javier blas, stephen major. well'll be looking at allocation ons next. -- into negative territory if necessary. then, dilma defeated. the congress voted to impeach the president. she will be announced to deliver on brazil. osborne puts a cost on brexit. we bring you the headlines from a busy morning for the u.k. chancellor. ♪ francine: welcome back. let's get straight to the bloomberg business flash with nejra cehic. nejra: hsbc is said to be preparing for change at the top. as ceo stuart golovin plans to quit in two years and the bank will appoint a new chairman to help take the next ceo. he joined in 2011 and scaled-back hsbc operations, exiting more than 80 businesses and cutting 90,000 jobs under pressure from unhappy shareholders. stocks fell about 16% this year. the deal to grenade's telecom operator may be vetoed by the eu. people familiar with the matter say its bid may be blocked within weeks. they remain unconvinced that they could create enough competition. they want the companies to sell part of thei

mark: javier blas. the european close is a matter of minutes away.ks like stocks will close higher for the second consecutive day. ♪ mark: you are watching the european close. stocks finishing the day in london trading. let's take you through all the action. stocks will finish higher for the second consecutive day, driven by oil and gas companies. $45.arlier crossing butng off those highs, still, oil and gas companies driving today's gains ahead of the fed a little later. profit falling 45% in the first quarter for barclays. revenue in the investment bank falling less than expected. probably putting some of the pressure off the chief executive. he's been under pressure to shrink or sell the investment bank. ahead of the battle of the charts, just to annoy miller, i had to show this chart once again. inse are the big u.k. banks the last 12 months. lloyd's is the best performer, down by 11%. standard down by 46%. barclays down by 33%. fallingbig u.k. backed in the last 12 months. they raised their full year forecast for the second time in less than thr

thank you very much, javier blas , phenomenal story. have a look at bloomberg.com.what is happening in european markets. talking about the volatility of the oil market, but we're seeing volatility in stocks down 1.5 percentage points in one day alone, seen all of the gains of march wiped out. ♪ caroline: live from london and new york, this is the european -- lets of your stocks are finishing up the day in europe. the market it was a down day. stocks are down 1.4%. take a look at happened in energy stocks are in -- stocks. this is when the worst performers on the date. brent tumbled. we will not see saudi arabia police if iran doesn't. also seen volatility on the upside. keep an eye on certain stocks are in we have a bit of an m&a speculation. metals did do well today. chinese manufacturing came in better than expected. it is gathering steam against the pound. check out what's on my terminal right now. i've dug into the bloomberg. i want to show you the euro-dollar on a longer-term basis. versus thes weakest euro since back in 2014. you have to go back to 2014 since

saudi arabia refused to freeze out commitments from other producers, joining us now is libbyergs javier blas and joins us on the phone. the market has to work something out, the rally since mid february was about anticipating a deal. javier: there were several factors. production in the u.s. is coming down, demand is very good. particularly in the u.s. and india. that's a bit in china. certainly the talk about the freeze in mid february was key area.iving this market i think it's going to be beginning to take a step back because also, it opens the question of what saudi arabia is what to do next. they didn't freeze so they could increase production. jonathan: we moved to the opec meeting, could we get a deal with the likes of russian out there? libby: the key of this meeting was that it was going to set a more constructive stage for the opec meeting. and the inability to freeze output when producers were really pretty close to output tells you these guys don't have a lot of relevance anymore, it's going to be very difficult for them to come to an agreement on anything. most important like, a

blas or blogs -- javier joins us.u look at the price of oil -- it went down a touch today but that is more to do with u.s. stock piles. >> they overnight reported that stockpiles increased by 6.2 million barrels per day, which was higher than the market was expecting and a reversal of what we had last week. theme thatking the was triggered yesterday by hopes that on sunday there was an agreement. francine: willy have an agreement? although even if we have an agreement it will be very soft and symbolic and there is talk of a freeze that could tighten the oil balance. it will preserve the status quo -- every country is producing nearly as much as they can with the exception of saudi arabia. it may be that we don't have as much oil in the market but in essence it is keeping the situation that we have. it will not change significantly. let's bring it to a halt as the stanley cup opens -- what is a freeze? i was skeptical about this as anything -- who is freezing who? >> it's a good question. would say they will free their

javier blas with bloomberg news in london. we will speak with james of fletcher's school.e president's travels. -- the new- the nei era. ♪ francine: i am francine lacqua in london. tom keene is in new york. i'm pleased to welcome the head of global macro at algebris investments for his first tv interview since he left rbs to join algebris investments. it is great to speak to you. you are also launching something that a lot of investors have probably advertised, which is basically splitting my chart of the day, how do you make money in a negative interest rate environment. this is japan in the 30 year touching lows yesterday. the assetoday, management world is made of funds that buy bonds. they are not yielding much. you need to have a strategy that is more flexible. the person you don't want to do is to buy benchmarks were you have a lot of negative yield bonds, like bunds or core european debt. you want something without a benchmark that does not follow the crowd. that is more free to go into high-yield if you want to go into emerging markets. something flexible or do wan

javier blas, thank you so much. that is something mr. putin is whirled about.n international economics tomorrow, harvard university, adam pozen, and the deputy managing director david lipton will be in conversation on the global economy. ♪ francine: i'm francine lacqua in london; tom keene is a new york. we have been talking so much about the boj and governor kuroda's movement. this is what we pick for our morning must listen. talkis after all of the about what mr. kuroda has done. atwas defending his policy columbia business school last night. have a listen. >> japan's economy still has some way to go, until the price ability target of 2% is achieved. there's no doubt that there has been a clear change in the inflation trend under the banks 's qb. e. e. francine: he believes the markets would have been much worse if they had not gone to negative territory. >> i guess he's always right; it could have been much worse. i really wonder whether central banks know what they are doing with negative rates, because they're potentially negative consequences for the real