joining me now is the president of the european investment bank than ohio welcome mr higher now there's been a big push to see financial institutions invest more in dealing with the climate crisis what is the i e be doing. be the you bank is the by far biggest multilateral international lender when it comes to climate projects we have been very active when it came to the race 4 years ago we're going to have seen that become you do have nations has made progress but not enough we are behind schedule when it comes to the new carbonation objectives so we need a fresh start and it's so encouraging to see that this general assembly seems to be a very exciting one. with the quantum leap in effort toward stick urbanization. now earlier this year the idea announced it would stop the financing fossil fuels can you get us up to speed in terms of how much has been achieved in this regard. well pretty much we have been out of findings of for a very long time of the other hand i must say that our energy lending policy is not a resource dependent it's emission dependent and we believe that the gas em

european economy going? >> i certainly agree with that thesis, we need to put money and investment into infrastructure. the european investment banks the right thing to do that. we do a lot of infrastructure projects where we talk about bridges, airports, trains, and so on and so forth. i was a probably invest into things or focus on two things, one is climate change. she is doing that brilliantly. the other one is digital disruption, artificial intelligence. get things going on that side. she is pulling all of the right strings at the moment. guy: is that going to be enough? the challenges europe faces at the moment seems to be enormous. you have a slowing global economy, a sector that needs retooling. digitization needs to proceed a little quicker. the global economy is slowing down because of the trade war with china at the united states. does europe have the capability at this point in time to turn the ship around? >> first of all, their opinion is a crisis management. you go from one to another crisis. you take a breather and then choose the battles which you intend fight. i think this is europe's moment. what we're seeing in

i spoke with the european investment bank president. he calls the u.k.'ding exit of the european union a mess. >> from the beginning, this process has been flawed. the british people decided based on totally wrong information, and now they are confronted with a unclear situation which may be an exit from the european union without an agreement, which there may be one with an agreement. there may be no brexit at all. maybe there is a new referendum and everything will change. it is a mess. i feel very, very sorry for our british friends. one of those british friends is with us now, nigel wilson, chief executive of legal & general. in the middle of that so-called mess, a lot of uncertainty. what is showing up in your business, in terms of how you are coping with brexit? business as largely usual on the ground. like america,bit quite a bit of duval power. we are seeing good economic growth continuing in all of our major cities right now. the brexit affect, economic affect has not really happened so far. we see a decrease in investment, but a lot of that is i

think we need to give a green perspective to all of the european budget, especially the european investment bank should put more resources on this issue. reporter: do you see any sign in europe that there is enthusiasm to do that? you have a new regime in the commission in brussels. is that what you asked back them to push -- is that what you expect them to push? pm sanchez: i expect the european union can convert themselves to the leader of the green economy in the medium-term. i believe the european commission and the majority of the member states in the european union have this goal in mind. therter: you talked about spanish economy and the effect of these new bills. the other big thing is economic reform. the economy is slowing a bit in spain. what economic reforms did you want to push through most at the moment? pm sanchez: we are going to put a lot of financial resources, private resources, on -- second is education, per merrily vocational training, one of our major weaknesses -- primarily vocational training, one of our major weaknesses. improve the quality of our vocational training. thi

this goes with the fact we are investing in companies that have growth, that are not exposed to the european economy. we have low-level investment in european banksthat would be the first place where we would want to increase curves tof we saw help the interest-rate margins. we would also potentially want to invest in some industrials. they are companies that are tonging new solutions security or are very strong innovation and transport, in railway, and breaking services. that type of very specific product. again, secular growth. nejra: ok. wl is staying with us. the biggest names in business and government will gather for the annual bloomberg business forum in new york. we will hear from executives, policymakers, and world leaders. this is bloomberg. ♪ devices are like doorways that could allow hackers into your home. and like all doors, they're safer when locked. that's why you need xfinity xfi. with the xfi gateway, devices connected to your homes wifi are protected. which helps keep people outside from accessing your passwords, credit cards and cameras. and people inside from accidentally visiting sites that aren't secure. and if someone trys

economy french friend french finance minister said the european central bank's latest monetary easing created an opportunity for governments to invest more. leading east cigarette maker jewel labs has announced a change in leadership and pledge to suspend advertising in the u.s. after recent regulatory backlash follows the deaths of 9 people from a mystery lung illness mostly linked to babying illegal black market cartridges containing t.h.c. the primary active ingredient in marijuana. the sudden bankruptcy of british travel from thomas cook has shaken the travel industry smaller hotels airports and destinations are now facing a sudden travelers and mounting bills that's leading some to reconsider their business model. thomas cook sunny logo will soon disappear from the sun connect resort in fits it's been a thomas cook branded hotel for 6 years but it's closing its doors this season a month earlier than usual and getting ready for major changes unfortunately local youths go on. less customers. back to safety on their haulers. take call to local. our heart is broken the hotel is now looking for new business partners and many of its

what makes you think we're not going to face a european bank zombie for people investing in wells rightow? >> see, the difference between wells fargo and the zombie-like banks in europe is there's 80 plus million millennials that have only been deposit customers and core logic says that 25% of them want to buy a house in the next year. so they go from being nothing but depositors to being people that are borrowing money to buy houses and cars and use credit cards. so the best potential future customers of wells fargo are just kicking into gear and wells fargo and bank america and jp morgan have the best mobile technology because they could afford to spend the money to spread it across. >> i won't tell you my story about wells turning me down when i asked them for a mortgage a few years ago. but wells, occi and lenoir we know how you feel about the home buyers you just mentioned good to get your thoughts. >> thank you >>> here's what else is coming up on the exchange ♪ >> ahead, one activist investor tells at&t that it can make its stock soar if it takes a number of steps what are they a

its flagging economy french finance minister said the european central bank's latest monetary easing created an opportunity for governments to invest more. britain's biggest carmaker jaguar land rover will shut its u.k. plants for a week during november with britain due to leave the e.u. at the end of october the company c.e.o. says the closure will help it cope with a potential no deal brags that jaguar land rover runs 3 car facilities and one engine plant in the u.k. . leading cigarette maker jewel labs has announced a change in leadership and pledged to suspend advertising in the us after recent regulatory backlash it follows the deaths of 9 people from a mystery long illness mostly linked to fake being illegal black market cartridges containing t.h.c. the primary active ingredient in marijuana. the sudden bankruptcy of british travel from thomas cook has shaken the travel industry smaller hotels airports and destinations are now facing a sudden of visitors as well as mounting unpaid bills that's leading that's leading some to reconsider their business model. thomas cook sunny logo will soon disappear from the sun connect resort

economy french finance minister brutal there is that the european central bank's latest monetary easing created an opportunity for governments to invest more. in staying in europe it's been about half a year since italy's former coalition government introduced a citizens' income the welfare program was a key election promise of the populous 5 star movement party and so far around 190000 people have applied to the program many of them are from naples a city where jobs are in high demand but difficult to find. pascal dban addict who says one of the recipients of italy's citizens' income. he receives around $800.00 euros a month. but others can apply for up to 1300 support that's higher than current unemployment benefits and is designed to better the lot of an estimated 5000000 people living below the poverty line in italy. and i want to tell you the truth i applied for the minimum income because of the economic support but more than anything i want to find a job there aren't that many in naples. in exchange for the support of people body recipients have to enroll in job finding and training programs. but critics say it has little to cre

european banks. will tiering help fix your view on europe? freddie: i don't like european banks because i think they are undercapitalized, the asset quality is still bad, and in general, they haven't investedg as well as the u.s. banks have. i believe he of for you are comparing banks like barclays to goldman sachs in america or j.p. morgan, there is a stark difference in market position in the last few years, much more on a strategy and execution base that i dislike them. to your question, the point in lowering interest rates is to get people to spend and suck savings out of the system. for a huge portion of those people for whom the negative rate applies to, if it just stays at zero, it makes them impotent. anna: freddie lait stays with us. attimulus showdown expected draghi's second to last meeting as ecb president. do not miss of a news conference from 1:30 p.m. london time and live go on your terminal. up next, the battle of the charts. remember, bloomberg terminal users can see and interact with all the charts reuse. gtv is the function to use. we will be back with plenty more charts, a battle which he we may ask freddie to weigh in on. this is bloomberg. ♪ anna: welcome back to

wanted to be the first of the europeans to sign on to the asian infrastructure investment bank.k then cameron come osborne thought they would be able to benefit mightily from the chinese. you will see some of that. but also, i believe, we believe that the american tech sector is going to become more strategic. you will see more industrial policy around the tech sector. you'll see more state capitalism from the united states. that mean the companies that are fastest to understand that, it is not facebook. it is microsoft, amazon, that really orient themselves toward washington and toward more patriotic "we are going to ensure the american policy is supported by big tech." i suspect those models will do better. david: where do you see potential winners? >> another important aspect is technology will impact the need for very large global value chains. technology will also enable the production and industrial production can actually come closer to home where the consumer is. companies and in neighboring countries of the tw looking to the neighbors ofo big ups u.s., neighbors of chin

banks in the world trades through us. largely for european and asian investors to invest in baskets of pre-ipo stocks. they are very close to us and very close to the data so that they can essentially be a new source of capitol and demand for companies and investors. they don't want to buy a single one but a basket of them. >> sometimes it is by the time they do, they actually end up trading lower on the stock market than they did in their last private round as we saw with some of the others. how is that impacting your business? >> it is an incredibly important question right now in the market because these companies are now if you look at the ones that went out this year between $9 billion and $70 billion. there is a question of what is the proper entry point? is it the ipo or sometimes earlier? the critical answer is when luke you look at the big ones, it comes to how much they disclose themselves. disclosure on uber, the world did not know some of the c convertible structure. it became difficult to understand whether it is a good deal or not a good deal. >> and speaking of disclosure, one of the ch

francine: danske bank is reeling from the fallout of the world's biggest money laundering chiefl has a new investment officer. it is a name that will be familiar to those who follow europeanhe cfo leaves denmark's biggest bank. the latest reshuffles are more difficulty for the bank. philip: i think it is the case of the ceo getting his own people on board, people he knows from the market. they have been in and out for seven years, so he has experience, and they have taken control of how they want to take the bank going forward. shery: "it is clear to us that the status quo is unacceptable." that is the walmart ceo speaking to news that the retail giant will stop selling some types of ammunition and ask customers to not openly carry firearms in the aisles. how will this affect the bottom line? >> well, it will have an impact on their sales. they control about 20% of ammunition sales in the u.s. and said today these measures will reduce their market share from 20% to 9%. they denied it saying it but there is a broader financial impact where they will see a reduction in earnings -- they wouldn't go that far today, but it will certainly have an impact on their ammo sales. rom

investment banks made huge profits facilitating the share sales it was apparently a widespread practice among stop brokers and not only in germany nonprofit investigative network t.v. which uncovered the scheme says european governments have been defrauded of over 50000000000 euros in taxpayers' money by the comics. germany is the worst affected it's estimated the country lost over $30000000000.00 euros in tax revenues but france italy and denmark also lost billions. mannheim university economist christoph says the german government should have spotted the comics years before it actually did. it didn't even notice it 3 years that's the one thing and the 2nd is that it doesn't even know how. it's been robbed of. germany the practice in 2012 you know the courts to decide if comix was a fraudulent scam or if it was nothing more than a creative use of tax loopholes the decision would have serious consequences for many banks. is ruled illegal they'll have to reimburse the tax or storage fees. now to some of the other global business stories making news google's video site you tube will pay $170000000.00 to settle us in new york state complaints that it collected data on children under 13 without their parents'

european banks have been rallying. so these are the pockets where i would look to invest.many is probably in recession, with negative interest rates. bad numbers in the french economy. inflation has hardly risen by 0.1%. it just doesn't give you much hope unless you see governments really looking at structural changes, and we haven't seen that. we have germany saying they might run an unbalanced budget. we will see what happens with the euro zone. vonnie: what is your view on the euro? the amount you invest in where you invest will depend on the currency, too. does it weaken further from here? manish: my view is you have to see euro from the view of what is the currency that can take the flow if investors leave dollar. look at the size of the currencies. sterling, swiss franc, they can't take the flow. conversely, euro will keep benefiting as the second largest currency. even when you see japanese investors coming in and hedging during the -- hedging using the euro currency, it doesn't seem you will see a meaningful correction in euro-dollar. meview has been that despite b

investments and creating 5400 new jobs . >>> in today's dollars and sense the federal reserve is expected to follow european central bank andrates this week. could be cut by quarter of a percentage point. he does not think a recession is likely but acknowledges economy is slowing down a bit. investors expect an announcement after the central banks meeting on wednesday. >>> a federal appeals court is thrown at a recent price increase on the first class forever stamp . san francisco man argued the increase from $.50-$.55 is an improper benchmark for future increases in the cost of mailing a letter . appeals panel cited in favor of the man, u.s. postal service says it is reviewing the decision and considered as legal options . for now, the cost of a first-class stamp will remain at $.55. >>> one of the airline seems to get one of the first passenger ratings is looking to changes image . spirit airlines redesigning it seating, stiff and small seats are being replaced by seeds that are permanently said in a reclining position and that have a thicker seat cushion. middle seats will be an inch wider than aisle or window seats. is

investment banking unit. that's your bloomberg business flash. let's turn our attention to the european central bank.ts two-day meeting starts today and markets are waiting to find stimulusshape the could take an mario draghi's second to last ever meeting as president. doubts the ecb will do all that is expected have pushed government bond yields on both side of the atlantic from multi-year lows in recent days. which the mliv question, assets are most at risk going into the ecb meeting? on ibhe debate, mliv team + tv on your bloomberg. jim mccormick is from natwest market. there is a lot of pent-up expectation. what do you expect is going to be delivered and is the bar high to keeping this all happy? -- if we are underwhelmed by the ecb, where will it manifest itself the most? is probably the most consequential ecb meeting in a long time and like most ecb meetings, there is a lot of modality so it is confusing. think a 10 basis point rate cut, quantitative easing at $30 billion a month, some form of rate tiering and limits increased. that has been our case since june and it was viewed as aggress

european central bank. the bulgarian economist says she has a "huge responsibility" in taking on the job at a time of faltering economic growth, trade tensions and historically high debt levels. japanese investmentcrease a $1.5 billion investment it's agreed to put into the office leasing company next year — that's according to the financial times. the renegotiation of investment comes as wework reworks financial plans in the wake of its initial public offering delay. softbank owns about 30% of wework. tobacco giants philip morris and altria have abandoned talks over a $187 billion merger amid growing scrutiny of the vaping market. e—cigarette makerjuul — 35 per cent owned by altria — also announced its ceo is stepping down. the us and japan have outlined initial details of a new trade deal — what does it cover? and will it stop an escalation in the trade war between the countries? rupert wingfield hayes is in tokyo what does this cover? it covers mainly agricultural products on both sides say it is a preliminary agreement and the american side say there are further negotiations down there are further negotiations down the road but in 2016, president trump pulled out of the trans pacific partner

european parliament. we speak exclusively to the eu trade commissioner. this is bloomberg. ♪ rishaad: we are back. finalize its list for what could be the biggest ipo in the world. global investment banks finishing their pitches. nameompany is expected to banks to leave the ipo. denying: speculations that some stuff supported the hunger strike. it will not comment on the unrest but it supports the one policy.two systems there is two way support for reconciliation. ministers of japan and france held talks. nissan is calling for more equal voting rights. haslinda: let's get back to the markets. we have a strong dollar environment right now. is bad demand for china news for emerging markets. >> absolutely. the strong dollar is tightening much more than is being talked about. emerging markets in asia depend on this. onn in china, we depend external funding. result, we see despite countries like indonesia, the philippines and india have very limited exposure to this trade , they are slowing on the investment side and that has a lot to do with capital flow. reversing foreen many of these countries. that has had a negative impact. we also have weakening of china demand as well for the region.

european markets opening next. from centralok bankers this week, a few cuts come a hike from the nordisk bank and hold from others. the chief investment at barclays is with us. one of the stories a colleague was riding overnight is neutral is the new hawkish because it seemed markets were expecting such dovishness this weekend last edit a got a bit of that but not as much as they had expected. that was interpreted in a hawkish way by markets. 12 are you expecting from the central banking story from here? >> at the moment, it is on a knife edge, isn't it? in the u.s., there isn't that data to provide impetus to cut rates further. a lot of the market and bond market are talking about a japanization theme and secular stagnation and interest rates need to go to zero. the evidence is not there and the economy looks next and oriented sectors are suffering but the consumer is holding up ok and inflation hasn't disappeared. matt: you got some pretty weak pti numbers in germany. year-over-year, a drop of 0.5% over the last month. are we stuck in this negative rate trap in europe? japan clearly looks like it is. when you do your long-term strat

which may be why european banks are doing better and that may be why you are seeing life come back into the u.s. yield curve. >> when you look at credit, a lot of it has been in investmentrade. ism supposed to believe this a positive sign of confidence in the market. if there is so much confidence, why aren't they buying triple b's? >> there is the risk of downgrades and the risk the economy is ok, but maybe that is not enough for certain companies. you see others, like wework, today in the news. it is not a perfect economy for every company regardless of your business model. there are some floundering. especially late cycle, investors have to think about which are the winners and users -- losers. >> those companies that issued investment grade, they nailed it. >> you look at what's happening today, the conversation we were just having, you list 5, 6 reasons. it was one of the more orderly basis point increases in 10 year yields that i can remember. every half hour, another basis point higher. into the close, 1.74% of 10-year. the two year yield has cracked the seven day moving average. those seemed so far away a week ago and now it is back up. >> is it a good time to k

european portfolios reduced the amount of investment grade credit we have. anna: david zahn from franklin templeton stays with us on the open. we will stick with themes about where rates are and central banksetting policy. next, morgan stanley's james gorman has a note of caution for the fed. that exclusive interview is next. this is bloomberg. ♪ matt: 30 minutes into the training that. china unveils its first list of u.s. goods that won't be hit by extra tariffs. lubricanticals and oils are spared the corn, soybeans, and pork are not. morgan stanley ceo warns against the fed cutting to easilyan gives take on where rates set -- sit. >> i would have expected the 10-year around 3%. naspers debuts a new entity on the accident stock exchange, 29% about its reference price. -- above the reference price. i am matt miller in frankfurt alongside anna edwards in london. anna: let's have a look at the mov screen. 450 stocks to the upside on the stoxx 600. we do see some bias to the upside and that is reflected in the overall move higher. two to the gainers. some spanish banks we were talking about yesterday moving lower on the court ruling and are moving higher this morning. hammerson up by 3%. we h

european banks, it is bouncing off a 40 year lows. alix: our third story is bill gates and where he winds up investing.n interview a few weeks ago. defensivenot in some posture where we are in cash or anything like that. investments is to be over 60% in equities. top? is that the sonali: there are a lot of billionaires. bill gates, warren buffett. these are people that can also pay millions of dollars to people moving to family offices instead of hedge funds and other asset management and can discern what they want to bet on within the stock market carried it is not all just passive. chris: you should have a lot of money in equities, generally good if you can time the bear markets and keep a lot of money in equities, you will do well in your pension fund. alix: where you see the passive conversation? chris: where do i see it? what a good question. i do not know. the problem with giving people investment advice is it is horses for courses. that is the challenge. i like the fact that people can manage their own pension funds with etf. i like that. if you're good at picking stocks, great. growth stops are

investing to feel individual. maria: president trump tweeted own ecb what he just said european central bank acting quickly cuts ratespaying interest writes the president the supreme court, reinstating the trump administration asylum restrictions cheryl casone. >> the high court okaying rules on asylum-seekers trying to enter u.s. by traveling through a third country such as mexico without first seeking protection there, the court said that restrictions could take effect even as it faces we should say lower court challenges on merits of that case. >> the ipo market heating up smile direct club raising 1.35 billion dollars fifth biggest ipo ipo this year 8.9 billion priced at 23 dollars above the expected range we should say. those are your headlines, maria back over to you. maria: cheryl thank you so much chris i want your take on victory for the trump administration, on asylum, how do you see it. >> part of a larger trend i think bill barr is behind this the supreme court is behind it as well i think, that lower courts are getting ahead of -- issued in national injune junction beyond scope, texas knew mexico from st

european system works because we, the reserve currency is still positive. banks like deutsche bank are restructuring their entire worldwide reserve system to invest in u.s.rs, because they got positive yields if we go down that road and go negative yields with them and cut everybody off from positive, i think the financial system is at severe stress than at that point. it's a huge mistake. >> so, basically, at some point, the president needs to put somebody on the federal reserve board that has an idea how to address this and i think you have an idea of who that might be. >> judy shelton. judy shelton has called for a new brentonwood agreement on interest rates >> brentonwood, get everybody together and figure pout what's going on with the foreign exchange side and how to make it better >> now we need to get together with the interest rate side and figure out how to make it better if the europeanwant to go deeply negative and the japanese want to go deeply negative, i argue they force us down we're all interconnected maybe that's not the best thing for us, but it forces us down. if we don't go, it's bad for us, too. we need to get together and say, all o