he also wrote the bank on deutsche and president trump.ers: deutsche bank, donald trump and the epic trail of destruction." great to have you here. what we've seen this week, this is different than the manhattan d.a. trying to get the president's tax returns. this is a criminal investigation. >> yeah, this is a fairly -- this is about as serious as it gets, really, and for the first time, and there have been so many subpoenas flying around with deutsche bank it's hard to keep track of. this is among the many that have been sent out and deutsche bank has received. this is one of the only that they've complied with and it's certainly the only one they've complied with that we've been able to track down involving a criminal investigation. so all -- for all the fighting that's been going on and legal wri wrangling for the last year, this subpoena behind the scenes has been very effective at getting deutsche bank to kind of open up its electronic valuaulto prosecutors who now have very extensive information about what was going on with donald t

quote, deutsche bank complied with the subpoena. oh! over a period of months last year, the bank provided the prosecutor's office with detailed records, including financial statements and other materials that mr. trump provided to the bank as he sought loans, according two of the people familiar with the inquiry. the subpoena to deutsche bank sought documents on various topics related to mr. trump and his company, including any materials that might point to possible fraud, according to two people briefed on the subpoena's conten contents. the bank's cooperation with the prosecutors' office is significant because other investigations that have sought trump's financial records have been stymied by legal challenges by the president an his family. this criminal investigation from new york prosecutors initially appeared to be focused on hush money payments made in 2016 to two women who said they had affairs with mr. trump. but in a court filing this week, prosecutors in the district attorney's office cited public reports of possibly extensiv

according to "the new york times," deutsche bank complied with the subpoena. over a period of months last year provided mr. vance's office with detailed records including financial statements and other materials that mr. trump had provided to the bank as he sought loans according to two of the people familiar with the inquiry. the bank's response to the subpoena reinforces the seriousness of the legal threat the district attorney's investigation poses for mr. trump, his family and his company, end quote. one of the reporters who broke the story told rachel maddow last hour what this could mean for donald trump. >> it's clear that the bank has spent a lot of time over, you know, over the past year now really fully cooperating with the district attorney's investigation and providing a lot of information. there is is wiser perception within the bank that trump was, you know, not playing it particularly straight. and from a prosecutor's standpoint, what they're generally going to look for in a bank fraud case is whether there is intent to mislead. having spoke to

we don't know exactly what cy vance has gotten from deutsche bank.ally it could be significant. >> no wonder he wants to stay president, it's the best defense against prosecution. thank you very much, ahead on "the reidout," one of the incredibly offensive things rudy giuliani had to say about the black lives matter movement today? >> why aren't they classified as as terrorist group, just because they are black and nobody can say it? >> that's not the worst of it, not by a long shot. "the reidout" continues after this. "the reidout" continues after this (neighbor) whatcha working on... (burke) oh, just puttering, tinkering... commemorating bizarre mishaps that farmers has seen and covered. had a little extra time on my hands lately. (neighbor) and that? (burke) oh, this? just an app i've been working on. it's called signal from farmers, and it could save you up to fifteen percent on your auto insurance. simply sign up, drive and save. but i'm sure whatever you've been working on is equally impressive. ♪ we are farmers. bum-pa-dum, bum-bum-bum-bum ♪ o

did deutsche bank rely on this? in some cases, you don't need tax returns to figure out the purchase price of a building in manhattan. and they had other information, including other -- you know, his tax information, in some cases. so i think, just to be careful, they may have relied on it and to david's point, we can tell right now without seeing his tax returns that the information in those documents that michael cohen presented to congress, there's some stuff in there that's pretty crazy and it's off. so it doesn't take tax returns to figure that out. and is it fraud? you have to come down to, did the bank rely on it? >> so, david, pick up that thread for me and also, just address some of your reporting from the weekend. deutsche bank opens r s review the personal banker in trump and cu kushner. is there any intersection between these two lines of inquiry? >> i'm not sure that they are cause sally connected to each other, but there's an enormous amount of overlap. the longtime personal banker to trump as well as

deutsche bank hasçó proven over and over through the years itth% law.point isxd to be asxd cooperative with investigators whether they're on capitol hill or at cy vance's xdoffice. it would reallyjf surprise me i he isn't going to reachi] out t deutsche bank and seek all of their records,xdt( dtrump, and suzanne. it's important. fraud. it might q? you don't need tax documents to find outlpçó the purchase pricea building in manhattan and they had tax information in some other j[m to be careful, they may have relied on it, and to david's point, we canjf tell right now without seeing tackñr returns tt the information inw3 the documes michael cohen presented to congress, there's stuff in there that's pretty crazy and off. it doesn'tÑi take tax returns t figuret( that out. is it fraud? i think you havee1çó to come do to, did the bank rely on it. >> so, david,xd pick up that thread for me and !e9áqáj some of your reporting from the weekend. deutsche bank opens review into the personal banker toxd trump d kushner.,@j(a%m there anye1 int ]9 >> there's an enormo

reportsp, deutsche bank revenue that beats analyst estimates. opening.t the this is bloomberg. ♪ nejra: this is "bloomberg daybreak: europe." a lot of results coming in this morning. you started with commerzbank. manus: there is the rough and tumble of what they are saying about the appointment of the new chairman. saying for this year, commerzbank is going to report, it is due to the markets and due to provisions. those are the dominant themes you want to walk away into the opening trades. a negative your for commerzbank. much more dramatically impacted for 2020. between 1.3 and 1.5 billion. second quarter profit, we should just reflect on this, 220 million, that was better than the market estimated. they loan-loss division lower than the market anticipated. versus 400 and 9 million. 409 million. it is sort of a tale of a quarter versus the year. i know you were breaking down the allianz numbers. on the face of it they are still not able to give guidance, and that is the bottom line. side, on the positive they attracted new money from outside c

joining us now is deutsche bank analyst. to you have here i'm going to cut right to the chase. if gm spins off the operations, would it retain any control over them >> it's really going to be up to them a lot of options you probably will retain a little bit just ownership stake to ensure that the two companies can continue to work well. the less it retains, the better for value creation >> the okay. that's my question so you think there is a possibility they work out. >> i think, you know, we speak to investors on a day to day basis. at the same time, the market shows us every day they're willing to do it as part of a legacy automaker and so gm, despite being strong technology, very strong electronic lineup coming up, it's not being recognized by the market so spinning it off essentially creates value. it can unlock a massive amount of value, actually it can enable them to ataletaled capital. >> you said mary barr's response to your question made it sound like maybe they were actively considering this do you think it's a no-

things that deutsche bank has that are much more valuable aregoing to be his other financial , income statements, any documents and my understanding is banks have very detailed kind of organization charts that show relationships to trump businesses and a half, where all the money is coming from. it often documents or a lot of them and they also got documents that show some of the concerns employees raise about suspicious transactions went on in the trump accounts this is something that is not i don't think not gotten as much attention as i would have thought it would but there are employees in their offices who raise repeatedly red flags about what they deemed to be suspicious transactions involving trump and kushner accounts including in the kushner case of money going to russians where their concerns were overruled and according to the government and in one casethe employee was fired about after speaking out about it .>> .. >> bipar san policy center, and thank you for joining us in a virtual event where we are here for an important reason, the release of a new book. the book is "fi

and we know about a "new york times" report about deutsche bank.e are the only two things, which i highly doubt, then, i'd say less aggressive than bob mueller. but we don't know the data to really be able to see ay is it e or less? the one thing i can say is cy vance and his office is terrific. they're really career people and they do really, really good work. they have been tenacious. >> this was a very nuanced, lawyerly, but precise answer. you know, people may forget, when bob mueller wanted a lawyer at the fbi, and he is one of the best lawyers in the country, he chose you, for whatever reasons he had. and, here, you've given us a nuanced answer that probably doesn't have a headline comparing the two tissue the -- individuals, andrew. >> so sorry. >> now, what would carvell have said? >> that would have been a really good question. i think, he might have said the same thing. >> okay. well, we appreciate, as always, your expertise and there is a lot more potentially coming down the pipe. we are going to watch the da so i hope you come back. alw

cy vance subpoenaed records from deutsche bank last year.times," the bank supplied the d.a.'s office with detailed records and financial statement. the subpoena to deutsche bank sought documents on various things of president trump and materials that might point to upon fraud, according to two people briefed on the subpoena's contents. the president and his company have repeatedly denied wrongdoing and repeatedly have tried to have other subpoenas dismissed as well. joining me now, msnbc legal analyst danny cevallos. this is interesting. talk to me how the compliance with the subpoena helped the case that is still in court -- or does it help with the case? >> it does. as deutsche bank provides documents to the prosecutor, keep in mind those documents will remain secret. anything brought in by the grand jury remains highly secret, and so that will inform prosecutors about the scope of their investigation. this really acts as two different data points for comparison. the documents from deutsche bank show what trump puffed up or may have puffed

so that's being explored internally at deutsche bank now.t private banking operation is a potential powder keg. if she has to begin to provide evidence or testimony regarding work she's done for trump and kushners, it is going to unlock a pandora's box for both of those families. >> these are hard stories to tell. tim o'brien, you help us make sense of them better than just about anything. thank you so much for spending some time with us. i'm really grateful. up next, election day is closer than you think and the struggling and anxious trump campaign is now scrambling to revamp, if it isn't already too late to do that. that's next. y too late to do that. that's next. an army family who is always at the ready. so when they got a little surprise... two!? ...they didn't panic. they got a bigger car for their soon-to-be-bigger family. after shopping around for insurance, they called usaa - who helped find the right coverage for them and even some much-needed savings. that was the easy part. usaa insurance is made the way liz and mike need it- ea

we see deutsche telekom shares up by 3% this morning. up next, money worries. rest of the downturn despite revenues plunging 98% in the most recent quarter. we will look at the sector's problems. to what extent can government money be used to offset the difficulties during the summer for some of these travel businesses? that is certainly part of the story yet tui. this is bloomberg. ♪ matt: welcome back to "bloomberg markets," the "into the trading day, we are now looking at not a lot of moving, but you do see the ftse down. here, you can see the stoxx 600. it has moved down a little bit over the past few minutes. you can see it is only off about 4/10 of 1%, so the severity of the graph may be a little bit misleading in terms of the actual moves of the day. probably better to take a look at the group rank returns, grr theor any index on bloomberg terminal, showing the industry moves. here, you can see telecom is a big mover after deutsche telekom put out pretax earnings or operating profit, i should say, more than one billion euros above the street estimate, so

deutsche bank says s willl coopererate with all authorized investigations. the city of berlin has banned an upcoming weekend protest against coronavirus restrictions, citing concerns about spreading the vivirus. authorities broke up a similar protest earlier this month where thousands of people ignored social distancing rules. germany has seen its covid-19 numbers surged in recent weeks. the greek coast guard says it has rescued 96 migrants in the eaststern aegean sea. theyey had beenn traveling in a yacht that was found partially sunk. most have now been transported. hurricane laura is rapidly gaining strength as it bears down on the u.s. gulf coast. it is expected to make landfall as a powerful category four storm with sustained wind of up to 250 kilometers per hour. hundreds of thousands of people in texas and louisiana have been ordered to leave their homes. i ran -- iran has agreed to allow the international atomic energy agency to inspect two sites where the agency suspects undeclared nuclear material might be stored. the iaea had -- head said they alr

deutsche bank adding it. they say it's a no brainer it's our call of the day jam said it's a no brainer for a lot of months. now finally they are kaccatchino you. >> the no braining part is what gm should do they are saying spin out the electric vehicle division. they have products that are selling now. if you stripped out the autonomous vehicle, which is cruise, those two divisions would be worth the market cap of the stock today. we have done this analysis many times. the problem is, you actually have to have gm do it. i hope at this point years into this that gm is finally, sounds like maybe they are getting the message they need to split up the company. it could be worth about $19 billion. that's what the market cap is today. you're left with the so called stub piece which is the sedans it's the pick up truck, the pick up trucks, the pick up trucks. that's easily worth $20 billion. that's where i get that from >> the market like what is you're saying. stooe steve even listened do you he finally bought the

tom: peter hooper with deutsche bank, greatly appreciate it.forward to your thoughts on jackson hole. head of their economic research. this is an absolutely historic headline for anybody who studied europe. allng out of world war ii, the trials and tribulations of europe, avoiding the memory of world war i and world war ii. germany will use funds from the european union to trim a modest $18 billion of their new debt. lisa, there are many people that never ever thought you would see that headline. lisa: the increasing integration of the european union. it has been one of the themes of the 2020 era, which has been so strange and part of what has been giving the euro a boost. the idea that the eu is coming together and this headline seems , with germany and the eu being that much more intertwined. tom: the euro weaker, perhaps office headline, 1.1781, a weaker euro over the last 20 minutes. market doldrums, maybe. tech is green on the screen. off durable goods, yield surge. david rubenstein of carlyle group and his wonderful interview series comin

congressional committee has renewed its subpoena to deutsche bank for president trump's financial records the house intelligence committee is looking into whether there are financial dealings between the president and the russian government deutsche bank says it will cooperate with all authorized investigations. are rick and laura is rapidly gaining strength as it passed down in the u.s. gulf coast it's expected to make landfall as a powerful category 4 storm with sustained winds of up to 250 kilometers per hour hundreds of thousands of people in texas and louisiana have been ordered to leave their homes. the great coast guard says it's rescued 96 migrants off the island of how in the east and g. and c. they've been traveling and a yacht was found partially sunk most have not been transported to the name of roads. rescue teams are searching for survivors and bodies after flooding in northern afghanistan to rancho right cause flash floods and province washing wife thousands of homes local officials say at least $100.00 people are confirmed dead the final death toll is likely to be much hig

the big events are back and xfinity is your home for the return of live sports. >>> deutsche telecom has posted a jump along with raising its guidance after the u.s. t-mobile became the second largest state side following the merger with sprint eam monumental shift theout look is one bit better than consensus the third quarter itself was a lot better they were expecting some 25.6 billion euro. the core profit is up more than analysts had expected. companies are not saying they are impacted by the corona crisis they are seeing a slowing in orders from business clients and slower revenues from rooming that was overcompensated by more broadband and that part of the business that across from the board they call germany rock solid especially when it comes to broadband. they could add more than 80,000 new customers in that quarter. of course now that is the focus. three fifths of all the revenue is coming from the states the numbers look really good calling that historic step with the acquisition with sprit, they are playing in a different league they are parenting the integration with spr

deutsch. thank you so much. >> thank you. >>> cnn goes to a food bank, planning to feed 3,000 people today, as they face an unprecedented demand. >>> actress alyssa milano is sharing her struggles with long-haul symptoms as she reveals she's losing her hair now months after battling covid-19. why might that be? >>> a nevada pageant stopped for violating social distancing. a director who says they're being picked on. i like liberty mutual. they get that no two people are alike and customize your car insurance so you only pay for what you need. what do you think? i don't see it. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ for spending a perfectly reasonable amount of time on the couch with tacos from grubhub? grubhub's gonna reward you for that with a $5 off perk. (doorbell rings) - [crowd] grubhub! (fireworks exploding) try wayf♪ r. you got this! ♪ perfect. -you're welcome. i love it. how'd you do all this? told ya! wayfair. let's talk dining tables. yes! blow it up. ♪ w

we knew that they all wanted to get deutsche bank records but this week we learned that deutsche bankbecause michael cohen is probably in a position to know more than anyone, since he was trump's former lawyer, says that trump did inflate his assets, that he was trying to get $2 billion in loans from deutsche bank and essentially lied about how much money he had. whether that's true or not, i don't know, but cohen says it and that's what the prosecutors are trying to get at with these records. >> if it is true, what does that mean for the potential crimes that were committed by donald trump or potentially anybody working for one of his businesses? >> it's very, very bad for trump and his businesses. so new york prosecutors in their filing this week, because trump is trying to dismiss this grand jury investigation, the new york prosecutors said, quote, there are public reports of possibly extensive and protracted criminal contact at the trump organization, end quote. that's what the prosecutor said to the court. that is prosecutor language for there's some potentially very, very bad st

deutsche bank b.m.p. pare about that they all go away they disappear they collapse. is of course your own bank so what happens in a post banking post be out world like how much entrepreneurship a flourishing of like fraud free or certainly reduced fraud and vironment like what happened i don't think we're going to see a post fear i think fear will survive and it would just be in a different format since the fear that you're going to see is going to have less freedom less over and see less privacy and lots of really horrible features built into it. and if banks go boss this is not the the banks go away is that the banks have a choice of 5 or adjusting to the central bank digital currency they don't get a super subsidy they they're no longer too big to fail because the central bank can just let them fail and there's a way of you know auctioning off all the debts and replacing money with a central bank digital currency so it actually drives banks to be more honest and if they don't. when they're not too big when then when they're not too big to fail they. have to compet

deutsche bank has submitted a bid to some of wirecard's german assets.e period from entered the index up into the arrest of the company's ceo. dream,card was a german it gave hope to the country's beleaguered finance industry and showed it could do tech. in less than two years, wirecard was insolvent at it ceo was under arrest. the financial times reports an executive in the singapore office is expected of forging contracts. arman financial regulator first for a single stock in germany. two month letter, the ban was lifted. but by the fall of 2019, practices had piled up. kpmg for aned independent audit. something is missing. over $1 billion of revenue. the reason? internal shortcomings. rejects reports of irregularities. by june, the company's defenses are starting to unravel. isriminal investigation launched and police raid the office. missing $2.2ts the billion of assets does not exist and the next day brown is arrested. from darling to do liquid, wirecard caused scandal in germany, with the political repercussions still playing out. the regulator is

deutsche bank has been president trump's primary lender since the late 1990s.nt and legal team have been locked in a heated battle with new york prosecutors to keep his financial information private as we've reported in the da's ongoing criminal investigation that the pat called the continuation of the witch hunt. vans is working to get eight years of tax returns into hush money payments. we'll bring you more as we get it throughout the day. >> sandra: the federal response to protests around the country. the questions that are going to be asked when we return. because it's always time for care. (dad vo) life doesn't give you many secobut a subaru can. (dad) you guys ok? (vo) eyesight with pre-collision braking. standard on the subaru ascent. the three-row subaru ascent. love. it's what makes a subaru, a subaru. get 0% apr financing for 63 months on select models during the subaru a lot to love event. >> sandra: fox news alert out of north carolina, several homes going up in flames overnight in ocean isle. crews came in before dawn to fight the fire that injured

coming on the program, we will speak with the deutsche bank chief international strategist. ceo, it bookings holdings on the state of travel. president trump considering a move he decided against last september, cutting the gains tax after saying it would not do enough to help the middle-class. will hear about that in the upcoming few weeks and i think it will be exciting. gains tax will be, a lot of people put to work, and a cut in the capital gains tax. >> talks are stalling out between republicans and democrats. i want to bring in our bloomberg contributor for more. little bit of deja vu. we heard this is -- in september 2017, he started to warm up to the idea and then reversed course, saying it would not help lower and middle classes. into thousand 18, they briefly considered something along the lines. a bit of deja vu. i am not terribly surprised. as much as president trump has moved away from the idea, he has indicated he could change his mind. not surprised he has moved in this direction at this point, in terms of the payroll tax and now flirting with the idea of a ca

he did not look at trump's deutsch bank records.t try to unravel the question that so many struggled with. what is it about vladimir putin and russia that trump continues to defer to? why does he never criticize putin? that question remains unanswered. i'm a little more sympathetic to him. it was outside his original jurisdiction. it is not like his failure on the subpoena, his failure to spell out in plain english that trump obstructed justice that was far worse than bill clinton or richard nixon. >> and you make a crucial distinction there between the jurisdiction which are the rules and then the actual attitude, which was yes, he was no star when it came to pushing the boundaries. my last question for you was a trick question. as your readers and fans will debate do you think this book is better than your classic o.j. book, the run of his life? >> it was harder to write, i'll tell you that. it was a moving target throughout. and to say nothing of finishing it. on this story, what i loved about this story, that so much of it had n

german companies overall was the wire card scandal was folks walking was very serious it was also a deutsche bank so overall i would say the image of quality companies from germany might have suffered a bit in the past couple of years. ok and stay with us we'll be back to you in a moment to talk about a nother story from the united states where just under a 1000000 people filed for unemployment last week and while it may be hard to believe that's actually the no with numbers since the coronavirus struck one factor that's likely to have contributed to the decline is the expiration of a $600.00 a week unemployment benefit at the end of july meanwhile lawmakers are still wrangling over a new stimulus package to help people and businesses recover from the worst effects of the pandemic. yes this is being celebrated as good news but tens of millions of americans are still out of work can they expect a new stimulus package from the government any time soon. well one of the problems is actually that wall street is performing where we are well we're almost at a record heights was the s. and p. 500 wh

through some of the other corporate news stories manhattan prosecutors have subpoenaed deutsche bank a long time linda to us president don't trump it's part of a wider investigation into trans business practices trump and his company about 2000000000 dollars over the past couple of decades japanese comic a toyota expects its profits to drop by 64 percent this fiscal year or so profits plunged in its 1st quarter at a comic or in sales points to the coronavirus as the main course. as fictions in the u.s. continue to rise the dollar is taking another hit leading to gains for other currencies including the euro in recent months the main european currency has been climbing against the dollar it started the year at $1.12 and is now hovering at around $1.18. let's go live to colorado who isn't in frankfurt can read is that the way things are going to stay strong euro and a weak dollar. it all depends of course on how the recession is tackled in europe and the return of our economies to growth and to an activity that warrants the backing off investors what i can tell you is this morning we g

and let's go over the 2 to one whom he's chief investment officer for europe at deutsche bank wealth management in china has been the main pillar holding up global growth for years now and it's great to see the domestic economy coming back to life but the rest of the world its customer has a stock in recession just what sort of a rebound are we seeing in china would you say yes what we have seen already was 2nd quarter being one of the stronger and we think this should continue into the 2nd half actually china is one of the very few countries we are expecting the g.d.p. number to rebound 229000 levels by end of this year and china should be one of the very few who should even be able to pause a slight increase in g.d.p. compared to many other countries. in this world so you reckon china can do a good job in helping cushion the pandemics blow to world growth. absolutely because what china has been doing over the past few years is of course it's less dependent on exports so far compared to let's say 10 or 15 years ago and also its strength and its service and. consumption sector to an

i mean deutsche. is specially in germany lots of malls space rent has come from the made price segment and they're often only the same i mean consumers want me saying they want more experiences they want more quality conscious and sustainable collections. uses it that's a challenge for shopping malls if a crisis has pushed them to change all the innovations they already needed now has to occur to much faster pace so the crisis is a catalyst for a change in shopping. to say you know what's happening. but easier said than done for now the reminders that we are in a special time abound here i find myself wondering whether i really want to try on clothes or eat at the foot. court or whether i can even afford to spend unnecessarily after all if i really needed anything i could order it from the comfort of my home. so those who want to save shopping culture will tell you the only way to do with us the only way to keep it being swallowed up by online retail is so we can have really into making shopping an ex

its populace which console and the hit game animal crossing and hatton prosecutors have subpoenaed deutsche bank a long time then the 2 u.s. president total trump it's part of a wider investigation into his business practices torture has led trump and his company about $2000000000.00 of the past couple decades. lengthy lockdown has pushed the philippine economy into recession after contracting in the 1st quarter g.d.p. shrank again in the 2nd this time by 16 and a half percent the outlook is no better with infection numbers surging again economic set of manila is back in partial lockdown. gingerbread makers are gearing up for the critical holiday season and things are looking sweet the u.s. imposed 25 percent tariffs on european cookies last year taking a big bite out of business then came the pandemic. a heavenly a ray of gingerbread stars baked during the pandemic in the western german city of auckland the more than 300 year old lumber company turns out 130000 tons of specialties like these every here production is going ahead despite the coronavirus this is the shirt he did we dodge on t

of alexander broke off in a letter to the embassy of voters here in germany he wrote on behalf of deutsche of ever i protest emphatically and in the strongest possible terms against this obvious arbitrary measure by the state. it blatantly disregards the internationally acknowledged freedom of the press at the same time i call on your government to investigate this matter immediately well let's get you some more information. tovar from d.w. joining us from bob good to see you're enough 1st of all tell us how is our colleague doing is he safe secure well unfortunately we haven't been able to conduct a little sound of barack since his era's 2 days ago because his cell phone is constantly switched off but i have talked to joran lives who have been in the courtroom today and they mean that he's holding out well in plans to appeal against the course decision the court in morgan of convicted him to 10 days in detention facilities effective immediately we were indeed able to talk with alexander if you days before his arrest back then he expressed some concerns that there below russian authorities

euro-dollar, it has been a huge move for the currency, deutsche bank taking off some of its long positionsld see more downside. that currency pair trading flat. biding about the safe haven , obviously want to check on the swissie as well as the yen. euro swissie down .5%. the bond market getting a nice bid. gold going nowhere. i want to dig deeper into the movers in your. here's abigail doolittle. abigail: today's movers had a sector theme. that is the worst sector for the stoxx 600 today and the worst stock for the stoxx 600 is also a bank, an investment firm, eq tp rate they put up a big report. 31% earnings report. they plan to load up on esg or sustainable debt using a $2.7 billion subscription. apparently investors do not like that. those shares plunging 14.5%. -- m&g advisory shares cut to a whole. standard life is down. the yield situation not helping that sector. as for another down sector, materials being weighed on by some of the miners. copper down for a second day in a row. that is weighing on the biggest european mining companies, and in particular, i hope i do ok antofagasta

hooper at deutsche bank. a wonderful conversation the other day. let me review. no vaccine, no stimulus, recession q4 into q1. there are transient moments across any week of "bloomberg surveillance," and a week ago, mark zandi stopped traffic with a statement on what the real unemployment rate is. we got a massive response to dr. zandi's estimation that 10% is really 11% and even out towards 14%. he joins us again on this important claims day. what will claims confirmed today, dr. zandi? dr. zandi: that the labor market is still struggling. claims, andyou i then another half-million in pandemic ui claims, folks that are gig workers or self-employed. so 1.5 million in total, and that is just cataclysmic. before this pandemic, the all-time high was back in the early 1980's. we had a week of 700 house and -- of 700,000, i believe, so double that. , but itt where we were is still very deep in the hole, hard for us to get out. , can youher question quantify the lack of stimulus right now? is there a number you can put on that because we have this indecision in washing

. >>> deutsch bank just gave up president trump's financial records to new york prosecutors but what the chances that they'll be made public? >>> i'll talk to a former school nurse in georgia so scared of passing on or catching the virus that she quit. ♪ come on in, we're open. ♪ all we do is hand you the bag. simple. done. we adapt and we change. you know, you just figure it out. we've just been finding a way to keep on pushing. ♪ to give you the protein you need with less of the sugar you don't. [grunting noise] i'll take that. woohoo! 30 grams of protein and 1 gram of sugar. ensure max protein. with nutrients to support immune health. that selling carsarvana, 100% online wouldn't work. but we went to work. building an experience that lets you shop over 17,000 cars from home. creating a coast to coast network to deliver your car as soon as tomorrow. recruiting an army of customer advocates to make your experience incredible. and putting you in control of the whole thing with powerful technology. that's why we've become the nation's fastest growing retailer. because our customers lo

times is reporting deutsche bank has handed over detailed financial statements from donald trump and his company after being subpoenaed by the manhattan district attorney's office as part of a criminal investigation. last week prosecutors filed court documents suggesting they were investigating the trump organization for bank and insurance fraud. the times reports deutsche bank has lent trump and his company more than $2 billion over the last two decades. meanwhile, new york attorney general leticia james has announced she will make a majorr national announcement this morning. it is unclear what the announcement w will be about. at the state, acting inspector general stephen akard resigned abruptly on wednesday, less than three months after his predecessor was fired by president trump. secretary of state mike pompeo gagave no -- give this brief explanation for his sudden departure. >> i donon't have anything more chad to that. trumpn may, president fired the state department inspector general steve linick, who was probing whether secretary pompeo used a political appointee to perform

we will bend bank'sg to deutsche newly appointed head of asg. this is bloomberg. ♪ watching you're "bloomberg markets: asia." let get more on the market action so far this morning. let's start with the latest data dump out of china this morning. not too bad, but not to encouraging either. >> yeah, that's right. they missed their forecast, but .he number is not too bad what is important is new orders, particularly new export orders show consumeri and industry activity. also, we had very encouraging jobless claims data. jobless claims were below the it couldon mark, and normalizing the data. what this shows is that they cyclical sectors will come back. it is tough to say if market leadership will change at this momentum, itom the has been less exclusive in terms of who is driving the market. we have seen some of the correction, but if the economy continues to recover and we get ahead of this covert fight, then there's some potential in the value sector and these bull markets can broaden out even further, i think. >> does this herald also the retur

the stock traded up almost 10% over two days on top of the gains i had on a deutsche bank report that they were going to brea aparts the companies. i don'ts that. what i see is an increasingly -- i sort of thing we're plateauing you're still losing a lot of jobs so i just think -- plus production is down in autos. you've been more of a gain than i thought, so i got out, and by the way, the value trait is not working. it worked for me. >> jim lebenthal, you know, we made a big deal when weiss started running shotgun and now he's out i thought you moved some of that weiss basically says it's not going to happen. >> maybe he's right. no need to say thank you, steve. nice having you on board, but you can go now. >> thank you for keeping me out of the stock when you got in >> yeah, okay. there is in validity to what steve is saying. it's not a done deal it is, however, and we'll go back to the deutsche bank report, because the exact words were a no-brainer. a no-brainer as far as what the company should do. i've heard people come back and say, wait a second, that might not be best for cust

we are happy to have with us tonight lynn deutsch, mayor of dunwoody georgia just outside atlanta. madam mayor, thank you very much for being with us. what's it like to be on one of these calls with dr. birx for starters? we don't get to hear them. wish we could. it is a matter of public health. is she candid with you guys? >> she's been very candid, and what i've noticed in the most recent calls is that she's been much more firm about what she would like to see local and state governments do if their cases are continuing to grow. and so -- >> we've seen some of the -- oh, okay. go ahead. >> closing bars is just an example of something she said on this past week's calls. >> on schools, which is, again, a huge responsibility, huge for public officials, intensely personal for parents and teachers and all their families, we've seen some of the georgia schools open, kids slammed back into quarantine after positive cases. are you ready to reopen? >> well, my city doesn't control the school system, and our school system has delayed in-person learning. it's virtual only till the middle of

. >> deutsche bank downgraded not only micron but a few other names.he concern for micron is how cyclical the company was it seemed to push through that a couple years ago but now seems to be right back into that commodityized problem where the market gets really concerned it really comes down to this there will be people that play micron for the catchup trade but in this environment that really hasn't worked the winners continue to outperform and the losers get punished >> once upon a time cisco systems used to be viewed as the bell weather in technology today what is that bell weather in your view >> chuck robbins was talking about the delay in purchases essentially pushing down to the consumer stack and where they're even more concerned when you look at the entirety of the smaller businesses and even more limited resources. it's fascinating to think about the conversation we're also having at apple versus intel and cisco when you think about how apple has slowly transformed itself into a recurring revenue stream company the story with cisco is where

romaine: it was formed by a goldman partner and a former deutsche bank partner.e will be back in a moment. this is bloomberg. ♪ today we are focused on the nerves that remain about this economy, whether it be inability to borrow, the fact that your job might be on the line, and to support the economy. it has been amazing, the amount of ok's on monetary policy and fiscal policy, and the size of the deficit. understood to be some for him percent of gdp. romaine: more importantly, you talk about the change over the obama the end of the administration, something like 2.2%, got up to 5%, and some of these measures, the spending that has taken place and has boosted that ratio there, is necessary in some people's minds to keep the economy going. i guess the long-term question is, what this means for economic growth going forward. let's bring in liz mccormick. actually wrote a little bit about this on the bloomberg terminal. she and her colleague got a bunch of well-known people on the record to kind of talk about how we deal with the ballooning u.s. debt and deficit her