deutsche bank analysts saying money will move into chinese stocks on ev's and ai innovation.s the benchmark and on the region, gains. the nikkei down by .7%. the japanese prime minister meeting with trump later. a u.k. payments firm is weighing listing in the u.s. instead of his hometown of london. that will put it in the growing ranks of companies chasing higher valuations in new york attracted by cheap financial conditions. joining me is jp barnett. this is about a number of companies looking for a deeper capital markets outside of europe. it is not just a london story. it is a frankfurt story. it's a paris story. what is so different right now? jp: good morning. i would say it goes beyond the startups into european bellwethers and established companies. the difference is the prices of european capital markets and its decline has become an existential threat. we don't have a google and an amazon and that has been well-known but there's a trend emerging over the last couple years not only that we are losing 300 billion dollars in money that had been invested in europe before

we have a sneak peek at some of the commercials, donny deutsch. welcome back.e big trends this year. $8 million a commercial. what are you expecting to see? >> i think you're gonna see a lot of not serious stuff. i think that people want escapism. as always, we'll see a lot of celebrities, a lot of humor. lot of just, i want to relax and laugh. the problem becomes so many celebrities every year it becomes a celebrity lalapalooza. you don't even remember who was doing what. it's gonna be interesting to see. >> sam: i'm guessing you get a chance to see them before we do. is there one or two that stood out to you? >> i think the one that stood out is the when harry met sally reunion with meg ryan, billy crystal where she has her fake orgasm. [ laughter ] can i say that on morning tv? [ laughter ] what i like about this is the product is front and center. it's part of the reason they're in the ad so it makes sense. >> rebecca: you mentioned the celebrities. there are so many celebrities now in these commercials. you have some of these reunions. but that's an expens

deutsche bank's jim reed highlighting this morning for some perspective that these three countries that have been targeted make up around 40% of imported us goods at around $1.35 trillion. for comparison, in the first trump administration, the tariffs that were put in place, the us targeted around $350 billion of chinese goods. so major, major scale that we're talking about here now in terms of sector gainers in europe this morning. here's a picture of those impacted the least. perhaps you've got telcos utilities insurance and media most resilient. it is the laggards that are most important though this morning the sectors that are bearing the brunt of the sell off the auto sector down 3.2%. auto makers obviously heavily reliant on manufacturing operations across north america, not just in the us but across the continent, highly complex supply chains as well. you've got basic resources off more than 2%, technology also selling off quite hard, about 2%, industrials down 2% as well. not up on the board there. but we've got the luxury names also seeing some heavy selling this morning in ter

. >> deutsche bank out with a really interesting note this morning saying that shares of very richly valued. they're pricing in a lot of the expected future profitability here and shares giuliana have had a really good run so far this month. yesterday we saw the big declines in line with the market, but overall shares up by double digits more than 15%. so i'm sure there is a degree of profit taking here because numbers by and large were better than expected. we're seeing the profit before tax $1 billion. the net profit $0.8 billion. that was better than expected too. on top of that, you've got the higher than expected divi announcement and the share buyback program that has been flagged for 2025 of $3 billion. >> there is some. >> uncertainty related to that when it comes to regulation. and capital surcharges, but that remains to be seen. we'll probably get more clarity on that over the summer. but obviously the big topic for up for discussion when it comes to the investment community and clients of ubs is. how confident do they feel about investing? how confident do they feel about

and we will be talking about the commercials because donny deutsch expert on that always brings someo the set. so you'll see all that and more on gma okay. >> like i don't know are the do you think the commercial is going to be good this year. i'm seeing very mid things so far. >> they're entertaining right. >> yeah yeah yeah i saw like a yogurt one so far i'm not sure but we'll be watching. so i guess they'll get what they wanted right. >> that's true. us buying things ginger thank you. we will see i was still masking my depression symptoms. my doctor said it could be because my antidepressant alone wasn't enough. so she recommended an add-on treatment. she recommended adding rexulti. when taken with an antidepressant, rexulti was proven to significantly reduce depression symptoms more than an antidepressant alone. so with my antidepressant, rexulti could provide a boost. elderly people with dementia-related psychosis have increased risk of death or stroke. antidepressants may increase suicidal thoughts and actions and worsen depression in children and young adults. call your health

if you look at those deutsche bank sector flows. tech has been the only sector over the last two years that has had net new money flow in. you've seen a little bit come into financials over the last few months since the election. so it's a good argument or a good question of is this market offsides in the fact that it's not prepared for a leadership rotation away from tech, which could suggest that maybe there's some more pain in that churn miss. >> why equal weight s&p has has ahead of the s&p year to date. yeah. right. because these areas other than you know the mega caps have performed better than those stocks. so what do you make of that. the fact that the tech is the only negative sector over the last month. >> well i. >> think again it sort of speaks to market resilience because tech is the biggest sector. it's down 10%. a lot of folks would say that would take the tape down. and instead we're up 3%. >> for january. >> and you know, if tech. >> underperforms this. >> year, i'd. >> actually still think it doesn't. >> make a dif

deutsche has got a chart out today where they look at all the hyperscaler capex and they reference chuck prince calling it an eerie parallel to chuck prince. the famous quote, as long as the music is playing, you've got to get up and dance. >> we should explain to. >> people. >> who chuck prince is, because many people may not even remember he was the man who ran citigroup during the financial crisis or going into it. he'd been the general counsel, by the way, took over for, i think it was for sandy weill. yeah. and that was his famous quote. and of course, citi basically was this close to me insolvency. >> well that's true. yes it was. they were the worst. and that's why i think that their book value is still tangible, book value still, they've never. fully recovered from. no, they did. okay. i think that we're going to see this is what's going to break amazon out. the word that they have an alexa who's going to be your personal assistant. >> you wrote about this yesterday. >> yes. now i mean this morning i get up, it's like, you know, the usual 4:00 the futures look bad with honeywell

george saravelos of deutsche bank on the risk to return to parity on the euro-dollar.risk --a tariff risk premium. lisa: when you have german members looking to maybe keep rates a little higher. jonathan: up next, kevin gordon, angelo zino, gregory daco, tony rodriguez. the third hour of "bloomberg surveillance" is up next. ♪ ♪ where ya headed? susan: where am i headed? am i just gonna take what the markets gives me? no. i can do some research. ya know, that's backed by j.p. morgan's leading strategists like us. when you want to invest with more confidence... the answer is j.p. morgan wealth management >> it does not look to me like wall street has priced in these tariffs going into effect on a sustained basis. >> i feel like the risks are higher than people appreciate. >> the biggest theme is risk off. >> we think we are the beginning of a multi-year you -- multiyear move out of the u.s. into non-us. >> we expect nothing but plan for everything. >> this is bloomberg surveillance with jonathan ferro, lisa abramowicz and annmarie hordern were in. jonathan: this is a fan