is working over there in europe. everything is talking about it. vonnie: a few thorns in their side, not the least of which is brexit. we'll see if they come to an agreement. joining us for the hour, jpmorgan strategist. it is time for the three stories that matter to market

david: does deutsche bank deserve more credit for its comeback efforts?t has been in decline the past couple of corners. david: has greece turned the corner in its debt debacle? high-profile leaders said share high-level insights in the week's best interviews. >> the regulars want this to be a level playing field. we can expect turbulence in the financial markets. david: it is all straight ahead on "bloomberg best." ♪ david: hello and welcome, i am david gura. this is "bloomberg best," the weekly review of the most

deutsche bank is in their third strategy of the last three years.s is their third last ceo's in the last five years. guy: they have a lot of ceo's, to be fair. >> it is not just deutsche bank. guy: the average in europe is .6. >> you can see thatin europe. so, clearly, the belief in the marketplace, in terms of the bank's ability to negotiate this and in termsange, of the u.s., the regulatory framework is getting tighter. the only regulatory framework that seems to be easing is the u.k., which seems to be more hand in and, with the businesses trying to protect the business entity. it does become anti-cyclical relative to the business cycle. guy: there are some things the trade -- some banks that trade on higher intervals. you wonder whether actually the biggest question is whether or not that is trading on the right value, of whether or not deutsche bank is trading on the right value. there is a series of things happening. the climate is paralyzing at the moment and nobody knows what to do. i and sure that you see this in your business as well. is t

deutsche bank is in the midst of a turnaround.urney took an unexpected turn on tuesday. >> moody's downgraded deutsche bank, and the ceo is speaking his mind this morning. mr. cryan came out fairly emphatically. >> john cryan say he thought it was ridiculous to move the downgrade just two steps above words, they, in his have enough capital to pay their debt four times over. they could easily repay their debt many times over. is that a valid argument? >> the rate action was about the increased headwinds the bank is facing in terms of operating environment and its results have been in, its operating results have been in decline for the past couple of orders. -- quarters. that is what drove the rating change. what is the biggest challenge for deutsche bank in achieving this a turnaround? peter: the turnaround has many elements in it. they are trying to change the balance of the earnings mix of the bank. they are trying to strengthen the balance sheet. they are trying to revitalize the technology platform. they are trying to do all of

a tough week for deutsche bank just got worse.he lender has slipped to number four in a table of the world's biggest currency traders by market share. as it fell from being number two. second places up while citigroup cap hold of the top spot for the third year in a row. francine: thank you so much. there with what we have just heard in terms of the main topics we need to look out for today. i just want to issue a correction. the ifo index is actually much worse than we were expecting. i had earlier said it was at 107. it is actually at 0101.6. this is applications because there is a sense -- this has implications that there is more concern about what the future of europe will bring. will keep a close eye on the ifo expectations index at 101.6. greece set to receive a further 10.4 billion euros in aid. they are committed to easing the nation's 321 billion euros of debt. >> i'm glad to be able to say the imf has expressed its intention to recommend to the funds board to approval financial arrangement before the end of the year. imf

vonnie: chris regulations are criticizing deutsche bank over financial controls.ls their transaction monitoring outdated. of 40 not meet requirements. apple has its sets on new headquarters in london. allcompany would take over office space plan for a powerplant. chu oil giants have called off their merger. halliburton will pay baker hughes a termination fee. story get more on this now. we are back with carl weinberg and jeff degraff. we don't have to get into the for bakerdetails, but hughes, which did not want this to happen in the first place, now they get money to play with. >> they will be able to move forward investments necessary. i guess, from a strategic point of view, it will never be cheaper to lay the pipework, if you will, then now. tom: where is the opportunity. when you look at oil in general, to you by straw hats in winter? how do you do that? >> that is the sentiment, for the most part. tom: where is it now? >> on oil, it is too bullish. net speculators are at l long positions. they are taking oil and selling get as fast as they can. tom: here is

they are in line with deutsche bank.clays is outpacing them by far in terms of the less bad scenario. there are fewer declines we see in share prices. they are all restructuring. it looks like what we saw today, they seem to be pulling ahead. my chart follows absolutely perfectly from that. this is our function on the bloomberg. it shows you management history. you can look at all the positions within credit squeeze. -- credit suisse. you can see the chief executive officer highlighted in yellow. he started his job on june 1 last year. you've got to look at this. 43% in theeturn is red. the industry is down by 16%. byis lagging the industry almost 30% since he took over. really quickly, i want to show you a lovely chart that shows the return on tangible equity. this basically measures the rate of return. the red light is the swedish letter. the white line is ubs. bank goingh deutsche back to what you were saying. is only marginally better. both deutsche bank and credit suisse have a long way to go to be more efficient at

martin gilbert says deutsche bank has it difficult road ahead. -- has a difficult road ahead. martin gilbert: a lot of them are relatively new to the job. jobs.ave tough i don't envy them what they have to do at the moment. anna: welcome to countdown. i am anna edwards in london. manus: i am manus cranny in dubai. good morning, and a. anna: let us talk about the oil price. wti yesterday. we are rallying once again this morning. tomorrow.data is due seeing increasing in the united eights. decrease ino weeks back to back numbers since september. we have a number of factors coming in. i have a chart that contextualizes this move. all the way back to 2005. inventory are forecasted -- inventories are forecasted to decline again. bouncing up since the lows in february. 80% since we saw the 12th year those in the price of oil. a number of factors. wildfires in canada that on the agenda. warm weather fanning flames. supply disruptions in nigeria as well. talking about oil and what you do with the proceeds of oil. manus, inc. news in your part of the world. manus, big news in your part

david: does deutsche bank deserve more credit for its comeback efforts?esults haveing been in decline the past couple of corners. david: has greece turned the corner in its debt debacle? high-profile leaders share high-level insights in the week's best interviews. >> i have confidence the regulators want this to be a level playing field. >> all these changes will not happen without bumps. >> we can expect turbulence in the financial markets. david: it is all straight ahead on "bloomberg best." ♪ david: hello and welcome, i am david gura. this is "bloomberg best," your weekly review of the most important analysis of business news and interviews from around the world. as the week began, a proposal to merge two giant chemical companies took over the headlines. shery: bayer is proposing a blockbuster deal that would create the largest supply of farm chemicals and genetically modified seed. bayer wants to buy monsanto for $62 billion in cash. that represents a 20% premium. it would be the biggest takeover ever by a german company. francine: if monsanto actuall

david: does deutsche bank deserve more credit for its comeback efforts?> it has been in decline the past couple of corners. david: has greece turned the corner in its debt debacle? high-profile leaders share high-level insights in the week's best interviews. >> the regulators want this to be a level playing field. >> we can expect turbulence in the financial markets. david: it is all straight ahead on "bloomberg best." ♪ david: hello and welcome, i am david gura. this is "bloomberg best," the weekly review of the most important analysis of business news and interviews from around the world. two giant chemical companies took over the headlines. shery: bayer is proposing a blockbuster deal that would create the largest supply of farm chemicals and genetically modified seed. bayer wants to buy monsanto for $62 billion in cash. that represents a 20% premium. it would be the biggest takeover ever by a german company. francine: if monsanto actually rejects the offer, are you ready or do you have a capacity to increase the offer? werner: we are totally convinced

but it should be through deutsche site and -- deutsche zeitung first. >> is collaboration with what happen with the panama papers the new way forward with probing corruption or possible corruption? marina: i absolutely think so. it is an incredibly efficient model. law-enforcement, economies, and even criminals figured out collaboration decades ago maybe. and journalists, we are lagging behind. we were still in the lone wolf model. i think the panama a have shown the potential and the power of journalistic collaboration, that it can really be a game changer. that'll leon this topic, but basically any other topic where journalists decide to join forces. that?in, can you add to kevin: there is a variation that we and others have been doing for a while. with the donors and nonprofits. i always joke that they are voluntary nonprofit versus the newspaper industry that is in voluntary nonprofit. i think that already is a new model in terms of -- i affirm or has business.org. i think those models are coming up more frequently now. it's collaboration through think something new is being born. it i

reporting thatst deutsche bank is emerging at the center of a probe.as been accused of wrongdoing that investors are narrowing their focused after requesting -- rochus after requesting information from all of the primary banks. that is the bloomberg business flash. mark: we get to big data from the eurozone that could indicate the ecb's next move. unemployment and inflation of feet into mario draghi's decision on rates due on thursday. let's get to paul gordon. inflation, german unemployment both beat estimates . is there reason for optimism at the ecb? paul: there is some reason. those numbers are one hint. euro area confidence numbers came in better as expected as well. yes, theould say stimulus is starting to have more of an impact that there are some fundamental concerns. although energy prices have not manyince january, people believe that is going to continue to extend. we will recoup the lost inflation and other areas. energy prices helping the ecb hit its 2% inflation goal in the past but that is not happening. industrial goods not likely to co

throughcase, it was deutsche -- the laws are lacking everywhere to protect whistleblowers. that i talkedion about before that exposed and multinational tax avoidance scheme, participation in that investigation -- the main whistleblower -- the alleged whistleblowers in the main reporter working on that story are standing trial right now in luxembourg in the face jail. ourraine is facing charges. it is happening in a country that is a founding member of the european union and they can go to jail . about scary thing american journalists taking for granted -- the freedoms we have -- but you face a lot of that. the press freedom issues created , especially in countries like africa but the journalists you are working with; can you talk to me with the challenges that you face there with the press freedom issues and journalists who cannot get electricity and are worried about going to jail e? wors >> these are the>> things that we hear of secondhand. marina will often hear me speaking in french or slow english to our african colleagues about what they are experiencing. .t was a uni

deutsche is up 1.5% today! bidders are reportedly expected to offer 2 to $3 billion for companies core business. far below earlier estimates of 4 hello $8 billion. verizon is still considered the front runner at this point. >>> the is latest name to report. gap. posting earnings in line with previous guidance but givening a cautious outlook for the rest of the year. gap now plans to close all old navy stores in japan and some banana republications, mostly outside of north america by the end of this year. ceo art peck on the conference call yesterday. >> a change that is impacting this industry is obvious. it's been obvious to us for a while which is why we are moving with urgency against a multi year plan to mod ernz this company across many levels. >> following latest earnings report s&p global ratings downgraded gap to junk status. >> other stocks, applied materials beating the street on top and bottom lines and offering upbeat outlook. a mat's optimism has been --. and shares of shoe carnival down sharply. g

what is one good thing going for deutsche bank right now?best thing it is simply having a lot of room to maneuver. it has a really big balance sheet and it has a lot of enthusiasm from its -- it has honesty for cutting into that. i think time will tell as well as the market. this year will be a rifle basically. they have been prepared for the worst. he said jpmorgan like deutsche bank. they are one of the few. it is still early days yet for this transformation. scarlet: think you so much. -- thank you so much. from our commentary, check it out on burke. -- bloomberg. alix: we will be right back. ♪ ♪ alix: you are watching "bloomberg markets." we want to turn out to the latest blow to elizabeth holmes. the blood testing start of says it is corrected tens of thousands of data from its devices. scarlet: at one point they connect -- commanded a nine p -- a $9 billion valuation. we are now joined by caroline and san francisco. this is not the first time sarah knows -- theranos has come under scrutiny. what is different? >> i think this latest new

deutsche bank is still cutting. is going further and making a bet on wealth management.clays and deutsche bank seem to want to remain the european champion of investment banking. mark: the first quarter could be the trough. he spoke to francine. he said, i don't think we can get as bad as conditions as we saw in the first quarter. which is something all of the banks will be hoping for. michael: we have seen banks call the bottom a few times. it seems they keep saying, it cannot get worse and it inevitably does. he said this is the trough, and we will see. mark: time will tell. michael moore of bloomberg news. ready? -- betty? betty: cheaper oil has been a help to the airline industry. said profitsines have doubled. there are other challenges. ♪ show me top new artist. ah, ha ha. show me top male artist. my whole belieber fan group. it's not a competition, but if it was i won. xfinity x1 lets you access the greatest library of billboard music awards moments, simply by using your voice. the billboard music awards, live sunday may 22nd, 8/5 pacific, only on abc. bloomberg w

slok with usten from deutsche bank.chology of housing, does your team assumed to what we knew before the crisis? >> the homeownership rate has continued to decline and that is a very different sentiment compared to what we had before the crisis. the fact that the homeownership rate is not turned around and we are turning more toward a rental economy and that has a number of profound effects on the rental market. it's in terms of how people think of the prospect of buying a house. change or will we stay more like europe, a rental america? the risk is that the rental market will continue to be a dominant theme. rate fallingship is an important structural change that has implications for the federal reserve. rents are going up and that's pushing up inflation. about 30%-40%. so much of inflation is coming from housing and not from china. that's an important part of how the dead things about things. francine: looking at the figures from home depot, they raised their forecast. that goes hand-in-hand with remodeling market. if

martin gilbert: john cryan probably at deutsche as a tough job.as a good manager he can fall back on. think they have all got good bits, and they have all got investment banks. they are probably trying to downsize. francine: there is a lot of speculation about selling. would you ever step down? martin gilbert: i have never tried to sell the business, but we do get a lot of people wanting to buy us, which is very nice. so far we have managed -- francine: europeans? everywhereert: around the world. asset management is a great business because of the return on capital is so high, it is profitable, it is predictable. there was a lot of interest. being independent from assets, a massive benefit to us. francine: thank you very much. martin gilbert: thank you very much. ♪ ♪ narrator: the contemporary art world is vibrant and booming as never before. it is the 21st century phenomenon, a global industry in its own right. "brilliant ideas" looks at the artists at the heart of this. they have a unique power to nspire, astonish, provoke, and shock, to push bo

deutsche bank held its shareholders meeting yesterday. i was there. saw me watching bloomberg in the morning. .nvestors seeming confident the co-ceo john cryan will take over as so ceo. gave him more than 90% vote of approval. incidentally, the chairman got an almost 98% -- 87% vote of approval there. that is a better result than some had feared. deutsche bank really struck a positive note yesterday. john cryan speaking excellent german. i was very surprised when he referred to german -- germany as the homeland. of course he is a britt. shareholders that went into the meeting, angry because the shares of them cut in half, seemed really pleased. they seemed really impressed after the speech and the q&a session that followed. we had these headlines. the ceo of ubs, he was making comments about smaller banks in europe saying he does not think all of the banks in europe are going to survive, especially the smaller ones getting hit hard. guy: this is an interesting point. look at what is happening in the global banking sector. i am not saying we are going

david: does deutsche bank deserve more credit for its comeback efforts?> it's offering results have been in decline the past couple of quarters. david: has greece turned the corner in its debt debacle? >> we still have to work that out. david: high-profile leaders share high-level insights in the week's best interviews. >> i have confidence that the regulators want this to be a level playing field. >> all these changes are not going to happen without bumps. >> we can expect turbulence in the financial markets. david: preparations for shanghai disneyland. ♪ it is all straight ahead on "bloomberg best." ♪ david: hello and welcome, i am david gura. this is "bloomberg best," your weekly review of the most important analysis of business news and interviews from around the world. as the week began a proposal to , merge two chemical companies took over the headlines. shery: bayer is proposing a blockbuster deal that would create the largest supply of farm chemicals and genetically modified seed. bayer wants to buy monsanto for $62 billion in cash. that represent

for deutsche telekom, we have seen some heat from politicians in the u.s. germany from some investors over these alleged violations of labor laws. in the meantime, cwa, a decade into their campaign, has not been able to get collective-bargaining contracts for any more than a handful of the 45,000 employees there. david: we are talking about dozens? >> that's right, there are hundreds of employees or 1000 who have shown that they want to be part of cwa but it has not been able to get contracts for more than a few dozen workers at t-mobile. david: do the members site specific grievances with t-mobile and deutsche telekom? blanket,s just a more to bent these employees unionized." >> among the things that workers have raised as concerns are pressure in terms of workload and pace. there are allegations that people make about things like being told to wear a dunce cap if you don't get your work done top or managers shaking people's chairs and telling them to work faster. david: t-mobile has rebuffed these efforts for the workers to unionize but trying to find a n

deutsche bank has gotten worse.the 5.3 trillion debate currency market has tumbled to 7.9%, down from 14.5% a year earlier. that is according to a euro money institutional investor survey. the bank is now the world's fourth-largest currency trader, sliding from second-place in euro moneys 2015 reckons after holding the top provisions from 2005 2 2013. anna. anna: has linda, thank you. with the reported results with net profits coming in at 193 million euros. it will expand its network. .oining us now is jozsef varadi thank you for coming to see is on countdown. tell us a little bit about how you see the rest of the year shaping up. we spoke to michael o'leary at ryanair and he was pretty gloomy on pricing. how do you see things into the future? we are seeing trading conditions being quite robust moving forward. what visibility we have on the business, we are confident in our ability to deliver proper resources. as expected, we are seeing the lower fuel prices feeding through into the fed environment. fares are comin

we have seen for deutsche telekom some heat from politicians in the u.s. germany and some investors over these alleged violations of labor laws. decademeantime, cwa, a into their campaign has not been able to get collective-bargaining contracts for any more than a handful of the 45,000 employees there. are really talking about a handful, just dozens even? >> that is right. ens ofare doz employees that say they want to be a part of cwa but they have not been able to get contracts for more than a few dozen workers at t-mobile. do they have grievances with t-mobile and deutsche telekom, or is this more blanket, we want these employees to be unionized? >> the concerns they have raised workload,sure, people being told to wear a dense cap if you do not get your work done in time, or people shaking chairs to get the work done faster. this: what is novel about is what t-mobile has done here, rebuffing the efforts for these workers to unionize but also trying to find a new way to voice some of these grievances and workers are kind of skeptical about that. week'seve

deutsche bank is -- has not disclosed that it is under investigation. your bloomberg business flash. rishaad, thank you. officer inxecutive zurich that stepped down has committed suicide. good morning. what details do we have so far behind the suicide? we do not have many details so far about the reasons of the suicide. dead at hisas found holiday residence on friday. the news was made public by zurich insurance on monday. they were citing family. our understanding is that he did not leave behind a suicide note and the company did not provide any further details on this suicide. as you pointed out, this comes six months after his departure. it wast month, challenging for the company and the ceo. manus: a tough time for many industry leaders and all around. this is the second suicide in three years in zurich. what shape is the company in? throughhe company went a difficult time frame. group consecutive profit warnings in qqq consecutive quarters. two consecutive profit warnings in two consecutive quarters. the company had some reserve issues connected to