francine lacqua is there. francine: good morning.est, director of the italian public finance monitor and a professor. think is a much for joining us this morning on bloomberg. yesterday or the day before you seven speech on today's capital sins. what will happen to public finances, depending on what kind of government we have? >> we don't know yet. we can't know what we are going to have. i think it's those who won the .lections or a fairly large increase in the debt. -- there will be a fairly large increase in the debt. uncertaint. is more that is what i'm afraid will happen. we will not see a decline in the fiscal deficit in the future. francine: what is that mean for the european rules? we could be in a spell of trouble economically. carlo: the european rules, i think they have been stretched as much as possible through the six ability has been given. -- through the flexibility that has been given. i think the winners of the elections will try to have a change in the rules. factoncerned about the that the debt is high in italy and

i am francine lacqua here in london. banks and the markets, the latest fed minutes show a slightly more hawkish fomc, leading to a faster pace of tightening. several members noted a stronger outlook for the economy, saying that the appropriate at over the next few years maybe steeper than expected. what does a hawkish fed meat for -- mean for investors and markets? me.ve two guests joining let me kick it off with you. what did you hear the fed say? a little bit more hawkish, treasuries moved on the back of it, but of course there also -- they are also focused on geopolitics. >> the interesting takeaway away from yesterday is that the fed has moved away from the 2016-2017 narrative where they were concerned about potentially low inflation persisting for a long time. moving away from that and now moving towards really the risk that potentially the economy could overheat in the next couple of years. they are going to have to be willing to raise rates gradually still, but gradually in order to potentially prevent the economy

i'm francine lacqua.m excited about speaking with the chief executive of credit suisse. i want to ask in what comes after the two year plan. it ends in november. clearly have the update on where he wants to cut costs? of thee immediacy consolidation movement. i want to compare them with deutsche bank. it is an important conversation. francine: let's get straight to the bloomberg first word news with taylor riggs. taylor: just breaking, china granted an additional fund. as leaching steps up the efforts to open up the $40 trillion financial sector and ease capital curbs. the investor quota was bumped to the firstlion, increase since march of 2015. macron says the effort to salvage the iranian nuclear deal might not have moved president trump. president trump called it a new deal with solid foundation. that did not appear to overcome to president's opposition the existing agreement. president trump's choice is not giving up the fight. according to people familiar with the matter, the white house 's selection

i am francine lacqua here in london.se are your markets. european stocks gained 0.5%, lower than eur u.s. futures. euro-dollar unchanged. actually and up not being the full on trade war. you can see it in little bit of an impact in the u.s. debt yield 2.28%. coming up on "bloomberg surveillance," we get an georgia's --ke on 's choice, hans christoph, rupert harrison, and adair turner join us. mel is to check with nejra cehic. nejra: lenders should be faster at making decisions. deutsche lite version was previously head of the bank's arms, replacing john cryan. they have seen three top leadership appointments in six years amid pressure from investors to improve stability. election to become prime minister of hungary. the two thirds majority at won in the previous elections. the block between the u.s. and china could leverage the role between the largest markets, polled the role of national trade. he spoke to bloomberg at the workshop in chernobyl. it is involving ,nternationally agreed rules and that is within wt via. jus

i'm francine lacqua in london.his is what the markets are doing and we are getting a little bit of manufacturing data out of the euro area. pmi's a touch below forecasts. that rises better-than-expected. this is really what i'm looking at. it's the 10 year treasury yield. it's close to 3% and the trend is going that way. the dollar also holding on to last week's advance. i'm also looking a pound. this is for a simple reason. we won't hear a soon as you want to will hear about the customs union and what theresa may plans to do with that. the not really proving on -- not really moving on the back of the pmi numbers. coming up on bloomberg from thence, we hear executive and then little later we have jacob frankel who is the chairman of jpmorgan international. then jeff curry from goldman sachs. let's get straight to the first world news. emmanuel macron and washed and later for the first state visit of doldrums presidency. he will be leaned on to take off the america first policy. his record of consider -- of securing

mo ise shores of lake co francine lacqua. cernobbio?s a popular town not only because george clooney has a house next door, but one of the most renowned economic backdrop for weddings and i think "star wars" was shot here. people come here to talk business and finance and it's very academic. you get a sense of what academia thanks through the models the world will go. out set to be on trade and tariffs. tom: scheduled to be joining us here and trade front and center. let's get started with that on job stay with first word news with taylor riggs. taylor: a war of words over president trump's tariffs escalating today. china is promising to go to the end and at any cost. hispresident is ordering administration to consider an additional $100 billion of tariffs on chinese goods. that is forcing people to reach a deal to stave off the conflict. the trump administration will send as many as 4000 national guard troops to the border with mexico. the plan is for them to stay there until president trump's long-sought after wall is built. that a tr

i'm in washington today with francine lacqua in new york.tional relations and the politics of the moment, but there's also earnings season in the markets. with us in washington is luigi zingales and his definitive book on modern american capitalism. joining us in new york is kate moore. where an income statement -- in the income statement -- are you focused on nominal gdp and the spirit of revenue growth or do you go down the income statement to cost-cutting and maybe sustained a better margins? what is it? kate: there's a ton of stuff. the top line and you will see which companies are continuing to grow the revenues. this far into the cycle, i think that's critical. of also watching how much slightly higher input costs and perhaps some percolating inflation is flowing through in margins. guidanceies are giving and expecting that to happen impact over the next few quarters or years. probably the most important thing i'm watching in earnings season -- and i think this is true of a lot of investors -- the guidance that a lot of companies are g

beh of those gentlemen will joining francine lacqua in italy.ns coming up later this morning. in the afternoon european time we will hear from larry kudlow. with the kudlow come back for equities yesterday. , and how he say today will that turn equity markets around? >> u.s. president has said the deal may be reached on nafta. while playing down expectations the announcement will come next week. trump wanted an outline leaderst so he and the of canada and mexico could make an announcement at the summit of the americas which starts next friday. justin trudeau said yesterday the nafta talks have picked up momentum. a brazilian judge has ordered the arrested of the former president a day after his appeal against impressment was rejected. he was convicted of corruption and sentenced to 11 years. he argued he should not be jailed until he explored every appeal. the supreme court denied that. it does not rule him out of the running for -- for the election. it is unlikely he can return to power. malaysia's prime minister has dissolved parliament, trigg

our thanks to francine lacqua and tom keene.oming up, tech is under pressure as chipmakers enter a third day. this is bloomberg. ♪ shery: this is bloomberg markets. vonnie: witness in tech is dragging major averages lower today. treasury yields are much higher and on track for the biggest five-day against since february. chris wolfe, chief investment officer what management joins us now. it is an interesting take from someone in private management nursing the first part. -- >> we think the rest of the year is in a good range as well, sales are up strongly, and it looks at a good profit story come up with other side of the coin is the pe multiples and valuations that have come under pressure. we are sent to see signs of twolation pick up, and the sta things are going to pick up and that is what to be a bumpy ride. shery: your chart shows your multiples have picked back in january, so is that expression leading gains, and will it rely on earnings? could it be positive but smaller returns? chris: i think that is the best take. lest

i'm francine lacqua from london. the u.k.cretary has resigned following allegations she misled parliament over targets for deporting illegal immigrants. she's the fourth member of theresa may's cabinet to quit in six months. hate the way for a harder brexit? we are joined by bloomberg's brexit editor and our bloomberg u.k. fx reporter. all, this is amazing brexit column. you tablets, key departure. was pivotal to theresa may. for a long time she's been a very loyal ally. mei trusted her to take over the home office where may spend many years. the and not only within the cabinet but within the inner brexit war cabinet. delicate balance between remain as and levers. we will look carefully at who will try to replace her. she was not only trusted by may but someone in that potentially a future as a leadership candidate. we don't know who is going to replace her but the mathematics says the balance between the sides will be important. even though we only have a year to go, we still really don't know what the trading times will loo

i am francine lacqua here in london. these are your markets.ou can see european stocks gained, and the banks are fluctuating. the stoxx 600 bank in europe is pretty much flat. 1.2164.lar is oil is gaining. we hear from the barclays chief executive in an exclusive interview. we will be talking to the riksbank governor after the central bank pushed back its tightening cycle. guy johnson will be speaking to the new deutsche bank cfo after the bank announced its downsizing program. we will get to that and a second, but first let's get straight to the bloomberg first word news. >> deutsche bank plans to cut back its investment bank to save costs and focus on european clients. germany's largest lender said it would scale back rates and trading, reduce its corporate finance business in america and asia. that came as it reported first-quarter net revenue of 6.9 8 billion euros, missing the lower analyst estimate. we will be bringing you an interview with the deutsche bank cfo later this morning. emmanuel says he thinks his u.s. counterpart will withdra

let's go to francine lacqua at the imf spring meeting in washington.ine: i am delighted to be joined by the french finance minister, mr. bruno le maire. he joins us to talk about reforms, tariffs, trade. thank you for giving some of your time to bloomberg. how worried are you about trade tensions escalating into trade war? >> i am because there is a risk of having a trade war between the united states and china, the u.s. and the rest of the world. i think we should do our best to avoid that kind of war, which could lead to less growth, less employment, and more job difficulties. francine: in the more immediate you are urging the u.s. not to impose tariffs on steel. >> of course. we cannot expect france and europe to be hit by new tariffs coming out of the united states. what we really want is permanent exemptions for the eu of the new american tariffs. we are allies. we cannot understand a policy which might jeopardize growth and private companies in france or other european states. we are waiting. i want to be very clear, we are waiting for full exemp

for francinen lacqua in london.ndon, follow up to the carnage yesterday? guy: not really. and we saw this in the asian markets, as well, and towards the back end of the session, asian markets turned round and that limited the losses in europe. we are down but not that hard. tom: i do agree there is a good amount of stability as we speak are you right now, -- as we speak. right now, we are stable with first word news. taylor: president trump threatened to push out of nafta, but now will announce a new deal next week. the white house wants canada and mexico to join in unveiling broad outlines of the deal at a summit in peru. details will continue. there is a report the white house considered firing the environmental protection agency and ministry, scott pruitt. he is thinking on now because john kelly is waiting for an inspector general's report on his travel. he is under fire for extensive travel and talk of security. france is being hit by strikes over the president's labor reform plans. unions planned their biggest

francine lacqua is there with the colombian finance minister, mauricio cardenas.. the colombian finance minister will give us the flavor of what will be talked about. mr. cardenas, thank you for joining us. a lot of the talk will be on trade-in tariffs. what does that mean for your region? but the longest-serving finance minister in your region, and do u.s.-chinahat the trade war will hurt the economy? mauricio: we are and we are concerned. there was a summit a week ago. leaders talked about this. this is a main concern for many reasons. one, the u.s. market. u.s. market is very important for many of our economies, including columbia. so, any recent tariffs in the u.s. will be discussed. also, the fact that there will be a trade war, and the response from other countries, will also mean protectionism in other parts of the world. where will this end? there will be more products coming into the market and lower prices. francine: do you think this will be a trade war, or is this just a president who wants a deal, or rattling the cage? we don't know where it is going

alix: that was francine lacqua speaking with tidjane thiam. here in the u.s.mccaughan. he favors u.s. over european equities. i wonder if this is part of why? the surprise is economic index for the eurozone, the white line is euro-dollar. have we factor this into the market yet? i don't think entirely. there will be a stronger tone to the dollar because of a differential in interest rates. you will not see much of a move on interest rates by the ecb. they are not ready to get away from the very accommodative monetary policy. is partency therefore of this. i don't totally trust the european recovery for two reasons. one is the european banks which are not well enough capitalized to create credit, like the u.s. banks can. wasought tidjane thiam pretty impressive in that interview. he was taking credit suisse back to its roots. they can be one of the world's best world -- wealth managers. basically the subtext was they will stop trying to be goldman sachs. i think that is a wise thing to do culturally but nevertheless european banks will suffer from a lack of abi

i'm francine lacqua in london. let's get back to politics.ts are still more than six months away from the november elections. one third of the senate is up for grabs. the guess is that the democrats more wantinge with a democratic congress then the ones wanted gop to hold onto power. the poll does not show knockout numbers for democrats a lot can happen. whatever the result, speaker of the house paul ryan plans to retire. the result likely to be and what does it all mean for the markets? and are sheets is still with us. morris joins us. when we begin? what do you know -- what do voters in november cap about. morris: they always care about pocketbook issues. what are you doing for me, that's when you win. at when the democrats focus on the voters and don't talk about trump, they do well. this is the most fascinating thing in the world right now. look at it from trump's perspective, he probably wants to go all in and lose as much see can because if you look bad a quick -- look back at clinton or obama, they lose everything in the midterm and th

today, on "leaders with lacqua," we meet mohamed alabbar. thank you for joining us.ou have built a conglomerate, a company that has multiple interests, multiple units, multiple portfolios. did you diversify because you saw an opportunity, or because you had to? mr. alabbar: i think looking at and thele east industries that i went in with my team, we saw amazing opportunities in the middle east in these sectors, and i'm glad past two ofough the years have been difficult, still these businesses are operating well. definitely, there's opportunities and sectors with long-term growth potential. francine: where do you see the most growth coming from? which portfolio or part of your business will do better than the others? region isr: the food operating well, especially with the food delivery business, which is another story. e-commerce business is something that is very, very interesting. that isan amazing team also growing quite fast, but even with this growth, one has to be realistic as well. you look at this growth and look at what is going on in the middle east and gov

francine lacqua and lending and tom keene in new york.n a book that is important. people are emailing me they are buying your book off of amazon right now because they want to geo back and get bored by david ricardo. there is a grave review on your ravera -- there is review on your book treatment history does president trump need to read? perhaps he should be the other book, the entrepreneurial state. i don't think people appreciate how unique he is. he is the first to go after the object royal organizations in the u.s., the drivers of innovation in silicon valley. ronald reagan increased the budgets of the innovative states and decreased the welfare states, problematic. trump is the first to go after organizations, like the sister organization of darfa and the department of energy going after and notn resolution, only are budgets being attacked as irrelevant. francine: let me bring game -- i am going to jump in to bring author, professor and known for the most watched ted and we put you in together and i know you know each other and read

from washington, francine lacqua and tom keene.ne: good morning, everyone. we have live pictures from washington. there is good weather, that's a good sign. good morning to you from washington. this is the second day of the world bank imf meetings. we are hearing from the may.sman for theresa the u.k. is confident of reaching a solution on the irish border. this is one of the sticking points when it comes to negotiations. we don't know what they are thinking yet. tom: it is really giuliani's new york and the former mayor will give us assistance to his good friend. he will provide legal counsel to president trump. as mentioned earlier, he will not go a through a confirmation process. washington,ack to we are thrilled to come to you from our washington the studios and radio. byis a washington transfixed fiscal policy and debates as well. this is over the trump administration. mr. pompeo is front and center this morning. francine: we will get to u.s. politics, let's get to the first word news. taylor: president trump no fire robertxio

francine lacqua will be back in the chair.nning and will join me on bloomberg radio and just a few minutes. this is bloomberg. ♪ . . ofncine: new man at the top deutsche . christian sewing takes over. investors welcomed the new executive. president'sse response to the this is bloomberg. ♪ -- to the tariffs threat. and we are live in budapest. ♪ good morning, everyone,

francine lacqua will speak with the ceo later on.sed with his. -- he must be pleased with his pivot. the bank has been under pressure. they are three years into 84 year restructure. happening you what is . underf the nordic banks pressure this morning. it is not a positive picture for the banking sector. the nordics are feeling the pain. let's get a first word update. >> emmanuel macron was to negotiate a new agreement with iran. that came after president trump warned iran not to restart its program, even if the u.s. withdraws from the 2015 accord. >> i believe we have common views, we are not in a vacuum. we should not terror apart the jcpoa. it would not be a good solution. you was treasury secretary steven mnuchin will head to china to begin talks on trade. issident trump thinks there a good chance of a deal being done, but if not trump says his tariffs on billions of dollars will take goods effect. the european union will offer britain awill offer deal and would listen to you kate views on trade policy. an eu official said britai

i am francine lacqua. to the bloomberg business flash. >> francine, london stock exchange group has hired david schwimmer to run the 217-year-old board. he will join the group in august after a 20 year career and goldman. he takes a -- at goldman. he takes a one of the highest profile jobs -- he takes up one of the highest profile jobs. sage group has said that growth will be hit by decline in recurring revenue and a drop in sales in its business housing shares to tumble. as a result, 2018 for your guidance has been revived a full percentage point down. age is transitioning to substitution model attempting to get new customers to purchase new cloud-based products. donald trump has alerted the -- at thef the tax united states postal service. it is a move that could affect amazon. according to the order, the postal service has lost more than $55 billion over the past -- the taskericans force will be led by steve mnuchin or his designee. bitcoin has added biggest december.urst since possible reasons include t

francine: let's bring in francine lacqua in london. like a 2007? different because you had a new young? north korean leader bill -- bill: the difference here, you have who was a shrewd operator. frankly, the chinese have had a hand in this, because when they agreed to go along with the sanctions, particularly on oil and gas, it made a big difference. i was saying that a long in op-eds. that has brought him to the table. we have to see now how the rest of it goes. in any future peace talks, they need to include china, japan, and the u.s.? you: the chinese are talking about reviving the six party talks and that includes all the ones you mentioned including russia. the question is how is this all going to inst -- unfold. stake hereot at including all of the japanese that are kidnapped over the years. you have a lot of interested , not to speak of our own president to you have to give credit for in the sense of taking a tough line, pushing on sanctions with the chinese. where do we go from here? i would like to be with my friend steve, who

abigail: this week, francine lacqua sat down with ims managing director christine lagarde, meeting inlin where lagarde gave a speech on strengthening the european union. she says integration is still short of what is needed. >> why has it been so slow? >> i would not say that. in times ofthat crisis, when there was necessity, they eventually moved very fast. the euro area was clearly incomplete and needed to be strengthened. they put up a firewall, reinforced the banking system. to a closer came accountability, but it is still short of what is needed. talk, moreore accountability, and more to the point, they need to strengthen three things. the capital market, the banking union, and the central capacity that will signal to the rest of the world that they are shoulder to shoulder together, and will face the next crisis. those points, especially the banking and capital markets union, it has been in the making , but will we get a real capital markets union and banking union in our lifetimes? >> in your lifetime? yes. in mind, probably. mine, probably. i think -- are getting close. think

spoke with francine lacqua earlier and discussed who could lose out if oil prices keep rising.ices significantly higher than now, it may have some consequences. not to be also desired, there is a subject -- or, increase the oil production. production,re oil so it stabbed pushes producers. i will be rude and ask you about price. what is the iea calculation of in aeopolitical risk barrel of oil right now? how many dollars per barrel is it? i cannot give you a precise number but i can tell you the increase in oil production must have been enforced in venezuela. seee look at mass today, we -- which has been a major oil exporter. it is becoming imported oil today. for venezuela. the research on the responsiveness or reflexivity of how russia makes or produces oil ? if mr. putin needs oil revenue badly because of sanctions here and sanctions everywhere, does the stick it work? fatih: you are perfectly right. the russian economy is very much indexed to oil revenues. down, theenues go russian economy will get hit for sure. we'll get to oil today and we see the russian oil russian is re

francine lacqua is at the imf in washington with a special guest.rancine: we are here in washington for the imf spring meeting, and probably my interview of the day, of the week, to be joined by mr. ilan goldfajn. thank you so much. >> thank you for inviting me. francine: a lot of the talk, behind closed doors will be on tariffs and trade. how worried are you? a bit ofis quite measures we are taking from one side to the other. the market is unsure about these type of interactions. they call it trade wars, but at the end of the day i help they end up settling. francine: brazil is in a unique position because it is under u.s. influence. your biggest market is china. could you benefit from a trade war between the u.s. and china, where you would have no role to play? francine: we got this type of question -- >> we got this type of question, but nobody will benefit. what we believe is in trade opening and it will benefit everybody. even if there is not a full-blown trade war, just the fact that the u.s. opened up the possibility, do you think trade with

monti's might that a trade war has begun, and the former a tie-in prime minister spoke with francine lacqua i in a trade think it is there with possibly a looming expansion of a trade war. willurse, the consequences be very negative throughout the world. the trump administration has given europe a waiver on steel and aluminum tariffs, but the waiver expires on may 1. fema administrator says it will take up $50 billion to help rebuild puerto rico following hurricane maria. he said the goal is to make the islands bridges and electrical grid as strong as possible but noted officials are running out of time because the next hurricane season against june 1. more than 50,000 people remain in the dark six months after hurricane maria slammed puerto rico. toanizations that pledged provide over $11 billion in loans and grants to help lebanon. the conference in paris also aims in ensuring the money is well spent in a country hit hard by the syrian war next door. french president emmanuel macron paste the efforts as crucial to building the conditions for a sustainable peace in the middle east. lebanon

coming up tomorrow, a special edition of bloomberg surveillance, francine lacqua and tom keene live inngton and will hear from the leaders and economy ministers, starting and:00 a.m. hong kong time 2:00 p.m. in new york. this is bloomberg. ♪ haidi: we are getting ready for the final day of trading -- going into the trading session, teachers looking negative. in most asian futures tracking the clients from wall street earlier. julie: it is 6:30 p.m. in new york and you're watching "daybreak australia". let's get the first world news with courtney collins. miller iscap ceo greg stepping down as the fund manager as he apologizes for what it calls misconduct and failures. and admitted his leading and like the australian security regulators overcharging customers services they didn't receive. analysts say the entire board will have to step down and amp may face class-action lawsuits from investors and advisors. bloomberg's talk at president trump has been informed that he is in the target of any part of special counsel robert mueller's russia investigation. sources say rod rosenstein pulled

i am tom keene and francine lacqua is with us to start a wonderful week.ng up, focusing on global growth and also on macroeconomics and the biggest risks. we will focus on trade wars, tariffs, and a possible slowdown. tom: and the dynamic of china. gideon rose will be with us, and really looking forward to the meeting tuesday through thursday. we have the real economic outlook later this morning. right now, here is taylor riggs. taylor: a setback for president trump in the fight over his lawyer's records. a federal judge rejected the president's initial request to keep prosecutors from immediately reviewing evidence seized from his lawyer michael:. the judge in the -- michael cohen. the judge have indicated he appointed an outside lawyer to help. consumer spending is stronger. gdp rose from a year ago, in line with expectations. retail sales rose to better than expected, 10.1 percent in march. industrial production shows signs of cooling off in china. friends's president -- the french president is warning about national -- to tell out this deadly illusion,

francine lacqua in paris. and the of syria continued military possibilities. distraction from mr.l-suited mark zuckerberg is darkening the door of capitol hill. maybe they and most certainly their staff have looked at bloomberg is this week. very quietly on the cover is volkswagen. is a smally inside matter involving mr. zuckerberg and involving facebook as well. read a little bit. they go out and find the morons for me. she has called me a more on for over a decade. we welcome carol massar. this is quite a read a little b. they go out and find the morons for me. story that is obvious but it's not. >> this is about getting more transparency about social media. zeke fox.ng in >> affiliate marketers are middlemen who buy ads for products they don't own. amazonuld be products on or in a lot of cases it's a scam like a diet pill that doesn't work or a brain felt that promises it will make you a genius in a minute. all sorts of expensive things that built consumers out of their money. let's bring in the facebook picture. what's the facebook connection with affiliate marketers? >> all t

nce,"xt, it is "surveilla with francine lacqua. type radio on your bloomberg.fi is fast. i know! i know! i know! i know! when did brian move back in? brian's back? he doesn't get my room. he's only going to be here for like a week. like a month, tops. oh boy. wi-fi fast enough for the whole family is simple, easy, awesome. in many cultures, young men would stay with their families until their 40's. francine: the 10 year yield is hovering just below 3%. a new chief executive is set to be considering back at of cash equities in the u.s.. and support for pompeo. divided senate committee votes for the cia chief to be the next secretary of state. does this mean for u.s. foreign policy? ♪ good morning, everyone and welcome to

bloomberg's francine lacqua after first-quarter results beat analyst estimates.is a part we love and want to grow. this is what we don't want. said, we'll get rid of it. what is left is the credit suisse we love. we will drive forward the credit love. we a great story. francine: so you'll increase jobs? i passionately believe closeganizations need to to thrive, like oxygen. i hope we can create jobs and become more successful than we are now. francine: grow all your units? will they all be equal? beat everyone -- in asia, the growth is significant. the first quarter profits were enormous on a business of that scale. yes, absolutely, we hope to grow and increase in multiples. : do you see you growing in parts of the world where there's over banking? overcapacity in certain segments of the market. but i think it takes a long time. ,onsolidation is hard to see for reasons of regulatory and financial. francine: do you think that is changing a little bit in europe? i think the regulatory and clitical complexities of ross-border transactions outweight the benefits, but

up next on bloomberg tv, it's "surveillance" with francine lacqua. this is bloomberg. ♪ retail. never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. this wi-fi is fast. i know! i know! i know! i know! when did brian move back in? brian's back? he doesn't get my room. he's only going to be here for like a week. like a month, tops. oh boy. wi-fi fast enough for the whole family is simple, easy, awesome. in many cultures, young men would stay with their families until their 40's. ♪ >> skyrocket. -- commodities skyrocket. alcoa says it does not end there. inversionard says an could come within six months. the flatten continues. with.k. is up house notes the customs union, we will speak to shadow chancellor john mcdonnell. ♪ >> welcome to

we spoke to francine lacqua -- jpmorgan says stop using capital in the united states, saying missingost revenue targets is damaging for the bank. we will analyze how corporate investment banking works in a difficult environment. all things for all people does not work -- is this the man that can emulate tidjane thiam, sergio ermotti, and outperform john cryan? those are the key issues. we have matt miller on the ground later. trade. you have novartis, deutsche bank. let me talk about that. this is the chart we have put together, dtv is where you can get it. china says we do 3 billion, then it says 50 billion. they can get away with 3 billion, but if you mix and match you actually physically run out of product to put tariffs on. so where do you go? china says it will fight back. we are on the ground for that. for trumpet is about the art of the deal, his tweet is what moved markets into risk on fervor this morning. nejra: he absolutely dead. an important chart. if china can't use tariffs in the same way, what other measures might it take? the selloff on friday, the 200 day moving aver

i am francine lacqua in london.

trade is at the top of everyone's mind, and our own francine lacqua was there and caught up with thenance minister to get his thoughts of trade wars. australia, we are always optimistic and believe the world is a better shape economically than a few years ago. i have been coming to this meeting for some time now, and the first three years in this job -- the imf what downgrade the global growth outlook in every meeting. we now have three upgrades in the global growth outlook, so overall things are looking up. in the u.s. and europe, and from an australian print of you, stronger growth in other parts of the world -- we're globally focused and open trading economy, we do business with the rest of the world. the rest of the world is better, we do better. are heavily dependent on china, your biggest export country, and you are dependent on the u.s. mathias: we have a strong economic relationship with theand china. from our point of view, there is no such thing as a trade war, and we don't believe there will be a trade war. we believe some issues have been put on the table. i think the iss

matt: the swiss national bank president thomas jordan speaking with francine lacqua.ng, the taken the euro so long to get back up to the level it was before they put their caps on. really, the beginning of 2015. dollar-swissie came back right isy and the u.s. dollar almost -- also important in terms of trade for switzerland. anna: part of the story with the euro swissie is around 1/10 of the euro and the recovery of the eurozone story. a reform story there, we talked about that with james. stephen engle is joining us from hong kong, with the chairman and ceo of the alliance and chair of mitsubishi mortars -- motors. >> thanks. let's get right to our conversation with carlos. thank you for your time on bloomberg television. obviously a priority for you up until 2022 is the alliance 2022 as you are going to boost unit sales to 14 million, double synergies, get more easy's, but you have this other challenge floated out there -- superfine or altering the very complicated cross shareholding of the alliance. why undertake that while you are trying to do this other ambitious

for abramowicz is in francine lacqua. we look for later this week.riday. the single best chart and we are advantaged with marc chandler with us. this goes to the presidential review of mexico. i haven't shown this chart in a while, which is dollar peso. election presidential in the united states, here's all the dynamics. member the debates and all that? peso and then we come in. can you make alpha, can you make trumpian alpha with dollar peso in the next year? mr. chandler: the market is saying trump. tom: the world is going to come to an end. mr. chandler: the mexican peso is one of the strongest currencies in the year. despite having the far left candidate running well ahead of the polls. populist in the u.s. might be causing populist on the rio grande. tom: i want to show this on the single best chart right now. this is the mexican peso strength and the rollover to new strength as they go into elections. lisa: the mexican peso gained about 8% so far this year against the dollar. how much more does it have to run? mr. chandler: i really think it's

the president addressed the currency challenge in an interview with bloomberg's francine lacqua in washingtonovervalued. we start to see a correction after the elections. below 120,k dropped something we haven't seen since 2015. >> it goes into the right direction. overvalued swiss bank, now we saw corrections. the corrections continue. it is exactly what we expect. there is no need to do anything regarding monetary policy. francine: is a psychological? do you think it will change their minds on how they view it? >> it is hard to say, it is a fragile situation that can change from one day to another. we remain prudent. francine: when you say it can change, is there something else you think can make it go the other way other than trade war? >> markets react quickly to changing sentiments. it could be north korea, or something else, russia, europe, russia and the united states. we have a very distant -- we have a very different situation than. francine: do you think markets are functioning in general very differently to what they were five years ago,? >> a couple of years ago we had this big re

coming up on surveillance tomorrow, francine lacqua, one of the best gigs, internet via -- she will be at a workshop. a nice place to be feared starting at 4:00 a.m. and 9:00 a.m. in london. this is bloomberg. ♪ tom says good morning. guy johnson with a derivative chat. , i insist edmund talk to us. does that work, in this new volatility? does your greek world of skew variance, does it work in this new volatility? let's go back to derivatives 101. i am not going to get into the definition. that will bore the pants off of your viewers. way. put it this forget normal distribution. they do not work in equity markets. that is the truth. havee end of the day, we fat tails. fat tails will always get you. with our first word news, here is kaylee. kailey: the leaders of the u.s. and china wait to see who blanks first. both have announced plans to impose tariffs on each other's products. there is time to back down. the u.s. tariffs cannot be imposed for 60 days. the head of the environmental protection agency has allies backing him. they are mounting a campaign to keep scott pruitt in office wh

guy johnson in london in for francine lacqua. guy, i believe economic data out of the e.u..ut it. guy lon trichet used to say the c.p.i. data, it is breaking as we speak. coming through at 1%. that matches the prior number. softer on the survey number which was put forward at 1.1. the eurozone still struggling to generate inflation. that's a fact that is going to have to be krt, particularly if that trade story shortens the economic cycle. can't generate inflation now. tom: we do a lot of lengthy international trade. we'll do that across "surveillance" today. michael mckee scheduled to join us. right now with our first word rig here is taylor tax 1,600 american products. the u.s. is targeting high-tech items such as sem conductors. president trump has complained intellectualolates property laws. the shooter at youtube was angry with the company because it kept paying her for videos she posted. her father warned police she might be headed to youtube. she killed herself after wuninged three people. robert mueller told white house lawyers president trump remains under investiga

this is bloomberg surveillance and i am francine lacqua.ark zuckerberg defended his company for more than five hours on capitol hill. shares rose as he personally apologized for the company's failure to protect user data. >> we did not take a broad enough view of our responsibility and that was a big mistake and it was my mistake and i am sorry. there is a very common misconception about facebook that we sell data to advertisers and we do not sell data to advertisers. >> you are not necessarily rigid. >> we allow advertisers to tell us who they want to reach and we do the placement. we think offering an ad supported service is aligned with the mission to connect everyone in the world because we want to offer a free service everyone can afford. yes, there will always be a version of facebook that is free. it is our mission to connect everyone around the world and to bring the world closer together. to do that we need to offer a service that everyone can afford and we are committed to doing that. >> but do you have a monopoly? >> it certainly