i'm nejra cehic.wound up of the interest -- roundup of the earnings report. we begin with a big miss. ♪ >> bnp paribas, brutal core of all -- quarter when it comes to their overall trading revenue, down 40%. their equity trading was abysmal, down 70%. >> if you look at our balance sheet, is very salad. -- very solid. of 3.5of that, dividend euros or share, paid in cash. it basically confirms we are well on track for our ambitions for 2020. >> clearly better and more realistic than they were. but everything we've seen so far have been to investment banking. we see those problems elsewhere, ubs or deutsche. they haven't cut the targets within the retail business and that could be the risk going forward. economic downgrades across europe. hikes they were hoping for has not come through. there will be more downgrades to come on that front. ♪ >> ing reported fourth-quarter underlying the tax profits of 1.6 9 billion euros, beating average estimates. they saw net interest income in the quarter of 3.5 7 mill

i'm nejra cehic.s is bloomberg best, your weekly review of the important business analysis and interviews from bloomberg television around the world. let's start with a day by day look from the top headlines. monday, investors awaited results from alphabet. ♪ >> shares of alphabet falling in after-hours trading after reporting thinner profit margins as they spent heavily to expand cloud and hardware businesses. it seems investors really are not liking those higher costs for the company. yeah, absolutely. if you look at the numbers, the underlying demand for the core business, very strong 66% growth. but if you look at expenses part, 40% in r&d, most of it from cloud infrastructure, hiring, and spending. if they expected temper in 2019, that is some relief. but basically, expenses across the board are going up. shery: what is management going to do about stamping down on cost? jitendra: right now, they are sending the message the growth in 2018 is going to temper in headcount and infrastructure. they a

i am nejra cehic. these are today's stories. , chair slide on extended trade. jay powell and president trump me for dinner monetary policy is not discussed. steve mnuchin also attends. .p reports after rivals nejra: good morning, welcome to "bloomberg daybreak: europe." we are a couple hours away from cash equity trading. it is a quiet session in asia. a lot of markets closed for the lunar new year. we are seeing gains in japan and australia, the msci up 0.4%. not much direction from s&p futures. the 10 year yield around the 271 handle. the dollar is fairly steady. the big story is in australia, the aussie dollar is reversing losses from earlier, but we have seen again after we did not see a dovish tilt, the aussie trading at 72.60. the banks have been rallying, 4.5% up. some seeing it as a soft touch from regulators, some of the worst news did not combat was expected, for example the breakup of the banks. ahead tomorrow. trump we are asking, will 's speech move markets? you can reach out to us on your bloomberg. will there be particular stocks to watch out for?

i'm nejra cehic.'s resume our roundup of the week's most interesting earnings reports. we begin with a big mess from bnp paribas. alix: bnp paribas, brutal quarter when it comes to their overall trading revenue, down 40%. their equity trading was abysmal, down 70%. >> if you look at our balance sheet, it is very solid. very well on track to our target of 12%. on top of that, dividend of 3.5 euros or share, paid in cash. if you look at that it basically , confirms we are well on track for our ambitions for 2020. >> clearly better and more realistic than they were. most of the cuts or all have the cuts we have seen have been related to investment banking. we see those problems elsewhere, ubs or deutsche. they haven't cut the targets within the retail business and that could be the risk going forward. economic downgrades across europe. interest rate hikes they were hoping for has not come through. there is a risk there will be more downgrades to come on that front. nejra: ing reported fourth-quarter unde

good morning, i am nejra cehic. is bloomberg daybreak: asia europe -- daybreak europe. top stories. >> the global stocks surge as president trump said he will extend the trade truce with beijing but will a report warning of new uncertainty cap sentiment? the new deadline for a final brexit vote, that you will consider a 21-month delay if a deal can't be reached. risk management as the u.s. considers blocking huawei's 5g sales area we are live from the global tech event. ♪ manus: she is on, got to barcelona, good morning. nejra: good morning. i thought about replacing myself with a robot to see if you would notice. it is made. these streets are going to be teeming with taxis. 100,000 people descending on barcelona for the conference over the next four days. the focus has always is on the tech, talking about robots, phones or augmented reality, but there is a shadow being cast over the conference this year as well. it is starting to shape up to be a proxy for the tension between the u.s. and huawei. the u.s. has increased its delegation to the conference. the u.s. is conc

i am nejra cehic. i am manus cranny and these are the top stories. nejra: worse than expected results, the cfo says they are more concerned about the u.k. than china. >> we are certainly able to grow our u.k. business. we are cautious on outlook for credit given the lack of certainty on the direction of the u.k. economy. nejra: collision course talks between the u.s. and china resume in washington, but transatlantic relationships causing angst over car tariffs. as a delay isit raised again. legalfficials work on the text for the backstop. manus: it is "bloomberg daybreak: europe." let's get you a snapshot of the markets. , down sheit of oil iss, one cannot say what driving the pound it down. what does it mean for brexit? what does it mean for the landscape? we are in gods hands according -- is trade optimism between the u.s. and china, you might have car wars coming into play. nigeria's output is down. saudi exports are falling. i want to show you 10 year yields. this fascinates me with where we go. to sell theoment bonds. they reckon you will see a r

i am david j church -- nejra cehic. a globale announced banking solution of 500 million euros at the 2020 horizon. nejra: societe generale announcing cost cuts at its investment bank. we have the full interview with the ceo, including his thoughts on brexit. brussels ingoes to search of legally binding changes to the deal, but doubt circle over a revised plan emerging by february 13. and a tale of two central banks. forecast, andted could a more dovish tilt be in the cards for the reserve bank of india? ♪ nejra: welcome to "daybreak europe," just after 6:00 a.m. in london. we are in earnings season for banks. fourth-quarter net income coming in at 1.7 billion euros, the only number crossing the take at the moment. looking at for any information on nonperforming loans. that is including a tax gain of 887 million euros. a little more detail filtering through here. looking ahead to this, we heard from intesa earlier this week, they will keep increasing profits, 85% of profits will be returned to shareholders as dividends. i

i'm nejra cehic. this is bloomberg daybreak: europe. these are the top stories. chinese equity shirt off trade concerns after markets play catch-up after the lunar new year. japan shut for a holiday. china trade negotiations ratio -- resume in beijing. can a deal be reached in u.s. -- before the u.s. doubles tariffs? theresa may except the offer of more talks with labors jeremy corbyn as she tries to buy time to renegotiate her brexit deal. welcome to daybreak europe. two hours and the start of cash equities trading. pause a little bit of a in the rally and risk assets since we seen at the start of the year. global equities stopping last week after five weeks of gains. you're seeing u.s. futures struggling for direction. emerging-market rally, taking a bit of a pause for breath. dropping below the moving average. you will see how currencies are performing today. little bit of a pullback in the end. dollar-yen on the front foot. of ae seeing a little bit risk on today and it is at least showing up strongly in equities. meanwhile, oil extending declines after the w

nejra: and i am nejra cehic in barcelona.anus: let's say you an exclusive conversation with the ceo of standard chartered. they restructured the operations in markets including india and south korea. francine lacqua is joined by the ceo. very good day. good morning. i am delighted to be joined by bill winters. what you put at out to investors, $700 million of cost cuts by 2021, where is the bulk of it coming from? bill: the cost cuts are part of a broader plan. we are focusing on getting our returns above 10% by 2021, which we are well on the way to doing. it is now a superstrong bank. i cannot tell you how excited i am to be there. we are through the really hard restructuring we needed to do to get the bank clean. we need to take the next steps to complete our journey. you mentioned would be one part of that. this is $700 million over three years. basically allowing us to fund the substantial investment program that we have had for the past three years and will continue to have. francine: how do you actually look at it? now

i am nejra cehic. this is "bloomberg daybreak: europe." president trump meets china's trop trade negotiator day. delay, eu sources say theresa may could be forced to ask for a three-month extension but still needs to get her deal through parliament first. sionsmissions that emis testing could be flawed. we will put the question to the heads of multiple companies today. welcome to daybreak: europe. 6:00 a.m. in london. two hours till the start of cash trading today. yesterday, we saw the s&p 500 dropped for the first time in four days. is there a reality check to this risk rally? s&p futures, pretty flat today. saw equities drop yesterday, you saw the 10 year treasury yield move higher by two basis points, lower by 1.8 on a 268 handle. the dollar index fairly steady. turning to the em space, you are seeing em currencies come under pressure today. there are various signs of caution around risk in today's session, even if there may be hope around progress in trade talks. growth worries coming to the fore after data from europe and the u.s. ca

nejra cehic is in for francine lacqua. francine watched the entire game, she emailed me. ball. she said i cannot come in tomorrow. nejra: i wish i could have watched the game. sleep butve got zero i was fascinated by the discussion about the halftime performances, with stars pulling out. how was the halftime? , wherere in my yeaear where his aerosmith, where was tom petty, i would have taken bruno mars. here is viviana hurtado. trump ispresident standing by his plans to reduce the u.s. footprint in the middle east. he tells cbs news he intends to maintain a presence in iran. he says he would ignore the advice of his intelligence officials on iran if there views ran counter to his. a report today sheds it on allegations that tech giant huawei has been trying to steal trade secrets. erik schatzker following an investigation into its dealings with a chicago area starter. the company of trying to steal the glass he invented. >> they wanted to work with us on product negotiation. would have been in contention. they we wanted to let them know we are willing to work with the comp

york, nejrae in new cehic and for -- in four francine today as well. expect to see from prime minister? nejra: she is going to give some update on the situation with the backstop. this is the big question here as to how is she actually going to renegotiate anything new with the eu? might to guests in the last hour were very split on this. you have saying there is no way we are going to have a no deal, the london and capital saying that is a likelihood. tom: the conversation we are trying to bring forward, richard will be with us with his special knowledge of northern ireland. right now, your first word news. new legalhis morning, problems for president trump. federal prosecutors have subpoenaed documents from the president's's inaugural committee. that groups raised a record $107 million to celebrate the inauguration, the contributions are drawing scrutiny. in antoday, a fire apartment building in paris killed at least eight people and injured 31 others. residents seeking safety on the roof or climbed out their windows to escape. the building is locate

nejra: good morning from new -- from the city of london, i'm nejra cehic. this is bloomberg daybreak: europe and these are today's top stories. nejra: timing is everything. the feds dovish pitted could recession past 2020. jay powell is coming around to a wait-and-see view. are pushed upets that are tweeting today the european and u.s. equity futures struggle for direction. warnings by the queue? nissan scraps plans to build a new car in the u.k. as theresa may renews efforts to find a plan b on brexit. good morning, everyone, and "daybreak europe." let's get to the ryanair numbers. confirming its 2019 profit guidance between 1% -- 1,000,000,002 1.1 billion euros. revenue comes up to 1.5 3 billion euros. the key here is the versus arter loss profit a year ago. ryanair saying it cannot rule out further cuts to airfares and guidance. basically, ryanair reporting a 19 point 6 million euros net loss in the third quarter and is expecting weaker fares. the passengers were offset by 6% decline in average fares due to excess winter capacity in europe. commentaryso t

i am nejra cehic. manus: and i am manus cranny, live from dubai. this is "bloomberg daybreak: europe," and these are today's top stories. nejra: policy makers the 2019 as the end of the balance sheet runoff but not necessarily their rate hikes. thrivesa deal, market on trade optimism, but will enough progress be made to avoid new tariffs next week? there is optimism the brexit agreement is next week. barclays reports this morning. we will hear from jes staley on this. and the results. welcome to "bloomberg daybreak: europe." 6:00 a.m. in london. let's get the numbers. a number of telecoms companies reporting today. asnge and telefonica as well telecom italia. door to telecoms seeing 2019 at 23.9 billion euros, so that is a red headlines crossing the bloomberg. deutsche telekom's adjusted ebitda comes in at 5.6 5 billion 5.65 billion euros. they will propose a dividend versuse to 70 euro cents 65. dividend increase, that's a positive. fourth quarter adjusted ebitda missing. revenue coming in at 20.3 billion euros. at about 23.9om billion euros. comin

i am nejra cehic. manus: i am manus cranny from the summit in other david. this is "bloomberg markets: middle eas nejra: asian stocks in u.s. futures rise as negotiators say they have raised a tentative deal to avoid a shutdown. more time, theresa may looks to update parliament with six weeks until britain leaves the bloc. can't you negotiate? nissan will deliver its first earnings, will the widening scandal deliver a blow? manus: germany is slowing down, the world is under pressure. ebit, adjusted first-quarter, a small miss, but 168 million euros. there in mind confidence in germany is at a three-year low. factory orders among the biggest .rop back to back since 2012 they are saying 2018-2019 forecast, uncertainties are growing. we are talking about the tensile global slowdown and confidence -- we are talking about potential global slowdown and confidence being eroded. they say they will begin operating october 1. they are trying to split the company in two, investors are questioning that. that is not a headline, just a fact. uncertainty is growing. good to

i'm nejra cehic in london. manus: i'm manus cranny in dubai. news from glen park, pressure from activist come to pressure. glencore said to plan to cap the cold output in a climate shift. the company will not make any new acquisitions that would add to production. this is critically important, no new acquisitions that might add to their current level of production. investors have been pressuring, waiting for the glencore numbers to come through as well. the company said it proposes to limit output, currently around 145 million metric tons a year of metallurgical coal. the plan, no major acquisitions to come through. you can see there is pressure all the way around. so the paris agreement, climate targets, that is what is pushing this as well. supporting a call to align its business more closely with the planet targets. i will bring in the numbers at 7:00 a.m.. theresa may is meeting with jean-claude juncker in brussels today. the officials are working on a new legal text on the contentious irish backstop. optimism that the stalemate could be en

i am nejra cehic. this is "bloomberg daybreak: europe." president trump says a meeting with president xi before march 1 is unlikely. deal to the fire, reports of a u.s. ban on tech, equipment. may up, dublin, theresa with a new deadline for further talks. good morning. welcome to "bloomberg daybreak: europe." trade fairs act in the minds of investors. futures pointing lower. the dow and nasdaq take a hit. the reaction across asia with markets coming back online, a number still closed for lunar new year. money moving into the safe haven of a 10 year yield. dollar-yen unchanged. curious, i thought you would see more volatility. we will discuss that with our guests. a lot to focus on in terms of central banks. .ore signaling from the rba if we look at the aussie dollar, coming under pressure after we got more dovish signals, cutting the outlook for growth and inflation. that has been interesting. so is the yield differential between treasuries and aussie tenure yield. iron or markets reacting to the hitting itswti worst week this year. , the

i'm nejra cehic in london. breaking news.eadline on the bloomberg is the fourth quarter adjusted net comes in at 1.4 6 billion euros. that is a very comfortable beat on the estimate of 1.4 8 billion euros. what we looking at here is a for your dividend of 83 euro sent. 15y and us targets on march -- and us targets on march 15, and fourth quarter production comes in at 1.488 euros per day. fourth quarter adjusted net at a beat. continuing the theme better than expected numbers of a lot of these oil majors. let's check in on some of the price action. stocks in asia retreating from the highest levels since october as chances of a breakthrough in u.s. china talks diminished. the pound weakening as prime minister theresa may lost another round of exit voting in public -- brexit voting in parliament. we did dip lower 128 and the session. oil heading for its biggest weekly gain in a month as opec plus supply cuts counter trade worries. now, allianz has raised its dividend and said it's targeting 2019 operating profit between 11 bill

nejra cehic is in barcelona with a guest. thanks so much. the u.s.g -- casting little bit of a shadow. the u.s. has been pushing for some its allies to drop huawei -- ofhe development as 5g. his technology they'll be essential for ultimate factories as well as internet of things. with me is oranges deputy ceo. delighted to have you with me. let's talk about 5g. you on working out 5g services. in 2019, will be developing 5g and 70 cities in europe. it's very exciting. 19 is the very beginning. depending also on the availability of the license goes we knew the -- the -- of devices comic as many devices, we will be ahead on 2019. the u.s. has been urging allies to drop huawei from 5g implementation. they have always repeated tonight -- wrongdoing. -- denied wrongdoing. you making any preparations in the event that they are banned from 5g networks? is trying to doing reframe that security is a key element. we are taking care of this security. care oftaking customers. we need anr hand, agreement terminal to make sure different vendors. opportunity so we a

lucy mack donald is with nejra cehic.ay powell is worried about the crosscurrents and financial markets have become more volatile. he mention that first before the u.s. economy. it sounds as if he is buying the market rather than the economic data. what do you make of that proposition? my crosscurrents he means market volatility. it was really volatile last year and it is wise to take notice of that. the other issue he spoke about, the china slowdown, trade as well, these were real significant concerns. what they're doing is entirely irrational, and although he didn't expressly say they were , that ismarkets exactly what the markets are understanding. if we see volatility continue to remain suppressed, what does that mean for an active manager like yourself? what specifically are you looking at in the businesses you look at with that broader context? long-term investors and were not trying to time markets to it he extent. but what it does mean obviously supportyou've got overall for getting some return, we are more concer

>> good morning from london, on nejra cehic. cranny at i'm manus the north africa summit in abu dhabi. this is bloomberg "daybreak: europe." these are today's top stories. deal ife's willing to the countries are near a trade agreement. optimism spreads across the globe with stocks in asia extending wall street's klein. an high-stakes gamble, theresa may and the e.u. had for an all or nothing last-minute brexit showdown. manus: a warm welcome to "daybreak: europe." let's get straight to the , a 20%g chemicals giant stake in this company. full-year adjusted ebitda matches estimates, that is the message. when it comes to the final quarter of the year, this is what the market will be focused on, the slowdown. we've seen the drop in fourth-quarter adjusted ebitda. fourth-quarter sales also a miss. , still robust demand around the world. we want to see what they said about guidance as we get into this later on. theyourself is a this and -- full-year sales is a miss on the fourth quarter. a little bit of pressure and a slowdown on the

i am nejra cehic.ay's top stories, the president's state of union to announce a second summit with north korea, but he offered democrats little. he said a wall will be built. the irish prime minister traveled to brussels, as theresa may says she wants to modify not remove the backstop. nordea misses on fourth-quarter profits. the ceo says results are not where we want them to be. 7:00 a.m. in london. welcome to "bloomberg daybreak: europe." lots of earnings coming through today. daimler numbers, fourth quarter 3.4billion euros, down from billion a year ago, and daimler forecasting a slight growth in 2019.e for fourth-quarter revenue coming in at 46.6 billion euros. in four-year dividend comes at 25 per share. a bit of a mess on the four-year dividend. comes-quarter ebit 2.6 billion euros. 3.4 billion euros a year ago. those are the numbers from daimler. sticking with germany, german december factory orders, falling 1.6% month on month. the estimate was at 0.3% gain, so quite a bit worse than expected.

cehic inkeene, nejra london. it is like the last stand on italy.mussina, we are talking about they are returning 85% of their profits in dividends. in terms of the nonperforming loans, they are ahead of a lot of their years in italy -- peers in italy. it is not a recession, it is a slowdown. tom: right now with the live first word news, the vienna hurtado. -- viviana hurtado. viviana: the president called for bipartisanship but made it clear what he thinks is standing in the way of progress. economic miracle is taking place in the united states and the only thing that can happen -- stop it are foolish wars, politics, or ridiculous partisan investigations. viviana: the president announced plans for his second summit meeting with north korea. >> if i had not been elected president of the united states, we would right now in my opinion be in a major war with north korea. much work remains to be done, but my relationship with kim jong-un is a good one. chairman kim and i will meet again on february 27 and 28th in vietnam. and the democratic response, s

but head to barcelona where nejra cehic is at the mobile world congress with the chief executive. a: i am joined by the arm ceo simon segars. let's start by talking about smartphones. a lot of talk of new devices here, but the issue is about slowing smart phone sales, as well. is that impacting on business in any way? simon: fundamentally it is about the volume of chips. that has been growing steadily over the years and smartphones do form a large part of that. the last several years, we have seen a slowing and in that sector of the business we have seen a slowing. to me, 5g is an exciting time because it will provide the new capability for smartphone users and hopefully, that will stimulate more interesting people replacing handsets and the development of new capabilities, applications, use models. nejra: i'm glad you brought up 5g. it is a big thing here. the big question over the security. can 5g devices and networks become truly secure or will it be a case of finding faults as it rolls out? new tothere is nothing 5g versus predecessors over security issues. for our part, we thi

let's go to nejra cehic with the markets. taking on our taking risk off the table.e a look at some of the asset classes, the euro is doing nothing at all. we look ahead to mario draghi, oil is slightly on the front steps. we are heading for a weekly gain on oil. , we did see session some outperformance for chinese stocks. table pretty much unchanged, even though there might be some help of a brexit deal. futures,ftse 100 higher. the u.s. stocks dropped yesterday. how are we looking today? let's take a look at how we are opening. futures are not gaining a whole lot of directionality. certainly not quite where we were on futures. directionality. the dax can take some time to get going. waiting for the cac 40 to open. we can get a fuller look. here comes the dax. flat. not a huge amount of action in the markets today. where is the directionality going to come from? president trump is going to be meeting with china's lead negotiator. that came into the markets yesterday. let's take a look at the industry group. just taking a look, we take a look at the defensive's. litt

nejra: good morning from london, i am nejra cehic. mrs. "bloomberg daybreak: europe -- this is "bloomberg daybreak: europe." bank suffers its eighth straight revenue contraction. we speak to the cfo in a few minutes. make or break budget, india's prime minister tries a last ditch attempt to woo voters. good morning. welcome to "bloomberg daybreak: europe." let's get straight to the markets in asia. juliette saly has more for us. juliette: happy friday. pledging to double incomes by 2022. elsewhere, it is mixed in asia. we had disappointing numbers out of china, which has weighed into weakness. hong kong stocks tracking lower. china up by 1% despite disappointing data. let's look at the stocks we are watching, indian stocks in focus. jet airways on a tear today. it is getting close to the agreement with -- this is a solution, the bailout plan. we have seen the revenue for the 2016 inme since july hong kong under pressure. australian private health operator, the board recommending a $4 billion bid. they could increase their bid. investors ar

for now, let's get a look at the markets with nejra cehic. ejra: we're seeing equity markets on the back foot, the stoxx 600 down. we are also seeing u.s. futures gathered steam. you are seeing air france away on travel and leisure stocks. rio tinto has given some boost but most stocks are in the red. 2.64 is where we are. we are seeing some of those safe haven bids. at 1.3le-based -- rate 280. eurosterling dropping to a two-year low following the prospect could get a delay to brexit. also, we're showing you some headlines on norway's wealth fund buying stocks in the fourth quarter amid a slump. see a significant loss to the portfolio, $57 billion loss on the portfolio. now it's get bloomberg first word news. >> jay powell says a healthy economy is facing quote crosscurrents and conflicting signals. the labor market still have room to pull in workers. his immersed the banking committee showed no bias to the committee hikes or cuts. >> the outlook for the u.s. economy is a positive one, a favorable one. the predominant risks to the economy are

cehic joins usra now from the conference in barcelona. nejrahe telefonica ceo -- by the telefonica ceo. great to speak to you, jose. you had a great visit from the king of spain earlier. it is all about 5g here at the conference, but the elephant in the room is the issue with huawei, with the u.s. pushing allies to drop huawei equipment from 5g rollout. huawei has denied any wrongdoing. what do you make of a possible ban of huawei equipment in 5g? >> we take it very seriously. we referred to the official statement that we have been actively participating in. preparing for any eventuality, but for the time we are having a very fact-based conversation. we really like to be very factual on that issue. nejra: what would it take for you to drop huawei as a vendor in your rollout of 5g? what it have to be a definitive ban all the -- ban on the equipment or any watertight security concerns? >> for us, any breach of essential. at the time being there is no proof of any wrongdoing. nejra: you recently announced a partnership of 5g equipment with vodafon

. ♪ nejra: i'm in a rich a hitch in cehic in london. >> citigroup is said to be in buy 25 square fromquity partners. therted in october that owner was considering a sale of 1.2 billion pounds. nissan's special government committee may recommend a new board structure. they are suggesting the carmaker have an overseer of chair, reducing the power of the next chairman, while maintaining partnerships with renault and mitsubishi. this top investor is getting to cut their stake. hna sold millions in shares, reducing their ownership to 6.3%. hna has long been a controversial shareholder. the former ceo initially refused to meet its executives. that is your business flash. manus: thank you very much. now, in nigeria, they postponed a general election. a last-minute delay jolted investor confidence in africa's biggest economy. for more, let's get to apollo wallace.- to paul hours to go before the polls open, what happened? >> yes, it came out of the blue at 9 p.m. or 10 p.m. on friday. we started hearing rumors there might be a delay and we had to wait until 3 a.m. until they actually announce