joining us is james bevan. thank you for showing up. to advise navarro today as he shows up to beijing, what would you advise him? tone down the rhetoric or go for it? james: i would focus on the key issue some of the made in china 2020 five-story. it is not so much the opening of opportunities. with the do preservation of u.s. intellectual property rights in technology. china is importing 60% of the world's chips. it produces 16% and has a big gap to fill. u.s. -- the u.s. does not want to give their technology up. tom: when you look at china and export-import dynamics, they are market to list in many ways -- mercantilist in many ways. how mercantile is this delegation to china? tom m.: this is a very serious delegation of all the heavy hitters. that was a clear purpose, preserve the u.s. technology advantage and try and cut about $100 billion off the trade deficit the u.s. currently has and finds intolerable. tom: james bevan with us, and we will continue. we have jobs day tomorrow. we have an incredible treat for you in our next hour

joining us is james bevan from clla investment management. good morning, james. the market. president trump about to tell a semi—few hours how he feels about the raw nuclear deal. how is the oil price doing? —— president trump about to tell is in the next few hours how he feels about the iran nuclear deal. there are about the iran nuclear deal. there a re lots of about the iran nuclear deal. there are lots of supply issues, some countries want to issue more oil, we have concerns about iran and venezuela. and to throw into the mix all of the takeovers, mergers and acquisitions. we have takeda paying £49 per share for shire pharmaceuticals. the comcast news, it is perhaps trying to raise enough to make a bedford 2ist it is perhaps trying to raise enough to make a bedford 21st century fox entertainment division. so much happening. —— to make a bid for. global growth is perhaps slowing and companies are thinking we had to continue reporting that, revenue growth will be harder to come by. how about an acquisition or murder —— merger to build better returns? many of th

james bevan is still with us. let's talk about m&a. this chart underlines a strong start in 2018. t come from a good or a bad place? james: i think it comes from a relatively benign place. there are three factors that play. revenue growth is slowing. there is a bit of a mismatch between earnings on the back of the trump tax cuts. revenue is much slower. companies are saying, we need to increase the revenue line. 2019 -- irowth in don't know what it might look like. we are talking about north of 10%. the second issue is, companies will be thinking in terms of, how do they cope with much stronger competition? part of this is about recognizing the content is coming critically important in that sector. every has a competitive -- one has a competitive advantage. ccla james bevan, cio at investment, thanks for your time. emiratesfind out how managed to bump off profits -- bump up profits by 67%. ♪ anna: good morning from bloomberg's european headquarters in london, i am anna edwards. this is daybreak: europe. crude climbsdti above $70 a barrel as donald trump announces the u.s. will pull

james bevan. the ftse is up one point. point.e went through this last year and the year before. the year before. 5%. they have not been above that since then. then. bt group, results out tomorrow. melrose industries, buying gkn, the meeting tomorrow. meeting tomorrow. thank you. a children's book has been published featuring two of the victims. later they were both killed in the tragedy. sofia bettiza has the story. the jewel of italy — venice. are connected by tragedy. of the grenfell tower inferno last june. corner of italy. grenfell tower became home. by the loss of her only son. for the death of a son. because it's a pain you carry with you all the time. if there are 24 hours in a day, i sufferfor 25. about marco and gloria. that is how the knight and the princess came to life. to a high tower in a far—away land. the book was created with the help of family and friends. marco's childhood friend, roberta, did all the drawings. translation: this gave me the strength to go on. it's not fair to keep quiet. who died for nothing. s