francine lacqua isn't shots board, france. -- francine lacqua is in strasbourg, france.back to the words of jean-claude juncker. this is not like president obama. he does not have an executive power to force countries, member states, to do what he wants. but he was reflective. he brought it back to the founding said the eu and said this is an essential crisis at the moment -- that this is an existential crisis at the moment . he wants countries to go back together to find that commonality and purpose for the eu going forward. francine lacqua in strasbourg, france, stepping out on the brexit debate. there is much more across bloomberg radio and bloomberg television today. with markets on the move. i might say this is the day where we really begin to look forward to september 21 and that fed meeting. within the education and the correlations of asset classes, we will speak with philip verleger and why du care? care? why do you he looks for or lower oil prices come way outside the consensus call of stability. carl tannenbaum joining us as well, with northern trust. minkoff'

francine lacqua in london. tom keene. francine: it is tonch yen. you have the wrong yen. yankees. tom: we'll do that later. right now michael mckee with us. there i was yesterday. me, mr. trump on an economic plan. did you hear a plan within his speech? >> not much of one, not one you could evaluate with anything serious. let's take a look at the one thing he got right. he talked about how growth in the united states has ratcheted down. he got that right. post world war ii, at 2,000. 1999, 2,000, there is the break you can see. the we have averaged about 2%. there is yet a problem. he doesn't offer a lot to fix that. the center species his tax cuts. he goes to three tax brackets. that couldn't change a whole lot. he cuts corporate taxes to 15% and give it is everybody tax curts. hat would be a $4.4 trillion pra program. total revenue loss is $2.6 trillion. how do you make that up? this is where it gets very tricky. they talk about renegotiating trade deals deals, cutting regulation and reducing spending and you

francine lacqua in frankfurt.to the no silver bullets according to francine lacqua. but it btw i. -- put up bcw i. the personification of political risk diverging. there is the euro, 1%. there is a great big golf that can be traveled in politics unfold in europe. how susceptible is the euro? jon: i think the euro is doing quite well for a couple of reasons. the premier reason was less weeks's ecb when you are seeing ecb admitting practical limits of qe. they cannot do more. it is trying to cry out for the fiscal side. the political risks are there longer-term we are seeing those on rolling in 2017. there's a gap. there is long-term political risk. the elections early next year. for now, the markets are not treating the euro is a risky instrument. it seems a safe haven. anna: what about the risks around the fiscal story? we've heard from many central banks around trying to hand the bat on from central bankers to fiscal actors and persuade the government to do more could what appetite is there in europe to do more?

francine lacqua in london. let's get to first word news.gged back into american politics. >> president obama has not changed his mind on donald trump his ideas were contradictory and out right "wacky." >> i have offered my opinion. i don't think he is qualified to be president. speaks, thate he opinion is confirmed. trump calledeekend his policy towards china "week" and said the president was humiliated their. president francois hollande says he will seek a second term. the country's prime minister says he needs to explain why another five years as president would make sense. him as the most unpopular leader in french history. former president nicolas sarkozy has already announced he is running. wasennis, the british star losing to k. he won at wimbledon. global news 24 hours a day powered by more than 2600 analysts in more than 120 countries, i am taylor riggs. this is bloomberg. francine: it is thursday. we are waiting -- how will that affect european businesses? , he joins uso bob from new york. also, michelle meyer and megan green. grea

i'm francine lacqua. michael mckee is in new york. there is quite a lot going on on the bond markets. mike: you are wearing a fall-like sweater. maybe we are past the end of summer and there is a seasonal adjustment problem. sudden, there is a lot of news affecting the markets. does it last, does it change direction? as i knock into my microphone there. francine: it still feels quite binary. let's get to the bloomberg first word news. here is sebastian. north korea says it has the ability to make nuclear weapons that will fit onto rockets. regime conducted its fifth nuclear test. the president of south korea called it an act of maniacal recklessness. in france, police have arrested three women who were plotting imminent terrorist attacks. earlier this week, a car containing gas canisters was founded notre dame cathedral in paris. the u.s. secretary of state john again.s back in russia earlier this week, the united states complains that russia has backtracked on agreements to end the syrian civil war. may is allowing the creation of ne

in london.ne lacqua tom keene is in new york.he bloomberg business flash with taylor riggs. taylor: vw has signed a memo of ,nderstanding with shing y auto one of the top seller is of electric vehicles in china. meanwhile, bw sells more cars in china than any other market. manufacturing fell the most in your following .9%. manufacturing services in the u.k. rebounded strongly in august, suggesting the downturn would not last long. that is the bloomberg business flash. tom: brian belski with us from being no caps off markets -- capital markets. richard haass is the president on the council of foreign relations are let's be the council of domestic relations right now. wind we have a policy discussion in our presidential debate gek?o are you sai seated with bated breat? richard: candidates will appear not simultaneously but t sequentially. you have presidential debates, by presidential debates. somewhere in all of that, it will emerge. not necessarily good thing. shockingly enough, candidates debate them in a way that increases the

francine lacqua in london, tom keene in new york.his is bloomberg. ♪ francine: this is bloomberg "surveillance." francine lacqua in london, tom keene in new york. black rock issuing a warning on treasuries as the fed moves towards a hike. blackrock think so, no one else think so. we are back with nandini ramakrishnan. the problem is when you look at what janet yellen wants to do or what she is trying to do or can do, it is modeled. we were promised for hikes and now we might not even be looking at one. nandini: let's keep one on the table. francine: just about. nandini: the data has been ok. they do have a deep enough case to hike. we will have to see the election results. if that really messes up the markets they may pull back. i think the article that everyone is reading is correct. there is a lot of duration risk across the world. given all these risks, where do you place your money? we are talking a little bit about getting higher yield. we like assets such as european high-yield bonds, a little bit of end selectively to get boos

francine lacqua in london.'s get to the bloomberg business flash. sebastian: and former is expanding its presence in the u.s. they will tone information services. billion. was $1.6 they are midocean partners. apple is not disclosing how many apple iphone 7 it sold, but they are saying it sold out. there will not be any available for walk in customers. it could not be happier with the initial response. faces a global antitrust review of its takeover of monsanto. it would create the world's largest seed and crop maker. bayer and monsanto do not expect to close the deal until the end of next year. francine: thank you, seb. equities, a five-day slide. investors trying to decide if the $2 trillion stockpiles have gone too far. let's discuss markets and volatility. with us is andrew sentance and bob michele. bob, let's get to you. we have seen the markets in a tailspin? it is unclear why. we knew that monetary policy -- bob: i think the central bankers were concerned about the complacency in the market. they got what

in new york as well, francine lacqua. francine: it is fun.d. ,heresa may is here in new york as prime minister. we are getting headlines talking about brexit. tom: what is the chancellor saying? francine: that he feels he has the tools necessary to support the economy, and the underlying strength in the uk will support growth this year. tom: everyone talking their book in new york. our first word news. here is taylor riggs. the bank of japan has shifted the focus of this monetary stimulus program. the central bank says it will move away from its target for expanding the monetary supply. it introduced a zero interest rate target to fight against inflation. it is another sign of how the presidential race has fractured traditional voting blocs. according to a poll, high income voters are narrowly supporting democratic candidate hillary clinton, who leads don't 46% to hillarygst house -- clinton -- terrorism charges haven't filed against the man accused of setting off bombs in new york and new jersey. a criminal complaint says ahmad khan rahami p

i'm francine lacqua. we will speak to the evernote ceo and former google executive, christopher o'neill, about tech, productivity, and more. later, our weekly show, "brexit: what's next" ringing you all the news, analysis, and conversations around the vote to leave the eu. today we speak to the japanese ambassador to the u.k. first, let's check on the markets. we have quite a lot going on because a lot of global stocks are looking at what the ecb said yesterday. bonds also deepening in terms of the selloff after signs that central banks in new york and japan are starting to question the benefits of further monetary easing. south korean assets dropping following this nuclear weapons test in north korea. let's get to the bloomberg first word news with nejra cehic. nejra: north korea has confirmed that it conducted its fifth nuclear test on the anniversary of the nation's founding. south korean president park has strongly condemned the latest provocation from kim jong-un owns isolated regime and warns its ac

i am francine lacqua.e have a great show lined up. former boe member, charles goodhart. we will get on to the boe, brexit and the fed. first things first. let's check in on these markets. after five days of losses, european stocks are swinging a touch. they are now down from 0.1%. 1.5%.cks down we did see quite a lot of movement in the last five days. dollar rising. oil holding, i wanted to show you the swiss franc versus the euro, 109.56. -- 1.0 956. let's get to the bloomberg first .ord news with nejra cehic nejra: hillary clinton has released a comprehensive disclosure about her health. it says she is recovering from pneumonia and all of her vital signs are normal. her condition became a potential election issue when she appeared to need help entering a car on sunday. the clinton campaign has criticized donald trump's disclosure about his own health. he went on daytime tv to provide a vague view of his physical condition. the u.k. government has approved a plan to build two nuclear reactors for 18 billi

i'm francine lacqua in london with

i am francine lacqua, in london. here is taylor.obama pledging $90 million to clean up unexploded bombs and other munitions from the vietnam war in laos. he is the first u.s. president to visit laos. republican presidential candidate donald trump is committed to taking part in a debate with hillary clinton. previously he had hedged on whether he would take part because of questions about the moderators. the first debate is september 26 clinton warned of potential russian meddling is a serious concern. says that interference will not be tolerated. investing it is have come out with a preliminary report on the crash of an airliner in dubai last month. the pilot attended to take off again after briefly touching down but then crash. the weather may have been a factor. a headwind switch to a tailwind and then back again. everyone on board managed to escape. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries, i am taylor riggs. this is bloomberg. francine, tom? tom: we are going to ge

live from bloomberg's european headquarters in london, i'm francine lacqua.german factory orders increased less than forecast in july. orders adjusted for seasonal swings and inflation rose 0.2% from june. the report follows a series of data signaling that economic momentum in europe's largest economy has cooled. bayer has upped it bid for monsanto as they are prepared to offer $127 $.50 per share. if the deal goes through it would create the world's biggest producer of seeds and pesticides. in july, monsanto rejected the bid saying it was inadequate. barack obama has canceled a meeting with the president of the philippines after rodrigo duterte unleashed an expletive later of warning against the morningexpletive laden against the u.s. obama and to meet offered him some blunt advice. >> i am a president of a sovereign state and we have long ceased to be a colony. any master except the filipino people. nobody, but nobody. you must be respectful. --not nejra: global news 24 hours a day, powered by our 2600 journalists and analysts in more than 120 countries. ce

i am francine lacqua. we have a great show lined up. joining us, the chief investment officer guy months in. the first we bring you an interview with the nissan chairman, coming up in a few moments. first, to the markets. stocks rallying in europe and asia after yesterday's surprise announcement of an opec deal to cut crude outputs for the first time since 2008. that triggered the biggest jump in five months. india shares up, currency and bonds falling. india shares are having an impact after they attacked terrorist targets in pakistan. we saw a little bit of movement in the yen on the back of what governor kuroda said. now let's get straight to the first word news with nejra cehic. nejra: oil has stabilized after opec agreed to reduce production for the first time in eight years, surprising traders who had expected lenders to maintain output. crude surged yesterday after opec agreed to cut production to a range of 32.5 million barrels per day. the committee will recommend limits in november with their ran exempt. stocks in india and th

francine lacqua talking to the competition commissioner.oing to bed, bayer is set to propose a higher offer for the cultural firm, monsanto. this is bloomberg. ♪ guy: lovely london. another great day. it is like being on holiday at the moment. six minutes until the market open. it is a roller coaster ride. the markets have been all over the shop. what is going to happen today echo level -- happen today? bayer is one i want to talk about. we have a story that the german giant is upping its offer to 129. the terminal is the way to tell the story. this is the first offer, this is the second offer, this is the third offer in this dotted line -- and this dotted line -- this is where the stock is at, 106. a huge spread. this bid at 129 can be quite interesting. bob parker, what is going on here? usually the stock trades up. you anticipate more to come. you what that chart tells is investors do not believe this takeover is going to take place and perhaps they are making that judgment either because they think the regulators may ban it or they are

with me, francine lacqua.insurance company at the date is the second-largest insurer in the uk and one of the biggest provider in europe with around 33 million customers and 319 billion pounds of assets. mark wilson is the ceo. raised and educated in new zealand, spent a good part of his career in asia where he let the pan asian and sure -- insurer aia. when the parent company collapsed, aia survived with wilson and became the aviva ceo and 2013 as -- and has improved cash flow, could cause come and strengthen the balance sheet. i am delighted and looking forward to hearing your story. you have been any business for a long time, what was the most stressful moment? mark: it does seem like a long time. -- the one that sticks out is the day aig collapsed come in asia, people like you outside the window, cameras in outside -- cr se ews outside. you had regulators, governments, do?omers, what do you francine: what did you do? it was early morning. you realized this was happening. who was the first person you called

i am francine lacqua in london.om keene is in new york. bank, nowsche commerzbank, the share prices are likely to come down, despite thing dividend is up, but 9600 jobs will go. tom: it has always been the news, and it has been for years, what to do with commerzbank. it will be a good hour to inform people of the dissensions between commerzbank and beleaguered deutsche bank. there are differences between these stories. francine: you are absolutely right. they are different. this is surprising because it is after brexit. we will get more on that. bloombergstraight to first word news. here is taylor riggs. the army says it and selected heavy casualties on militants trying to infiltrate india. no more attacks or plans. the attack was in retaliation for a deadly strike on the indian army earlier this one. eight and soldiers were killed. meanwhile, pakistan denied the indian forces staged a raid, saying they fired across the border. congress has top suspending the u.s. government shutdown through the summer ninth. it put

i am francine lacqua in london. the "bloomberg's newsflash" with taylor riggs. taylor: the yahoo! data breach was worse than originally reported. the company says a hacker sold personal information of 500 million yahoo! users two years ago. yahoo! was tipped off in july when it received a report that a hacker with selling credentials on the black market. yahoo! is notifying those affected. facebook admits it has been telling advertisers users were spending more time watching videos than they actually were, which may have artificially boosted market spending on popular products. the error has been fixed and advertisers have been formed -- have been informed. that is your "bloomberg business/." tom: there are moments when the wind shifts. bring up the chart. i am sorry, francine, if this goes to the sky. i do not think it will get there. it will be interesting to see where facebook is in five years. this video-counting issue is a huge deal for digital media. with anublicists overestimation of 60% to 80% on video. this

i am francine lacqua with tom keene.erviewn with an with the brazilian president for the first time attending the u.n. general assembly. here is michel temer. >> we are setting a ceiling of government funding -- spending that may be renewed based upon so previous year's inflation i'm certain that we will be able to pass that measure before the end of this year. the other reform is the social security/pension reform which will be submitted to congress this year but will certainly be passed next year, the first half of next year. francine: it was a most interesting conversation. he inherited a country on the brink of recession and his main message is because he does not have any political ambitions, he can push through the reforms needed. tom: they have some challenges, to say the least. dollar-real, the rally in green and we are nowhere near that. as you say, he inherited this and he has to pick up the pieces. onncine: he inherited this august 31 after the impeachment of his predecessor and he says he does not have any po

. ♪ francine: this is the pulse and francine lacqua.'s get to bloomberg business flash with nejra cehic nejra: german chemical america has agreed -- german chemical maker has agreed to buy -- in cash. it said it would pay $33.50 per share for cancer a. that is a 90% premium on his friday close. it would add to its flame retardants. three brexit vote has quarters of ceos saying there would move their operations to outside the u.k. at the same time, 69% said they are confident britain's economy will continue to grow over the next year. itshe investment has closed singapore trading desk as a part of the global sake up -- global shakeup. one of the people said the 11 billion hedge fund will maintain stock in the city state focusing on quantitive research. the move comes after two dismissed part of its workforce. francine: european markets lower this morning. let's head to the bloomberg with mark barton for your asset check. mark: after the biggest weekly gain since mid-july, this selloff we are seeing today. every single industry group on t

. ♪ francine: welcome back to "leaders with lacqua."ning one of the most recognized insurers, he knows the issues facing the world, and for him climate change is a top concern. he wrote a book about this issue. this is one of your big passions. you spoke at the u.n.. how do you instill that passion via climate change or anything else to your employees? mark: it is a concern, sustainability is a key part. i call it enlightened self interest where a investor in a business that has liabilities of 30 and 50 and 50 years. if we do not do it, it would be a dereliction of duty. sustainability, if we do not get it right will be the biggest contemporary market failure of all time. business is not just about making money, no business survives just on making money. it must have a social purpose. i believe the answer to sustainability in the global sustainably goals, business is the answer. francine: have you always felt this way? mark: it was part of of bringing in new zealand where the air is clear and green, that probably influenced my believe.

francine lacqua in london, i am tom keene in new york.y of bloomberg news on selected hedge funds yesterday said let's migrate some of our business away from deutsche bank, and the worldwide reaction to that. which of bank breaking 10 euros per share. we will have much more on deutsche bank in about 12 minutes. right now with willem buiter onset, the chief economist with citigroup, we need an update on what we saw with oecd the other day. catherine mann and oecd, they got 2.9% on global growth. is that a villa look at recession? bauder look atlm recession? willem: it is not quite global recession, but it is stagnating low sub potential. it heading to secular stagnation? willem: yes. tom: you are allowed to have a longer answer. willem: the global growth is widening. there is further downward pressure on risk to real rates. you are going to have downward pleasure -- downward pressure on inflation as well. nominal rates are up. savers the world where are extremely unhappy, and the forntive to invest, structural reasons as well, is damaged.

i'm francine lacqua. friday, we round up the news, analysis, and conversations that will make you smarter about what is next for britain and europe. let's get you some of the brexit news with nejra cehic. nejra: the bank of england kept its key interest rate at a record low of 0.25%. policymakers indicated there's still a chance of another rate cut this year as they assess the potential longer-term fallout from britain's decision to leave the union. the u.k. unemployment rate stayed at an 11-year low as the economy added jobs. that is according to figures in the office for national statistics. unemployment fell to 1.6 3 million, leaving the jobless rate at 4.9%. the leader of the u.k. opposition labor party says norway offers britain lessons as it prepares to leave the union. jeremy corbyn said he's sending his foreign affairs spokeswoman to oslo to examine how officials there manage relations with the eu. norway is in the area, giving it access to the single market, but is not in the eu itself. >> it doe

i am francine lacqua, with tom keene in new york.will not split into two separate companies at this time. it was about three months ago that pfizer will not make a decision on this by the end of the year. chiefst time the executive officer spoke about this was back in august, at at the time he said they are mulling whether the drug giant is better together or apart. at the time he said there was no wrong answer. this is a company that was going through m&a. today they say with a will not -- they will not pursue a company split. tom: the end stronger at 100 and 40 -- at 100.40. this is a proxy for debate dynamics that we will see tonight. we digress this morning to what you observed yesterday -- down in flames, the jets. crushing the philadelphia eagles 3-0. i cannot figure it out. o'neill, theott bravest person in sports. what do you do when you take on the philadelphia 76ers and the resurgent new jersey devils? he drags along gregory richardson, who has experience in gaming as well. i know you are working full-time on the real world

i am francine lacqua with tom keene. here's taylor riggs.illich of the danish conglomerate -- taylor: the danish krone garment merck will split up. merck fired its ceo in june and considered -- the company says its energy unit will focus on strengthening position in the north sea. his chiefplaced financial officer. smith who isavid leaving rolls-royce. the company has been cutting costs because of the falling demand for engines powering jets. that is your bloomberg business flash. francine: let's take a look at brexit and the battle over london's role and euro clearing. london could be stripped of its ability to clear euro done nominated slumps after britain leaves the eu. the clearing of $570 billion of euro. let's get more from john the tree -- john detrixhe from berlin. what does it mean for the rest of the health of the city of london? john: that is the key question. the way people seem to be looking at this, our colleague gavin was talking to an executive about this. people are looking closely at what changes after brexit. what happens

i'm francine lacqua.riday, we round up the news, analysis, and conversation about what is next for britain in europe. this is "brexit: what's next." the u.k. factory activity unexpectedly hit a 10-month high in august as the weaker pound helped manufacturing bounce back from post-brexit slump. markets pmi jumped. the median estimate was for a reading of 49. theresa may has set out the first of her red lines for brexit negotiations. the free to end movement of people coming to britain from the european union, suggesting she's willing to leave the single market to do so. officials also said they won a bespoke deal, rather than one such as countries like norway and switzerland. a deal would seek to preserve passporting, the ability of banks to freely sell services of products beyond the end negotiations. sentiment among u.k. executives have regained after the shock. that is according to a new survey. the index increased to 109.7 in august, bolstered the increased exports and manufacturing. the weaker pound n

i will point out francine lacqua plus interviews that you will see. we will be -- i can't member who is talking to him. mike: it's almost time for hockey season. talking about the fact that people can't make money at higher interest rates, is it going to slow the economy or bad additional capital investment to the economy? julian: higher interest rates are going to encourage savings. i think we desperately need savings. take a guy who wants to set up a little foundation or something widow or something. they don't know what to do with the money. way they can do anything with it unless they going to stop. i think that is forced equity investing and it's just not a good thing. to be distinct here, the bubble or assumed level that you see in equities is very different from the nifty 50 europe decades ago. is that right? julian: yes. those stocks sort of love because they went so high. but the ones that would have been 50-50 are very cheap. tom: who do you blame for this mess? the courage seen by a lot of officials, maybe they were wrong do you blame somet

i'm francine lacqua. where just getting breaking news out of the eurozone. september manufacturing, pmi rising a little bit more than forecast. if you break it down, it is september, so it is the first measurement. manufacturing better than expected. services pmi actually worse than expected. 52.1, a pmi falling to 5 forecast of2.8. -- forecast at 52.8. in germany we had contrasting data over the last couple weeks. let's have a look at the impact on the euro. there you go. 64.o-british pound, 86.0 not that much new. economists -- are trying to figure out where this is coming from from the services side. we bring our weekly show, brexit , what's next, with conversations around the u.k.'s vote to leave the e.u. we speak to stephen lansdown, lansdown.ded any key brexit supporter. first, as quickly check on the markets. markets, i would say the rebound touch.ring out a dollar halting some of the gains. it is all about the central bank and the volatility up. we will have plenty more on the markets. let's get the first word news. yahoo! says the personal details o

mark: that was unilever chief executive paul polman speaking with francine lacqua.onnie: tonight bloomberg premieres a big series, big problems, big thinkers. hear from a series of leaders including ted turner and madeleine albright. they will focus on global climate change. here's a sneak peek. >> prosperity can work to solve .he population problem the data show that prosperous countries tend to hit replacement rates were slightly below when people do not think of their children as being their social security. if you think you need seven kids because five are going to die and you need the remaining two to take care of you, he will stay as fast as you can, but is countries have become more prosperous the fertility rate has gone down significantly. vonnie: get our first edition of thinkers," at big 8:00 p.m. eastern. ♪ vonnie: live from london and new york, i am vonnie quinn. mark: i am mark barton. this is the european close on "bloomberg markets." nine minutes left of the european equity session. luxury goods taking a big hit. you can see the shares falling today.

spokeeek, francine lacqua with the regulator whose commission made the decision.ked about u.s. tech companies that could be under scrutiny. francine: the commissioner is looking at online platforms. do you see problems in the way google or uber operate? >> have three cases. -- >> we have a number of google cases. three by now. in europe you are more than welcome to be successful and we will applaud you all the way. if you start to misuse your dominant position to prevent others from having the same flight to success, then we get concerned. that is the example of the google case. we think google is misusing the dominant position to promote itself, to stay where they are, and not to allow other people to compete with them in a fair way. uber?ne: what about >> we are looking at that with my colleague for transportation. and my colleague for single market. on the one hand, it's great innovation. it is a better use of resources. on the other hand, there are issues comparing with traditional transportation, taxis, that kind of thing. francine: you're looking at the face

i am francine lacqua let's get straight to the bloomberg first word news.: syria's foreign minister has said and internationally brokered cease-fire is still viable. opposition activists say more than 200 civilians have been killed in the past week under a sustained aerial campaign. mario draghi says european banks have profitability problems and one of the problems is overcapacity. he suggested consolidation in the sector would be an important move and he spoke to lawmakers about how to spur growth in the region. >> for the euro area to try actions are needed to unleash growth, reduce unemployment, and offer essential protections for the most vulnerable. italy's prime minister has picked december 4 for a referendum on conference test constitutional changes. it will seal his political fate. his push for the mother of all reforms is being closely watched as it seesl markets political instability in the eurozone's biggest economy -- third-biggest economy. global news 24 hours a day, powered by our 2600 journalists and analysts in more than 120 countries. i am

i'm francine lacqua. we have a great show lined up. at 9:30, we have our weekly show " brexit, what's next?" now, we speak to the italian ambassador to the u.k.. does renzi's referendum also pose the same risk as the brexit vote? then we bring you a panel discussion. post-brexite latest data. first, to the markets. we are getting breaking news out of deutsche bank. deutschenderstand the bank ceo speaking to employees. this is why we are looking at deutsche bank. 7%.all down we had this great new story yesterday saying that deutsche bank clients are set to reduce some of the collaterals on trade. the ceo writing to employees saying that market forces are harming confidence and banks overall. rdlyainly investors are ha confident in the markets. crude oil 47.15. the volatility index gaining 6.3%. let's get straight to the first word news. marcus: thank you very much. japanese consumer prices feel fo -- fell for s ixth straight month in august. a rise in industrial production points to modest third quarter gr

i want to cross over to francine lacqua.e now speaking to the vice president of the commission. charged with revising jobs -- reviving jobs across the european union. union isthe european going through a nexus tension crisis. thank you for making the time to speak to bloomberg. what is the existential question the european union should be asking itself? if you are in asia today what should they be asking of europe? >> i visited the united states just a few months ago and i heard several same questions which was whether europe will be more or less in the credit than in the moment. when listening our stakeholders expectations they expect europe to be more united and in the credit. francine: smaller? >> i don't think so. we all know written will lead the eu. we have all seen very strong want to stay in the union. listening what our member states are asking us to do. do something to create the energy market. do something to strengthen defense cooperation. better external border control. our stakeholders are asking for further in

this week, francine lacqua spoke with the regulator whose commission made that decision.bout other u.s. tech companies that could be under scrutiny. francine: the commissioner is also looking at online platforms. do you see antitrust problems in the way companies like google or uber operate? >> we have a number of google cases, actually three by now. because in europe, you are more than welcome to be successful and grow, and we will applaud you all the way. but the thing is, if you start to misuse your dominant position to prevent others from having the same fight for success, then we get concerned. that is the example of the google case. we think google is misusing the dominant position to promote itself, to stay where they are, and not to allow for others to compete with them in a fair way. francine: what about uber? >> uber is in between things. we are looking at it with my colleague for transportation and my colleague responsible for single markets. on the one hand, it's great innovation. it is a better use of resources. on the other hand, there are issues comparing w

ourcine lacqua is hosting most influential summit taking place right here in our european headquarters. we are about to hear from the deputy government at the bank of england. but first, here is the bloomberg first word news. ted losses on signs saudi arabia may compromise with iran. the countries oil minister gave the strongest indication the kingdom could reach a deal in november. u.s. government data is forecast to show inventories increased by 3 million barrels. deutsche bank shares are trading high after it agreed to sell its u.k. insurance unit to phoenix group. the ceo has told the newspaper that " capital is currently not an issue. and accepting government support is out of the question for us." the government has come under increased pressure. payl bank of scotland will claims iton to settle sold faulty mortgage backed securities to u.s. credit unions. the agreement closes lawsuits filed on the half of two credit unions. rbs has not admitted fault and says the cost is covered by provisions. two senior partners at goldman sachs in asia are said to be a discussion about leaving

eu competition commissioner speaking to francine lacqua. still with me is alex who covers apple.r a lot of ground. i want to focus in on google specifically. google has multiple challenges facing them in europe. they are not happy about it. businessese's aggregating content. you go to google to look up a news story and it shows you a news results. you go to youtube to find a video, it will give you those results. the problem is a lot of the way a lot of songs sneak into google youtube results for example and there is no sort of commission paid to the office and that, as far as the european commission is concerned isn't fair. i am sure there are things you looked up and says you cannot find a song initially because it says for rights reasons it cannot be here and you look deeper and it is on the second or third page. there is stuff always sneaking in. they are proposing a law that the parliament would have to vote on which would mean google have to police every single video to check if there is content which contravenes rights rules. they are saying this is completely unfeasible.

the full interview is in the latest edition of "leaders with lacqua," one you don't want to miss.ainly do not. but we are going to focus on the banking sector. the federal reserve has urged congress 2 -- caroline, pick up that.and read i lost my mic. caroline: the agency push for limits on wall street's ownership of physical commodities. for more, we are joined by michael moore from the bloomberg news financial theme. take us through what exactly is being proposed here because it looks like they are saying the goldman sachs business model, they don't like it. >> certainly, a large chunk of what goldman sachs does, and some of the other banks as well, the federal reserve can't remove this merchant banking exemption in the u.s. by itself. so, that is why it is recommending to congress it would like to see it do it. but putting it in congress' hands makes it less likely than just the fed enacting some regulation. this could be a drawn out process, as you have seen by just the fact that this report itself that the regulators produced was supposed to come in 2011 and we are just now ge

i am francine lacqua. we have a great show lined up. joining us

i am francine lacqua in london and tom keene in new york.om: michael mckee turning over to a no denver broncos. also watching the presidential race. there is a real new wants. michael: donald trump had by what conventional measures would call a bad weekend. his economic plan widely panned. joe stiglitz giving him an f on economics. no surprise there. it is an adult. that's it doesn't add up. -- it doesn't add up. his trade plan would cost 4 million jobs. friday he had a news conference which he used for an advertisement for his washington hotel. and then the whole thing when he reversed himself saying he lied about obama and the birth of thing. then friday he went out and said this arm hillary clinton's secret service. tom: is he running this campaign? or is he running to these two key officials? it there is no question he is running his campaign but they seem to be setting off his rough edges. a week from the today -- only from today, the debate is going to set the stage. tom: michael mckee with a quick update on the campaign. it is histori

francine look off -- francine lacqua is in london.nomics is the grinding out daily of reports. nobody did it better than your colleague, robert mellman. watching froms his home in the berkshires. he was an amazing colleague appeared tom: the crucible of friday afternoon. lousy.fee is everyone is out the door and you guys are at the desk grinding this out. how do you put together a report? >> we are working on a global report that is 85 pages long each week. we are spending an enormous amount of time to get something that is coherent and comprehensive. thursdays and fridays are heavily driven by that process. absolutely extraordinary how this gets made. it keeps us smarter. we need to get smarter about jobs. what will you look for at 8:30 a.m. ? get a payrollwe somewhere near the consensus, you have to think about the three-month moving average being somewhere in the 225 or higher range. that is near the upper end of what we have seen during this cycle. that is something the fed will be focusing on. report.eaken the they start looking

the finance minister described the growth rate to francine lacqua.n't decided on for next year. context of the competitiveness factor. the good news for the finnish year's economic growth is now expected to be positive 1.1% according to the ministry of finance. , the bank released its forecast for 1% growth, double thatreviously expected -- is not brilliant, but it shows structural stagnation is beginning to be over. -- it isrning the page not easy, but we have consensus that we have to restore our competitiveness. in thesame time, invest sectors with more potential for future growth. francine: item has a question. -- adam has a question. you see the issues in that context of tax competition or regulatory competition? ollie: excessive competition would not be beneficial for europe. it's important that we don't overtax our companies. in finland, we've done some improve our taxation. that will lead to results for the whole of europe. would hope thei u.k. government would not try to enter into a race of tax competition. mark: finland's economy minister

joins uscine lacqua from london on the back of that exclusive interview.wantk of this, certainty. where is that going to come from? the backdrop of that conversation is a meeting of european leaders in berlin. what is going to happen there? francine: we are having the same conversation that we were two months ago, right after the brexit vote. we are none the wiser about when theresa may will invoke article 50. -- only are the ceo's countries, it was very telling that the g-20 in china, japan drafted 15 pages which they handed to the u.k. government, saying this is what we need to make sure that our investments in the u.k. stay there. that japan0 jobs contributes in this country, and it is the billions of pounds it is of manufacturing that japan has in the u.k. there is uneasiness. i know it is just the start of september and we need a plan b. but the data says everything is fine and the u.k. the pressure from japan to the u.k. is significant. prime minister may took a beating with the g 20. but in terms of who has the leverage, in terms of economic data ri

satceo of credit suisse down with francine lacqua earlier in london and discussed everything from brexito bank consolidation and capital concerns. tidjane: under most foreseeable scenarios, we don't need to risk capital -- that would not be wise. level.at a comfortable there was a lot of debate last year over whether we should sitting at 11.8 today, i felt it was the right decision. when i want to provoke, i say i'm not smart enough to run the bank at 10%. you need to have perfect knowledge of the future and perfect execution and i have neither. it's good to have a buffer is you can operate and manage. we sell too close to the wind -- francine: do we need consolidation in european bank industry. i was interested by mario draghi's comments saying there were too many banks in europe. look at wells fargo and bank of america and jpmorgan, i was involved in one of the largest mergers in america and those banks have been created largely through mergers. costs, extrapolate synergies and cost cutting is very significant and you create a more diversified, more stable organization. the differentia

i'm francine lacqua. let's get to bloomberg business flash with nejra cehic.ra: australia's stock market was hit by a series of glitches. traded started more than hour late. i was followed by two for the outages after investors were unable to why some shares. issues come as markets are braced for u.s. and japan's central banking -- lehman ceo says the geopolitical term of its could -- geopolitical turbulence could crimp orders and 2016. after --e everyone is maximus capital spending. there is a lot of uncertainty basically -- the geopolitical titans of the world. 2017 will be another complicated year. are upnoble group shares after the commodities trader says it is seeking an investor is on track to raise $2 billion and also warned it could be another two years before return to profit. in number of factors including a commodity rout, a second-quarter loss have caused the company shares to slump. that is the bloomberg business flash. francine: thank you so much. oil is on the rise. it has rebounded. that is after clashes in libya halted what would be the first

francine lacqua is at the european parliament.r.cine, how much has juncker said about brexit today? francine: he has touched on brexit. he reminded everyone the same political line that there will be no cherry picking. this is not an a la carte menu that they cannot decide to curb immigration and have access to the single market. this the first time that jean-claude juncker and just parliament post-brexit. -- juncker addressed parliament post-brexit. he is trying to regain a little bit of credibility by saying i am sad, this is not the end of the world, but it is an introspection. markets very much on the frailties of europe, on the fact that it is an existential question on whether the european union wants to integrate more or whether it disintegrates. he is very cautious. he talked a little bit about brexit. he reminded article 50 is not triggered yet. he says again, the eu will stay together, but it was not as optimistic as i thought it would be he was very cautious. mark: did he say anything about fiscal spending? francine: he

i am francine lacqua in new york with tom keene. we talked about the bank -- the bank of