manus: -- manus. manus: these are your futures. cash prices as you get set up for the trading day. have the aex down by .1%. london is flashing in between. wait and seeto what sort of opening print we get on the astrazeneca news flow. beat, their earnings have expectations. that will be in focus for us. the aex down by .2%. the value of the euro could be a challenge for some of these equities. that relationship is key. shell earnings have come out and beating expectations, closing $3.6 billion in adjusted profit in the second quarter. they thought cash flow from operations rise to the highest in more than two years as asset sales and cost cuts hoped the company paydown debt-induced profit. beurden,s now, ben van the ceo of show. obsess over this bear market in oil. how is it that shell continues to do so well? ben: thank you very much for the opportunity this morning. i think the company is in the middle of a very strong and financial transformation. if you look at the last four quarters, we have been running out of 38 billion dollar operating cash flow, less than $50 oil. last tim

manus: indeed.you are diversifying are looking to diversify, do you have an acquisition plan? stephen: no acquisition plan. we are not acquiring anything at this point in time. manus: i think we have covered that one. return to the bigger issue. i am reading an article from the former minister in south africa. he says it is time for jacob zuma to go. he talks about democracy. i think the president should move aside. that was his words. would you agree with that sentiment in terms of it is time for you my to go, to rehabilitate the economy, the credit rating? gordon is a politician, and that is for the politicians to deal with. what i believe in it that we need to reorient the economy. fix some of the issues around the structure of the economy. you can't run the economy if you have -- it is up to the politicians to choose. we have a chance every five years to vote. that is our job. as opposed to the currents policies we see coming out of the current government. manus: let's talk about one of those. w

manus: 23 seats. anna: much below expectations. manus: yes. bundesbank got help this weekend ensuring monetary policy would be adjusted. he said the central bank and shift stance even for inflation. anna: playing the supporting , selling with the ecb is doing if you like to the german public. ersch saying we can act in some way. where does the ecb go? the tcp needs to see a broader set of indicators inflation is picking up. swap is 1.4. has been clear in the governing council have been supported thus far of wanting to see that pushing towards 2%, which we have not seen for two years. until that point happens, the ecb governing council will remain in placating mode, not action mode. manus: last week, one of the most staggering moves was the move on the bund market. this was almost three standard deviations. deviations on the und market. i know you are a market economist, so to that income in the momentum in the bund we almost doubled in terms of yields in europe last week that to me is a staggering reassessment of the markets perspective on the

manus: i am manus cranny. a little pieces of breaking news -- little pieces of breaking news.ou are watching for a little bit -- anna crowe -- anna: i am watching for orange. manus: we have numbers first of all it when it comes to fed, the numbers are rising. donald trump promises he wants to increase spending on defense by 2%, getting everybody on board. over 6 billion euros. they confirmed the 2017 target. that is the thing we have been seeing during this earnings season. 330 -- 336s for million euros. .heir orders arising they are coming in that 10.6 billion euros. anna: let's talk about what is going on in the auto space. something.orting the second quarter operating profit. that was below the estimate of 1.54. the korean auto manufacturer, the net income of -- well below the estimate. something to explore as to why this business not living up to the estimates, the sales number. we have left irish. manus: we were talking about what to break. -- ebitda ahead of what the market was looking for. global recovery. the imf talking about growth. the biggest summit makers in the w

manus: and i'm manus cranny. little bit of tpi data from china, 5.5%, all find in the middle of the road. janet yellen's speech to congress this week and the bank of canada might raise rates for the first time in seven years. this is how the futures look. strong equity market batting away the discomfort of g-20. that's the message i take from this market this morning. they are batting for weight geopolitics. anna: not focusing on a lack of progress with north korea. the risk radar, we will show you what we see. that chinese data you pointed to could paint a picture of an upbeat global economy if that is what you are looking for. 2/10 of as is up percent. stocks, lots of jobs, wages looking soft. janet yellen speaks later on this. let's have a look at dollar-yen. nigeria, could it be cap's are introduced on african producers? they rose by 12%, but not be misguided by that. that's the cutting of the short positions. you are seeing kuroda come back out and say we will continue to tweak policy as it needed. their net

manus: thank you very much. have a great president, you will have a peaceful and beautiful paris, no mention of jim on this trip. .et's welcome our guest host he joins the team for the next hour. great for the cameras, this is the globalist moment. the reality is, he has to turn tax and health care around to drive growth higher. this is a moment of reproach for trump in europe? guest: good for the cameras, for the mood. paris is great for that. this will look good and feel good. anna: this test into macron's raise therying to franco german axis in europe as the u.k. steps aside come up france clearly sees there is a role to step into here. france seems's say confident that they are talking of a game right now. guest: france wants to move forward. we are an economic recovery. the fear of autism taking over france is behind us. let's sit down with angela merkel and get on the front foot, away from the immigration crisis, away from the economic crisis. deliver sustainable growth and eventually much less unemploymen

manus: thank you very much.nal security reporter traveling with rex tillerson in kuwait city. general's head of economic. rex tillerson has no small job on his plate. as a court economist, when you look at the state of the world, political risks are rising over potential economic slowdown. what should worry the markets the potential for political explosion versus a new normal in growth? >> what has been interesting is when you look at metrics like economic uncertainty, you have seen for some time, even looking at europe, there has been high political uncertainty, yet the real economy has continued to perform quite well. one challenge for investors is if you are going in on economic policy uncertainty, it is only get -- when you get close to the event that markets become more volatile around it. point, you need to have very high convictions that whatever political risk you are taking a position on will materialize because otherwise, what we have seen is a pattern that markets go back to normal. -- investing on po

manus: thank you very much. ♪ manus: tensions rise.orea test fires the 11th the listed missile for japan and meet in moscow days before the g-20. hammond says britain must hold their nerve and keep public spending under control. opec production on the rise. oil breaks its longest winning streak this year. countdown delivers it's official response to saudi led blockade. you are welcome. it is "bloomberg daybreak: flagship warning show. setting you up for your trading day. let's get into some of the numbers. sainsbury delivered first-quarter numbers. what have we got? rise-quarter retail sales by 2% excluding fuel. the market has penciled in 1.9%. this is the first time that sainsbury's will not break out to separate line items. comparable retail sales up 2% excluding fuel. those are the bumper headline numbers, prices are rising every to me go into a shop, you'll notice this. prices are rising and to that extent it is helping bolster the topline numbers. there was a heat wave in this country and that has pushed sales along. retail sales

manus: this is bloomberg. ♪ ♪ manus: welcome back. it is "daybreak: europe."e a green printer from wherever it comes. the bond market shifted down yesterday along with global equities. u.s. one put 7% in value. we are seeing a small moment of what i would call shortcoming. let's get to the business flash. juliette: warren buffett berkshire hathaway energy unit has agreed to buy texas's largest energy transmission operator. the all caps offer -- all caps offer is $9 billion. endingeover is key to the bankruptcy of energy future holdings, foreign by kkr and goldman sachs as part of the biggest leveraged buyout in history. since on has topped -- samsung has topped estimates with operating profits. global demand for semi conductors remains strong, and the new galaxy phone one over customers. qualcomm is suing apple for patent infringement. -- latest volley in and in in an increasingly battle. claims there are six patent infringements. terra firma capital partners will reportedly begin talks next week -- with prospective investors for raising 3 billion euros for a

manus: thank you very much..s. special counsel that is investigating the trump campaign and russia is said to now be looking into trump's business transactions. and: fbi investigators others are examining russian purchases in trump buildings. for more on this story, let's bring in jodi schneider. give us your insight. why is this is significant, the expansion of this probe? jodi: it is significant, because things closer to president trump, broadening the investigation. it puts it on a different level than just looking at potential russian meddling in the election. you might recall that yesterday, in an interview president trump said that he gave essentially a warning to robert mueller, saying he is drawing a redline, that he should step over that line, and that he shouldn't investigate things that are not specifically about russia and the election. it now appears that investigation is going in that direction. thank you very much, jodi schneider, with the very latest developing story in the united states of ameri

manus.: a split has emerged within theresa may's cabinet over the government's post-brexit plans. philip hammond claims a consensus was formed around a three-year transition phase and that has been criticized by the trade secretary, liam fox. economic optimism among u.k. companies has fallen 70% in july, the lowest level in six months according to the barometer. our guest.g in slightly,ing ever so but it is this gordon's of politics that since into fx. thatscordance of all text slips into fx. politics is a difficult thing to trade. david bloom last week said i am not trading politics. you trade politics? guest: no, you do not trade politics and that is why it is difficult to trade sterling on a short-term basis. it will depend on whether you will take a medium-term the. concerned, brexit has been a negative. we have a lot of uncertainty, what is important to me is happening at the time when politics and economics in the eurozone are moving in the right direction. that is why i think, and we

manus: let's talk about deutsche bank.hifted 300 billion euros from the balance sheet are -- and are in the process of change. john cryan is the ceo there. ed, the title of your story is john cryan looks happy, maybe too happy? anna: why so? benedikt: it was a rough year last year for deutsche bank. they faced a number of legal woes, there were losses recorded, a crisis of confidence. they came into this year needing some kind of stability, some kind of move. they found that in a recapitalization. 8 billion euros were raised. that won confidence in the market, got him back to square zero and he announced a new restructuring plan in which they reversed some of the ideas in prior plans. they are now bringing postbank, the german retail bank back into deutsche's and merge it with their existing player. they're bringing back the global markets unit with the corporate bank to form one investment bank sell morery and cross products, win more revenue. it is kind of a restart for john cryan. he and his board sat down with us and s

manus and matt.t: dharma has reported a $.15 .- 15% jump the results happen touted by allegations of the cage long collusion with other carmakers on emissions technologies. joining us now is our automotive analyst michael dean. what is your take away from these two issues that daimler and the other german automakers are facing? there is the collusion allegations on the one hand and easel pollution on the other -- diesel pollution on the other, which is the bigger problem? michael: there is a fine line between collusion and collaboration. there is an ongoing investigation. we need to hear more from the companies or authorities before we can decide where this is going. before we can decide where they are going we have the ceo on a conference call my he is not prepared to make any comment on the situation. as you say, they have taken an pulling 3dieselgate, million cars and vans. when we look at daimler and that corporation, give me a sense of what cooperation has been, what are they cooperating on ques

manus: i am manus cranny. more breaking news on totale.cond-quarter adjusted net profit $2.7 billion, coming through from totale, the estimate was 2.3. second-quarter adjusted net profit rising 14% to 2.4 billion -- 2.4 7 billion. the ceo saying that totale has the flex ability to take it manage of the low-cost environment like thing able to launch profitable thought it six -- projects and acquire resources under attractive conditions. they have been trying to exploit the drop in the cost of drilling rigs and other equipment caused by the slump in oil prices anticipating that the mark will -- market will swing to a shortage. we have seen them expanding in argentina and iran, that is subject to final approval but that is the top line coming through from totale this morning. let's get to shell. manus: a little more from the thomasors, we have show second-quarter adjusted profit at $6 billion, the estimate was three points -- $3.36 billion. the upstream profitability, 300 -- $330y $9 million million. -- is $.47 ain share. in the first quarter

manus: u.s. china talks. beijing says the superpowers have agreed to cooperate on cutting the trade deficit after the u.s. goals china over the umbrellas. anna: health care debacle. president trump self-centered applicants they should stay in washington until they reach deal obamacare, a move that could leave 32 million more americans without health insurance. ♪ welcome to "bloomberg daybreak: europe." manus: we have a stacked lineup for you, a little bit of a nordic flavor and will kick it off. anna: nordic numbers coming through, the bank in stockholm sweden, and they're waiting with the head or decision. more on that in just a moment. we'll get to the second-quarter ofbers, above estimates 18.8%. the net interest income $1.18 billion, below the estimate of 1.21. this,ne was looking for will the domicile stay or go? they now say they will make the final decision in september about the domicile. now saying it will be a little later. that sweden considered they will consider joint banking unit. copenhagen als

manus. manus: thank you very much.to one of the biggest stories of 2017 if the allegations are proven correct. 2017xt, we talk about why has been a banner year for deutsche bank ceo john cryan after a rough 2016. the details, up next. ♪ 8:55. , the ceo, john cryan 300 billion euros worth off the balance sheet to his entity. let us get to the writer of the latest story, mr. ed robinson. you met him. has he got his swag back? be back tolieved to business. passed.oil of 2016 has he has raised $8 billion in fresh equity. he has a turnaround plan. he has established some stability, which is something deutsche has not had in a long time. he is glad to be back to talking to clients and doing banking. matt: unfortunately, we do not have enough time, but i will tweet out this story. i will put it on my facebook for those of you lucky enough to be friends with me. it is a fantastic piece that edward robinson and the team put out. check out bloomberg.com as well. up next is "bloomberg surveillance" with francine lacqua and tom ke

manus: thank you very much.dle east editor and the chief investment officer, thank you very much. anna: great conversation. the former brazilian president has been sentenced to nine-day and a half years in prison for corruption charges. the favorite for the 2018 running, prevented from throwing it wide open. our managing editor for emerging markets joins us from dubai. momentous events again in brazil. how big a deal is this? what does it mean for markets? >> in brazil it is an extraordinarily enormous moments. in this whole carwash investigation that has been -- that has brought so much of the political press -- class. he had two terms of office and oversaw one of the main growth periods in brazil's recent history. now he is facing jail. the market has reacted very well. it will be interesting to know how much of the rally we saw yesterday was also yellen, was also the labor reform proposal from the day before yesterday. where does this leave the 2018 elections as we suggested? >> if he does not run, and he cou

manus: i am with you.on they have expected, i would have thought after five years of systematically overestimating something that did not happen you start to change your thought process. that is what his -- is happening . making an adjustment for their previous error. that is what is happening. they have realized their models and their approach has constantly overestimated the inflation. near the phillips curve him a most people recognize we may want to think of others a bit more carefully. how often does this work? what certainty can you have that unemployment will result in a certain level of wages? : are you convinced it no longer applies or applies to such a degree it is not boosting wages? >> maybe it applies that the global level and it is impossible to generalize. is-- you may be one sector tighter than another. think it isi ridiculous to expect some instant increase in wage pressure because you hit a certain level of unemployment. anna: but we see the fed about inflation, where do you put rates by

manus: i'm manus cranny. we have a pack show 40. we have the bank of cyprus ceo here with us. post,""the washington says a category five visiting the white house. a 94% probability of a rate hike. dollar, up she goes, which is the canadian dollar against the yen. the bank of canada will indeed go ahead and raise rates. the risk on the other side is janet yellen and her testimony in front of congress. anna: the markets are divided between what is happening in the white house, the latest from trump junior, and the central banking story. this canada story does add to this, but how much of this is an idiosyncratic canada story? that, for how much is a global tightening? we will return to that. on the risk radar, manus, we've got the latest in the market movements in relation to the trump junior story. the s&p did wobble, but the a sian session looks pretty mixed. we are waiting for the central banking stories to crystallize. yellen speaking later. we have heard from parker. manus: the dollar is generally lower against the g-10 currencies. the dollar-yen and the jgb, and i'm lookin

anna and manus westmark -- manus?hance of a quick fix with the gulf standoff over qatar. speaking to bloomberg, he said the region needs a solution that will stick for a long time. >> weeks, months, as long as it will take them to realize that this is not a crisis, but we are looking for a quick fix. this is a crisis that we want to get to the bottom of and want to supporty qatar's huge for terrorism we are seeing everywhere. we need a solution that will stick, we need a solution that is long-term. anna: let's get more now with our bloomberg markets: middle east anchor. he's joining us from dubai. yousef, good to see you. the uae issound like in a rush to and qatar's isolation. talk about a deal that could last but quick in the making. yousef: no and as you just pointed out, this looks like it will take more time. that is why the minister is pointing towards the interesting takeaway they are also arguing qatar needs to re-examine its soonish -- position when financing extremism and terrorism. showing a lot of -- not a

manus: is there a risk in that? risk of the transition going from the current industry where i think there has been a vast number of places offering a lot of products, i think they are not up to scratch. the transition from that -- the products, that has some risks. manus: that's could prove a benefits for you. a better relation in the industry will play to your brand. >> in china one of the keep rocks beside diversification will be multigenerational wealth transfer. i think we are getting to a first wave of entrepreneurs on wealth and enterprises for the next generation. that is something i think we do since several generations. manus: one last question, you've already made a statement this morning. the target range of 64-68%. your outside the bandwidth. what does that mean for a ceo? how do you get to the bandwidth? >> we have made already quite a leap from the second half of last year given the fact that last year we invested quite a lot. we are focusing on two things, improving and deepening the revenue base cle

manus: let it go, the reflation trade.cord highs, buying and equity markets. either equity markets are risk on or the bond markets are telling you something else about what is going on. equities are up, risk radar shows it and the msci ticking higher. they say a drop of 5% to 10% in equity markets. the dollar is down, you are at a dollar. low on the yields flop those so too does the dollar. anna: let's take a look at the other asset classes. today and weings -- they conclude tomorrow. a little bit of weakness for the euro. we put in here also the price of iron ore because in china we've seen futures up for a third day in a higher -- iron ore. at this -- at the highest level since may. is in the china story recovery. let's show you the bond markets. we started this conversation about the decline in u.s. yields and the rise in price. they take higher in price and a minute drop in yield. 161.65. there could be a moment when they european central bank has to do something to sue the bundesbank, they could raise rates in decembe

mark: manus cranny speaking with the chief executive officer..antastic the fund left its forecast for growth unchanged, saying that the world economy will expand 3.5% this year. according to the imf, the world will relight less on the u.s. ., and more a japan and canada. guest -- >> people are thinking about what is going on in think it -- inflation. we don't know if those concerns will be strong enough that the fed will hold off on a rate increase or not. >> policymakers begin a two-day meeting beginning tomorrow. there is hope for a cure for hiv. a child has rate free of the virus for more than eight years after early treatment. it suggests that it may be controllable in some way other than the use of antiretroviral drugs. bloomberg is powered by more 100 journalists and analysts in more than 120 countries. vonnie: this secretary says working toward a quick trade deal with the u.s. could be signed following brexit. details next. this is bloomberg. mark: i am mark barton. vonnie: i'm vonnie quinn and this is the european close. the u.k. is aimi

let's go to manu raju up on capitol hill. been awaiting an announcement involving donald trump, jr. and paul manafort. what can you tell us, manu? >> reporter: that's right. it looks like donald trump, jr. and paul manafort have reached a deal with the senate judiciary committee to not appear at that wednesday hearing, at least not be subpoenaed to appear at that wednesday hearing, to instead negotiate privately with the committee members, with the staff and to provide records and to be interviewed by the committee staff and by the members. and it sounds like the statement released by senator chuck grassley, the chairman of the committee, that that would be done in a private session before any public testimony. now, in this statement that chuck grassley has just released, he said that they have not ruled out the idea of issuing the subpoena and compelling their appearance at a public hearing in the future. but this is what he says. he says both donald trump, jr. and paul manafort through their attorneys have agreed to negotia

manus: i'm manus cranny. --igion belligerent belligerent market moving markets, dollar-yen. continues, of words give rex tillerson talking about a threat between the u.s. and its allies. they go for more drills in response to north korea. this is what we were looking at this morning. you can see those short positions on dollar-yen are dropping, not aggressively, but the wi-lan shows you that we have turned up words on dollar-yen. the question for the markets, where do you want to be? >> continuation of what we saw yesterday with the and and gold getting a boost. interesting how this props up against the central bank in conversation. money going into the yen. we'll talk more with jeremy stretch about that. i'll show you where we are on haven assets. talked about old in there for you. that's gaining ground this morning. , u.s. equityf this markets not expecting to go all the art at the start of their trade. yesterday things flattened out it eating july 4. income markets and oil as well. >> look at bond markets. as you say, u.s. treasury comebacks to look -- back to liquidity.

you get the great interview, great interview manus did earlier.play that for you as well a little later. up next, we find out where guest is a little nervous but france, and pulling back on european equities. conversation continues with james bevan, next. this is bloomberg. ♪ ♪ matt: welcome back to "bloomberg markets." matt miller here in berlin. guy johnson with is in london. let's check in on the markets right now. green arrows across the board. futures indicated little to no direction, and now we see a direction, especially there in london with the ftse up .6%, i am going to go ahead and guess that the pound is down a little bit against the u.s. dollar. that is typically the way it is set up. my, how do you see the currency trade right now? guy: the currency trade is interesting. you also have a bunch of other things happening with the london market. hsbc is a real driver, and heavyweight in terms of its performance. it is very much on the front foot this morning, but 3%. as the mining and oil stocks on the front foot as well, is what we've ju

thank you very much, manu raju on the hill.m a legal point of view, there are potential violations of law here, no confirmed violation of law, but potential violations that robert mueller, the special counsel, certainly is going to have to look at. >> absolutely. and in fact, i'd be surprised if this was news to him. perhaps he's already aware of these "new york times" articles that were already distributed in advance of trying to get ahead of the story. but one thing to be very careful about is the word "treason" is often thrown around in these contexts. >> we heard tim kaine, the democratic senator from virginia use the word, possible treason. >> that word will continue to be thrown around, because the conduct is what you believe treason to be. however, in legal terms, it's a very specific context, and one requirement is we actually have to be at war with the people who we're giving information to or sharing information with. and a geopolitical rival that may be russia not one we're at war with in actuality. so the word treas

our senior congressional reporter manu raju joins us from capitol hill. first of all, manu, what do we know about manafort's testimony and the subpoena? >> well, i'm told by a source familiar with the matter that when paul manafort did meet with staff in the senate intelligence committee this morning that it was actually a meeting focused exclusively on that trump tower meeting from june 2016 when donald trump jr., manafort and, of course, jared kushner met with russians after donald trump jr., of course, was promised dirt from russians. part of what he was told at the time. a russian government effort to help his father's campaign. now, investigators did want to learn more about that specific meeting, and the senate side. that is what they discussed. now, he also agreed to come back at a later date, i'm told, and talk to the full committee, senate intelligence committee, and staff, to discuss other topics related to the russia investigation. this comes, wolf, as the senate judiciary committee now demanding that paul manafort appear tomorrow in a public s

manu, are you there? the meeting under way. >> reporter: the meet something under way.ushner just walked by where i'm standing right now. we tried to ask him a question about that trump tower meeting that he acknowledged in this 11-page statement that he gave to the committee, saying in that statement that he gave to the committee that there's really nothing to that meeting at all. he didn't follow the e-mail chains going back and forth. tried to ask him if he regretted that meeting in we expect maybe four to six staffers to be in that meeting. no members will be in there. he will not be under oath. doesn't mean he cannot tell the whole truth. misleading congress in any way is something that can be prosecuted. this is the first of two meetings on capitol hill. his team telling suzanne mall zoe, maybe not more than two hours on the number of questions people have, especially in light of the disclosure of meetings he has during the transition and the campaign. he says nothing to it. >> manu raju on capitol hill, having just seen jared kushner in the halls. jared kushner b

manus cranny has been speaking to them. let's go to manus now. very -- bullish statement and he has been met with a bullish response from the share prices. manus: absolutely. the stocks are performing well as matt just said. they are hitting the upper end of what they promised in the market. in there at the top end of that ardi was bullish and he said he would not set an upper boundary for himself. for him, all lights are green. he hired 166 bankers last year and that is working. he will look at an inorganic tragic. when it comes to a cry from the clients, equities. , equities, and equities obviously. , positions in fixed income are huge in the markets of people are sensitive to that. they are looking for performance on the purchase of the market all the way to private equity. nots: the countryside, everything in the statement is if use it. you have to look at the other side, which is the clients. the clients have engaged in the equities call and the imf reports said they have an ice stall for the world, ulcers sentiment. the question for every w

we begin with manu raju. what are you learning? >> well, anderson, tonight the senate intelligence committee saying that they planned to ask donald trump jr. and jared kushner for more records, records about past meetings that may have occurred between russian officials and themselves over the past several years and months. now, this of course comes in the wake of donald trump jr. revealing that he had that meeting with the russian lawyer, a meeting that was told to him was to get dirt from the clinton campaign. part of an effort to help the russian government. both paul manafort and jared kushner were in attendance of that meeting. mark warner, the top democrat on the senate intelligence committee raising concerns that jared kushner left off what he said were three meetings with russian officials on his appropriate forms. that's one reason why they asked for more records from him. this come as the senate judiciary committee's chairman chuck grassley said that he wants donald trump jr. to testify before his committee. something tha

manu? >> yes. they are. i agree. it's remarkable.s all republican control of washington, and i think there's a very good chance that the only thing they get done before the august recess, or at least before, by the new fiscal year, october 1st, is keeping the lights on. keeping the government operating. if they can do that, unless there's a big fight over the -- another campaign promise, which is to build the wall along the border of mexico and if the white house insists on money for that a fight with democrats could lead to a shutdown. we're months away to see if that will actually happen. raise the debt limit. a huge fight within the republican party and may have to do it free of restrictions to cut spending. if that happens, conservatives would be very upset they did not get anything there. health care we discussed in the last block may not happen because of divisions. tax reforms, nowhere near a deal on tax reforms certainly not in the next two months and inf infrastructure, the one put forward doesn't have the support of democra

manu, thanks to you as well.d reporting on both of your parts. >>> discuss all of this and more with our panel. joined by our chief political analyst gloria borger, and chch cillizza. >> eight people in the meeting, translator from russia. a big deal, this meeting? >> it was a big deal and the agalarovs, that family loses large. not an unknown quantity to the trump family. donald trump jr. has a relationship with the patriarch of this family. did the miss universe pageant together. don junior has a relationship with emin, the son and clearly somebody was representing them in this meeting. rob goldstone, publicist for the son. sewed agalarov family is a family that i'm sure that the special council as well as the congressional committees are going to be looking to, particularly given don junior's e-mail in which rob goldstone said, you know, we have the stuff to deliver the connection, and -- between hillary clinton and russia and we're going to give that to you and don junior, of course, responded, "love it." i t

. >> he thinks it's pretty common, manu raju. obviously, i assume he didn't mean getting an e-mail with information coming from the russian government is pretty common. what has been the response on capitol hill to what i think a lot of people who are in the national security field find a shocking admission. >> from the republican side, it's really been mixed. you have republicans who are dismissing it. the senate majority leader saying this is not for him to weigh in on. i tried to ask if he had any concerns about this whatsoever and he said this is something the senate intelligence committee is going to look in. he dodged it on three occasions. lindsey graham, john mccain. it's not that common. you shouldn't be meeting with a foreign adversary during the middle of a campaign. one who promises dirt on your opponent. and then others want more information. the senate judiciary committee chairman chuck grassley sending a letter to two senior trump officialed tonight saying how did this russian lawyer get into the country wanting mo

manu raju, thank you very much. let's go do cnn justice correspondent jessica snyder, more on the breaking news about donald trump, jr. and the russia investigation. jessica, this began over the weekend when the "the new york times" broke the story of trump, jr.'s meeting with a russian lawyer during the campaign. bring us up to speed. >> reporter: wolf, the white house is pushing back against the revelation the president's son met with the prominent russian leuer two weeks after donald trump clinched the republican nomination. today deputy press secretary sari sa huckabee sanders dismissed the meeting as short with no follow-up and she says the president didn't even learn about this meeting until just a few days ago. >>> donald trump, jr. met with a russian lawyer promising damaging information about hillary clinton is the first known meeting between the trump team and a russian national during the campaign. the trump tower meeting on june 9, 2016 included the president's son-in-law jared kushner and the campaign c

let's go to cnn's senior congressional reporter manu raju.you spoke to the senate judiciary chairman. what did he tell you about paul manafort? this is very key. >> reporter: it is very key. chuck grassley, the chairman of the senate judiciary committee telling me earlier today he wants manafort to appear in a public session next week. now, this is significant because the house and senate intelligence committees have been trying to get paul manafort to come before their committee. they have been exchanging records and documents, but we have been expecting that to happen in a classified setting. but chuck grassley says there is a hearing next week in which manafort would be a perfect witness and he plans to call him, even threatening subpoena power. take a listen. >> has he agreed to testify in open snegs >> i don't know whether he -- we're going to invite him. and if he does an invite, under the new rules, senator feinstein and i have the power to issue a subpoena. >> before the august recess? >> well, if it works into this next hearing, that

manus: let's hope those rallies continue.f course, it is about getting those private clients to move from cash, which is still too high. i will hist my cost-income ratio next year. for now, the market handsomely rewarding collardi. francine: what did he say about client activity, manus? this is a great first half for them. the client's activity was subdued. that is because they can get new money in, right? manus: yes. by the way the strategy they have employed at julius baer is organic growth. we have ubs and credit suisse at the end of the weekk. -- of the week. ,t will be much more aggressive offering it to the uber rich of this world. will credit suisse take away from some of the good work that collardi has done? china is still incredibly important to this story. and we have the conversation on brexit as well. francine: i'm looking forward to hearing that. manus, thanks. dhe oil market will bnee more crude from libya and nigeria. spec and non-opec member are meeting in think petersburg. we also had headlines from the saudi

manu, thank very much. manu raju on capitol hill. >>> meanwhile, white house communications director anthony scaramucci tells cnn the president might veto a russia sanctions bill passed overwhelmingly by the house and senate. the popular bipartisan legislation would not only hit russia with new sanctions but also give congress the authority to block the president from lifting those sanctions. but listen to scaramucci earlier today on cnn. >> keep looking at these it sanctions right now. he may decide to veto the sanctions and -- >> why? >> and be tougher on the russians and congress. >> you think because he wants something tougher than the sanctions bill? >> he may sign the sanctions, exactly the way they are. or he may veet other the sanctions and negotiate an even tougher deal against the russians. >> all right. get perspective from republican congressman mike coffman of colorado, u.s. army and marine veteran and serves on the armed services and veterans affairs committees. congressman, thanks for joining

. >> manu, i want to play another built of the interview where donald trump jr. describes the meeting with this russian lawyer. >> let's go into the meeting. so you meet at trump tower. >> yes. >> the it meeting was described earlier today on the "today" show. did she describe it accurately? >> fairly accurately. i was a little taken back by her talking about me pressing for the information. but the pretext was we have information. and there was small talk. sort of nonsensical and quickly went on to a story about russian adaups adoption and how we could help and that's where we shut it down. >> did you know what the mcginty act was? >> i'd never heard of it. >> she said that. >> we were all there. i was there listening as a courtesy to my acquaintance who had had set up the meeting. and you can hear what he said and you played it earlier about it. he apologized to me walking out of the meeting basically for wasting my time. >> the act which was passed in 2012 overwhelmingly enables the u.s. to sanction human rights abusers in russia, people who have committed hor

manus: yes.t is fair to say they are delivering share buybacks. 63% of the revenue comes from asia and china is an important part of that. the jaws are good. in other words, you look at income growth above the cost of growth. china is a significant contributor to the reducing risk-weighted assets. banks, like credit suisse, deutsche bank, build up your capital. 14.7% and it is giving back in the truest sense. share banks, $5.5 billion since last year and the dividends. this is one of the most generous banks, francine. more generous than most of the americans. francine: does this have to do with the fact that stuart gulliver is leaving? and they want to show that it is working and the trend is reversing? manus: yes, i think it is a statement and very much, they want to show the united states shareholders they have done a good job. it hass a top live blog, been going throughout the morning. all the editors and contributors are there. i like what they put on the blog. a $200 billion cap and a $2 bil

manu?announced last week abruptly it was canceling this testimony for roger stone that was scheduled for july 24th. this is the second trump associate whose testimony has been canceled. j.b. gordon before. speaks to the slow nature of this investigation on the house side. senate side republican leading that investigation, mike connelly, said he's growing increasingly frustrated by the slow pace of this investigation. adam schiff told me it's global in scope and could take a while to get through everything there. this comes as this panel is still facing a lot of partisan strife internally about the witnesses they're interviewing. it was supposed to sort of go away with devon nunes stepped away from the investigation. partisan disagreements about the investigation still remain. >> in some ways, no surprise about that. that's it for "inside politics." thanks for sharing your sunday morning. john king will be back in the anchor chair tomorrow at noon eastern. up next "state of the union with ja

manu, day two for jarrod kushner. >>reporter: day two and probably a more contentious day. he met with senate staff yesterday on the senate intelligence committee. this time meeting with members of the house intelligence committee. so expect the democrats on the committee to kind of go after him. a lot do not believe he's been forthcoming. the a lot raising concerns publicly about the statement he put out yesterday saying there are holes in h the statement. democrats right now on the committee are sitting down for a private strategy session before this classified hearing takes place in just under an hour. already, you're hearing some democrats from the top democrats on the top, saying this session will not be enough for jarrod kushner. they say just a couple of hours will not be able to get through all the questions. they expect him to come back. i just had a chance to ask that question to mike conway, the top republican running this russian investigation. he said to me i'm not going to talk about any of the timing and witnesses, declining to comment about whether or not ja

manu, thanks very much. >> he tried to question jared kushner as he walked by. you are looking at live pictures on capitol hill. on top of this, we are waiting to hear from paul ryan and other republican leadership. the news conference starts at any moment. even if they don't want to talk, these are questions they will be asked including the president's latest attacks and fanning the beltway buzz that jeff sessions may be kicked to the curb. the president is seething over sessions recusal in the russian probe reading attorney general jeff sessions took a very weak position in hillary clinton e-mails. >> john mccain will cast a crucial vote on health care days after being diagnosed with brain cancer. this return as to the high drama already there with this vote. really, really, too close to call. i want to get to the white house. caitlin collins is there for us. the president is trying to push out the attorney general. >> reporter: yeah, there are lots of reports over replacement for jeff sessions, names like rudy giuliani and ted cruz have been floated. they hav

manu, tonight the president says he is very proud of his son-in-law. so, what did we learn from jared kushner today? >> reporter: well, wolf, tonight jared kushner revealing four interactions that he had with russians during the campaign season and during the transition. he said he did nothing wrong, but tonight senate members of the senate intelligence committee are telling me that they have more questions and some are threatening to call back jared kushner for a second round of questioning. >> all of my actions were proper. let me be very clear. i did not collude with russia nor do i know of anyone else in the campaign who did so. >> reporter: jared kushner, the president's son-in-law and senior advisor, tried today to put to rest mounting questions about his interactions with russian officials that are now a key part of investigations into russia meddling in the elections. kushner spent more than two hours behind closed doors with staff of the senate intelligence committee and released an 111-page statement providing new insight into four meetings w

let's get to the capital where manu raju is following this. ma manu, is there word on what's going on behind closed doors with jared kushner? >> reporter: we are waiting for the hearing to finish. it started around 10:00 a.m. they are members of the house intelligence committee questioning jared kushner different than yesterday when it was staff interviewing kushner. it's the first time he's facing lawmakers. it's a more combative round of questions from democrats who believe mr. kushner has not been forthcoming enough and believe the 11-page statement released about the russian contacts has a number of holes in it they plan to explore. the question for kushner going forward is, is this it for him? will he come back to congress after today? there are a number of democrats who say he should. not just on the house side, but also the senate side. when jared kushner came in for this hearing, just moments ago, i had a chance to ask him, will you appear in public? he didn't say. this is our exchange. mr. kushner, will you testify in public? will you

manus: minutes ago until cap opens. don't go away.e tell you what the bloomberg is pointing us to. it's putting us to a similar story we have seen through most of his week. that does not mean it will end up that way. european stocks have ended up. fairly sluggish start. you can see a similar story in europe. plenty of stocks to be watching though. matt miller. matt: there is a lot that's going to happen today. you mentioned the cpi data. here in thert 70 63, u.s. 's is european banks and white. they have slightly outperformed the european banks. that could change. guy: net interest margins. that's what you need to be looking at. in red, but only just. similar story in most of the other markets, as well. the individual stocks are much more interesting. today, what the asset managers as matt says, watch banks today, as well. what did trading income actually look like? there was a read in the u.s.. what else do we need to be watching? manus: janet yellen is one of the highest powerhouses in the market for emerging markets, autos are at a

what have been you been learning, manu? >> reporter: frustrated. a lot of members are concerned about this constant revelation, day after day, new controversies. and the inability of the white house to put it behind them and the failure in the words of people like trey gowdy, a conservative south carolina republican who heads the house oversight committee, saying, just disclose this information right away to investigators. don't let this be a peer in the press. this is something other republicans say is constantly jr undermining what they're trying to do up here, including senator jm who told me earlier today that it's, quote, sucking the oxygen out of the room, the issue about this russia investigation and the failure of the white house to deal with it in an effective manner. this is one area. the other area, is just to learn more about what's happening. this is really putting some new steam behind some of these investigations on capitol hill. a lot of members want to learn more about that meeting that donald trump jr. had, anderson. >> right, you

. >> manu, is this similar to what you're hearing on the hill? >> no question.ob mueller is someone who has wide support from republicans and democrats. anytime a republican is asked about the latest controversy, they're saying, well, bob mueller is investigating it because they have faith in bob mueller. i had a chance to check in with the republican senate chair and asked him directly about the president's line about the family finances and he said if that's in the scope of mueller's investigation, he should investigate it. >> do you have any concerns saying bob mueller shouldn't look into the finances of the trumps? >> i haven't seen that particular thing, but bob mueller should look at anything that falls within the special scope of the mandate. >> and that includes the trump family finances? do you think the president should fire him? >> no. no. >> now, the longest serving republican in the senate told me earlier today that bob mueller is a quote, totally honest man. he has questions about attorney he's named, but he has faith in this investigation so far.