narasimhan: we are looking at innovative models.are most interested in payments over time, or rebates for performance. the big shift we need the world to make is going from where we are used to getting pills over 40 years that have a small incremental effect, to a single infusion that has a transformational effect. we made that shift, the payment models have to shift. we are innovating and talking to a broad range of partners. manus: my print colleagues will not let me out of the building if i do not ask, you up the guidance with operating income. your target mid-30's by 2022. with this guidance, can i push you for a reflection? would you upgrade that? dr. narasimhan: we are sticking to mid 30's and 2022. we did get to 33.3 in the first quarter. one of the drivers is great live performance, all of the sales drivers doing well. also new launches starting to kick in. the other i am happy about is our productivity initiative taking hold. we are working on a massive transformation, one of the most the industry. also a complete transform

anna: that was vas narasimhan, ceo of novartis speaking with bloombergny on daybreak: europe.ng to hear his skepticism on m&a and we heard similar comments from the banking sector. the overall picture for european equity markets is negative, down by .25%. weaker on the ftse 100. slightly better performance elsewhere but interesting to see where their weaknesses. we have some gloomy news out of nissan. technology come up by over 2%. s.a.p., the biggest gainer, up 6.3%. st micro also higher. this is bloomberg. ♪ y95óóo matt: 30 minutes into the trading day, let's get your top headlines. credit suisse jumps after its trading business swings to a profit. the ceo says the global markets unit is still viable. >> we are pleased with the performance, pleased with our people. global markets have been under intense criticism and intense pressure. the beleaguered payments processor surges after softbank takes $1 billion stake. and a money merger, reports that deutsche bank and ubs are" serious talks -- in quote serious talks. they would have $1.7 trillion in assets under management. good