katty: christine lagarde, thank you very much. a message we cannot repeat enough.ay flags here in washington were brought to half-mast in memory of former first lady nancy reagan. she died yesterday at the age of 95 and tributes have been pouring in. her style and her dedication to her husband are well-known in political circles. i served with his former chief of staff. you were in the reagans every day. what did she mean to him behind closed doors? >> when she walked into a room, you could see him do better. when he walked into a room, you could see her doing better. they were not only a love affair not a hollywood love affair, but also a real partnership. reagan usedine that to use, trust but verify, the problem was that he trusted everybody, and she became the verifier. know is would want to whether the people working for her beloved ronnie were on his agenda or their own agenda. my first yesterday was, she is happy, because she is with her she is ronnie, and probably catching him up on 10 years worth of gossip in hollywood, washington, and new york. katty: pres

we have something just come in from christine lagarde about negative interest rate.ad not had those negative rates, we would be in a withworse place today inflation probably lower than where it is. with growth lower than where we have it. it was a good thing to implement those negative rates. david w.: this was an interview that christine lagarde did with bloomberg that just came in this morning. she thinks negative interest rates are working. policy is good public driving forward a conversation that they cannot control. the paragraph on the week on negative interest rates was stephen major on hsbc modeling off swiss dynamics what mario draghi would do given lagarde's interest rate curiosity. 100 basis points. that is a huge, unimaginable move. it is unthinkable. stephen major has been right for several years now. tom: it is the mathematics of her negative rates after go, but it is not appropriate for mario draghi, christine lagarde, stephanie ruhle, and the rest of the policymakers. it is original theory, right? it is like my ncaa bracket. it is original. theyanie:

positive on negative, christine lagarde says rates below zero may be good for the economy.e have an exclusive interview. evidence ars find was behinded gang the $100 million bangladesh bank heist. welcome to "first up" coming to andlive from hong kong streaming on mobile and bloomberg.com. markets in asia, this first trading day, australian equities are climbing fractionally higher. at $.75,e dollar weakening slightly against the u.s. dollar. new zealand, this is the picture there. also climbing a fifth of 1% as asian equities sees its fifth week of straight gains. market we have to tell you about today is japan, where people are celebrating vernal equinox day. after the national people's congress gave priority to achieving at least 6.5% annual comments suggesting it will be a difficult balancing act for beijing. we have a look at all the challenges. haidi: it is interesting. 6.5% to 7% that growth target announced, it did clarify that policy message that there giving greater importance to growth, to meeting a certain level of growth, rather than putting through supply-side

christine lagarde says rates below zero may be good for the global economy. premier artsia's show, bringing together more than 200 of the world's leading galleries. all that and more on this monday's edition of "asia edge." david: i am on market watch for you. i will be following the money and what is happening. 2.4% gains on the shanghai composite. it's a quiet, uneventful start to the trading week. you canrly mixed, as see. overall, the benchmark is lower. asian stocks hit a three-month high last week following five ,uccessive weeks of gains leading to very little risk appetite. have a look at u.s. futures. that is playing out across u.s. futures. it is also playing across currencies. dollar-yen, down about .25%. china, the market is usually dancing to its own beat, and that is what we are getting at the moment. we are up for a seventh straight day. well above 3000 for the shanghai composite, on mid-speculation that this lack of margin debt will lead to another explosive rally. the fuel thats fired china's market boom and bust. policymakers are reviving sup

lee told lagarde said china will not devalue the yuan. it's weakening against the dollar since the latter half of last year. some in china hope the government will devalue the yuan. lee's remark was apparently aimed at stabilizing the currency, and stressing the stance of pushing forward with reform to transform the economy into one led by personal consumption. let's check on markets now. u.s. stock prices ended slightly higher monday. the dow jones industrial average closed a touch higher, rose for seven sessions in a row. the tech-heavy nasdaq was also up 0.3%. we're going to see how tokyo markets are starting the trading week here. we go to ramin mellegard who is at the tokyo stock exchange. what are you seeing over there? >> yeah, we're playing a little catch-up here. markets were closed on monday. let's have a look at how the nikkei and topix are kicking off. we're back above the 17,000 level. just over 2%. pretty strong start. just a reminder of how we left off on friday last week. nikkei close d lower a fourth dy in a row. >> ramin

christine lagarde strikes a positive tone on china. still remains cautious. >> a balance must be struck between a deliberately slowing economy and reforms that need to be accelerated. apple is hoping to unveil a slimmer phone that could capture a portion of an already saturated market. a warm welcome to count down. it has just gone 7:00 here in london. let's talk about what the futures are telling us here in europe. it looks as if we are expecting to open -- the foot to 100 features down around 0.1%. we do not have much in the way of catch up because after europe closed, u.s. markets fell a bit. let's check in on the risk radar. the chinese market in the overnight session excluding japan by 0.2% overall. justve a weaker oil price, shy of 1.5% on nymex. that is having a heavy impact on some of the commodity related currencies. done by 0.6% against the u.s. dollar. that is a quick look at the risk radar. china's benchmark stock index has rallied above the 3000 level the first time in two months. that is after policymakers loosened contro

lagarde made a similar argument about japan in the euro area. or not with negative interest rates, the monetary authorities in japan and the euro area think they are worth doing. i don't see them being undone anytime soon. that may be more stimulus. if your german, do you like negative rates? chairman is speaking to manus cranny. surveillance is next. ♪ tom: francine: commodity stocks lose. the dollar eanes after a selloff . negative returns on the positives are not reaching bank lending. latest piece of the ecb puzzle. after 88 years, a united states president arrives in cuba. this is bloomberg "surveillance." i am prancing lacqua in london. tom, it's a 40 week.

christine lagarde says rates below zero may be good for the global economy.ogether more than 200 of the world's leading galleries. all that and more on this monday's edition of "asia edge." david: i am on market watch for you. i will be following the money and what is happening. 2.4% gains on the shanghai composite. it's a quiet, uneventful start to the trading week. you canrly mixed, as see. overall, the benchmark is lower. asian stocks

in attendance christine lagarde.inance minister and a big topic of discussion today, the shop drawing rights china got access to them a few months ago. the decision to review the short foreign currency efficient for the first time. 28.9 billion by the end of last month. you can watch more of that coming up. ♪ caroline: this is caroline hyde in london. david gergen in new york. time for the bloomberg's nest/. a look at some of the biggest is no stories in the news right now. flash.berg ibusiness looking for partners to help and 10.the x 20 800 restaurants in the region. most of them owned by the company instead of franchisees. five major players on the u.s. women's soccer have filed a federal wage discrimination against the soccer federation. the women's team generates $20 million, more in revenue than the men's team. the women, the reigning cup and champions are paid four times less. that is according to the complaint filed by the will employment commission. jay-z having second thoughts about titles for streaming mus

be controversy in some courses but negative rates have a big supporter and christine lagarde.s the world economy would be much worse off without them. she says going negative in europe and japan has helped support global growth and price games -- games. -- price gains. >> if we had not had those negative rates, we would be in a much worse place today. with inflation probably lower than where it is. with growth probably lower than where we have it. was a good thing to actually implement those negative rates. mark: the takeover fight for starwood heating up, it told marriott and has received a superior offer from a china group. they have up its bid to $78 per share in cash for starwood, diving the hotel chain at $13 billion. session'sses myriads dark deal which marriott agreed to in november, marriott has until march 28 to counter. a good time to be a banker at ubs, listing the sites of its bonus pool by 15% after its most profitable year since 2010. it is the only major european lender to boost compensation. setting aside $3.6 billion for employee bonuses, that includes money f

mark: imf managing director christine lagarde is defending the negative rate move in europe and japan. why she says the global economy would be worse out without them. caroline: the identity of street artist banks see has never been revealed but that could change. is that a good thing or a bad thing? let's get straight to the market desk now with bloomberg's julie hyman with the latest. the day is not done yet, so you never know. i just want to mention that we got some sentiment numbers from the university of michigan with the sentiment number coming in at 90. following to 90 from 91.7 last month and that is also a five-month low. consumer confidence numbers coming from the university of michigan. it looks like as part of the survey low income americans became more concerned about prospects for the u.s. economy and higher gasoline prices. we are seeing some gains in u.s. stocks, all three markets are higher but just barely. has gained the most in the year as we saw it take into the positive yesterday. financials is the best performing group followed by industrial and energy. financial

, the stronger crude, that's all great, but keep in mind we have a market that's being led by the lagards, the former leaders are falling by the wayside in terms of health care and financials remain in the penalty box and small-cap stocks remain in the penalty box. this is not the hallmark. beginning of a structural bull market. once again we move back here, we probably have another couple days, 1% to 2% here, but you want to start to be a seller as the market forms this top and keep in mind we're transitioning from a period of strong seasonality which started in november and runs through may and then we move into a period of weak seasonality from may through november so if you get into april and you're still up around these levels, you're going to be staring at a 13% rally at the tail end of a countertrend move being led by lagards, going into a period of weak seasonality. that's not a strong play from the wrong side. >> rich, here's the problem, how we opened up. at what point. i've been negative and had your same viewpoint and at what point i hear you saying 1% or 2% higher, but at a c

juan lagarde had a nice afternoon. he goes two for three, two rbi and run scored got that average up to .500. the braves get two in the ninth and win it 5-4. >>> and finally, march madness is in full force up in new rochelle the iona gaels are going dancing times two. the women won their first mac tight until world history and men followed up last night with a victory over monmouth. in fact, this is just the third time in the history of the conference that both the men's and women's teams from the same school are headed to the big dance in the same season. so i think it's special time. billy led them to the first ncaa tournament. it's great to be around. we are excited. >> it's unbelievable to do it together. it's a family atmosphere here at iona and to have it come together all in the same year is just such an awesome feeling. >> it's a dream come true to get a chance to play in the big drains. that's what everybody dreams about in march madness to play in the big dance. >> hopefully we can have some shining moments d

managing director christine lagarde described the region as the most dynamic in the world.he predicted asia would drive nearly two thirds of global growth over the next four years and urged officials to keep monetary policy loose while using fiscal policy to boost growth. back at moody's after it cut a long-term debt outlook. hong kong's of ratings long-term unchanged, but downgraded the outlook negative to favorable. john tsang says that movies has got it wrong. john: they can look at the economic conditions we have. it is time to consider an upgrade for hong kong. yvonne: central banks out of ammunition when it comes to boosting growth. good morning. ♪ yvonne: it is 8:14 a.m. in hong kong. these are the stories making headlines. at least 34 people killed in an explosion in the turkish capital ankara. the suspected suicide bomber blew up a car close to the prime minister's office, injuring 125. the blast comes less than one month after another explosion. that attack was claimed by kurdish separatist in response to turkey's campaign against ethnic kurds. president xi jinpin

away,ong ago and far christine lagarde was finance minister of france. she was not yet at the imf.day where european banks were free and clear of the u.s. subprime crisis, and then it changed. european banks discovered they had challenges, too. with us, olivier blanchard. professor, banking is such an important part of our confidence. lawrence summers has talked about that and others. how fragile our european banking -- banks right now? don't think there fragile, but have a very complicated job to do. i think banks in general in the world, made be more european banks -- may be more european banks, have to handle things they are not used to. policy has big effects on the prices of assets. one of the ways banks use to make money was by playing the yield curve, lending long, buying short. that is more or less gone as a source of profit. then you have the negative rates that eat into profits. you have regulation, which is forces them to have more capital while there asked to lend more. to liquidity ratios, which increase the amount of maturity they can do. technology.rmous on your scre

christine lagarde describe the region is the most dynamic in the world.redicted asia will drive two thirds of global growth of the next four years, and has been urging officials to keep monetary policy loose while using fiscal policy to boost growth. has kong's financial sector hit back at moody's after it cut the city's long-term debt outlook. the ratings agency cap the long-term ratings unchanged, but downgraded the others to unstable. tsang says moody's has it wrong. >> if they look at the economic conditions we have, it is really time to consider an upgrade for hong kong. developmentperty deal that would see them by more than 90 and dollars and assets. vanke aims to fund the acquisition through a share sale per the company is fighting for control of itself. the chinese government ease property curves. -- curbs. the pboc governor has been in for sizing that china does not need to devalue its currency, but that does not mean the yuan is on the strong side. david: it can get confusing. part of what we need to understand really is that we now have two mea

lagarde lists of list of whether it was cory or a member of the secret service team.t is not how you handle reporters. >> we also had one of the spokespeople on with stuart. let me get this exactly right. acknowledging that something happened to her. >> the whole thing was made up. they did .22 other incidents where they did find herself in altercations. i want to go over to blake for a moment. suggesting that his supporters vote for john k sagan all ohio. if you are not going to vote for me, that is okay. if you are not voting for rubio, blow for kasich or cruz is a vote for donald trump. the inverse of that, four john kasich and ohio. rubio was asked that earlier today. at this point, he respects if some of his voters end up voting for kasich, stopping trump. if we have some of that sounds, i will take it really quick. >> a better chance of winning all ohio then i do. >> not wanting donald trump to win ohio. the low for john. i respect that. >> how often do you hear that in the political arena. the kasich campaign, i just got a statement from them. this is from one

positive on negative, christine lagarde says rates below zero may be good for the economy.clusive interview. evidence ars find was behinded gang the $100 million bangladesh bank heist. welcome to "first up" coming to you live from hong

all told the authorities thursday approved the lagarde why and nuke projects. new bus terminal $70 million for hudson rail project and more money for airport entities that marks allocation of funds by the authority in one day. has been had waiting for these renovations you don't have to wait much longer. expecting to break ground some time maybe this summer. or o certainly before the end of the year. and the bus terminal well they're going to start submitting designs for that and a final design by september. latest from laguardia this morning. back to both of you in the studio. >> some very sad news hollywood is mourning the stop sign and very, very surprising death of gary shandling. he joked about his funeral in appearances. >> what had want at my funeral is a boxing referee to account age at 5 wave it up and say he's not getting up. [laughter] from comedian getting coffee. seinfeld known for it's gary no official cause of death is determined but his spokesperson says doctors believe it was a heart attack. he's dead at the age of 66 fellow comedians remember

. >> i think health care is a leader becoming a lagard. outperformed for six consecutive years so it's time for it to take a break. financials, the credits have done better than the stocks and i think the fears of negative rates on margins is overblown and i think financials will work later this year and the real play is two macros. correlated dollar, trade and dollar and the second is credit conditions are easing so you want to buy low caught. >> tom, how do you think about the dollar. just mentioned it here. a lot of people say it's done and stopped going up and for all intents and purposes it really consolidated in a tight range over the last year and comparisons will get easier for u.s. corporations and what are the conditions that would cause the dollar and kind of contrary to consensus thinking right now to actually break out and we know that it started to happen once the fed stopped printing money. >> yeah. it's a good question. i would just say in almost every meeting we do everyone is looking for the policy to be with relative gdp

comprehensive action to strengthen their economies, echoing comments from imf managing director christine lagarde last month. back in january, the imf projected global growth of 3.4% in 2016. that was a downgrade in itself. and 3.6% in 2016. while he expressed concerns about a slowdown in china, he does not foresee a hard landing. just echoing other imf comments we've gotten in the last few days, warning about global growth and the need for policy action, especially fiscal policy. they've downgraded their growth forecasts nearly every meeting over the last few years. >> we're not likely to get any fiscal policy today, but we are likely to get monetary policy action. let's get to the big story of the morning, the ecb. cnbc's julia chatterley is in frankfurt waiting for the central bank's policy announcement. what can we expect? >> reporter: well, he's got a lot of options. good morning. if we look at qe, the bond buying program, he could increase the monthly asset purchases. currently around 60 billion euros a month. he could extend the maturity of the bond buying program beyond march of next year

christine lagarde has said the economy has been impressive. get more on this ryan chilcote who is in brussels. called it what you will. brave new world order new dawn it will be an interesting time inside perspective in that program of financial assistance. and from the imf. to discuss it, i am joined by the finance minister of}. thank you so much. let's talk about what could go on. looking at the bond yields on the 10 year, and they are right around 4% which in itself is not an issue. what is interesting is that they have been headed north. the question is, what if we get a shock and we see bond yields rising again in peripheral countries. what will you do? said what could go wrong, everything that could have gone wrong did go wrong a few years back. since then, we have been hard at work. reforming and consolidating the economy. we have issued five and seven and 10 year bonds. we are confident that through the continuation of this hard work on the ground, we shall convince the markets that cyprus is now safe and that we can continue financing

christine lagarde criticized chinese authorities for their lack of transparency. what they do in their policies and the shifting of policies -- the deputy governor of the pboc, he disclosed the sources of non-dollar assets. we know about their dollar holdings. there fx reserves, which you can see halved when told of bit -- their fx reserves, which you can see have dwindled a little bit. one thing he did not do, he did not reveal the amount of those holdings. yvonne: not complete clarity there. we will get a little bit more on that later today. we have been talking exclusively weineredin ceo jeff about his experiences doing business in china. >> china is a very challenging market, highly competitive landscape. it has exceeded our expectations. had amassed 4 million members in english over 10 years. we have seen that substantially grow by virtue of our core offering. yvonne: we will your more from jeff weiner on how linkedin is -- how linkedin is faring. that is coming up in 25 minutes. an iranian businessman is said to have been sentenced to death after being found

tom and i spoke with madame lagarde many times, and she said she would go to countries and say we needhe workforce, and ceos would say they are very difficult to find. sallie: got it. we needother answer is, a pipeline. but the pipeline is as strong as it was, 10, 20, even 30 years ago. street, it is as strong as it was when i got in the business. what happens with these inherent gender biases, where we like to work with people like ourselves, i like to work with people like myself. so we hear all this research teams that are diverse are better performing on every metric, but it gets very hard when joe is available, i would like to promote joe, he is a lot like me versus suzy. the question of quotas -- i am not there yet, but if we do not start to make progress before i die, i could not get there. tom: dominic, this is great. i have a guy with prodigious shops out of cambridge and from sanford woman bernstein that they had to duck to get out of the way of the ckoss check -- of the krawche theory. you did this by action, ability, and sheer chops, just like this guy. everybody knows wall

they also have a presence at lagarde -- laguardia. they have to get federal approval for a strike. >> we want the mechanics to be happy the guys that fix the planes, right? >> i know. very important job. >> nobody has any real airline loyalty so far. whoever is the cheapest. that is where you go. travelocity or priceline.com. >> where do you go? >> priceline.com things like that. >> good. >> are you travel agent? travel agent in manhattan. lower plane travel. like superman's secretary. or partner. >> very funny. mike, do you have a travel agent or go online? >> most of the time, a lot of jetblue. a lot of jetblue. for some reason they go all my place. >> jetblue. use delta. >> a lot of american. >> very nice, okay. >> everybody. anyway, show you what is going good morning, everyone. happy birthday to kahim hope you have a fantastic night. your wife will take great care of you. here is what we have on the day for average. we're still in winter. high temp of 47 degrees. 43 is the average low temp. we dropped to a low of 47 degrees. that

i'm pleased christine lagard is again going to be heading the imf.ranking member waters and i join ranking member levin and representative rangel in urging that capital controls policy in the tpp be harmonized with imf guidelines. i was very pleased that it was included in the final agreement. i'm looking forward to our conversation today. i hope that you might talk to us i hope that you might talk to us a little bit about money laundering and your efforts to combat that. but at the same time, the other side of that, is of course trying to make sure we figure out how to get remittances in the hands of those that are very needy. i look forward, again, to your testimony. i yield back. >> gentle lady yields back. the chair recognizes the gentleman from michigan. mr. hue seine -- huizenga. two minutes. >> thank you, mr. chairman. secretary lew. i appreciate you appearing with us today. there's obviously a lot of very important international issues that need to be addressed. one of those i'm extremely concerned about is the problem or the role of the imf

this goes to the school of madame lagarde.ve the obama daughters, one or two of them go there, college admission shocker. this is the worst and that has happened to anyone ever. 18, a senior at sidwell friends in washington, d.c. she added that whether she excepts an opera from admission from m.i.t. or one of duke, shoulder for enrollment and take a gap year to regain her confidence. vonnie: it is interesting because in britain and europe, these are going on as well but not remotely like this in the u.s. its ties the job offers on wall street because some promotions for the bankers who have their kids in private schools and are now losing their jobs and what do they do with them? there is a fallacy in this pair it we have so many great liberal arts colleges in the country. i have said this to my daughter, third year in college, if i had seen that you had went to harvard or princeton and were better adjusted to more successful, then i would say, you have got to get there. i have seen no personal relation. werex number of them f