i'm matt miller.ontinue our global for -- -- tour of the week's top business stories with elections and political theater throughout europe. >> let's get to european politics. prime minister theresa may getting ready for a fight on two fronts with scotland's government which is expected to call another referendum vote. her own government wanted to draft brexit laws in the house of lords. meanwhile in france, candidate can he will candidate emmanuel -- macron opening up his biggest lead yet. helped by his rival's legal troubles. was that times referendum story nothing? >> that is that when the -- pound andt when the not go up very much obviously , the debate over scotland remains at the forefront of people's minds north of the border. important to note that the banks say the pound move was exaggerated. there is not a great hankering as much for independence as much -- as perhaps nicola sturgeon would hope for. >> it seems like we had a little bit of an easing to risk over the weekend. what exactly happ

i'm matt miller.nue our global the week's top business stories with elections and political theater throughout europe. and how the uncertainty is affecting the financials? >> let's get to european politics. prime minister theresa may getting ready for a itron two fronts with scotland's government which is expected to call another referendum vote. debated inernment the house of lords. meanwhile in france, candidate and metal macron opening up his biggest lead yet -- candidate emmanuel macron opening up his biggest lead yet. was that times referendum story nothing? it did not go up and much. the debate over stalin remains the forefront of people -- the debate over scotland remains the forefront of people's mines. the pound's move was exaggerated. >> it seems like we had a little bit of an easing to risk over the weekend. what exactly happened? >> basically, the gap between the independent macron and --ine le pen is two points macron is two point behind the pen. some of investors are concerned. france yi

matt miller in berlin. plenty more from him as he go through the day. for more on deutsche bank, tune in at 8:15, where we will bring you are interview with the ceo, john cryan. for more on the banking annual, there's plenty to digest in the corporate world, we are joined carois investment management. great to have you on the program. my colleague matt miller was just talking about the capital raising over at deutsche bank. this is clearly an issue for the banking sector in europe. i've got this chart that shows deutsche bank is aiming for 14.1%, which would be very strong compared to the 13% target. where do you stand on european banks versus u.s. banks? >> good morning. clearly, there will be, over time, situations where banks need to raise capital, and this will happen at various points in time. the reality is if you look at the banking sector, there are quite a few things working in favor of that . what is litigation. litigations are going down, the amount of litigations is going down. if you look at re

i am matt miller alongside guy johnson.s is the european market open just 18 minutes away from the start of equity trading. let's get the bloomberg business flash with juliette saly. the target forng cost savings related to the takeover of sab miller. synergy said reach $2.8 billion, 14% more than the previous forecast. adjusted fourth-quarter ebitda fell missing estimates. blackrock is said to have reduced annual employee on us is by an average of 2% to 4% last year. the first cut since 2011. according to people briefed, bonuses were flat overall him a a year earlier. a spokesman declined to comment. the asset management business is under increasing pressure as money flows through asset strategies into cheaper packet offerings. luxottica has forecast sales and earnings growth this year that prepares to combine with its rival. the company said operating profit fell to 1.3 -- 1.4 3 billion euros matching estimates. forgree to buy luxottica 228 billion euros in stock combining the largest eye manufacturer with the biggest ret

i'm matt miller in frankfurt, alongside guy johnson in london.t could be a shaky open this morning for european equities after big drops in asia overnight, and in the u.s. on friday. the right now we want to get the bloomberg business flash, and for that we go to hong kong with juliette saly. juliette: matt, thank you. is reportedlyce taking steps that could lead to a capital increase of a billion euros. according to an italian newspaper, switzerland's largest insurer could consider issuing new shares that could not exceed 20% of current capitalization. the bank's relations chief says there are no plans to gain capital. uber has suspended its self driving car program after one of its autonomous vehicles was involved in a high impact crash in arizona. police say the other car failed to yield to the self driving volvo, and the company is not responsible for the accident. no one was hurt in the crash and uber says it is causing autonomisous tests until it completes an investigation. the u.k. government says facebook should open up encryption of what

matt miller finds himself in baden-baden. ing shoulders with finance ministers from g-20 countries. what can we expect? matt: i just saw the turkish finance minister taking a jog through the restricted area. only finance ministers are allowed to run here. we saw wolfgang schaeuble this morning. we saw steve mnuchin. we saw the japanese finance minister. they are getting ready for a meeting which looks like it or a lessonciliatory contentious mood than we initially expected. there had been a fight brewing about the use of the word "protectionism." some consider that a loaded term. the u.s. wanted to use "fair and equitable" in regard to trade. it looks like they may come together and calm the storm in baden-baden just to appease the new team out of the u.s. guy: interesting. do you think the germans are doing this deliberately because angela merkel is in washington later today? why them not sure germans are being nicer. from conversations i had yesterday in frankfurt, there was just the idea that, look, the treasury is just put

for more on that and what came out of the g 20 meeting, let's head to brussels, where matt miller is. good morning. what was the reaction to u.s. treasury secretary steve mnuchin and the delegates trying to understand what the truth is about what america first means for global trade? matt: yeah. although i'm not sure donald trump has ever beat around the bush when he is talking about his america first policy or when he talks about the protectionist policy he intends to enact. i think the trade ministers know what the white house wants to do. they were really trying to gauge what kind of power steve mnuchin is going to have us treasury secretary and forge a relationship with him. they were pleased with what they heard from the secretary, but concerned about what kind of power he actually had when it comes to policy. in any case, listen to what usin.mnhucuch told -- steve mnuchin told us. >> we believe in free trade. trade has been good for us and good for other people. having said that, we want to re-examine certain agreements. examination is the crux of the issue. the americans seem t

matt miller leading the charge.oming up on the show, the reflation trade. 10 year term premiums turned subzero again. the latest from our ml iv. plus, the republican party refuses to drop out of the presidential race despite a trailing inbe and the polls. more on the french elections to come. plus, the middle east producer cuts the price of april oil sales to asia. will it be enough to her buyers away from u.s. shale? we would -- we will be lighting up and audi. us his bloomberg. the open is 15 minutes away. ♪ guy: welcome back. let's get the business flash. here is juliette saly. exxon mobil has announced a $20 billion building spree in the heart of the u.s. chemical and refining industry. a program that would create 45,000 job. donald trump quickly tweeted support, calling exxon a special company. critics have pointed out the announcement gave a name to a series of investments the company began as far back as 2013 before the collapse in oil prices. after its euphoric market debut, snap into shares have fallen for

i am guy johnson with matt miller. he is in berlin.s are on the verge of their longest slump since richard nixon, will at 1:30.out of -- out a street not seen since 1974. standard life for aberdeen asset

anna: matt miller joined their by jaguar land rover.'s talk about what is happening in the properties sector. we will return in real estate. safe haven flows driving to germany. we speak to one of the countries leading companies about its four year performance. this is bloomberg. ♪ 8:16 in berlin. there are-dollar just in. 105.88 ahead of the jobs report. let's look at gmm. you've got a little bit of equity story there. asian equity markets finished the day not too badly. fedrgan warned the hawkish rhetoric could mean a pullback over the next few days on the equities side. anna: 3/10 of a percent. on the fx story, the south korean you want up despite political tensions. up as the rbat does nothing with interest rates. this hour, we have 45 minutes until europe gets underway. juliette saly is standing by. exxon mobil has announced a $20 billion building spree in the heart of the u.s. chemical and refining industry. a program that will create 45,000 jobs. donald trump quickly tweeted his support, calling the oil producer a special company

there may be certain officials in the current administration who were engaged in somehow -- >> matt miller, the color is red. there are a lot of serious concerns -- not proven yet but serious concerns about these investigations. i want to read to you also regarding president trump's top lawyer over the weekend. according to the times, senior white house official said mcgann, the president's chief council, was working to what mcgann believed to be an order issued by the foreign intelligence surveillance court. >> the white house, people potentially in the white house, certainly people from the campaign are what the fbi is looking at, trying to figure out whether people from trump's campaign were colluding with the russians to swing the election for now president trump. for them to pressure the fbi, justice department to turn over that if it exists, even to go and ask whether it exists is completely inappropriate and i would hope that people at the department of justice -- let me put it this way. the career people i worked with when i was at the department of justice would strongly push back

matt miller from there.e joined in the studio billing -- bill, great to see you on the program. when you look at the difficulties that the g-20 will have, around protection to his -- protectionism, a global-based trade system, it goes to shows the extent to which the trump thenistration has thrown rules of the air and many people are working out where it is sitting. >> i'm actually thinking the g-20 meetings might start to get interesting. when you write the communique three months ahead of the -- but no, we got this implied threat that the americans aren't going to play by the rules. the americans are coming in with their own agenda, not necessarily a clever agenda, that it is an agenda. for g-20ave had meetings is the host country trying to make it look as good, look as effective as it possibly can. now it looks like we might have proper arguments going on and this one about fair and trade.le versus free it is going to be very interesting and i think there will be friction, and if we get that, producing th

i'm matt miller in berlin. this is "bloomberg best," your weekly review of the most important business news and the interviews from bloomberg television around the world. let's take a day by day look at the top headlines starting with monday when a proposed $12 billion exchange merger teetered on the brink of failure. $13 billion attempt to acquire the london stock exchange appears to be on the verge of collapse. a lot of people were saying that politics is going to kill this deal, but it turns out it was the regulator. >> yes, they asked them whether they could give us mts, an electronic trading platform for bonds. lsc said they would not do that. they agreed to sell their french clearinghouse. there was some talk that georgia open toche borse was that. they need to wait for the commission to come back to them which is at the end of this month, may be early april but they say the chances are now looking us a good. >> is it a brexit casualty? >> did brexit have a role to play,. absolutely they had downs the dea

i'm matt miller in berlin. guy johnson in london.ow we want to get to the bloomberg is net/. for that we go to sebastian salek. sebastian: thanks. values it at deal 2.3 billion pounds. shareholders receive three quarters of new wood group shares. tucker toamed mark succeed douglas flint as chairman. tucker, the ceo of aia, will take the post in october. his first major task will be to find a ceo. vodafone says it will add more than 2000 new jobs in the u.k. the company says the positions will be filled over the next two years. the move is expected to support 2 billion pounds of investment in britain. that is your bloomberg business flash. guy: thanks very much indeed. i want to find what is happening with euro-dollar at the moment. we were wondering whether or not we would get some sort of action surrounding the euro as a result of what was happening in the dutch election. this isn't the chart i'm looking for. what we're seeing at the moment, is that the euro is beginning to fade. it was above 1.07 later. it is backing off that fairl

matt miller is in frankfurt. manus: let's look at the chinese data.wo roads diverge in the snowy wood. cpi hardly budging and ppi rocketing up. reporter: let's get rid of cpi first because we can skip over that quickly. that is likely due to chinese new year effects. overall, demand is looking solid. it came back this month, cpi, but it should get back to 2% according to most economists. the big news was the ppi reflation. it is gathering speed come up 7.8% in february from one year earlier. that makes factories somewhat more profitable and cuts interest rates, making it easier for those factories to pay back the heavy debt loads. it also suggests that maybe some of those price gains could be coming down the pipe, in terms of export prices. there is a pretty close correlation historically. anna: matt, let's go to you. what are we looking out of mario draghi, then? matt: well, we are not looking for any change in policy today, at least according to the economists surveyed by bloomberg news. no policy change expected, but we could get a change in the ec

matt miller is at the institute of international finance, where he joins us with a guest from that eventthink very much. i am here with james mccormack, head of sovereign ratings. thanks so much for your time this morning. brexitask you about the situation since that seems front and center right now. how much does nicola sturgeon's call for another independence vote write-in england's ratings? james: it does, just like it did the first time around when there was a referendum in scotland. we made it quite clear that installed and working become an independent country and the remaining u.k. was left with the government debt stocks such as it is, it would go up by 10 percentage points of gdp. we think it is lower than that, but the result is the same. that would be one negative implication. the other would be to do with the banks and u.k. banks newfound international exposure, etc., so it would be negative this time just as it was the first time. matt: are you concerned about the banks leaving london? separate issue, more of the u.k. leaving the e.u. than scotland and potentially england, b

matt miller is with us from geneva with more. what automakers in general are saying about trump? lot of them are saying pretty much the same thing, almost as if all the automaker ceos got together and decided how they would answer the question about border tax. sergio marchionne's answer was a little bit different, but the cars that he makes are much different than most of the others that you are seeing at this auto show. this is the 812 superfast that cost over $300,000. his point is that this is not the kind of car that steals american jobs. no american carmakers competing with ferrari. even ford, which makes ultrafast, ultra rare gt 40, already sold out of that car and is not producing them in volume. i caught up with carlos ghosn who is selling cars in volume with the u.s.. listen to what he said about the possibility of a trump border tax. >> there so many policies in the u.s. that for the moment we stopped trying to analyze all the different things that may happen. it is much better to wait until the decisions are made and then and function of the decisions that are going to

i am in london, as is matt miller.arliament gets back to work after london's worst terror attack in a decade, five dead, including the assailant, 40 injured. how will the attack affect britain at a time of uncertainty/ ? that question of john curtis. a prescription for failure, equities could be in for disappointment if congress rejects the health bill. could a last-minute change inject life into the legislation and the stock market? matt: good morning. let's take a look at the future flat futures, but with a green arrow on the ftse, now pointing down while the dax and the cac higher. it was the biggest loser among the three major indexes and the biggest loser in terms of futures today as well. bumd look at the trade, pushing the yield down. it -- opposite, which is interesting. the french trade is going the other direction. wantoks like now investors safety and german death. this is the picture we found yesterday. it doesn't look like we will get any clear sense of direction, but will we once we get clarity out of con

matt miller is over in berlin. what are we watching this friday morning, matt? well, the french republic has starteded to jump ship. saying they can no longer support fillon after his embezzlement scanned l. here will supporters turn? the odds of a fed rake hike hovering around 90%. is this the calm before the storm? is the company the juggernaut that its evaluation suggestses that it is. manus: we're less than half an hour to the european open. check out the major stock equity indexes. here you see down across the board like yesterday's trade, the cac was gaining slightly. the ftse was up just lightly yesterday and had a pretty good week looking like a 4.5% gain for the italian index on the back of some recovery in the bank stocks. take a look and bunds here. e are down but after yields. after the yield rallied up to 0.32 yesterday so down to 0.3. that is a level in the yield that came through yesterday morning and we're back down to it now. there was some selling yesterday. a little bit of buying it looks like today. over all we're remaining in this range now,

i'm alongside matt miller in brussels, what are we watching recent history makes investors cautious.n 2% for the first time more than three years. talking about raising rates, minneapolis president tells bloomberg there is no need to rush another rate rise. continue to call for 2-3 hikes this year. they all speak late in the day. manus: less than half an hour away from the cash trade. very interesting turnaround we've seen this morning. yesterday the equity down across the board with the exception of the ftse and the u.s. looking at red arrows. today we are looking at futures that were read a half hour ago. after so many issues came up yesterday, brexit, greece, the french elections, i lost to talk lot to talk about. is theat we are watching euro well bid on the back of what we saw last night and france. we are looking at a one-week handle. we are trading at the moment. to bid. certainly i just want to mention what is going on right now. with iron ore. look at what is happening. iron or getting back in local that as well. quite a run and and adjusting trade. enough chart that shows w

i'm in london, as is matt miller. eave it, the trump administration files the pressure on conservative republicans to back his health care reform. the vote is expected today. close to call. matt: credit suisse is said to weigh a $3 billion capital increase rather than listing part of its capital unit. it is a good scoop by bloomberg. i wanted to take that headline. guy: you did a fantastic job. opec and non-opec producers meeting in kuwait as u.s. stockpiles counter the efforts to drain the global surplus. can shale really be tamed here? for: important question inflation. important question for rates. we're less than half and hour away from the european open. take a look at where futures are trading in europe right now. we had a day -- there's the bund yield. you can take a look at the bund yield or futures. really no change. yesterday we were sitting on our hands, waiting for this health care legislation to get voted on because the market judges that as an important indicator of donald trump's strength for future legi

matt miller is therefore its arrival. good to see you this morning. rundown, what events, what the theater is in the process. matt: at 8:00 u.k. time there will be a meeting of the u.k. and the administration. at noon, a question and answer session will begin in parliament. just about half an hour later, theresa may is expected to give her statement. what about that time we are expecting and eu envoy to bring that letter and hand-deliver it from the u.k. to donald tusk, the president of the eu here. task will read it over and we take a half hour, 45 minutes to collect his thoughts and give his own statement. it should be around 1:45 p.m. here. just after resume at -- take afr theresa may has finished giving her statement in parliament. class will yout be looking at for reaction? these are the immediate manifestations of risk. absolutely. the pound has been talked about the most. i heard you discussing it this morning. we have seen some incredible forecasts. jim rogers who started the quantum fund with george soros was on bloomberg surveillance. he said

i'm matt miller in berlin. markets have taken another leg higher.uities in the last couple of minutes bouncing more positive. the 600 is up by .9%. the dax is up above one percentage higher. a currency drag affecting what is happening with the ftse. i'm just looking at my euro sterling chart, which is dropping right now and trading at session lows, so what we are seeing, the euro is losing out and i could account for the differential we are seeing across the channel this morning. so, it is interesting to see what exactly is going on here, that the euro sterling rate, -- .3%,around .1%, matt. matt: 51.7 for february. that beats analyst estimates. the official factory gate showed strength through tom mackenzie reports from a factory whererovince manufacturers are seeing mixed fortunes. tom: a broadly positive picture for china eyes manufacturers -- china's manufacturers. benefiting them from a pickup in producer prices, new orders, and a weaker than in the, -- weaker renminbi. policymakers want to focus on reining in leverage and financial risk. this

i am matt miller in berlin alongside guy johnson in london.put a stop on your radar this morning and that is axe akzonobel itel -- is bumping it six euros and walking away with no deal. they say the revised proposal fails to reflect the current and future value. guy. we think it will be a negative open following in from what happened yesterday in the theed dates, just shy of -- united states, just shy of .5%. a flat open this morning. nevertheless, europe has got a bit of catching up to do. the open is next. we are now four minutes away. a beautiful day in berlin. this is bloomberg. ♪ >> we are committed minute away from the cash of in europe. ares talk about where we going. a little bit of catching up to do. down about half of 1% on my bloomberg. two to three to four tenths of 1% is where we are likely to see the market coming three. -- coming through. this is -- m&a playing a big part. the first time we have seen a move on the s&p of more than 1% to the downside in 110 sessions. the biggest loss we have seen on the s&p october 11 last year.

matt miller, i understand that europe is not a unified force. e the train within these negotiations? matt: it certainly feels unified from here in brussels but i think the answer is probably that germany will have at least a leading role in driving these negotiations. it is such a powerful and big country as far as trade is concerned and in that case it has a lot to say here in brussels. tom: i want to go to your expert's in automobiles. you're talking about autoimports and manufacturing within the united kingdom. what does b.m.w. want to get out of these negotiations? matt: well, keep in mind what a huge center for auto production england is. a lot of people don't realize how many factors are on the island of great britain. they are very important to what we buy here on the continent of europe and also what we sell to them. b.m.w. has a lot of customers in england. it is a very popular brand there. they want to get a deal and have tariffs as low as they possibly can be. francine: they say timing is everything in comedy. i don't know if this is c

matt: and i'm matt miller. here in brussels.e have e-gov in -- ecofin wheelie the visit of shinzo abe. anna: let's have a look at where we go on the equity markets. if, we pretty mixed at the start of the day. this can make a slave moved to the upside. bag at the start of the trading day. we talk a lot about emerging markets in the last hour. emerging markets index up for the cycle underway. a slightly more positive trend in asia but japanese market closed yesterday. the bloomberg dollar index, study after four days have dropped for the dollar. janet yellen later on this week. the euro is stronger by .3%. the blog that has been flirting with the one awaits level could be a strong performance. could that be something that sends the euro higher? near $48 a burial -- barrel. here's julia starling comey, a james stinging rebuke during the opening statements. investigating russia's interference in the presidential election and whether any of trump associate collaborate with vendor pollutants government. making clear that trumps claim

mark: out thanks to matt miller and ducati's chief executive.ories and interviews like that, check out pursuits, your destination for the finest ends in life -- finest things in life. take a look at what happened at the end of today's european equity session. stocks down the first day and five, ahead of the big big week for global central banks. sterling falling as much as 9/10 of 1%. the biggest drop since february. prime minister theresa may can down trigger brexit. when will she trigger brexit? the first centerpiece of the political calendar and the eurozone, the dutch elections. bloomberg continues. ♪ david: for from bloomberg world headquarters in new york, i'm david gura. a focus on politics and policy in trump's first 100 days. hikearket prices in a rate as the fed starts its meeting in washington but the question is will the central bank accelerates timetable for raising rates later this year? tosident trump's plan replace a obamacare would result in 24 million people losing their insurance but it would slash the deficit by $337 billion,

i am matt miller in london alongside guy johnson.ant to check on the markets and how they are doing. we see only nine out of the 12 industry groups on the stoxx 600 down -- i should say only three gaining. nine are down. there's not a lot of movement because the market is waiting for the u.s. congress to vote on president trump's health-care overhaul. they see that as an indicator as to his strength in future and possibly more important for the market issues like tax reform, deregulation, infrastructure spending. right now we don't see a lot of movement although the arrows are red. guy: lots to think about. maybe these markets are due for a correction. what is happening in the mid markets? here's the mid-cap movers with nejra cehic. nejra: quite a lot of news across the mid caps. we've seen quite a few stories. i'm starting with smith's, up 3.7% at the open. first half revenue beating estimates. 31%.ted pretax up it does see sterling depreciation to give a tailwind to revenue and operating profit. performance expected to be slightly

matt miller: the top five contenders for the french presidential stage took -- took stage. ms. le pen: the best way to send a signal that we can not offer you anymore is to conduct a suction pumps of immigration. >> the trend you are falling into with your provocations is to divide society. mark: the euro did well. what is the move telling us about market positioning right now. was steady and gradual all night. it wasn't a sudden spike after the debate. it implies investors are waiting to see what the poll reaction is, what the reports are. that implies it has more room today. there is not immediate resistance. implies more upside as well. that is after a break on friday. it negates the bearish signal which makes it even more positive. scarlet fu: stocks, the dollar, government bond yields retreating as investors pull back on the post-election trade. tranquility was shared as it -- as the s&p 500 declined the most in two months. isn't he hundred losing 30 points. the nasdaq off by 1.8%. five people what is causing it, and you get 10 different reasons. the market has gone so lon

ohie: that was time speaking to -- that was daimler ceo speaking to matt miller.heck out travel watches, property and dining. head to ni pursuits go on the bloomberg. wilbur ross joins bloomberg television live tomorrow morning at 7:30 eastern on "bloomberg daybreak: americas." you can catch all our interviews on the bloomberg. you can also find breaking news, charts, and more. this is bloomberg. ♪ andt is 1:00 in washington 2:00 a.m. in hong kong. i and david gura. welcome to bloomberg markets with a focus on policies. here is an i on the top stories we are watching. republicans and bill their plan to repeal and replace the affordable care act. an attempt to appease different factors within the gop. the latest them a craddick and republican reaction coming up later this hour. to talk about trade. report on of a new the future of trade in the asia pacific reason. almost 100 billion dollars is needed for capital projects over the next five years and they can only paper about half of it on their own. the report comes as president trump calls for $1 billion worth of

vonnie: and we have matt miller in frankfurt. it seems like mario draghi was trying to sound more of beat but at the same time, nothing has really changed policy wise. said that thetely has to the european economy dissipated to some extent. he also said the council had a cursory discussion talking about the possibility of removing the threat or the promise depending on which side of the trade you're on that it can lower interest rates further from here and they did, in fact, remove a part of the statement last time that said they are ready to use bolsterures in order to the european economy. he said they did this because they don't see the need to project the kind of urgency they had in the past. he is slightly less concerned about the european economy but he is still concerned about it and he says he will continue to look through inflation. the germanen we got finance minister in a speech today in berlin saying monetary policy has achieved all that it to and he urges the ecb enter into a strategy toward an exit. is looking to ge

matt miller is standing by with a top finance team. matt: i'm here with the chairman international.ant to ask first about the fed. this could be the beginning of a longer normalization cycle. what are you expecting from janet yellen today? >> i believe it is high time to continue with the journey of normalization, the nine states economy is robust, it is strong, the tried -- the criteria has to be met to launch the project of normalization has been met. so muchr market is better and unemployment is very low. the duration of unemployment is very low. inflation is around 2%. if you delay normalization, there is a rise from interest rates being so low for so long. the wrong activities, investment, and jobs. this is my hope. will janet yellen do it? i will expect do -- in 2017, i will not be surprised if we see three or four steps of 25 paces points each -- basis points each. still a way to go. interest rates are so low that most economies ballon to end the long run, with the economy sufficiently stable, there is another like this in 2018. it is good news for the markets because the vot

matt miller in berlin. guy johnson alongside me in london.nts to get out to hong kong for the business flash. in the wake of brexit, most of london has chosen brussels for the eu insurance. the company announced pretax profit of 2.1 billion pounds for the fiscal year. unchanged from the previous. we will speak to john nelson at 10 past 9:00. that paceed earnings analysts estimates, higher purchasing costs. it will introduce a new storebrand with the first applet opening in a london this fall and since on has unveiled its new flagship smartphone. the galaxy represents the biggest prospect for a turnaround after the debacle last year was showed a tendency to catch fire and exploded. samsung is telling the safety of the phone's battery. thank you very much indeed. oil rallied nearly $50 a pound yesterday telling another inventory in a drop in gasoline stocks. trend -- upe of trend. you can see these here. you get to these lows. they are higher and higher and higher. we going to pop? do you expect that? << i think it is likely. let me tell you wh

matt miller, thanks very much for coming in. thank you.iticised his party's presidential candidate, francois fillon, saying he has wasted a chance of victory. members of the republican party, who've been holding crisis talks today, had hoped mrjuppe might replace the scandal—hit candidate, but this morning juppe said he had decided "once and for all" not to stand in france's presidential election. translation: i have no intention to engage in partisan negotiations, nor in the negotiations ofjobs. i confirm once and for all that i won't be a candidate to the republic's presidency. this is what i will say to nicolas sarkozy and francois fillon if they wish to meet me. alainjuppe, alain juppe, pulling alainjuppe, pulling himself out of the running. this leaves francois fillon as the kind that for the republican party. what has he been saying? years given a statement the night, saying the party needs to get behind him and pull his socks up and start supporting him. a lot of people will point to, dare i say, the arrogance of francois fillon, be

. >>> i'm joined by matt miller, former spokesperson for attorney general eric holder. what is your reaction to the actions of chairman nunes today? >> astonished. i have never seen a committee chairman come out in front of the press and pour gasoline on himself and light himself on fire, which is basically what he did. if you look at what he did today he, one, potentially leaked classified information. two, he compromised the investigation his committee is supposedly conducting by briefing the president on it, and, three, he completely ruined his own credibility and exposed himself as a partisan shill and it was all for no reason. the thing he came out and revealed doesn't even back up what the president said in his original tweet so it's hard to know what he was trying to accomplish. the only thing he did today with this kind of stunt is add more credibility, more voice to the calls for an independent commission which you now see senator mccain joining the calls for. >> i want to start with the first thing you said because it struck me as well that a huge part of the

i want to bring in former spokesman of the department of justice matt miller and amber and julie as wellhow unusual is it to see an fbi director even private live push back on a claim made by the president of the united states? >> it's very unusual because usually you don't have the president of the united states repeating things read on breitbart. we're in unchartered waters for the fbi, the department of justice. you've had a president who has gone out and questioned whether they broke the law. you then behind the scenes apparently had the white house council going and and asking for what was unfolding in that investigation, asking if there was a warrant, which is also complete interference with that investigation. >> what do you make of what's happening behind the scenes? >> i think there is obviously chaos at the white house. there has to be a lot of uncertainty at the department of justice. you've had jeff sessions recuse himself from the investigation, acting official from virginia is left to oversee this and jim comey is coming to, i assume, him, she's probably not sure wheth -- h

and matt miller makes the rounds at the geneva motor show. coming up, wilbur ross talks trade.ecretary talks about why nafta needs a fix. >> there were some things that were missed. there were some things in it that were not done correctly to begin with. scarlet: this is bloomberg. ♪ ♪ >> in the oil market, goldman reiterated its outlook for crude in new york to rise to $57.50 a barrel in the second quarter before declining to $55 the rest of the year. we will talk about the demand pull and the supply response. just walk me through where we are with both. >> when we think on the positive side of the ledger, we have seen two things. an upward revision to 2016 demand levels. >> yeah. >> and also very positive macro data that suggests there is upside growth risk to demand in 2017. also on the positive ledger, you have had core opec, saudi and the rest of the gulf states, compliance much better than we thought. that is on the positive ledger. on the negative ledger, in the u.s., supply response gaining momentum faster than we thought to higher price. two reasons. one is productivit

i am matt miller in berlin alongside matt -- guy johnson. 30 minutes into the session on cash.haping up here in europe. not undoing the losses we have seen completely, but outperformance in the dax we were expecting. --don lagging, but miners trading up two tenths of 1%. let's talk about the real market action. we have been seeing some in the rand. that is a today chart. -- two day chart. the last 20 four hours have had interesting action. said to telld was senior members that he plans to remove the finance minister from that post according to three people at the meeting yesterday. this comes after he ordered gordhan to cancel meetings and return home. that was the first move. after he had begun the weeklong roadshow. the managing director and head of the investment banking division for sub-saharan in africa at goldman sachs. walk me through what your reaction to this news is. is it a surprise or not? there have been significant stressors building up to what will likely be a political showdown between anti-zuma and pro zuma forces around the position of certain cabinet .inister

matt: i am met miller in berlin. really exciting time following the d -- g-20 two in bodden bodden -- baden-baden. and here onn berlin their daybreak show, good to have you on the program. let's characterized we saw in u.s. equity markets. substantial loss of 1% coming through on the major u.s. indices you do you say this is a questioning of the reflation trade, a questioning of the trump trade? it depends on a extent to which you think the trump trade was priced in. you saw indices to look at help here.de us through this is companies that have high tax bills and in the blue we have companies that typically benefit from share buybacks which might get a boost and he might see that repatriated. neither of those categories are stocks have been doing all that well since the middle of january. neither of those are what you might call trump trade have benefited in the month and a half or so. what has been doing well are the companies with big international businesses. interesting question to what this buildup was a out in

i am guy johnson with matt miller. he is in berlin.hile treasuries are on the verge of their longest slump since richard nixon, will at 1:30.out of -- out a street not seen since 1974. standard life for aberdeen asset management set to create the uk's largest manager. martin gilbert will join us exclusively to discuss the deal and why it came about. affirmed theg impeachment of south korea's president. will markets remain resilient question mark elections have now been triggered and civil unrest is on the rise. matt? an hourss than half until the cash open and take a look at futures. , we're lookingse at gains in futures europe as well. fairly significant. probably more interesting this morning is the fixed income trade. bunds. the bones -- 0.44 on the bund and by the way, just two weeks ago, it was well under half that in 0.186. boones have more than doubled -- bunds have doubled. guy: let's talk about the gmm this morning. for what isashboard going on in financial markets. i want to highlight what is happening what is happening with

matt miller as well, this is on twitter.e are pictures of tim barrow leaving and heading toward the council. i do not think he was due for a while. >> he is not due to get here until 1:20. it is possible he has business in the council building down the street here. european institutions here in brussels, he may have other work to do here as the eu envoy. if he is here on his way here he is clutching that letter in his briefcase and getting ready to deliver it. sign it hasominous started snowing here in brussels . only like snowflakes coming down but maybe not a great message. guy: there's an inside joke here which met is not going to appreciate. with usler will be here in the snow in brussels as we await the arrival of the letter formally triggering article 50, theresa may has dissented, signed it, and now it will be delivered. you can do that on the bloomberg terminal, with a surveillance team up next. you can join us as well on the radio in london. this is bloomberg. ♪ francine: no turning back. theresa may signs that hist

i am in london, as is matt miller.ack to work after london's worst terror attack in a decade, five dead, including the assailant, 40 injured. how will the attack affect britain at a time of uncertainty/

matt miller, off today. what are we watching? the south african currency takes a hit after president zuma versus finance minister. is it done great inevitable? we take you live to johannesburg. to e.u.'s donald tusk is set distribute negotiation guidelines to other members today. how much will he share in his news conference, which we think will happen around 8:45 london time? we will take you to that when it happens. and down with dollar. the first quarter of the year was tough for the greenback. what is in store for q2? . about where we stand, what is ahead of us. we start with the fair value calculation on her bloomberg. mildlyts us to a negative start. the dax in positive territory. i think that is too close to call. basically, we are going to have a flat open. let's talk about what is happening with the bund. has already been open. the european bond market on the move. yields are down. they track sideways. again, that is indicative of the market holding his breath, waiting to get some clear sense of direction. that is what w

we are joined by matt miller and a guest. live in frankfurt. matt: good morning. investment chief for blackrock global macro. thanks for joining us earlier. let me ask about we had two andr events, the elections the fed, janet yellen seems to have pulled off a perfect dovish hike. is that how you see it? >> absolutely. there was no doubt that they would announce the rate increase but there was uncertainty, may be feel behind the curve or not. the act was not. they came out very dovish. matt: we surprised there were not more hikes plotted out? guest: not particularly. there was no reason to change the outlook. they have not changed their outlook for where the economy is going and there was no reason to change the path of normalization they had previously set out. matt: we have got some information now about donald outline of a budget. he it -- do you expect his policies to boost growth, boost inflation? guest: that we do not know. future the potential for deviations for the feds normalization path and she made it clear that they have not made any assumptions about

i'm matt miller in berlin. guy johnson with me in london. guy.utes into the trading day. let us see how things are shaping up. what we have seen is a bit of a dollar pick up. you have seen this in the turkish lira on the move, and you can see it in euro-dollar as well, and it is bleeding through into the equity markets. you can see equity markets are going nowhere fast, to be honest. the lack of momentum is certainly something to pay attention to. look at the s&p futures as well. i think we're getting nearer to a trend break. i can show you what is happening with the dollar because of this is the bloomberg dollar index and you see this spike. the bloomberg dollar index has certainly picked up the pace a little bit. i'm not going to show uw crf. i'm going to fold in -- i'm not going to show you the view crf -- you wcrf. what is happening. here is the cable rate softening up as well. always worth taking a look at that. get it nice and organized and you can see some of these moves across the market. it is budget day in a u.k.. 12:30 london time. phi

welcome to bloomberg markets i am matt miller in frankfurt.nkfurt standing in front of the ecb. also at 12:45 u.k. time. mario draghi will send out his andcy moves or lack thereof then 45 minutes later, we are going to have the press conference. you can watch jamie dimon at 12: -- 12:45 while you peru's the ecb statement and you can tune in live for the ecb press conference. day on bloomberg. let's talk about where markets are. 30 minutes into the cash session here in europe. london has a whole lot of ex dividend stocks this morning. some real heavyweights as well. that is adding to the downside there. down 6/10 of 1%. also down by around 2/10 of 1%. keep an eye on what is happening with them this morning. are of the oil stocks seeing some degree of weakness after that big slide that we saw coming through yesterday. result,rude price as a some of the inventory data. that is bleeding through into the european market story this morning. yeah, let's talk right now with antonio garcia, chief economist at barclays as well as from geneva, the s

european open is up next with guy johnson and matt miller.berg. ♪ guy: monday morning, welcome. it's the european open. cash will be opening around half an hour, for the first trade the day. i'm guy johnson, alongside matt miller over in berlin. what are we watching monday morning? the war of words. turkey's diplomatic spat with the netherlands intensifies as riots break out in rotterdam, with 48 hours to go until the dutch election. will euro react when european liquidity comes on stream later on? thinking ouid

like matt miller was saying, all this material should have been vetted. there are people that not only had access to this information. there are people who knew this meeting happened. i've worked in the senate office. if a russian ambassador, if someone comes in for a private meet, there's lots of other people on staff that know about it. i think that sessions was going to have to ultimately talk about how this meeting came about. who initiated it? on what terms? if he is a russian spy, what was he doing there because -- >> even if he just clarifies it, i feel the need to say, as a senator, having a meeting with an ambassador, regardless of what country you're from, that is not wrong. >> absolutely. that's why this should be so easy to explain. they could have been talking about the iran deal. but to say there's nothing c campaign related in september doesn't pass the smell test. the biggest things happening at that moment had to do with the leaks that was directly related to the campaign. it would be odd if it didn't come up in some way, that they didn't