francine: no-brainer. the odds of a much rate hike rise again as brainerd says a move will be appropriate soon. the trump rally rolls on. 21,000 forses above the first time after its testis thousand point gain in history. the french presidential hopeful is due to set out his platform. makerhe photo chat app begins trading later with shares any multiple twice as high as facebook's. this is "bloomberg surveillance ." i'm francine lacqua in london. we have a great impact show for you. first thing is first, we always check the markets. on whates us guidance investors think. the federal reserve continuing to drive a rally in the dollar. asian shares falling, u.s. equities higher. the topix finishing at the highest since december 2015. yen was lower. tokyo shares jumped after the dow at 21,000. little bitocks a unchanged after closing at the highest level in more than a year yesterday. the dollar extending some of these gains after brainard became the latest fed official to support the case for an interest rate

francine: switching strategy. deutsche bank's ceo rips up his own script in his admission that the plan has flopped. >> we want to move back into modest growth mode, controlled growth. we thought it would be helpful to add capital. francine: peugeot maker psa agrees to buy gm's european union, creating a continent's second-largest automaker. and fillon under fire. the french presidential candidate vows to fight on. we speak to fillon's economic advisor shortly. good morning. this is "bloomberg surveillance ." we have a packed show for you. we have that great interview that john cryan gave us, talking about the restructuring. we also have to look at the markets. we look at china, what the fed, janet yellen told us on friday. this is the picture overall. i want to put a lot of these european stocks, deutsche bank down some 5%. this is after john cryan said he has a new strategy, including asking the markets for 8 billion euros. you can see a little bit of dilution in the share is what we were expecting. 0.6 -- it ov

francine: thank you. leading contenders for the presidential -- french presidency took the stage, from runners marine le pen and emmanuel macron lock horns in a 3.5 hour showdown. the first round of voting isn't about seven weeks time -- is in about seven weeks time. >> the best way to send an honest signal that says we cannot work with you anymore is .o cut off immigration state medical care, access to social housing, assistance, subsidies, and so on. >> big trap you are falling into with your provocation is to divide society. to make the more than 4 million french people whose religion is islam and the great majority who are not into humanitarianism, but who live in our public, we could make them enemies of the republic. for me, it is no. francine: let's talk more about the debate. charles lichfield from eurasia and luca with us in london. we had some polls after the debate which put macron at the top. >> i urge taking the polls with caution. they are snap polls that do not necessarily encompass all vot

tom, francine?morgan is in talks to buy a as the ffice building company considers expanding after the uk's vote to leave the european union. according toficial people with knowledge of the matter. of so spoke with lloyds london chairman, an insurance company, john nelson, who the insurance decision to develop a post brexit brussels.in > it is very important for lloyd being the main insurance company in the world. agree re you would brussels is very much at the heart of the eu. uk oining me is bloomberg's finance team leader. also still with us in new york, michael holland. michael moore, run us through exactly who we know where move each and the advantages of city. >> right. so the insurers have kind of moved first. lloyds, you have aig. their presence. the banks we reported on some of favoring one city over another. we haven't had many official announcements from the banks at point. it seems to be that their plan s to move a small cohort of people at first and then see how the negotiations play out

francine? tom?urrencies, commodities. oil below $50 a barrel gets our attention. thanks to ed more of citigroup for his perspective it we could go on this most interesting time for oil. screen. yen, 115.38. a weaker yen. francine? --ncine: i do not have any the 10-year yield in the u.s. is really significant because treasuries are more or less on the longest losing streak in more than four decades. european stocks are actually higher.g crude oil is a touch -- crude oil is up a touch but still below $50. kevin, we could literally talk for an hour today. he is our chief washington correspondent. playe president going to golf this weekend? that is what everybody wants to know. kevin: even if he is playing golf, he is going to have to work on health care and winning over republicans in his own party. top members of the house freedom caucus not only had a nice lunch with him, but they went bowling in the white house. clearly he is in negotiation mode, trying to unify this party . i am assuming his sellin

francine: the u.k.rexit secretary david davis says britain will cough up nothing like the amount of money that eu officials say it will have to pay to leave the block. says the u.k.cker will be expected to fork out around 50 billion pounds. the bill is said to be an early source of disagreement soon after brexit is triggered tomorrow. 5 billion pounds invested in the u.k. in the next 3-5 years taking its total commitment to about 40 billion. states willher gulf also push for a post-brexit free trade agreement with the u.k. has continued to be an important market for us. we already have more than 35 billion in investments in the u.k. we have put in an additional 5 billion pounds. our main focus is going to be on infrastructure, technology, and some real estate sectors. make this announcement in the same week that the u.k. will trigger article 50 to start the brexit process. is there any scenario or deal that the u.k. might make with the eu if there is not a deal before the two years are up that would mak

francine?ine: we're just getting breaking news. this is u.k. services p.m.i. both a bit below expectations and retail sales holding strong but a little bit of the worry that we're seeing in the markets. othing huge but pound at 122 and 53.about p.m.i. a little bit below the previous month and lower than what the economists were expecting. this was the week u.k. prime minister teresa may suffered her first defeat over brexit. the house of lord voted to save rights of internationals living in britain and wanted to drop the brexit law against may's government. we have senior members of the ords but different views, lord lamont is 2 1/2 years of the u.k.'s chancellor. during the referendum he was a vocal supporter for the campaign for britain to leave the european union and was also on the show. lord charles faulkner was one of labor prime minister tony blair's closest friends and allies and entered the lords in 1997 and served in cabinet as lord chancellor. last summer joined others in a mass resi

francine: thank you. we are getting some data out of the ifo for germany. it gives us a glimpse into sentiment both for present businesses but also for assessment in the future. the mark is better than expected, coming in at 112.3. economists were expecting 111.1. index, for a confidence but also business climate for the future a touch better than expected. we will get more on that. i'm not seeing euro moving. we will have your data check shortly. president donald trump has lashed out at republican and leaders and groups over the failure to repeal and replace obamacare. dennis lockhart told bloomberg's iluree man that the fa means anything will take longer to materialize. >> i think friday's outcome of the health care non-vote, the health care situation, suggests that maybe reality is that things will take a little bit more time, and they will be a little bit more -- it will be more difficult to get to the fiscal impact that was assumed optimism justf after the election. francine: let's get your data chec

francine: no turning back. theresa may signs that historic letter formally triggering brexit to the delivered to you president donald tusk. the pound pushes lower as investors await a response from europe. we're live in brussels. in talking tax, president trump prepares to be briefed on various ways to implement sweeping changes including controversial border adjustment tax. it morning. this is "bloomberg surveillance ." i'm francine lacqua in london. it is going to be a great show. we will be speaking to the shadow brexit secretary, the portuguese finance minister, and a brexit committee member. the vice president of the european commission also joins us a little later on. the four we get the brussels, let's get straight to the bloomberg first word news. here's nejra cehic. nejra: president trump will be briefed later on various ways to implement comprehensive tax code changes. he will be presented with possible changes i officials including gary cohn. that is according to people familiar with the meeting. fre

francine: kit?is quite --at the equity market seems to be sort of based on a strong police -- belief that the corporation tax cut is coming and even if the fed raises rates, we're not going to get some big upward adjustment that blows the thing up. i think a lot of it does hang on, not damaging that belief that we get this tax cut, and secondly, not creating too much quo that there's a quid pro that is big on the other side of it? but if the inflation numbers don't get out of control, and if we just grind bond yields back up towards where they were before christmas, i don't think we're going to scare anybody. francine: morris, given the speech we had yesterday, can we read into it that a trade war is possibly less likely than it was three weeks ago? morris: there's no trade war. donald trump doesn't want a trade war. he wants to do one-on-one negotiations. he comes with the worst possible deal and he backs up. he doesn't want to do multilateral. he wants to do bilateral. on the stock market, to me t

francine: right.rother was at barclays and had a very prominent role in terms of markets and banking. the problem is the bank of england regulates barclays. the brits do not like conflict of interest. theynot say there is, but are saying she should have disclosed it when she got the job in 2013. all our guests help us with this. is it something she left off the form or is it a witch hunt? >> i think it is cumulative. it is not just a lack of disclosure, it was also the fact that her testimony to the wentury select committee into quite a lot of detail and her attitudes towards monetary policy. and by her own admission, she is shortages.ary that is what the cry is about. herit really exposed ability to challenge the consensus. for quite a lot of treasury select committee members, the consensus is to dovish and too anti-brexit. she was not prepared to stand has off a side her commercial background in give a different perspective to challenge the group think they have been going after. tom: help me with h

francine? francine: this is what i'm looking at. i like your chart. this is simple pound short net positions. we're looking through hedge funds and have a great bloomberg function and we tart chart it and this basically is what it shows us and it shows hedge fund and other large speculators were leading the wrong way going into the bank of england's march 16 meeting. this is kind of what we're seeing here and something we need to keep an eye on. i'm folk yutsing on effects because we need to look back at what happened at g-20. global finance chiefs are returning home after a g-20 meeting that saw them paper over the cracks on the issue of free trade. the meeting's concluding statement dropped the previous reference to resist all forms of protectionism with u.s. mnuchin. steve steve: we're one of the largest markets in the world, one of the largest trading partners in the world it. trade has been good for us and other people. having said that, we want to re-examine certain agreements. francine: let's bring in our tragedy and f f.x. joined by steve kean

francine: so when?d to bank supervision in the first events will happen in 2018. untilll have to wait june. believe -- is it going to low up? -- blowup? >> you have to separate is an risk?bad from systemic tom: steve odland, thank you. how about tv ? what is even better as you can come over and go back to a previous chart. we are finding get very popular for global wall street to keep experts like iceman. there it is. you can ask a guest a question. worth? that from london and new york, this is bloomberg. ♪ end ofreign-exchange the the quarter. what an interesting quarter for the dollar. forsense with a bold that euro parity. there it is. it is a huge deal for cinch to go the other way. he has been dead on about strong sterling and stronger euro. he reverses that, looking for parity. this is finance 101. is totally away from your claim of trying to find credit stress. the depression is over here. 70's we arein the on trend. what you do? do you go into the equity ,arket, grabbed nominal gdp have guys

francine: thank you. the biggest players in the auto industry are in switzerland for the geneva motor show. issues such as political uncertainty in europe and the threat of u.s. protectionism are set to dominate. we spoke to a number of leading executives about the prospects of a border tax in the u.s. >> well, we are a global company, and we stand for global free trade. of course it would be a problem if that happened, but we will have to wait and see how the american administration is going to react, and if those plans will be a reality, we will have to respond, of course. we support free trade across the globe. it is important in europe, important in the united states. we also have global distribution and flexible production networks . we can balance certain situations. what i am clearly in favor that we see more trade barriers going down than up. >> the u.s. has the most expensive corporate tax rate in the world, 35%. i know president trump and all the business leaders are discussing what is the best

francine? francine: thank you.sstraight to where we are joined by the prime minister of malta. they also hold the six month rotating -- prime minister, thank you for joining us. ?hat is your biggest concern the migrationu do to brussels. you speak with your counterparts. is there a common purpose permeating through europe? prime minister: i think the situation is much more positive than people think. for the first time, the european economy is growing at a faster pace than the u.s. economy. they have adjusted the snapshot of the situation but it is the reality. is gainingn economy ground, once again. i think it increases our resolve to stay together. some people believe that crisis makes us stick together even more. francine: is that an optimist, prime minister? we just spoke to talk about the risks of a marine le pen win. but we are still talking about how we don't have a fixable solution for italy. what happens in 12 months from now? prime minister: if you want me to go through a list of risks, i will stay here u

built for business. ♪ francine: i am francine lacqua in london.urkish lira depreciated, 3.73 has the dollar. you see the huge swing in the last couple of minutes. i brought back a longer-term chart to early 2016. currently, level 2.373. what we had today, we heard from the turkish central bank governor who said the regulator had moved to tighten monetary policy and reduce if needed. we had consumer prices today. those rose an annual 10.1%. talk about inflation, more than twice the banks annual target. we will talk more about this shortly but firstly the first -- bloomberg first word news. met last april with the russian ambassador despite claims by his spokesperson that he had zero involvement with russian officials during the campaign. i tinted to the encounter resurfaced after revelations last week that at least five members of his campaign team had contact with the ambassador before donald trump took office. the u.k. prime minister has fired government advisor michael a 13 strong, he led revolt in the house of lords, helping to inflict a second

francine: thank you.ank of japan kept its monetary easing policy unchanged holding rates at unchanged levels. the decision came hours after a hike in the united states, increasing party divergence between the 2 central banks. we are joined by george magnus seijiro takeshita. not only did we have a hike from the fed, but raising borrowing costs which puts the boj in an awkward position. of the; that was one most asked questions, what are you going to do and how you cope with external factors? the boj is taking a wait and see approach. they can see the changes taking place. one of the most frustrating things for the bank of japan is domestically japanese banks and corporate are not making its rate ofcomply with the wages, which was the scenario the boj had initially where they were having the recession come back on the back of it. japanese corporate's risk adverse characteristics are at full pace, especially with the possible turmoil. actually, boj, as you pointed out, is put to the corner as we speak. much

francine: thank you so much.in france suggests that independent candidate emmanuel macron is the big winner after the french debate. a satirical newspaper published details of francois fillon's ties to the russian government and the probe into his affairs. we will get the latest. i don't know whether it is emmanuel macron be in actually popular, whereas it is the other candidates actually being less popular. >> it is a little bit of both. onron it well in the debate monday. he faced criticism from marine le pen and francois fillon creswell. he had a lot to lose but now he is at 26% according to this latest poll, even in front of marine le pen who is falling by 1.5% in the polls. francois fillon is falling further at 17%. francois fillon is not benefiting from the latest allegations in this paper. you see it reveals the allegations back in january about the employment of his wife and children. these newspapers are saying francois fillon spoke with m putin desk with vladimir putin. -- with vladimir putin. thethe me

francine?lieve people lost respect for academics and experts because they did not see 2008 coming? tom n.: it predates that. a lot of the experiences i had that made it into the book predated 2008. i think one thing i've said all along that isn't very popular is that one reason people are eager to blame the experts for things like 2008 or for the iraq war or for other major events is that in part the public doesn't want to accept their own role in these moments. they don't want to think it might be because they made bad purchases or because they supported a war, the idea that somehow the iraq war was terribly unpopular in the united states is really something that has only emerged as new methodology and it's a way of saying it wasn't really us. the experts talked us into this. of course the experts are a class of people far away you don't know. it's easy to offload that responsibility. tom k.: thank you so much. "way out front, "the death of expertise." tom nichols. let me tell you about tv go

francine: i really like that, tom. in fact i have a chart showing the spread between the two-year dutch yield and the german. i'll show you that in a second. this is my data board. i want to show you pound-dollar. this is ahead of a rumor. we don't know when theresa may could trigger article 50 but it could come as early as this week. we're seeing a little bit of movement. this is on the back of movement with the dollar. crude a low $49 a barrel. tom: thanks so much. let's dive into the bloomberg now. i was fascinated by this story on the netherlands and the people of turkey living in the netherlands. here's the blame chart if you want. this is per capita -- excuse me, this is nominal gdp for the netherlands. here is the boom of the netherlands up to 2008 and the financial crisis. it simply has not happened. what is disconcerting is the leveling here, but then the very subtle but tangible rollover in nominal gdp from 2012. 2012i've marked right here. it is a subtle story. it is not visible. it is not out front. but the

tom, francine? francine: thank you.k: americas" with jonathan ferro and alix steel. what you looking forward today? question for anyone in d.c. now is whether the administration's agenda is becoming unhinged or delayed. regardless, the big question from wall street is whether the deflation trade is becoming somewhat deflated, the reflation trade, that is, francine, that we've seen over the last week, down to 242 this morning. we will have a discussion with advisor mitch clarida. be: jon ferro, that is not interview of the day. the interview of the day is pop pub master tim martin. what is the best that you see in the literature on sterling? needlee bottom line, the has a fine line, upside risk to inflation, downside risk to growth. the downside growth risks to growth has not materialized yet. one policymaker is voting for a rate hike. whether the others follow remains a big question at this point. what i will say, tom, with a cable rate around 125, you can have a pretty good day out. i think francine lacqua should take

francine, in the u.s., the budget cuts are front and center. francine: mr.on giving a news conference a half hour ago. we will recap headlines for you. let's go to bloomberg first word news. emma: a new twist to president trump's claims it was wiretapped during the campaign. officials complained after a white house spokesperson cited a fox news report saying that president obama enlisted british intelligence to spy on donald trump. house speaker paul ryan standing firm in the face of opposition to repeal obamacare. ryan told lawmakers he will not change the main pillars of his plan. he said there could be changes like adding a work requirement for medicaid. they're looking to break the lock down over the bill. theresa may will issue a review to nicola sturgeon for her call for another vote for independence. will stress a commitment britain, wales, scotland, and northern ireland, saying it is not the time for another vote. themillerson is in demilitarized zone between north korea and south korea. he says the u.s. will use all options to counter north korea's

francine: switching strategy.bank's ceo rips up his own script in his admission that the plan has flopped. >> we want to move back into modest growth mode, controlled growth. we thought it would be helpful to add capital. francine: peugeot maker psa agrees to buy gm's european union, creating a continent's second-largest automaker. and fillon under fire. the french presidential candidate vows to fight on. we speak to fillon's economic advisor shortly.

marvin let's bring in rob hutton and francine lacqua. francine, excuse me. any developments since we spoke to you last? francine: there have not really been. i have been following the headlines from the the prime minister of france. if we just reconstruct as far as we know the timeline of what happened, we understand probably want a car and we do not know if it was one or two attackers who traveled through the bridge. you see a lot of police activity and ambulances. treated.tand 10 people the car went through westminster bridge and trying to mow down pedestrians. one person has died. conflict reports if it is one person or 2 people dead print french students have been hurt. where we are is close to the stopped as soon as the attack started. it is close to the aquarium. when i was walking around here this week and, it is clear it is popular with tourists and with university students, college students. data may be why they probably found themselves on the westminster bridge. this supposed reconstruction, the car would have turned left on westminster palace, th

jamiemorgan's ceo dimon speaks we've francine lacqua -- speaks with francine lacqua later today. we are focusing on donald trump's first hundred days in office, brexit, and global banking. that conversation, coming up at 12:45 p.m. u.k. time. matt: so, right about the time that the ecb releases its statement. you are not expecting a policy change, according to be economists we have surveyed. what we are expecting is an increase in the ecb's inflation forecast, 1.7% this year from 1.3%. the key is, guy, that we look at this headline number of 2% in europe. it is the core number that the ecb is more concerned about. that is less than 1%. it is because of the transitory nature of oil prices and you saw that yesterday in the 5% drop. they are focused on unemployment, which is high outside of the ecb headquarters in germany, where it is at a low. guy: matt, i am going to argue with you about this core. look at what the output numbers are starting to signal about where european growth is going next. we will talk about how close the ecb is to normalization. how important is core, and th

francine: not as far as i know.he investigation is unfolding and we know right from when this cost twitter by the metropolitan police, this was being seen as a full on terror attack. we are waiting for details and i would point out that today, the one-year anniversary of commemorations for the people who died in the brussels airport attack. theresa may is due to trigger article 50, we found out a couple days ago that it is next wednesday, the 29, that she will inform the commission that they want to get out of the union. scarlet: good perspective there could francine lacqua, thank you so much. reporting live from westminster. oliver: let's get a check on where stocks are trading. the market managed to find its footing a bit as we move closer to the close. about five of 11 in the s&p 500 down. dow jones still in the red but the s&p has flipped upward. finding strength in about 10 points thanks to gains in tech stocks. this is bloomberg. ♪ suggests there is not a fearful reaction to it as investors are consolidating y

francine: what was the first?a clash of civilizations, regulatory inclusive capitalism, things like that. francine: they are concerned because it will affect their investments or because it is more intellectual strength and being smarter about how to invest? jamie: thinking long-term. capitalism can do a better job of creating jobs, middle ages, helping skills, helping get kids jobs, helping lower wages. business should play its part for all americans, including expanding things like the earned income tax credit. most are socially advanced. they give medical benefits, training their people, but we can do a better job at some of the policies that if the communities. it is true in europe, the u.s. education is important to business hiring people. francine: it was a trend that was before or did president trump awaken the animal spirit? jamie: it seems like he has woken up the animal spirits. we have never had such a progrowth president since the founding fathers. i am after sure that is true, but consumer confidence,

francine: was the first?ash of civilizations, regulatory, inclusive capitalism, things like that. francine: they are concerned it would affect the investments or more just -- getting smarter about how they -- jamie: they are thinking more long-term. capitalism could do a better job of crting jobs, helping skills. one of the things at the business roundtable chairmanship, i think business should play its part in promoting what is good for all americans, including earnings and tax credits. i agree. most of the big companies are socially advance and give medical benefits and they train their people what we could do a better job and cover policies that are better for the communities. that is true in europe, true for the united states. education -- it is important that business hire people. francine: do you think --did president trump actually wake of -- best wake up the animal actually wake up the animal spirits? jamie: it seems like he has woken up the animal spirits. one came out of the meeting saying we have n

francine: dee you think europe will speak with one voice? pier: yes, it will.otiations will proceed under the leadership of the commission europe will speak definitely with one voice. francine: how much do you think the u.k. needs to pay? for different figures. has that been discussing your level? pier: it has not been discussed at this level. is not a real issue how much will be paid. we come down to an agreement which is as peaceful and forward-looking as possible. ourselvesen ask what will be europe after brexit is completed. this is the big question mark. francine: willoughby significantly weekend? pier: this is a delicate political season for europe. in many countries that are key elections to be carried out. i continue to be hopeful europe will renovate itself deeply enough to answer the demands coming from the european citizens, was called increasingly for disintegration rather than integration. the elections in france going away were have a stronger franco german axis. pier: if there is stronger support at the political level for european projects, not

francine: had he feel about generali? there over a year, chartse been looking at for analyst recommendations. what do you need to do in the next six months? philippe: we need to remain focused on our industry plan. successful, our strategy is the right strategy for our company. we need to keep this momentum. he can't be distracted. we need to start thinking about expanding again in italy and out of italy. francine: through acquisitions? philippe: acquisitions will be looked at in an opportunistic way. if they can accelerate our strategy, we will look at them. in a very opportunistic and disciplined way. we want to have the same discipline in acquisition as we do on the industrial is this. guy: what is happening more broadly in the sector in italy. idea orit was a good something that shouldn't have been invested in. was it a mistake to put money into that fund? well, we put money into that fund to sustain the italian banking system and i thought it was a good idea to do it. atthe end, between at 91 and 92. stabilized theo

francine: do think a lot of ceo's wil follow suitl?we have a collective -- to add value back to our society and the people we employ. matt: we have got more compelling conversation coming up on "bloomberg best." samsung stock is on a tear despite the indictment of acting company head jay y lee on charges including bribery and embezzlement. deutsche telecom and ericsson talk about 5g in barcelona. in the parent company of snapchat begins trading in the u.s. this is bloomberg. ♪ ♪ this is "bloomberg best." miller.t many of our interviews on bloomberg television this week touched on technology, whether the potential of five g or regulation. our first story however has to do with scandal and the world's largest phone maker, samsung. >> samsung's de facto leader may have to wait months to stand trial for corruption. jay y. lee has been indicted on bribery and embezzlement. what happens to the group while he is behind bars? let's bring in rosalind chin. what is next? are things going to be on hold? >> jay y. lee is the vice-chairman of samsu

francine: do you see the fabric of america changing?still very optimistic about america. we clearly are going through a change and inflection point politically, but i am the quintessential optimistic about americanst about the dream. i want to do everything i can to advance that nba symbol for -- and be a symbol for american entrepreneurship francine: do . francine: do you think a lot of ceos will follow suit and what you are doing? howard: i think more and more people recognize we have a responsibility not just to make money but added value back to our society and the people we employ. matt: we've got more compelling conversation coming up on bloomberg best. samsung stock is on a tear despite the indictment of acting company had on charges including bribery and embezzlement. deutsche telekom and ericsson ceo talks about 5g from the mobile world congress in barcelona and the parent company of snapchat begins trading in the u.s. this is bloomberg. ♪ ♪ matt: this is "bloomberg best." i am matt miller. many of our interviews on bloomberg t

francine: what are the chances of the u.s. ignoring the rest of the regulations in the world? are you certain they will reach agreement? jamie: the u.s. made it harder. i hope they release some of that so it started closer to bosil and bosil takes a deep breath. in the next round it is probably best probably calibrated for enhanced growth. they should be looking at both, not just one. not more or less, smarter. if you look at the united states, we have half $1 trillion more, proper legal safe harbors, things like that. people have been very reluctant. a lot of banks ran out of mortgages. the federal reserve said small theness formation is lower, first time with a net negative recovery. net is negative for the first time personally due to credit. a lot of banks got out a small business and always unintended consequences of regulations. what are the unintended ones? it's hard to hold certain small business, certain real estate loans. because of that banks are pulling back to manage their risks. dimon in an isuzu interview from paris. up three quarters of 1% right now. we will ta

francine: is that why you announced the hiring of 10,000 refugees. ?g -- that was not a political decision, but based on the values of our company. thatieve very strongly your station in life, sexual preference, color of your skin, country you were born in, should not define the opportunities that we have as people. if starbucks as a company can create an environment where down for no real spirit -- when the entrepreneurial spirit is based on merit, i think we are doing a pretty good job and that is what i want to do is a company. francine: do you see the fabric of america changing? optimisticll very about america. we are clearly going through a inflectionan point politically, but i am the quintessential optimistic that and theican dream -- quintessential optimistic about the american dream. francine: do you think a lot of ceos will follow suit and what you are doing? >> more and more people in my said we have a responsibility not just to make money but added value back to our society and the people we employ. matt: we got more compelling conversation

this is bloomberg. ♪ francine: globalization in trade.ps at the g-20 to unicate midst a pledge stay away from protectionism. and the markets stay flat. the showdown, the french presidential candidates, macron we genetics his assets are undervalued. good morning, this is bloomberg surveillance, francine lacqua in in london and tom keene in london. a lot of moves after the french elections. tom: i notice a weaker dollar and we'll go to that in a moment. another week, we need a weekend to recover from last week and we stagger into a lot going on. the french debate is tonight, right? francine: tonight, five candidates, three hours. tom: is five candidates unprecedented in france? francine: five candidates is unprecedented because you have a lot more people from the outside. the first round you usually

jpmorgan ceo jamie dimon told francine lacqua. on the act -- impact of the administration on growth and business. jamie: here is what is positive. the at the people on ground, top professionals in the military, defense, secretary of state, secretary of treasury, economic adviser, serious people with deep knowledge and experience. their mission is to have a growth agenda and that agenda is reducing corporate taxes, starting to build better infrastructure, reducing cut growth. that job creation. you saw a jump. probably because of the progrowth agenda. francine: you have any doubt he will follow through? jamie: republicans have the house, they have the senate, the have 30 plus governorships. they have a better chance of getting those things done. i don't know the exact timetable and the choice has to be made. progrowth --th and pro business is there. but the democrats knowledge corporate taxes too high in america. everyone wants infrastructure. people acknowledge it is time to look at the regulatory regime and we look at it and reca

jon: joining us now is francine the. great to have you on the program -- francine lacqua. great to have you on the program . what was the old strategy and the new one? >> the old strategy, they wanted get rid of baking units. and, they wanted to grow organically. he is exactly flipping around completely. they want to keep postbank, so they have to be integrated, put trading and baking units -- banking units together. i asked him several times is, with hindsight, he did the wrong thing, he kind of admitted so. he was humbled. jon: is this bank still dealing with existential threats? are they laying out a strategy for investors? >> it depends on whether they are able to subscribe and the shareholders say, yes, i want to give you more money and be part of the capital raising efforts. there isn told me that a shareholder, and we understand from bloomberg news, there is one that needs to be commenced if this is the right strategy. if this is the right strategy, then the share price can recoup a little bit. you have to look at the strategy long-term. will this work? will this ac

francine: how many job cuts will be part of the strategy? >> we have not said.is not to be evasive, but we want to take the same approach as we took with the restructuring of deutsche bank, which we have done over the past, i guess, 21 months or so. it in the german fashion. we want to involve all of the relevant stakeholders. we want to come to an agreement. once the agreements are struck, it is quite an efficient process. it just gets carried out with relatively little risk. francine: could it be thousands? tens of thousands? >> it is unlikely to be tens of thousands. we are not that and out with staff. it will clearly be some job losses in germany. mark: deutsche bank chief executive officer john cryan. vonnie: time for the latest bloomberg business flash. raising $13.9 billion for the latest private equity fund, the most ever raised from buyout focused on north america. most of the money comes from outside investors. kkr took from its own balance sheet and employees. u.s. oil industry is becoming a refiner to the world. last year, u.s. companies exported a r

i'm francine lacqua in london. tom keene is in new york. in london so i have the pleasure of tom keene first thing in the morning. donald with angela merkel tomorrow at the white house and we have to look at the dutch elections. tom: over the weekend, the theuage from a distance in dutch elections involving turkey, really extraordinary. headlinest makes the in europe today. francine: we will have plenty more on that. first let's get to the bloomberg first word news. here's emma chandra. >> in the u.s., lawmakers

bloomberg's francine lacqua has an interview with jamie dimon.sation will focus on president trump's first 100 days, brexit and on global banking. this is bloomberg. ♪ ♪ david: this is bloomberg markets. trump's first 100 days are focused on policy under the new administration. bob iger is a plaintiff president trump's strategic and policy for him. the president plans to draw upon that group for advice. some dizzy shareholders are not happy that bob iger is a member of that group. activist request to step down. today with the general meeting the just concluded moments ago, bob iger had a chance to respond to that request to step down. do not believe that my membership in a group in any way endorses or supports any specific policy of the president or his administration. i think it is actually a privileged opportunity to have a voice the room. david: that was bob iger at the company's general meeting which just wrapped up a few minutes ago. moving on to what is on our radar this afternoon, at 2:30, president trump meets with elijah cummings. they w

the chief counsel francine kerner since the inception 15 years ago could not identify the client holding the privilege. when pressed she informed the staff that tsa has no legal obligation to turn over documents to the osc. her inability to articulate who she represents and her withholding of information shows a fundamental misunderstanding towards the osc's function. interestingly the tsa later sent the committee a letter stating quote, tsa recognizes its legal obligation to provide documents to the osc and does so regularly. in fact i ask unanimous consent to enter that letter into the record. it was sent to us on march 4th. without objection, so ordered. march 1st, 2017. it's not about doing it regularly, it's about doing it always. and that is something that drives us here today. the osc gets to see all of it, 100% of it, not a portion of it, not some of it, not just the part 2-1, they get to see all of it. that means 100%. furthermore, it should not take a congressional hearing for the tsa to acknowledge an existing legal obligation. similar to the agency's noncooperation with the o

tomorrow, francine lacqua interviews jamie dimon, ceo of jpmorgan, at 7:30 a.m. eastern.rg. ♪ jonathan: 100% lift off. a monster adp report puts the marks of a rate hike at 100%. treasuries for the biggest losing streak since 2012. u.s. commerce secretary wilbur ross has said the u.s. is in a trade work for decades. itsbull market heads into ninth year, adding 11% since president trump's election. find out why our guest says there's more room to run. a warm welcome to "bloomberg daybreak." good morning from new york city. i'm jonathan ferro alongside alix steel. over in washington, d.c. is david westin. just under 30 mins away a situation that looks a little something like this. futures up a 10th of 1% on the s&p 500 after a couple days of losses. the story is as follows in the fx market. stronger dollar story, dominated by another upside surprise in the labor market. this time from adp report as you can down to payrolls report on friday. treasuries on offer for a tall straight session with yields up by five basis points on the u.s. 10 year. that is a situation across ass

matt: yes, -- francine: yes i think you are.g first word news. >> james comey

. >> fran francine lacqua joins me from the scene and katty kay from the bbc is here at the table, francine, what do we know now? >> charlie, we have been briefed by police all evening, the attacks started about 2:20 p.m. local time, where i am standing right now is on the south side of westminster bridge and understand that a car, a vehicle went through the bridge trying to mow down pedestrians, with we know dozens are injured, we know three people died and when an extra person was killed was the assailant, we understand so far there was only one attacker, the car then continued to drive, took a left on to the house of parliaments, that's when he got out of the car, took a knife out and stabbed a police officer. he was then apprehended by another police officer in civilian clothing who shot him. >> i said harrington said a full counterterrorism investigation is underway. as far as you know, do the police at this point consider it likely to be a terrorist attack? >> yes, charlie. and this was actually clear right from the start, about 15 minutes after this was underway, we understand or we

chaffetz: he was the assistant chief counsel under francine koerner, correct? he was detailed -- this is what is absolutely stunning -- he was detailed to head the tsa office of professional possibility. let me put up any know he wrote. i will read this to you. "jeff, if you can join us i appreciate it. i am done being conciliatory with the osc. they have been a nightmare to deal with for the employment advice folks. if they want war, they got more. but the evidence -- unless the evidence stinks." go ahead and put that down. those that sound like a responsive tsa to the osc? ms. gowadia: no, it does not. rep. chaffetz: did you fire him? ms. gowadia: are you going to fire him. rep. chaffetz: i would fire that cap. you know what? until you clean house with the legal folks in your agency, you will have a lot of problems. that is not the kind of attitude -- we will go to war with the osc? are you familiar with the law? the code that comes out of the opm regulations? you can tell me it's all rosy, but when you're chief legal counsel who has been there since inceptio

i'm francine lacqua in london.

francine: there is a lot going on and the fed underpins this.they see main risks going forward for