deutsche bank cratering, even with a comeback 0.46 book. ercial bank of paris, bnp paribas, 0.67. leading the way at two times book, jp morgan in new york. we forget how flat on its back european banking is. with that, what is the state of play for deutsche bank in new york? sridhar: i really don't think at this point in time they can be thinking about u.s. dominance. the real contrast is the difference between european banks and american banks since the global financial crisis in the last decade. u.s. banks have really pulled ahead. they have become a major global force. like we discussed earlier, some of the top three banks have created such a major competitive mode that you are talking about a super bowl's bracket banks, names like morgan stanley. when you have that discussion, the main european banks don't feature in the same legs. -- in the same league. it is competing against itself, trying to make sure it stays afloat, improves from a very low base, and when people are talking about trouble spots in european finance, they want to make

the slush funds if that sounded very concrete because deutsche bank was struggling and had problems anymore no one the 2 ish and of course why are cards idea was to prop up this theater of illusion to toy men perhaps also fulfill the politicians dreams of a major german financial player did on mitch mcconnell if they would have acquired deutsche bank or joint bank acquired them or they merge they would have accomplished the ultimate and there it is become something legit and then they would have written everything off and gone off into the sunset is part of deutsche bank. something the forgotten the true for the good they have been cases in the past when fast growing companies with high stock market values have taken over well performing traditional companies . good for the good and the pundits who listened to me in the long. sometimes it went well and sometimes it didn't in this case i'm very glad the speculation didn't actually come to fruition that it's good for us to stop. when k p n g did their investigation they flagged the issue of us crap escrow accounts and at that time why are qui

stephen arons on deutsche bank. coming up, pressure grows on japan.tling covid head of a controversial olympics. this is bloomberg. ♪ manus: this is "bloomberg daybreak: europe." the united states says americans should avoid traveling to japan, with much of the country under a state of emergency over covid-19. that has sown doubts about tokyo's plans to host the olympics. we have rachel chang. will this impact the olympics? it was going to be a closed door event more or less. in terms of the travel advisory, how could it impact the olympics? rachel: first off, i think it is important to note the advisory was a symbolic move. for one thing, japan is not allowing any foreigners into the country so nobody can go there anyway. the level of infection in the u.s. is higher than japan, japan has 39 cases per million and in the u.s. it is something like 76. it's not that japan is the most dangerous place that it is a major setback to have such a high-profile reminder that the situation and japan is still quite concerning. the olympics are in less than two mon

the bigger banks trade, deutsche bank part of that as well. that stuck up 2.26. t's stay on that. the cao is inspected to highlight the banks turnaround. joining us is bloomberg german banks reporter. the article on the terminal says deutsche bank stays of dysfunction finally retreat. steve, how did we get there and can we call it done? steve: thanks for having me on the show. it is an interesting story. it was fun writing it. as you probably remember we used to report on deutsche bank being the sick man of european finance. it seems like those days are over, at least for now. never say never. he has always done a lot of back win from the trading environment. certainly deutsche bank. it looks like a better bank. guy: is avoiding banana skins. we can say that. that is an alix phrase. it was not part of archegos, but as you say they have had to rely on trading. to my mind, are we there yet? this was meant to become a low risk corporate bank. yes it is avoiding banana skins but it is still relying on high-risk trading strategies which can produce more down the road.

will deutsche bank be one? steven: yeah. a normal bank is one that just ticks along.le returns to investors and stable services to its clients. and deutsche bank is at least on track of doing so. the big question now that the ceo is facing is whether he'd be able to achieve his return on equity targets, profitability target. it is still something many analysts doubt he will pull off. i don't think the strategy will actually deliver the returns he has promised. we will see next year if that happens. he has set a deadline to achieve the target. many think he want and we will see -- won't and we will see. anna: steven, thank you very much for joining us. you can read more on this big take story on the terminal or bloomberg.com. we will revisit the deutsche bank story should anything come through from the shareholder meeting taking place later this week. coming up on the european market open, the u.k. must take bold steps to leave the economy out of the post-covid and brexit slump. that is according to the confederation of british industry. we will speak to the group's di

deutsche bank offered no comment to cnbc, so deutsche bank is now trading quite substantially in negative territory, down 1.7 percentage points weighing on the german index dax of course, deutsche bank for a while has been out of the news some of this comes as a bit of a surprise, a negative surprise to the stock this morning >>> now also coming up on "street signs," a tale of two sectors. growth activity slows in may, but services are picking up, posting growth for the 15th month in a row we'll have more details after the break. >>> welcome back to the show chinese activity slowed. the country's official manufacturing purchases managers index, the pmi, slowed to 51.0, so 51 flat, in the month missing expectations >>> and china's yuan will come closer than we expect. the bridgewater associates founder also weighed in on china's relationship with the global cryptocurrency markets. >> i think it's important to distinguish you can digitalize a currency, okay, or you can create an alternative currency what china is doing is digitalizing its currency. so it will remain in control of that curre

juliana lee from deutsche bank.he lines that are crossing here, more on these trade discussions between the u.s., china. katherine tai, the chief trade negotiator of the u.s., discusses the importance of the u.s.-china trade relationship. they discussed abide in's worker centric trade policy. and tai raised issues of concern, according to the u.s. they did say the talks were a candid exchange. we are not getting details on exactly what was discussed in terms of how detailed they were when it comes to the trade deal. i mentioned how the trade relationship is important and they look forward to future discussions. at least there is hope the discussions are still going on. you see the market moving on the positive headlines from the u.s. trade negotiator. you see the remember the surging -- the remimbi surging. we are also looking at what's to come with the discussions and whether we can see china for filthy commitments past during the phase one trade deal. they are not there yet, but have been ramping up imports. with

george saravelos holding court with deutsche bank.the trade dynamic, the flow of funds within our financial system and the foreign owners of our bonds. do we risk instabilities as we come out of this booming economy, when we look at the trade deficit or the current accounts surplus deficit? joseph: right now, the current accounts surplus, the current account deficit is about 3.5%, going to 4%. it was over 6% in the mid-2000. i am more concerned less about trade but more about fiscal side, where we are going to run a deficit this year of about 16% of gdp. if we get this $4 trillion extra in spending, we could see deficits in the 10%-12% rich for quite some time -- range for quite some time. i am more worried about the federal spending, much less so on the international side. imports are growing very strongly, at about 40%. the demand is so strong, per target's results. worrying more about the given's physical commitments -- government's fiscal commitments. it will come through the foreign exchange market because the fed is likely to de

sewing of deutsche bank.onathan: i'm looking at the headline, interim along -- inter milan set to be getting a 336 million dollar bailout with oaktree. tom: let's pause here and reflect on this. this is where things that are injured get solved by big money. jonathan: and there's a lot of money on the sidelines waiting to solve things that are injured. lisa: and this is talking about u.s. potential involvement in european football, which was absolutely maligned with the lights give jp morgan -- with the likes of jp morgan, and now the likes of oaktree coming in. it really raises the question of where in the cycle we are at. you talk about your preopening and people -- about europe reopening. target aside, these are the best earnings in a decade according to some measures, and yet we are still midcycle and this is backward looking. i wonder how much that is the narrative. jonathan: target fading now, up by a little more than 2.7%. as we talked about in the previous hour, we saw this with home depot, with macy's

this puts things back in the spotlight for deutsche bank. i know this is a story you watch closely. t this point? will investors have to focus on risk controls at the bank? matt: what about airbus? we heard the interview of simone foxman with akbar al baker. he has serious issues that he will not specify. will we see action on those stocks because parisian markets are open as well? dani: these mysterious issues means there could be some impact to airbus depending on what qatar airways is going to do. he warned they may not take deliveries over this unspecified but serious issue. it is a mystery but if it impacts airbus, that is the main thing that shareholders will care about. will that send airbus lower? it could. matt: i am looking forward to working with you in the next couple of hours. two hours? dani: you have two hours with me. matt: i could use your help because there still is some action to follow. frankfurt is open and milan is open. paris and madrid are open. i could go on and on. or they will be in five minute'' time. futures are down but there is no shortage of news espec

that sounded very concrete because deutsche bank was struggle and had problems in moldova on the traditionand of course wire cards idea was to prop up this theater of illusion to toil and perhaps also fulfill the politicians dreams of a major german financial player did on mitch mcconnell if they would have acquired george bank or doing bank acquire them or they merge they would have accomplished the ultimate and that is become something legit and then they would have written everything off and gone off into the sunset as part of deutsche bank. something the foregoing had truthfully could have been cases in the past when fast growing companies with high stock market values have taken over well performing traditional companies. contribute in the do too little don't even belong. sometimes it went well and sometimes it didn't in this case i'm very glad the speculation didn't actually come to fruition before to start. when k. p. and g. did their investigation they flags the issue that's crap escrow accounts and at that time why are quite provided no documentation. on the transfer of the allege

the federal reserve is said to have warned deutsche bank about compliance failures. ame in an annual assessment which signaled the bank is adhering to confidential agreements aimed at fixing its risk-management management practices. we are told deutsche bank's top executives are bracing for potential sanctions. the nikkei news says japan is considering changing rules next year. discussions between regulators and governments is set to begin in the coming months. generation next, we will hear exclusively about the internet's value and paving a path in taiwan's tech industry. plenty ahead. this is bloomberg. ♪ vonnie: you are watching daybreak australia. covid infections in india have fallen to their lowest level in more than six weeks. the latest government data shows nearly 174,000 new cases taking the nationwide total to 27.7 million. reports of death remains below 4000. residents in wong joe have been ordered to stay home to detain a coronavirus outbreak. cctv reports it stems from india. five confirmed cases and 21 a symptomatically cases since may 21 originated fro

only recently the global head of human resources at deutsche bank said i quote, greater diversity among senior executives is a business necessity. and he said, and i quote again, there is plenty of evidence that more diverse teams achieve better results and adjust faster to a changing environment and of quote. so the new requirement, a germany for large corporations to have at least one woman on the board in the future, might be a clever step towards more success in terms of social change. and in terms of business or recent survey suggested around 2 sets of people in japan would be willing to work beyond retirement age. the key motivation given was financial, but the statistic is good news for a country struggling to fill the gaps left by its retiree. japan's population is aging, so the country is putting his retirees back to work till yaki i'm and i used to be a sushi chef. no, he prince trees. i enjoy the work and it keeps me fit. plus it's a welcome bit of money on the side. we do get a pension, but not a big one tonight. so i really do need to work with the law here in koji prefectu

binky chadha is with deutsche bank.o say he is their chief global strategist does not speak to the acute detail of his notes. wonderful to have you with us. what is the most important statistical dynamic right now? what is the thing moving in the markets that catches your attention? binky: good morning, tom. i think as we are all cognizant of this very large number of moving parts right now, what i would basically emphasize as being most important for the equity markets is really what typically happens at this stage in the cycle, which is a peak in growth. we are talking about rates of change, not talking about growth not remaining robust. it is really a peak at growth, and not a peak in the manufacturing ism's that has historically happened about a year into the recovery, and typically associated with significant consolidation in the markets. the pullback of 6% to 10%. that is our key view here. there are earnings, the inflation risk, what has been happening to retail investors get so there's a number of things going o

alan ruskin, deutsche bank chief international strategist. lumber futures topped $1500 for the first time ever. brent is approaching $70. it is up on the year by almost 60%. copper breached $10,000 in the last week. we are up almost 30% year-to-date on the copper contract in london. there is a message from a terminal subscriber that said we have not even started to move yet, come on. that's what alan is getting out here. -- is getting at here. we have not even seen the dollar weakness from the pickup and cyclical growth that we might see this year. tom: our job is not to have an opinion, but to show the magnitude in gradations. i think frankly, a steve roche-like move in dollar weakness, the fact is some of these house strategists are starting to frame up tangible dollar weakness. jonathan: more than that. in the commodity market, the commodity bulls are making this argument. you can't price in the full demand shock. what that means is that we have a demand shock and tighter supply later this year. you can't price that in yet. that is the gol

jonathan: clearly vital. 8:00 a.m., alan ruskin of deutsche bank. later, joseph stiglitz of columbia. looking for to that, too. equities advanced 0.1%. this is bloomberg. ritika: president biden says he is open to compromise on raising the corporate tax rate. the president has called on congress to boost the rate from 21% to 28%, but he now says he doesn't have to be exactly what he says. democratic senator joe manchin has said he could support a 25% corporate rate. the u.s. will support a proposal to waive intellectual property protections for covid vaccines. the u.s. once better access, more manufacturing, and more shots and arms. drugmakers are opposed. they say few countries have the capacity to make the vaccines even if they use the formulas. there's a change at the top of ab inbev. the ceo is stepping down after 32 years. he will be replaced by the head of ab inbev's north american operations. this comes after the company posted a blowout quarter. spacex nails the landing in the fifth test of its starship rocket. after reaching an altitude of

deutsche bank is one of the firms 1mdb is suing to recover $22 billion in assets.model s that slammed into a tree last month was behind the wheel shortly before the crash. that's according to a preliminary report by u.s. transport safety officials. the car's automated steering system appeared not to have been switched on. the owner and a passenger were both killed after a fire. that's the bloomberg business flash. anna? anna: thanks very much, laura. coming up on the program, 20 minutes into our european trading session for cash equities, but let's talk about bond markets because amazon borrows over $18 billion in a debt sale it does not actually need. why is it doing that? we have all the details next. this is bloomberg. ♪ ♪ anna: welcome back to "bloomberg markets: european open." 22 minutes into tuesday's trading session and we are weaker on the stoxx europe 600. we do have some areas of more resilient, but all sectors are a negative territory on the european equity markets. let's have a lector u.s. futures and see where we are there because that will be crucial

remember, mervin, he used to be a senior executive, deutsche bank. his colleagues, one said bitcoin was for lawbreakers and troublemakers. he now runs a crooked to fund, out of walter our research shows that the crypto markets are gonna probably be worth about $8.00 trillion in 2027, which is a 50 x, something exactly. most financial analysts say you better stick to your chance and bonds and dollars bitcoin is dangerous nonsense. far too risky as invest to others . bitcoin is an escape hatch that will take them away from risk and insurance against a financial doomsday away out of the debt crisis. negative interest rate, trade was an economic downturn. they say it's an anti fragile asset uncorrelated to financial markets. so how about the general public in america, the younger generation already starts to trust this new asset class. and when success, bitcoin may reach a $1000000.00 per coin, i would say the biggest financial mistake you can make right now is to own an amount of bit going that you cannot afford to lose because it's super risk and you m

only recently the global head of human resources at deutsche bank said i quote, greater diversity among senior executives is a business necessity. and he said, and i quote again, there is plenty of evidence that more diverse teams achieve better results and adjust faster to changing environment. and of quote, so the new requirement in germany for large corporations to have at least one woman on the board in the future, might be a clever step towards more success in terms of social change. and in terms of business kind of business. now a recent survey suggested around 2 thirds of people in japan would be willing to work beyond retirement age. the key might've ation given was financial. but the statistic is good news for a country struggling to fill the gaps left by its retirees. japan's population is aging, so the country is putting his retirees back to work till you okey. emma used to be a sushi chef. no, he prince trees. i enjoy the work and it keeps me fit. plus it's a welcome bit of money on the side. we do get a pension, but not a big one. so i really do need to work with here in ko

deutsche bank, from other lenders as well they— deutsche bank, from other lenders as well.xposed bend -- _ liability on the part of her exposed bend. —— ex—husband. there is that possibilitv — bend. —— ex—husband. there is that possibility. we are a little bit speculated. i want to stress, but i know— speculated. i want to stress, but i know we _ speculated. i want to stress, but i know we don't do these kind of things. — know we don't do these kind of things, and you don't take these steps _ things, and you don't take these steps without there being substantial evidence and without your intention of charging someone at some _ your intention of charging someone at some point. your intention of charging someone at some point-— at some point. when we talk about the c50 of at some point. when we talk about the cso of the _ at some point. when we talk about the c50 of the trump _ at some point. when we talk about| the c50 of the trump organisation, the cso of the trump organisation, his tactic is to try and slip him, right? his tactic is to try and slip him, rihht? ., , ~ .. ri

the federal reserve is said to have warned deutsche bank about compliance failures. say the warning came in an annual assessment letter which signaled the bank is not adhering to confidential agreements aimed at fixing its risk management practices. deutsche bank's top executives are bracing for potential sanctions. japan is considering changing rules to allow listings as early as next year. discussions between regulators and government and the tokyo stock exchange are set to begin in the coming months. the report says japan's federal rules are likely to have more checks and investor protections. rishaad: let's get to the markets and look at the movers in japan as they are headed to the lunch break, carmakers in particular, down. but this is a declining market. at the moment automaker's sales soaring in april. rising demand. but it is the production which is the problem, slipping from pre-pandemic doubles. this is down to the global shortage in semiconductors. japan airlines, off by .5% as the ceo did say that they were looking at various ways to finance themselves. t

malaysian officials say 1mdb is suing more companies including jp morgan and deutsche bank in an attemptassets worth more than $23 billion. the finance ministry says a total of 22 civil suits have been filed, the latest effort to recover billions allegedly siphoned from 1mdb as the government recovered $3 billion from other firms including golden sacks. -- goldman sachs. global news, 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. 1mdb as the government recovered $3 billion >> still ahead, we speak to the cofounder and ceo of the world's fourth-largest courtesy -- cryptocurrency strange by volume. -- x change by volume. >> plus, we look at the dominance of businesses that have cemented the military's role at the heart of the economy. this is bloomberg. ♪ ♪ >> 10:29 a.m. in hong kong. the surges and commodity prices stoking inflation. the likes of taiwan, japan, and hong kong trading lower by 2%. quite a selloff. >> you are seeing a quite swift move when it comes to equity markets today. there is a out of

harsh words from of all people deutsche bank. what words about bitcoin. >> trendy to tacky.to currency market, it reaches the critical adoption and retail investor forms calling bitcoin the boomer in the crypto currency market. the crypto currency market, it has been a while, they prefer dogecoin and jpmorgan said the value is 35,$000 but you learned a new term yesterday, you learned a new term, toy. >> trendy to packing. trendy to tacky. i'm trying hard but failing miserably. look who is with me, brock pierce, chair of the bitcoin foundation an early bitcoin investor. it is good to see you. i have to raise the issue of regulation, stanford university lecturer said regulation is almost inevitable. making bitcoin regulated like a stock rather than currency. can't see how that would be good for cryptos. >> we had regulation since the launch of bitcoin, most of them, i am in favor of spoke regulation, martin regulation, sensible regulation that support the ecosystem. should be regulated as a commodity? that is the question. my biggest concern is regulations are sensible, and su

away from bit going -- bitcoin and talk about something adult, is there a presumption of a better deutsche bankterisk commerce bank, -- disastrous commerce men, on anon, that we are finally in an era of eu consolidation. matt: if you ask the bank ceos, they will say it not time yet. without banking unions, ceos are not going to do it. if you talk to people at the ecb, they say ceos have to make the first move. lisa: isn't the ultimate issue that each portion of germany is controlled by separate politicians or they will be a natural opposition to any consolidation whatsoever? matt: that is the problem in the german market for sure. you have a fractured german banking market. there are hundreds not thousands -- you cannot -- tom: you cannot say that on radio. we were -- matt, we were talking the other day, is jp morgan coming into the market, and the consumer banking market is too unattractive because there are so many players already here. tom: on a friday of monday, we reset for the summer, maybe new habits -- what you need to know if there is one book, you know i love peter bernstein's classic

it could be interesting at deutsche bank. int of view, when you look at the european banking sector, everybody kept telling us there will be magic -- megamerger's, real cross-border activity. does that sentiment still hold for you? are you waiting for a big deal? magdalena: i think ultimately, yes. the sentiment definitely holds. what we've seen last year was the domestic activity. we've created a 20% market share bank. we have 20% market share bank in spain. i believe that we have to come out of this cycle a little bit. we've got quite a lot of restructuring still in place with the large players in europe. i have no doubt that within the next two or three years, we are going to see much more of the cross-border consolidation. particularly within the corporate cip banks. i think that model is easier to do cross-border. you are operating on a pan eu regional level. annmarie: is that how the european banks are going to be able to send off the u.s. giant -- fend off the u.s. giants? magdalena: i think within this eib space, withi

one-story getting a lot of attention is -- one story getting a lot of attention is deutsche bank. ay through the major restructuring and attempted turnaround. it has been performing really well. did not get caught up in the collapse as other banks did. it's share price -- we have to keep that in the context of where it has been. matt: an incredible story. not only because christian has done so well compared to his predecessors, but he has brought the bank back to its german roots. he grew up in this country, worked as a banker basically before going to university. has really kind of put his head down, done the hard work, put in the long hours, stuck to his values. it has done incredibly well where so many big, successful international names in the past have led the bank in the wrong direction. really great take on the bloomberg. you can see it on the terminal. amanda: it is a great story. it may not be over yet but positive indications of a change. we are also seeing a change for the better. nothing is ever really over. including this pandemic. we have worked our way back to reopen

deutsche bank dropping after the federal reserve warned its compliance programs are not adequate.a determinate we had the inflation rate rising to the highest level since 20 -- also out of germany we have the highest level -- the inflation rate rising to the highest level since 2018. when you look across what the sectors are doing, we only had two sectors today -- one close in the green today. that was travel and leisure, up .3%. everything else, bloodbath. a sea of red. it is a low trading day. you can see how low the volumes are. utilities, health care insurance, energy, everything under pressure. travel and leisure is a star in today's very low session. up .3%. we also spoke to qatar airlines ceo akbar al baker, lashing out at airbus saying his company might not take deliveries from the french brain maker. here's the exclusive -- the french plane maker. here the exclusive interview. akbar: this is something that has never happened. this will create a precedent for other countries to do the same. secondly i think the pilot made a fundamental error by not continuing to a closer a

comments by deutsche bank, 125, 127. we are all going to the moon on euro as the covid vaccine rolls out. nymex is down by 0.4%. 63.34 as covid grips india. 10 year government bond futures. if another person at bloomberg tells me the cash market is closed in treasuries, i will choque. 132 is where we are. that could be the jobs market at the end of the week. bitcoin by all, a rally by $10,000, but its share of the party is dropping sub 50%. let's put risk in context. the good to see you. it is good to have you back on the daybreak course. let's start with the dollar, ok? because there is a great debate. kaplan says it is time to start talking about taper. you have buffett talking about excesses. what is your read? are we in an excessive risk taking mode, and is that why the dollar has been dropping? guest: first of all, as far as excessive risk taking is concerned, we are talking about a period where you have global growth and global trade upswing. you have excessively loose monetary policies, and one of the biggest fisc

francesca di pasquantonio of deutsche bank. thank you very much indeed.teresting is how limiting the discounting is, for tickly at the high end products. there is no money to spend. people are not discounting. alix: you would not know because you do not buy stuff. looming dales, nothing. went to saks, no inventory. you cannot get the deals. guy: are you prepared to buy stuff that is not on sale? alix: now. -- no. that is part of my dna. you cannot buy full price. guy: a lot of people are out there spending a lot of money. full price, the inflation, i wonder other people's mindset will shift if you do see inflation. do you buy stuff now with the expectation prices will go higher? i see the mentality of low and stable inflation will be interesting to see whether it works out. alix: i am not there yet. guy: sticker shock. i have to go buy some clothes. i think there will be sticker shock and how much a pair of jeans cost. more than i remember. alix: that was the 1980's, the last time you bought jeans. [laughter] guy: definitely more expensive now. not quite

yesterday, i had big pieces from citi and deutsche bank talking about 1.27 on the euro. is the discomfort level in the euro for the ecb? yogi: i think the ecb is quite happy with where the euro is at the moment. it is sub 15%, 16% undervalued on a ppp basis. i think there are more focused on the impact a stronger euro will have on unemployment and the potential for inflation longer-term. in terms of the specific level, i do not think they are looking at one. i think they are more concerned about the asset purchasing program, more concerned about tapering, obviously inflation targets. the question is, where will rates be? they are not really sure about that. they know the euro is undervalued. they are happy with it being undervalued. they have other things to focus on that are far more important to the recovery. manus: i want to pivot to the commodity in the u.k. market. you are neutral on u.k. equities. is that the broader market or the global index, i.e., the ftse? the bloomberg commodity index at a 12 year high, and a reopening test pumping and gas on a reopening test

i was looking at deutsche bank jim reads note yesterday.f the balance sheet stays at a post great financial crisis level it will be at -- jonathan: remember 10 years ago, tapering is not tightening? lisa: my point being they might tape in -- they might tighten or taper for two months. how much can they move? how is that gloom? tom: with london and the miserable weather, mohamed el-erian is living there. it is a gorgeous weekend in new york city. it is time for a tang mimosa. jonathan: someone wrote it is friday, can we get tk on a john deere tractor with a mimosa? i'm not sure who this person is. lisa: i think we should go there. jonathan: i will run. tom: as fast as you can. lisa: british sarcasm at its best. jonathan: looking forward to next week with more of the same. we will talk. equities up 15 points on the s&p. heard on bloomberg radio and seen on bloomberg tv, this is bloomberg surveillance. ritika: with the first word news, i'm ritika gupta. president biden says the u.s. will help gaza with humanitarian aid in the wake of that 11 d

deutsche bank is rearranging how it sells fixed income trading part -- trading products without sacrificingdel will divide become which team into two groups, one focusing on liquidity and another on client solutions. they are aiming to keep revenue stable while cutting expenses by almost 10% by the end of 2022. starting the sale of their non-.8% stake -- trying to appease disgruntled shareholders. the stock is around 40 hong kong dollars apiece. proceeds expected to fund share repurchases. they are close to hiring an external ceo, whose test will be to revitalize sales across all categories. coming up, the market outlook would lower gilbert joining us shortly. plus, a big interview with one of president biden's covid advisors. this is bloomberg. ♪ ♪ haidi: good morning. i am haidi stroud-watts in sydney counting down to asia a pleasure is major market opens. shery: i am shery ahn. asian substitute track wall street lower after key u.s. inflation readings accelerated at the faster rate since 2009. bitcoin tips along with tesla she after elon musk dispense using it to pay for vehicles

most random, but interesting thing is the biggest risk to the market in the months ahead from deutsche banke they are the top ranked risks right now number one may not be what you think. actually that is inaccurate. take that down that is not correct. the number one ranked risk is inflation. bond yields throwing a tantrum 63% of those surveyed marked that down. 20% fewer than the number two risk which is what you saw new covid variants immune to vaccines still a lot of fear out there. it was the number one risk last month. inflation went from down here, boom, over covid and varivarian, followed by central bank and geopolitics. we talk about risk the big fear is inflation and how bonds react because of yields spike, investors won't pay as much for high growth. that could send stock prices lower. that is why you care about connecting the dots with inflation and the boring bond market and investments random, but interesting. let's bring in victoria fernandez at crossmark growth investments. you worry for your clients, victoria, so they did not have to how would you respond? is inflation your b

of a year it's been uncertainty versus the trajectory cove indi-- covid infections the folks at deutsche bank that shifting sentiment so jim reed read it his chart of the day earlier this morning the german bank's survey showed that this month the biggest perceived risk to current market established is higher inflation and interest rates 63% of respondents picked that versus 43% a month ago meanwhile on the other side, 44% say that new covid variants that can bypass vaccinations clocked in at 44%. what it comes down to, kelly, tyler, is that now covid vaccinations at least here, there are still hot spots around the world, have made it so that they are less of a risk to the market and now you're focused on fundamentals like macroeconomic headwinds. >> in a way i'm surprised that the covid numbers are still that high because it feels like the stock market has been telling us for six or nine or 12 months that they're looking through this to the other side. >> that's the thing. sentimentwise you still had investors so keenly focused on what could happen if something happened with a covid spike. w

george sarah vallas -- at deutsche bank come the international fx strategist, pointing out the lack ofand enormous fiscal policy. as we go into this jobs report, how alone is chairman powell? how alone is congress internationally? ellen: i do think it is a little odd to see other central banks moving towards the tapering or moving into tapering. some of this is that the fed framework is designed to be extremely lagged in the business cycle. that said, i do think we are going to be talking tapering. i know chair powell is still straight arming that discussion, but you've got other fomc participants starting to say should be talking about tapering soon, and tapering is not about tightening monetary policy. it is about taking your foot off of the accelerator. so i think this jobs report is just the start of a string that is going to be strong, and as we march toward that summer meeting of the fomc, they will be opening these doors and taking baby steps towards having those balance sheet tapering discussions. they need to start tapering well before they start raising interest rates, so i d

alan ruskin at deutsche bank had a note saying that what we are seeing right now is very similar to the it comes to oil. it became a geopolitical shortage problem, and that chips are becoming a geopolitical issue matt comes to taiwan, china and the u.s.. that made me feel like this thing can't get resolved anytime soon. david: the question i think really is how much bigger can it get because they will go to all electric vehicles by 2035, and that is not just chips. that's a lot of rare-earth and things you need to make those things. it is going to be a real big challenge for them. guy: who was it earlier on, san companies need to stockpile rare earths -- earlier on, saying companies to stockpile rare earths? alix: iea. guy: but where are we now in terms of where oil comes from? i suspect it will be a lot quicker this time around, but basically, the u.s. is now energy independent. you look what is happening with the chip sector right now, what the chip companies are talking about, you talk about what the government is saying, they want to bring this stuff back. europe is doing exactly th

and we know the district attorney subpoenaed deutsche bank which has been the lender of choice for years >> cy vance is out at the end of the year. i think he can and will and has to decide this before he goes. you can't leave this decision for a newcomer. and the statute of limitations. you have five years, generally speaking, from when a crime is committed to the case. most of this conduct was before his presidency, 2016. it's 2021. they have to move. >> if they're investigating for the things we think they are, do you think that will be enough to get him the flip? >> it's a great question. i used to have the option when doing mob cases of flipping guys. they're certainly not looking at life or anything near it. that's what weisselberg is calculating right now. do i have the capability that they're going to take a risk and charge me, or am i going to flip and come onboard. >> thank you very much. >>> coming up, a new timeline on when you may need to get a new booster covid virus shot. >>> and we're going to talk with two businesses and whether they'll still require masks in their store

prime minister benjamin netanyahu and other top israel'l head to the city to speak with the -- deutsche banks moving about tony 5% of its startups in the european union and asia. bloomberg learned about 100 jobs will be moved in an attempt to reduce cost and put staff closer to the clients they serve. some london-based employs can reapply for their jobs in the new location but will be required to take a pay cut. global news, 24 hours a day, on air and on "bloomberg quicktake," powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ ♪ >> we do have to strongly condemn the actions taken by belarus. what they did sunday, intercepting an aircraft purely put the passengers and crew that aircraft forced them --unacceptable behavior. jon: good morning. i'm jonathan ferro. here's the tuesday morning price action. the bow continues on the equity 500 -- on the s&p 500. the nasdaq 100 up 65, we advance .5%. yields breaking down through 1.6 -- one pointing zero. the dollar weaker, -- 1.60. the dollar weaker. tom: everything on the screen, the

i do want to just say that, building on the point you were just talking about, jim reed of deutsche bank came out and asked when does that matter, when debt doesn't matter anymore. you see an increasing debt to gdp ratio around the world, and yields coming down. greek yields now the lowest relative to german yields going back to 2008, despite the increase there. everywhere you look, you see this phenomenon, which raises the question of whether this can persist or whether this is just a blip before we start to go to in a regime. tom: we are not doing microeconomics here at 8:00 a.m., but there's got to be an end result in leakages, usually personified in the foreign exchange market. jonathan: pretty much every cycle has been the same. every recovery, we add more debt. debt to gdp continues to rise. every recovery, the fed funds rate is that much lower. every recovery, our tolerance for higher interest rates is diminished. for a developed market like the united states, that is still true. what's got to change this belief that somehow treasuries are treated differently, not like a developed

deutsche bank warns that for the company achieving their 2021 guidance "looks a bit daunting."ere able to eke again. we'll hear from the ceo in a moment when it comes to ryanair. they posted a record annual loss. the ceo talking up the fact that there might be a recovery. we have seen nothing yet. still subject to rules and reopening rules. they say bookings have increased but their visibility is zero. glaxosmithkline up .8%. the latest news for them is the glaxo vaccine had a strong immune response in their trial in december. they were delayed on getting there vaccine out, the stock got hit in january and we are moving above that. the highest level since september 2020. let's dig into the glaxo story. bloomberg health care reported joints me now. what we know about the delayed vaccine? susie: this is good news. both sonofi and glaxosmithkline will be breathing a sigh of relief. they have not been anywhere on the vaccine race. we had this delay in december. the way they had measured the concentration of the formulation had an error. they had not produced a strong enough respons

he fought for years tooth and nail to protect those and you have deutsche bank. what the prosecutors want now is allen weisselberg. he's key as he handled the trump organization's finances. the. >>> and jury t. >>> and the grand jury tells us something. this is not being done on a whim. there's evidence here, brianna. >> there's evidence. this has been going on for a while. laura jarrett, our "early start" anchor and reporter. >>> thanks for joining us this morning. tell us exactly what is going on here and for how long are we talking this special grand jury has been sitting? >> good morning. the special grand jury is scheduled to sit for six months. there is a mechanism through which prosecutors can get an extension with a judge's approval. but over the course of the next several months it's likely vance's office will present a mountain of evidence in the pham of testimony and documents to this panel and ultimately they may decide to present them with charges to consider or they may decide to do nothing with it, and it seems like the investigation on their end i

they obtained information earlier from deutsche bank, the lender to the trump organization and then this, we don't know. this is a question mark. allen weisselberg. if they can flip him, he's the longtime chief financial officers of the trump organization, that's going to be critical. watch and see if the grand jury subpoenas weisselberg or indicts him. that's going to be keel. >> this is hugely helpful. appreciate it. brianna? >>> maggie haberman is here to discuss. maggie, you have covered trump for years. i wonder, how do you think he's viewing this? >> i don't think happily, brianna. i think trump has been very, very frustrated and concerned about these investigations for several months even before he left the white house, but i think the concerns have lasted in the last few months. i think he's been at trump tower a couple of times since he returned to palm beach. where he's been spending a lot of time is trump tower and there have been lots of meetings related to these investigations. know that trump has a specific playbook he relies on, in which he claims everything is a witch hun

he's walked away from massive loans to his learned, primarily deutsche bank.sive tax deductions, so he's a very cagey guy. he's managed to dodge the bullet many times. this, however, is a different bullet. this is not somebody coming and saying you may have violated the tax rules and now you owe us money. these are two separate investigations that could end up in criminal charges, which means you go to jail. that is an entirely different prospect and we'll see how he does this time. >> andrew, laura, thank you both. appreciate it. >>> george floyd's family in d.c. today one year after floyd was murdered. his brother speaks out right here. and i'm going to speak with biden domestic policy adviser susan rice and the holdup in the policing act named for floyd. we'll talk about that. age before beauty? why not both? visibly diminish wrinkled skin in... crepe corrector lotion... only from gold bond. cal: our confident forever plan is possible with a cfp® professional. a cfp® professional can help you build a complete financial plan. visit letsmakeaplan.org to find

talking about hospitality you have got to talk about the employment picture as well jim reed over at deutsche bank, they show hiring has become a big thing if you are in hospitality, can you find the workers that can help you scale to the bigger level. >> 100%. keep that in mind if the jobs report shows a slow down court were you going to add something stereo brand-new spending numbers from mastercard for month of april of course they are up compared to 2020. that makes sense everything was shut down but compared to 2019 restaurant spending is up 5.7%. >> wow in i think there is strength beyond just what we are seeing at the darden names there are a lot of folks in the suburbs waiting to get out to olive garden you need the bread sticks. >> raise your hand -- let me point out what we are talking about. merck ceo ken frasier and ibm's ceo just spoke at the ceo council summit and are both saying millions of positions can be done without a college education. they and other companies have removed this requirement in recent years ibm has. merck expanded hiring in some roles beyond the additional candid

new york related to tax fraud, there are investigations of him related to money laundering and deutsche bank, and we have to be concerned about the counterintelligence implications of rudy giuliani. what did he receive from the russians? what did he tell them? what do they know about him that we don't know or what did he say that might not be true about what they told him? so, this is all a very complicated web. and we have to get to the bottom of what happened. >> congressman, you are from india. we are watching this covid wave wash over india and really decimate things including the medical system over there. what's your view of what the united states should be doing now? >> i think the u.s. is off to a start. i called on the u.s. to share vaccines especially from our unused astrazeneca stockpile of 60 million doses that we are not going to use for our vaccine effort. i asked that it be shared with india and other hard-hit countries. i'm glad the white house agreed and announced they would do so but they have yet to do so. they said it will undergo a safety review, but we know that these a

it works to get a subpoena deal with deutsche bank which loaned trump organization millions of dollars>> scott, other cases against the former president as well. >> there are a lot. number of women who made against donald trump the most prominent is the civil lawsuit from newspaper columnist e.g. carroll and this gentleman you see, the state of georgia, is investigating whether trump tried to illegally influence the outcome of the presidential election there with phone calls and what election leaders perceived as threats during the georgia recount. biden ultimately won georgia but trump called the georgia investigation politically motivated. it's important to remember, the attorney general, secretary of state who you just saw in that video and the governor of georgia, they're all republicans. >> thanks so much, scott. >>> moving on to other news this morning, just in, fire crews are working on a house fire in san francisco. this was video that was just posted to citizen app, it's happening on schrader street in the cole valley neighborhood. firefighters say it's burning the roof and up

also continuing its investigation of trump's finances as it works to get a subpoena deal with deutsche bankhich loaned trump organization millions of dollars. >> scott, other cases against the former president as well. >> the number of women that made allegations against him the most prominent is the civil lawsuit from newspaper columnist e.g. and carroll and georgia is investigating whether trump tried to illegally influence the outcome of the presidential election there with phone calls and what election leaders perceived as threats during the georgia recount. biden ultimately won georgia as well. trump called the georgia investigation politically motivated. laura and marcus, remember, the attorney general, secretary of state in charge of the elections and the governor of georgia are all republicans. >> we're heard people talk about that before. scott, thank you. >>> 5:33, new overnight and just into our newsroom, firefighters in the east bay responding quickly to rescuing two people, this is from a house fire in san lorenzo. videos and photos tweeted by alameda county fire. crews respond

the federal reserve has criticized deutsche bank a g for failing to address assistance shortcomings and its anti money laundering controls. according to people familiar with the matter. they say the bank could even be find the lender hasn't commented on the allegations. japanese inflation rate has risen to 2.5 percent. the highest level is october 2018. it comes after german authorities is some restrictions on restaurants, shops and cultural venues as karone of ours. incidence rates fell across the country of abundance bank says inflation could rise as high 4 percent this year. a more and what's behind that? his i n g is chief economist cost breski. yeah, i think we, we read the full swing of a couple of inflation drivers right now. it starts with higher commodity prices goes on with higher producer prices just think offer higher container prices, the problem and see my conductors. and then goes on to the reopening of the economy because we saw that the prices for services went up and prices for leisure activities also went to i'm currently prepared to see head and face numbers in germa