moves,s of percentage of julius baer is the biggest gainer. spoke about it this morning, relatively always about room for more growth in the u.k., saying that net growth exceeded the expectations. it's a big gainer in terms of percentage movers. if you take a look at the index points, which is really the best way to see. you can click the drop-down box and pull out index points to see what is moving the market as far as the equity index is concerned. ubs, the banks in general are going to be holding the market up a little bit today. bt,he downside, you see shall, and then you see gladstone and the drugmakers, the commodities producers and the utilities there on the downside as banks relate look to beat gainers today. anna: they do, don't they? the banking sector doing well. the tone with european bank earnings with this scene. strong inflows from clients in areas where the bank has set up recruitment of private bankers. manus cranny has been speaking to them. let's go to manus now. fairlys a very -- bullish statement and he has been met with a

haveus through what we heard from julius baer.ave hired private bankers that they have had good results. in fromoney has come the middle east, monaco, and asia. that is where the new money is from. that is driving this forward. in the stock price, we are seeing a rerating. he has hired senior bankers into the institution to drive this forward. we got into the brexit conversation, and i put it to him that what happens when ceos like him make decisions to leave london and head into the heart of europe, what are the risks of ever bringing that business back? >> it is nearly impossible. it will take a decade if at all and a perfect constellation for this to happen again. moving jobs is not just about moving physical tasks, but it is moving people, investments, infrastructure. in any reasonable company, you have to have a playing cycle. i don't think these jobs will go back anytime soon. >> it is a bit like your kids when they have flown the coop, they will not come back to mama. francine: the share price is actually up significantly.

. >>> assets on demand management julius baer, best performance since 2008, sending shares to the swiss bank to the top of the 600. >>> and shares in b and m rise on a report as there could be a 4.4 billion pound bid for the discount retailer. good morning welcome to the show. looking at pmi data for euro area crossing the wires. seeing it was very much in line. pmi services was 55.4, estimated at 55.4. and then look at the manufacturing, came at 57.4, marginally ahead, 57.2 marginally ahead of estimates at 6.2. on france, mixed picture, weak when it came to services but strength when it came in it was traded marginally higher today. seeing a little of that received now. let's move on, talk about the top story today. looking at the auto sector reports the commission could be investigating collusion among germany top automakers, following a report that bmw, volkswagon, audi and porsche may have worked together to fix prices and designs of diesel emissions treatment systems. looking at the shares, they're really being punished. volkswagon down by almost 4% at this point daimler is not doi

i haves of the quarter, just returned from julius baer and the line from the ceo was a decline from twoh and it is difficult to get them to move. what are you seeing in your quarterly numbers? guest: i agree, declines are still with a significant part of their money on the sidelines, declines are passive and their behavior. try percent of the holdings of our clients is in cash, we respect that and they failed to fill in topline margins. anna: you have been talking about flagging margin pressure in the asset management business. where's the pressure coming from and you see that changing? : i do not see it changing, it is coming from the [inaudible] and a low yield environment. we are defending very well, we are very specialized, high conviction, after this acted desk active asset manager. we are very confident that this will remain so going forward. also the overall industry is trendnged by the general to passive and by the low yield environment. is a theme,lidation acquisitions, we have seen europe tidy up some of its banking issues so the question to people like yourself is, to what ex

they are beating estimates over at julius baer.hey are over 10 billion swiss francs, operating income, the number i have an estimate for. it's a tough ahead of the estimate of 1.56. some ages and numbers coming through. this is a company hiring aggressively, focusing on hiring as a way of boosting their assets and their net new money. hiring and buying stakes in businesses, raising their states. .hat is -- stakes that is just one example. they are trying to cut costs, setting off probability pressures and negative interest rates permit lost to discuss. manus cranny is on the ground ready to conduct that interview. he will be pouring over the details as i speak. let's get to the risk radar. this is where we are on the market overnight. the asia session a little lackluster, but it is pretty next. some markets moving higher, some lower. we are watching a host of earnings. on the earnings and slight, too many companies to mention. amazon, facebook, bmp, the banking sector, jim, ford, boeing, every sector covers this week. global stock

still with us, david kohl of julius baer. what a year it has been.eakness. do you see reason to believe the beentions that have supported in the first half will be there in the second half as well? you can see some chance this will continue. bet on whether the dollar weakness continues. marketpessimistic sentiment is on the dollar. it will be difficult for emerging markets to continue this further. the attractiveness in terms of interest rate advantage is gone in a number of emerging markets. just look at russia. the road word -- reward for the investor is smaller and the risk has not disappeared. we think the risk backdrop is not as attractive as it had been at the beginning of the year. jonathan: there are several different stories playing out. i just want this up on the bloomberg. the dollar is the base currency. i just brought this up on the bloomberg. in the mix are the european proxies. you seeottom, underperformance from latin america. there are three or four different stories playing out for 2017. out of those stories, what are you more const