webe it is premature to say have fiat buying were now, but renault,-- fiat buying but i see fiat in theriver's seat. matt: what about the nissan alliance? how will that fear with this new company outweighing the other? heard from our sources, the fiat proposal -- renault will go ahead for the time being with nissan. the alliance will not be resolved, but the merger will be delayed. matt: thanks very much. our milan bureau chief working hard on this story. we are going to come back to you. coming up, the market open. just four minutes to go until we see the start of trading against -- across europe. we are closed in the u.k. for a holiday. if you look at european futures, we are indicating a positive open on the continent. this is bloomberg. ♪ >> just a minute away from the start of cash equities trading. let's have a look at how the markets are shaping up. >> it might be a holiday in the u.k. and the u.s. but that does not mean no movement. because there are letter volumes we could see less traders having more impact. certainly seeing that in china where the csi 300 is up more than 1%.

then there could be the fiat chairman speaking today.s expecting to invent in milan this afternoon at a university that 10 years ago, the same day when fiat announced the chrysler deal, a younger ones spoke about an event. and today, he is expected at the same university. maybe this could be the first on the record. nejra: tommaso, thank you so much. we had more lines come through on the bloomberg. the renault board is set to meet monday morning over the fiat chrysler proposal, and renault saying it will evaluate the merger proposal. they are to issue a statement, as well, after the board has met . coming up, the european union's mainstream party's hold up against the party. we discuss results from the election next. this is bloomberg. ♪ manus: this is bloomberg daybreak: europe. i'm manus cranny in dubai. nejra: i'm nejra cehic in dubai -- in london. that's according to provisional results from the european parliamentary elections. they saw the highest turnout in a decade, looks set to reward the greens and pro-eu liberals. but there ar

we see fiat chrysler going higher as fiat proposes a merger with renault.r escalation in trade .ensions over the weekend three weeks of negative moods for global equities as a result of those trade tensions. we put the chinese currency on the board for you as well. we have seen the yuan gaining a little bit. economic officials in china warning they should not sure the chinese currency, and that gained quite a lot of attention and the earlier asian session. that is where we are on the european story right now. european equity markets making slight gains. mainstream parties seem to have held their ground against the assault from populists in the elections. in the better than past a saw the highest turnout in some decades. maria joins us from brussels. we are going with this narrative that suggests the populists have not done as well as some have suggested, but there are couple of countries in which they did really well. maria: good morning. many shades of gray in the election as you mentioned. we did the national is posh -- italysts do well, but would do well

fiat-chrysler proposes a tie up with renault. the deal would create the world's third biggest carmaker. and huawei's billionaire founder stands -- he stands defiant in the face of u.s. sanctions. markets closed. cashyou -- also u.s. markets closed. the actual cash markets have been open at least an hour. an hour into the session we are seeing gains. you have seen that across the regional benchmarks. we were on the front foot earlier on u.s. futures. the euro goes nowhere but it is holding onto gains for the past two days as a populist backlash expected in the european elections have fallen short despite gains in france and italy. of course the u.k. is a separate story in terms of the brexit party. outperformingos for european equities. in terms of front with individual stocks you have .enault and fiat-chrysler renault forward will meet to discuss the proposal today. let's get the first word news now. >> president trump says the u.s. will have a trade deal with japan and china but he was vague on the timeframe of an agreement of t

fiat chrysler and renault shares are soaring. a 50-50 moerge ger which will be discussed by renault's board this morning they say the new will have a surge. they're currently up 10% close to 14% that's it for today's special europe vote show thank you very much for joining us i think some of the big take aways from this has been that we haven't had a stronger showing for the populist therefore we don't know >> the european is holding steady we saw some rise but not to the extent that the market had been expecting. interesting to me that we saw a surge in support for the greens so climate change likely to become a central area. >> putting the x in a box. they're out in force thank you to our reporters across the region. >> we'll see you tomorrow on cnbc we're the slowskys. we like drip coffee, layovers- -and waiting on hold. what we don't like is relying on fancy technology for help. snail mail! we were invited to a y2k party... uh, didn't that happen, like, 20 years ago? oh, look, karolyn, we've got a mathematician on our hands!

and fiat owns a portion of ray nault. has failed to bring the two to the table once that was made clear to elkin, that's when elkin seized the opportunity to say, hey, let's do it between us and the japanese are going to have to wait we have a quote in our story from someone close to renaul that the behavior of the japanese in the past few months has been completely irrational >> you have the u.s. and chinese trading barbs and now the japanese we'll see how this plays out that ing you very much. >>> well, in other deal news, sources tell cnbc's david faber that global payments and total system services have agreed on a stock merger of equals jeff sloane who is the chief ceo of global payments will run the combined company, which will have a value of about $40 billion. it's a being deal. shareholders of total system will receive 48% no official comment. they look to better compete with new tech players like square and paypal and everything else in fintech. >>> all right, still on deck, an important day in the courts. today

the proposed 50-50 merger between fiat chrysler and renault. jobs and the interests must be listed at board level. that would create the third large earth carmaker it includes a dividend pailable across fiat shareholders the merger would form a holding company that trades out of amsterdam and seats on the board importantly would be split between fiat which would hold four and renault it's set from 15% to 7.5%. hence why it's very important where the french government stands on this. >> let's talk about this in a little more detail we're seeing a beg rally with the likes of renaul. we saw that yesterday. also the association we saw a big bounce of mitsubishi this is a major development. what's interesting about this is their intention to get the key stakeholders particularly as it pertains to the french government and nissan in order to getgo the go-ahead. all maetly what that would mean is both nissan's stake in renaul and the french government's stake in renault would be diluted, perhaps halved. >> yes you'll river earlier this year peugeot wa

. >>> shares of fiat chrysler revved hire as they proposed a merger wh the french automaker renault.te the third largest auto company on paper, such a deal makes sense, but will it go through and will it deliver the promised results? phil lebeau takes a look. >>t fiat chrysler's head are the kwaers outside detroit there is a growing sense the automaker will soon be part oh a m larger company. fca, the parenanof several ds including jeev merge with renault out of plants creating the world's third largest automaker selling 8.1 mil 8.1 million vehicles second to toyota. the deal is the right move, adding in group renault, we found a like-minded partner who sees the future as we do. that means slashing costs and streamlining operation, potentially saving the combined automaker nearly $6wh million e promising not to cut a single job. >> when the renault sd think about this, quote, friendly offer and they call it a friendly offer, and also don't forget, renault is feeling a little jilted by nissan right now. >> remember, renault and nissan have been parers since decades whenut atrities arr

fiat chrysler renault? fiat makes a bid for the french car company. now is up to the politicians. at a risk off day, now we are paring those losses. as an p futures flat on the day. euro-dollar also flat. now is about the aussie dollar. you're still seeing solid buying in the bond market. yields down three basis points. same in germany, multi-year low. crude talking that trend. we start with our top story and that is

fiat chrysler and renault are working to create the third biggest auto dealer.would save $5.6 billion annually much more on the proposed deal a little later in the show. >>> disney's live action re/max of "alladin", according to comsco comscore, it took in an additional $121 million and the summer driving season is officially under way americans are finding alile rew e leaf as gas prices have eased following their biggest seasonal spike in eight years aaa says the average price of regular unleaded is now $2.82 a gallon that's down two cents from last week and 14 krenltds from a year ago. >>> in the meantime, check this out. we have seen the dow down for five weeks in a row. only a few weeks left for trading in the month of may. this morning dow futures are indicated up by about six points, s&p about 2points and nasdaq about 1.5. >>> we're going the talk with mikabrzezinski and one of the producers. jo later, more deals on the potential automaker that would create the third largest ayunmaker. ck with mika in a moment >>> welcome back to "squawk box. mika brzezins

fiat chrysler coming in at 8.7 million, just ahead of gm and hyundai.in who is the chairman of fiat chrysler and who is really the heir of the an yelly family who has a huge stake in this, you have to realize this is part of them saying we're going to continue to diversify the portfolio of the holding company that the family -- that's what they use in terms of their investment they have fiat chrysler, ferrari, case new holland. they have a big stake in case new holland and the juventus football club out of italy this is one more step of john el khan following the playbook of sergio mars yoan saying continue to grow, continue to get bigger and then diversify that's what they're doing here. >> phil, what do you make of obviously the french government, all these approvals and regulatory clearances they'll need and the request for job guarantees >> definitely thought the jobs guarantee was a mandatory. there's no way you're going to get this through with the french government if you came out and said the reality which is, there's too much capacity in europe

he's been in this role going way back to before fiat chrysler, back to when it was just fiat. if these two companies get together, remember, it would create the third largest automaker. a lot of the synergies would drive $5.6 billion in savings. but for john elkann and the anieli family, remember that's really who he's representing here as really the driver behind this, look at what it does for exor that is the investment vehicle for the anieli family and look at their investments and how it's paid off over the last 15 to 20 years. they have major stakes in fca, ferrari, cnh, case, new holly. you see the tractors around. as well as the juventus football club out of italy. and exor, all the way back to 2009, this is a holding stock that has continued to grow in value. and so a lot of people look at this and strictly say the auto companies you have to also focus on elkann's role along with the anieli family's desire to see greater diversification in that portfolio and greater growth and all right, phil, thank you we're going to talk a lot more about that one first, though, is ju

the boss of renault tries to persuade nissan to support a proposed tie—up with fiat.n the markets, concerns about a global economic slowdown weighing on markets in europe and asia. keeping fit — and looking cool. we'll meet the man who says you can be chic whilst cycling. plus mackenzie bezos — the former wife of amazon founder jeff bezos has pledged to give away half her 36 billion dollarfortune — today we want to know — if you were a multi billionaire — how would you spend the money? let us know — just use the hashtag bbcbizlive. hello and welcome to business live. ifi if i were giving away half my fortune i would give it to my colleagues, of course. nonsense! we start with the beleaguered chinese telecom firm, huawei, who is asking the us courts to speed upjudgment in its legal battle with the government over president trump's decision to ban the company from doing business with it. huawei is requesting what's known as a ‘summary judgement‘. two weeks ago the trump administration added huawei to a trade blacklist, banning the chinese telecoms giant from acquiring t

we only send be the third wheell if the merger between were known fiat chrysler goes ahead. the japanese company has been linked to run -- for over twenty is but its ceo was only told about the discussions the last minute. nissan is cautiouous about the proposed merger fiat chrysler is one of its main competitors in the four by four markets in the us. let us now look for the sign on nissan is wary that the new alliance would want access to its technology the battle of the little sauna. if you need some that thiss coud boost fiat chrysler is business to the detriment of nissan's brands. in t the us -- ninissan it. and on the negative from the sun is that it could lose influencee over no. at the moment it holds a 15% stake in the company. of the marriage goeoes ahead tht would drop to seven point 5% the new fiat chrysler run it would be much larger than the japanese company. she said for you if the merger takes over it will change the power balance in the alliance. up until now nissen sold many more calls than reynaud. rent a movie it together with some more calls and we found

fiat coming to the table months after its long-time and well-respected ceo passed away unexpectedly,nd renault coming to the table months after its long-time ceo carlos gohone was arrested in japan. joining us, i'm going to ask you a tough question i don't want to go down the internet worm hole of conspiracy theories, but carlos gone himself has suggested this do you think that his arrest, while valid perhaps, has been overdone in some capacity to remove him from the picture to get this deal done >> i think you framed it just right. that is clearly what happened. by the way, congratulations. i think you must have slept there in the studio. i just turned you off at 5:00 p.m. last night, and now you're here at 5:00 a.m. 5:00 world, that must be your theme song that is exactly right. ch carlos ghosn was set up for this you don't get imprisoned for this kind of a question. he was getting a salary considerably less than any of his peers were making, and there's just a lot of suspicion, of course, that this had something to do with japan inc., that he was going in to replace the ceo of nis

it would create the world's third biggest carmaker if fiat chrysler is going to partner with renault.ely and it seems very interesting. it "41 who doesn't have a significant market share outside north america, them extending a partnership because arthur moran that alvaro mayo and fiat haven't helped them. ———— alfa romeo. and renault has been in a big alliance with nissan and mitsubishi that might give it leveraged in negotiating with those partners. it really could be a marriage, a merger of equals, it ——as they are saying. both have different things to gain from it but it would be so complicated. it makes the head hurt thinking about how they will piece it all together. the car industry has been overtaken by tech firms encroaching on their area. i mean, the driverless, self driving technology, what i really tech firms, have been making far greater headway and more quickly and it seems like this is an attempt by fiat chrysler, which was a bit on the back foot, to play catch up. this would also try to free up cash. it will try to improve both respective balance sheets, share the costs

shares of fiat chrysler are rallying on merger talks with the third biggest car maker in the world. philip lebeau in chicago phil >> in terms of sheer size, look at how big fiat chrysler would be along with renault. sei 8.7 million vehicles with vw and toyota in an email in the group, a like minded partner who sees the future as we do, what's it include lots of cost-cutting $5.6 billion over the next five years and combining vehicle platforms, streamlines engine families and here's one area where analysts question if this would work no job cuts at all, not in the u.s., nor in europe. another issue that people are going to be focusing on in wall street is whether or not this merger, as you look at shares of fiat chrysler or renault number one auto market in the world. what happens with that partnership from 1999? the nissan/renault, the chrysler merger offer to renault. a lot of moving pieces but as least we look at fiat chrysler shares, most investors and analysts say, we think this makes sense. >> question, phil, where does nissan fit in all of this, if at all? >> that's the great

they were exported around the globe so as far away as china australia and the us a little fiat's was also produced under license by and as you in germany for an austrian and simcoe in france. has made a definite christian says that top leno was italy's best selling car until the mid one nine hundred fifty s. some five hundred twenty thousand were built had brought mobility to the masses in italy like the v.w. beetle did in germany and said to one's douche of all did in france with a slightly construction and quality technology it was years ahead of the competition i need to establish the brand as a specialist for stylish high quality small cars making the top leno a milestone and automotive history and myostatin. done to the top of leno's creator word for fee on for almost half a century developing dozens of other models for the carmaker lead to revive the five hundred name and continues to produce five hundred badged super minis to this day. next time i'm driving school retires the rapid and welcomes the new scott. and the new big clash climbers. networking on a global scale is help

nissan's chief executive says there may be opportunities in fiats -- fiat's merger proposal.d candidate does not gather support from eu leaders as a political rift grows in europe. we are live in brussels.

fiat, not so much.d in terms of requiring -- acquiring the electric car technology. nissan has great electric car technology. to the extent that they are brought into the alliance, those are good areas. bet claims that there will about 5 billion euros in savings a year from this merger. r&de will primarily be in costs. definitely areas where they fit well together. they both have some very well selling suv brand, the hottest market, where the profit margins are. there are some good reasons to make this fit. guideis history much of a in terms of gauging how these alliances work out? >> it is. paused on this, there is a history of challenges for global carmaker alliances. the only have to look at fiat itself. the record is mixed there because fiat chrysler alliance has worked out very well. fiat has been able to gain access to the high-margin u.s. suv market with the chrysler brand, chrysler ram trucks and jeep models some very well in the u.s. at good margin. that has worked out for them. chrysler previo

more about fiat pact from renault.etely dismissing i. could w saying there be opportunities there, steve. >> well, again, he's head right is there because he's got some oceans but he's got a headache here as well, you know, he can't -- nissan cannot block merger. you either kind of go with the status quo and become a part of a really convoluted structure with with renaultty and fiat chrysler, and then there is still the alliance renault and mitsubishi and nissan, or do you go it alone? great option, though, as well, because of the disruption that's and the huge r and d costs in the auto rise to the challenge. 'll give him credit, he's survived a lot of troubles over the last six months, but now it's another for him. engel, thank you for your perspective. interviews on our interactive tv function, tv go. any an also dive into of the securities, bloomberg function that is we talk about plus become part of the conversation by sending instant messages during our shows. this is for bloomberg only.ribers check it out at tv g

they were exported around the globe so as far away as china australia and the us a little fiat's was also produced under license by an issue in germany poor in austria and simcoe in france . has made a definite christo says the top alina was italy's best selling car until the mid one nine hundred fifty s. some five hundred twenty thousand were built up and brought mobility to the masses in italy like the v.w. beetle did in germany and said to one's douche of all did in france with us like we construction and quality technology it was years ahead of the competition and it established the brand as specialist for stylish high quality small cars making the top leno a milestone and automotive history and myostatin automobile. done to the company knows creator worked for fee on for almost half a century developing dozens of other models for the carmaker fiat later revived the five hundred name and continues to produce five hundred badge super minis to this day. next time i drive it should go to retires the rapid and welcomes the new scott. and the new big clash by mercedes. no future in th

fiat chrysler proposing a tie-up with renault.nault and nissan's 20-year-od partnership. nissan owns 15% of renault. shares of fiat chrysler higher in the market, up almost 9% right now. two payment companies now seeing a merger -- announcing a merger, global payments and total system services are combining, an all-stock merger. the combined company expected to provide payment solutions to more than 3.5 million small to mid-size merchants, more than 1300 financial institutions. total system's ceo will be the compare man ochairman of the co. alibaba is proposing to raise $20 billion through a listing in hong kong. the application may be as early as the second half of this year. alibaba raised more than $25 billion in new york. taking a look at the stock, slightly higher in the premarket right now. finally, it is official, the world health organization says work burnout is, yes, an illness. the signs of burnout you may know them on your own, personally, exhaustion, depression, negative feelings about your job. and video game addicti

fiat shares also gained 8% on the italian stock exchange. markets also acting of course to sundays you parliamentary elections ushering results with some modest gainss. but see in london is clue is close monday due to a holiday but thee crack on and the dococs in frankford b bh finishining te day ahead. investors breeding a sigh of relief that pro ii you p parties managed to perform relativelely well. auster meanwhile closed for memorial day on monday in the united states. it's not just the e. u. elections that are moving markets though shares traded on the athens stock exchange are on track for their best day in nearly three years. of just over 6%. thursday came after left wing prime minister alexis tsipras called for snap elections on monday. investors evidently favor any opposition new democracy party scene is more pro business. yields on greek government bonds also fell after that announcement from the prime minister that means that more and more investors are buying state bonds assigned confidence in the greek economy. greg has returned

make about 8.7 million cars together, renault and fiat chrysler. to nissan, who made 6 million cars. 90 go from a relationship with renault, where you have better sales, better markets, mainly the u.s. and china, and it gets flipped on its head. he is saying we need to explore these opportunities, it can be beneficial and positive if the greater car company had greater reach. against what he has been championing for, which is more say in the alliance. it is a convoluted, complex dealenge for nissan to with right now at a time when they are trying to restore confidence in the car company, given the carlos ghosn saga. that's what jean dominique sungard is doing today. at nissan, he will be pitching the merits of this merger with fiat chrysler to nissan and mitsubishi. doubt, psychology on will be listening. shery: does he have any real options at this point, in this conundrum he is in? stephen: it is a conundrum. a morebeen trying to get equitable partnership. he has rebuffed overtures from carlos ghosn and jean dominique's and not from a full out me

merger of fiat and chrysler.utomotive industry has gone to huge changes. we have learned that such deals can be done. wthey are advantageous. rishaad: we can get the view from tokyo. thiscompany -- dave, does actually make industrial logic? it certainly does. scale is everything as these carmakers compete to be the first two come out -- to come politicaldvanced vehicles and autonomous driving system. this is an incredibly competitive space. the first what to get those models out has a good chance of dominating the industry. the research and develop a cost for that are huge. at the same time, just the overall global market for a. number of vehicles is contracting so, consolidation is a natural response to that. traditionally there have been a lot of challenges to this. these kind of global conglomerations of carmakers have had some trouble in the past, but as we just heard from the ceo, they have madea success of their alliance with chrysler. that's some indication they might also be able to make this work. juliet

making gains yesterday because of the planned merger between fiat chrysler and renault. european trading so far today. investors yesterday were digesting the european election results with prounion groupings still in control of parliament. certainly a bigger voice for eurosceptics. actually, most of the european indices in the red today, the ftse here in london getting underway for the trading week because yesterday was a bank holiday here in the uk. ritu vohora, investment director, m&g investmentsjoins us. european elections, the fallout from that, i suppose the next thing that will have a bearing is who they choose for the top jobs including the ecb? that's a very important point and what we've seen from the elections, the key result, pro—european parties remain the majority vote so that's why markets have been more resilient in the euro hasn't moved that much but of course what it means for it now is markets, who takes the top jobs and of course that will have implications for who is at the top of the european commission but also as your previous guest talked about,

fiat up around 11.5%.uropean indexes gaining as investors breathe a sigh of relief t that pro-eu parties wil remain a sololid majority. in paris dipping back. the dax in frankfurt up around half a percent. from london we will have to wait for the reaction to the brexit parties -- party's win. thanks her close for a holiday. jeannie: now the latest inin the string of legal challenges over the opioid crisis in united states. pay $85 million to oklahoma. it claims it helped fuel the opioid addiction epidemic. the company says the settlement does not establish any wrongdoing and it denies contributing to the crisis. oklahoma's attorney general accused them of deceptive marketing by downplaying the addiction risks of popular opioid painkillers and of creating a massive oversupply. the state settled its s claims against purdue phaharma in march for $270 million. that figure falls fall short of the actual cost of the crisis, estimated at $12 crawford: we start with an exclusive report from myanmar. [jet passing o

fiat chrysler has pitched a so—called ‘merger of equals' to rival renault.e the challenges of far—reaching technological and regulatory changes by creating the world's third—biggest carmaker. if the deal goes ahead, the $35 billion—plus tie—up would alter the landscape for the industry and impact renault‘s relationship with asian partners nissan and mitsubishi. alibaba is reportedly weighing the option of raising $20 billion through a second listing in hong kong. according to bloomberg, the chinese e—commerce company is working with financial advisers on the planned offering for as early as the second half of this year. a spokesman for the company declined to comment. alibaba held its record $25 billion public float in new york in 2014 after hong kong refused to accept its governance structure. a coffee shop in san francisco is serving up a $75 cup of coffee. my colleague cody godwin got a taste and asked the obvious question — would someone spend that much on a cup of coffee, and why? all right. thank you. i think this one's the coffee. it is more complex.

this really has to do with fiat chrysler making a play for consolidation of a story that seems to havehe paper for consolidation broadly across european auto equities. now many in the market are thinking -- where is the next consolidation story going to come from? they are still thinking about this proposal, a big story and european equity markets today. another big story of course is the politics and italy could be facing this $4 billion penalty that i mentioned. they are set to consider the proposal as the country fails to rein in its debt. the capital had portfolio manager joins us now from rome, marco, good to have you with us. a couple of hours ago we saw a bloomberg headline suggesting that rome could be fined because of its disagreements over budgets with brussels. that led to the ftse going lower and a spike up in yields. it seems that we have an resolve the differences on the budget between italy and brussels. how will they be resolved? >> thank you, anna. good morning, good afternoon to the u.s. viewers, happy memorial day. with regards to the fine potential from the eu, i wo

renault's message to nissan is that the fiat deal is good for all of us.orts to the nikkei saying that nissan says it is tentatively not against the renault fiat merger. we are also tracking the trade story. aijing is gearing up for dominance of rare-earth in its counter to the trade war with the u.s. the nation's rare earth stocks -- let's get to bloombergs asian managing editor. rate to have you with us. china weaponizing its rare earth stocks. about 70% of the u.s. rare-earth scum from china, so they have a huge part of the market here. in that sense, it could very well be one of the big weapons they have after the u.s. took action against huawei. was hintedhing that at strongly today, using language that essentially amounts to don't say i didn't warn you. they pulled this out before major conflict with india, vietnam. that's why the market is taking this so seriously right now. what about the u.s. fxring china from the manipulator? that would have been a very demonstrable ratcheting back against china? do you take heart from that? it is certainly a sig

fiat chrysler has never done real well building those vehicles. blake: would the potential merger help that or are there so many obstacles with the potential trade deal to come? >> that is one of the holes in the proposed marriage. one thing investors like there would be so much synergy in development of new vehicles, spending they could save five billion euros a year on those kind of costs. getting more cale and better deals and parts and product development to compete against volkswagens an toyotas of the world. blake: what would this mean for mitsubishi and nissan? >> that is a big question here. challenges there, renault-nissan has been a rocky marriage. you will bring a third party into this thing. it is really unclear at this point. blake: do you think this happens? it's a proposal strictly at this point but, i guess it could go either way, right? that is the theory behind proposals. >> investors like it, a lot of hurdles, let alone italy and france. they have some big concerns about these things. so right now it seems like they're on board.

coming up we are looking at the fiat, renault story.t the merger that would create the world's third biggest carmaker. this is bloomberg. ♪ david: welcome back. let's have a look at this proposed merger potentially a very big one, fiat formally proposing a transaction with renault which would create the world's third biggest automaker. chairman saysler they have learned from experience. >> we have been encouraged by nde success of fiat a chrysler. the automotive industry is going through huge changes. we have learned fresh deals can be done. they are advantageous. they will not be any facilities shut down. david: we are joined now out of tokyo from our asia companies editor. first question, we need to address fit. how well do these entities fit together? sayou just heard the ceo there will not be any factory closures. that is a pretty big promise to make. but if you look at their geographic distribution, that makes some sense. fiat got about 93% of its the u.s.,profit from canada and mexico last year. that is virtually all of their prof

fiat chrysler down 7/10 of 1% as talks continue. reno trying to merge with fiat chrysler. we will see. in line with the drop we are seeing in auto stocks, there may the talks --tween stalling of talks between the u.s. and europe. we are seeing the s&p trying to reach the 2800 mark again. yields have had a real journey over the past few days. index, even though we have very diverging stories here, all of the stocks of the s&p 500 retailing index are higher. that makes for a 4/10 of 1% gain. there are some retailers really dragging things down today, not least of which pvh, the parent , calvin klein,er and others. it looks like turkish president erdogan is perhaps backing down on some of his demands. meanwhile, trade talks between the u.s. and europe have stumbled in the 10 months since president trump and ecb president jean-claude juncker struck a truce aimed at clearing the way for negotiations. let's get to the impact on global markets, particularly this week, which has been so volatile. ofare joined by michael bell jv morgan asset management. -- of j.p. morgan asset mana

last year it sold over 10.7 million cars, trading just behind -- adding fiat chrysler would make its outfit 1.5 times bigger than the german group. capital, the deal seems to offer a win-win situation, at least on paper. >> these days the bigger the better. ways to have e more invest in the future challenges the industry faces. >> scale counts when tackling an expensive shift toward election and self-driving vehicles. but the car industry has also seenfailed mergers -- also failed mergers, one between ineral motors and saab 2010. >>>> capitalistic mergers essentiaially destroroy jobs ans workers, who pay a high price. the french government says it supports the idea, provided that no jobs will be lost in france. the italian prime minister says it is time to revisit e.u. budget and finance rules that constrain t t pubublc finances o of other countries. dark o of the popopulace governt is pusushing for deep p tax cutd higher p plic spspending too kikickstart an italian economy that has seen negative growth in two of the last three quarters. the european commission is likely to hit rome

they were exported around the globe so as far away as china australia and the us a little fiat's was also produced under license by and su in germany poorer nostri and simcoe in france. has meant that if a christian says that top leno was italy's best selling car until the mid one nine hundred fifty s. some five hundred twenty thousand were built up and had brought mobility to the masses in italy like the v.w. beetle did in germany and sent to lands douche of all did in france as well as lightweight construction and quality technology it was years ahead of the competition and of establishing the brand as specialised for stylish high quality small cars making the top alina a milestone and automotive history and myostatin the automobile. done to have the top of the nose creator work for free on for almost half a century developing dozens of other models for the car maker later revived the five hundred name and continues to produce five hundred badge super minis to this day. the book. next time i'm driving school retires the rapid and welcomes the new scott. and the new v clash by merce

. >>> on the "cbs moneywatch," fiat chrysler automobile is proposing a partnership with renault.statement this morning fiat chrysler said the merged company would be 50% owned by shareholders and 50% owned b renault shareholders. "the wall street journal" says that it would create the third biggest automaker by production with a combined valley of about $37 billion. >>> the world's largest drugmaker teva pharmaceutical industries has agreed to pay $85 million in a settlement to the state of oklahoma. a lawsuit claims the marketing was to blame for the opioid epidemic. the attorney general alleged teva and pharma carried out decepti deceptive plays that increased risks. teva denied the settlement and said the settlement does not constitute any wrongdoing by the company. >>> and disney's live action "alladin" was big in the box office. the movie brought in an estimated $5 million. the musical stars will smith and was directed by guy ritchie. john wick's came in second and ""avengers: endgame"" came in third with $16 million. >>> still ahead, rebuilding lives one swing at a time. ho

fiat chrysler wants to merge with renault. the move could save both companies billions of dollars and allow them to focus on pivoting their businesses into electric and self-driving technology. company officials say they won't cut any production jobs although some management positions could be eliminated. the french government which owns 15% of renault is cautious about the new merger idea. >>> the assembly and senate face a deadline to pass or reject bills. bills on the table deal with police use of force, rent control and economy labor laws. also left to be decided a bill on how data collected from smart speakers can be used and a bill preventing high medical bills. >>> the golden state warriors head to canada to face the toronto raptors for the nba finals this week and they will be playing against some familiar faces like shooting guard who left golden state after winning his second championship ring. also jeremy lin who grew up in palo alto and played for the warriors in 2010. this will be his first time playing in the cha

nissan's chief executive says there may be opportunities in fiats -- fiat's merger proposal. the centre writes lead candidate does not gather support from eu leaders as a political rift grows in europe. we are live in brussels. welcome to "bloomberg: surveillance." these are your markets. the stoxx 600 is down 1.2%, a lot of focus is on the trade war and ratcheting up from china on the rare earth engle. -- angle. this is the 10 year yield, seeing a bit of an inversion. will this mean bumps or is it because of the qe from banks? 6.9.he renminbi is coming up, we speak to the president of the european central bank. let's get to first word news in your city. -- in a new york city. the trump administration has refrained from labeling china a currency manipulator, leaving a campaign president -- promise unfulfilled. the u.s. treasury also updated his watchlist with five new nation's, including italy, ireland, and vietnam. parliament will not stand aside and let the country tumble out of the eu without a deal. this is from the speaker of the house of commons, the comments coming as

the merger between fiat-chrysler and renault.i know how much you love that phrase, merger recall. the european politicians seem to be supporting this. this is bloomberg. ♪ at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond. anna: we are a minute away from cash equity trading. asians the picture on the equity session as we come into the european session. the u.s. was closed yesterday as well as the u.k. volume and direction may be a little lacking. there was a great bloomberg scoop yesterday regarding the italian budget issue. 1.26 handle for sterling. we have a couple of days worth plus a weekend worth of sentiment to price in.

terms of sharing the cost of the procurement and developing next generation automobiles now fca or fiatiles, renault, combined would have 50 million units a year while joining the fiat renault merger it would risk weakening its position in the alliance renault owns over 43% of nissan while nissan holds a not voting stake in its french partner. nissan has been the main driver of the partnership in size and technology accounting for more than half the 11 million units sold by the trio in 2018 fca's partnership with waymo, which launched an autonomous taxi service is also a concern in terms of capital, the merger would bring complications ads th influence of the french gof government which holds a 15% stake in renault would be diluted. at today's meeting, nissan's ceo said he was not against the merger but added that nissan would need to look into the details to decide how to proceed. that's all from the nikkei, back to you >>> the spanish soccer team, real madrid finished the season without a trophy, but a new study has still named as europe's most valuable club. kpmg has measured the ent

fiat chrysler down about 4.4%. plenty of fresh money very quickly available to come out of that overall a negative picture for autos this morning coming up on the show, a top fed official signals they're open to rate cuts if the u.s. outlook dims stay with us ♪ ♪ ♪ ♪ ♪ ♪ ♪ applebee's new loaded fajitas. now that's eatin' good in the neighborhood. applebee's new loaded fajitas. my mom washes the dishes... ...before she puts them in the dishwasher. so what does the dishwasher do? cascade platinum does the work for you, prewashing and removing stuck-on foods, the first time. wow, that's clean! cascade platinum. be go[ laughing ] gone. woo hoo. ♪ welcome to my house mmm, mmm, mmmmm. ball. ball. ball. awww, who's a good boy? it's me. me, me, me. yuck, that's gross. you got to get that under control. [ dogs howling ] seriously? embrace the mischief. say "get pets tickets" into your x1 voice remote to see it in theaters. >>> welcome back to "street signs. let's take a look at u.s. yields they've been sharply in focus this

fiat chrysler set to announce a tie up, and nissan is not happy.s." ♪ >> a new trading week, and things are pretty mixed, sliding on the msci asia-pacific index, with weakness coming through in china, hong kong, japan holding steady. seen three weeks of losses on the msci asia-pacific index, but of course the u.s.-china trade detention is front and center, focusing on what's happening in japan between trump and abe. seeing pretty low volumes across the board. looking in singapore, the front runner is up by 2.7% with some upside in the contract and wti .25%, yieldsabout higher across the board. what we have been watching is this commentary coming through the pboc, essentially warning that shorting the yuan will inevitably suffer from a huge loss. it did steady a little after the call and it seems like the line in the sand for the pboc, around this 6.9 level as we saw last ask, getting very close people were wondering whether we would see that seven level hit again. a very strong warning, do not short the yuan. >> don't bet against the pboc. let's ha

we have also been following the renault-fiat story. before, you do not have an interest in carmakers, but when you said there are companies that have sold off because of the trade war risk, i am guessing with carmakers it is more than perceived, but is that the main reason why you are not interested in carmakers, or is it something more fundamental? the industry, the returns in the industry. do not make interesting enough returns. if you want to invest, they cannot cover their own investments. although some consolidation is happening now, they need quite a lot more. it would need a lot for us to become more interesting, but that is one area where you can see the value, but it is hard to see were you have the growth and quality. manus: one of the major things we look at its dividend and buybacks. we have accounted for quite a number of buybacks in the reporting season. ort have you made of that, where will you see more of that in the second half? lucy: we are expecting buybacks to continue. less of a driver in the u.s. than they have be

welcome to business i'm stephen beard's in berlin good to have you with us italian carmaker fiat wants to merge with its french rival renault and create one of the world's biggest car makers save billions of dollars and raised plenty of questions about the role of rondo's current partner nissan rhinos supervisory board is considering the possible merger proposed by fia chrysler the company's largest shareholder the french government is supportive equal. the government is favorable to the move but as a rental shareholder we must look into the conditions of the deal after all of this merger must be good for the economic and industrial development of renato but also for the employees who said are you going to see it says there will be no plant closings from a merger under both companies would gain by combining platforms technologies and markets the proposed merger would bring together 2 of the world's top 10 car makers and could theoretically create a new number one on the global market together rent own feet chrysler could possibly going to toyota if friend who holds on to its partnershi

fiat chrysler's proposal to merge with renault presented to nissan.at means for the japanese automaker coming up. markets are down in the trip l he'ltripledigits. back in a minute. ♪ i'm right over here. ♪ why can't you see me. ♪ oh, oh, oh,. ♪ can't see what it is yet.re? what is that? that's a blazer? that's a chevy blazer? aww, this is dope. this thing is beautiful. i love the lights. oh man, it's got a mean face on it. it looks like a piece of candy. look at the interior. this is nice. this is my sexy mom car. i would feel like a cool dad. it's just really chic. i love this thing. it's gorgeous. i would pull up in this in a heartbeat. i want one of these. that is sharp. the all-new chevy blazer. speaks for itself. i don't know who they got to design this but give them a cookie and a star. sleep number 360 smart bed. it senses your movement and automatically adjusts to keep you both comfortable. it's the final days to save $1000 on the new queen sleep number 360 special edition smart bed, only $1,799. ends sunday. at comcast, we didn't build the na

fiat chrysler is poised to announce a tie up with ray know as monday.a full merger creating the world's third-biggest automaker. bloomberg sources say the deal could involve an initial exchange of equity. bruno ared room no -- not involved. but they would be invited at a later time. the founder and ceo of huawei technologies has struck a defiant a tone in the face of u.s. sanctions. that threatens his company's survival. it speaking exclusively to bloomberg television, he conceded that the trump administration export curves will hurt but says the company is taking steps to keep the edge and smartphones and 5g. tom mackenzie joins us from beijing. there was no sense of panic from a man who has found himself thrust into the center of u.s.-china tensions. tom: absolutely. the center of those u.s.-china tensions and running a company that has gone head-to-head with the world's most powerful company. the most latest, recent move from the u.s. was blacklisting huawei, cutting them off from supplies of components and services from companies like intel and qual