francine: is europe great?oe: it has its challenges, because without the european union there is nothing that holds them together. but i believe we have seen the worst in terms of being pulled in different directions. it seems to me it is more integrating -- francine: so we don't somehow forget the concerns of populism, and then it comes back uglier in five years? joe: i am very encouraged that when people saw this is not going my way, this fiscal populism. people stood up and went to vote. there are more people going to elections to vote than there used to be in the past. this was the most encouraging topic to me, that people said, hey, we are the people. now it is time to take that into our hands. that is quite positive. francine: how do you see china? joe: china -- the chinese way is typically sit down and smile. francine: and behind closed doors? joe: and look what happens. today, with the western world, we've not yet fully straightened out what we mean what we say. china says, if they are nervous -- if the

francine: more russian revelations. the dollar drops as the investigation into trump s links with moscow is centerline in. officialsesident says will reassess stimulus. er's message to britain as talks end with heated divisions. this is "bloomberg surveillance ." program, later on the we will be speaking to the former u.k. chancellor and outspoken pro-european, ken clarke. that is in our weekly brexit special show. if you have any questions, just run the tv function on your bloomberg terminal and click where it says ask the guest. in the meantime, this is what your markets are doing. stocks seemed to care some of the recent gains. the dollar sitting around and 11-month low as investors try to assess investigation into the u.s. president and whether that will stall his agenda. it is a perfect day to speak to stephen gallo. australian dollar plunging the most since may. the other one we wanted to show you was the kiwi. look at pound because of brexit talks. euro-dollar, 111645. let's get to the bloomberg first word n

francine? francine: thank you. we also get policy decisions from two of the world's most crucial central banks tomorrow, but they are heading in opposite directions. the bank of japan is battling weak inflation. that will eventually forced policymakers to acknowledge that the program will be needed for several more years. in europe, tapering is on everybody's minds. the ecb is said to be working on policy. policymakers have not yet held formal discussions on the end of bond purchases. ,et's bring in kamal sharma joining us from the london office. thanks for coming on. there is a lot of focus on the ecb, but what would be the upside for mario draghi to give us a plan on how they start tapering? >> i think it is the break of 1.15 in the euro-dollar. obviously, there has not been a significant move sense the central comments. we are of the view that there will be a tapering of using purchases -- of easing purchases over 2018, but that discussion will be left until september. we have the jackson hole symposium coming u

francine: how do we change that?hanged it, you are trying to change it from within the company. joe: that is a very good question. you need to be successful in the short term, but not lose in the long term. this is the balance you need to strike. it is necessary to keep the difference between the short-term aspect and the long-term aspect, to keep the distance very close. because the wider it gets, the more active it is to say hey, this is the performance cap i want now. francine: it was pretty controversial when you went to see vladimir putin. are you ever concerned about being controversial? joe: the intent was not to be controversial. francine: in march 2014, he met with vladimir putin at his residence outside moscow. it was days after russia had annexed crimea and just as the west was launching its own showdown. >> together, we have condemned russia's invasion of ukraine and rejected the legitimacy of the crimean referendum. joe: the outcome was complicated, to put it possibly -- positively. i didn't know that pr

tom, francine. francine: taylor, thank you so much.n brexit. today the u.k. chancellor prepares to tell business leaders that the government is loosening. headed to brussels this week, a secret land for a trade deal on financial services. , still with us in new york is mickey levy. what do we know about what kind of brexit we will get. we still don't know. the elections through everything up in the air. it is ultimately the eu that decides what kind of brexit we get. much will depend on the brexit we are seeking and that is a big question. it may point to pre-election -- it ist documents part of the changing tone that is out in force tonight at the confederation of britain dinner. telling businesses, we are listening and want advice. that goes with the theory that since the election the government has been more about business than it has been about cutting down on immigration which was the tone beforehand. inncine: when you took charge of the team, your factors is growth and certainty and inflation, it is at the lowest level since june

francine: is europe great?oe: it has its challenges, because without the european union there is nothing that holds them together. but i believe we have seen the worst in terms of being pulled in different directions. it seems to me it is more integrating -- francine: so we don't somehow forget the concerns of populism, and then it comes back uglier in five years? joe: i am very encouraged that when people saw this is not going my way, this fiscal populism. people stood up and went to vote. there are more people going to elections to vote than there used to be in the past. this was the most encouraging topic to me, that people said, hey, we are the people. now it is time to take that into our hands. that is quite positive. francine: how do you see china? joe: china -- the chinese way is typically sit down and smile. francine: and behind closed doors? joe: and look what happens. today, with the western world, we've not yet fully straightened out what we mean what we say. china says, if they are nervous -- if the

francine: is your great -- europe great?it has its challenges, because without the european union there is nothing that holds them together. but i believe we have seen the worst in terms of being pulled in different directions. it seems to me it is more integrating -- francine: so we don't somehow forget the concerns of populism, and then it comes back uglier in five years? >> i am very encouraged that people saw, this is not going my way, this fiscal populism. are more people going to elections to vote than there used to be. this was the most encouraging topic to me, that people said, it is time to really take it. that is quite positive. francine: how do you see china? >> the chinese way is typically sit down and smile. francine: and behind closed doors? >> and look what happens. world,with the western we mean what we say. if they are nervous toledo global trade, things like that, why don't we do this job for them? people, so billion why bother? i was couple months ago, at the summit, and president xi was the keynote speake

francine: a lot of u.k.ps, buying companies, is this the right approach? should they regroup on their core businesses? >> this is interesting. i think there was a necessary 2013 where 2012 to they needed to slow down, refocus, and rebuild their prices and restore faith in their prices with consumers. i think they made a little progress in that. that is good. what is next? how can we start to grow forward? i think some of these moves like tesco and others are showing a sign of returning confidence. that is not a bad thing. francine: overseas expansion has gone into reverse. is that the right thing to do? >> ideally if a business is strong at home, they can continue to expand overseas. retailing is one of the harder industries to operate on a global basis. tastes are local. some of these companies have faced difficulties in their home market. it may restart again. interestingly, e-commerce is easier to internationalize than traditional bricks and mortar network. you may see more of it in the next generation. f

francine: thank you.taper and dovish on rates, the take away from the fed's latest policy decision. the dollar has plunged to a two year low and treasuries are climbing after the fomc remains below target. officials indicated the central bank with their unwinding the balance sheet relatively thin. let's get straight to ewen ca meron watt. tom did a brilliant job on that fed special. what is your take on how the markets will be watching out for this? they say there is inflation and growth? set for the fed not to be boxed in for september, but to go in the autumn. there will be a lot of attention paid to the comments made in jackson hole. tse fed is going to srhink i -- shrink its balance sheet. the question is, at what rate and with what methodology? the fed is caught between a rock and a hard place. it does not want to create financial instability, which if it goes too fast, it runs the risk of doing so. on the other hand, it clearly wants to get on with it and leave itself some runway for the next cycle.

francine, what you have an data ? francine: i have the german 10 year.il, but overall, bond yields fell off. not only central banks, but also there is comments. tom: we are going to go to matthew miller with the news of the g-20 meetings in the protest we have been seeing. but on jobs david bill gross joining us later, julia coronado with macro policy. a weaker u.s. economy. can you reconfirm that, the idea growth in that the obvious gdp growth will not happen? julia: we have seen a real disconnect. the hard data has not followed through, neither hiring, nor consumer spending. if tom: bring up this chart. this is a really cool chart. it is not an official chart. this is wage growth minus service sector inflation. not good producing. happening, julia. will we see wage growth and today's report. julia: when we are learning is that the labor market, despite the unemployment rate being low by historical standards, maybe there is more slack. maybe the natural rate of unemployment starts with a three a set of a four. even in sectors doing very well, like const

francine: raj?> there is this idea that there is the structural breakdown in the correlation between oil movement and petrol currencies. you need to see a topside breakup for it to be a catalyst. equally, the focus for global economies is elsewhere. we need the proxy trade right now. the other currencies are not showing the sensitivity. francine: i grew up being told that if the price of oil goes down, it would mean that consumers spend more. so, it is beneficial for the economy. we have not seen that. >> part of the issue is the relationship between oil and the economy is not what it was. because we have periods of high oil prices, people become energy-efficient. 10 years ago, people would purchase a new energy-efficient boiler for my house. now, i would not go back and repurchase my old boiler. price has become less of a factor for the consumer. the other thing to keep in mind, the lowering of consumers are far more exposed to oil. more of the budget goes to energy, in all of its forms. this could

this is bloomberg. ♪ ♪ francine: i'm francine lacqua in london.hings be watching out. on wednesday there's a rate decision. 'se next day it is the u.k. turn. on friday we get payroll from the u.s.. there is all the political machinations not too far in between. let's get final thoughts from peter dixon and steven barrow. peter, we have this nice little chart tracking the balance sheet of the fed. gdp,is as a percentage of what is your maintenance for the fed. tol they actually be able normalize as many times as they want this year? peter: probably not this year, but i see it in the course of 2019 we will see a reasonable pace of normalization. as may not have to go as far people seem to suggest. there is been a lot of talk the fed will need to reduce the balance sheet by 2.5 trillion. ben bernanke suggested in the long-term the u.s. might actually need a balance sheet around $4 trillion. maybe the degree of reduction in balance sheet wouldn't be that dramatic anyway. we shouldn't get too fixated on that. steven: i'm not sure. at the end of it, wha

francine? tom?cb at nine: 30 this morning, the important draghi comments. , 4972 asmerican oil well. the equity markets on a tear. they are on a tear spurred by an all-time high for you as equities and seeing a leg higher -- u.s. equities and we are seeing a leg higher and has to do with japan keeping their monetary stimulus. on it to oil, it seems to be holding to stockpiles decreasing. tom: the news flow day today in washington is extraordinary. the most interesting, you have no idea of 24 hours in advance where we will be. kevin cirilli is exhausted by this, our chief washington correspondent. i wanted away from cable chitchat, when it does somebody resign and let's start with the attorney general for he was thrown under the bus. when it does the senator from alabama say i have had it? kevin: the new york times interview that president trump gave that he lambasted attorney general sessions and said it was unfair and president trump said he would not have hired or appointed general jeff sessions t

francine? francine: we will also get a clearer indication on the squeeze on u.k.seholds in a .alf hour time cpi is expected to be at 2.9%, far higher than the bank of england's targets. all of this comes as brexit negotiations continue in brussels. the u.k.is returned to after a few hours yesterday leaving technical talks to a team of 98 british officials. he will be back on thursday. let us bring in our guest for the hour. thank you both for deal -- for joining us. coup brewing? think the politics of brexit is very difficult to read at the moment. i remember talking to you about this previously and we said to the run-up -- and we said during the run-up to the talks that there would be a lot of political posturing. we are seeing it on both sides. i think it is very difficult to read what is going on underneath the surface. we do know that theresa may's position as prime minister has been weakened by the election results. is a given andd, that is having reverberations in the u.k. and in europe. at the same time, there are a lot of small factions. in today's faction

francine? francine: we see if it of fluctuation.ried, according to asset classes. down. can see gold was tom: very good. let's go to kevin in washington. all of a sudden, this has gotten serious. how will secretary mattis and secretary tillerson brief the president? has gotten serious. north korea launching an intercontinental ballistic missile which they say would be willing -- it would be able to reach the united states. in 2009, north korea did the same thing but either way, it second visitthe for the g-20 and nikki haley has called an emergency united nations meeting this afternoon. i expected will smith to come over the horizon yesterday with a missile launch on independence day. this isn't a movie and it isn't hollywood and it isn't even a television show on nbc. advisor to the president on these matters? kevin: it is a two-pronged approach. last week, the administration announced tougher sanctions, trying to isolate, economically, north korea. in terms of putting sanctions on the chinese bank. but they have their hands tied i

tom, francine? francine: thank you so much.nk is considering moving about 300 billion euros from the balance sheet to frankfurt. a person familiar with the matter says the project calls for trading to go live in september 2018. the assets to be moved by march 2019. that's as clients trading and asset migrates to the continent , following britain's decision to leave the european union. mark, always a treat you have to on the show, so thank you so much for coming in. how much do we know about what deutsche bank actually wants to do? they may be looking at transferring 300 billion sthfment because of internal machinations? after all, deutsche bank hasn't had an easy time. or is it because of brexit? mark: i think it's a combination. we have a long story about deutsche bank's strategy, and deutsche bank is retrenching to its market, the decision not to sell the bank is a sign that it wants to be part of the german family. they had a near-death experience with the outflows when its bonds looking like they might not get paid. they've

francine: fed fragmentation. minutes from the latest meeting show the fomc divided on when to start the balance sheet unwinding. military action against north korea and the cutting of trade ties with allies after missile tests. this come as donald trump arrives in europe ahead of the g-20 summit. john mcfarlane says he is confident the euro clearing will remain centered in london. it is a conflict between the politics and economics here. to my knowledge, nobody has asked for clearing to move from a business standpoint. francine: good morning. this is "bloomberg surveillance in london.e lacqua we have a lot to get to. the fomc meeting some underpinning everything we see on the market. bunds are very important because they are getting closer to taking out that 0.5% yield level by the day. today's push could be coming 'som comments by the bank nonstandard measures. oilnted to show you crude as well, $45.47. let's get straight to the first word news. reporter: the united states has warned military action might be nec

francine lacqua spoke to chief executive tidjane thiam. francine, good morning. halfway through the overall, is the ceo pleased with what has been achieved? francine: he seemed pretty pleased. he said they've been cutting costs, increasing wealth management. he's confident about capital ratios and he's confident about the swiss bank. however, these trends need to continue. they are juggling a couple things to make sure they do reach that huge overall in about 18 months from now. he was pleased but also cautious. he said it is still too soon to cry victory. we need to keep at it. this is what he said about his longer-term strategy. >> long-term, i'm always quite optimistic. the short to medium term is quite difficult to predict because there's so much uncertainty, geopolitical events, central banks, that are extremely hard to forecast. the rate of increasing wealth, wealth creation in emerging markets, is there to stay, and is driving the numbers you see. it from: if you look at a holistic point of view, you still have global markets that did pretty well, but ther

francine: a check of the bond markets.eadline stories, pretty unchanged on futures and the futures, as well. futures suggest we will be higher at the start of trade. manus: the question on mliv, we will see how bones role through the morning. guests at mitsubishi said clearly to us he thinks the bad news is priced in to the u.s. market and perhaps the european market is a little overly priced to the upside. anna: we've got another red headline. gas company, chemical interests, production locations in africa, suggesting there four-year eps is various guidance between 1% lower year on year. keep an eye on that as they make that update to their outlook for the business. manus: one more red headline coming in quick. refresco based in the netherlands are set to acquire bottling activity for $1.25 billion. in for a deal to acquire the bottling activities of cotts. francine: -- anna: for a moment, the first word news. juliette: u.s. senator john mccain, who underwent surgery last week or brain cancer will return to washington tod

that was bank of england governor mark carney discussing climate change with francine lacqua.ask force on climate related financial disclosures, which is chaired by michael bloomberg, founder a majority owner of our parent company of break lp. the need to combat climate change in the form in delhi and. he talked about china's changing role in the global economy, a topic discussed by several high-profile guests. >> what did you take away from the speech? it was almost a carbon copy of previous speeches, saying china can withstand all these challenges. they are going to meet their targets and there's not going to be a hard landing. the domestic side, he was sending a very spoofing message, but he is making a very clear point that the government is going to do whatever it takes in order to maintain reasonable growth. next year is the year to be concerned about. we could see consequences. what i found more interesting by there is the that notion of china of free and fair trade. all these have permeated the speech. whether indeed or not we will see, but china wants to take on this

francine automakers gaining : today after auto sales mostly beat estimates.ssed, but ford, fiat chrysler, honda and nissan reporting better sales man estimated. it is a give back for last last month's dismal figures? >> certainly it still might be a down month overall. the declines we see our substantial from gm, ford and fiat chrysler. but not as bad as anticipated. as you see, the reaction on the markets mean that even gm, their shares are up as well. because what investors are really liking is a little bit of discipline on the incentives, they are not eating into the margins, and especially the mixed shift, the mix of light suvs, thatkups and is where automakers make their money. that is especially where u.s. automakers make their money and it is the overriding theme of the sales and that is why investors are bullish today. jonathan: a former executive appeared at westminster magistrate court in london, facing allegations dating back to the 2008 financial crisis. so what happened in court today? hearing to a routine have the charges read out to the defenda

scarlet: that was mark carney discussing climate change with francine lacqua.h climate related financial disclosures, which is chaired by michael bloomberg, founder and majority owner of bloomberg lp. the chinese premier asserted the need to combat climate change in his speech at the world climate economic forum. he talked about china's changing role in the global economy, a topic stephen engle discuss with several guests. stephen: what did you take away from the premier's speech, almost a carbon copy of previous speeches, saying china can withstand all of these challenges, they will meet their targets, there will not be any hard landing? >> on the domestic side, i think china was sending a very soothing message but also a very clear point the lead up to the party congress in november, to maintain financial stability, they would do whatever it takes. next year is the year to be concerned about because we might see some unpredictable consequences and some of the problems could come to a head, but this year is secure. what is even more interesting about the speec

up next is "bloomberg surveillance" with francine lacqua and tom keene.erg radio with carolyn hester for "daybreak europe." ♪ francine: concern for health of that with earnings season in full swing. make or break time for the u.s. stock market? is deutsche bank about to move 300 billion euros of assets from london to frank for? -- to frankfurt? lending surges. this is "bloomberg surveillance ." i am francine lacqua in london. we are looking at data and some of the earnings and

up next, francine lacqua and surveillance. anna edwards and i will be on radio.rg. ♪ francine: markets prepared to scrutinize draghi's delivery when the president faces the media later. will the drop any hints about stimulus? unilvever cuts costs and raises prices. and france's finance minister tells britain, we want our money back. the eu divorce bill and the 100 billion euro figure that will not go away. this is "bloomberg surveillance" and i'm francine lacqua in london. we have a great show for you. but first, to

guy johnson in with francine lacqua -- in for francine lacqua. mr.and we will talk about that later. bruce kasman. pimcocantrill at straddles the line between the chaos and cacophony of her washington and policy. let's talk about that. after what we have seen which ,as unimaginable, four days ago what we have seen in the last 24 hours, the mystery in the next 24 hours, who cares about health care. libby cantrill: this makes the republicans pretty ambitious legislative agenda that much more difficult and ambitious. they are trying to push forward on health care and unpopular bill. they need every help that can get including the strength of the bully pulpit of the president and they do not have it right now. i think health care will be difficult to get over the threshold. tom: bruce kasman just to describe a battered global economy without the locomotive of the u.s. gdp, whata sub 3% does it do to the policymakers who need to get reelected? bruce kasman -- libby cantrill: you would like to think it would put more urgency to help accelerate the sense of

. ♪ francine: he's a rare breed of chief executive, who dedicated his entire executive life to one companyas a young business graduate and he joined siemens in 1980, moving up the ranks and around the world for a company described as the flagship of the german economy. siemens truly powers modern life, making everything from turbines and cameras to ovens and factories. joining me, chief executive officer joe

francine: president trump and president putin finishing their meeting in hamburg at the g-20.icials are saying that the u.s. and russia have reached an agreement for a cease-fire in southwest syria. those pictures you see were from before they went into their face-to-face meeting, friendly words exchanged. matt: the two leaders had real admiration for each other. they were not just pleasant words. president putin referred to donald trump as your excellency, mr. president, whereas president trump said it was an honor to be speaking with president putin. both said they expected a positive outcome to the meetings. they were only expected to meet for about 30 minutes, the meeting stretched far beyond the two-hour length. >> obviously a meeting with putin is eye-catching, sort of the melodramatic moment of the day. but it is important to remember that there are huge wide ranging conversations going on. angela merkel spoke with the press about an hour ago and it is clear there are deep seated divisions emerging over trade. there is no agreement on the communique right now and in a l

francine: italy has approved emergency rules for two ailing banks in the northern region, mobilizing as a 17 billion euros to liquidate lender's and sell their good assets. on friday, the european central bank declared the lender's failing or likely to fail and said both would be wound up under italian insolvency rules. what does tell us about how lenient the commission and the e.u. are when when it comes to bailing in? and what does it mean for just italian banks? >> i think first of all we have to say the bail in-laws make a lot of sense. everybody believes it is a better way to go forward. but i think you have to get to a starting point before before you can actually apply those across the whole marketplace. i think it is really clear italy has its own idiosyncratic problems around senior debt holders and the e.u.'s having to get italy to this point in time where they can say from now on, , it is bail-ins. this is what we will be seeing here. >> takata's filed for bankruptcy at home and in the united states, claiming liabilities of $10 billion and confirmed the sale of its core bu

francine spoke to the ceo this morning and she joins us now from zurich.alfway through a three-year overhaul of credit suisse, has the -- is the ceo pleased? >> today is a funny day because it is a battle of the banks. the first time ever that ubs and credit suisse, the biggest rivals in european banking, report on the same day. they did seem pretty pleased so far. not crying victory yes. very clear that they have a quite a long way to go. crosscutting is under control. if you look at things he wanted to achieve, crosscutting, capital ratios, everything is on track . it just needs to be pushed further. >> long-term i am optimistic. medium-term is difficult because .here is so much uncertainty central banks are extremely hard to forecast. increasing wealth, wealth creation in the emerging markets is there to say and is driving the numbers you see. of course credit suisse start of his overall much later but they are becoming more like a wealth management unit. it just depends on what happens to the global markets unit. as we are stronger in wealth management

francine: it is extremely difficult to predict the price of oil. are we still range bound?ea, we don't formerly publicly forecast oil prices but we are able to say that based on our current outlook for supply and demand in the rest of 2017, we do expect stocks to start falling during the second half of the year. on that basis of falling stocks, you could expect the price to be supported and the price to perhaps rise but not by very much because every few dollars that the price does begin to rise, it incentivizes more oil from the united states and other places. to some extent, any rise in the prices is capped by the availability of short cycle oil. vonnie: coming up on "bloomberg best," more of the week's compelling conversations. perspectives on the slow slog towards brexit, gridlock in washington and movements in the markets. >> i would not be surprised if you saw london reprice 5% to 10%. vonnie: this is bloomberg. ♪ ♪ vonnie: this is "bloomberg best." i'm vonnie quinn. brexit talks between the united kingdom and the european union continued this week, but with prime min

francine: the german carmaker daimler is recalling 3 million mercedes-benz diesel vehicles in europeffort to head off the growing crisis after potential emissions cheating. the company could avoid massive penalties. what led to this recall? >> it has been bubbling along in some sense ever since the volkswagen crisis broke nearly two years ago. they have been very adamant that they have not cheated like volkswagen did, but they may have pushed the boundaries in terms of regulations in turning off emissions controls to protect the engine. the boundary for those criteria is pretty loose. so what they are trying to do is at least come good with the german government and saying, ok, we are going to get out ahead of this thing. we are going to basically recall every single modern mercedes out on the road right now in europe. it is like 70 euros per car like , 220 million euros. if this fixes the problem for them, they get away pretty cheaply. >> trade talks in washington between the u.s. and china have gotten off to a rocky start with news conference is canceled on both sides after commerc

he joins francine. ♪ francine: more russian revelations.estigation into trump s links with moscow is centerline in. officialsesident says will reassess stimulus. er's message to britain as talks end with heated divisions. this is "bloomberg surveillance ." program, later on the we will be speaking to the former u.k. chancellor and outspoken pro-european, ken clarke.

nejra in for francine.ink we are going to take the month of august off in the brexit negotiations? does everything just pause here into september? nejra: we do seem to be seeing a pause now. if you look at cable at the moment, not going anywhere. these u.k.-u.s. trade discussions coming into all of this. tom: we will go to our first word news in new york city. u.s. senatee rejected mitch mcconnell's health care proposal last night. the vote came as the start of several days of debate on replacing obamacare. earlier, john mccain returned after being diagnosed with brain cancer. he said he would not vote to pass the latest version of the health bill. the house sent a message to president trump on russia, boating to impose more sanctions on moscow. the senate has already passed similar legislation. the white house has sent mixed signals as to whether the president would send the measure. the bank of japan's deputy governor says the bank needs to keep monetary stimulus in place. they must get to 2% inflation as

francine jonathan: i have been speaking to guys on this program, it seems that whatever the data saysthat's not the story. >> bonds are winning, right? rates were up the last year, and the fact of the matter is that all this discussion of wages and inflation and the fed, those are all red herrings. the fact of the matter is you are supposed to have real wage growth. we haven't had wage growth, that's really exceptional. there's a huge shadow supply of labor, the global competitiveness that's out there is really keeping inflation below target around the world. an fed, they are having argument and this number makes the difference. the argument is, should we run elow,employment rate b or are we risking explosion later on? we need to get the employment population ratio higher. this has a long way to run. this can be a bad spot for bonds, and we are coming into the second half of what has been hit. >> let me defend robert. the funny comment -- he has a 30 year track record that he has been right on. we have been looking for inflation to come back ever since the financial crisis. nothing, n

. ♪ ♪ francine: joe kaeser a rare breed of chief executive, who dedicated his entire professional lifeusiness graduate when he joined siemens in 1980, moving up the ranks and around the world for a company described by angela merkel as a flagship of the german economy. siemens truly powers modern life, making everything from turbines and health scanners to ovens and factories. joining me, chief executive officer of siemens joe kaeser. thank you so much for speaking to bloomberg. jo

i'm francine lacqua

francine, good to have you on the program.are saying focus on wealth management is paying off. what stood out to you? >> he was trying to explain they are paying off and doing all they can to continue that trend for it i did ask him about brexit. he says the have not made up their mind. he says that is irrelevant for the strategy. the other thing i want to get from him is that if you look at the global market units, what does that mean when ultimately picks up -- volatility picks up? he has not seen any sign of volatility in the market picking up. of thes a sizable chunk credit he wants to be a look management. how will you shrink that? he says he is focusing once again on asia, on wealth management. that would recalibrate the overall revenue of the business. much more from francine throughout the day. more comments to come from that interview. up next, we will stick to the banking story. we will be joined by a guest. it will recover from a disbarment that we saw from the reported ins was the first quarter. we will speak to je

." ♪ francine: he's a rare breed of chief executive, who dedicated his entire professional life to ampany. he was a young business graduate when he joined siemens in 1980, moving up the ranks and around the world for a company described by angela merkel as a flagship of the german economy. siemens truly powers modern life, making everything from turbines and health scanners to ovens and factories. joining me, chief executive

market was to be aggressively short treasury and that is how it will play out and then ultimately francineeveryone got squeezed and it was painful. have we gone far enough to do what andrew was talking about? i think we have. there'ss a squeeze and no doubt about that. expectations were that rates were going to go higher no matter what, and they certainly did not do that. i think one of the issues that i have that causes me concern is the lack of true wage inflation. and so even though we are at full or what would be deemed full through employment, we just can't get any wage inflation to stick. that gives me pause when thinking about if this could be a trade that should take place immediately. jonathan: marilyn, it would be great on a program like this to just focus on fundamentals, but unfortunately the central bank in there, we have to discuss as well. you mentioned the federal reserve. how do you gauge the way balance sheet policy is going to roll out if they do announce in september? do you have any idea from september and beyond and december and beyond what the reinvestment policies w

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because in some future you know there are other nations or other jurisdictions may really contemplate francine after peyton's because most of the big and strong it's. fairly owned corporations that are usually filing their patience in us. highlighting morrow your center of emperors you know it just reminds me of disco ok so. you know funny guy goes. to two foot four it's painted from a school unix does these sort of things you know to the os then we must such let's take a look at the goldman sachs patents for settlement coins subtle coin so this is an attempt by goldman sachs to hijack the price of sky every mechanism of it going if you can hijack the price discovery mechanism by introducing a price through settlement coin you're going to put the other exchanges the independent exchanges out of business you're going to monopolize the prices cover a and then you're going to be in a position that let's say the big banks are in relation to gold and silver they control the paper price the matter what the demand is for gold it's skyrocketing as a high spend ever but the price doesn't move up becaus

. ♪ francine: he's a rare breed of chief executive, who dedicated his entire executive life to one company a young business graduate and he joined siemens in 1980, moving up the ranks and around the world for a company described as the flagship of the german economy. siemens truly powers modern life, making everything from turbines and cameras to ovens and factories. joining me, chief executive officer joe kaeser.