deutsche bank raided by police. d of providing help with offshore accounts." think panama. capitulation, the 10 year yield at 2.99%. jean-claude trichet on jerome powell, the dove, and mario draghi. don't cry for me, michael mckee. ashael mckee in buenos aires the g-20 oh wakes trump and xi. good morning, everyone. this is "bloomberg surveillance." i am tom keene. bonjour.de trichet, francine: bonjour. rate tookhe bank people by surprise. there are german police still at the headquarters of deutsche bank. , denmark, butke it is about money laundering. it brings us back to the panama papers. our,in the last representing shareholders, i thought that was extraordinary. when does this end for a troubled institution? let's get first word news. >> in germany, prosecutors have rated offices of deutsche bank. a probe of the so-called panama papers indicated the bank set up offshore accounts and failed to report suspected money-laundering. two employees have been named as suspects. is warning parliament that rejecting her ris

welcome to the program german prosecutors have raided the offices of the country's biggest lender deutsche bank one hundred seventy police officers descended on six of the banks premises in and around frankfurt the raids are part of a probe into money laundering. claims implicating deutsche bank stuff that were in a large data leak in twenty sixteen known as the pattern of papers the leaks suggested that deutsche bank staff helped to funnel money belonging to criminals into offshore tax havens today's raid was separate to an ongoing investigation into another money laundering scandal involving deutsche bank and denmark's downs go back. let's get more now on this breaking news we're joined by gary hart first here in the studio early bartz is also joining us from frankfurt and their heart i'd like to begin with you just to put this into overall context for us because this is a big deal isn't it yeah this is big big big i mean we're talking about a separate entity on the british virgin islands not really known for their strict banking banking regulations set up to deal with nine hundred customers

because of money lau laundering suspicion apparently according to reports deutsche bank has offered clients to set up vehicles in jurisdictions which is not okay with the law here in germany that's what we're hearing currently. we have not heard from deutsche. deutsche is apparently working on a statement to have the public informed. the prosecutor is saying they're searching the offices, and that's what i can tell you from now. of course shares are going down quite tremendously because everybody is reminded of all these legal problems that deutsche bank had been fighting for years and years. the last time i seen such a big ra raid at deutsche bank's headquarters was in 2012 back to you. >> thank you very much worth pointing out that last week speaking before the danish and european parliaments a whistle-blower former lly emploe by danske bank said there was a bank involved with cash flows passing through the estonian bank he did not name deutsche bank but reuters says they were involved in that >>> the bank of england says the uk financial system is resilient to the wide range of r

deutsche bank trading down 3.98%. we are watching what is happening here we will figure out what is going on. that is the european market. let's look at the u.s. market. abigail: a risk off in the u.s., dow, s&p 500, nasdaq, solid declines which could be giving back to the big gains yesterday. yesterday, the biggest rally since march. this is the first down day in four. points,wn five basis the reaction to the fed chair and the perception his comments were dovish, sending bonds lower. declines for the major averages. let's look at a chart we looked at yesterday. of the s&p 500 futures. sidewayslast year, a trend which tells you we have a battle between the bulls and the bears, a big contrast to the uptrend we had in 2016 and 2017 when the bulls were formally in control. this,day, when we look at the s&p 500 was closer to the bottom. on the rally yesterday going up to the level of resistance that had been drawn in. that level of resistance, the seller still holding. the range, while neutral to the bulls and the bears,

first up, deutsche bank's paper trail. authorities raid the bank headquarters, seeking to suspects and information tied to evidence exposed to the panama papers. blackstone welcomes the volatility. the president says increased market vol is good. -- disappearing severance. new claims against the former cbs chief's severance package. david: joining us now is jason kelly. let's start with deutsche bank. we don't know what is going on with the investigation but it is not just speculation about the company. if you are working at deutsche bank, how are you feeling about your employer? ason: part of the issue is panoply of headaches, commercial regulatory and now legal and this legal issue is not going to go away anytime soon. when this sort of rate happens, it is not like we found a we needed and we will get back to you. david: the federal reserve had already been on a watchlist. regulators to not have a lot of faith in deutsche bank to begin with. jason: even this morning, i was on the train platform when this came up and the

bodies are also this evaluation that the suspicions of deutsche bank was helping clients set up so-called offshore companies in tax havens . for dogs from their money is said to have floated tortured bank with as the bank reporting any suspicion of money laundering and so i started to. these are the kinds of allegations that is true could bring down an already embattled bank deutscher was quick to present its view of the events. the longer i live i live on them for we believe we've provided all relevant information to the authorities regarding the panama paper case of course will now cooperate closely with the public prosecutor's office and frank for us it's also in our interest that the suspicious facts are quickly in entirely clear dog. attention will now turn to george's boss christiane thieving he's only been in the top job since april but he's been at the bank for decades he ready faces the challenge of reversing years of losses now is really up to him to address accusations that hasn't only been mismanaged but involved in far shady or potentially criminal business. more from the hea

we begin with a big developing story on deutsche bank german authorities raiding the company's headquartersnd other offices in frankfurt, germany earlier today. dow jones is reporting that this is all part of an investigation into the bank's off-shor off-shore entities we'll have much more on this developing story and bring you the trade as it all develops throughout the day. >>> if you were looking for a follow-through to yesterday's monster stock rally, we apologize. you are not getting it, at least not right now. dow futures indicated down by 100 points s&p and nasdaq the same. what may have been lost in the stock talk yesterday was the move in bonds. bonds also getting bought. as bonds get bought, the yield comes down and the ten-year yield is sitting right on 3% look at that ten-year yield, 3.01 if we see a break below back into the 2s, 2.99, that would be, as we say, news. let's look worldwide asia not rallying on our rally the japanese market up, the hang seng and shanghai are lower. in europe we are seeing some overall gains, but not nearly to the extent of the rally we had yesterda

francine: more breaking news on deutsche bank. the german bank offices and those started yesterday morning around 9:00 monday morning. 9:00 thursday morning. the latest is that a board office is said to be rated. -- raided. when you look at who the , who could bekeup part of this, she was mentioned and so was tom patrick who runs operations in the americas. we will have to keep a close eye, deutsche bank shares at a record low. we are getting breaking news out union, sayingn the brexit deal is the only one possible. we are seeing pressure from all sides. theresa may, and ahead of this vote, you get one shot, it is this deal or no deal. the e.u. saying the same thing. let us get straight to first word news. uma: thank you. we have developing news here. another american company is reporting a giant data breach. marriott has learned up on tohorize stocks us -- access the guest reservation database. it began in 2014. marriott believes the database had information on 500 million guests. marriott is saying it does not believe the incide

first time the doj a bank has been accused of financial misbehavior no it's not the first time deutsche bank essentially caught seem to shake off the problems that it's had the u.s. federal reserve has it on its list of troubled banks the international monetary fund has called it the most dangerous bank in the world two years ago it was fined fourteen billion dollars in the united states for the unicity misselling of. mortgage backed securities bad mortgage backed securities i should say and the fine that it could potentially face now could run into the medians staff who were found guilty could go to prison the share price is already plunged the reputational damage could be huge this week despite all that it's still here it's still germany biggest lender its demise has been predicted before so this just looks like another beginning of the end for that let's put it this way often banks to five practice they're involved in bad practice they are find they pay the fines and then they carry all knots that business model they've been doing that for decades the difference is this time around deutsc

subsidiary was involved and we later found out he was referring to deutsche bank and it has drawn the this scandal and i think that everyone is now asking what exactly was its role . did it know about this, what could it have done to prevent these flows? the question is now look at happen to deutsche bank and investors are trying to figure out what exactly this could mean for them as a whole. as you say, do we have any understanding about the size and the scope of what this could ultimately mean? >> what we know is we have heard from someone, from a person familiar, that the bank has shown that this could be about $150 billion over nine years, it's a long time and just as a correspondent bank the question is always how much responsibility do you have is a correspondent bank. it could be a potential role if investigators taken interest in this and those investigators .ave taken an interest if anyone decides to slap a big fine on deutsche bank for this, not saying it will happen, but this is the concern that people are having now. in the pastions have been a big problem for deutsche ban

the deutsche bank. ting for members of congress who want to know more about this relationship. what do we know about how the president got money from this bank and if i'm recalling your past reporting correctly, essentially he had access to funds that a normal business wouldn't be able to tap, right? >> well, he got more than $360 million in loans recently from deutsche bank to finance two really big acquisitions. the doral golf course and resort outside miami and the acquisition of his lavish hotel in downtown d.c. both places where other people felt he paid too much like maybe he wouldn't get enough financing. he got it from deutsche bank. and he got it from a particular office at deutsche bank, the private banking office. this is not the regular commercial lending side of deutsche bank where there's a lot of underwriting, checks and balances to make sure the loans they give out of sort of properly vetted. this was a private banking arm where there seemed to be less control but he still got commercial

-- influence deutsche bank.ee who will prevail. steve, the sun is quite literally shining on deutsche bank behind you, which is nice to see. but we have clouds hanging over this story in zurich. bank really underperformed this time around? what caused the problems? you know, i am not a credit suisse expert, but what i think is interesting -- obviously, i draw parallels to deutsche bank. they saw just now on tv, are trying to do a restructuring, just like deutsche bank. is a lot of restructuring, and it clearly shows that the ceos sometimes underestimate just how hard trading units will be hit if key people leave, if there is uncertainty over the business, and that is compounded by their general downtrend in the market. i think some of these factors will play a big role at credit suisse as well. guy: steve, great stuff. steven arons joining us from frankfurt on the european banking sector. vonnie? vonnie: time correlative some of the biggest bloomberg business stories in the news right now. bankerser goldman sach

of course, it also means an overall decline in deutsche bank's business, which could be coming on theof these probes, it is not necessarily going to be good for the customer who wa nts to be good for the customer who wants the banks to be where the customer is. so, even though it is not necessarily direct directly impacting people because this is people's money, not the average saver so people's money, not the average saver so to say that has been laundered, but is the money of affluence kinds that has been placed on the british virgin islands betting you long on, yes, it does impact the average customer. 0k. let's talk about the story that is fast company and the website there, they say that airbnb is going to start designing houses. it is not just a company that is providing housing, it is a company that provides the houses itself. quite interesting, this is its new initiative called the act yard. to design and prototype new ways of building and sharing homes, this sort of strange convergence of business models. well, yes, i guess an interesting development given of course that we h

deutsche bank, the german authorities have gone into deutsche bank's offices earlier today seeking evidencea money laundering investigation relating to the 2016 panama leak. for more let's bring in our next guest. this relates back to that of all papers and panamanian law firm that had really thrown a light on in 2016. some of the ill-gotten a committees suspected from deutsche bank happened to have potentially had been going on a few weeks ago. >> the probe lasted until 2013 and the new ceo took charge this year. it is a question of how much the current management team had to do -- deal with what was going on. there were two bank employees involved in the probe and doesn't spend larger than that, who knew about it, and there are questions -- a lot of questions involved. as well as are the regulators in the u.s. going to be looking at this as well? taylor: where's management and the board of directors? they brought in christian to turnaround deutsche bank but so far it is not fruiting a lot of results. where's the board of directors? cameron: the board of directors -- sonali: the board of d

the real loser is near germany, the deutsche bank story. rd low driving banks down by point 3%. another asset class has moved to safety on the margin, dollars stronger, buying across the treasury curve. the curve continues to flatten, currently at 20 basis points. what will wind up being the trade if we see a fed because, now that it seems more viable after the minutes and fed chair jay powell spoke. that's not the only thing happening in the g20, also oil, vladimir putin and mohammad bin salman on meeting tomorrow. to 65 for next year, and the deal is, what kind of oversupply are we looking at? david: indications that they might cut productions, which we haven't seen yet. let's get an update on what is making headlines with emma chandra, here with first word news. g20, speaking with the president trump has hinted there could be a trade agreement with china. for the g20rgentina summit and will meet with china's xi jinping tomorrow. the president says he is very close to, quote, doing something with china, raising expectations of a cease-fire

it is another headache deutsche bank has to deal with. ries they comes on a of headaches for the bank. what i saw today was investors and analysts saying this is just another distraction, another problem for this bank and we will wait and see where it goes. it looks dreadful because of the many missteps the bank has endured. vonnie: it will be interesting to see what happens to the chairman. the focus turning more to him than the ceo. just a little bit more time from investors potentially. amanda: we are seeing the stock fall when most of the broader averages are seeing next action --mixed action. trade is back in focus. agenda.is on the a modest move across the market. techs and financials are two spots of weakness. energy is gaining. once fought to watch his health care. united health soaring on its outlook. that is getting a thumbs up lately from investors. vonnie: i am looking ahead of the fomc meeting minutes coming in about 25 minutes. -- the yellow line is the rate hike expectations. 500,lue line is the s&p which has been coming dow

german authorities raiding deutsche bank's frankfurt offices. stock is down nearly 3%. vepil get more on this big and vepil get more on this big and delong story as we roll on this is a diamond you can follow from mine to finger, and trust it never fell into the wrong hands. ♪ ♪ this is a shipment transferred two hundred times, transparently tracked from port to port. this is the ibm blockchain, built for smarter business. built to run on the ibm cloud.

bank staff had helped criminals follow money into offshore tax havens. police vans surrounding the headquarters of germany's biggest lender if deutsche is image wasn't already in tatters it certainly is now. the banks accused of helping clients hide money and crime their suspicions are based on revelations contained in a set of leaked documents known as the panama paper is. different after. a suspicion of rows in the summer is august two thousand and fourteen really not after the federal criminal police officer evaluation from the parliament papers the so-called offshore leaks. bodies are also this evaluation that the suspicions of deutsche bank was helping clients set up so-called offshore companies in tax havens. for dollars from their money is said to have floated deutsche bank with the bank reporting any suspicion of money laundering and so i started talking. these are the kinds of allegations that if true could bring down an already embattled bank deutscher was quick to present its view of the events. yvonne don i live there live and then from we believe we've provided all relevant information to the authorities regarding the panama paper case of cours

this is g w news live from berlin german prosecutors write that country's biggest lender and deutsche bank investigators want to know if stop at the bank helped a longer money for criminals the claims were first made in the twenty six team data leak known as the panama papers. also coming up in germany calls for calm over the crimea crisis chancellor angela merkel says that there can be no military solution to the standoff between russia and ukraine the two neighbors have been on the brink of conflict since a needle clash over the weekend and a court in the philippines finds three pleas officers guilty of murdering a teenager they are the first officers to be convicted for the killings that are part of the president to tear taste so-called war on drugs plus pull back all the truck rolled bush was working ever because your bird flu federal emergency for. d.w.i. means the armed civilians patrolling the southern u.s. border to defend against what they call invaders this says that you want to confront a health crisis among stranded central american migrants living in desperate conditions. i'm

this is g w news live from berlin german prosecutors raid the country's biggest lender deutsche bank investigators want to know if staff at the bank helped to launder money for criminals the claims were first made in the twenty six team data leak known as the pad of paper. also coming up a court in the philippines finds three police officers guilty of murdering a teenager there the first officers to be convicted for the killings that are part of the president to turn the so-called war on drugs. i'm sorry kelly welcome to the program. german prosecutors have raided the offices of the country's biggest lender dortch a bank as part of a probe into money laundering the investigation is based on revelations made in the twenty sixteen data leak known as the panel of papers that week suggested that deutsche bank staff helps criminals funnel money into offshore tax havens police surrounding the headquarters of germany's biggest lender if deutsche is image wasn't a ready in tatters it certainly is not zero. the banks accused of helping clients hide money earned from crime the suspicion of mon

that person identified the lender as deutsche bank. ank liable for penalties. boston scientific has agreed to buy btg for $4.2 billion. that represents a 37% premium over the company's closing price yesterday. btg makes medical technology devices for doctors in the field of cancer. plans tonounced gohsn. goes in -- francine: we caught up with the french finance minister who said he is not in a position to run a company. >> i would have all the necessary discussions with the people that are in charge, and we would take decisions as soon as possible to ensure stability and long-term visions for renault and nissan. that was the french finance minister speaking in brussels. joining us from berlin, our bloomberg opinion columnist. the concern is that he was seen as a rock star. he put this alliance together. with him falling from grace so badly, where does it leave the alliance? >> very tricky question. i think france has been caught flat-footed by what happened in japan over the last 24 hours. totally unexpected news. a lot of clarification

deutsche bank has a very large u.s.hat is rather need to work harder to regain the confidence, because it affects the backing they have for their trading business, a global business. to be a global banks, you have to be in the u.s., so they have to get that right. francine: thank you so much. we are back with andrew wilson from goldman sachs asset management. the linkage between the banks and the european economy, and then you look at some of the problematic countries and you focus on a daily their banks are linked to btp's. how much do you worry about the italy?issue in andrew: if you see it only getting downgraded or even the threat of a downgrade, that will have implications for credit ratings of the banks as well. i think that is a bigger threat. of course, they said, we don't think it is growing that much at all. so the growth challenge, the broader ecb monetary policy, negative rates, they look like they will persist for another year or so. combined with the risk of a downgrade, that makes you cautious about their

with a dog from their money is said to have floated deutsche bank that the bank reporting any suspicion of money laundering. or baking analysts today said that this latest probe could end up being a mortal blow to georgia now the company is no stranger to money laundering allegations in fact george bank is considered problematic just about every financial regulator from germany's to the u.k. and also at the u.s. federal reserve today the base said it is already cooperating in this latest investigation. we thought that we had provided to the authorities all the relevant information regarding punishment papers and of course we will now cooperate closely with the prosecutors here in frankfurt on mine and in germany as it is in also in our interest to clarify the facts as soon as possible. are join me at the big table now is our business a compressed off. you're in a right there potentially criminal business and some analysts have been saying that this today could end up being a mortal blow to deutsche bank and how much trouble is the bank in tonight well. these are yet again one might say

they are doing better than deutsche bank and not terribly badly. michael: anything north of 7% or 8% is quite strong given this is supposed to be somewhat of a crisis. the u.s. banks similarly had a pretty strong result. there has been such a push since the financial crisis to boost bank capital. we are seeing that play out in these tests. vonnie: looks like the nordic region banks are doing pretty well. sight says it will requirements when adjustments are made. that is what we have on the european banking stress test scenario. thank you to michael moore. we will update you throughout the afternoon. let's join "real yield" and progress. >> in the end it will give you more revenue into the coffers and the deficit goes down. the question is not been answered yet. to your point, that is only part of the problem. you have an aging population which you have doesn't -- done nothing about social programs that you promised. years,next three to five you probably are looking at $1 trillion in new money you need to raise each year in the treasury. jonathan: wo

this is d w news live from berlin a german prosecutors raid the country's biggest lender deutsche bank investigators want to know which staff at the bank helped to launder money for criminals the claims were first made in the twenty six thousand data leak known as the pattern of the paper. also coming up germany's chancellor angela merkel calls for calm in the standoff between russia and ukraine and russia says that ukraine orchestrated the naval clash off of crimea ukraine's president joins his troops and urges nato to intervene and a court in the philippines finds three police officers guilty of murdering a teenager our president to terror tape launches launched the so-called war on drugs and they are the first officers to be convicted for their part in that. plus in the next sixty minutes patrolling the border with mexico. to go back or. fold bushwalk where you are because where you were federal america's full. armed civilians defending the southern u.s. border against what they call invaders this as if you want to confront a health crisis among central american migrants living in d

deutsche bank, down. unicredit, down.u and i don't see in a value trap? >> i would love to know the answer to that question. ,he thing that would make sense any value investor needs a catalyst. tom: merger. consolidation. >> who will buy? francine is incirlik right now. where does credit suisse fit into the mix? >> credit squeeze has the hasntage -- credit suisse the advantage it can have its particular niche and swiss way of fitting into the niche, that wealth management and asset services for the rest of the continent. it has more of a fortified position it can try to benefit from. troubled thanre credit suisse. in the case of deutsche bank, if you are taking a big stake, the logic would be you yourself could be the catalyst. there is something deutsche bank and do other than wait for the thatmy to achieve ignition can get deutsche bank growing again. i'm not sure what that would be. it is too big to merge with somebody. merger ifdo a shotgun you split it up into its constituent parts. some of those parts aren't worth m

to the program german prosecutors have raided the offices including they have quarter of deutsche bank as part of an investigation into money laundering inquiry is based on revelations made in the twenty sixteen data leaker known as the panama papers which suggested that bank staff had helped criminals funnel money into offshore tax. police vans surrounding the headquarters of germany's biggest lender if deutsche his image wasn't already in tatters it certainly is now. the banks accused of helping clients hide money earned from crime this is based on revelations contained in a sense of leaked documents known as the panama papers. different docked. mission a rose in the summer my oldest to say i'm going to be not after the federal criminal police officer evaluation data from the panama papers the so-called off shore leaks. buddies are also this evaluation that the suspicion is a bunch of bunk was helping clients set up so-called offshore companies in tax havens. for dollars from their money is said to have floated deutsche bank with as the bank reporting any suspicion of money launderin

deutsche bank mulling a shakeup in its top ranks again as regulators express frustration. source told bloomberg the bank's chief regulatory officer and tom patrick, who runs u.s. operations, may leave the company. any final decisions have yet to be made. the reshuffle could serve as another blow to the credibility of the lender. the stock hits a record low every couple of weeks and investors worry it is being drawn into more recently danske bank's multibillion-dollar laundering scandal. joining us from frankfurt, and german banks reporter. how certain is this and where does it come from? at people getting pushed out, or people leaving because they are frustrated? >> i mean, look. as we pointed out, deutsche bank has been a focus for compliance deficiencies for a long time. german regulator recently took the unprecedented step of installing and anti-and -- anti-laundering monitor at the bank. or have been questions about the efficiency of their controls and we have been hearing she has been in the spotlight for a long time. .he has been under criticism maybe she is tired of

that deutsche bank is identified as one of the biggest money laundering banks in the world perhaps.are the only ones who were amenable to providing loans to this president. we know -- we want to know some things about that. don't forget, we have housing. we have the national flood insurance. we have had. we have all of this. it is just one piece of the business. >> let it be clear, you will continue to investigate the financial dealings. will you issue subpoenas? >> we will deal with that will make him to it. we have the power to deal with subpoenas but we are not just focused on that alone. if in continuing some of the work we have done looking at deutsche bank, if it becomes time to answer that question and deal with that, we will deal with that. >> another big bank that has drawn criticism is wells fargo. will you work -- look at them? >> we have recently found out about more problems with wells fargo. there was a big revelation about the fact that they were creating that consumers did not know about. they were fined for that. thatcreated insurance their clients did not need. now

business, what do you think is going to happen to this comment >> i'm not going to comment on deutsche bankeaking, as we are in the insurance business, we are very far awayfrom the banking business it's quite different deutsche bank is a great bank, it's a great financial institution, under pressure. but i'm not going to comment on this >> let me ask you very quickly, though you mentioned that europeans being united is a very important part of competition, when you start looking around the globe there have been a lot of signs of praying for that. where would you judge things are right now from a united europe front? >> i think that the brexit has to be an opportunity for europe to change and become more united, okay we will have to manage the brexit in the best possible way. brexit is not good news. it's not good news for the uk. it's not good news for europe. but we have to manage it the best way having said that, it has to be an opportunity the uk will probably be out of europe, to make the continent of europe much more united. this is the only way to keep europe as an entity. and we need

banks breaking bad lead our global report today is scandals where around deutsche bank and dansk a bank on thursday morning a total of one hundred seventy german federal police and prosecutors raided and searched six separate deutsche bank office locations in germany including their headquarters in frankfurt the price of deutsche bank stock fell three point eight percent on the frankfurt stock exchange on the news in a statement on the action the bank confirmed what many suspected quote the investigation has to do with the panama papers and today in berlin deutsche bank spokesman george anggun door had this to say on the investigation yvonne don i live there live and we believe that we have provided all relevant information to the authorities regarding the panama. and of course we will now cooperate closely with the public prosecutor's office in frankfurt it is also in our interest that the suspicious action quickly and entirely clear in recent years that if we're going to go on proving that we cooperate closely with the worries and we're willing to do so again now and when we have new

aires this morning, bailout payments hitting farmers mailboxes some will not cover a cup of coffee deutsche bankclients create tax savings longer money what it means for company stock down another 4% right now, the ultimately christmas gift for kids this luxury playhouse, has a living room a wall a slide doesn't come cheap is in eye-popping price tag later this hour, for that. all those this thursday morning joining m break it down dagen mcdowell "the wall street journal" assistant editorially page editor james freeman rosecliff ceo managing partner mike murphy greatly to see everybody. >> good morning great show. >> good morning to you. >> good to be here a lot of good news bad news u.s. life expectancy following. maria: by a fraction. >> some opioid epidemic, but just a reminder that this mania to count how many people are joining government health programs measure of health not right metric the right metric is life expectancy not good, 78.6, 78.7. >> down takenth of a year i should say, and a tenth of a year i should say, what happened is very positive long-term trend higher life expectancy h

. >>> deutsche bank shares tumbling to all-time lows. we'll find out why. >>> and new developments following the arrest of carlos ghosn. all of this happening on this tuesday, november 20th "worldwide exchange" begins right now. ♪ >>> good morning welcome from wherever in the world you may be watching. i'm brian sullivan it's a tough day for global stocks and your money already. pretty much everything on the tape everywhere is lower right now. dow futures indicating another triple digit drop. down 161 in dow futures. s&p and nasdaq are down. keep in mind if we lose another 1.2% ondow, it will turn that index negative for the year ibm,goldman sachs and caterpillar down 30% from their one-year high. bonds do continue to get bought. if you wanted to find a little upside, yields are starting to come down, so credit should stay relatively cheap looking for any glimmer here similar story in asia where we are seeing the asian markets fall the nikkei down 1% the domestic chinese market, the shanghai composite losing 2% it's down 30% in a year. a

deutsche bank famously is the biggest lender to donald trump by far. long after other banks would turn off all the lights and pull the drapes and pretend they weren't home when he came knocking, deutsche bank was somewhat inexplicably bli happy to keep funding trump to the tune of hundreds of millions of dollars even after he had, forgive me, screwed them multiple times. deutsche bank's over the top generosity towards donald trump has always been a little bit of a fiscal mystery. why were they so willing to shove money in his direction? that led to questions about where the money came from that they were so willing to shove in his direction. deutsche bank last year got nailed for laundering a gigantic amount of money out of russia, like $10 billion. $10 billion and it was 10 billion from vtb. now today as michael cohen is pleading guilty to lying to congress about the vtb financed trump tower moscow project, deutsche bank's world headquarters got raided in what is said to be fallout from the panama papers leak. in the panama papers leak, deutsche bank

that's a day to watch out for potential news coming out of deutsche bank. for now the lender is waiting until the investigations are over they hope that this is today then, of course, the prosecutor and the tax authorities will look into what they found and then the whole scandal or the investigation will unfold. so for now, that is it back to you. >> annette, thank you very much. >>> the g20 summit could mark a key inflection point for u.s./china trade relations she weekend as presidents trump and xi prepare to meet for dinner in argentina tomorrow the trade war between the two countries has seen both sides impose tariffs on 3$300 billion worth of goods president trump did not provide clarity over the direction he would take in those conversations as he prepared to travel to buenos aires >> i think we're very close to doing something with china, i don't know that i want to do it. right now we have billions and billions of dollars coming into the united states in the form of tariffs or taxes i don't know i will tell you that i think china wants to make a de

should bank it's like all of the german establishment virtually every single german has money and deutsche bank every single bank in the world has transactions with deutsche bank and for the german government and the german bund is. is likely to say temporarily deutsche bank at a massive cost if it comes under pressure so i don't think these are the same with barclays in the u.k. which is also. hasn't got the best about sheets i think these big banks will be saved initially it won't in the end it will fail of course but i think it's more likely that a smaller bank go all in all a small or a smaller entity collapses first you know the system is no. waiting for that final little snowflake to grow up for the avalanche of a large to stow and not to start from anywhere he doesn't have to be a big bank because the system is so fragile anything any little thing does that in motion and i think that's what's going to happen in the next you know in the next two three years with that two thousand and eight and don'ts of bank and the you had some problems with the over leveraged banking sector they were ab

banks breaking bad lead our global report today is scandals where around deutsche bank and dansk a bank on thursday morning a total of one hundred seventy german federal police and prosecutors raided and searched six separate deutsche bank office locations in germany including their headquarters in frankfurt the price of deutsche bank stock fell three point eight percent on the frankfurt stock exchange on the news in a statement on the action the bank confirmed what many suspected quote the investigation has to do with the panama papers and today in berlin deutsche bank spokesman george anggun door had this to say on the investigation. yvonne don i live i live and we believe that we have provided all relevant information to the authorities regarding the panama. of course we will now cooperate closely with the public prosecutor's office in frankfurt it is also in our interest to state the suspicious action quickly and entirely clear in recent years that if we're going to be done proving that we cooperate closely with the worries and we're willing to do so again and when we have new infor

deutsche's dropping again good prosecutors continue to search the banks offices.ing with a seven handoff. let's take you to the markets and show you what is going on. we just heard that china is looking to combine more soybeans from argentina could that is good for mr. macquarie. it sets up a distant -- an interesting line going into the trump/president xi

germany up a fraction, 21 points higher, in asia overnight mixed performances, hong kong lower but deutsche bankup. president trump warning on new charges on vehicle following the gm layoff, volvo is slowing hiring plans in the u.s. because of those tariffs, the fallout coming up this morning. honoring our heros, wide receiver fitzgerald pays tribute on his feet, closer look at special cleats for sunday's big game, that's coming up. it is beginning to look a lot like christmas in taco bell, line of themed clothes, socks to sweater and even one subpoena -- onesies. joining me to break it all down, dagen mcdowell, james freeman and mike murphy, great to see you this

deutsche bank has also been trading down.ome numbers in just a moment. .nd an incredibly bad afternoon lost a key court ruling -- ruling. on a day where we are seeing u.s. markets go negative today, in dollar terms, the ftse is down 14%, the dax is down a staggering 18% year to date in dollar terms. at the party for a while. let's show you what is going on with some of the stocks we are focusing on. deutsche bank down by 4.5%. this gets ever closer to the scandal. the market is beginning to price it as such. the asset manager as well getting pummeled as -- in the markets. financials have had a tough day. assets under management has had an issue, and the stock is really not liking that story today. in the health care sector, being taken over, what i think is interesting is i think it is 40 years, the price of the offer. we are still trading a 25. the stock is up but it is interesting we are below the price. i need to dig into the details but the market may be cautious on whether or not this will happen. certainly it is marking

about 170 officers and prosecutors hit deutsche bank head quarters in frankfurt.lped create offshore companies to launder hundreds of millions of dollars. president trump has a long relationship with deutsche bank but there's no indication that this raid is connected to the president in any way. prosecutors say they acted after analyzing documents including famous 2016 panama papers which exposed how many people were secretly hiding money offshore. gerri willis reporting live from the new york stock exchange. >> that's right, shep. you got a lot of details correct here. one thing that is interesting, one of the employees being investigated today in deutsche bank responsible for fighting financial crimes. think of the irony there. you're right. 170 police officers. as you can see here, they descended on deutsche bank headquarters in frankfurt, multiple offices. they looked in management board offices, trying to find materials that would help prosecute this case. at issue, whether the firm helps clients launder money to the british virgin ideas, panama. the panama p

or do you look at kind of a moral hazard situation where it's the crown jewel of deutsche bank and theere were something bad to happen to that bank >> yeah, so leslie, i actually think that today's price we've incurred all the downside, right? trading -- they're literally trading below their tangible book value that they traded during the financial crisis. which is why i think the relative risk/reward is good >> why do you think others have indicated that this is dead mon money? >> if you've been a shareholder since 2010, there are literally bodies left by the side of the road right? it has been a very difficult road to travel on. people are exhausted they've heard a lot of promises and a lot of unkept promises so it's hard to get excited. i'm a fresh new look and after a year of work, i think we've bottomed and the most important thing i could argue today that's different than the past, right there's actually three quick things one is that balance sheet is now clean, repaired, well capitalized. our starting point is better this is the first time you have a management team that's artic