julius baer just under 5%. management coming below estimates, cutting down to the medium profit forecast. ryanair holdings changing the structure. it could be what they have to say about pricing that's weighing in. easyjet down, as well, down 2.4%. ryanair just under 4%. they talked about fare declines and how they might adjust their guidance, defending whether we get brexit turning out badly was the line they used. let's get a bloomberg first word news with desley humphrey in dubai. desley: the u.k. business secretary urge theresa may to rule out a no deal brexit, according to the financial times. the comments come as they won't build the suv in sunderland. it cited ongoing certainty about the split from the eu. the times is reporting they are considering withdrawing a support package for the carmaker. jinping are and xi considering a meeting in vietnam at the end of the month. the post is reporting the u.s. and chinese president are looking at holding a meeting in denying on the desk in d -- in da nang. he sa

now, how are julius baer doing in net new money under management >> reporter: it's quite cold here and reaction to the earnings this morning has also been quite cold in the marketplace as well. the stock is right at the bottom of the stock 600 i want to start off by pointing out something positive as you asked about the net new money inflows has come in at 17 billion swiss francs if you remember just two weeks ago, ubs 14 billion swiss francs lots of questions of what that meant for the broader sector, adverse market conditions and the fact that clients were not trading as much as they were in the past, but it looks as though on that front julius baer has seen decent inflows coming in, 4 to 6% target range that was the positive. the negative is that their assets under management overall have declined by 2% and that's quite interesting because you would think in an environment where they're attracting net cash in, their assets would go up well, the adverse impact came from one decline in equity markets, stock market valuations have had an impact there and also negative currency on back

julius baer. of the market is going to be disappointed with a set of numbers.are you going to do to shift the dial in assets under management. where have you lost the assets from and what you doing to turn it around? back in 2018,look we had a fantastic first half. more difficult in the second half of the whole market overall. we lost in our assets under management with the market development, the week equity market. with the proud figures. more than 17 billion on the second highest number we had ever. it came from all different areas. the pressure on the top line margin is coming from two angles. one angle is lower client activity. in november and december. performance-based fees, mainly thanclients has been lower 2017. speedite happy with the on the assets. the commission up by 8%, in line with average assets under management. a couple of questions are going to come to every person that owns your stock. from you isto know wouldarget, four to 6%, it make more sense to shave back our expectations to what is deliverable in 2019 will you hold resolutely, i can de

david: let's start with julius baer. it is a tale of two halves in 2018, and this is the second half. 2018, itook back in .as more difficult david: for the market overall, but they got hit particularly hard. alix: shares are responding in tandem with that. this is interesting in a broader sense because a lot of asset managers over the past couple of years have really benefited from the market appreciation, just from stocks going up. it masked a lot of the issues getting worse and worse in the andstry, people shipping demanding more from their wealth managers. how many of these guys can actually exist in the market? alix: that's right -- >> that's right. that is also a big endeavor. it takes a while to find a business using is going to mess with yourself. in the meantime, how do you find a way to cut costs? david: we has come about may be a hostile takeover, and he says it doesn't happen in their business. the point is they have to decide to merge with somebody else, essentially. they can't have somebody just take them ov

viviana: julius baer will make even deeper cost cuts, lowering its financial targets, shaving $22 billionceo saw at least one bright spot. >> we had a fantastic first half. it was more difficult for the whole market overall. we lost in all assets on the management through the market developments, the weak equity markets. i am proud with the money figures, $17 billion is the second highest number we had ever in the history. viviana: shares of sony fell the most in about 3.5 years. the electronic maker reported weaker profits in the playstation business. sony also reduced its annual revenue forecast. goldman sachs and nomura are among those who cut their price targets on the company. that is the business flash. tom: thanks. what do i get the most mail on? that would be on the fed and the job economy. let's bring up a chart. i through this out on twitter last week. employed,compared to a normal trend over 20-25 years. we get an ugly financial crisis and we get an improvement which is out 4 standard deviations. on the american labor economy, nobody buys the idea we are probably employed. mich