back to you francine, in london. francine fish thank you.heresa may is standing by her brexit strategy. she is hoping to restart her talks with labor leader jeremy corbyn while such a for a compromise to this week's e.u. summit. she defendedssage, her decision to take a cross approach. >> when you think about it, people didn't vote on party lines when it came to the brexit referendum. i think often that members of the public want to see politicians working together more often. francine: so, can she actually find a deal to avoid delaying brexit again. right now we are joined by kallum pickering and themos fiotakis. first of all, what are we talking about. is there any chance we could get something in the dense couple of days, and then there is the au summit on wednesday. would you think they would say yes to short delay or say no to a long delay? >> i think that is what we're talking about. postp ther new brexit key issue for me from the u.k. may hasfirst, theresa remote the obstacle which would allow a long delay, which is the u.k. participa

francine: through stockpiling?e some things that we have stockpiled like final supplies they need to be in the airport. rubber gloves that people use the swabs that we use for trade protection. withve also been working government in the eu and the u.k. said that they understand that we do something about it. and to give them credit. they have done a good job with aviation, the enabler for any other trade to happen. and the biggest port in the u.k., it is important to european nations as well. there is an agreement in place between the u.k. and the eu that plans will keep on flying, even in a dough deal brexit. -- in a no deal brexit. passengers that arrive u.k., if they are european or the other way? changes are no major planned. francine: even in the case of a no deal? a noen in the case of deal. people are being pragmatic about how we make this work. i think that we will see very little change to your journey. you can keep on working with confidence, you can expect to travel with ease. there may be additional pas

francine. francine: thank you so much. we getting some news from nomura.ews from the banking sector, unicredit potentially eyeing commerzbank. now, we are finding out nomura jobsid to cut 100 ema mainly in credit. ison't know whether it relocation, but for the moment, that headlines crossing the terminal. cut hundredsd to of jobs mainly in ema. falling afterla we heard from tesla and we will have a full round of the tech stocks. parliament has voted to block a no deal brexit shortly before midnight. voted by a majority of just want to seek another extension from the eu and to rule out leaving. may and most conservatives oppose the legislation, which now goes to debate meanwhile, the two main andies intensified talks both sides described yesterday's initial discussions as constructive. meetingnvited us to the , and i accepted the meeting to go there and set out our views. she put up the government's view of the whole thing depends on the withdrawal agreement as put forward at the present time. we are joined by the chief market strategist and ema at jpmorgan

francine?se equities have fluctuated after the latest data on industrial profit showing a rebound. investors want to be watching the companies pmi tomorrow. investors are still waiting on a trade resolution. still face significant unresolved issues as president trump's top negotiators had to beijing to continue talks -- head to beijing to continue talks. hans is withme -- me from morgan stanley. are you surprised at the ?timulus taking off >> it was pretty much in line with what china was projecting. we have positive data materializing. takes away that acceleration of chinese gdp growth within the next couple of months. and then we wait to see what will occur out of china. but destabilization is working supporting the economy and leading to acceleration of growth. china has a significant amount of debt ratio. that banking sector was so far domestically funding the chinese economy. it makes sure that the capital stock was supported by bank loans. aboutanks have debt of 273% of gdp. that is high.

francine: thank you.reaking news out of turkey. goings ofs and politics as it relates to lira. istanbul,rerun of that is a local publication. more on that shortly. that is the latest. this is the lira as we speak. downside risk to lira in the last couple days. 5.kish lira currently at 6788. the u.s. proposing tariffs on a host of bids, in response to harm being caused by illegal subsidies to airbus. nearly 15 years since the u.s. complained. it plans to target european products including seafood, cheese and wine. the eu is saying it is preparing possible retaliations. joining us from brussels, our reporter, maria, which sectors could be impacted? is aviation -- clearly that has impact on the supply-chain. components. cheese, wine, luxury goods. this could have an impact on italy and france, that make those products. it is not just that. it is the timing. the u.s. argues these subsidies from eu are unfair. competition.e the chinese placed a huge order for airbus last month. anything good for airbus is a pr

francine: francine: if there is a pension deficit, who should pay for a? it? nigel: we as an employer have to realize that we have to step up, also, individuals have to step up. as a business, we have to step up because you have to find investments that deliver good return to people, and educate people on why it is the right thing to do. francine: how will your business change in the next 10 years? we talk about ai, robots, doing things digitally? when it comes to insurance, what do think is the biggest transformation for you? nigel: i think the biggest thing for us is to be what to do more -- is we will be able to do more things with the same amount of people, because of the application of technologies. and people worry that jobs will get taken away by technology, but activities will get taken away, a lot of boring, mundane activities will get taken away, but lots of great new jobs will are going to be created, and lots of new opportunities will be created. that is what has happened in the last 200 years. every time there is a technological leap, people get v

francine: ecb next.t, pressures on the turkish economy intensify and we talk about the president. this is bloomberg. ♪ w?w?uhió'ñó francine: economics, finance, politics. let's get straight to bloomberg first word news with viviana hurtado. viviana: oil is extending gains .fter iran waivers mike pompeo says any nation that continues to buy crude from the gulf nation will face american sanctions. in response, the islamic republic threatened to shut the traffic heavy a straight -- traffic heavy strata vermouth -- straight of vermouth. churches and luxury hotels were on easter by seven suicide bombers that targeted tourists and christians. president trump dropped his plan to put herman cain on the federal reserve board amid opposition from his own party. the mcreynolds are urging republicans to block the other picks even more. urgingcrats are republicans to block the other picks even more. of planes bursting on social media. a white car bearing the tesla logo was a meeting smoke before catching fire. the te

francine: thank you.ting breaking news from manufacturing pmi, better than expected in the u.k. for the month of march. economists are forecasting 55.1. we will look at pound volatility against the dollar. the dallas fed president, robert kaplan, says he sees u.s. gdp 2%wing this year at 1.75% to but is not forecasting any rate hikes. he spoke to kathleen hays in an exclusive interview. plot, andt, in my dot i have been saying this for some time, i didn't have any rate increases for 2019. it doesn't mean that i couldn't change my mind. it means as i sat there in the march meeting, that was my base case for 2019. but it is always subject to change. what my main goal is for monetary policy right now is that we are flexible and we are patient. i want to see how growth is going to unfold for the next several months in 2019, and based on what i see -- and for me, i look not only at the economy hard data about corporate earnings reports and a whole range of factors in the market, particularly the fixed income m

francine, back to you in london. francine: thanks so much.heresa may is signaling a change to her strategy. the prime minister is abandoning efforts to build support in her own party, instead reaching out to the opposition leader. the move drew criticism from supporters in may's party who fear it will lead to a closer future relationship with the eu. they also said they will need to seek an extra delay. we'll get more from our u.k. government team. and joining us for the first half hour, chief executive at suez wealth management. stewart, there's so much to ask you, so little time. first of all, this feels significantly different, and yes, the prime minister had already done overtures to jeremy corbyn. will he call for a second election or try to help her out? it will be different -- difficult for jeremy corbyn to navigate through this. in a certain way, you can see the parliament numbers being the way they are, the prime minister feels there is no option right now, other than to reach out. from the labor position, how to is tote this policy

francine:.he u.k., rbs chief executive ross mcewan announces resignation and then barclays earnings were mixed. we have been asked -- speaking exclusively to just staley -- jes staley. have experienced choppiness in the markets and m&a around the world are we saw it -- around the world. we saw it might not in the u.s., but things like brexit have subdued major board room activity in the u.k. and across europe. despite that, i think we did quite well in our markets business. for the sixth consecutive quarter, we gained market share and the profitability of our market business, like last year, was double digits. nejra: how would you characterize your performance versus u.s. peers? you made reference to their performance. jes: particularly in the macro space, i.e. where we trade fixed income, we had a good first quarter. on u.s. dollar basis, down only 3%. that was at outperformance, so it's good. six quarters in a row. importantly, we like the 9.6% return on tangible equity in the first quarter as

francine. francine: thank you so much. u.s.arkets close at a record high, european stocks are struggling for direction. the s&p 500 index market new milestones as twitter, lockheed martin, and hasbro rose unfavorable first-quarter earnings. but do fundamentals actually support these valuations? joining us now is chief economist at unicredit. great to have you on the program, even if i am far away. what do record highs tell you? are you worried that stock and thatrformance -- it is stock market performance rather than anything based on fundamentals? >> it seems to me a bit of a sugar high. america is still fueled by this andrmal's fiscal spending the insistence of a central bank that is proactive in being stimulative. fundamentals,ying we still think we're looking at a slowdown this week in valuations, for me, are very high. francine: some kind of slowdown that would be dangerous? is there a worried the fed looks at the stock market and tries to cool it off? erik: yeah, you never know these days. there's so much discussion about

francine? francine: thank you so much. let's focus on tech.arnings,ge week for it was a thumbs up for facebook after posting robust quarterly sales growth. it is $1 trillion and counting for microsoft as strong march results -- after strong march results. and amazon posts a strong beat as they plan to spend $800 million in the order to reduce delivery times. . what our guests on bloomberg have been saying about the tech sector is earnings he's kicked off -- season kicked off. >> we are keeping a close eye on tech. >> high-growth tech faang stocks. >> these other companies delivering results. >> the numbers don't have to be great to do better with the bar lowered. >> the bar has been brought down dramatically. >> very low expectations. >> as long as we come in better, the market will give these names a pass. >> you're starting to see companies beat and it is bringing optimism that. -- back. >> the back half of the year will be meaningfully better. >> relatively ok. >> the markets will look to that and move higher, no doubt about that in my mind

francine? francine: let's focus on the u.s.xecutive of goldman sachs says jay powell is doing a very good job. don't expect a lot of policy activity as we had to the rest of 2019. >> throughout the quarter, activity levels improved. a little bit of a speed bump. the government shutdown. but the economy in the u.s. has continued to deflate. i think you saw a little bit more of a move back into risk assets. as you get around the world, the stimulus in china has helped see a little bit of improvement a couple of weeks ago. the overall package, especially with the pivot that central , it has been quite constructive for risk assets. it is certainly at a pretty nice level at this point. the pivotyou think and they resulted had in financial markets is going to affect or influence the way central bankers think about policy going forward to the rest of the year and 2020? >> policymakers have been really clear on their communication as policy looks -- >> you could make the case back in october jay powell might have screwed up a little. >

francine: do you agree?ss testing so if you do not know what is in their, the portfolio shock. is the stress testing and the torture they put the banks under. tom: we greatly appreciate it and this time of low coupon, to say the least. assange,news with mr. ecuador not giving protection to mr. sans anymore and the u.k. police -- mr. assange anymore and the u.k. police have arrested him. as we look at the international monetary fund, our conversation lagarde, she has wonderful assistance from port saville -- portugal. vitor gaspar on your debt and deficit. stay tuned from our studios in washington. this is bloomberg. ♪ viviana: this is bloomberg "surveillance." jet lu plans to start flying from the u.s. to london in 2021. it will leave from hubs in new york and boston. no word on which london airport will be used. it is a major gamble for jet pluto -- jetblue. the controversial tabloid the national enquirer is being put up for sale. jeff bezos accuse the paper of extortion. they admitted to killing embarrassi

francine: we are.ovide more perspective on how uber plans to treat its ipo -- please its ipo case. plead its ipo case. alex: the thing is, they are trying to make this company seem very clear and what the business game is. it is the travel solution for everything. but they have had to unveil a lot of complexity. they have a lot of businesses, none of which make money yet. they will continue to grow at a real tear. tom: none of this was in the cfa institute curriculum. we were community adjusted for i.e acclaimed akzo and now we have contribution profit. that uber'sine is core platform is, surprise, nine cents on the dollar. how do you get this valuation making nine cents on the dollar? alex: you have softbank is your investor. tom: you are dead on. when they were invested last time around, it was around the 70 billion mark. in around thee $90 billion mark. it is appealing to a lot of people because it is really growing. companiese fastest out there. it grew 44% last year. between 2017 and 2018, it is o

francine lacqua is on the scene with one of the leaders will help shape the future. francine?ine: we are having a great conversation about the future of europe. we talked about what europe could do to retaliate against u.s. tariffs. the eueased to welcome commissioner for monetary and financial affairs. thank you for giving us a little bit of your busy schedule. talk to me about what you worry about the most. is it the eu downturn or is it tariffs from the u.s.? not in a recession. our fundamentals are quite solid. we see the end of the expansion and we see the outset risk. we must think in advance for what could happen if those risks materialize. francine: how quickly can we be in a recession? >> i do not think we are threatened. -- you dowe do not not think there will be a recession question mark >> we will deliver our forecast on may 7. i do not want to sound alarmist. we are above 1% for the eurozone. we know we need more. we are at our potential or a little under our potential. we've also seen the are imbalances because two of the three biggest economies, italy and german

francine: is the extension good news for europe?ng point is the brexit is bad news, so anything that delays bad news probably is good news. the worst option is the no deal brexit, to the extent that this has lowered the likes of the no deal brexit, it is good news. it means uncertainty will continue to be there. as long as it is not uncertainty related to the likelihood of a no deal brexit, i am more comfortable than i was before. francine: what does the uncertainty mean for the euro area? klaas: less trade means a less optimal allocation of resources. productivity growth on either side of the fence will suffer from these trade barriers in the short run. there are possible disruptions. i do not think there will be any financial stability disruptions. i am comfortable we make the preparation not to turn brexit into a financial stability related event but there will be real trade disruptions. that will lead to a loss of production. vonnie: let's get more from the imf world bank meeting. tom keene is with a special guest. tom: we welco

francine and i said hello to mr.sual ballet, and in the middle of it all, almost quiet, was the governor of the bank of england. where is mr. carney's place within british financial society? question,s this a you're asking me -- tom: yeah. i am asking you where governor carney sits in right now in the great dialogue of the united kingdom? stephen: i think his comments about no deal brexit last week were interesting. he switched his tone a little bit. maybe he wants that knighthood, wants to guarantee that knighthood. as far as the economy is concerned, he is like the rest of us. slave to the is a outcome of brexit, a slave to whatever the future relationship will be between the u.k. and the european union. really difficult question -- guy: to be honest, once that is negotiated, it is going to be his successor's problem. stephen gallo of bmo capital and martin schenker staying with us. we will talk about the banks -- be up. and citi will this is bloomberg. ♪ uma: this is "bloomberg surveillance." let's get the bloombe

francine: we talked about central banks, about trade.se risks -- they feel different because -- are these risks? they feel different. christine: i would like to have things resolved instantaneously, but things don't happen that way. they take time. we are seeing major shifts. when you look at the impact of technologies and how we have to prepare for that, how much investment we need in education and health in many developing countries, and here, for that matter, those are long-term trends. climate change is another one. we will be seeing sir david attenborough in a few minutes to tell us about what we are affecting on nature. he will tell you that multilateral organization are not extinct. vonnie: thank you. imf managing director christine lagarde there, saying that common sense prevails around the world. we will be back in the next hour with the federal reserve governor. let's check in now on the first word news. here is kailey leinz. kailey: it's been an eventful day for wiki leaks founder julian a sanchez. first he was expelled for ec

francine: what does it tell us about the strength of the canadian banking system?t tells you something about some investors, not the canadian banking system. the underlying thesis people are working on is our housing markets, and our housing markets have stabilized. friedlandkrishan front and center on this argument on trade -- you and christian freeland in this argument on trade. what is the next step for the united states of america and canada on trade? isl: christian freeland central to that. she is the lead on that. what we are doing is pushing forward the agenda we have, which is things like the steel and aluminum tariffs. they do not make sense for the canadian economy or the american economy. we think ratification of the new usmca make sense. tom: i just asked david lipton, the deputy managing director, absolutely critical of the idea -- is the idea of the relationship. is there a permanence to the attention we've seen between the nations? bill: we have a broad and strong relationship and there always be flashpoints in a relationship that brought. as united

francine: would you serve under the board of jonathan?> i would not speculate who i will or wouldn't serve under. what i do believe very strongly is that starting the leadership we've resolved the brexit question would not be helpful. it would look self-indulgent. the public expects us to be focused 100% on delivering brexit. doncine: how many questions you have to field from g20 central bankers and finance ministers on brexit? do they believe an extension means brexit gets watered down? >> i think most people think, and i agree with them, that the process we've gone through the last few months has made the likelihood of ultimately a no deal brexit much smaller, and i think we've seen that markets have been pricing on the assumption that a no deal brexit has become a very small risk now. i think that's positive because i've always believed we need to leave the european union with a usl, with a plan that allows to protect our economy, protect british jobs. so, i think the way things have evolved is positive for us. but we've got to get us

francine coburn have there been tensions between anc -- francine: have there been tensions between thenc and you? government, with and leave the political parties to themselves. when the legislation comes into the government process that proposes what to do with the ownership of the bank, that is the legislation we will engage with. francine: have you had talks with the anc about this? >> no. we will talk to the government. we happen to have an anc government, and that is who we engage with as the central bank. we are the institution of government, not of political party. francine: thank you as always for joining us on bloomberg. back to you in new york. plenty more today and tomorrow from d.c. and the imf spring meeting. caroline: driving toward going public, ride-hailing giant uber finally declares ipo, under the name "uber" of course. all the details coming up. this is bloomberg. ♪ romaine: breaking earlier this hour, uber filing for ipo under the ticker " uber." redstone joins us from san francisco with more. us big -- brad stone joins from san francisco with more. how big a deal i

francine: this was right before the election.before the election and right before the country suffered one of the worst recessions ever. our bank did much better. this is the other thing about our business. we lend money in europe and north america. we do a lot of transactional banking in latin america. only 30% of our loans is in latin america. a lot of upside for the future. that is why we want to resilience to crisis and why today we announced our payment services division which is super exciting. to answer your question, i think brazil will continue to do well and we are now 20% are o.t. and we want to grow. -- rote and we want to grow. francine: i've asked you if he is here to stay, does he have the confidence of everyone? we are moving forward and the team is comfortable. we have had all of our top team here yesterday. .e have our digital video he is a great leader, we work great together and we have an amazing team working for him. we are optimistic about the future. francine: what happens for brexit question mark have you

francine: would you serve under boris johnson?t going to speculate on who i will or will not serve under. what i do believe very strongly is that starting the leadership process before we've resolved the brexit question would not be helpful. it would look self-indulgent. the public back home in the u.k. expects us to be focused 100% on delivering brexit. getting this done. francine: how many questions do you have to field from g20 central bankers and finance ministers on brexit? do they believe that an extension means brexit gets watered down? >> so i think most people think, and i agree with them, that the process we've gone through the last few months has made the likelihood of ultimately a no deal brexit much smaller, and i think we've seen that markets have been pricing on the assumption that a no deal brexit has become a very small risk now. i think that's positive because i've always believed that we need to leave the european union with a deal, with a plan that allows us to protect our economy, protect british jobs. so, i t

francine: how do you see markets developing?ne: march was very strong, the second-highest month in revenue in 39 months. exceptionally strong. april, we see some of the same trends continuing. america is still very strong, the economy is positive, low unemployment, low inflation, high consumer confidence. there is a slight slowdown, but it is still positive for strong growth. we have dovish statements from the fed and have created a positive environment, and we will take advantage of that. asia is doing better, china is doing better. we see that in our numbers. q2 2018 was strong, we are below that. europe is always a pressure zone. francine: interest rates? germany struggling, which drives the whole economy to a difficult place. we have the good fortune of being a swiss bank. in switzerland everything is good and we are doing well. that is the difference i think which will play in our favor over time. people will realize switzerland is in europe, it does share some of the challenges. banks taking u.s. the europeans lunch? can y

francine: take market share from who? tidjane: we do not mind. francine: mainly european banks?r for the u.s.? tidjane: where it is available. we are very strong in the americas. we do not want to be too bullish. he is a very cautious man, which i like. those results does not mean we have solved every problem. this means we are on the right track. shery: facebook jumping in late trade after reporting better than expected first-quarter revenue, but it is facing swelling legal costs, regulatory threats, and privacy concerns. the overall picture for facebook still looks strong. could we say they had been able to move past negative headlines? >> if you look at the fundamental growth, it was a strong quarter on almost every metric. one of the big concerns, facebook's future growth is dependent on stories, and stories, advertising and pricing is lower than it used to be. this quarter showed they can manage this transition well. that instills confidence into their ability to drive revenues with this transition. francine: today is a big story, in switzerland, ubs is surging past expecta

francine: thank you so much for joining us. mario monti, the former italian prime minister and former commissioner of the eu. i will send it back to london. we will have plenty more from the ambrosetti forum throughout the day. lacqua with that beautiful backdrop talking to the former italian prime minister mario monti from the ambrosetti spring workshop. plenty more from italy through the program. coming up, has china sees a new consensus in trade, president trump says a monumental deal is in the pipeline and could be ready in a few weeks. is coming up next. remember, bloomberg radio is live on your mobile device or dab digital in the london area. this is bloomberg. ♪ matt: welcome back to "bloomberg markets: the european open." 15 minutes till a card -- start of cash equities trading. let's get more on what is going on in the world with a bloomberg business flash with debra mao in hong kong. jeff bezos will retain 75% of his amazon stock following his divorce from mackenzie bezos. this eliminates investor concern that it woul

francine: talk to me about banking systems.e rates have impact on some of the models of banks. the ecb saying they will try to mitigate the effect by tearing -- by tiering. will that really mitigate it? been: some ministers have changing monetary policy. i think sooner or later we would need to normalize monetary policy. i think also the real economy in the financial system would benefit from normalization. unfortunately, this has been delayed, so we will have to produce in this environment of low interest rates, which is challenging in some areas, and good in other areas. the spanish vanke think system has undergone a deep restructuring in the last 10 banking the spanish system has undergone a deep restructuring in the last 10 years. don't think it would be particularly challenged or affected going forward. francine: deep expect more consolidation in europe? guest: as a minister, i think it is not my role to encourage decisions by private owners of financial institutions. my prime concern is fiscal spit ability -- fiscal stabi

joining us is francine lacqua, the woman herself.ly a turnaround for the global markets unit at credit suisse. francine: and you can see that on the share price. the stock price is up 3%. if you look at year-to-date, 25%. tidjane thiam was trying to tell us it is too quick to cry victory but it shows resilience. two concerns on credit suisse in the last quarter. global markets and that beat estimates, and the other was equities. when you look at some of the equities performance, which was one of the main concerns last quarter, they also beat u.s. rivals. he was pleased with his that. we talked about client activity. he said client sentiment is better than january but that is not that difficult. he said a lot of clients are still actually quite focused on cash because they don't have the stomach quite yet to go into the markets. overall, he painted a pretty optimistic picture for the future. anna: interesting. januaryn the tliv blog and february being described as it dragged by the business, but march looked markedly different. what a

francine: crude has plunged.di arabia has large to make global crude market does not go out of balance and will coordinate with other producers to control supply. does the president know that the stopping of the waivers means oil prices will go up which he has ranted against? >> indeed, his bet is saudi arabia will help mitigate that upward pressure and replace the barrels that the sanctions will take out from iran. but it is clear that saudi arabia has no plan to flood the market. the talk we are hearing is yes, they will help, but they will be cautious, and they went to see material reduction in iranian exports before they increase their own production. so it may be that the market will be very tight, and clearly, you are seeing prices and bit up the last couple of days. vonnie: shares of twitter rallying today, hitting their highest since july. this morning, twitter announced earnings topping first quarter sales projections, and reporting strong user growth. ble dailyse in monetiza active users. what is the mo

francine: your decision on coco bonds cause some waves. said we would take all stakeholders into consideration. that is what we did. it was the first time since they were issued that the economic rationale made sense. that is what we did. we have flexibility and will have flexibility in the future to do it or not. we believe we did the right thing. ♪ emma: coming up on "bloomberg best," more of the week's top stories. it was another soft quarter for u.s. auto sales. carlos ghosn faces another legal setback. plus, more compelling conversations. the metlife outgoing ceo says the company pushing back against regulation, but jack dorsey said government oversight can have its benefits in an exclusive interview, next. >> there are things like that gdpr that have been net positive for our platform and the industry in general. emma: this is bloomberg. ♪ emma: welcome back to bloomberg best. i am emma chandra. a social media platforms resolute hate speech and fake news and privacy, the ceo's of the biggest tech companies are coming to see the benef

francine: francine -- crude has plunged.s the president know that the stopping of the waivers means oil prices will go up which he has ranted against? >> indeed, his bet is saudi arabia will help mitigate that upward pressure and replace the barrels that the sanctions will take out from iran. it is clear saudi arabia has no plan to flood the market. yes,alk we are hearing is they will help but they will be cautious, and they want to see reduction in iranian exports before they increase their own production. it may be the market will be tight. you are seeing prices up the last couple of days. vonnie shares of twitter : rallying, hitting their highest since july. twitter announced earnings topping first quarter projections and reporting strong user growth. an increase in daily active users. what is the monetizability. >> twitter has stopped doing monthly active users, that famous stat we use for most social media companies and they onhey are focused monetizeable users, people who log in every day. they can be advertised toward

francine: stockpiling?ere are some things we are stockpiling were we need vital supplies in the airport. used for a patdown, swabs, things like that. we have been working with the government and the eu and u.k. so they understand what the .arriers will be for aviation they have done a good job with aviation. they understand it is the enabler for any other trade. heathrow, the biggest airport in the u.k. is important to european nations as well. there is an agreement in place that planes will keep on flying even in a no deal brexit, that is a big step forward. francine: do you have a idea how security for passengers will work? >> that will remain -- no major changes. even in the case of a no deal. about are being pragmatic how we make this work. even in a no deal brexit, the airport journey will have little changes. you can book with confidence and expect to travel with ease. there may be additional passport on the european and than the british end. the u.k. wants to be sure we are open for business, and we

francine: ruling out extending sanctions. barclays cuts bonuses. enough to appease the activist shareholder? samsung delays the launch of its revolutionary smartphone amidst reports of screen failure. good morning, everyone. good afternoon if you are watching from asia. "surveillance," from

guy johnson in for francine lacqua in london. it is extraordinary how quiet the brexit story is. why is that? guy: everybody is on holiday. they return next week after easter recess. buts are ongoing, basically, that's why. tom: does the whole nation take off? the weather will be sensational this weekend so i think everybody will be staying at home and going to the beach. tom: there is a lot going on here. we have european inflation coming up. thisan comment on headline, looking at germany. the export juggernaut of the european experiment. and it isn't happening. guy: and might happen soon judging by the china number. cpi data is crossing the screen and we will talk with our guests. 1.4 percent year on year is consistent with what we had previously. up month on month has picked

francine: as we go through the letter jamie dimon has written to shareholders, it starts with its own bank saying he is prepared, the bank is prepared for but not predicting a recession. they prefer to use capital to .row rather than buyback that seems a dig to some of their rivals. tom: we are seeing not only a statement that mr. diamond -- dimon suggesting that share buybacks have a place in finance. the american dream is alive but fraying for many. he must have a proper diagnosis of our problems. the issues are real and serious. the issues are all fixable but only if we set aside partisan politics. one of the joys of this letter as it is written in jamie dimon's voice, not a bunch of handlers. ceo's, your country needs you.

francine: your returns to shareholders, when will they rise globally? up.t: we took our capital we are increasing different cash dividends per share, and our share price is lower than a few years ago. having said this, what is important is our does not havehare adverse effects. we delivered 55% earnings-per-share over this time period. euros it was above 20%. definitely the markets value was different than most european banks. francine: is there anything investors ask of you? is it capital? is it recurring? guest: people ask about capital all the time. what i can say is first, we are not getting from the supervisors today recognition for our certification. however, the market does give us that recognition. at verytually trading low spread, similar to banks that have 13%, 14%. the second question is what price do you pay to get to that 12% factor. do you sell a business that is going to deliver 11% return like the u.s.? is it worth it? that is the question. finally, our model is more productive a. this is bloomberg data, and i always give you credit for

francine: i will get your perspective olivia.rom michel about what this does about zoom and .ther companies what do we expect from the herd of unicorns. olivia: it is a stampede right now of unicorns crossing over to the public market. go, p about to see zoom soon --, postdates postmates soon. francine: i want your opinion on international growth. did any of the numbers surprise you? i was surprised with how big latin america is. eric: i think one amusing thing is the contrast uber has between market share and category. its market share is very small because it sees a huge amount of growth opportunity for ridesharing. , so relativetion to competitors, it says they have over 65%. whether that is united states and canada, europe. we have aying dominant position all over the world in the regions we operate. yet we represent a small share of what is possible. that is the messaging coming out of uber. they either have a strong position in the countries that they operate in, or they own a stake in major players in those regions. it is

[indiscernible] francine: interest rates? brexit?athe whatdifficult place, but matters to us is switzerland, where everything is very good and we are doing extremely well, but being cautious, we are the first to announce of the european banks. but we are pleased with this performance. we are pleased for our people as globalarticularly in markets. thatwe wanted to show is it is a viable business. it has its place, and it is really now delivering by working more closely with the wealth manager, which is what we wanted. we are of now 23% and becoming material. suisse'sat was credit ceo. joining us from zurich is francine lacqua, with whom he was speaking. very good to have you. prior to this, credit suisse under a lot of pressure about the global banking business. he must feel a little vindicated today. how did he turn it around? francine: i think overall, the move where the chief executive was he couldoom finally smile about coming around. in costld do more cutting in that unit. at the time, equities were worried about it. global marke

francine: but personally, would you accept it?overnment's position, and we are prepared to talk about it. francine: many are wondering whether theresa will go. is it better for her to stay beyond -- theresa may will go. is it better for her to stay beyond the extension? chancellor hammond: the prime minister has said she will leave once she has done the deal and taken us out of the european union. as far as i know, she doesn't have any intention of leaving until that deal is done, so she is a person with a strong sense of duty. she feels that she has a duty and obligation to the british people to deliver brexit. she would certainly want to make good on that. ♪ taylor: the shanghai auto show brought together leaders from auto companies around the world, and they had much to discuss. there's the recent sales fall off in the world's largest car market, as well as signs that china's electric vehicle industry is approaching a bubble. bloomberg's tom mackenzie spoke with several executives about their outlook and concerns, starting with

francine lacqua will be speaking to their chairman to. and cm -- today.mc markets is plunging, down over 8%. the spendingaving is down, so that stock is definitely under some pressure this morning. anna: thank you so much. back to brexit, theresa may is turning to labor in a last-ditch attempt to find an acceptable the -- deal. >> i'm taking action to break the logjam. i'm offering to sit down with a leader of the opposition to agree a plan we would both stick to to ensure we both leave the european union and do so with a deal. anna: corbyn welcomed the move, saying he would be quote very happy to meet her. this may open the way to a much softer form of brexit. joining us now is bloomberg's u.k. government reporter. great to get your insights this morning. i have been wondering how much we can expect from this conversation between may and corporate. -- corbyn. i suppose it expects of how much they expect from each other. rob: entirely. these are not to people who get not great at talking to people they disagree with, and they disagree with each other quit

francine: because of what? interest rates?, the car industry is .truggling we have the good fortune of , where swiss bank everything is very good and we are doing extremely well. we are the first to announce the european banks, so i cannot talk about the others. we are pleased with the performance, we are pleased for our people, particularly in global markets. we were under intense criticism and intense pressure, and i'm sure we will have difficult quarters, but what we wanted to show is it is a viable business and it is now delivering by working more closely with wealth management, which is what we have always wanted. 3%11% 2018 over 2017 and up 2019 over 2018. a smile on his face today. many smiles during the interview. the markets division is performing. can that be replicated by credit suisse in the next quarter and other european banks? let's find out. , buts reason to be happy does one quarter make a turnaround? markets hard to predict. >> absolutely. if you drill down below the headlines you are finding that the first q