paul donovan of ubs, staying with us.es from putin, holding a news briefing in moscow. he says certain countries are trying to contain russia. i see russia-phobia in some countries. erik schatzker sits down with a ceo. this is bloomberg. ♪ nejra: you are watching surveillance. the economic forum is in full spring -- full slowing and we are heading to erik schatzker. he is joined by alexey mordoshov. erik: good to see you. you are in the steel business. like freeteel, you trade. you like to see the free movement of goods across the globe. what does the apparent move towards protectionism in the united states represent? -- driven by the -- of global trade . i believe we should not forget the contribution global trade makes in the development of the world the past 15 years. erik: what are you most concerned about? which country concerns you the most? alexey: i cannot distinguish anything. erik: between the united states and europe? -- the those that developed world, i am afraid -- reciprocity. there is noears protectionism.

paul donovan. thank you so much for coming in. wrong, or get it so did we., six months in, dollar on its knee, mexican peso barnstorming us. it is not theg euro that is strong, just the currency is strong. talk to me through where we got this wrong. paul: what we had at the start of the year was optimism about donald trump and what he was going to do. it has been difficult distinguishing between what the u.s. president is saying, what he is able to do, and whether or not he is going to change his mind on some things. with mexico, he was elected, there with the immediate panic, and then it becomes fairly apparent that what he says and what he is intending to do are not the same thing necessarily, and congress is not want to fund the big wall anytime soon. then, we get that shift coming back. what we have got in the united states is a situation where the economic momentum left over from the tail end of president obama has carried on in the first half of this year. the labor market is still fine. that is a normal economic story. what it is not is a 4% growth. i

i had paul donovan here. after speak of rates from central bankers.o bear in mind we have the downton abbey of policy tightening from the united states. it is not going to be aggressive. market got to ahead of itself in terms of over extrapolating the governor's comments from fincher? inse are our major purchases the u.k. this is also consumer confidence. that is waiting. -- waning. you look at consumer confidence in europe, at a 16 year high. curve. the yield the gilt market begins to open. probability of a rate hike is being more aggressively priced in the u.k. to what extent can you expect an steepening inve the british market? you are looking at the tightness of trading bandwidth mike something like be thanking 70's. let's break up some of the names and numbers and give you an idea of the individual stories. yar's up. smith is up. gas is trading higher. gold is an interesting one. it is getting cheaper in euros to buy gold. yesterday, clearly a discernible move in key sectors. the market was down by 1.8% yesterday. to hold where we are now is some

. >> paul donovan writes colorful notes overnight from ubs, wrote losing means losing, brexit means brexitor prime minister may. is there any chance there could be another referendum called on the topic of whether the uk does exit? >> there is a chance, you have to say it is highly, highly unlikely. first, and foremost, because theresa may, we think or we know, but we haven't seen herself, will go ahead and form another conservative government, we know, of course, that she is on a path to make sure brexit is carried out, but the step further from that is that labor, too, in their manifesto, jeremy corbyn, they said they intend to carry out brexit. not that they're going to be in government either way, but the two main parties want to carry out. the question is what shape it takes. the outside 5% chance would be another election and labour force to make a coalition with the smp, liberal democrats, the green parties, but even then it is a far step to try to overturn article 51. >> willford, glad you're there, explaining this all to us. as we await the prime minister theresa may said to be he

over to you. >> our next update 8:55a head on cbs this morning kentucky republican sand rand paul, i'm jim donovanial, grill master favorites. try our new hickory salt-crusted filet, our grilled hawaiian salmon, or our outlaw ribeye. for lunch, try our steakhouse burger, or any steakhouse lunch combo. you can't fake steak. >>> an ohio sheriff's deputy found himself chasing his own cruiser. he forgot to put it in park when he stepped out for a traffic stop. it slowly rolled backward. the dash cam shows the deputy racing after the vehicle. he caught up with it and was able to hop back inside. there were no injuries but embarrassment. >> do you think that he'll get teased back at the station? >> back at the station? >> i do. >> do you think they'll say, oh, we understand? i don't think so. welcome back to "cbs this morning." let's go right now to the green room. hey, jimmy iovene and hughes. you can say hello. we're talking about their four-part play. they're going to join us in just a second. >>> right now it's time to show us headlines from all around the globe. reports were released by chinese aut