nicole: waiting on european central bank, dow futures up 12.microsoft, amazon, just to name a few of the things we are watching as well as the durable goods numbers, lauren. lauren: tomorrow we get the first quarter gdp print 1.1% economic growth is expected, hopefully the tax cuts promised fbi white house will boost that growth all the way up to 3%. thank you so much for joining us this. nicole: i also we wanted to mention a couple of other things that we are watching for tomorrow, gdp, the april michigan sentiment and for earnings on docket for tomorrow, chevron, general motors, exxon, some of the things that we will be watching. oil down 41 cents, we will watch for that trade as well. thanks for watching. fbn:am. lauren: mornings with maria starts right now.

nicole: waiting on european central bank, dow futures up 12. watching for earnings for microsoft, amazon, just to name a few of the things we are watching as well as the durable goods numbers, lauren. lauren: tomorrow we get the first quarter gdp print 1.1% economic growth is expected, hopefully the tax cuts promised fbi white house will boost that growth all the way up to 3%. thank you so much for joining us this. nicole: i also we wanted to mention a couple of other things that we are watching for tomorrow, gdp, the april michigan sentiment and for earnings on docket for tomorrow, chevron, general motors, exxon, some of the things that we will be watching. oil down 41 cents, we will watch for that trade as well. thanks for watching. fbn:am. lauren: mornings with maria starts right now. maria: happy thursday, everybody, thanks for being with us. it is thursday april 27th, top stories right now 6:00 a.m. on the east coast. white house reveals tax cut plan, the proposal includes cig nesk antly lower and individual corporate tax rates, treasury s

also, we have the european central bank head speaking, as we speak. don't seem to like much of what he is saying. we will talk about that in more detailjust now. michelle fleury is in the united states. cautious was the mood on wall street ahead of the meeting between leaders of the first and second largest economies in the world. president trump will host xi jinping at his retreat in florida. us officials say the meeting is not scripted. investors will be keeping a close eye to see what the to men have to say about north korea and trade. specifically how america's trade. specifically how america's trade deficit with china can be reduced. constellation brands reports fourth—quarter results. it seems we haven't lost our taste for bare —— beer. it is expected to see continued sales growth in that sector, even as its profit margins sing. and ahead of friday's monthly jobs report, an improvement in the weekly figures of the number of americans filing for unemployment benefits. that is michelle looking ahead to the day on wall street. joining us is james q

that is the european central bank. central bank was buying 80 billion euros a month and now it is 60 billion euros. if you say look a european credit and where you want to be invented -- investec, i will .ite the western you look at the index, 4.6%. if you take out the u.s. dollar denominated bonds, it is close to three .5%. to us, that does not sound like high-yield. when you look at the investment grade space, the index trades less than 1%. less about that. is 2%.10 year treasury european corporis less than 1%. what is more than likely to default? we're looking for opportunities, shorter duration, less correlated things, smaller and under followed capital structures and staying idiosyncratic. to do related to that data and technical trade. >> it feels like to some extent em is more stable than developed. they want a little more of safety? >> there are a number of investors who say they feel more stable. they are looking for the pickups and yields and in many cases, e.m. s decoupling from dm. not how much china trade

central bank today. we heard from the european central bank and the bank injapan.confidence in any of the economies despite what mario draghi was saying. that is in contrast to the us federal reserve we re contrast to the us federal reserve were janet yellen and will probably not raise interest rates next wednesday but may lay the groundwork foran wednesday but may lay the groundwork for an increase in june, wednesday but may lay the groundwork for an increase injune, possibly july. there seems to be more confidence in the us, even if there isa confidence in the us, even if there is a creeping concern over whether president trump can deliver on some, all or any of his promises. let's talk about trump. is it fair to say the main driving force behind today's lacklustre performance on the markets on both sides of the pond, was that lack of detail in his tax plan? i think it is. pond, was that lack of detail in his tax plan? ithink it is. it is pond, was that lack of detail in his tax plan? i think it is. it is not clear how the fund will be funded. republicans insist

in the european credit space, the 800 pound gorilla is very much in the room, the european central bank bank was buying $80 billion euros of credit a month, now they are buying %60 -- $60 billion. that is a big move and we are seeing that in the credit face. let's take high-yield, specifically the credit suisse european high-yield index is about 4.6% but if you take out the u.s. dollar denominated bonds, it is closer to 3.5%. i do not know what you think of withyou think volume high-yield, but to us, that does not sound like high-yield. they almost have to change the name. when you look to the investment-grade space, the european investment-grade index trades less than 1% yield. let's think about that. u.s. 10 year treasuries, 2.3% and change. european corporate, less than 1%. i think on the long side we are looking for opportunities, shorter duration, defense and less correlated things to do. we are looking for smaller and under followed capital structures, and staying idiosyncratic on the long side. on the short side, it feels like there is a lot to do in terms of the technical trade.

we have the european central bank and growth and others on investors minds.et to the open and the start of the trading day in hong kong. reporter: keeping those walls of worry in mind, we do have modest gains in asia. some concerns around north korea.we have the cost be rising be rising. --ean won is on the box said back foot.we have the hang seng rising for a second day. we have seen the msci world index at an all-time high. as the editors point out, not all is looking gloomy when it comes to chinese stocks. while we are seeing small-cap improving, -- stocks chinese consumer stocks has been rise, not wait down by the regulatory clampdown on financial leverage. stacking up against the shift toward the consumer oriented growth model, this makes some sense. while chinese equities have slumped on the mainland, we see offshore you one remains steady yuan remains steady. pboc officials are focused on the debt burden. coming in the yuan slightly weaker. today we got the latest data around global payment currencies for march.the you want taken down and h as the most

softened that stance recently, now saying it should be reformed, and the independence of the european central bankorry for financial markets. macron and fillon are supporters of the euro and want to see its institutions strengthened. then there's the eu itself. le pen wants a referendum on ‘frexit‘. so does melenchon, unless europe agrees to his reforms. another big worry for investors. macron and fillon want to stay in, macron wants a stronger eu, but fillon is more eurosceptic and wants more control of france's borders. the other major issue for the business world — labour reform, and france's famous 35—hour working week. melenchon wants to cut the working week even further, to just 4 days. at the other end of the spectrum, fillon wants to scrap the 35—hour limit altogether and make it easier to hire and fire. tomasz michalski is associate professor of economics at hec paris business school. hejoined us, great to have you on the programme. let me start with this, it is hard to believe in any poll nowadays, they have it awfully wrong in the last few occasions, but if marine le pen and jean—luc me

at the opening of the new headquarters of the european central bank in frankfurt in 2015, the antiglobalisation protests spiralled out of control. swiss author jean ziegler is one of the movement's big stars. and now there's a film about him. >> he is one of the biggest critics of the globalized economy. for decades he has been fighting for more social justice and even at over 80 he can still move the crowds. "hope exists here in this square. this is the rebellion of conscience." ziegler: "the single thing that unites them all is the common conviction, expressed by kant that the inhumanity done to another destroys the humumanityn me. i am the other, the other is me. only the accident of birth separates us from the victims." ziegler has been repeating mantras like these for decades. for years he has been a member of the un human rights council advisory committee in geneva. from 2000 to he was the un's 2008 first special rapporteur on the right to food a theme that is close to his heart. jean ziegler: "unlike 50 years ago, nowadays everyone knows that hunger in the world is manmade and could be e

the decline comes ahead of the european central bank's policy decision due out later today. of take a look at some other business headlines. giant has and gas reported a better-than-expected results for the first quarter of the year. the company has also approved a major project on a show gas site in argentina. -- shale gas site in argentina. airline carriers have increased boost tax profit. the company is remaining cautious, saying it has to see how the summer travel season pans out. sales of the french luxury grouped jumped by 11% in the first three months of the year. the demand for leather goods grew 15% thanks to the success of handbags. the rising sales are thanks to the expanding chinese market. know what message a girl has underneath her clothes. >> a japanese underwear maker has released prototypes of what it calls premium friday bras. [sums guitar] want tdodo it r mymy fend? n: yes, we'lll doit f forim. rl: yeah. auaughte sam t thankou.u. ght o o rloyoyce ithe e cotry blbls gegend fm c com, misssssippi. on t w weekes, p peoe gathth in t b backyd ofof 's s use, thun

joe, i remember something at the european central bank in which renois said something to someone thatn't have. joe: the misuse of communication to be above or not the public does not seem to be confined to the fed. scarlet: is this a recurring problem, fed bank officials saying things casually without realizing that they are disseminating the treo information? after that happened, the european central bank adopted new procedures to make sure that doesn't happen again. the federal reserve has procedures and policies in place. that the policies weren't actually being followed. important for the public to have confidence. that it's not just filed away in a drawer somewhere. something the public could count on. scarlet: all right, andrew levin, thank you for joining us. and of horse, and moss. -- dan moss. coming up, 11 french presidential candidate debates, squaring off. this is bloomberg. ♪ scarlet: "what'd you miss? i'm scarlet fu. " -- i'm scarlet fu. "what'd you miss?" endedscal year in japan on friday and not a single one .f the ones there went bankrupt the cost against japanese cor

after european central bank defended its stimulus program to keep supporting the eurozone economy asong as necessary. wall street trading slightly higher now as weekly jobless claims were lower than expected. march unemployment report is set to be released tomorrow. paring back to slater gains as the summit between donald trump ngping get underway. they will be tuning in for announcements about trade and investment. regions andf two cameroon have been without internet access since general. -- since january. in an effort to crack down on protest. it has affected the startup scene prompting some entrepren eurs to pack their bags. reporter: how does their business survive with internet connection for three months? that is the challenge facing startups in cameroon after a follow between the government and two english speaking regions prompted authorities to pull the plug. it has cost the region through million -- three million euros and affected 23 million people, including startups. >> it is really difficult for us to keep working. now that the internet has been cut, it is not easy. com

softened that stance recently, now saying it should be reformed and the independence of the european central bankof the euro and want to see its institutions strengthened. then there's the eu itself. le pen wants a referendum on ‘frexit‘, so does melenchon — unless europe agrees to his reforms. another big worry for investors. macron and fillon want to stay in — macron wants a stronger eu, but fillon is more eurosceptic and wants more control of france's borders. the other major issue for the business world — labour reform, and france's famous 35—hour working week. melenchon wants to cut the working week even further, to just 4 days. at the other end of the spectrum, fillon wants to scrap the 35—hour limit altogether and make it easier to hire and fire. we will be going live to paris coming up in about 12 minutes, talking more about this. stay tuned for that. don't forget you can get in touch with me and some of the team on twitter — i'm @bbcaaron. and aaron will be joining and aaron will bejoining me and aaron will be joining me later as we look at the international reaction around the world in

ever more evident of the different routes that central bank are taking, in europe you have a different picture to the united states. exactly, the europeanets, tying bonds in the market, towards the end of the year, good for them to keep stability as there are political issues and events in europe, the french elections, the german elections towards the end of the year and it allows the ecb to keep policy steady through the process and keep stability in the markets when the political side will be volatile. you use the word steady, with investors, i will return to what i said on the catwalk. investors... they are treading cautiously at the moment, a lot going on, not nice stuff going on around the world, geopolitical risk, that sees a lot of money being poured into safe havens. that's not necessarily coming at the cost of equity markets, we still see the foot sets and the global equity markets remaining stable but we see people looking into some of those safe havens, at this time it's a great principle to diversify and keep yourself broad across asset classes. -- ftse. good to see you. thank you for explaining all of that. still to come...

melenchon says it should be reformed and the independence of the european central bank taken away.llon are supporters of the euro and want to see its institutions strengthened. then there's the eu itself. le pen wants a referendum on frexit. so does melenchon unless, he says, europe agrees to his reforms. macron and fillon want to stay in. macron wants a stronger eu and fillon wants more control of france's borders. the other major issue for the business world — labour reform, and france's famous 35—hour working week. melenchon wants to cut the working week even further, to just four days. at the other end of the spectrum, fillon wants to scrap the 35—hour limit altogether and make it easier to hire and fire. douglas webber is a professor of political science at insead. he joins us from paris. i have to start by asking you, after last night's shooting, what is the mood light in paris this morning?” think the mood is rather sombre and of course people are asking what impact ifany of course people are asking what impact if any disc attack last night will have on the election result o

the bank of england got its operational independence in 1997 and a european central bank was independent. lately, there have been movements in the opposite direction. the bank of japan the great in 2013 to coordinate policy with to anvernment and move alarming attack on the boj's independence. by larryer co-authored summers concluded that central banks are better at controlling inflation than their independence them america under political control. but a noble laureate argues that central banks do better and a financial crisis saying all public institutions are accountable, the only question is, to whom? you can see all of our quick takes on the bloomberg. mark: house republicans announcing a plan to repeal dodd-frank. hearings on a 600 page bill aimed at replacing the law expected to start as early as next week. financial regulations also the topic of conversation when bloomberg's kathleen hays spoke to -- just yesterday. [laughter] >> i don't think you could impress me with that rule. if you want to test your judgment against the rule, but i don't think we're going to monitor monitor p

the european central bank. they were buying 8 billion -- now they are buying 60. you look at european credit, let's take high-yield as an example. let's take the credit suisse western high-yield index. .hat yields about 4.6% if you take out the u.s. dollar denominated bonds, it is closer to 3.5%. to us, that does not sound like high-yield. when you look at the investment grade space. the european investment grade index trades less than 1%. yield0-year treasuries 2.5% and change. on the long side, when we are looking for opportunities, we are looking at shorter duration things to do. we are looking at smaller and under followed capital structures. on the short side, there is a lot to do relating to that market. vonnie: why is europe interesting to you at all if those are the kinds of returns we are talking about? jason: you want to stay away from high-yield. you want to stay away from the general names. choose smaller names, less traffic. there are a couple of examples of really attractive shorts. one example is glencore. it is not that they are doing anything wron

. >> in the european credit space, the800 pound gorilla is very much in the room, the european central bankying 80 billion euros of credit of credit a month, now they are buying 60 billion. that is a big move and we are seeing that in the credit face. let's take high-yield, specifically that credit suisse european high-yield in next it is about 4.6% but if you take out the u.s. dollar denominated bonds, it is closer to 3.5%. to us, that does not sound like high-yield. when you look to the investment-grade space, the european investment-grade index trades less than 1% yield. u.s. 10 year treasuries, 2.3% and change. i think on the long side we are looking for opportunities, shorter duration, defense and less correlated things to do. we are looking for smaller and under followed capital structures, and staying idiosyncratic on the short side. >> it feels like e.m. is a little bit more stable than developed markets. are you hearing that from investors that they want the yield and a little bit of safety, they will go to e.m. instead? >> a number of investors say emerging-market feel more stable

central banks focus on countries. let's focus on a country. several years ago when greece ran into economic trouble, the answer is for the european central bank to increase the supply of euros. same scenario applies. economic inactivity increase did not rate increased money and credit. any increase in the supplies of euros would boomerang back to germany and other more economically predictable locales almost instantaneously. let's reverse the scenario and think about silicon valley, a place known for enormous wealth and productivity. in this instance the fed believes up to the top that economic growth causes inflation. you heard me say that already but it is something i am passionate about, the very people charged with planning our economy which they can't do but people actually believe prosperity has a downside. the fed forever believed it must neuter economic growth essentially putting people out of work to slow down the economic growth that would otherwise cause inflation. the fed sees silicon valley, says we are going to start selling bonds to silicon valley bank to decrease the supply of money there. such a scenario would fail between lu

several years ago when greece ran into economic trouble, they argue that the answer is for the european central bank to increase the supply of euros in greek banks. okay but the same scenario applies. economic activity increase did not rate increase money and credit. so any increase in the supply of euros would boomerang back to germany and other more economically productive locales almost instantaneously. let's reverse the scenario now and think about silicon valley. a place that is known for enormous wealth and productivity. in this instance the fed believes right up to the top that economic growth causes inflation. you've heard me say this already but it is something i'm passionate about. the very people who are charged with planning our economy was they can't do, but the people treasuries actually believe that prosperity has a downside. in the fed is forever believe that it must neuter economic growth, essentially put people out of work to slow down the economic growth that would otherwise cause inflation. so let's imagine the fed say we're going to start selling bonds two -- this is because we

european central bank. right now then insisted on fractionally.in france ahead of this may 7th election of 5th of 1% of the german dax down fractionally. lauren: the nasdaq at an all-time high. s&p second highest close in history. this morning he gave her door features gave her door features of 11. nasdaq futures of four. s&p futures up slightly. tradeshow booth during 49.50 down 6 cents. gold town just over a packet 12.66 a troy ounce. lauren: shares of apple, facebook, amazon and microsoft did it again for the nasdaq which is 12% this year. is it time to pull back or is there room to run? joining us now, art hogan, chief strategist at wunderlich security. good morning. >> good morning. thanks for having me. lauren: 17 years after posting 5000 nasdaq crosses 6000. tell us how this move is different from back in the year 2000. >> to compare them to the nasdaq right now. the amazing thing is they still exist. everything else is all new and different. the multiples of all of them are a lot deeper than they were in 2000. it was after about 80 times s

differences in outlooks between the top european central bank.desbank president made a speech setting out the case for tapering, while mario draghi said it was too early to beg g unwinding qe. annette ta, y annette, you spoke to another influential voice, peter prett. >> yes, i did speak to him and i spoke about the sequencing of the exit strategy. there were still rumors in the market that the ecb could hike deposit rates into positive territory before they touch the asset purchase program. the negative deposit rate is hugely unpopular with the eurozone banking industry. but saying there's a clear logic to the exit strategy. >> i think things are quite normal. things are going better. we have more confidence in the inflation in our projection where we have to make an assessment in the coming months. at this stage, we haven't had discussions in the governing council on, let's say, the exit. but it's clear that the cycle evolving in the right direction. these questions naturally come. and as today in this conference, that was discussed intensively

the european central bank is coming out with their interest rate decision and on friday the gdp numberill be important as well. nicole: episode economic reports. steve mnuchi talking about result. really trying to put out a lot of optimism which everybody loved. is it too optimistic? >> is it warranted? that's a good question. step six is telling the guard 2.7 is a conservative estimate. it would be closer to the historical norm. that would be great. most analysts expect around 1.3% to 1.5% gdp. we've been treading water in terms of our growth are getting some sense of productivity killing. two thirds of the economy gross domestic product comes from the consumer. when he deceived them optimistic optimistic signs clearer that is the right to help loosen gdp. the first testaments coming out this friday. trade are looking for about 1.4% or unfortunately. >> was maybe very anemic and couple that with the fact we have this looming debt ceiling shut down again on saturday if we do not increase the debt ceiling. the last time this happened in 2013 that government was just shut down for 16 day

european bonds? what opportunities are there and credit? cio at capital management. $9.3 billion investment management form -- firm. -- the 800 pound gorilla is in the room. it is the central bankentral bank was a million credit a month, -- now there is 60 million and now they are at 60 million. index, the at this yield is about 4.6 percent. if you take up the u.s. dollar denominated bonds, it is closer to 3.5%. i don't know what you think when you think of high-yield, that doesn't sound like high-yield to me. space, theok at this investment-grade, it trades at less than 1% yield. let's think about that. european corporate's is less than 1%. which is more likely to default? on the long side, we are looking for opportunities, shorter duration, less correlated things to do. we're looking for smaller, and under followed capital structures and staying idiosyncratic on the long side. there's a lot to do from the market data and the trade. >> what is your of interesting to you at all then with high yields, those are the returns we're talking about. >> you want to stay away from high-yield, the general names that are in the high-yield index. names that are smaller, under follow, less

as well, the european central bank's top officials are trying to find a way toward the exit. members have different views on guidance. the issue willts not be resolved just yet. wherehead to italy kevin costelloe is joined by the ecb executive board member, yves mersch, for an exclusive interview. kevin, over to you. kevin: thank you. thank you for joining us this evening. why don't we start with the ecb's potential exit strategy? president draghi has indicated that the stimulus plans will remain intact, but the head of the bundesbank says that perhaps a discussion of the forward guidance is legitimate. where do things go from here? what do tell investors? yves: it is quite clear that at the last voluntary -- monetary policy meeting, there was a very broad, if not unanimous opinion that the european recovery still needs an extraordinary amount of monetary stimulus in order to continue in the direction that would achieve our price stability objectives. kevin: do you personally as a member of the executive board think the forward guidance needs further discussion now, perhaps e

. >>> now to today's agenda the european central bank is holding its monthly policy meeting today.he decision is due at 7:45 a.m. eastern followed by a news conference by mario draghi at 8:30 a.m. we also get a trio of u.s. economic reports today. weekly jobless claims, durables good and pending home sales. on the earnings front, bristol myers, comcast, ford, union park and u.p.s. reporting. before the opening bell. after the close, alphabet, amazon, intel, microsoft and starbucks. a programming note, comcast chairman and ceo brian roberts will be on "squawk box" in a first on cnbc interview at 7:30 a.m. eastern. >>> sticking with earnings, a lot to get to and a lot of movers. paypal shares getting a premarket pop following an earnings beat yesterday. landon dowdy has the details. >> shares of paypal up more than 5% this morning after earnings beat the street's expectations. the firm had better than expected sales, boosted guidance and announced plans for a $5 billion buyback. the earnings growth momentum is the big story here, pointing to paypal's best account growth in three year

thei: what does it mean for european central bank meeting?hleen hays in tokyo to cover the boj and meeting on thursday. let's start with the ecb, maybe more room to maneuver in terms of how they react to this le pen -macron race. >> su: if it >> if it had been a different now, the at least for ecb does not have to worry about supporting banks with special arrangements. it will mario draghi be inclined to start looking seriously, he and his colleagues at communicating their eggs in strategy and when they will say we are getting ready to start buying fewer ponds and backing away from what was seen as unprecedented policy steps. bottom line, no real change in policy from the ecb meeting this week. we have to wait how this stronger euro area economy place out. to ecb policysing makers who have been praying for a pickup in the economy. let's look in the bloomberg, #1131, steadily growing, accelerating gdp growth in the euro area. inflation heading towards 2%, backing off a bit. one reason why, no since there is urgency for mario draghi to communic

if macron wins, i think the european central bank feels more comfortable sting away from quantitativethis year, so you start getting that liquidity benefit to europe slowly drying up. >> that could be a catalyst for some profit taking if europe, if we do get a big runup on macron winning in the short run. so, yeah, i think good news could lead to greater pressure through monetary policy tightening later. >> rebecca, thank you, good to see you. >> will, i think rebecca said also play the ecb crew, i think it's good for european banks. i think the ecb is very aware of how well, this rule, that the banks will respond as you see the balance sheets. i think owning the efm trading the european bank over the xlf or mechanism in this current status quo is the trade. i think the ecb is coming to the rescue of the european banks at this point. >> dak started the beginning of last year 2016, at 9,000, it's at 12,000. it's a significant move. we topped out at the beginning of 2015 and very quietly we haven't mentioned the stocks now, a couple weeks, but stifel nicolaus went from $20 to $scene.5 d

that's not what the european central bank under mario draghi is ticking of doing. to keep pushing , down thelus accelerator to keep the european motor going until they feel they have sustainable -- sustainable inflation. 7.9 but it's significantly higher than it was last year, which shows the some substantial improvement. it's a global phenomenon. at least inflation figures linked up with the united states we it moves a bit -- not >> have got a busy political calendar, we tend to put things on hold. is thefirst thing astaire in europe is over. the weird situation where comments were first to cutbacks and in raise taxes is the opposite of what should happen, that's gone. fiscal policy, broadly speaking, neutral. a bit of a stimulus maybe. lot -- presidential elections, we are not expecting fiscal stimulus there either. mitchell's better than it was. >> thank you so much for spending your time with us this morning, stephen. >> up next, the european affairs ministers gathered to greet their rights and position. we are live in the -- on the ground in luxembourg next. t

the european central bank has interest-rate unchanged.officials monitor the economic recovery and the risk of political turbulence. mario draghi struck an upbeat note on the state of the economy, but not totally without concern. since our meeting in march, confirmed the soap -- cyclical recovery of the economy is becoming increasingly solid and the downside risk have further diminished. surrounding the growth outlook, while moving towards a more balanced configuration are still tilted downside and related to predominantly global factors. senioroining us now, the manager at aberdeen management. we got what we expected in a sense from mario draghi, in terms of policies changes, that was expected, but in terms of how is the ec b expecting data, he had a nuanced message -- he said yes, we had something we are talking about solid and broad but inflation is not where they wanted it to be. i have a chart that shows the challenge they still have. this is not the whole picture, perhaps, but 1.5%, this is not what they wanted to be. >> no, it is no

european central banks unchanged.nt mario draghi struck an upbeat note on the state of the euro zone economy, but not totally without concern. >> incoming data since our meeting in early march, confirmed that the cyclical recovery of the euro area economy is becoming increasingly solid and that downside risks have further diminished. the risks surrounding the euro group while moving towards a more balanced configuration are still tilted to the downside and really predominantly to global factors. the change in language was subtle, but i think, quite important. it was incredibly dovish from some people's point of view. have a single needle in your compass and that is inflation, that is kind of what you do. michael krautzberger joins me on set. michael: in the past, the ecb has been criticized for having sometimes moved too fast, but i think this time, they want executors to be very patient. i think that is the correct thing to do. a year ago, we spoke about the on of the eurozone. they confirm this again. but on the oth

the european central bank, on patience. waiting to see how these pan out with an exit strategy.as hope that if the results of the election do not , do notthe markets create some kind of tension that could affect the banking system, it might speed up mario draghi's past-due normalization a little bit. the head of the national bank of austria, the member of the ecb's board, had set out to reassure markets if there are any issues, we have the tools to back up the banks. the central bank says in advance to keep everyone calm. the real question is, will a stronger euro area economy, which we have seen recently, will this lead mario draghi the head of the central bank? something to the bloomberg and look at #1131 because you have got gdp rising. inflation has definitely risen from the lows. for a while, it looks like it was approaching the 2% target. the ecb a little more room to wait. putting the french election behind it, one way or the other, we clear the path to see how well the economy is doing, and when it is time to signal the market. that is what will be closely watched on thu

it is about european politics. the central banks are having an impact around the world.bond movement and curve flattening today. i wonder what this means for chair yellen? when was the last time we mentioned her? that is forever. 20 three minutes and 52 seconds ago. let's get to the bloomberg first word news. issued aike pence fresh warning to north korea. ussat on the deck of the reagan in japan. he reaffirmed u.s. support for japan. >> you can rest assured that the full range of the united states is dedicated to the protection of japan. japan, you are our friend and ally. , we will facetion the future together. a u.s. it turns out that aircraft carrier task force wasn't really sent to the waters off north korea after all. trump said the armada was being sent to the region but instead, they went south for the thecises with australia's view. john knows off won 48% of the vote. he will face the republican june 20. previously held by republican tom price. in the u.k., a pull to get after to reason may's call for an election must be encouraging to her party. a 21 point lead

we have to admit it depends on the support that the european economy is getting from the european central banks prices, and the question for me is whether the european market outlook is as good as stated, and external conditions are as good, and i think that the popular point is well, well put, that brexit does not mean it's going to disappear. the contrary, in fact. they are isolated from where the threat was not that huge. in prompt, i think, there is quite a substantial threat. the candidate will most definitely be in the second round. whoever the opponent is in the second round, they have the vulnerabilities and are devisive. >> okay. hang on. we want to get back to the situation. gina, thank you, charmgs, appreciate it very much. we are getting more details now about this shooting in paris, and we have more on that now. will. >> reporter: i confirmed, one, the assailant killed, and one police officer has died, another police officer seriously injured. to recap a shooting that took place in the shopping district, some distance behind the eiffel tower, about 45 minutes ago. an eyewitness sai

central banks have a huge task to get inflation up. with no inflation coming through , i think the central bank is going to start thinking about wanting to tighten policy but i don't think europeanll generally well-placed. one looks at the nonperforming theynumbers in spain and are improving rapidly as is the employment situation. stay with us. plenty more to come, we will be back with james bevan. remember that we have plenty more coming up on the ecb. we will have the announcement and press conference at 7:45 in new york. we bring you coverage of that decision. the news conference is a must see event. this is bloomberg. ♪ guy: guy johnson in london and tom keene in new york. we are right in the thick of the earnings reporting season this morning. bsf out, high quarterly profits. airbus having production problems. deutsche bank, we talked about that already. the european equity story at the moment -- if you look at the charts, it looks incredibly positive. only get confirmation from the politics, policy would view and the earning point of view? james bevan is with us. is the drive into the european equities the right impulse? getting lots of positive evidence that the european

but charles, for example, mario draghi or members of the european central bank macron, look at whether if you becomes french president, get support or some kind of coalition. when did they start tapering? charles: what plans to put in place in france are going to be highly informative to the ecb decision over the longer term. the reality is over the next few months, most of this will be to do with confidence. if you look in the u.s. for example, where donald trump got elected, a lot of market moves were lot of the dynamics confidence related, rather than real economy related. foray get a confidence band the french leader in the next couple of months. but if we do see a big reform program, generally, the costs you some growth and some upside. it is going to be a fine balancing act. i think ultimately, in the broader eurozone, the data are good. and i think there is a case for itsecb to start unwinding program, on a very slow basis initially, but from q3 this year. it will start to signal that heading into next year. mark: what would you recommend today? charles: i think the most obvious

credit risk. , where yourronment may be in front of a potential spread, it does not mean the european central bankket turns to leave the quantitative easing process. that is what i doubt. i want to make one thing clear. when you look into longer-term trends, it is different when you called euro-dollar weakness at 1.30. i think the downside risk is limited. tom: hans redeker with morgan stanley. stephanie baker, thank you for your briefing. we will do more on the u.s. legislative battle in the next hour. in the next hour as well, we are honored to bring you as well fsar, lord turner, the global chairman. this is bloomberg. ♪ ♪ this is a memorial service going on in paris, where we expect the french presidential candidates to attend. it is an emotional memorial service for the police officer killed last week while he was guarding the champs-elysees in paris. insee francois hollande front of the troops. extra only emotional -- extremely emotional. if you are watching this from france, i imagine what you think ofut after the two years terrorist attacks. it is also significant and timing. we had the ru

they say senior finance industry executives are concerned the bank of england and european central banks' demands for full could s o contingency plans spur the movement to the continent. global news 24 hours a day, powered by 2600 journalists and analysts in more than 120 countries around the world. this is bloomberg. francine: thank you. the u.s. vice president mike america is deeply committed to the country's security. their heightened tensions with regards to the north korean nuclear program. abe have just begun a news conference in tokyo. aso talking at the moment, and then we get onto the vice president very shortly. let's bring in the chief currency strategist. thank you both for joining us. tim, let me start off with you. are the markets right to be less nervous than they were one week ago? it seems tensions are not going anywhere? >> there is a geopolitical concern. yet, the markets sail merrily higher. interestingly, the bond market continues to move ahead, driven by momentum and now by commodities being softer. the stock market is amazingly robust. francine: is that central ban

tomorrow the european central bank will announce its latest policy decision where analysts are predicting recent recovery will not be enough to warrant scaling back the bond buying program this year. still with us, john normand of jpmorgan. i want to break down the ecb's march 9 statement into two parts. a lot of it will be focusing tomorrow. one is an economic assessment. what is stopping the economic assessment? the eurozone growth outlook risk have become less pronounced but have tilted to the downside and relate predominately to goebel -- global factors. if that changed tomorrow? >> it should have changed a year ago because the coming has been performing above trend for two years so why have they prescribed that? i think they will. jon: so that takes me to the other quote by comes of the top of the statement. the former -- the forward guidance on rates. based on monetary analysis, we keep rates unchanged. but we continue to expect them to remain at present or lower levels for an extended period of time for our next asset purchases. if you change the economic assessment do you need to

couple of minutes and talk more about the fed, and how they should view growth, and also the european central bank dealing with politics. that was mr. jean-claude trichet, former ecb president. first, sebastian salek. seb: the ceo of united airlines has offered a second apology after a passenger was dragged off a plane in chicago. oscar munoz describe what happened as truly horrific, following backlash and the slump in the company share price. there is a review into the incident. daimler almost doubled with surging demand for mercedes cars. earnings before interest and tax climbed to 4 billion euros. daimler has been reaping the benefits of a rebound of its product line after supporting an expansion of its suv's. i morning that the u.s. auto market has peaked and will shrink this year, despite unprecedented interest from outside. ,ark carter said industrywide it may fall from a record last year. he said toyota's incomes were the highest ever after auto sales in the u.s. declined in the first three months of this year. that is the business flash. francine: that january, ecb president mario draghi s

it's about time that as the european central bank begins to talk about ending its quantitative easing program, which i think is several months off, but they'll start thinking about it, that could be a big plus for europe's banks and for european stocks in general. that's beginning to filter into stocks. and i think that also bodes well for u.s. companies that are doing business in europe. >> j.j. we saw the nasdaq close above 6,000 for the first time ever. the dow a couple points below 21,000. do these big, round numbers matter. >> actually, psychologically maybe a bit. i don't know that it's a huge thing. it does give people a lift what it hopefully does is sort of bring some people to the market who were not paying attention. even if they don't necessarily invest, they look at their 401(k)s or whatever it may be from that point of view it matters. again, i think it helps give people a bit of a psychological lift that perhaps this rally is for real. one thing i will say, i'm curious when we do get these tax plans, more details, we're supposed to get them today and going forward, it m

. >> in our headlines this morning, the european central bank leaving its interest rates and policy guidance ecb president mario draghi coming up in the next hour. in the meantime, the euro is trading at 10887. comcast beating the street on both the top and bottom lines. the nbc universal parent seeing exceptionally strong performance as well as its revenue and business units. it registered growth in the theme park business. ceo brian roberts joining us in the last hour. >> we reported 15% or 14.7% ref nu -- revenue growth and 24% ebidta growth. this is the fastest start the company is off to in five years across comcast, nbc universal, it was strength to strength. the film division had wonderful results from several films, cable channels, great quarter includes theme parks. >> take a look at shares of comcast this morning, up by about 2.5%. under armour posting a loss. all of this has added up for big gains, the shares up by about 8% right now. >> let's talk more about president trump's economic plans in its first 100 days in office. commercial secretary wilbur ross joined us. >> the rules

bias across the euro area, and for -- foreigners have sold bonds into the hands of european residents, primarily central banksqe started. the area is becoming more insular and this is a reflection of the fact people have a deep distrust of the long-term viability of this project. no institutional changes or upgrades are delivered. to your question, i think if france and germany together put on more emphasis on deepening , the euroan union area, then i think that would be seen positively by markets. we will talk about that. focus on fixed income there, definitely we will talk about this later on and i want to talk more about growth. globally, here in europe, in emerging markets. us, asco will stay with global head at goldman sachs. coming up, big business meets trump. blackstone ceo tells what he got out of the talk. more from that important interview. also sitlacqua will down with christine lagarde. many more big interviews to come. this is a big day for us and you. this is bloomberg. ♪ ♪ welcome back to the european market open. interesting turn of events in european equity markets after a drop in asia and i

european inflation expectations. it's all point to steeper yield curves. global central banksetting out of negative interest rates, japan being a great inflection point for the global market means longer run steeper yield curves. we are positioned for the back end to be steeper. jonathan: let's talk about the data. it will be the slowest pace of growth in three years as the headline. the employment cost index was higher. pc was pretty much on the money for the federal reserve so when people start talking about the reflation trade is off, does the data tell you something else? >> the first quarter was not that great and has not been great for the past five years running now. the fed will look through the difficult first quarter gdp inventories. consumption was a little bit weak. it looks like that is a first quarter phenomenon. they will look through that. the fact that the eci was the highest since 2007 is pretty notable. obviously wage inflation and eci is the fed's favorite measure with respect to wages. there is a steady trend upward for wages. we had a tough cpi print. i t

they say senior finance industry executives are concerned bank of england and the european central forcy plans may spur activity to the continental. fahad is still with us. let me ask you for your take on this. shouldn't these banks be prepared for a worst-case scenario in any case, whether or not they are asked for these plans? unpreparedo to be for a worse case scenario is poor planning. but, there are a number of reasons why london cannot be replicated by picking up a few thousands of jobs and placing them elsewhere. dublin has financial services. it is a financial center, par excellent. it will be difficult to re-create the synergies that exist in london. of timehort period which continues to give london a comparative advantage for the foreseeable future in this business. tothink that will continue be a huge feather in the cap of the city of london as it is not easily replaceable. this is a story on the terminal today. scott hamilton has written about this. nw3 -- production up 24%. covenant gardens, 18% lower. , you should bett able to get in there. this is a real manifestation of