we are waiting for the deutsche bank numbers. we have had lots of bloomberg scoops this week. the trading, those meat-eating bond traders. commodity and equity traders on wall street with a fairly robust investment banks set of numbers. let's see if that is what they deliver. we are looking for that revenue on the investment bank of $1.4 billion. good morning. annmarie: steven arons with this group before the results this morning. the ceo is really leaning into the trading department in order to be able to bring some profit back into deutsche bank. it's going to be interesting to see what they performed today because of course we also had commerce bank, which yesterday, we learned is going to post a loss of almost 2.9 billion euros for 2020. the 2020 loss, almost completely wiped out the banks profit over the previous five years. i read that this morning. just absolutely stunning. manus: we mentioned that this is going to be a big day on the earnings front. we are rolling them up. let's get a couple lines coming through on the pharmaceutical side. slightly different metric that

so much focus on deutsche bank. know tom has deviation for the share price and will ask you whether goes bust, but how is trading momentum going? adco trading momentum is kind of the whole story behind what be saving this thing from going bust. it is ironic, is because the ceo was really to lead on the corporate lending business, which because of the pandemic but because of the interest rate regime in europe, has not been a good bet at all. most importantly, for today, just can't be underestimated how important it is for understated how important it is this bank has finally made an annual profit. in germany, it his honest a national sport for the people to hate -- i must a national sport for people to hate deutsche bank. that not made money since 2014. finally, a prophet for the full year. -- a profit for the full year. francine: do shareholders believe them? they seem to be questioning whether this is really a turnaround story at this point. matt: it has increased, the share price, not by much but by a view cents o

and deutsche bank's debt trading jump outpaces wall street. the bloomberg school ahead. -- the bloomberg scoop ahead. we will get into the deutsche bank story shortly. excuse the pun, shortly. depends on which chart you choose. traders are covering, running for cover. crashing to 39%. is that the beginning of a big unwind? the stock draws down by 31%. is this when they knock into the retail investor? will fundamentals prevail? annmarie: it is interesting. gamestop is trading above its 50 day moving average. an absolutely stunning ride. we saw the #gme to the moon. yesterday, that hit another roadblock. cme saying they want to up the collateral. you have gamestop and amc. it was the brokerage that had to up the collateral. silver down 1.5%. trading around $29. look at the futures market and asian equities, we are back to regularly scheduled programming in terms of the narrative which is vaccines and fiscal stimulus. manus: you have the biden bid in terms of being bold and big regarding stimulus and the data. that is what matters for velocity. i

alix: that was deutsche bank cfo speaking on bloomberg earlier today. income trading rising 17%, that is beating the average of the big i banks. joining us is octavia, opie maas founder and ceo. octavia, when do we topped out on a fixed income trading. octavia: like we heard, fixed income trading had a fantastic 2020. the whole year was strong. once coronavirus started to happen, it was a were strong, and it looks like it is carrying into 2021. everything i see, the volumes are high and trading activity is going on. it is anyone's guess how it will turn out. no one forecast how 2020 would come and how strong it would be. many banks were busily cutting back and reducing and those that did not do that did particularly well and ought -- in 2020 and the fourth quarter. guy: u.s. banks have fixed and equity strength, european banks tend to have fixed strength. if we see a shift, how big a problem will that be for some of the recovery plans that are currently being executed at banks like deutsche bank. octavio: equities did very well in 2020 as well, so in the

deutsche bank is beating wall street with a 20% jump in debt trading, double the average increase of street's five biggest banks. sources say traders raked in 1.4 billion euros in the final quarter of last year. as the ceo, christian sewing, means on -- to drive growth. bp fourth-quarter results shorting -- falling short of expectations. it was just a fraction of what it made before the pandemic. refining way down in the company's performance, but ceo bernard laney is predicting better days in 2021. and siemens energy is cutting 7800 jobs, roughly 1/6 of its gas and power division. it is the latest sign that the worldwide shift to green energy is impending the fossil fuel business. -- is upending the fossil fuel business. in include 3000 positions in germany and about half as many in the u.s. that is your bloomberg business flash. francine? francine: let's get the latest on the vaccine rollout. chancellor merkel has promised all germans a first shot at the covid vaccine -- of the covid vaccine by the end of september. meanwhile, the commission president, ursula von der leyen, trying t

deutsche bank -- greenback gains power. deutsche bank posted its first annual profit in six years.mes: we did see the positive momentum continuing. year on year growth in fixed income was 21%, 28% in the investment bake last year in the fourth quarter. we have seen that momentum carried through to the first few weeks of 2021, which is encouraging for us in terms of the outlook. >> so it's a similar growth rate? james: i do not want to speak to the specific growth rate. one month does not make a quarter but we are encouraged from the science. >> how is the outlook -- signs. >> how is the outlook for the full year in fixed income trading? james: we do expect a normalization of the market environment in 2021. the very high levels of 2020 were not going to be sustainable. i saw a moderation of volatility, very lightly a moderation of financing activity. on the other hand, we are seeing strengths in a number of different product areas. i would expect, for example, m&a to pick up this year. it has been a very vibrant equity underwriting year this year so far. there is also arguably a rot

2014 with an overall profit before tax of $1000000000.00 euros last year in the last quarter of deutsche bank is expected to post its 1st annual profits in 6 years sorry that's obviously an error the bank is going to report so i. clearly the the words that are out in front of me are not quite correct but germany's largest lender has benefited throughout the pandemic from surging investment banking and trading revenues that's helped offsets the impact of ultra low interest rates and higher loan defaults use of the pandemic a return to profitability would be the latest sign that a massive restructuring if it launched in 2019 is starting to pay off in the us and just said before tax profits of a 1000000000 euros for 2020. other reminder of the top story we're following for me mario draghi has accepted the task of forming a new italian government many see druggy as the right amount to stay it's only through the pandemic i'm going to ongoing economic crisis. and that's all from me on the business team here in violent if you do want more from us to head over to our website. slash business you can c

francine: that was bloomberg's daniel schaefer speaking with the deutsche bank cfo.draghi has agreed to form italy's next administration. the former ecb president faces a deep recession and an unprecedented buildup of government debt. it is a situation with mirrors -- which mirrors the situation by the prime minister. in 2000 -- i am very pleased to be joined by mario monti, president of -- university, an italian senator. he served as a member of the european commission, in charge of internal markets, in 1995, and was italy's prime minister from 2011 to 2013. thank you for joining us. what would be the number one piece of advice to mario draghi today? mario: simply to be himself. i think it is more important to be advised to the italian political parties, which i did come in an article in -- an article this morning. unlike the impression of the political part this may have -- or i say each of them. it will be convenient, it will be a wise move to take part in the majority because not only is there a sense of responsibility toward the country at a difficult time, but

what is this telling us how well deutsche bank has done?s an important part of the story for deutsche bank. the debt trading unit is the biggest revenue engine for the bank even though the ceo has been trying to grow other parts of the business to wean the bank off of its reliance on debt trading revenue. it increased that revenue under his tenure. the boost from that business is important for profit. anna: put this in the context of the broader turnaround. steven: you may remember in 2019, almost a year ago, they unveiled a restructuring program to cut 18,000 jobs. many of them, he chopped the entire equities trading unit and said he would grow commercial banking and retail banking -- that has not panned out. debt trading has become a bigger part of the bank. for them to show consecutive growth and market share gains is a strong boost. anna: a lot of people want to know if the recent gains will be replicable, sustainable, what that says about visibility -- i guess that will be a focus when we get numbers from the company. when do they come

deutsche bank's all revenues from fixed income trading rise by roughly 20% -- deutsche bank saw revenues trading rise by roughly 20% in the last quarter. it is increasingly leaning on the unit to drive growth. that is your latest business flash. alix: thanks so much. i think it is worth reiterating that because i was a little surprised. fixed income trading was up 20% compared to 10% from the big wall street banks here in the u.s. the question always is, is this the top? can it continue? what else is there to support growth? guy: they are strong in fixed income. i am sure that is helping with the numbers. but nevertheless, the focus seems to be moving to equities, and that is where the european banks aren't so strong. that is something that i think is going to start showing up in the next few quarters. i thought it was fascinating that goldman sachs is locking in a bunch of very successful traders on their portfolio trading desk just because the banks are relying on these businesses so much at the moment. i think bnp paribas is out later on this week. it will be interesting to see what t

jonathan: you talked about the deutsche bank transition. i am taking it seriously. ve a little stubble. jonathan: it is allowed here bank. thanks. torsten slok, apollo management. we thank lloyd blankfein for making it ok. lisa: trend centers of wall street. jonathan: just to groom. tom has this right. clean shaven. lisa: style tips with jonathan ferro. jonathan: you can shaven still be unkempt, you know what i mean? you can wear a suit five sizes too big. lisa: we are going there again? ♪ top -- jonathan: tom once rid of me. citigroup's tobias lefkowitz on bloomberg tv in about 20 units on the open. i have to go. this is bloomberg. ♪ ritika: a group of 10 republican senators will present their coronavirus stimulus plan to president biden today. republicans have rejected the president's 1.9 joint dollar proposal and the plan being laid out today calls for spending less than one third of that. the president has said he hopes the sides can negotiate a bipartisan deal. former president trump has named two trial lawyers to represent him in his impeachment trial. the pres

and doral resort in miami that have big deutsche bank loans and all of them are doing poorly in parthe covid virus has slammed the tourism business more generally. more investors think i don't want to buy the property. i want to buy the loan. i could get the loan for cheaper and if trump doesn't make the payments i could foreclose on it and get the property for cheap. there's a lot of steps on the way before you could do that. deutsche bank has to be willing to sell the loans, trump has to default but a lot the investors say that's the best play is to buy the loan, not the property. >> interesting. you covered another article about trump's legal team that they've turned over his tax returns to the manhattan d.a., after the supreme court of course ruled against trump keeping them private. what exactly is the district attorney looking for? >> i guess wonders of being a prosec prosecutor, you can look for pretty much anything you want. the manhattan district attorney is looking far and wide at all aspects of trump's business, different properties, valuations, their tax valuations, viola

this is a fixed income side that has kept deutsche bank on the rails. more on that in a moment. big day for european bank reporting. credit suisse and barclays out today. our take on what you want to do with bank credit, next. this is bloomberg. ♪ (announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design to help you maintain comfortable, correct form. that means better results in less time. and there are over 20 exercises to choose from. get gym results at home. no expensive machines, no expensive memberships. go to aerotrainer.com to get yours now. when you switch to xfinity mobile, you're choosing to get connected to the most reliable network nationwide, now with 5g included. discover how to save up to $300 a year with shared data starting at $15 a month, or get the lowest price for one line of unlimited. come into your local xfinity store to make the most of your mobile experience. you can shop the latest phones,

still going forward, because of how strong an expectation beatings it has been, deutsche bank says thate more cyclical sensitive sectors, europe, the yen, we can see the big turnarounds. i talked to one hedge fund manager who said europe, u.k. is so cheap now. you have to go in and buy. annmarie: christian gallagher caught up with us earlier in the program. pe said why is everyone worried about inflation? time to worry about missing out on this bull run. that is it for daybreak europe. coming up next in european market open. earnings season continues ramping up. meant for you including interswruse the cocaine of mersk and heineken. we're seeing risk on this thursday morning. this is bloomberg. ♪ this is bloomberg. ♪ anna: welcome to "bloomberg markets european open." matt: good morning. the markets say bet on the gain train. stocks set to rebound from tuesday's losses. tencent fuels a rise in hong kong. platinum hits a six-month high -- a six-year high.

up another .5% on the s&p 500. 3950 is the rent forecast at deutsche bank.finition of forecast cannot be wrong. it is a forecast. it gives you an idea of how bullish things have gotten. equities all-time highs. yields post pandemic highs. you get the picture. stocks could move higher. credit suisse has written about that. they think you can continue to get that move. the 10-year gilts through 1.20 -- the 10 year yield through 1.25. 30 year yield north of 2%. if yields are driven higher by inflation expectations, what does that mean for the dollar? at the moment weaker. euro-dollar back to 1.21. just about positive on the session. dollar weakness so far. ebbs away in the last hour. tom: well said. that is just where i was going to go with dxy 90.34, fractionally weaker. euro stronger against yen as well. let's get right to it. lewis alexander joins us with number of to recalibrate -- with numera. how does central bank change their communication when their perceived facts change? what we expect from the powell fed? lewis: when they have greater confidence abou

american is worth $23 a piece according to deutsche bank.s. they will get $15 billion from the government. the airlines need the money, want the money. we're not traveling again yet. up they go. but they have gone up before on the promise of government money only to fall back. susan: i think this time deutsche bank is making it clear this is about travel recovery whether $25 billion in aid in the summer or $15 billion this time around you have to get people and passengers in seats. that is probably the most important part for the airline survival. the fact we're looking at stocks gains. that requires more traveling and actual ticket sales. stuart: okay. let's move on to bitcoin. i know that it hit 58,000 bucks a coin over the weekend. it is 53,000 now. what is going on, susan? >> bitcoin prices are falling back. with were at 51,000. we bounced up 2,000 in 30 minutes. that is how volatile bitcoin is but don't forget we were close to crossing 59,000 just yesterday on sunday. now elon musk, you would call him a crypto crusader, i call him a cry

deutsche bank is keeping the restructuring plan on track with a 17% jump in fixed income. is that sustainable? we will talk more about banks in a moment in global chips or outages continue to -- shortages continue to wreak havoc. demand is outstripping supply, driving strong growth at that german company, again that story we will come back to. let us show you what is happening. equity markets actually looking ok so let us talk there first. up i .1%. -- up by .5%. the real action has been the bond markets, the u.k. curve steepening and the european curve broadly flat, but where the foreign exchange markets has gone is really worth paying attention to. you had the euro-dollar breaking 120 and that is a big moment. are we going to get back to the november levels, so the euro-dollar 11958 and we are close to that level, then you look at euro-sterling. sterling continues to get a boost. maybe this is the bank backing off negative rates. the other one is the vaccine rollout story, certainly continuing to drive the focus towards the u.k.. what is happening on your side? alix: here

deutsche bank is cutting back its bonus pool after the european central bank criticize proposed payoutminbi's largest lender had planned to payout $2.5 billion but says that is scaled back after talks with the ecb. the central bank says it no longer objects to the payout. there has been no comment from deutsche's or ecb. mcdonald's says it is tying executive bonuses to targets including meeting diversity and exclusion. a full breakdown of u.s. employees by race, ethnicity and gender. mcdonald's is looking for more equality in its senior ranks and aiming to achieve gender parity worldwide. walmart fell in new york after forecasting a slowdown in sales and profit for the year. the retailer says earnings-per-share will dip slightly this year. it plans to address shortages by expanding advertising and e-commerce. shery: let's turn to weibo. the company planning a second listing in hong kong. the microblogging service is china's answer to twitter. let's more from julia. really, these chinese homecoming listings all the rage these days. what do we know about this one? julia: they definitely

i'm wondering, does it remind you of the deutsche bank turnaround story a little bit in some ways?alison? alison: i guess the parallel could be that they have both been sort of a long slog, but i think in many ways, there are some key differences. i think for wells fargo, there's no change to the basic business of the bank, and i think they were competitive in that business, but both banks did have some sizable lapses in terms of risk management. i think for wells fargo, aside from the numbers that sonali says they missed out on in the past several years, i think for them it is sort of an opportunity missed enters of the huge deposit growth we have had this year, something that they missed out on. that doesn't necessarily add to earnings today, but for the next several years. does this somehow make them less competitive in the market? for deutsche bank, it is similar that trying to fix their problems also makes them less competitive, but i think there are some challenges there, just in terms of they've really had to make a lot of changes to the overall actual business line they are

deutsche bank survey to potential recipients.said they put 37% of that stimulus straight into the stock market. that could be a huge windfall for stocks, definitely something you want to keep your eye on, especially as the volume has just exploded. we've got a chart showing 1090. showing how high the volume has gone in the markets. it has just jumped way over what we saw happen on the vix. something that you want to keep your eye on as well. let's get more insight on what is happening in retail trading in today's selloff from our markets reporter, pretty cooped up. talk to us first about the relationship between rates and the stock market. every stock is headed down big time as these rates are exploding. kriti: it is the idea about the trading tantrum pair that is dragon the market down. that is also in tandem with the bond you are seeing selloff. you pointed out, you are seeing a global bloodbath when it comes to fixed income. really tells you growth stocks in general don't do well when yields rise the way they are rising. the m

high of 330/share, and deutsche bank is saying that it believes that square was a recovery play lastven bigger in 2021, and they cite bitcoin to be a promising area, and the fintech area cash app and they are looking at the profit growth the reach as high as 85%, and the new price target implies nearly 20% upside from here you can see the shares of square up 700% from the year low, and down a little bit today, but bob, bitcoin, cash app, and that is not what square is at core. i mean -- >> no. >> is that the reason to be excited about -- >> well, it gave -- >> tell me. >> it is not what square is about, but you have to admit, it is helping to drive the whole thing to bitcoin. first off, you had the pandemic driving. then you had stimulus driving spending overall, and just look at the payment apps in general. not just square, but paypal or venmo or western union all doing bigger here, and by thinke eers- big thinkers, and we just had on cathie wood, and one of the biggest holdings is square. and so it is also holding in the next generation internet fund that she has as well, and so pe

it was deutsche bank and then ladder capital that provided him with the almost the entirety of the loany owed -- or that he currently owes. he does not have significant cash on hand, other than the money that he's managed to grift from unsuspecting republicans into the 200-plus million dollar range, which to me, i don't understand, and if any of them are watching your show, i would implore them to stop, because the man is a grifter and basically all he's looking to do is to take their money and to put it towards his obligations. but what's really going to be his downfall is once they start to go through the tax returns and they start to see all of the tax evasion and other improper tax manipulation that was done, what will happen is there's also a fraud -- a tax fraud penalty that will couple with the amount that he basically owes the u.s. government, the state, and the city of new york. it's a very significant fine. he'll have to start selling off assets, and remember, when you start selling off assets, you also have a taxable consequence because its basis is so low in so many of them.

we know they have subpoenaed at deutsche bank which i subpoenaed at deutsche bank which has been _ subpoenaedese buildings that they are looking at. these buildings that they are looking at-— these buildings that they are lookin: at. . , ,, , looking at. the thing that strikes me sittin: looking at. the thing that strikes me sitting over— looking at. the thing that strikes me sitting over here _ looking at. the thing that strikes me sitting over here in the - looking at. the thing that strikes me sitting over here in the uk i l me sitting over here in the uk i know thatjoe biden wasn't keen particularly on the impeachment trial did the near prosecutors feel that they have a free rain here to do what they want or is there poetical element to that? is there someone bringing down their neck saying we don't want to make a martyr of the former president? i think it is a little bit different because _ think it is a little bit different because this is a state investigation. so cyrus man's junior. — investigation. so cyrus man's junior. the _ investigation. so cyrus man's junior, the manhattan distr

deutsche bank is cutting back its bonus pool after the european central bank criticized the level.'s largest lender had planned to pay out $2.5 billion but says now that it has been scaled back. the central bank says it no longer objects to the payout. there have been no comments from deutsche bank or ecb. cutting -- the standard model three now costs $37,000. the model y, is under $40,000. musk was told the models were too expensive. they are working on a car that costs just $25,000. rishaad: let's turn to the world's largest cryptocurrency. the recent bitcoin surges are only the tip of the iceberg. the mass adoption of cryptocurrency is just beginning. >> this is the thing about crypto -- there is no fair value. we just have to represent how much wealth of the people using it. if you look at the market, only 11 listed companies have announced they are holding cryptocurrencies. we are seeing a small number. if you look at individual holders, i think we are reaching 1% adoption globally. i think that is somewhere around 200 million users in crypto right now based on a rough guess.

taiwan is penalizing deutsche bank and three other foreign lenders amid speculation. wan dollar forwards is revoked and the bank is banned on working on -- for -- citigroup faces a two-month penalty. speculation on the trading of grain. rishaad: what a difference a year makes. 12 months ago, softbank's vision fund was losing billions and mush ioc's on was scaling -- they were scaling back. there could be a record quarterly. our reporter is on the line from tokyo. the earnings just over an hour away. what will you be looking for? >> we have a couple more hours to go before they land in tokyo. but you are right. the various softbank investments are the key focus. this company has pretty much completed a transformation from an operations company into an investment holding. they let go of sprint, the domestic telecom is listed. we are looking at two different players of investment. one is the division fund. it is much guaranteed to have a second quarterly record profit. doordash ipo alone will bring $10 billion in unreleased gains -- unrealized gains. another area is softb

pretty profitable for deutsche bank for quite a while the outlook for. germany's 2nd biggest lender is not as rosy the bank is said to cut $10000.00 jobs about 20 percent of the workforce no wonder that in an internal survey of core employees only 20 percent say they're optimistic about their future. every day tens of thousands of people from the czech republic cross the border into germany for work many of them are employed in industry or in the health care hospitality sectors coronavirus research and so are making the crossing a bit more complicated. 7 in the morning in fulton violet on the german border. is on his way to work in germany to enter the country he has to show a negative corona virus test every 48 hours his appointments are made online the tests done in a former customs house were not allowed to film inside. there a doctor takes a nasal sample to see if year e. is dealing with a corona virus infection. after a 20 minute wait relief comes in the form of a text message on his phone. i open it up and say i'm negative now i can get into germany

well speaking of german companies in the news deutsche bank investors have long been waiting to hear germany's top lender ended the year with profit propelled by a strong performance from its investment side and low credit losses the question now whether that performance is a pandemic year one off or the result of his recent recent overhauls as a city under lockdown frankfurt had hoped for some good news but its major banks have delivered mixed messages this results season one of the bright spots bank its $113000000.00 euro net profit for the year 2020 is a sign of light at the end of the tunnel after years of struggling with failing divisions litigation and i t troubles well i think they're going full gain from the pandemic as well so all the client have to restructure the financing situation in much need for capital a lot actually loans they need their over to mr jasper response fall into situation and all this is good for the larger budget because there come provided full service argument on that far fewer pandemic loans are going sour than expected that's good news for the bank t

and deutsche bank's debt trading jump outpaces wall street. that's a bloomberg scoop ahead of thursday's results. good morning and welcome to "bloomberg surveillance." as always, tom and francine from london and new york. we look at silver, gamestop, and we also look at pound because we spoke to jane foley yesterday, and that was the beginning of a more police bet on pound, and this has everything to do -- a more bullish bets on pound, and this has everything to do with the vaccine rollout. tom: we will cover that today, but, francine, have futures up 33. we will do a data check. with it, bond yields up, and the continuing saga out of washington as the president's day start at 5:00 a.m. what is that about? francine: the president likes to give news at 5:00 a.m., the start of the day so that all the news outlets are on the same page. joe biden -- the agencies will review some of the policies, and this feels like a rollback on some of the things that president trump had put in place. he is also rolling back on some of the migration orders and fa

deutsche bank an earlier gain after reported a profit in six years. if you look at some of what fixed income is doing in europe, the focus is on whether mario draghi can deliver and have a permanent injury majority in it -- parliamentary majority in italy. and opec. tom: claims coming up later with michael mckee to attend that and the jobs report tomorrow. what is remarkable about this thursday is i don't think i have mentioned gamestop yet this money. jack ablin has new goodie and mathematics at investor that means he writes really sharp research notes and has but that cresset capital mind to what we have all witnessed with gamestop and robinhood and the rest. we get a briefing from the mathematician this morning. jack ablin, let me go to the math of a no free lunch. there we were four years ago at schwab, free commissions, fidelity, free commissions. robinhood started it all, free commissions. how is that free lunch going? ? jack: what we found where the free commissions combined with the fact that a lot of professional sports were sidelined, las ve

deutsche bank.king at claims because you have better services ism, will you get better claims, does that mean you get better jobs and if the economic data is not as bad as we think, what does that do for the case of stimulus out of the u.s. in terms of the number? we know something is going to happen, but is the number reduced? i am watching any rhetoric that comes out of the seat particulates from joe manchin who sits on the fence. democrats are not going to vote for anything so that has to be considered if they do a budget reconciliation. guy: it is interesting what the president said about more targeted checks. you do wonder whether or not what has been happening with gamestop may have tilted the balance in terms of making that process more targeted. that is going to be one of the interesting things that comes out of that, whether or not that goes on the rights of the democratic party. alix: $1400 and the cap for a couple was $150,000, i wonder how much that winds up changing. on this wednesday,

and moreover, 2021 is the year where we integrate the prime brokerage activities from deutsche bank thate have in our systems as well. that's what we look at as the dynamics in the market activity. >> net-net, you think you will not see as good a year going forward for fixed-income? lars: if you look at it -- listen, i do not have a crystal ball. if you look at the overall market values that took place, it does not look like that is going to be repeated. again, i do not have a crystal ball. we stepped up our market share so that is basically something that works on the other trend. that is basically where we stand. the main thing is that there will be activity in the market which i cannot forecast. we have stepped up our market share and that is what we will continue to drive. >> the bank is operating with positive -- so let's talk about costs. what does the bonus pool look like given the strong performance you have seen from your traders? some banks are going down the line saying that they want this to be fairly moderate this year. moderation is in order. would you agree with that? lars

also seeing a big upgrade across the airline space at deutsche bank, upgrading to buy at southwest anders because people are starting to get out there and travel. copper has been on an absolute tear. river last week, we got above -- remember last week, would got above four dollars. copper now trading at a record high. those stocks, that is your reflation trade. a lot of information going on today in the deals space. tom: good, good. you got that there. great. romaine: this is a big deal. we have seen a lot of combinations of these regional banks. you had that big deal for huntington bancorp in september, and the pnc deal in november. some of these original banks are getting a little too large, with regulatory requirements that kick in. then there is a visual of these persistently low rates. this is an environment where you can actually be more nimble, and these companies have to combine if they want to compete. cooper to also being bought in a deal with goodyear tire. interesting news that we got according to people familiar with the situation, activist investors have apparently been k

at deutsche bank far will -- fargo, they used to be -- you read on the global supply of demand of oil are glad he can join us this morning. paul, with the gyrations we see in the midwest of the united states and texas permian basin, could we get out of the assumption of range-bound oil? >> these are not gyrations. the situation to me is reminiscent to katrina where, if you recall, on the monday of the katrina, there was an attitude this has not been that big of a deal. over the course of the following week, it suddenly emerged as a horrendous disaster. so people don't realize how bad the situation is. you cap basically full-scale blackouts in mexico but also had the biggest outage in the history of u.s. oil and gas. we have never seen a loss of the scale at a time when [indiscernible] we think you've lost about 3 million bales per day of oil, and we are down at least 3 million barrels refining. all of these in the refining basin about 16 million barrels per day. so gyrations, you have seen brent, the obvious price reaction would be if you lose u.s. texas oil, you would expect brent to

and moreover, 2021 is the year where we integrate the prime brokerage activities from deutsche bank intoms. so that's what we look at as the dynamics in the market activity. guy: but you think you will not see a good year going forward for fixed income? >> i don't have a crystal ball. if you look at the overall market volumes, it doesn't look like that's going to be repeated, but i don't have a crystal ball. but another countries we stepped up the market share and that is something that works. that's where we stand. the main thing is that there will be activity in the target that i cannot forecast. but we have stepped up our market share and that's what we thrive on. guy: the bank is operating positively, let's talk about costs. what does this look like given the strong performance you have seen from your traders? some banks are going down the line, they want markets to be moderate this year. that moderation is in order, would you agree? lars: if you look at it overall, the results when you look at this and you take into account the elements, the performance of the bank, the individuals,

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it's been over 92 for the past seven days there are still plenty of skeptics for bitcoin a recent deutsche bankurvey show investors see bitcoin as the most extreme bubble right now in financial markets and the author of "the black swann," tweeting the past couple of days he is getting right of bitcoin, one reason is any currency is never supposed to be more volatile than what you buy and sell it. the volatility, he says, hasn't dropped as prices continue to climb higher deidre, back to you. >> yeah. you can't ignore that volatility crypto kate, thank you for that. >>> after the break, qualcomm, microsoft and alphabet all raising concerns over nvidia $40 billion arm. we will discuss one of the founders, that's up next so don't go anywhere >>> your grooming business is booming. you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base. claim your seventy-five-dollar credit when you post your first job at indeed.com/groomer . >>> more shares of oracle today. tiktok parent's byte dance walking away from o

and state authorities about value of properties to pay less on them and simultaneously going to deutsche bank and others saying the properties were worth so much more, he could take out more debt? that's a key inquiry as well. >> a practice documented of his family of devaluing reestate to pay less in taxes. that seems something that has been at least a practice that donald trump would have learned as a younger businessman. if that is the case, i mean, how bad is that? for donald trump, if prosecutors can prove that? >> well, we know he's beyond the statute of limitations in a lot of this. the big story that the "new york times" had, devastating story, that tracked the family's tax cheating for decades and how they accumulated wealth and passed it on throughout the family without any tax consequences. cheerily, cheating to get ahead. so politically, that's never good. he was able to brush that story off. but if he's looking at criminal liability for more recent behavior, behavior very consistent with family practice, he could be in trouble now. if he's got a felony hanging over him, that does

prosecutors have deutsch bank. when he has favorable tax treatment. >> if the president or his company ever inflate assets or revenues? >> yes. >> and was that done with the president's knowledge or direction? >> everything was done with the knowledge and at the direction of mr. trump. >> reporter: also subpoenaed, records relating to fees the trump organization paid to consultants including one paid to the company owned by trump's daughter, ivanka. who treated the investigation was harassment, pure and simple. the investigation includes the trmp family compound in west chester county. according to lawyers and people familiar with the invest gigs. trump himself seemed worried about the legal jeopardy he might face. a source telling cnn he has been asking about the criminal exposure he might face after his impeachment trial is over. >> that was pam brown reporting. i want to go now to our investigative reporter from "the new york times," and lara coates, former federal prosecutors. you unearthed what we know about p

prosecutors subpoenaed one of trump's creditors, deutsche bank, which has lent trump more than $300 millioninterviewed two of its employees. they have also interviewed trump's former personal attorney michael cohen who testified to congress how trump would exaggerate or minimize the value of his assets when seeking loans, insurance or favorable tax treatment. >> did the president or his company ever inflate assets or revenues? >> yes. >> and was that done with the president's knowledge or direction? >> everything was done with the knowledge and at the direction of mr. trump. >> reporter: also subpoenaed, records relating to fees the trump organization paid to consultants, including one to a company owned by trump's daughter, ivanka, according to people familiar with the matter who tweeted that the investigation was, quote, harassment pure and simple. the investigation recently expanded to include the trump family compound to westchester county and tax deductions related to development plans of the property according to lawyers and people familiar with the investigation. trump himself seems

you had deutsche bank upgrade the sector, putting a buy stamp on that group. he said, basically, material upside from durant levels is apparent as demand recovery bins, liz. -- begins, liz. so maybe some initial impact on boeing, pratt and whit and raytheon, as you mentioned, but overall they're handling the situation when it comes to that aircraft, liz. liz: are good. good move. cheryl, great, great stuff to update us on on this developing story. thank you very much. need to get to foot locker. foot locker investor laced up and ready to run after ever corp. upgraded shares to outperform and then nearly doubled its price target from 40 to $70. stock up 4% to 53.90. is the catalyst? they have big hopes for the e-commerce business. >>> and the thrill of that amazon package delivery, have online shopping, telemedicine appointments and government web sites gotten more or less safe since the covid-19 virus hit more than a year ago? digital security titan todd mckinnon reveals what his team just discovered next in a "countdown" exclusive. dow jones industrials up 11

understand that there are millions of pages that they got to say nothing of what they have gotten from deutsche bank or the lenders. there may be other learneds they have been gathering records from all over the place. so it could take time to analyze, but it is certainly possible and i'm sure that they are working towards trying to make a decision before the end of this year. >> i recognize you're on the sidelines like the rest of us. but you have a remember trained eye and experience. where do you think former president trump faces the most peril in this investigation? >> well, let me make it a breerd q bre broader question. he faces peril in multiple jurisdictions. but stormy daniels payment is a discreet set of facts. and if they can get over one weird hurdle in new york on the falseification of business records, that could have legs. michael cohen was reimbursed by the trump organization and presumably the trump organization did not correctly list the information in their records. and there is that recording of cohen and trump talking about one of the payments. so i think that that could be a d

. >> you know, jim, deutsche bank as it relates to alphabet reiterates their buy rating and they think you can get another 20% out of the stock and 2250 is the target and they say it's the top pick in all of the internet and you own it as well and it was the laggard and well documented last year, but now it's one of the leaders going into the number. how does all of that factor together >> good question, scott. if you take a look at the last three years it's lacked the faang brethren compare google to apple and you'll see apple had almost three times the total return so it's not just last year and that means there's more catch-up to go. the valuation is attractive, but here's what i think is the most important thing is google cloud and i don't think people in the investment world are paying that much attention to google cloud and it's a small, but rapidly growing portion of the business and you only need to see amazon services and microsoft azure to see how important it could be to google i think that's what the growth driver is going forward even though search and youtube will be just

vaccination certificates which could allow inoculated people to travel without restrictions the ahmanson deutsche bank and she didn't answer and in germany we decided to develop such a national vaccines that if you get the basic data which such as a ticket must contain is defined by the european commission and member states the german health ministry issued a procurement procedure and the european commission needs about 3 months to create the required technical conditions john mccain is in berlin with the details. brussels on thursday was the venue for 2 separate meetings both of which have a role to play in the way that the pandemic will be managed across the continent going forward on the one hand either you heads of government heads of state met in a digital conference to discuss the next steps 3 specific areas for top for discussion the 1st about how to speed up the production of the vaccine to get more vaccines into the arms of europeans living on the continent although they spoke about the need to close up bottlenecks and facilitate production but in go to much detail about it the 2nd area for d

bank and b.m.p. power with just. 17.4000000000 euros that's 17th place overall in europe let's bring in our financial correspondent in frankfurt comrade buzan and let's talk about these deutsche of bank results because now after 5 years of net losses now profit how they've done it well they have cut losses of course they have really been quite successful in their investment banking units and with the ongoing volatility on the financial markets with high trading volumes it's likely that investment banking will remain. pretty profitable for the bank for quite a while corporate banking well the performance there will depend a lot on the continuous impact of the corona pandemic on the economy and on the business of those events customers alice a very hesitant to make precise forecasts just as they found it very difficult to predict what kind of result bank would come out with today or can they keep it up. as a city under lockdown frankfurt had hoped for some good news but its major banks have delivered mixed messages this result season one of the bright spots bank its 113000000 euro net profit for the year 2020 is a sign of light at the end of the tunnel after years of struggling

president biden 1.9 trillion-dollar spending package moving forward, a new report from interest deutsche bank investor is today, and -- his or her priorities. >> well right now, there is such a disconnect between actual economy and stock market that that is a little bit frustrating to people. and experiencing this pandemic in completely different way, so some people doing well some people doing really poorly and what we're seeing in regard to stimulus package potential for infrastructure "green new deal" second quarter then a education package fourth quarter that is truly -- potential stimulus in economy and we heard yesterday from the fed that they are going to remain very accommodative focus on they don't all come through, could be quite optimistic bullish for stock market regardless how effective they are you don't want to see the other side of this because while a lot of money flowing into economy consumers americans will have to money where they go market where they get saved, all is pumping even more money creates potential for speculation also opportunity in stocks to increase market f

i did the same thing at deutsche bank. >> let's talk about first your time at morgan stanley where theywould give away free for the hedge funds. why? nothing's ever free. why would you give this away to hedge funds for free >> you can think about it. it's in some ways similar to the robinhood situation. the flow of institutional players, very profitable for firms that execute lots and lots of volumes of trade. it's a volume business and if you are able to get better execution than your competitors, which i think morgan stanley is confident it was able to do with the sophisticated software and very fast speeds and various trading algorithms we could make money off the volumes of institutional players. that included hedge funds. we wanted to solicit more trades than, say, our competitor goldman sachs. >> when you say you think this is a goliath versus goliath situation, what do you mean? you don't think these were retail investors on the other end of the trade >>i think wall street guards its positions ferociously. they don't want you to know what their position is but they spend a lot of

deutsche bank noting profit for the fourth quarter compared to 325 million euro loss. 1 and a half percent in the premarket. maria, back to you. maria: lauren, thank you so much, the reddit frenzy fallout, treasury secretary janet yellen meeting with financial regulator groups including sec to address stock spikes and rally over popular stocks fading this week as robinhood faces more than 30 civil lawsuits related to trading restrictions imposed on individuals. one clear winner through all of this sunvest management hedge fund. joining me right now ceo of aplic and cio alex, alex, great to have you this morning, thanks very much for being here. alex: thanks for having me. maria: so tell me your thoughts on what took place last -- last week and this changes the tech world. >> well, maria, in the words of any my new governor don't wig on my leg and tell me it's raining. what vlad said to elon said regulators, initially said you have to pay us $3 billion to cover the increase volatility and then robinhood limited trading and buying activity and that number came down to, i

trading revenue was a big boost for the investment banks on last year's volatility, deutsche bank tradingains helped keep the strategy on track. the issue is, can the trading revenue continue to boost these banks into 2021? as bnp said, the clients are unlikely to exist. you still have banks taking charges for job cuts and for credit provisions. santander, this week, had better than expected income and revenue monday, but they still had a 1.1 5 billion euro job trade. those are some of the questions that are going to be persisting into 2021. some of these strong earnings, are they sustainable in an environment still chipped by the pandemic and negative rates in some countries? matt: absolutely, exactly, in an unequal way. heather, thanks so much. you can read her work and the work of her colleagues by typing mliv on your bloomberg terminal. it's a year on since the start of the covid-19 pandemic, and $19.5 trillion has been added. to global debt next, we're going to take a look at companies only kept afloat by the borrowing binge. plus, changing expectations. we speak about the incre

no comments from deutsche bank or the ecb.e is looking to gain full control over its security center in china. it plans to double the fastest-growing major economy. it has been working to upgrade its infrastructure and move more bankers into china. that's your bloomberg business flash. matt? matt: laura wright in london with your business flash. britain's biggest corporate lender will also exit ulster bank, its 150-year-old irish unit, which has underperformed since the financial crisis. we spoke with the lender's cfo, katie murray about the decision to wind down the division. katie: we very much continue it's not going to be possible to meet and acceptable return, so we entered into a nonbinding agreement with aib in terms of the sale of some of our loans and we are continuing another conversation with strategic partners. the reality is it takes time and it will be a number of years before we fully exit from mylan. it's important we do it very much to look after the customers and our colleagues over there. >> what kind of job

taiwan is analyzing deutsche bank and three other foreign banks after an inquiry into local dollar speculation dollar folds will be revolt that's revoked and the bank is banned from working on derivatives for two years. citigroup faces a two move -- month penalty. shery: coming up we hear why equities remain someone's favorite asset class in the complex and where he is looking to add exposure plus, power pacific's represented staying optimistic. she joins us at the bottom of the hour. our markets coverage continues, this is bloomberg. ♪ >> is 9:00 in beijing, shanghai and hong kong, welcome to the show, i am david ingles counting down your first session of the week on the mainland and here in hong kong, let to you top stories. president biden's that he will treat china strongly if differently than his predecessor, he adds the two nations are in competition, but not in conflict.