david stubs, at jp morgan private bank.ll have plenty more on the debt debate and we'll talk about europe and leaders and we'll talk about the u.s. this is bloomberg. ♪ francine: this is "blurring surveillance." francine: this is "bloomberg surveillance." what is your biggest concern about europe. i know there's been a fight with the south and the north about corona bond and debt-free forgiveness and we heard about the e.c.b. probably taking junk bonds as collateral. is there enough solidarity or do you think we're at breaking point in europe? david: i think both of those things are true, that not enough solidarity for my liking for a grand project, the ambition of the euro and the incredible differences between some of the economies within it. i still think we're a very long way from a true breaking point and the real pricing in of breakout risk we've seen obviously in the early 2010's and again, around the greece issues in 2015. i think that we have significant enough programs from the monetary policy authority to control

thomas: not at all. , i believe in it because it combines our strength in private banking and investmentanking, and we have had so many success stories all over the world. unfortunate that it happened, but we are still at the beginning of various investigations, a lot of parties are involved. the company, the arbiters, law firms involved, etc., so too many parties involved to make any early -- to take any early conclusions. francine: you were trying to figure out losses in asia, and there is a reference to a food and drink company, and one counterparty which drove down results. can you give us specifics on who those are? no, the single party that was mentioned in global markets is a u.s. based client, and i do not think it is appropriate to talk about names. thank you. talking about whether there is an opportunity for european banks and credit suisse to get market share from u.s. banks, because given the economic situation and interest rates. think we all have our challenges. we are supporting the swiss market, the u.s. banks are supporting to a larger extent lending.market to clearly wh

index jumped by 8 percent with private banks axis bank and i see i.c.i. leading gains by 13 and 9.5 percent respectively let's move to australia the a.s.x. $200.00 it's also up it rose on the week after 4 consecutive weeks of gains now it finished higher across most sectors nearly closing at a new one month high getting 1.31 percent. it was out the week and in south africa the all share is also up for the week so that's green markets all the way around there so let's go ahead and take a walk across the studio and check in on markets in europe and the americas where things are still positive but we do have a few red arrows to take a look at in london the footsie is one of the green arrows gaining more than 3 percent on early trading on friday again amid optimism on possible treatment for the coronavirus and prospects of lifting some restrictions in france we see our 1st red arrow there the cac saw a 4.2 percent surge on friday despite being down for the week the ex was down for the week after the country continues to report hundreds of daily deaths from th

economist, ubs private banking. bounce and equities this morning by a small amount in european stocks? do you have any better handle on the timing of what we are dealing with? a very weak march and april, then things start looking better slowly? what is the picture for recovery? dean: our base case, we are expecting weakness in the global economy will persist for a few weeks. thes unlikely we will see peak in the rates of infections in europe until the middle of this month. governments will need that before they can left social distancing restrictions we have seen put in place. in our mind, we are thinking we can start to see the economy shows signs of normalization sometime in may. we are in for what is likely to for the globalod economy as we go through the current month. talk about bridging the economy post shutdown in order to keep firms solvent and people in their jobs. is it possible for a government to do that? especially when you have small and medium-size businesses that have no cash reserves and no way to

cio of: david bailin, citi private bank. we want to recap some of the headlines that crossed. it may have given the equity market a little bit of a lift in the final minutes of trading. guidelines, a phase reopening of the nation in these guidelines for different states. they still recommend distancing in the first phase but states can proceed into three phases including developing a diplomatic social distancing practices, temperature checks at work laces, texting -- testing for the virus, which has not been as easy as it should be. he will not be immediate, it will be gradual and it will be a process. more details on it as we get more. that does it for "the closing bell." "what'd you miss?" is next where we will be looking at up the quarantine affects how people spend their time and money. this is bloomberg. ♪ live fromroadcasting new york to our viewers worldwide, this is "what'd you miss?" scarlet: let's get a snapshot of how stocks closed on the day. nasdaq closing higher after he pretty volatile session. president trump mapped out a phased reopening for different states a

one interesting think thing about the yes bang issue is that this was a private sector bank and. it's kind of a stock counterpoint against the idea that privatization of the banking sector would help with all these issues but i still think that if they're small a great amount of private sector involvement there will be some there'll be some improvements made into clearing up these corporate governance issues mainly because the banks on average perform better and they are less cases of fraud and financially ready irregularities within private sector banks than republic banks why this was a bad time for the economy even before the coronavirus what's going on with growth do you think so much of the slowdown has happened over the last year or so can be traced back to the problems in the shadow banking sector and what that did was it created a squeeze of credit because a lot of risk aversion and reluctance to lend to these banks started to take place after fs default it into an easy and it basically cause investment of the slump and then from there on you see this. gradual continuous s

cio for private banking at union bank. also dealing with some treacherous waters.ng lower this morning. giving up some of its gains from last week's rally. will the president or the u.s. administration get involved? cutaim of these talks is to oil production by about 10 million barrels a day. will the u.s. join? those two parties want president trump to be part of the talks. he has shown little willingness to do so. despite originally calling for the deal. he wants levies on imports to blunt the impact of the price for if necessary. >> i would do tariffs. very substantial tariffs. we are independent. matt: catch us up. expecting?rkets >> the big concern is how do you get to a deal? opecing the u.s. into an plus deal. president trump is willing and ready to use tariffs if need be. he said he has been against opec his entire life. he was throwing a lot of cold water on this. there are immense hurdles for the deal. matt: it seems like there is no anger a real yearning for free market here. it is -- is it even legal for the u.s. to help the cartel to set the price of a

steve whiting of citi private bank joining us.d morning good to chat with you again. >> good morning. >> good morning, i think how do you and your team sort of see the markets right now with just unprecedented amounts of lack of visibility upon us >> well, look, i think the question that we pose is that is this the right time and is it the right price? in terms of timing, the fact that equity markets typically rise six months before fundamentals turn, it's essentially right on time. if you look back at 2008, for example, where there were two, roughly, 20% rallies that gave way to new all-time lows, that was, again, well ahead of the actual bottom in the economy we had a second half 2009 recovery by the time we got to march, we had enough visibility that the economy would turn in a few months time. we take a look at it now i mean, there are different paths you can imagine for covid and the economy, but it seems very likely that six months from now, in fact, the third quarter of this year, activity will be somewhat higher than it is

to private bank has already helped more than half a 1000000 women across india. demand is very high for these micro lines. even though the interest rates are comparable to those of a conventional bank. the process is simple customers apply for a loan online using an app. every customer gets that own digital account. and then your maintains that she's not a charity. i think we are a catalyst for their growth and that's what i would like to see because if you passed with principal and interest when i had been there one anywhere would just provide them with the broad outs that would support them to do all. this is a chance for people to break free from poverty a chance that they might not have got from anyone else. ok to cheat. this week on global teen comes from mexico. may not my name is even among the well and i live in the school. you know i. meet the employer to my free time i like to take $1.00 the martial art and play video games one movie there where walls. so what makes me happy is being with my friends my family and my relatives. i don't think so back then

is in the public interest this is american style nationalism where you have the fed which is a private bank owned by private bankers lending out infinite amount of paper money so that the billionaires can be assured of never ever taking a risk or losing any money that's the american style nationalism is to go private that's what they call nationalism stiffer than european nationalism now it's the best of times and the worst of times in the gold market as well as we've been covering and i have a tweet here from royce a bog the situation on the gold market has not improved there is no metal and bully on banks have now stopped offering 2 way markets for gold the spot price is disconnected and seems to be discovering the price for some thing that isn't gold if you have gold to sell contact us right now there's $2.00 parts to the financialization of the world and the increase in debt to many hundreds of trillions of dollars around the world many hundreds of times g.d.p. around the world and that is the suppression of gold. we started doing all this content business back when the gold antitrust a

overtly the very you know socialistic direct involvement of central banking and hybrid public and private banking and dictating the mors of our existence to our i don't care how efficient you run your company you're only 20 people i mean you're literally being put to the back of the line versus she you know shake shack for instance which you know is still making money is still bringing in revenue whether takeout or otherwise and yet you know they get pushed to the front of the line because the relationships column crony esther otherwise but it's like where's free market versus where it's not it's you know it's all met to synthesize towards further hybridisation of what we would know classically as market fundamentalism versus just straight up you know giving $2000.00 a month to folks that are destitute and or sick and not putting in them into poverty traps where the same time questionably limiting them from all of a sudden wanting to become entrepreneurial wanting to become elon musk wanting to learn. and in advance these are bigger questions that are just being brushed to the sidelines because a

of c i m b private banking he's seen 4 recessions over the course of his career and says this one stands out for its speed. the shop is just a very unique in terms of both supply shop things being stopped because of credit restriction and lock down and then the contract an on demand side spilling over from the lock down and probably restriction eating into job losses which cost a fall on them onsite so it's almost instantaneously we see the hit to the economies years all very often small an economy like singapore here we already saw that reflected in the court the estimate of its g.d.p. shrinking almost nearly 3 percent young year itself and i think there was you know the spin being reported and repeated throughout the region primary you know different various degrees those people are just more of a position where the weather impact only came. to full impact i think that the collapse in global demand and the impact of travel restrictions in the 2nd quarter but generally very sober sylvia across the region whether you're talking about advanced economy japan or korea or developing one mill

i think private companies, not just banks, but all kind of private companies have had this kind of lenient attitude. they understand what's going on and so. of this, and this is i think a testimony to president trump, his handling in this emergency, this is a government part, absolutely, but we have relied very heavily on the private sector, on free enterprise to help us get it done and the free enterprise folks, the actual businesses and private banks, they're doing as good of a job as they can. so we will get through this. melissa: larry, let me ask you before we run out of time very quick. you mentioned the pro-growth policies. you're the king of the v-shaped recovery. what can we look forward to that would fa till sate that? >> well i know the president talked a lot about a infrastructure bill. he talked about a payroll tax holiday. he talked about restoring full deductions for businesses, meals, entertainment, sports events, things like that. we're looking at a wave of deregulation. we're probably going to have some pro-growth tax reforms to make sure it pays to work and invest. don't

it does represent these private banks to some extent and how they are doing under the law down. tions? been one of the favorite banks among investors and it has been a leader. now, things are different. now this lockdown, which is continuing until may 3, will see a lot of job losses. in march.ump to 23% around 5% contraction in the economy. all of this will start translating into stress for borrowers. that should start impacting the bank as well. try to be more cautious in lending, going forward. betty would like to know what the bank is -- everybody would like to know what the bank is thinking right now. rishaad: thank you. our equity reporter in mumbai. a wrap on the weeks action. some big turning results. the economic data, we certainly have that out of china earlier as well. this is bloomberg. ♪ haslinda: let's take a look at the latest headlines. building the 5g network is under threat. the government had hoped to win the rebels ahead of a vote in parliament on their involvement. , makings are hardening it more difficult. the u.s. is pressing allies to stop huawei being invo

program isl, the running through private banks, the lending institutions. e recent legislation expanded lending institutions in an attempt to get a closer to the communities who need it the most. from the outset designing the program to run through private lending institutions meant they inld be inequities and a ask -- in access to the program. it was set up on short notice with many stakeholders involved in the rules were not universally clear. what we saw on the program rolled out a few weeks ago was different banks interpreting the rules differently on how it should be administered. some banks were saying we can only offer this loan program to existing customers. other banks, we are starting to see lawsuits coming out alleging banks get preferential treatment to larger businesses. the banks' goes to confusion. they are supposed to be inherently cautious. money frankly, spend less when they process larger loans. there is an equity going through the banks -- inequity going to the banks. there are millions of businesses that are unbanked. there are racial di

when people sign up for a private bank. if you have $25 million and go to a large bank. the way they get your account is with white glove service. your corner shop is not going to have. that means you don't wait on hold. you don't go through a web importa portal that doesn't work. you call someone up and they scoot you to the front of the line. we saw that in the first wave of p ppp funding. the money that is not set aside as your guest mentioned, although there is supposedly $250 billion, it is already spoken for because the lines are so long of the smaller business whose ne who need the money. applying now is really important that we ask the smaller banks or money set aside to pick up now they have a little bit more capability to do so. we ask business owners to seek them out because it's clear the larger banks weren't able to handle this in the way it was intended to be rolled out. >> tony, we're now up to $600 billion when this next amount of money goes out. last you and i talked, i think you estimated it was double the amount of money we needed. the bottom line is,

only five went to private banking clients so they say data was perhaps exaggerated a little bit.e i think this comes down to robert is we would expect a big client or a private banking client who in normal times has a direct phone number they can phone for a direct banker to still have that number during this period of time and the banks were given a huge amount to deal with to get this out and maybe they could have done more to set up other phone lines for nonprivate clients or nonelite clients, however you want to describe them. but that's i think asking a lot in a short space of time and the bottom line in regards to some of these small businesses, the government created a program that had way more demand than supply and some people came up against the limit. as opposed to the banks kind of purposefully trying to treat some different from others >> that's true, but this was supposed to be the anti-too big to fail and anti-too big to survive. taking a more active approach saying we'll take one existing client whose information we already have and who we know well and then we'll

there are loans coming through the private banks as well. reporter: are you still doing non-essential services? >> we have postponed anything that can be. we are only doing emergency surgeries and only surgeries we call urgent, less than a week. it is not an emergency but should get done in the next week. -- this is finding been going on three weeks -- we have a third category called urgent, less than a month. we are starting to get into that group. we are trying to push that off but unfortunately, this is going on long enough we are starting to see those. anything over four weeks is elected and we are not doing. reporter: what can we expect in the coming weeks? i know the surgeon general has put a grim outlook for the next 2-3 weeks for the nation. what can we look for in south carolina? what are the projections? >> it is very difficult to answer specifically what to expect. our projections had already be commented on and based on a variety of models. we are looking at everything from projecting out case reports based on who has been tested

we'll take all of the government's money out of the corrupt private banks which pay no interest and put those funds in private vaults to pay the bill to meet the payroll. three, we will take california and we'll take oregon. that will make us from sea to shining sea. he said he would do it and he did it. >> what right did we have to take either texas or california or oregon? >> well, the oregon territory, when was washington and oregon, belonged to us jointly with great britain. and he considered it part of the natural right of the american nation to take that contiguous territory and he threatened to go to the war with the british over it. he bluffed them and said he was prepared to go to war over it. and at the last moment the british capitulated. california, he had hoped that he would be able to purchase. both henry clay, when he was secretary of state under john quincy adams and john tyler, who was president immediately before polk, both had tried to buy california, the mexicans were insulted by both offers. and rejected blandishments by polk to give them the territory for money. an

is here today along with josh brown, and margaret reed is the senior portfolio manager with the private bank at union bank let's check the numbers and see where we stand the dow is off 1.5%. 24,260 s&p at 2900. russell, all the way on your right. it's been a big out we are forming giving back about 3% today. we're going to look ahead to those earnings tonight but we have to look back to last night. you own facebook, microsoft. no wonder these stocks have been doing so well. they justified the it last night, didn't they >> they did. when facebook comes out and says ad revenues have stabilized, that's a very powerful statement. we've had this debate is old tech tired or is big tech tired. can it keep giving we saw their operating morals are fantastic. apple may be the squishiest of all because they are directly tied to the consumer phones. i phone it i'm not doing anything with it so what? this is where you want to be you want to be in what's working because the companies are bilts to work. it's where technology is and where it's going 5g as we talked about so many times. >> funny you say that

bill street, group chief investment officer at quintet private bank joins me now. is it sustainable, do you think? good morning. we've had two or three days, green day is on the stock market this week already. the investors are trading with the infection curve is quite simply. what they're looking for is the infection curve switches ultimately giving them a leading indicator in terms of what shape their recovery will look like. whether it will be a orau look like. whether it will be a or a u shaped recovery. there is also an eye on what is going on in the east in china as well because there infection rates have dropped very radically over the last couple of weeks. the high—frequency economic data that is coming out of china is looking actually quite positive. china seems to be bouncing back and opening up their economy. i think investors are seeing this as an early signal of positive news for the west. it's a rosy view, an optimistic view, because when you look at the figures in terms of unemployment for example. tens of billions of people still not in work and man

of c i m b private banking the scene for recessions over the course of his career and says this one standsout for speed. the shop is just very very unique in terms of boat supply shop things being stopped because of trouble restriction and lock down and then the contract in on them onsite spilling over from the lock down and probably restriction eating to job losses which cost a fall on them onsite so it's almost instantaneously we see good economies you're all very open small an economy like singapore here we already saw that reflected in the court the estimate of it to be shrinking almost nearly 3 percent young year itself and i think there was the all the spin being reported and repeated throughout the region primary different various degrees those people are just more of a position where the weather impact only came. to pull back i think all that the collapse will build them on and impact of travel restriction in the 2nd quarter but generally very across the region whether you're talking about advanced economy and of korea or developing one malaysia indonesia thailand in terms of rebou

portend another move lower in stocks joining me now with more, john augustine with hunting tonight private bank, and dave hardin, chief investment officer at summit global investments. john, i'll just start with you not great signals coming from bond land. >> no, yields are getting back down to the low end of that range, kelly, as you pointed out, the low is 54 basis points from march 9th, that is something we're watching today and the price of oil slipping below $20 a barrel today >> and what cousin that tell you about your investments are you positioned for that? oil isn't so much forward looking, but the bond market typically is >> yeah, no, no, no, we're positioned, we're staying balance diversified. that's how we came into this we look at rebalancing, is what we look at certain levels in the stock market we know oil is a much lower percentage of the s&p 500 right now. it's one of the lowest sector weightings in the s&p 500. but still, it has impacts on other parts of the economy so in general, balance diversified, active over passive, u.s. over ex-u.s. and primarily staying with large caps

i'm joined by alexander wolf, head of client investment strategy for asia atjp morgan private bank andr joining us. let's focus for a little bit, we have this headline which is wuhan ‘s opening again, but i suppose we have to be realistic about what that actually means in a business sense. yeah, we do. it is positive news that they are lifting the quarantine, that was one of the key indicators i think for how we were accepting the chinese economy and getting back to normal, but it is still farfrom back to normal, but it is still far from normal. there back to normal, but it is still farfrom normal. there are still a number of checkpoints around the country and still a lot of caution around —— chinese consumers in terms of how they will spend and interact with other people. the cases, imported cases, it is not fully contained. it is still good to show caution. it is critically important, and at this stage more than anything presumably about chinese people and how ready they are to get out and spend, as you put it, because, let's face it, most of the rest of the world is in a lockdown er

there are also loans coming through private banks. for small businesses. are you still [inaudible] or are those and that could be postponed? >> we've postponed anything that can be postponed. we are only doing emergency surgeries and only surgeries that we call urgent less than a week, meaning it is not an emergency but should get done in the next week. we are doing it. what we are also finding, because this has been going on three weeks, we have a third category called urgent less than a month. we are starting to get into that group. we are trying to push that off, but unfortunately, we are starting to see those. anything over four weeks is elective, we are not doing. reporter: what can we expect in the coming weeks? the surgeon general has put a grim outlook for the next two to three weeks for our nation. what specifically can we look for in south carolina? what are the projections? dr. bell: we have projections, but it is very difficult to answer specifically what to expect. our projections have already been commented on an based on a variety of models.