it was first born in europe. nationalism has been born in europe.nalism has not been born outside europe. more than that, i think it is a tricky thing which is happening. that is that an american president is bidding on more nationalism in europe. you know what nationalism in europe means? that's not nationalism based on values, it's nationalism in europe based on ethnicity. and what nationalism has done in the last 100 years in europe, we all know it! 20 million victims, all of this is based on nationalism. so an american president thinking, "0h, european unity is not necessary, let's go back to national identity, ideas of nationalism." that is playing with fire in europe! this is not america! this is europe! we have the holocaust, we had the pogroms. well, you can... i think it is a fair argument. you can cite the events of the 1930s and ‘aos at me but let's stick with what happened today. yes, but it can come back. let's look at the context for brexit. i come back to the basic point about the situation today in europe. you have just seem theresa

it is in europe. and so the5e in europe. it is in europe.ions will be very important. and i am very open about it. i think that fairness is the ba5ic it. i think that fairness is the basic principle we need to apply in the5e basic principle we need to apply in these negotiations. so when theresa may says, alongside donald trump, that, as you, she said to donald, a5 you renew your nation, we renew ours, you renew your nation, we renew our5, the opportunity is here to renew the special relationship, the po5t eu britain and trump's america will lead again, your response is? my will lead again, your response is? my response was yesterday industry i5 my response was yesterday industry is wonderful, i think, i my response was yesterday industry is wonderful, ithink, i have my response was yesterday industry is wonderful, i think, i have seen thousands and thousands of people not agree with this —— in the street i5 not agree with this —— in the street is wonderful. i don't agree in the rhetorical or the narrative of trump. i think it is devastating

he's for europe, for the nations, not the people of europe.e sees the brexit and trump as a menace, as a bad example, but he could try to convince his people, but he's got to present his program. the latest pololl in french television says the program of the candidate, then his credibility is not corrupt. peter: you just talked about the threat posed by marine le pen for this crossroads in european history, as you describe it. let's catch up with marine le pen. she, too, likes to present herself as an outsider, despite the fact that she presents herself as -- that she comes from what might be coming that's what might be considered a political dynasty. >> she believes france is on the verge of collapse and only she can say that. the parties on the right and left care only about money, but i am a candidate of the people of france. also belongs to the political establishment. she has been a european him p -- mp since 2004 and has been accused of misusing funds to help her political p party. she has vowed to p put france first, renegotiate the cou

as the united states stood with europe through the end of the 20th century, europe stood tall with united states at the outset at the 21st. the american people will be forever grateful. again i have the privilege to see our bond firsthand. only two weeks after those attacks on 9/11, as a member of congress i traveled to germany to participate in international conference on terrorism. i will never forget what i saw as we arrived at the american embassy in berlin. a wall of flowers, 10 feet high, surrounding it. fragrant tokens of condolences, support and prayers of your people for ours. that image will forever be and mind.my heart for the first and only time in its history nato invoked article five for filling our commitment to confront our common enemies together and the american people will never forget it. in the global war against radical islamic terrorists we have been bound by shared sacrifice. for the past decade and a half the nations of nato have answered the call to rid the world of this great evil. from afghanistan to iraq, to many conflicts across the globe, our sons and daught

europe. chiefan union policy frederico marini joined an event hosted by the atlantic council. it is about an hour. >> good afternoon and welcome to the atlantic council. thank you for joining us. i am the present ceo of the council. madam, high representative, a sellout crowd. they are bursting out the doors and i think this underscores ath the recognition we face historic moment in history for europe and the transatlantic relationship, long before the november elections, and that whate are eager to hear report you've given us from your trip thus far and also answer their questions and my questions as moderator on broader issues in the transatlantic relationship which we, of course believe is the cornerstone for all u.s. engagement with the world. we would like to think of ourselves as the home for europe and washington, d.c. and thus i am honored to welcome a high representative of the european union for foreign affairs and to ready policy and vice president of the european commission, madam

commitment to europe. what could the vice president say that would matter to folks on the other side of the ocean? guest: there are a couple of things he could say. he could repeat what president trump has said, that he's about a commitment to nato. that would matter. because president trump has said other things in the past. implying nato was obsolete. that's left a big pocket of worry there in europe. he could say things that are reassuring about the us' support for the european union, which is coming in for a very tough year on all kinds of fronts. difficult election. a lot of anxiety about immigration and remarks of president trump has made saying is europe going to come apart and being very supportive of brexit, britain leaving the european union. those have gone down very, very badly. host: the phone numbers on the bottom of the screen. bronwen maddox, we're here to talking about transatlantic relations our guest will be with us for about 25 more minutes. we look forward to taking your calls. you are

i go prerifry europe, core europe, do i diversify? >> if you look at flows, there's not a specific preference for peripheral versus core. having said that, if you look at the broader growth picture, europe is looking better. some countries are looking more better positioned than others. for example, france in a slightly better position in comparison with the signals picking up from the likes of italy. so there are differentiations to be made. when we talk about broader severe of underweight, we are talking about being broad rather than selective. >> i was listening to mark carney's press conference yesterday, it sounded like he was quite optimistic on unemployment levels coming down, growth heading higher. he did sound cautious on wage inflation and indicated they could go from 3% to zero. at some point that will come home to roost with the consumer. are you optimistic at all about uk growth and the uk investing in the short-term before we have the actual brexit? >> definitely. with regards to yesterday's meeting, it has been on balan

in europe. important in an early stage. moment, we have space for fighting together at an early stage in a double medic forer -- diplomatic manner causes in which we have a common interest or priority. we might have a different approach with different priorities. or come on some other issues, we might disagree. -- i wouldimpression not pretend we don't have different views on some issues. i can tell you where the european priorities are and where i see common ground can be found and where we have different approaches. thee common ground in strong intention to work together. if i have to believe in all the messages i've heard, that is .lear to me continued cooperation, strong u.s. eu cooperation and work. contributed understanding that the european union is not an institution, it is 28 member states. ground on some of our priorities -- the fight against terrorism, solving the crises we have around us and globally, the situation in , terrorism not only in the middle east but also spreading into af

stood with europe, europe stood with the united states. we have to remember that the only time that the alliance has invoked our collective defense clause, article five, was after the attack on the united states. and this was more than just a gesture. several hundred thousand canadian and european troops have served in afghanistan and more than 1000 has paid the ultimate price. -- have paid the ultimate price. the bond between the united is verynd nato important today because we live in times of term i'll end insmed -- in times of turmoil and instability and we need a strong alliance more than ever. we are stronger when we stand together. talkedour meeting, we about our focus in the fight against terrorism. nato continues to train security forces in afghanistan. we have started to train security forces in iraq. and we support the u.s. led coalition against isil with a wax surveillance planes. canwe agree the alliance and should do more in the fight against terrorism. we also agree on the importance of higher defense spending and fair burde

democratic institutions of europe. and we have suggested perhaps that european democracy initiative with our european allies to shore up the democratic institutions against the propaganda and cyber and everything else that russia is going to try to get false information out and to undermine the democratic rule of law. can you just comment a little bit about how useful that would be for a coordinated effort among europe and the united states to protect our democratic institutions? >> sure. thank you, senator. absolutely. i think such an initiative would be welcomed by our european allies and one that makes perfect sense. europe has been frankly dealing with what we're seeing from russia in many ways longer than we have. many of the countries he in central and eastern europe but in western europe as well have been dealing with an array of kind of information shaping policies and tactics by the russian government to try and alter the political dynamics inside these countries. sometimes their goal is to fuel instability by

europe safe at this point?think the answer to that is a clear yes. the united states has shown it is committed to the security of europe, not because of some kind of goodwill, but because the security of europe is central to the security of the united states. i think congress -- and you will have a number of high-ranking members of congress at this meeting -- congress will ensure that the united states stands up for nato, fulfills its obligations to its treaty partners. i think you can answer that with a clear yes. that doesn't mean though that this president, with some of his statements camera -- statements, can't create quite a bit of turbulence. matt: 20 raise more money for nato? the u.s. pays 70% of the nato 1.2%t, and germany is only of its gdp, probably too little. james: the administration has a strong commitment to expanding the defense budget, there is support for that in the congress, i don't think that will be a problem. does that mean that the europeans get a free check and free ride? probably. the

the world would be a decidedly were notce if europe united. americans know best what great value it is to be united and that becoming divided is the prelude to a fall. it is in the interest of us all to prevent the disintegration of the west. as for our continent, in this respect, we will not invent anything better than the european union. matters, i these heard today from vice president pence, three times, yes. after such a positive discussion, both europeans and americans must simply practice what they preach. on saturday, in munich, you during your trip across europe in 1977, with your older brother, you found yourself at some point in west berlin. marveling at what you saw. and then crossing through checkpoint charlie only to see the shadow of repression hanging over people. have -- i had been living under the shadow for over 30 years. what i vividly remember from my own past is how after martial in was imposed in poland december 1981, president ronald reagan urged all americans to light a solidarity candle on christmas eve as he did himse

this is singh that for europe, and -- this is essential for europe. and there are other issues where we share concern with the u.s. administration and maybe otherness the world that are not related to the nuclear program of iran. not related to the nuclear agreement. the role of iran in some regional conflicts, starting from yemen or syria, reports of terrorist activities, the missile tests, and things like that. would add a european human rights on that penalty. know this is a different story here but for us it's an important point. at europeans we have our sanctions in place for nonnuclear related issues with iran and some cases our sanctions are tougher than the american ones. so we also are concerned about some of the things, but what is clear to us as europeans, altogether, and what i also conveyed here in my meetings is that europe feels an interest and a responsibility to engage with iran, especially as long as the nuclear deal is fully implemented on their site, on their nuclear commitments. we will continue to engage with iran, being it in --

you know, europe has, as we know europe...ybody, but the current sort of international crisis could go one of two ways for europe. europe is under threat, you know, it is like jokers to left and clowns to the right. it is, we have trump on the one hand, putin on the other, interested in dismantling the european union, supporting illiberalforces in europe, and i think geopolitically this could be a moment when europe has to come together to resist those forces — you have erdogan as well, where mrs may went immediately after seeing trump — or it could unravel. that identity for europe as a political, liberal union rather than as a financial, economic one might see some sort of revival. how do you see this year for 2017, for the eu? well, in 2016, february 2016, if you asked me, would we have prime minister may and president trump, i would say absolutely no way! so it is very hard to make predictions, but i would say, absolutely, it's going to be a roller—coaster and there are going to be even greater schisms in society emerging.

this is important for europe. this is essential for europe. then there are other issues where we share concerns with the u.s. administration and with many others in the world that are not related to the nuclear program of iran starting from yemen or syria, support terrorist activities, missile tests and things like that. i would add as european human rights in that, maybe it's a different story here but for us it's really an important part and as intuchans we -- europeans we do have sanctions in place, we also are concerned about some of the things. but what is clear to us as europeans or together and what i also convey here in my meetings is that europe feels an interest and a responsibility to engage with iran specially as long as the nuclear deal is fully implemented on their side, on the nuclear commitments, we will continue to engage with iran being it in economic relations, being it in dialogues and cooperations we have started. i know it's not the u.s. policy, this is the european policy and this will continue. we have a one side full i

we talked about several things including muscle memory in europe. the europe.he fact that european resurgent initiative stationing our soldiers in europe helps us bring back muscle memory of what it means to be in europe in the face of russian aggression. two questions. could you talk about that muscle memory. are we regaining that muscle memory? number two, february 3 last year , iran released a study that claim to russian forces could overturn the three baltic states and about 60 hours. as a result of that regain a muscle muscle memory, have we turned our backs to the clock? >> a senator, thank you. in the past the two of the two percent, the other intangible we don't talk about some of our allies do wonderfully a is give us exquisite access to their bases and capabilities its intangible and hard to measure but i think it needs to be part of our conversation. the muscle memory in europe that we talk about, there is a lot of skill sets that we lost across the last two decades as our military has gone away from large-scale operations have moved to its counterin

sam: we have no investments in europe to speak up. we basically avoided europe.orite line is it is great great fors and wine, cheese, not great for business. >> not offended at all, sam. to plug the book, are we over the top of the ticket? whether it is marine le pen, builders in the netherlands, and for that matter, trump. there are parliaments, congresses, courts that can really limit the extremes. sam: i think that is nothing new, that indicates the times. i am less concerned about the extreme as you refer to. but that does not necessarily make news. we see the news taking the extreme positions. remember, even in the data you -- up a minute ago, the price of a stock is always the last moment. it does not mean any kind of a significant trend. zell, on bloomberg daybreak: europe. for wine, cheese, castles, not for investments. vonnie: i don't know about the last bit, but he is right about the first three. more on the french elections as the political drama heats up. will another centrist candidate throw his hat into the ring and therefore took the race toward ma

and europe?nning different strategies -- the changes have been driven mainly by people who are using very similar inputs, and so if you are a programmer and you are writing something for a hedge fund, they all went to the same schools. they are writing similar programs. so they gather data and look at data in similar ways, and they are trying to look at this information and say what creates the informational data on a timing basis. any are looking at electronic piece of information that a machine sees that a human will not see at least moments later. and the machines work more quickly. hedge funds are trying to take advantage of the fact that human beings cannot factor in as much information as a machine can, and the human element if something they have not quite figured out how to put in. going back to the flash crash, those were early signs of different activity in the markets. but it is becoming more smooth now, and the biggest hedge funds of the world are ramping it up. francine: how much do

, it sends a shiver in europe. you cover the middle east. how are arab nations viewing that phrase? what do they make of it? >> when we say arab nations i think it's important to distinguish he rab governments or regimes to the arab population. i covered syria for six years of this conflict. they believe it has been america first up until now. this is why they cannot account for why bashar. >> not a change in policy. >> not for them. but what's interesting now is you are seeing this strategic realignment in the region, particularly among israel, jordan, saudi arabia, qatar, you can wait, theu ae countries, the sunni majority countries which have apprehended, there is one consistency to donald trump's foreign policy that one can be discertained at the moment, and that is he is very hawkish on iran. that is something they are looking to capitalize upon. indeed today i saw that benjamin netanyahu and donald trump are talking about possibly reviving the ises real-palestinian issue on the-- israeli-palestinian basis on

out of europe.s is saying they are not seeing any impact on their lending and that are ours are still taking loans and mortgages. maintain be able to that profitability which is why investors are cheering today. rates,espite record low how are they achieving the low interest rate margin. >> they are cutting back on the deposits. they are paying depositors to keep their money with the bank. they are cutting the amount of interest they charge to depositors. since the financial crisis, they have been able to access bond market funding at a cheaper level. they have cut back $200 billion of assets it did not want and got itself into a healthier position. are helping it on that side of the equation. its net interest income from lending. they expect that to grow in the out years may be in the next three years with things turning upside for them. how is the business at lloyds impacted? weakening of sterling has a limited impact in some respects, 97% of their assets are in the u.k.. are inre assets that this

want a weak europe. trump is looking the economy. his america first, and sees that europe and china are the two major competitors, so he wants a weak and splintered europe, and therefore over the next weeks, months and years, looking at very fundamental issues, can we stand together or not? with your permission, ladies and gentlemen, i'd just like to say if we look the history of the u.s., and we look the history of the unite kingdom, names like roosevelt and churchill, these were politicians, fought shoulder to shoulder for freedom against totalitarian regimes and against nationalist egoism. not because -- we were looking at volumes. reagan and thatcher managed to bring communism to its knees. because that was the right thing for the world. these two paraphs politicians that i've mention -- pairs of politic is mentioned, fought for free come in this world. and i would like the same thing to happen now, but but but at te theresa may and donald trumping look out for their own national interest and not the freedom of the world. i'd lik

stood with europe, europe stood tall with the u.s. and we have to remember that the only time that the alliance has invoked our nato has invoked our collective defence clause, article 5, our, was after an attack on the u.s. and this was more than just a gesture. several hundred thousands of canadian and european troops have served in afghanistan. and more than a thousand paid the ultimate price. the bond between the united -- between the united states and europe embodied in the nato alliance is very important today because we live in times of turmoil and and then we need a strong alliance more than ever. we discussed our progress in the fight against terrorism. nato continues to train security forces in afghanistan. we have started to train security forces and officers in iraq. and we support the us-led coalition against isil with awacs surveillance planes. but we agree that the alliance can, and should do more, in the fight against terrorism. we also agree on the importance of higher defence spending and fairer burden-sharing in nato

i know from speaking to friends and colleagues of mine in europe, it sends a slight shiver in europe.ou cover the middle east. how are arab nations viewing that phrase? what do they make of it? michael: it is important to from arabegimes populations. th belie it has been arica first up until now. no change in policy for them. what you're seeing is this strategic realignment in the region particularly among , israel, saudi arabia, jordan, kuwait, sunni majority countries. which have apprehended there is one in consensus the -- inconsistency to donald trump's foreign policy and that is he is very hawkish on iran. that is something they all want to capitalize on. and indeed today, i just saw that benjamin netanyahu and donald trump are talking about possibly dividing the issue on the arab parameters set forth by saudi arabia. that i read as, how can i help you help all of us mess with iran. that is one area where there is some positive like being seen to this foreign policy. this: let me ask you question. --n you hear this praise phrase in beijing, america first, what do they make of it?

i know from speaking to colleagues of mine in europe, it since a slight shiver through europe.ow are arab nations viewing that phrase? >> it is important to separate regimes from the arab populations from arab governments. they believe it has been america first for the past decade. >> what is interesting now is you are seeing this strategic realignment in the region particularly among israel, saudi arabia, jordan, kuwait, sunni majority countries. there's one inconsistency to donald trump's foreign policy such as one can be discerned at the moment and that is he is very hawkish on iran. that is something they all want to capitalize on. we saw donald trump and benjamin netanyahu are talking about >> let me ask you this question. from the perspective you are engaging on shanghai or anywhere thisin china and they use phrase "america first," what does china make of it? >> they asked who represents the trump administration. how seriously do you take his tweets versus his phone calls as his white house managers manage to muzzle and confined him. >> and on the chinese are the only one

ukrainians believe in the europe project and it is the europe code. i can tell you that ukraine now is the most european optimistic nation on the european continent and i'm proud to be the leader of such an optimistic nation under present condition. let not repeat dramatic mistake of the past. let's show the rest of the place it deserve. let's again consolidate our unity and solidarity. this is how we can gain the peace in our time and go home to get a nice quiet sleep. thank you. [ applause ] >> so to the extent the ukrainians are the most optimistic, the bar has gotten lower. the uk has helped -- >> let me say something about -- first of all, can i say what a pleasure it is to be here listening to you and i think we're all very moved by the tragedy that is unfolding in your country and just -- it goes without saying, but it's worth saying anyway that the united kingdom is 100% behind you in vidicating the rights of the ukrainian people and the independent of a sovereign ukraine. that's very important to us. i hope everybody's -- i know that goes for

will vice president mike pence take friends in europe? -- make friends in europe? manus: welcome to bloomberg daybreak: europe's flagship show. or is itfor breath just a moment, a fading glory? we have had a rally and a run. heavedck markets have higher in terms of volume. yes mp is pausing for breath. we have had one of the longest winning streaks in almost three years. perhaps temporarily abated the volume with the second highest in two weeks. 7 billion shares traded hands. double line capital, do not tail too early. mr. schiller says there is another 4% left in the crop bump rally. bump rally. the relative strength indicator is topping out. it is over 70. the 14th day on that. the dollar fades. it has faded. we are flat on the day. 105.1. reserve of the federal raising rates in march has dropped to 36%. you have of course a little bit of a blue -- of a move on nymex crude. it seems the market is more .ocused on the russian effort this is all part of the non-opec compliance. with a little bit of breaking news coming through for you. on bridgestone. billion's wort

the second question, the second objective is europe should know who enters europe, who leaves it. that means we have a legal major legal program, technical prog m program, p & r agreement, we have to work on that, entry, exit, register something we need. we talked about in theory, but we need to implement it, that will take about two years. so that's a huge asset for european security. european needs a system, we have talked about it, we are negotiating it, but we need to implement it as well. and, again, that will probably require another two years. interoperability of data, we have lots of data we gather in europe, but we do that separately from migration, for travel, for security, for visa. if we pool the data, we would have enough. if these security services to the extent that this is legally possible would have access to this data, that would be enormous asset in terms of security. it is complicated, it will take some time, but we have to do it. now, these points alone enter, exit, p & r, esta, interoperability of data, if we can achieve that in the next two or three years, t

you know, europe has as we know europe...the current sort of international crisis could go one of two ways for europe. europe is under threat, you know know it is like jokers to left and clowns to the right. it is, we have trump on the one hand. putin on the other, interested in dismantling the other, interested in dismantling the european union, supporting ill liberal forces the european union, supporting ill liberalforces in europe, and i think geopolitically this could be a moment when europe has to come together, to resist those forces, you have erdogan as well where mrs may went immediately after seeing trump or it could unravel, that identity for europe as a political liberal union rather than as a financial economic one might see some sort of revival. how do you see this yearfor some sort of revival. how do you see this year for 2017, some sort of revival. how do you see this yearfor 2017, for some sort of revival. how do you see this year for 2017, for the some sort of revival. how do you see this yearfor 2017, for th

we have -- on europe. we have been taking profits in , andds we deem to tight there is pressure to focus on other areas of the credit spectrum, like mortgage backed securities in the u.s., for instance. we are waiting and taking our cues. the base case scenario is still that a mainstream candidate will be elected in france. to 30% have about a 25% chance of le pen winning the election. the base case remains in line. but this is too high a probability to ignore. francine: i showed the service yields, and it is in negative territory for some time. it keeps going lower and lower. we saw a new record just a couple of minutes ago. talk us through this. is this a safety play? what is happening? geraldine: i would agree. the ecb, the right has contributed to this factor. thislearly at the moment, is seen as one of the safe havens in europe, the bond. -- bund. leaveen presidency would the euro. there would be a lot of hurdles for her to achieve this. the likelihood of this happening are probably much lower than ev

what is it europe's response to that?perspectives and to stand up for itself. >> i went to a lot of trump rallies and heard the same thing. i see your point. the response of europe to that biteople are a little struck by that point. i think the general idea is really that, as you know, president trump once -- does not believe, he likes bilateral deals. he is a dealmaker. he is going to make a deal with one country to one country. he decides international institutions. i was talking to a european diplomat recently who explained to me that, of course, i mean, there is a reason we created the european union. we created the european union because each country is small, like france versus america. francis small. make ald trump wants to deal with france, france is going to be a loser because france has 60 million people at a much smaller economy. of course, it would be under the terms of the biggest country, which is america. france, a reason why germany, italy, and also britain created europe just to create a consummate that -

i think they want europe to take care of itself.hey trust europe to take care of itself because they are more worried about china right now, and they feel they need to spend more resources there. i think that's what's going on here. tone andtely, trump's the way he delivers these messages are counterproductive, quite frankly. malte: maybe i can add this, there are circles in the republican party that are so stickley, they want nato to function, they want boots on the ground, and he relies on these circles. melinda: let us now pivot to asia ourselves.mixed-signal s on asia. office, he he took sparked alarm about whether he might reset america's long-standing one pilot -- one china policy in favor of taiwan. his chief strategist steve something even said about an inevitable war in the south china sea. let's take a look. >> the u.s. and china. a showow of force in the s south china sea. the region is rich in natural resources, including petroleum and natural gas. it is home to major international shipping lanes. beijing recently began

announcer: vice president michael pence was in europe for meetings. he met with european council president donald tusk and took part in a joint news conference. this is 15 minutes. pres. tusk: mr. vice president, dear friends, let me first of all thank you for this meeting. we all truly needed it. too much has happened over the past months. too many new and sometimes surprising opinions have been voiced about our relations and about our common security. too much for us to pretend that everything is the way it used to be. thank you for being so open and frank with me, mr. vice president. today i had words which are promising for the future. words that explain a lot about the approach of the new administration in washington. i repaid our guest by offering honesty in my assessment of the situation. i shared our concerns and help. given that i am an incurable pro-american european who is dogmatically devoted to transatlantic cooperation, i could afford to be outspoken even more. i asked the vice president directly if he shared my opinions of three key mat

it's europe's most indebted phone company.e been trying to get more cash out of the business. divestment still part of the story over at this business that operates in spain and brazil and other places. also talking about confirming shareholder remuneration this morning. we talked about a lot of things that you're not backing. we can put the mining sector in that bracket and also the auto space. you do like u.s. financials. they are buoyed by increasing volatility. what is it about u.s. financials that grabs you at the moment? >> we have to remember how leveraged these business models are. even small adjustments to rates in margins make a dramatic impact on their earnings potential. the second thing is, we think deregulation across the u.s. economy and in particular financials is something the market is talking about, but we think it is underestimating. horizon,iyear time just how strong an impact it can have on earnings potential from this sector. that's another strong driver to us that you will see come through earnings grow

wall street versus europe, will donald trump's moved to ease regulations widen the gulf between europeted states? thede serra joins us for hour. i am francine lacqua in london, tom keene in new york. even japan and japanese stocks are just waiting for president trump and some kind of flesh on the bones when i comes to how he plans to reflate the u.s. economy out of what we saw in the last eight years. -- davide serra and on to add harmon, i will lead with a chart today off the bloomberg. go,e is this weight, but and are we going to see that in a sort of state of the union speech tonight at 9:00 new york time? francine: people in europe will have no sleep, 2:00. tom: you will be up for that. you were up for the oscars. francine: let's get to the bloomberg first word news. taylor: in the u.s., president trump will discuss foreign policy, security, and more before a joint session of congress tonight. he is still working on the speech and they are not sure how specific he will be on policy goals. he is expected to increase -- health-care talks. ceo howard schultz came out against president

when i think about the security of europe in europe, i think great britain is a crucial partner of our security here. security.e problem of it is connected with economy. of course we would like to create good businesses, with america, but also in asia with china. but we have to be very careful and we have to look at our interests especially. in our part of the world. , want to be seen as a unity not as a group of separate countries. >> let me go to a couple questions from the audience. we have a parliamentarian from ukraine. excellencies, i have a question to whoever may answer it. in 2008, ukraine and georgia during the bucharest summit asked for a nato action plan. 2 european states plucked the decision under the precondition -- blocked the decision under the precondition that it would escalate the situation. boardsived full-fledged in georgia and ukraine. -- theainian president budapest security guarantees were not implemented properly by the west, which was by the way signed by the u.s. president and ukrainian prime minister. my question is, would you agree that these type of weste

the uk can, inside europe or outside europe, eu, not europe, can be very helpful.oubt also after today's discussions and what theresa may said, i have no doubt that today we can feel some kind of spirit of solidarity. but the summit host warned the eu would fight its own corner if necessary against president trump. we cannot stay silent where there are principles involved and as in any good relationship we will have and we will speak very clearly where we think those principles are being trampled on. just now the moods almost amicable. eu leaders took a boat ride together today but hard negotiations to come will decide how far britain stays aboard with europe's future or whether the uk is left to chart its own course alone. john pienaar, bbc news, valetta. a bbc news investigation has revealed how sheffield city council failed to stop an employee, a predatory sex offender, from abusing his victims in council offices over two decades. roger dodds has been sentenced today to 16 years in prison. the council was first told about the allegations against dodds back in 19