we have numbers from deutsche bank and santander.of deutsche bank, the key headline, second quarter fic trading revenue came in a 2.05, beating the estimate of 1.81. deutsche bank reported the biggest gain in fixed income inding animal state years -- almost eight years. the five biggest wall street banks doubled their fixed income revenue. the ceo says it's fully on track to beat all target. second quarter net interest income came in slightly soft. second-quarter pretax profit was a clear beat. santander, unexpected second-quarter loss and a 12 point -- 12.6 billion euro impairment. we will talk earnings, next. this is bloomberg. ♪ nejra: good morning from london. i "bloomberg daybreak: europe,". in its latest effort. today'srade mixed at of rate decision. u.s. stimulus talks stalled over liability protections for businesses as current measures start to run dry, plus credit suisse plans to merge its investment bank and trading unit in a sweeping overhaul. we speak with top executives from deutsche bank, santander, and barclays. welco

global us now is the head of m&a at deutsche bank.u look at what happens to m&a, at a place where we have this almost complete lockdown in the economies, what will it take for m&a to come back? morning. i think for the first time in history, the entire m&a market -- for four months. over 130 billion of land done. look, that is between march and may, m&a was really s't at the forefront of ceo minds. management teams started to focus again on the opportunity. billion, from0 120 billion the month before. for the market to come back, we need more certainty. for that, the two q earnings and the companies with expect develop an over the next six months will be absolute crucial. -- this these uncertainty with more clarity on the shape of the recovery, that would be the basis for a stronger second half and a much stronger 2021. francine: when do you think that would be? is there pent-up demand? do you think there are m&a transactions that could have happened the last three-month that are on hold and could come back, or do we start from scratc

that leads to deutsche bank.lly been in the spotlight when it comes to jeffrey epstein. anna: talk us through that link, then. there is another thread we need to pick up on when it comes to deutsche bank, and that is ties to jeffrey epstein. what is the latest on that? annmarie: deutsche bank has been in the spotlight for a while, but now they are going to be paying up. the new york banking regulator, they need to pay them $150 for financial dealings with epstein. the reagan later said, despite knowing epstein's criminal history, the bank failed to protect millions of dollars in suspicious transactions. the regulator really lays out how the bank sought epstein out as a customer after his conviction for soliciting underage girls in florida and then helped pay out millions of dollars in legal settlement and withdrew 800,000 dollars for what was known to be cash for travel and tipping expenses. but deutsche bank has said they have acknowledged their error and the weakness in their process, and they said they have le

deutsch. susan is up first out of massachusetts, on the line for those who have had experience with covid-19. go ahead. taking myank you for call. i'm an lpn and long-term care and i tested positive in mid april. luckily, i had an o2 sat machine and was able to monitor my own condition. somewhere in the middle of my infection i o2 sats went down to 82 and i was having pain breathing in. so, i called my doctor, who i never spoke to this whole time. i got a nurse at the doctor's office and i said my stat is 82 and she said whoa. i set of not calling to impress you, i'm calling because i need guidance, i think i need to be seen, there is something wrong. she didn't do anything, didn't pass it along, never got a call back. the next day my condition persisted and i thought i'm not going to just sit back, i'm going to fight, there's something wrong, i know there is. i still had the pain. she said go to urgent air. i went to urgent care and luckily saw a nurse practitioner there who did a d dimer tes

deutsche bank agreeing to pay the state of new york a $150000000.00 fine for sketchy financial transactions related to jeffrey epstein new york state department of financial services superintendent linda lacewell saying in a statement quote deutsche bank failed to adequately monitor the activity of customers that the bank itself deemed to be high risk in the case of geoffrey epstein in particular despite knowing mr epstein's terrible criminal history the bank inexcusably fail to detect or prevent millions of dollars of suspicious transactions lacewell said the bank processed hundreds of transactions totaling millions of dollars at the very least should have prompted additional scrutiny in light of epstein's history including payments to individuals publicly alleged to have been abstains coconspirators in sexually abusing young women settlement payments of more than $7000000.00 and legal expenses of epstein and his coconspirators of more than $6000000.00 payments to russian models hotel and rent

after the break, don't miss our exclusive interview with the ceo of deutsche. we'll get his reaction to the firm's $150 million settlement over dealings with jeffrey epstein today and much more. as we head to break, a quick check on bonds for you stocks are selling off the dow is down 278. ten-year yield is hovering around .64%. so there is buying of the safe haven bonds putting pressures on yields except at the short end of the curve with the two year kneeled up slightly. when the world gets complicated, a lot goes through your mind. with fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations. that's the clarity you get with fidelity wealth management. . >>> hello, everyone. here's what's happening at this hour just moments ago president trump said that he will put pressure on governors to open schools in the fall this after tweeting a demand for schools to hold classes this fall he is getting some pushback on that >>> in new jersey, a major movie theater chain filed a complaint over health rules tha

deutsche is offering to help the wirecard bank.ght also be interested in looking at some of the payment service systems wirecard has. tot of the strategy is -- and theyche's' have a gap in the payment system for merchants. that could be interesting to look at for deutsche. the question is, how much value is there? anna: we really look forward to hearing that part of your conversation. our germany bureau chief. thank you very much for joining us now. a preview of the conversation you are going to have at 9:00 a.m. u.k. time, 10:00 a.m. in germany. minutes away from the european market open, we are expecting a drop in stocks. next, the stocks we are watching. -- bayer after there has been more news flow around the round of trial. ♪ matt: welcome back to bloomberg markets. this is "the european open." still looking at futures that are down. dani burger joins us. whitbread,ing with the hospitality services company that owns hotels and restaurants. earnings coming out looking rough. first quarter u.k. sales down nearly 80%. over 270 of

artsy new york there are plenty to come this hour including deutsche bank and slapped with a massive fine by the u.s. for not flagging up the shade and financial activities of the convicted paedophile jeffrey epstein and a form which analyst and advisor to the head of the russian space agency was arrested on suspicion of treason for passing some pretty information to a nato country but have the details on the stories you saw right. join me every 1st week on the alex song i'm sure i'll be speaking to get off of the world of politics or. i'm sure i'll see you there. welcome back germany's deutsche bank has been hit with a multi-million dollar fine by new york state regulators accused of not flagging up shady transactions of the american financier jeffrey epstein which could be related to the sex trafficking crimes he was convicted of obscene was found dead in his prison cell last year he has been taking a closer look at the case. deutsche bank agreeing to pay the state of new york a $150000000.00 fine for sketchy financial transactions related to jeffrey epstein new york state departme

sonali: deutsche bank is a big bag but goldman has been making a lot of moves. u.s. have been winning because of the debt underwriting issuance. less so the european banks. barclays also, if you look at the m&a tables, top five. they have room to gain some shares if they put money to work and if we can work cross-border. guy: one of the things that has defined the transatlantic risk has been the inability of european banks to gain any traction. is there any evidence coming out of these reports that suggest if we were to see the european economy becoming a little bit more stable than the u.s. economy, and alix talked about it being a relative trait, we can start to see this unwind. when you talk to those within the business who invest in these businesses, do they see any hint of a longer-term shift away from the u.s. back into european banking? sonali: i would not get that excited, but what i would say is the eu you have to look at different spots. when it comes to deutsche bank they said germany might suffer less than the surrounding economy given the fiscal support.

this talk comes in the wake of india blocking the chinese company we bring you up to speed plus deutsche bank has been slapped with a fine for its association with the late geoffrey epstein but will it make a dent in the company and later brazil's president has tested positive for the corona virus is the nation has surged to become one of the new epicenters of coal but now it seems we take a look around the globe to check on the spread of the virus when a packed show today so let's dive in. and china's new national security law is having a huge impact on businesses and finance in hong kong as we have been telling you the new national security law which took effect on tuesday is aimed at banning secession subversion terrorist activities and collusion with foreign forces to endanger national security now but now it appears that millions of companies that do business in hong kong as asia's financial center could be in danger of violating that law now that could mean penalties ranging from fines to having funds confiscated china's ministry of foreign affairs says that those who follow the la

deutsch post dhl hits solid numbers beating forecast with a 16% jump in operating profits. cnbc is told it's fueled the surge. deutsch bank ceo tells cnbc the bank should have never taken jeffrey epstein on as a client as it agrees to pay a $115 million fine. >>> confirmed drove cases in america have crossed the 3 million mark while the death toll has made the biggest one day jump since early last month. let's look at the markets as they double down on the concerns around the coronavirus and of course the economic impact the european markets had a contraction. decent forecasts for investors to rake through just highlighting some of the fears that many have had in the spike of fresh cases we are seeing in terms of the market action, we are picking up on the wall street trade and to european markets that reversed. you can see another modest decline. 1/3 of a percent coming off the benchmark. the sectors and the boards the ftse trade is down by .2 of a percent. it is a minimal decline. we're hearing further reports around consumption, any further scheme to try to support marke

deutsche bank has said that -- wire caps.an you just explain what kind of help they are thinking about? christian: i know you will be disappointed, but i'm not able to give a lot of details. last year we formed the the heartbank that is of deutsche bank. it is why we were founded 100 and 50 years ago to facilitate corporate around the world class -- of the world. is a potential opportunity to look into technology, to look into payment schemes, we are of course assessing that. that is exactly what we currently do. when there is something more to transparency where the first tasks will be done. players inof the key transaction banking services and were handed the obligation to , whether the situation there is opportunity or whether we can stabilize. >> would you think about buying parts of that business? judge,n, too early to but i think we made it clear last year when we set that potential other transaction in germany. the key for deutsche bank must to our shareholders and if this is the case we are happy to look into somethin

that is the heart of deutsche bank that is why deutsche bank was founded 150 years ago, to support andns around the world. for that, you need the basic product to be cash management and payments. there is the potential opportunity to look into technology, to look into payment schemes. of course, we are assessing that, and that is exactly what we currently do, whether there is something more to that, it is too early. we now own the transparency, and that is the first thing to be done. players inof the key the payment and transaction banking services, and we almost have an obligation to look into the situation and think whether there is an opportunity or whether we can save a lot. >> there might be a situation where if it turns out to be valuable enough and interesting enough, you would think about buying parts of that business? >> too early to judge, but i think we made it clear last year when we also assessed the potential of other transactions in germany, the kiefer deutsche bank, it must always be of added value to shareholders. if this is the case, we are happy to look into certain

. >> deutsche bank says the second quarter results will be better than expected ahead of results next week. also signaled that they had a stronger quarter >> what more can you tell us about what deutsche bank has flagged that prompted this early release? >> they are saying that this is because clients are repacing the so-called corona loans deutsche bank was flashing out loans to clients with guarantees back to the state-owned bank during the corona crisis lockdown here in germany because companies wanted to have more liquidity on their balance sheet. now we see with them paying back those loans quicker than expected allows them to have a higher capital, more than 3% than what analysts had expected. that is the good news because they had used free capital now for other stuff like investing in other areas for the business such as it there are many possibilities to invest currently deutsche bank is kind of trying to move very fast into digitalization into its business teaming up with google and the like that's one thing which we heard from yesterday the focus next week, when we get the

follow again our germany's deutsche bank has been hit for the multi-million dollar fine by the new york state regulators it's accused of not flagging up the shady transactions of the american financier jeffrey epstein which could be related to the sex trafficking crimes he was convicted of obscene was found dead in his prison cell last year john hardy has been taking a closer look at the case. deutsche bank agreeing to pay the state of new york a $150000000.00 fine for sketchy financial transactions related to jeffrey epstein new york state department of financial services superintendent linda lacewell saying in a statement quote deutsche bank failed to adequately monitor the activity of customers that the bank itself deemed to be high risk in the case of geoffrey epstein in particular despite knowing mr epstein's terrible criminal history the bank inexcusably failed to detect or prevent millions of dollars of suspicious transactions lacewell said the bank processed hundreds of transactions totaling millions of dollars at the very least should have prompted additional scrutiny in light

to welcome back new york regulators have deutsche bank in their crosshairs due to the bank's relationship with jeffrey epstein r.t. correspondent john but he is following the story. deutsche bank agreeing to pay the state of new york a $150000000.00 fine for sketchy financial transactions related to jeffrey epstein new york state department of financial services superintendent linda lacewell saying in a statement quote deutsche bank failed to adequately monitor the activity of customers. that the bank itself deemed to be high risk in the case of geoffrey epstein in particular despite knowing mr epstein's terrible criminal history the bank inexcusably failed to detect or prevent millions of dollars of suspicious transactions lacewell said the bank processed hundreds of transactions totaling millions of dollars at the very least should have prompted additional scrutiny in light of epstein's history including payments to individuals publicly alleged to have been abstains coconspirators in sexually abusing young women settlement payments of more than $7000000.00 and legal expenses of epstein

an understatement don't you bank back in the news today if there's one word that best describes deutsche as banking practices based on all of the published reports that we have read over the last couple of years it is this sloppy. well most try to at least make the impression that they're playing by the rules don't you bag seems to have been making up its own rules as it goes along their latest issue a 150000000 dollars. jeffrey steedle here is our to correspondent john harvey. deutsche bank agreeing to pay the state of new york a $150000000.00 fine for sketchy financial transactions related to jeffrey epstein new york state department of financial services superintendent linda lacewell saying in a statement quote deutsche bank failed to adequately monitor the activity of customers that the bank itself deemed to be high risk in the case of geoffrey epstein in particular despite knowing mr epstein's terrible criminal history the bank inexcusably fail to detect or prevent millions of dollars of suspicious transactions lacewell said the bank processed hundreds of transactions totaling milli

thanks frank deutsche bank investors are suing the company and c.e.o. for their financial ties to the late jeffrey epstein and just days ago the case was a son to a judge who ended up his family to be murdered but you know what has nothing to do with the story right epstein has nothing to do the story deutsche bank has nothing to do with the story but all of us you know it's this immediate magnet you know this is got to be connected we've got to have a good story for the nightly news this guy is a nut. case and he did talk about it but to me it's so bothersome when you see the media always trying to trying to corner a story where doesn't belong this is one of those exactly right i think it boils down to click bait you know thing to do with epstein draw people's attention to i want to know anything about him who is connected to it because it's such a rabbit hole of who did he know that he blackmail people this that the other stuff they can take a high profile case like this which had a loose connection if you will and a tenuous connection to the epstein

so he should know agrees with them deutsche bank top credit strategist make stunning admission i am a gold bug for money is a passing fad in the history of money so he said gold is definitely a free up money hedge he's buying gold and that money will be a passing fad in the long term history of money well yeah this it always has been a passing fad and there's always a return to gold the thing is that when you have money printers in charge the act of printing all that paper money to anger and dies themselves really fills their head with dreams of it's fear supremacy that's the ultimate form of supremacy is i print therefore i am and if you can pull the levers of political power with your fear of money if you can acquire assets with your fear of money that gives you that god complex that we have so much of a around the world and countries and big corporations and now it's all going to come crashing down silver prices on one day in the past week it went up 13 percent so silver is back it's pass through its long term resistance for the past 6 years 20 dollars and about $0.50 has been a re

>> these documents and others were provided to deutsche bank on one occasion where i was with them in our attempt to obtain money so that we can put a bid on the buffalo bills. >> so there you have it, eamon, exactly what michael cohen testified about. we'll see what he has to say to reporters in just a few minutes. >> we're keeping an eye out on that as well as so many other developments including our first reaction from capitol hill. let's go straight to leigh ann caldwell, first reaction from the chair of the house judiciary committee. why is he central? >> reporter: that's right. we heard from jerry nadler, chair of the house judiciary committee. in a tweet he said "no one is above the lawlaw," responding t the supreme court decision in this case. the reason he is so instrumental in this is of course the impeachment hearings went through his committee and he has been investigating this president throughout, even though his specific committee was not part of these subpoenas that led to the supreme court case. we are told that lawyers, the house lawyers of the intelligence committee

deutsche bank posts a small and the ceo talks about breaking even this year. the british bank warns of a challenging second half. we hear from jes staley. welcome to "bloomberg: surveillance." i'm francine lacqua in london. the markets are moving on a couple of things. they are looking at numbers of infected across the world, but also the fed decision. stocks are struggling for direction. treasuries pretty steady. it is all about the fed, the policy meeting, and what they will give us in indications. in asia, modest gains in hong kong and south korea. they outperformed in china but low volumes. -- 1957.157 let's get straight to the first word news in london with laura wright. james: the uk's looking at ways to loosen its coronavirus quarantine rules after restrictions on trips prompted backlash. one possibility is abandoning blanket restrictions in favor of regional bands and another is reducing the time passengers arriving in britain need to stay in quarantine. the u.k. and u.s. voiced concern about hong kong's election after a flurry of media reports the gov

deutsche bank's turnaround got another boost in the second quarter. german lender reported the biggest gain in fixed income trading in almost eight years, boasted 39% from a year earlier. yet to a biggest blow european bank from the coronavirus pandemic. santander took a 48 billion dollar impairment due to the health crisis. something economic conditions forced the spanish bank to cut its goodwill on past acquisitions, even before they began to make -- the pandemic, santander had the largest of any european bank. and falling after second-quarter results, analysts say the british bank is cautious. that is your bloomberg business flash. tom: thanks so much. a data check today is really interesting. we have futures lifting here. it will be the tech soiree later today. paul sweeney is going to start by -- to stop by and make a smart on that. francine mentioned gold, 1974 per ounce. there are different gold quotes. one a uses comics gold in america. dollar weaker. moments ago, euro neera breaking out to new -- euro-lire breaking out to new lire weakness. f

for our top story today the family of a federal judge overseeing a class action lawsuit involving deutsche bank and jeffrey epstein has been targeted by a murderous men's rights activist yeah this story is something you'd expect from a bad made for t.v. movie but as the old cliche goes the truth is stranger than fiction over the weekend the son and husband of the u.s. district judge esther sallis were shot at their new jersey home by a man disguised as a fed ex delivery driver judge phalluses 20 year old son daniel and her all died while her husband mark suffered critical injuries judged alice was reportedly home in the basement of the time of the shooting so she was not injured the f.b.i. confirms the suspected gunman is men's rights activist and attorney roy den hall and. there they say his motive may have been an active legal case that he'd been involved in that judge sallis oversaw but the suspect stepped back from that case because he was diagnosed with terminal cancer but they may never know for certain what the motive was because one day after allegedly shooting me and girls holland

as for deutsche bank they say they deeply regret their association with epstein.an is with us. this is significant because it's the first time that a bank has been fined in this way for, you know, for allowing for the money transfer that really allowed for a lot of this. >> that's right, poppy. banks are required to know who their customers are and to flag shady transactions. new york regulators are saying deutsche bank failed to do its job here with none other than jeffrey epstein. they failed to apparently flag some of these suspicious transactions. let me just give you a few xarkles that new york regulators failed to take note of. there were school tuition payments for several women. there were payments to russian models and other payments so the regulators are saying that deutsche bank had a lot of mistakes. there was a lot of sloppiness. for their part deutsche bank put out a statement acknowledging they had some errors and fail ours when they brought epstein on as a client in 2013. they say they have hired hundreds of workers of new employees to their financ

deutsch. ♪ it isgood morning, thursday, july 16, 2020. a three hour washington journal is ahead. we begin on decisions being made in school districts around the country about when and how children will go to school this fall. with the coronavirus creating debate over in person versus virtual schools and concerns about school funding shortfalls areteacher shortages, we opening our phones to hear from educators and parents this morning. what is your biggest concern when it comes to school reopening? phone line split up. educators, (202) 748-8000. parents, (202) 748-8001. you can also send us a text. that number is. -- that number is (202) 748-80 2 3. otherwise catch up with us on social media at facebook.com/c-span. a good thursday morning to you. you can start calling you now as we show you education secretary betsy devos reiterating what she believes is the need for students to be back in the classroom this fall. [video clip] kids in lowrom income situations, vulnerable backgrounds, those are

deutsche bank posts a small and the ceo talks about breaking even this year.hallenging second half. we hear from jes staley. welcome to "bloomberg: surveillance." i'm francine lacqua in london

quite stunning want to take you to deutsche bank, some news crossing this morning that an uptick for shareholders and the ceo says in the second quarter the momentum continued particularly in the investment bank and we have seen a lot of activity in that part of the banking world. and so deutsche bank says it is seeing that in its business the ceo remain confident that they will reach their cost target this year and its 2022 targets and deutsche bank ceo says that the investment bank is clearly on track and the ceo says that there will be a bit of a slowdown in dcm business in the second half. so also warning about some of the unevenness in the business so far the ceo says that it will be hard to repeat one to one what we have seen in the first half as it plays out in the second half but they are even ahead of their own internal plans which they gave themselves pre-covid. so you may recall that they allowed huge changes to the business before coronavirus hit. and the ceo says they are still trying to achieve the pretax profit so still has their eye on a significant target so it was a

i'm julianna tatelbaum these are your headlines deutsche bank shares rally as investment bank revenue jump 46%. rising significantly throughout the rest of the year >> we'd like to see better performance in the second half of 2020 than is the case in the second half of 2019. we don't want to get too far ahead of ourselves but it is gratifying to see the momentum >> barclays sets aside $3.7 million shares. sending shares lower in london telling us this bank's capital position is strong >> we remain very capitalized and liquid we sustained profitability in the face of this pandemic. that allowed us to help customers around the world >> santander sees red amid a slew of write downs. >>> investors find the diamond in the rough at kering sales fall less than expected, dropping almost 44%. the french luxury group says there will not be a second half bounce back. >> as you heard there in the headlines, we heard from a number of companies across different sectors putting it all together markets trading higher up 0.2%. we are building on yesterday's gains the main benchmark breaking a two-day

so that was a class action suit with deutsche bank. so there are a number of things that investigators are looking into. and again, as i mentioned, her husband, as well, a criminal defense attorney. so a lot here that vrinvestigats are sifting through. and it's a massive investigation. neighbors telling us that the son was really the heart of this family. she recalled a story whendelive the snow a couple of doors down, just to make sure that the neighbors were well taken care of during a massive snowstorm, loved playing basketball and baseball with his father. just a heartbreaking story and so many questions still need to be answered this morning. >> indeed, indeed. brynn gingras, thank you so much for being with us. joining us now, jonathan bawakr, a former secret service agent in the obama white house. this judge was presiding over several high-profile cases, the husband also a criminal defense attorney, which raises questions. how are federal agents now going about investigating this case? >> thanks, john. listen, this is a very com

new york regulators say deutsche bank has agreed to pay 100 $50 million to settle claims that it broke compliance rules in its dealings with jeffrey. the regulator said deutsche bank failed to protect or prevent millions of dollars in suspicious transactions including payments to epstein's co-conspirators and russian models. women's rights groups in france are protesting a man facing accusations of rape as interior minister. he is under preliminary investigation and denies any wrongdoing. emmanuel macron's office says this is not an obstacle. the german aid organization says the coronavirus pandemicic could push a a billion people e aroune world close to starvation. the charity has launched a campaign to support some of the world's poorest. saying it needs to raise 100 million euros to help those whose situation worsened because of the pandemic. video has emerged appearing to show masked men attacking migrants trying to reach greece. the identity of the attackers remains unclear but an investigator by dw news has uncovered information suggesting the attackers may be linked to the greek

george saravelos of deutsche bank. coming up, the former ambassador to the e.u.will talk about the foreign policy, spat between the u.s. and europe. we have been looking at gold, we are looking at gold with tom. we have also been looking at some of the economic toll from the virus. now, this is what the markets are telling us. if you look at european stocks, equity futures are up. investor earnings from all sides. they are looking past the tensions between beijing and washington. the dollar actually flipping for a fifth session, and i know, tom wants to talk about gold. it is advancing for a fifth day, and we were just asking george saravelos about the you want. the renminbi strengthening offshore. treasuries pretty much steady. i have heard a couple of research notes from some banks saying that actually when you look at the asset, because we had white a lot of news, the stimulus from central banks mean that they could be range bound, and a lot of the rickets -- of these markets. we will explore that shortly. this is bloomberg. ♪ >> a breakdown in relationships w

the company is owned by deutsche post, which just announced a guidance for the year.mping on reports the u.s. may punish banks in hong kong and de-stabilize the currency peg to the dollar. hsbc may even be a specific target. the british lender makes more than 2/3 of the pretax income from hong kong. hsbc recently back to china's new security law, drawing criticism from politicians in the u.s. and u.k. francine: global stocks on the back foot today after concerns linger of the economic impact of the coronavirus. let's focus on the markets and the future of the investment industry with keith skeoch from standard life aberdeen. when you look at the asset management and the push for yields, how do you expect a crisis like the one we have seen and are still experiencing change the asset management business? keith: i think it is going to bring significant changes to the asset management industry. i think on two fronts. andimpact of this recession something that always follows recessions is a rising the savings rate. we have seen that. one of the things the asset management

the calculations of deutsche bank for stimulus are extraordinary. do you just see that out there, that we run out of options and bonds and we've got to go to ever greater fiscal stimulus? sebastien: i think that's correct. one of the highest estimates i have seen for the global stimulus measures between fiscal , monetary, all over the world is $24 trillion, if you include some potential measures. think about that, $24 trillion. the size of the stock market webally is $50 trillion, so are talking about stimulus measures that represent half of the total market cap of the global stock market. we are getting more money relative to stuff to buy than ever before, and we are getting it three times faster than ever before. lisa: i am buying your cause here and saying stocks perhaps look better than bonds. so why are you selling stocks right now? sebastien: we benefited from the recovery, and there are risks to this rally. to be clear, we are neutral. we think now is not the time to be a hero, if you will. some of the key risks are what you are talking about

binky chadha thereof deutsche bank.e been conditioned to be negative, but europe has got it together so may times, and again and again, it's come out of the other side with a suboptimal, mediocre agreement. tom: explain the netherlands here. i think our audience in america doesn't understand the nuances of netherlands between the united kingdom and particularly relationshipds' with germany. jonathan: it includes austria and others as well, the frugal four. for me, the issue is there's got to be some kind of fiscal transfer. there can't be loans. there need to be grants. if there is not agreement on that, if there is no formalized mechanism to get unity around, then i think we are in store for a huge upset coming out of the weekend. we need to see some progress. for many, it is not about the size of the agreement. it is about the mechanism they agree to. if you can get that mechanism for fiscal transfer, then over time, people will believe that sets the stage to do a whole lot more down the road. tom: we haven't touched

new york regulators say deutsche bank has agreed to pay $150000000.00 to settle claims that it broke compliance rules in its dealings with the late sex offender geoffrey epstein a regulator said deutsche bank failed to detect or prevent millions of dollars of suspicious transactions including payments to epstein's coconspirators and some russian models thing. if you ask investors electric carmaker tesla is the most valuable car company in the world but that's based on their hope that the company can be an industry giant like books flying toyotas or g.m. to get there though tesla needs to build a lot more cars and they're making progress construction of a new factory near berlin is ahead of schedule though not everyone in the neighborhood is pleased. if if the fires in question located 40 kilometers southeast of the german capital berlin it's here include hyder that tesla wants to begin producing electric vehicles by the middle of next year construction of the plant set to employ some 10000 people is a ready well underway. the multi-billion euro investment is music to the ears of show

so he should know agrees with them deutsche bank top credit strategist makes stunning admission i am a gold bug fear money is a passing fad in the history of money so he said gold is definitely a fee out money hedge he's buying gold and that money will be a passing fad in the long term history of money well yeah this that always has been a passing fad and there's always a return to gold that the saying is that when you have money printers in charge the act of printing all that paper money to anger and dies themselves really fills their head with dreams of its supremacy that's the ultimate form of supremacy is i print therefore i am and if you can pull the levers of political power with your fear of money if you can acquire assets with your fear of money that gives you that god complex that we have so much of a around the world and countries and big corporations and now it's all going to come crashing down silver prices on one day in the.

buying the narrative because judge sallis is currently overseeing a class action lawsuit against deutsche bank by investors who accuse the german financial institution of failing to monitor known high risk clients including jeffrey i've seen now this judge was reportedly assigned to that just 4 days prior to this incident so just the what do you think happened here. boy i don't want to say god this why this one is so bizarre our mood our look at there's. obviously we're only see of the tip of the iceberg you know there's got to be bored if there's a god don't know where to go with their son did this allegedly this hot. and there had a case in front of the judge the way i understand it 23 years ago and then he got out of the case because he said that he had a sickness cancer or whatever it was would he sit in the hold that grudge for 3 years being involved in a case for that long and then disguise himself walk up and he doesn't shoot the judge he shoots the judge's son and her husband well what what was rat for why would he do that if he was looking to simply eliminate her because her his