i am jonathan ferro.'s continue all global tour of the week's top stories. in europe, swiss voters have their say in a referendum on corporate tax breaks. >> swiss voters have rejected a bid to reform corporate taxes, a plan to keep the country internationally competitive. >> that comes as switzerland its current practice of giving tax breaks to multinationals, due to international pressure. >> the finance minister committed yesterday to convene a task force that will meet in coming days, and in a best case scenario, they might have a draft bill in parliament by the individual year, but exactly what the new plan will consist of, nobody knows. >> what does this mean for multinationals in switzerland? more uncertainty? >> tax experts say companies will probably be postponing investments or moving investments from switzerland to other countries. >> the saudi government telling opec it has cut production by the most in eight years, going beyond its obligations under a deal to balance world markets. is this on

i am jonathan ferro.o revisit some of the week's most compelling interviews. aboutbegin here, speaking adjustments to u.k. growth as a result of brexit. >> it is true we have adapted our forecast for the u.k. we thought the growth which was forecast at 2% would be 1% in 2017, and we see there is a brexitn the effects of as far as investment is concerned. , in linehy we see 1.5% with other institutions around the world. 1.2% in 2019, so we believe there will be a significant effect from brexit, but that , andbe longer in time lucky for everybody -- >> do think it would be a tragedy if france were to leave the single currency? do not worry that by suggesting to the next french president that the first thing that should be done is austerity that you're playing into the hands of marine le pen? authorityas never a in france. there is no authority and france. france is reducing their deficit slowly. they are right under 3%. they must go on. debt is not strengthening an economy. -- they know that getting out wou

i am jonathan ferro.ow to revisit some of the week's most compelling interviews with investors and policy makers. let's begin here, speaking about adjustments to his forecast for u.k. growth as a result of brexit. >> it is true that we have adapted our forecast for the u.k. we thought the growth which was previously forecast at 2% would be up 1% in 2017, and we see there is a delay in the effects of brexit as far as investment is concerned. this is why we now say 1.5%, which is in line with other institutions around the world. that mistake, if i may say so, was common to everybody, and 1.2% in 2019, so we believe there will be a significant effect from brexit, but that will be longer in time, and lucky for everybody may be weaker. >> you said it would be a tragedy if france were to leave the single currency. do you worry that by suggesting to the next french president that the first thing that should be done is austerity, and that you're playing into the hands of marine le pen? >> there was never authorit

i am jonathan ferro.lasted dividend estimates and says it will -- with us from our london office and our european headquarters is jean-sebastian jacques, the rio tinto ceo. great to see you. jean: good to see you. jonathan: your predecessor referred to the company as a cash machine. has it been repaired? jean: i would call it more return machine. we disclosed our 2016 results this morning. it is clear that we have delivered on all the promises. wherever last time we talked was in november -- remember last time we talked was in november, and today we are very proud to say we have delivered everything we said we would deliver in terms of cash earnings, in terms of strengthening our portfolio, and in terms of cash returns. we see $6 billion of cash rate turns -- returns, which is above expectations. at the same time we were able to invest for long-term, and mentioning the strength of the balance sheet. jonathan: you have talked a lot about the strategy of value over volume, a story i have heard from competit

this is bloomberg. ♪ jonathan: i am jonathan ferro.ts, 17, 18 minutes away from the payroll report. futures are positive, of .2% on the dow. we are headed for a marginal week of declines. if you switch up the board -- headed for a week of declines, the dollar, a fourth straight week of declines. today, dollar strength against the pound and the euro. we await the payrolls report. the four we get there, let's get to what is making headlines outside the business world and say hello to emma chandra. emma: there has been an attack outside of the worlds most well-known museums. outsideier opened fire of the leave. someone taking into special safe rooms. president trump may be warning tehran of what is to come. the u.s. is expected to impose new sanctions on iran for testing missiles. president trump tweeted this morning they are playing with fire -- they do not appreciate how kind president trump was to them. not me. controversials choice to be education secretary cleared a major hurdle in the senate -- that's the dumbest evos ahead in -- be

i am jonathan ferro alongside jonathan -- alix steel and david westin.traight day of record-breaking on that out this morning, s&p 500 futures down one half of 1%. it is a weaker dollar story. year.gain, 2.36 on the 10 alix: you have to look at the two-year yield, other record of 95 basis points, you could see 100 on ecb buying. gold is catching up by eight dollars an ounce. it is continuing to affect itself in the market. david: we are using bitcoin now? alix: it is at a record. bitcoin is on the board. david: yesterday the conservative critical -- political action conference got to a start outside washington with steve bannon taking the stage outlining the goals of the new administration. >> i down the three buckets. national security and sovereignty, intelligence, homeland security, and the second line of work is economic nationalism which is wilbur ross at commerce, steve mnuchin at navarro, people who are rethinking how we will reconstruct our trade arrangements around the world. the third, oddly, is the construction of the administrative state. >>

i'm jonathan ferro.rd yesterday for a fifth straight session north of 2300 on the s&p. this morning, softer. treasuries been on the margin to run much of the morning, yields lower by a basis point. 2.48. the dollar weaker across the board against the euro and the japanese yen. about 30 minutes away from the open. let's go to abigail doolittle. have some earnings winners in the technology space, cisco systems trading of more than 1% after the largest internet equipment maker beat hardware was a little less strong than expected, but this is a company transitioning toward focusing to software. soaring 6% after the company beat estimates. the street is very bullish year. who is anpoke to mark activist on this stock. he has been bullish on this for over a year. he has a $48 price target and thinks there could be more upside to the numbers. the big question from the macro standpoint, we have weaker futures, but stocks are at record highs for multiple days in a row. what is next? as we hopped into the bloomberg

i'm jonathan ferro.notype of the markets. futures are a little firmer, of .25% on% on the s&p -- the s&p 500. hsbcive about 1/10 of 1%, is over 7% of that index. when hsbc gets punished, the ftse is going to underperform. in the fx market, a weaker euro story. a stronger dollar story on the back of more hawkish comments from federal reserve officials. a weaker yen, the euro coming down by .75%. to yield up for basis points do dollars $.45 on the u.s. 10 year. $2.45 on the u.s. 10 year. frank exchanges with president trump are not for public view. he has had several conversations with the president, but he will keep the details to himself. >> as you expect with good friends, we are fairly circumspect about what we say. in public. it's important we give very frank advice and a frank exchange with our american counterparts, but we don't lecture them through the media. that's very important. i think to be able to talk frankly, as good friends should. for years, australia has walked the line between supportin

jon: from new york city, i'm jonathan ferro.k good about 50 minutes away from the open. all the ingredients for a little bit of risk off. equities lower a quarter of 1%. switch up the board. elsewhere, treasuries well bid. it is that screaming risk signal which is dollar-yen. the yen is stronger. we did breach the 112. treasuries fared a stronger yellen. equities lower. as you cross the asset checks, let's eat you some headlines with emma chandra. there is a report for the disney ceo to increase his 10 year. tenure.crease his jeta's first only passenger will make its maiden flight in the first half of this year according to chinese state media. it was originally due to fly two years ago, but it was played by manufacturing problems. the chinese plane is designed to compete with the boeing 737. there has been a shakeup at tiffany, the jewelry chain has replaced chief executive officer frederick will now after disappointing financial results. the former ceo will replace him on an interim basis. tiffany has been rocked in a slump in

i am jonathan ferro. a couple weeks of gains, close yesterday at an all-time high.marginal, up about .1 of 1% on the s&p 500 and dow jones. yesterday ugly for treasuries. yields up another two basis points of 242 on the u.s. 10 year. the dollar, strong, strong, strong for an eighth straight session. alix: that having an impact on imported prices. year and year in january, up 3.7%, almost double what we saw in december and blowing past estimates, also, revised higher as well. 1% with a revision in december, up higher as. ins continues to put the fed a bind in some ways. you could make the argument that import prices paid into inflation expectations at the market level and household level and that leads to the market. no change in the 10 year yield. david: thank you. bank deregulation high on the trade administration. lastly, executive orders on dodd-frank. just a, the chairman of the house services committee took the bid and propose doing away with those annual stress tests. joining us is when your colleague -- winnie. welcome. we had gary cohen last week's sake he d

i am jonathan ferro.res of berkeley have risen to a 16 month high after it's corporate -- it beat estimates. we spoke to jes staley on the restructuring plans. >> all the effort last year just means that in june of this year we will no longer have a non-core business unit in barclays. in the second half of 2017 the bank will be what it wants to be in the future and we will look forward. we look forward to ending the restructuring that has been going on for years, in a matter of months. jonathan: joining us from london is jonathan tice. great to have you on the program. , theake away from barclays restructuring will wrap up in a few months. the direction of barclays under his leadership, the right direction? jonathan t.: i think so. they have addressed capital and that is the good thing. then you add in the 75 basis africa, it barclays puts it at a 2019 sort of hurdle rate. they have done a good job on costs, even with dollar headwinds. the real issue from here is what is the run rate? that is what the ana

i'm jonathan ferro alongside david westin and alix steel. one question. off the trump trade after a four-day skin? a blowout adp jobs report gets us back on track. the changes in the other asset classes like this. yields up 3 basis points on the u.s. 10-year. the dollar bid almost across the board. that is the action cross-assets. let's see some movers. alix: let's look at apple, up by 5% in premarket. sales were up 3.3%. overall revenue finally returning to growth. the second-quarter outlook got analysts' attention. it was not as bad as many analysts had thought. you had chinese sales up by 12%. but that is truly just about hong kong. apple still holding up well over in asia. watch the stock. heavily weighted in the dow and the s&p. in another tech story, advanced micro devices up by almost 4%. revenue was a bit stronger. also, q1 revenue outlook was also going to be done by 11%. the markets looking through that estimate into the relatively strong quarter. on the downside, johnson controls. i love talking about the industrials that you think should benef

jonathan ferro has off today. futures trading up four points on the s&p.ues stronger. the dollar-yen up on a winning streak. treasuries yield back up by about three points. in other asset classes, have to take a look at the vix. copper on a tear over in london. oil is around session lows. morning,ter this president trump will meet with canadian prime minister justin trudeau at the white house. as with prime minister shinzo abe of japan, we will look to see what signals the president's sense of relations with canada. we are joined now by our correspondent at the capitol building. kevin, give us a sense of what will be a win coming out of this meeting? that: first and foremost, there would be no political blunders similar to what we saw when president trump had his meeting canceled with the mexican president. the second issue will be on trade and trade negotiation. before trudeau and president trump meet at a press conference at the 2:00 p.m. hour, they will hold a bilateral trade meeting at a working lunch. this will be a backdrop for whether or not canada

david westin and jonathan ferro and alex deal. david, i know you have an exciting show. sam zell we will talk with him for a full hour about his investment, trump trade. we're going to start off with immigration. i know you have been covering it a lot on "surveillance." strong visions. he himself is the son of immigrants from poland. we will talk about what it means for the housing market, the u.s. labor market, if trump goes through with his plan. tom: strong visions. he himself is the son of immigrants from poland. i'm worried about if you give your opening day tickets to the chicago cubs. you have to talk to him about the midwest and commercial real estate, don't you? david: we will. of realeen pulling out estate. does he want to come back in? what is the right time? he is negative on new york real estate in particular. lookingid westin, forward to the conversation with a gentleman from chicago. we need to do a single best chart. i call it the roach chart. this is american consumption right now. this is what we remember. this is a good time. trumpthat is where donald

from new york city, this is bloomberg daybreak jonathan ferro alongside alix steel and david westin. markets, a decent bid this morning. equities one half of 1%. the s&p 500 up by almost 2/10 of 1% but that dollar strength continues for a seventh straight day. alix: what doesn't continue is the lack of volatility you have with this european stocks up by 6%. bold goes nowhere. the volatilities are not present yet in market. 1%.8/10 of goldman sachs says don't worry about rising inventories. david? david: back to that letter to president she. sean spicer took to the podium to talk about a letter that mr. trump has sent to his counterpart in china. president trump stated that he looks forward to working with president shi. we are here with chief economist willem buiter. >> the u.s. and china are the two elephants in the global economy. china is more important to trade and financial transactions. their relationship is essential to global prosperity. if there were a major fallout -- it is a risk -- global recovery would grind to an end. so it is good that 11 days after the chinese new yea

tom: jonathan ferro! francine: our handsome co-anchor.4 rounded up $1.0597. you really want to see swiss lower.-- swiss francs peso asonger mexican well. francine lacqua in london, i am tom keene in new york. on a friday, you want to stop and get away from all the politics, all the international relations and just talk to joe trust merrill. lynch, head of market strategy there, about where are we in the market. let me give you a single best chart of this massive extension, and what is amazing here, if a bear market is 18%, we are so far extended that a bear market is down to a dow 17,000. it is remarkable how we have forgotten what a bear market is, what a correction is. how do you synthesize that into what you do with money? joseph: you always have to have the risk parameters out there, tom. we do not get too excited on the upside or the downside. we look for long-term things playing out, whether it is health care, technology, internet use, digital economy -- don't get too excited on the yes side, and don't get to bearish on the downside

i am jonathan ferro. largely unchanged.ss, the s&p 500 closed at an all-time high. a bit softer. the situation, a weaker euro session for a fourth straight day. down by 0.25%. the trump rally, that is what we are calling it? alix: trump rally or obama relief. sam, the trade. been since the election. is it a trump trade or obama relief? ago, you a minutes called it a trump rally. i said i deny know if it was a trump rally or obama relief. -- i did not know if it was a trump rally or obama relief. the business community has changed as a result of trump getting elected. i think there is a lot more confidence, a lot more willingness to take risk. and i think that it may be part of what is being reflected and the stock market. ceos said that are "optimistic," that was a record. how do make actual investment opportunities? sam zell: corporate america has more cash than any time in history and spent less of it than any time in history. what does it tell you? it tells you there is not a lot of confidence in the future. a statistic

from new york city, a warm welcome to "bloomberg daybreak" alongside myself jonathan ferro, alix steel. it is a market held hostage by policies. it is a new trading week, futures unchanged. the euro stronger, yields up to basis points. alix: i'm looking at the safety check board. -94 basis points on the german two-year yield. nonetheless, we are watching that record it hits on friday. the vix goes nowhere, gold se and wait and see for donald trump. to learn starting about what the trump administration's plans are. we go to our chief washington correspondent. we argued a reporting about this budget outline and when it may come out. take us through that. later today, the white house is respected to release a two-page summary of president trump's proposal. this comes one day before president trump addresses a joint session of congress tomorrow in prime time where he will lay out his policy proposals. i'mt of the sources speaking with want more specifics. here's what i can tell you so far. for the cut spending state department and the environmental protection agency, but it would boost mil

. ♪ jonathan: from new york city, welcome to "bloomberg daybreak," on jonathan ferro alongside davidom the opening bell. futures a little softer, down 131% after a series -- one third of 1%. a softer session and a little the risk off emerging yields up by four basis points, a stronger yen and a weaker euro in the fx market. front and center for this market is the potential for a megadeal. let's cross over to abigail doolittle. abigail: the big stock story is kraft heinz and unilever. although the shares trading higher, unilever soaring earlier , touching his best day ever. said that kraft heinz they approached unilever to potentially acquire the company, but the unilever rejected the bid. unilever is saying despite the 18% premium, they felt that was an undervalued bid. what stands out here today is yesterday, kraft heinz did trade sharply lower on what was perceived to be a disappointing earnings report because kraft heinz said they are not going to pursue an m&a strategy. they're going to pursue organic growth. yesterday we had food companies trading lower, down again. we just spok

i'm jonathan ferro alongside david westin and alix steel. market higher as well. about five points on the s&p 500 , about 131% for european xp's as well. despite that number in europe, that pmi data, a six-year high is a weaker euro story this morning. asx: new borders were up well and prices increased the most since 2011. we are also waiting for walmart earnings to cross, we will bring them to you as they cr

i am jonathan ferro alongside david westin and alex deal -- alix steel. the fed rate remains unchanged. the bank of england's asset purchase program stays on hold at 435 billion pounds, and the corporate bond buying program, both of which are set to end at the end of this month, our 10 billion on target. sterling, a 2016 high coming into this decision and then the forecast drop. alix: for 2017, they raised their gdp forecast to 2%. originally they had seen 1.4%, and they raised their 2018 forecast to 1.6%. -- theirinflation at cp outlook broadly unchanged in 2017. more of a transitory effect. jonathan: some of the monetary policy committee members are signaling increase on the inflation front. 1/10 to 1.2670. guy johnson and richard jones join us. coming into this, it was this concern about inflation, whether the bank of england would come out or hawkish. what is your read? guy: it is the idea that maybe the stronger gdp line will mean that the transitory effect that somehow takes acted, transitory costs may not actually be as transitory as they figured.

welcome from new york city from our viewers worldwide, i am jonathan ferro alongside alix steel and david the dow and s&p, and six days of dollar strength. i continue to look for where the safe haven trade is. if you look at the euro and swissie, the euro down 2/10 of 1%. ,his continues to go nowhere confounding me as they continue to talk about the political uncertainty. crudep a bit, and nymex rolling

jonathan ferro has today off. the dollar is weak or against all g10 major currencies.yen is weaker on the day. the sterling continues to grind lower against the dollar off by 2.4%. -- 0.4%. earlier, we saw a sell off in the gilt market. it is now relatively unchanged. old making a little bit about it here up about eight dollars. steve mnuchin arriving into office. join to discuss with us now is marty shanker. marty, good to have you today. let's start with general flynn. what happened? marty: what happened is that he quit. obviously, the people in the white house forced his hand. ,e apologized for misleading and if you cannot trust your national security visor then he is out. -- advisor then he's out. story isat kind of this for our new president? marty: well, cass has been the kind of modus operandi for this administration. hours before mike flint quick, kellyanne conway said he had the .resident total support it does seem a little chaotic. david: 40 ceo, the first rule is ceo, the first rule is that if you have a problem solve it and then move on. marty: the were sig

a very warm welcome to you, i'm alix steel alongside david west and jonathan ferro is off.ay, s&p futures grinding higher as we prep. it's all about the stronger dollar, coming off its first week of gains since december. a powerful rally as treasuries continue to sell off and european stocks inch higher. where are we at? the vix is going nowhere, copper catching a nice bid, crude a little softer on the day.

i am jonathan ferro alongside david westin. record highs at the close yesterday across the board.racement here's futures negative about 2/10 of 1% on the dow and s&p 500. if you go cross asset, you are seeing this, this thursday morning. the euro of about one third of 1%. down by about two basis points.

from new york city, a warm welcome to "bloomberg daybreak" alongside myself jonathan ferro, alix steel it is a new trading week, futures unchanged. the euro stronger, yields up to basis points. alix: i'm looking at the safety check board. -94 basis points on the german two-year yield. nonetheless, we are watching that record it hits on friday. the vix goes nowhere, gold softer,

i am jonathan ferro alongside david westin and alex deal -- alix steel.he bank of england's asset purchase program stays on hold at 435 billion pounds, and the corporate bond buying program, both of which are set to end at the end of this month, our 10 billion on target. sterling, a 2016 high coming into this decision and then the forecast drop. alix: for 2017, they raised their gdp forecast to 2%. originally they had seen 1.4%, and they raised their 2018 forecast to

i'm jonathan ferro alongside david westin and alix steel.30 minutes and seven seconds away from the open, we are a quarter of 1% on the s&p 500. up a third of 1% on the dow. it is the calm amongst the chaos since a 1% move. dollar strength in the fx markets. we are up two basis points on the 10 year to 243. let's get you some movers as we count you down to the open. alix: we are seeing big movers with an underlying equities. michael courses off by almost 12%. earnings came out and it was brutal. sales to department stores were down 18% and it's cutting even more discounts in order to raise their margins. news lot of good coming out of michael kors. eva has the ceo resigning and the head of generics leaving two months ago. this has now led to earnings downgrades. archer daniels midland down by 2.5%. execution.me poor on their trading debt. they cannot get the execution up to par.those of some of the names heading into the open. jonathan: the question out still has been asking is where's the vault? shown signsade has of cracking after the prot

francine: coming up shortly, "bloomberg daybreak: americas," with david westin, jonathan ferro, and alix jobs, jobs. alix: and who better to talk about that with our guest, alan krueger, princeton university economics professor? also the former chief white economics expert. expectations moving into this seem to be ratcheting higher. over 30% of respondents have an opening that is hard to fill. how does that filter into the wages and the slack we see in the markets? tom: professor krueger will be important. and professor gross will join us at 8:30. look for that across all bloomberg platforms. let's go to the single best chart, with peter hooper. you know this chart. this is the jump condition in confidence. here is the financial crisis, down we go, ugly, and then all of a sudden a moonshot. i would suggest a little bit before the trump election. peter: you asked earlier, can you measure animal spirits? small business survey, this is an element of the economy that accounts for a larger majority of hiring, employment. we havea major jump seen here. it has to be significantly because of the

i am bloomberg -- i am jonathan ferro, alongside alix steel and david westin.d flat, the euro headed for a third straight weekly slide. alix: here is your check in. take a look at the two-year bund yield, still negative 2.8%. vix goes nowhere. crude -- nymex crude at its highest level since 2015. david: it appears we will get some

jonathan ferro and alix steel are both off that we do have carol. carol: great to be with you. trade, the trump trade, playing out. the dow futures are up a hair. we do continue to see records with the major averages. taking out the ftse come up about .5%. the dax is up. we continue to see him move up. the major averages are a little bit lower. the 10 year yield. you can see 248 is the year yield. we are watching for that testimony. below 53 dollars a barrel. : we are now by kevin cirilli. theier we talked about russians and what the communications work. the president himself is tweeting this morning on the subject, keeping it going. one of the tweets says "crimea was taken by russia during the minute -- during the obama administration." so now he is saying that obama liked putin to much? kevin: he criticizes the media. report lastth the night saying trump officials had communication with the trump officials. he criticizes the media and also is now criticizing the previous administration for being too soft on russia. that is a new piece of nuance that we haven't seen yet. trump