very successful ipo.at the open of course drew houston high fiving some of the other executives, hopefully in a few minutes he will be sitting down with deirdre to talk about this big day for them back to you guys over at the nyse. >> dropbox is over 30 bucks a share right now, a 44% gain. this coming after one of the worst market days we've had in a terrible week for tech, don't you think, deirdre >> keep in mind some of the other pure clouds have fared better one company that dropbox is often compared to closed slightly higher yesterday. another didn't do so poorly. i want to bhoengs is making money here you saw drew houston he has a 25% stake sequoia, one of the most prominent vc firms in the valley has a 25% stake. there's asl and t. rowe price. these people are making a lot of money. stock up 45% on its debut. it was priced at $21 is there money left on the table? >> it's part art, part science you want to leave some upside out there after the ipo price, you don't want it to max out every dollar i th

the dropbox ipo. it will be a rough day for ipos. although the u.s.ad, not as bad as yesterday judging by the futures trade. to the ceo ofking dropbox later on today on bloomberg. we are minutes from the open. the stocks to watch today. it will be an interesting day of trade. guy: asia being hammered overnight. the shanghai,, how will that ripple through into the european markets? miners could be front and center. we are joined by paul jarvis. where should we be looking? day fordifficult markets and on the forefront of the difficulties will be the basic industry of the mining sector. we have already seen prices the likes of rio tinto, bhp, being hit hard in australia on the back of plunging iron ore prices. 5% ons much as six point the back of the escalate -- 6.5% on the back of the you at -- escalating trade tensions. you can look for mining stocks to be leading the declines in the stoxx 600 this morning. is a british retailer next. profitll-year pretax beating estimates. is that good enough? paul: it should be, yes. there was 1.i wanted to bring up

the largest tech ipo of the year which closed up 35% today. if you were paying attention over the course of the session you know this was a white hot deal for the older generation who may not be familiar with this one, dropbox is a cloud based storage play they let you access your files over the web anywhere at any time this is exactly the kind of stock that wall street wants right now. no wonder the deal ended up pricing substantially higher than the original range of 16 to 18 that eventually got raised to 18 to 20. dropbox actually came public at 21 and then it opened at 29 which is where it stayed at this point though none of that is really relevant, is it what you need to know is whether drop box is worth buying at these levels so let's try to figure this one out. first of all, drop box is a company that's changed a lot over the course of the short life span. it was founded in 2007 as an online storage play. an easier way to share your data across multiple devices. since then the company has become more of a digital collaboration platform

discussing the aramco ipo with bloomberg.tion of bloomberg orchids, middle east. we will have all the top stories coming up in bloomberg technology. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. jonathan: i am jonathan ferro with 30 minutes dedicated to fixed income. this is "bloomberg real yield." ♪ jonathan: coming up, a goldilocks jobs report, monster payrolls growth without the inflation shock. positive news for ian as the trade war says mexico and canada escaping tariffs. away from the trauma, capital market debt issue looks fixed up. but we begin with the jobs report.

this is about the prize oil company, which will be the ipo to end all ipos. to be a big ipo. especially post—brexit. london would love that ipo. thank you. interesting to get your thoughts on that. we'll keep you over that trip. now let's talk barbie dolls. so things are going on throughout the week to mark the role of women in society. this is one look at the various bowe bergdahl. we mentioned nicola adams, who said that she is honoured to be noted. we have a that she is honoured to be noted. we havea mini that she is honoured to be noted. we have a mini outcome of the snowboarder, chloe kim, the dolls, it isa snowboarder, chloe kim, the dolls, it is a good thing? i was not allowed to play with barbie dolls precisely when i was a small child precisely when i was a small child precisely on the account that it was a blonde air head, and not a woman of substance. because my mother was a woman of substance. and only when my parents' friend gifted me one, it became my favourite toy. because it was — became my favourite toy. because it was—i became my favourite t

dropboxe saw a few days going the traditional ipo route.hat is one people are excited about this year, but do you think other companies will take this nontraditional listing route or is this an anomaly? they are looking at it and a lot of this will come down to the valuation process. the risk is that the stock becomes very volatile because the valuation will be set on listing day. it will depend on how many shareholders want to sell, who wants to buy and what price they are willing to change hands. spotify has given some indications in private action -- and 23 billion. that is a big range. opending on how this stock process goes, what the volatility looks like going forward could be something people watch. when you ask private company ceos what do you think about being public, a lot of them talk negatively about the distraction of a stock price. if you have a stock price going around wildly, maybe you go to the ipo process and get a little more granular valuation before you list shares. emily: caroline hyde and alex barinka there. in the me

carol: this is a $100 billion ipo. alex: a $100 billion ipo.s being pegged at $2 trillion. that would be the biggest by a factor of four over alibaba. it raised $25 billion when it listed. carol: this week, saudi aramco's ceo sat down for an interview. jason: he asked the big question, the big existential question on wall street, when is the oil giant going public? >> i think there is a lot of investors. that is what a lot of the questions and media coverage and what you see in the news about the ipo and when it will happen. there is a lot of demand for the listing of saudi aramco in terms of performance, and the data we show when we go on our roadshow. ultimately how our performance and how we are the highest producer, the most efficient, the most reliable, so this is a great company that the data hopefully will show. jonathan when i speak to people, : they are not talking about when this will happen. they are now talking about if this will happen, but perhaps -- that perhaps the whole ipo goes into the deep freeze and doesn't happen at all. >

how much in ipos will you raise this year?e are projecting that at least it's about $9 billion usd for a new ipo. ipoeasure by the total value on the market cap on the ipo date. it's about $9 billion usd. the total number, because the we willan be bigger, have bigger companies and small companies. we are looking at 30 plus companies. haslinda: also touch on capitalization. under your leadership, capitalization in thailand grew 50%. is there a target going forward? can it continue to grow at that pace? >> it is. we have about 15% year on year increase. right now, we have 120% of our gdp for the market capitalization. 150% by theeast next year. i think it would be easy to reach that target. week: are big news this blows china, the mpc taking place in beijing. this is a purely theoretical question. in case you are approached by companies,chinese would you be welcoming of that idea? been discussing with chinese exchanges. david: any progress on thatdavid:? it would be an initial stage that we have to talk in discussions into more

what are foreign investors telling you in terms of m&a and ipo? -- we are very bullish about the market. we believe a lot of the structural changes that need to be done, a lot of them have already taken place. commitmentstrong from the government towards that end. and we have the cycle that will take place during that year. institutions and invest it. the looking we would like to see more of in egypt going forward is -- [indiscernible] a lot of institutions come to us today and we say, we love egypt. we love their story. [indiscernible] yousef: you mentioned the central bank and what looks like a broader easing cycle. how will that play into your growth? >> it is positive for the market as a whole. cycle, it's very important over that past period. they will see more returns and the stock market as opposed to putting their money and deposits. and more importantly, it will reignite that cycle in egypt as companies start to go back to the banks to build their investment base. we are very bullish about it as well. looking at the business and thinking

you might think they do not want the drama of an ipo. hot in their minds might be the previous companies that went public, king digital. maybe they do not want that. notably though, i think this is very swedish. swedes are known to play it cool. the ceo, the chairman and cofounder of spotify, he does not like the limelight. you can hardly find any videos of him, dating back to 2012. this is a company that wants to do things a little bit differently. emily: very swedish. what did we learn about the actual perspective today? alex: they do not get to go on these roadshows and they do not daniel questions. they will be looking at the financial results. of 4.1see revenue growth million dollars. but the company continues to lose money and that is something people will be paying a lot of attention to. emily: is it going to hurt them not to have access to the ceo? alex: when you think of the music's trimming business, the big, number one question is, is this a viable moneymaking, potentially profitable industry. spotify is the leader by more tha

the market starved for tech ipos 24 year. bes performers roku, that one up better than 130% from its debut. and stitch fix another one that has done well, up nearly 40% we'll be watching for that opening trade coming up at around 106789me me10:45. >> thank you so much meantime there is an ipo here as well bob pisani is on the floor with what is moving certainly after a 700 point decline, not the greatest push out of the door this morning >> i think i think it t is an at negotiated away. it was ugly in asia. a lot of big names in japan for example. these big ex-porters all down the big conglomerates, all the stocks over in china were down but i think we have a more muted open here. $3 billion worth of american goods in tariff duties from china is not in a big. and this is only on steel and aluminum by the way. this is not on the 301 thing so energy is the leader again. that certainly good news it has lagged, but not a big sector and neither is materials consumer staples, that is already, but that has been a laggard. tech and b

and several large ipo's. day there is a high liquidity in the saudi markets compared to the region. as well as the increase of international investors' inflow, even before the decision today. to thenal capacity capacity of the saudi market. this is liquidity. as far as technology and innovation, i am comfortable and can confirm, our readiness running such a unique, sizable ipo. yvonne: you are not worried aramco could be representative of the index itself, that it will not bring everything down with it -- just everything else down, i guess? khalid: not at all. withe working very closely all of our stakeholders to make sure whatever decision the government takes on delegation of then you -- venue listing, it is a successful ipo. with is only tadawul, comfort, tadawul will address all concerns you have. as we today did, we will surprise the world with what we can do in the saudi economy. yvonne: before we let you go, there are indications in the market government funds have had to step in to give support the sa

they will deviate from decades of common practice but not issuing any new shares in the ipo. instead, existing spotify stockholders will offer their shares to investors in a direct listing. here to discuss more on this workingavid, who has in in investment banking and m&a with a focus on tech companies for over 12 years. what do you make of spotify's decision on how to approach this? david: i think the physical goal was sticking their finger in the eye of wall street, doing something a little bit disruptive and unconventional. they did not need the money. emily: why do it at all? david: i think they had a clock ticking that they had to address. a clock that made it more expensive with the passage of time. the clock stopped when they were publicly traded. one way to be publicly traded is to do a direct listing. emily: will other companies follow this trend? david: i believe very few will. you need a dominant brand. and you do not need the money. most companies go public because they want to raise cash. raised $2.5 billion and there is no shortage of additional capital from pri

why the streaming service is skipping the traditional ipo dance.lus a bloomberg scoop. , alibaba adding to its arsenal. we will examine the e-commerce giant's decision to go all in on china's top takeout app. the backlash from nra hesitation, the pressure building on silicon valley to block nra content and pick a side on gun control. first to our lead one of the , most highly anticipated public offerings of the year is here. spotify going public. the company not filing for a traditional ipo, instead a direct listing on the new york stock exchange skipping the roadshow. part of the filing, spotify revealed it is holding on to the top spot in streaming services, with 159 million monthly active users and 71 million paying premium subscribers at the end of september. we caught up with alex in london, someone who knows all about the european tech scene. we were thrilled to welcome back caroline hyde. >> i had to come back. what will be one of the key european coming-of-age, spotify coming to the market, just listing shares and it is interesting because

. >>> drop box kicking off is ipo road show.eslie vicker is there with more hi, leslie >> reporter: hey, court. in 45 minutes, drop box will be commencing day three of its road show with a new york lunch expecting 200 hedge funds and long only investors at the palace hotel beginning around noon today presenting will be drew houston, ajay vashi key questions they have about the company before they're willing to take the next step and buy shares key question, competition, how they plan to create that against big tech companies like microsoft and google also, their ability to up the number of paid users for their service. they're a consumer platform, offering their service for free. how do they get users to convert to becoming paid users and also there are plans to move to enterprise, getting more big businesses as customers as the competitor box has been able to do in terms of the ipo basics, this company is seeking to raise as much as $650 million in its ipo. at valuation of $7 billion, which as we have been discussing is a signi

what is most important to the tech ipos? growth cash flow?rofit do the customers love them the customers obviously love the guys that's what we look at it's really the value. so it's there. >> brian hamilton, thank you for joining us we'll leave it there >> thank you >> when we come back, a satellite the size of a school bus set to hit earth in the next few days but the reason not to worry. the company is working to protect us from that debris. that's coming up equities having a good morning bond market stuck at 275 on the ten year 30 year below three. back in a minute >>> i'm scott wapner coming up on "the halftime report," as stocks break their quarterly winning streak, we'll debate where your money will work best in the months ahead. can the tech trade get back on track or is it dead? plus yale's robert shiller is with us. and pete najarian going to the cloud for his unusual activity today. i'll have the reveal at the top of the hour. see you in about ten >> scott, thanks for that. >>> let's get over to the cme group, rick santelli, and ge

dropback, towe saw the traditional ipo route.o you think other tech companies will take this nontraditional listing route or this is an anomaly? >> tech companies are looking at it and it will come down to the evaluation process. the risk is the stock ends up being volatile. the valuation will be set on listing day, depending on how many shareholders want to sell, who wants to buy and what price they are willing to change hands? spotted by has given indications, since 2017 and private transactions, trading between $60 and $23 billion. that is big. this goes, on how what the volatility looks like moving forward, could be something that people watch. when you ask private company ceos, what do you think about being public? a lot talk negatively about the distraction of the stock price. that you have a stock price wildly, maybe you go back to the ipo process and get more, granular valuation, discovery process before you decide to lift shares. emily: caroline hyde and alex there. in the meantime netflix continues to ramp up spending.

ipo is toocess of the take the assignment managed by the ministry of a finance. then you have the stock exchange pushing on with reform, including the the kuwaiti stuff exchange, making changes to the framework. which one of these are you most excited about? >> i think both. both are interesting stories. let's talk about kuwait. it is the best performing stock market this year. it has been a laggard in terms of economic reforms. rather belatedly, i think they are waking up to the fact that they need to make changes to become competitive internationally and regionally. egypt is also a very interesting story. the foreign reserve, as you know, back at very high levels. inflation is coming back down, giving the central bank the opportunity to reduce interest rates. we are now starting to see the latest from the saudi crown prince. the egypt story is very interesting. yousef: right, but they differ with one key aspect. the egypt story is driven by foreign investors ar a set of the region. is not a very popular player for industries outside of the gulf. tarek: kuwait i

dropbox has set a price range for its ipo.he filesharing company plans to sell 46 million shares for $22 billion. at the high end of that range, $100uld drop off at million. one of vmware's biggest investors wants to end talks with dell about a reverse merger. he argues that it would be a turbo deal for -- terrible deal for shareholders. he is trying to bring all of the pieces off his empire together under one publicly traded groups. that is your business flash update. right investors are cpiing their sights on data. joining us now with what to , someone who knows a little bit about debt options, matthew mcclellan. let's start with inflation. we have the cpi number tomorrow, which will be quite important given that we are not sure how to interpret average hourly earnings. to set as have started premium for inflation. having said that, in terms of from the we stand back noise and the longer-term investment environment, where the challenges is that we have high levels of debt in the economy. we are very worried about secular ana

we have had a lot of ipos.t conditions are generally seem to be less conducive for better returns. does that skew the preferred types of exits? do we get more? >> in the years where the markets are less ideal for exits, you see the pickups in , what we aresheer observing is the asia-pacific asset is a healthy balance. sales would actually supplement that. >> we were just talking to one of our colleagues about what a potential in a trade war greater protectionism would mean. do you see that shift taking place? it has been tech that has dominated. >> that is a great question. ourave heard a lot from clients, yes, it is something they are cautious about. the dealsk at all that happened in china, $73 billion, some of that is still in the technology sector. it is lower than previous years. is healthy because the valuations are becoming more reasonable. >> a are still at a high. we started to see the first decline since 2014. might be too early, what is your sense of the political uncertainty? we have heard from the

but that happened after the ipo.ing move here from the likes of salesforce, paring up with dropbox financially. -- pairing up with dropbox financially. emily: we had the ceo on the show last week. this was, of course one of , dropbox's biggest competitors. i asked him if he is concerned about dropbox. this is a company that's bringing in more money than box. take a listen to what he had to say. aaron dropbox's numbers are tale : of two types of companies. one is a consumer revenue business. that is about 60% or 70% of their revenue, and users are consumers like you and i using it for professional or personal use cases. and then about a third of the revenue is business-to-business. that's the only part of the business that looks anything like box. and that tilts towards small business or teams, where our revenue tilts towards midsize companies and large enterprises. emily: alex, would you agree with his take that they don't compete as much as we seem to think? alex: currently, that seems to the case. dropbox has 500 m

what is the pipeline looking like in terms of m&a and ipo?egypt has -- we are very bullish about the market. we believe a lot of the structural changes that need to be done, a lot of them have already taken place. and there is a very strong commitment from the government towards that end. --also see that using of easing of the interest rate cycle that will take place during that year. we have high institutions and investors. the looking we would like to see more of in egypt going forward is a lot more -- the institutions --. a lot of institutions come to us today and we say, we love egypt. we need more paper over there. yousef: you mentioned the central bank and what looks like a broader easing cycle. how will that play into your growth and into your profits? >> it is positive for the market as a whole. we believe that the easing of the interest rate cycle, which is very important over the past period, will attract more investors. they will see more returns and the stock market as opposed to putting their money in deposits. and more important

in the finance section, alex takes the pulse of the ipo market.the myth that no one is going public. here is alex. alex: the private funding cycle has changed so much. when you talk to people deep in the industry, they point to 2013, 2014, 2015 as when you saw a lot of cash, not just from the typical venture capitalist but from mutual funds, sovereign wealth funds, what we call tourists coming into the ecosystem. you have all of these people who post recession are dealing with an environment of low interest rates, economic growth globally is not very lovely. they are looking to private tech companies to get this strong growth. they are betting on the next -- hoping they are betting on the next apple, google, or amazon. jason: how do spotify play into this discussion? >> the company is doing something different to get public. the typical ipo process, what dropbox did is they hired the advisors, they look at their valuation model, set terms, and go on a marketing roadshow. >> they go out and pitch investors. >> exactly. they have a valuation in mind

and then sloppy aramco ipo into that.: he was here to his vision 2030, they want foreign investment into the country. the stock25% on exchange. this was about him proving his statesmanship, he's 32 years old, a brash and leader of this country and this was him drumming up support. they've signed dozens of deals with u.k. business and on top of the aramco ipo, i think this is his first showing before they start selling off part of their crown jewel. matt: i want to mention we have a viewer writing in on the aramco ipo saying he is surprised -- or sheet, i'm not .ure -- it has taken so long it has been on the agenda some time. can you explain why? why has this taken so long? annmarie: that is the question many investors want to know and why i kept pushing him on timing. part of it is they might not know or they want to list. london or new york. theresa may and donald trump have been vying for this listing. everyone wants a part of this, what they say is a $2 trillion analystur bloomberg is putting it up 1.5 trillion. -- as

we have dropbox's ipo tomorrow. that could provide a little boost.uman mind all the things that were leading this market, the -- keep in mind all the things that were leading the market, the fang stocks, every stock in that index was down today. this is the moment we are in now with this market. tech, which has shown such great leadership, is now holding us back a little bit. when you see tech pressured, you will see the broader market pressured as well. emily: tim, there is still some unknown information here. big u.s. companies like apple and amazon, for example, manufacture products in china. how is tech likely to be impacted by these tariffs? tim: what's interesting is, if you think of the major areas donald trump is talking about, forth, metals and minerals account for less than 7% of u.s. imports from overseas. .t's not a very big area the largest area is electrical machinery, and it's a very broad term, including everything from mobile phones to microwaves to electric motors. that's a much larger area of imports. then you look at the tech sect

the ipo will take place at the earliest available window. a four-week run into an ipo.xisting shares held indirectly by deutsche bank. it doesn't plan to issue new work. how critical is this new ipo? >> it is not critical for the capital buffer, however it is critical to show to investors and banks and the management board that he can pull up the strategy he announced a year ago. he wanted growth and strategy. that hasn't worked out as planned. this ipo management unit ahead of schedule. it is now happening in 12 months . will be a big show he will be able to lead the bank. >> paypal made it a video on capital -- made its deb willut n thetol hill, signaling central bank may reconsider the rate cut. each member of the fomc will be writing down new monetary policy as we go into the march meeting three weeks from today. inpowell was fairly strong saying the economy will expand at a faster the pace, which wil drive up inflation. he made no promises about rates. the implication was the fed could easily change its forecast at the march meeting. down more will -- dow powell'sp

listing, how the ipo will be.hese factors will be important. >> everyone getting excited where there are not many details. mohammad bin salman's u.k. tour, does it help sell the saudi story to foreigners given it is something saudi arabia has struggled with. look at the chart on your screen, g #btv 6389 with liquidity in saudi arabia stocks steadily declining, the white line is the 200 day moving average. the trajectory is downward. how are foreigners looking at saudi at the moment, what inflows do you see? >> surprisingly, the influence saudi arabia has been strong to date, even though, other countries in the region, kuwait, qatar, other markets have not been a strong. in january, foreigners my $700 million of foreign -- saudi equity, the highest on record in terms of monthly inflows. they remained buyers last week. a strong appetite for saudi equities. own byarket is under foreigners and only 1% foreign ownership in the market and that means that the inflows will remain strong. the liquidity is more of a result

you might also think they do not of ano drop the -- drama ipo.ike the previous swedish company, king, that went public, it fell on ipo day? i think this is also very swedish. swedes are known to play it cool. the ceo, chairman, cofounder of spotify, he does not like the limelight. you can hardly find any videos of him stretching back to 2012. this is perhaps a company that just wants to do things a little bit differently. emily: very swedish, alex. what did we learn from the actual perspective? alex: the coolness factor is not necessarily what investors will look at. because they don't get to go on road shows, they don't get to sit in and asked daniel questions, they will be looking at some of the financial results. we did see that revenue grew 39% euros,ar to 4.1 billion about $4.9 billion. but the company continues to lose money. that is something that people will pay attention to. emily: but will it hurt them not to have access to the ceo? alex: potentially, because when you think about the business, the music streaming business, the big numbe

ipo started to pick up a little bit towards the end of 2017 and we have a very healthy ipo backlog.e also have an environment for a variety of reasons why 2018 should set up to be an active year for strategic m&a and technology. emily: coming up, his spot, and talks for a bit of qualcomm and a threat to national security? why the ceo is meeting with u.s. treasury officials. and if you like bloomberg news, check us out on the radio on bloomberg.com. this is bloomberg. ♪ emily: story we are watching, investors want to and talks with dell about the reverse merger. ? capital asset management says it will be a terrible deal for the company and shareholders. michael dell controls vmware and is on interstate company and is trying to put all pieces of his empire under one publicly traded group. broadcom ceo is trying to broadcom ceo is trying to salvage his companies 170 billion dollars takeover of rival chipmaker qualcomm. them with treasury officials to address concerns about potential show security concerns about the deal. human with president trump in november and is meeting came after

the biggest tech ipo of the year, so far, happened today.ot plots jumped on his first day of trading. drew house and spoke to bloomberg about the significance of the day and the company's rapid growth. >> we were going pretty fast. the fastest company in history to a $1 billion run rate, and we look at the $11 million number and in his big, but we are addressing a need that every team in every company in the world has. a lot more people that need dropbox. says afterext guest today's debut, dropbox will have no problem reaching the $10 billion valuation. our guest joins us now. they closed at $11 billion valuation today so they surpassed what they had been seeking on the private market. there was question about whether they would. investors are optimistic. what is your take? companyu build a solid with good fundamentals and a lot of good cash flow, the market is going to reward you.the street will reward you. dropbox has proven that today. emily: so the question is, how many companies can really compete for the cloud? you have amazon, microso

a price range set for its ipo.haring company plans to sell 36 million shares between 16 and $18 million each that 16 and $18 each. each. and $18 it is just one of the ipos we are watching. ,oining us is bloomberg's alex who covers ipos for us. as we talk about the valuation a of dropbox--evaluation of the valuation of dropbox -- >> if you look at that price .ane -- that price range a .6 billion if you count rf use 's.if you count rfu to your point, it has been an interesting study here. as you have seen a lot of the company that have collected private funds through the year 2013 through about 2015 at a really high valuations, now really starting to come out in the wash. you see smaller examples of enterprise tech companies that did go public at lower valuations. dropbox is by far the biggest. and it is also one that has been on the mind of folks out here on the west coast when it comes to the valuation conversation. you will remember, this is the company who was blasted back in 2014, 2015, for spending tons of mone

all stock markets around the world had been hoping to get this ipo.here's still a lot at stake here. rico hizon is following it. it is nice to see you. all of the big stock markets wanted. hong kong is a pa rt stock markets wanted. hong kong is a part of that race. it is interesting it has been delayed. that is right. not only hong kong, york, london. —— new york. saudi officials, apart from the valuation, they have been split on whether to list it overseas. some said london had a good chance of securing the listing. other officials have shown ambitions to list in new york. they hope us officials will make regulatory concessions for a deal to materialise in the big apple. others have said the royal court is trying to make a solution with asia. at least in hong kong. they could play a major role in the investment. if they all cannot agree, a private sale to strategic investors has been another option under consideration. as you mentioned, saudi arabia wants to sell 5% of the world's largest oil producing company. this is part ofa oil producing company.

saudi ultimate output does the capital they intend to raise from that ipo, do they need it?re they fine without it >> i think they believe they need the capital from the aramco ipo, i also believe they think if they do this ipo they're committed to radically transforming the whole country >> we saw this at sera week, there was a different tone coming out of barkindo of opec they already worked with the russians on the supply cut, that helped they're saying now, if we can work with the shale producers and make this is a global cooperative effort, we could get somewhere. >> how big a deal is that, that opec's minister is meeting with individual u.s. oil companies in the permian basin? >> u.s. producers and investors. they want as much market intelligence as they can get i think they're afraid to be caught by surprise they want to know what the production will be >> one question about tillerson, sort of walk us through what the policy changes could be with a new secretary of state >> look for the month of may, on may 12th donald trump has to make a decision on whether or not we

most businesses raise money when they go to a traditional ipo.money on the balance sheet with the intention of spending it. spotify is saying we don't need to reason money -- raise money. we have a strong balance sheet and we are growing. we're adding subscribers. we don't need to go in the way of new funds in order to fuel our growth. havee same time, they do an ambition of being publicly traded. they want to recognize some of the value that shareholders have created overtime in the business. this is a happy medium between being publicly traded but not to necessarily salute themselves or to shareholders with money they don't need to spend. earlier, was that something you plan to take advantage of? >> we are very bullish in the business. we had a long-term view on spotify. we believe they are posted to grope for a long time. they have 70 million subscribers but we think that number can grow into hundreds of millions of subscribers overtime. they could be similar to netflix. our goal is to be long-term investors. we have been investors for a while

dropbox has set a price range for its ipo.to sell 36 million shares for between $16 to $18 each. they may list as soon as the and of the month. dropbox has been privately valued at $10 billion. shares onans to list the new york stock exchange the week of april 2. that is according to people familiar with the matter. the online music company will deviate from decades of common practice by not issuing any new shares in the ipo. instead, existing stockholders will offer their shares to investors. inres of the largest bank the middle east jumped today. her national bank rose the most -- qatar national bank rose the most. the bank will seek to increase non-qatari ownership from 25% to 49%. and that is the bloomberg business flash. you so much.nk deutsche bank says it plans to raise as much as one point 8 billion euros in an ipo that is asset management unit, successful offering widmark an important achievement for the chief executive. he proposes the sillier go to help bolster the lenders capital. -- to bolster the lenders capital.

amid hints from the kingdom about the ipo could now be delayed until 2019. got more with the ceo and founder of qamar energy. >> the two cases are similar and different. it was an initiative from the top. this initiative on the ipo of aramco is also driven by the top, but it concerns aramco very much. the other hand, the cost of leadership is very much on board with it. the problems and the challenges have become increasingly apparent and hence these delays. we have said for a while that it is unlikely to happen this year. tracy: what are the challenges and why the delay? do you think they have underestimated the time it takes to do the due diligence? >> i think the major problem is not having the listing venue. until then, they cannot decide on reserves and accounting procedures and coming up with a list of possible investors. that decision has to be made, but has become very apparent that london is a bit tricky for various reasons. theresa may has been pushing for the listing to be done in london. the u.s. brings legal challenges. the energy minister ackno

ipos, chinese ipos have been in focus.uster debut, on track to close below its ipo price and lower by 14% this is the sixth chinese ipo for the nasdaq in 2018 kelly, back to you >> seema, thank you very much for that it is the nasdaq today, the tech-heavy nasdaq that's led markets higher up the best part of 2% slipping from its highs of 2%. the s&p and dow up more than like 1.5% today. let's zoom out it's the end of the week, month, and quarter as well. nasdaq one-week chart, down 0.5% today, will end the week up more than 1%. pretty good despite that volatility we've seen in the tech sector. zooming out to the month, we have the s&p one-month chart all three indices down about 3%, 3.5% for the month as a whole. the s&p is the best of the three indices. the dow the worst for the month. nasdaq in between. the sector for the month, we have 9 out of 11 sectors lower for the month. in fact, 8 out of 11 are lower you can see utilities, real estate at the top, financials are near the bottom. there's definitely been an interest r

that's an indication that the ipo is ongoing.he preparation by saudi aramco never stopped and we should be as we always said as a company, for listing in the second half of 2018. we're doing a lot of work, to get the company ready for listing at the same time there are committees from the government that overlook what we are doing and the preparedness we are doing to make sure the company is ready for listing. >> you have accounts audited two usn u.k. standards? >> that would be -- the only requirement for listing in terms requiredng is what's by the listing venues, we will be availing all the necessary documents. >> is not your decision ultimately when this will happen. i'm trying to understand when this will happen. >> the timing of the government will decide on that. don't forget, this is a very complex process for aramco's size and complexities, something that requires time for the few, there are a lot of venues to listing other than the kingdom for sure. there's a lot of work to its ongoing to evaluate all of that and decide

investors are not excited about the oil giants ipo. 8:00 a.m.cross the i'm tracy alloway in dubai. but get a recap of where markets had a lotweek we going on. beginning in the u.s., investors shrugging off the latest white house turmoil. some reports that donald trump was considering firing a charming master or chief of staff john kelly. that would have been on the heels of rex tillerson's week.sal last markets did not care. the s&p 500 posting gains of all most 1/5 of a percent. that was the first time it closed up all week to be had the economic datau.s. coming through before the fed meeting. a bit of a mixed tag. u.s. factory production beating estimates for february. consumer sentiment jumping for the highest since 2004 on friday. retail sales came in earlier in the week. since friday's close andrew mccabe has been fired from his role as deked -- deputy director of the fbi. u.s. equity markets will have their chance to react to the news of what it mean for russian collusion inquiry. we do have the europe stoxx 600 index up a little over 1/5

how critical is this new ipo? >> it is not critical for the capital buffer, they have enough capital parent however it is critical to show to investors and the bank itself and the management board that he can pull up the strategy he announced a year ago. he's had setbacks. he wanted to grow revenue and that has not worked out as planned. this ipo management unit ahead of schedule. it is now happening in 12 months. that will be a big show that he will have the ability to lead the bank. >> powell made his debut on capitol hill, signaling the central bank may review the rate hike path. >> each member of the fomc will be writing down new monetary policy as we go into the march meeting three weeks from today. >> powell was fairly strong in saying he thinks the economy will expand at a faster pace, and that will drive up inflation. he made no promises about rates. but just the implication was the fed could easily change its forecast at the march meeting. >> the dow down more than 200 points after powell's testimony in f

showing you just how much there is for this ipo market in hong kong.anus: thank you very much for the roundup. the latest on the markets. coveringe been saying, the worst in more than three years. the index tracking 10 tech mega stocks collapsed at 3%. facebook like nvidia, and asian markets lower this morning. look at the yield. trading 278. mark has more, standing by. great writing this morning on the blog, but it everything into perspective. the map for asia shows a deteriorating situation for tech. story versush geopolitics which is a boost? xi jinping is up there with kim jong-un. politics versus tech. what dominates? mark: at the moment, the tech is in the negative feedback loop. it is important to story versus geopolitics which is a boost? xi remember that the whole global market in equities we have seen the last couple of years has been based around is very strong tech sector and that has helped support emerging-market countries like korea and india. it has been the big names that have really taken over the markets. they have strong earnings an

first off, how successful has this ipo been?eporting it has not made as much money as had been anticipated with. >> good morning. absolutely right. this ipo or originally, when we looked at it, people were talking about a value between 30 billion euros and 40 billion euros. not value kind of slipped, and we saw investors were worried, number one about market volatility, and they were worried about how much this company was going to put its growth into its diagnostics division. tohink investors were trying figure out, you know, how successful it was going to be, and because there were more questions than answers, i think that is why that value slipped today. anna: and what is behind the ipo then, oliver? this has been coming for a long time. we have known about it for a year or so. we asked the management of siemens about it. this is a gamble on science. i mean, the strategy for this goes back years, like you said. the ceo has long talked about reducing siemens from an impracticalrier -- terms, what that means is you want to spin

covering this, ipo in frankfurt.t will be interesting to see if it gets off the ground at all, because it was in the bottom half of the range for one thing. we are getting headlines that opening willra t7 be delayed due to technical issues, so it looks like we could see a delay of the cash trading frankfurt. not clear yet how long that will be. we are hearing different things from traders, but it will be interesting to see if this affects the healthineers ipo, which already, you know, did not come out of the gate running because it did not go to the top of the book building price. maybe they did not want to take that away from investors, but it will be interesting to see how this affects -- i am old enough to remember the facebook ipo, and that was a disaster for the exchange and offputting to some of the executives as well. it will be interesting to see how this affects the healthineers ipo. we are minutes away from the open. up next, we are going to take -- we are minutes away from the open of some indexes in europ

the ipo numbers? ruth: absolutely.at they were talking about valuations as low as 26 billion euros, and we wrote that story, and siemens said it don't recognize their numbers. they came out that valuation. yes, absolutely. guy: how does the market feel about that? because this is a big part of the strategy. ruth: it is. the european ipo market has seen so many deals. i mean, even last year, the biggest ipo's globally were from europe. siemens is going to be nearly a 5 billion euro kind of transaction, and investors are looking at it and thinking "is this a need to have?" and if that is the case, then there is a price we will have it at. we are not just going to have it at anything. siemens, if you keep in mind, evaluation was as high as 40 billion euros. now, that range has gone down to 31 billion euros. prettyey were feeling good about themselves. ruth david, thank you very much indeed, joining us from that very same deals team. if you are a bloomberg customer, you can access the great reporting that ruth and the rest

you heard him talking about the timing of the aramco ipo.'s get a bloomberg first word news update. juliette: the bank of japan has its monetary stimulus with corona's final policy meeting before his new term begins. , the central bank kept its yield curve control setting and asset purchases unchanged with a stronger yen threatening progress on inflation. economists have pushed back there forecasted date for changes to the boj stimulus program. trump has set off a race among nations and companies to win relief from his steel and aluminum tariff. he slept a 25% tariff on steel imports and 10% on the aluminum. mexico and canada have been excluded, as nafta talks included. -- talks continue. >> we have to protect and build our steel and aluminum industries. at the same time, showing great flexibility and cooperation toward those that are really friends of ours, both on a trade basis and admit -- and a military bases. juliette: the 11 members of the transpacific trade pact who officially signed the agreement in chilly. some say the accord kobe l