shares of renault are the most heavily down because frankly if you're a shareholder in renault now you have to wonder if the french government with the 15% stake and 30% voting rights can torpedo any future of your company. now the french are -- the french government is saying they were looking to secure some comfort from japan's nissan. and that they were waiting to basically spend more time in japan. and secure the relationship with nissan that has been a complicated relationship and they're 40% owned by renault and they own a 15% stake in renault. so the french are saying we were trying to buy nissan time. people close to nissan said we're totally cool with this, so we have no idea what you're talking about. so really it seems like the french government just torpedoed what would have been a very, very interesting example of european consolidation at a time when europe is really trying to come together. >> arash, i read last night though that nissan was ticked off by the fact that the new ceo of renault apparently did not let nissan in on the talks they knew nothing about it only ema

renault up 2%. fiat chrysler 1/3 of a percent the closely watched u.s. surplus is $26.89 billion in may that's a number closely watched by mr. trump that's almost $6 billion higher than april you look at how the easing of u.s./mexico trade tensions seems to have helped some of these sectors, in particular mining, basic resources. some of these big minors that are performing incredibly strongly you can see 2 1/3 of a percent glen core trading 1.4% higher. steve mnuchin says president trump is ready to slap more tariffs on china if his suggestions with xi jinping do not resolve the outstanding differences between the two countries. my colleague nancy hungerford joins us from japan. nancy, this seems to have been the most significant line to have come out of these various conversations involving the g-20 finance ministers. >> reporter: yes, indeed i can tell you all of the finance ministers here meeting are very concerned about a escalation in the china/u.s. trade tensions that's why so much is riding on this next meeting between u.s. president trump and ch

there's a lot going on for renault.of the stems from those issues at nissan. and the breakdown in trust oi’ nissan. and the breakdown in trust orjust happened nissan. and the breakdown in trust or just happened between nissan. and the breakdown in trust orjust happened between nissan and renault on the back of that. this is before fiat chrysler comes in. listen have been looking to change a lot of the way they work because a lot of the way they work because a lot of the way they work because a lot of investigation is going into what happened with the chairman, means nissan wants to clean the act up means nissan wants to clean the act upa means nissan wants to clean the act up a little bit. that has been blocked by renault which a lot of people question the matter of saying has been pushed by the french government, the french covenant has a 15% stake in renault. without going on one side and the argument between sn and renault over that reform within the company, there has been the emergence of a possible deal between it

, does that mean that renault is destined to remain stand alone >> renault or fca? >> renault. >> i think at the moment it would be difficult because of renault's alliance with nissan it's going to be difficult for any of the companies to join with them in merger terms. i mean, absolutely other types of cooperation are possible. but i think this is proven how difficult it is when you get into the weeds of trying to join the ownership structure of the two companies. >> putting renault aside and looking at the fca part of this deal, earlier this year there were reports that peugeot was interested in a deal with fca. do you think they could step in at this point or peugeot being french are they poised to see the same kind of resistance from the french government? >> it could be easier for fca because they don't have the other alliance and the already difficult ownership structure that that brings with it and they have an existing partnership with fca unlike commercial vehicles which is successful they talked about increasing investments at the beginning of the year so

and renault holds a 45% stake in nissan., a merger with the italian—american carmakers would have made it one of the largest comic is in the world but the french comic is in the world but the french comic as board which includes two nissan representatives, they failed to reach an agreement on the fiat chrysler proposal. the merger proposal came when the time where renault had already been facing challenges as part of an alliance with nissan. the former chief executive of both renault and nissan awaiting trial is following the fourth arrest injapan amidst allegations of financial misconduct, allegations of financial misconduct, allegations which have put a lot of strain on this 20—year—old alliance which includes japan's mitsubishi motors. if this was successful, this mega group would be by far the world ‘s biggest, selling vehicle surpassing toyota. seeing nissan stocks falling in tokyo trade. the european central bank meets in a few hours time — amid growing concerns that italy could cause a new debt crisis in the region. t

and this seems to be what the of renault was also trying to resurrect.t come along, we will go with this offer from fiat chrysler. come along, we will go with this offerfrom fiat chrysler. there come along, we will go with this offer from fiat chrysler. there are a lot of different moving parts to this with all the different companies that were involved. with regards to a bonus for carlos ghosn, the year before, and discussions of that voting on that, it's hard to believe he would get a bonus, given what's going on in the investigations into his financial misconduct. his alleged financial ‘s conduct. yes, i think it's a matter of course, is of a kind of things that are voted on at the shareholders meeting so they have to do it but as you say, whether they will go along with that, that is another matter. lots of questions, i don't have any answers they are going to go today, — i get it ever stop thank you for your time. —— get today. china's consumer price inflation hit a is—month high in may, mainly driven by rising food prices. let's go to our asia busi

the cac 40 being dragged down i renault.want to carry on the coverage, you can tune into bloomberg's radio show, the cable, taking place at the top of the hour. only -- normally it includes jonathan ferro. he is making his way back to new york city to make sure he is there for the payrolls tomorrow. quite excited about that. a big day tomorrow for the u.s. economy. i will be there. great guests lined up as well. will be joining those guests at the top of the hour on dab digital radio in the london area and on all of your bloomberg devices. ♪ guy: from london, i'm guy johnson. vonnie: live from new york, i'm vonnie quinn. this is "the european close" on "bloomberg markets." guy: let's see what the first word news has to offer. emmanuel mack ron page of you to the veterans who stormed normandy's beaches 75 years ago. they spoke at the u.s. cemetery at omaha beach where u.s. forces landed on june 6, 1944. >> we are gathered here on freedoms alter, on the shores, on these bluffs, on this day 75 years ago, 10,000 men shed their b

it was heated and really reveal the fractious relationship between nissan and renault?to bea did. i general meeting of what seem to be a very unhappy company, and as you said an unhappy alliance between nissan and renault, so the boss of nissan and renault, so the boss of nissan was there making a full and profound apology over what happened at nissan at the last year, with the arrest and dismissal of carlos ghosn at the top of nissan, and also there was the boss of renault, and these two lea d e rs was the boss of renault, and these two leaders made it clear they do not see i to eye over the future of the alliance between nissan and renault, so as i say and unhappy company and an unhappy alliance. rupert wingfield—hayes, thank you very much indeed, with the latest from tokyo on nissan and renault. emma—lou montgomery is associate director for personal investing at fidelity international. nice to see you. give a sense of what is happening, because we were looking at the numbers and sally running through them, sort of a holding pattern with so many moving pieces at the m

nissan rescued renault but nissan has become much bigger than renault and they are now fighting for thatwant to see is the mid music of where boiling point is going to tip over or whether they will step back from the press release. it is very controversial, the salary of carlos ghosn was usually a focus of this annual meeting because he felt he should be paid more, in line with collea g u es should be paid more, in line with colleagues running american car companies and of course the shareholders thought he was paid very handsomely indeed. it will be hugely controversial given the circumstances when he is handed back bonus but he is fighting the charges that have been placed against him. watch this space, lots of questions, not so many watch this space, lots of questions, not so many answers watch this space, lots of questions, not so many answers right now. we will find out in the near future. one final thought from you, jim, would you get into a uber air vehicle in the skies, by 2023, apparently? with the right insurance, reassurance, iwould apparently? with the right insurance, reassu

renault was not ready to vote.nditions in france do not exist for such a combination to proceed successfully. again, the last couple of days, headwinds have been growing. in particular the french a stakent, which owns in renault. job had wanted to see guarantees. a role in the new entity. create the third-largest automaker seems to be off, but never say never. let's take a look at the nissan side. where does this leave nissan. reason?ve been a -- could there have been no reason? >> nissan did not have a say but they would have taken a different stake in this entity. had their have reduction. right now, it is 15% they own. a 7.5ould have taken stake but with voting rights. they could have lost some say in of thisall architecture group. he said monday, nissan would need to review the future benefits of such a deal. again, also review the merit of the alliance. they have a number of concerns including the protection of nissan. ev vehicles they have, they consider to be superior technology. have moreto do clarification

on the radar we are watching the sun as renault -- nissan as renault reported on the governance revampoming shareholder meeting. this at any difference of opinion will be discussed. thanks very much. let's get a quick check in on a markets. the restraint -- new zealand has been trading, currently higher by .1%. in australia we are close for the queen's birthday even though the queen's birthday is in april, but she is the queen. kospi futures higher by .3% there nikkei futures also pointing higher by a little over 1%. risk on day. shery: you are so funny. the queen can do whatever she wants. we are seeing the japanese yen holding above 108, a bit of weakness, seeing the dollar gaining .2%. that is why we see weakness for the aussie dollar. offshore yuan holding steady after it fell to its weakest level since november. plenty more to come on the next hour of daybreak asia. this is bloomberg. ♪ is bloomberg. ♪ paul: good morning. i'm paul allen in sydney. asia's major markets are about to open for trade. shery: good evening from new york, i am shery ahn. sophie: i am sophie kamaruddin in

also getting a little bit of news from renault.oard meeting is apparently over, but there has been no decision made. i'm paul allen in sydney. shery: i'm shery ahn in new york. you are watching "daybreak australia." toare seeing fiat is set withdraw its proposal. there has been no decision on a deal according to sources. this meeting had been postponed several times because we had seen nissan, one of the partners of renault, pushback on this merger on concerns over their authority, and now we are hearing that fiat is set to withdraw its proposal and the renault board has postponed the decision to a later date. we have seen a lot of resistance coming from nissan, despite the fact that france had backed the merger between renault and fiat and even the finance minister saying that they offer stands if inre are guarantees on jobs local had quotas and so forth, but it seems the decision has been postponed to a later date. fiat chrysler at the moment in u.s. trading falling 3% in extended trade as we hear that fiat is set to withdraw its

, do they need renault?is is a proper fight between fiat chrysler and the french government. whenl happened last night we were all waiting for on approval by the renault board. there was a story they were going to create a third-biggest carmaker with fiat chrysler. we broke the news that fiat withdrew its proposal. this happened because the french government asked to delay a decision while the board of renault was almost ready to go with a majority in favor of the deal. formind behind this deal fiat chrysler, this was a clear sign that the french government wants to have full control of fiat and renault and that was enough for them. this is why they decided to walk away. says youatement fiat never know, this is quite strong at the moment. at the moment we do not see fiat coming back immediately to discuss with renault. officialsf french have been speaking to the press after this ended and they say wasfrench government coherent and firm in these talks. what does this mean bigger picture? that french companies

group via chrysler wanted to build one of the world's biggest car makers by fusing with france's renault shares in both companies it shot up on the news it's abruptly pulling out blaming the french government and its demands it owns 50 percent of renault and wanted more time to review review the deal and get support from its longtime japanese partner instead french officials blame fia chrysler for trying to rush through the merger stock in the comic is getting off track today. and is at the frankfurt stock exchange for us what went wrong. well ben you mentioned that france the government had to be crossed odes 15 percent of all new but the reports about the negotiations really sound like france the government there wanted to dictate the deal in total for once the government demanded that its share be valued higher higher than the current valuation of the on the market to bits the reasoning behind this is that the french factories of the north are much more competitive much more profitable than the italian factories of fear but also the government in france demanded job guarantees for the

you see a bigger drop for renault falling 7%.as well.ly you might have expected peugeot to pop, it did at the open for a 0.75% asut is now down the automakers drop this morning, including those not involved. up next, not nearly enough progress, trump raises the likelihood that the u.s. will follow through with tariffs on mexican goods next week. the peso drops on his comments. we will check that out for you. it has become a proxy on global trade, but now is involved directly. this is bloomberg. ♪ anna: welcome back to the european open. 14 minutes into the trading day. the stoxx 600 up by 0.2%. u.s. futures flat. we are finding our feet on this european session, the automotive story is negative and that is weighing on german markets. president trump has been saying -- we saw him leaving the airport for france for the anniversary of the d-day landing. he did talk to reporters. president trump talked about mexico, saying they need to do more. canays that china tariffs go up another $300 billion, and says china wants to make a trade

also coming up in other news the big auto merger is off chrysler and france's renault will no longer become one company italian american firm blaming french politics for scuppering the deal which was announced less than 2 weeks ago. i'm brian thomas thanks so much for being with us the 75th anniversary of d.-day invasion that marked the beginning of the end of nazi rule in europe is being commemorated in france today this morning a memorial was dedicated to the british soldiers who made the ultimate sacrifice that day french president manuel mccrone the british prime minister theresa may laying a wreath at the memorial to the british soldiers at normandy. they both spoke about the lasting relations between the 2 countries promised it would continue into the future. it is incredible to be. looking out across species where one of the greatest battles for freedom this world has ever known took place and it is truly humbling to do so with the men who was that that day. of freedom to all of a difference and whatever it takes we will never surrender and whatever it takes we will always sta

and no to renault. fiat pulled its offer to combine after the board postponed a decision for the second time. oil entering a bear market. the goldman sachs european financials conference in paris. interviewsxclusive are the ceo of goldman sachs international. do not miss it. matt: warm welcome to daybreak europe. fiat has walked away from talks with renault. it effectively ends a deal that would create the world's third-largest automaker. our global business editor joins us from tokyo. quite shocking in terms of the laying taking, but fiat the blame squarely at the french political door. >> they certainly did. if you had any questions about why renault is controlled by the french government so difficult, this is an example. a complex deal like this has a lot of moving parts and you need someone who can control the parties completely. that has not been the case with renault. the french government still has a very strong voice. the voice would actually be diluted by this deal. to reluctanceted on the japa

deteriorates, the likelihood of renault going back to the table with fiat chrysler improves.rms of the sector picture, we are seeing strong consumer discretionary stocks. they are one of the bigger gainers on the bloomberg. and materials are also doing well. if you are long this market, financials are doing well. if you are long, you want financials to lead the pack and they are doing that today. anna: let's talk about the individual movers. the stoxx 600, let's have a look at what is moving this morning. we are fairly volatile, smaller names, we have that today. fiat chrysler up by 0.2%. your point about watching the m&a story of the auto sector, but also watching concerns around trade tensions, specifically over the mexican border. auto parts suppliers higher as a result of that. valeo is up. auto parts not doing badly. hargreavesside, lansdowne because they are hargreaves lands down because they are caught in the eye of the storm. we see bae's up by 1.1%. not an norma's amount. enormous amount. matt: with european stocks rising this morning, following asian stocks, up as w

the french government owns 15% of renault.ea that they have come to a compromise is seen as very good for investors. the french government is looking for some additional guarantees from fiat. they don't want to see job losses in france. they would like to have the job operational headquarters in france. we haven't had any specific comments from the french government yet. guy: what role is nice on playing? -- nissan playing? >> they are complicating this. they have a two decade old alliance with renault. once this merger was proposed, they might need to review that alliance. this is part of what makes renault very attractive. it has a strong presence in china and japan and the rest of asia. in electrification of its vehicles is seen as important to renault. the direction we are seeing automakers head in terms of electric vehicles is shifting toward china and asia. merger wouldult create the third-largest automaker in the world. having that alliance in place would help that. they are looking at adding share -- vonnie: thank you,

take a look at shares of renault and nissan, remember, the nissan renault alliance remains in tact renaultgo out with a statement saying there's a lot of logic behind a potential merger with fiat chrysler but is disappointed it will not be happening. this comes down to fiat chrysler saying we can make some concessions to the french government but there's a limit. >> phil, bmo opened a new plant in mexico but now the auto maker is caught up in these tariff threats. what do you know about that? >> reporter: it's a no-win situation. look, we're at the plant here. we're about hour and a half hours from mexico city this plant has the capacity to build up to 175,000 of the 3 series sedans. some of those will be going to the united states. they're already being exported to the united states the real question becomes what happens if there's a 5% tariff put in place at the border starting next monday and remember, the u.s. is the second largest market in the world for bmw right behind china. even more business in the u.s. for bmw than there is in germany as you take a look at shares of bmw, keep in

renault trading up 4.6%. the meeting at renault today will take some time. is the possibility we will get a news conference tomorrow. fiat chrysler trading up 3%, nearly 4% today. you have a trade story getting fit into what is happening with the autos in europe. you also have this m&a story with renault and fiat chrysler and do not forget nissan in the mix as well. certainly interesting afternoon. that is look at the european close. vonnie: you senate. -- you said it. jerome powell gave some comments before his speech in chicago. that put the fire under stocks. the nasdaq up 2.1%. tech stocks rebounding after yesterday's selloff following the notion that the ftc and the doj would be separating out those probes into some of the major tech stocks. the s&p 500 is climbing back up to the 20th hundred mark. will it make it there? we will see. some of the better performers, mattel update .5%. up 8.5%. inside an agreement to make some hello kitty toys, and that is getting a nice bounce. tiffany was lower premarket and suddenly it was higher and that is likely due

and more car news chrysler pulls the brakes on alert with renault ending a deal about could have reshaped the global auto industry. also donald trump threatens china with even more tariffs beijing says oh fight to the end. this is the the way of business i'm on in berlin welcome b.m.w. has opened its 1st factory in mexico a 1000000000 dollar project meant to produce up to 175000 vehicles and really but thursday's inauguration of the son luis puts the plant couldn't have come at a worse time washington's threat of tariffs on banks can export still hangs in the air a b.m.w. says its full speed ahead for its expansion plans in the country. b.m.w. has embraced his plans to turn out 175000 cars annually from its new mexican plant beginning in 2020 at least that was the intention before us president donald trump threatened mexico with punitive tariffs despite the celebrations his threat loomed over the sun luis potosi factories inauguration the terrorist would hit mexico's automobile sector worst of all there are fears they could lead to a sharp decline in. car sales last year b.m.w. was able t

fiat chrysler proposed a merger with renault. is liked it, and it got the french government, however,. parents set various conditions >> no factory closures and no indudustrial job losses -- however, paris set various conditions. >> no factory closures and no industrial job losses. nick: a balance of power between french and italian directors and guaranteed maintaining renault's alliance with nissan. the french government said three of four conditions was met, but on wednesday, they requested a delay to request nissan's approval. fiat chrysler opted out of the megamerger entirely, saying it has become clear that the political conditions in france do not currently favor such a combination to succeed successfully. that thed indicated company could say yesterday merger with a little more time, but many analysts were skeptical. the renault-nissan alliance had been on the rocks and ceo carlos carlos since ceo karl i ghosn's arrest. >> bryan, what are we seeing? bryan: renault shares arare takg a beating, down 6.3 percent. clearly a di

france is renault's most powerful shareholder.nissan is needed to move through. anna: we will wait for news on that later on. what with the outcome be of these businesses coming together. we did at factories closing, and if so where? >> absolutely. the french finance minister reiterated he will not guarantee jobs on factories and keeping an operational headquarters taste in paris -- based in paris. nissan has come out with similar demands. no factory closure no job cuts. is if there will be cuts in other countries. and for nissan, it is an open question. matt: seven site nissan should go it alone and our own liberty intelligence analyst say -- our own bloomberg intelligence analyst say they are trying to shape this as a merger of equals, when fiat chrysler is buying renault. is there a chance nissan backs away and renault can admit they are getting taken over? >> i was speaking to a former executive and that is what they are worried about. , one isas many worries the protection of intellectual property. they are worried that the s

last year, renault backdrop for a shareholders meeting later today.t sold 3.88 million cars globally, making it the world ‘s 11th biggest car manufacturer. the fiat chrysler managing sorry catapulted. that would mean overcoming resistance from the french government which owns a 50% state in the firm. this in is crucially an alliance partner. —— nissan but since the architect was arrested in november with financial misconduct charges. there will be a vote on whether or not he should get last year is a bonus so watch out for the developments on renault. looking at the markets... investors turn their focus to us— china trade tensions. and the us— mexican deal. thank you so much for investing your time with us. sport today coming up next with all the results of the women's world cup. this is bbc news. the top stories this hour. protesters are gathering in hong kong ahead of a second reading of a controversial extradition bill. at least 19 people have been killed and thousands more left stranded after record rainfall hits southern china she's the longest s

renault's view -- this is from nissan. saying renault plans to abstain from a vote.pinion is regrettable. these are the breaking lines. renault has a 15% holding. bruno le maire had suggested reducing the stake of the french carmaker. that was one option. renault is seeking better representation. the current plan is to set up three committees on nominations and auditing. this is where the disruption comes between the two. nissan says renault plan to abstain from the agm vote. it is regrettable. as we get more, we will bring it to you. there is a little bit of doom and gloom, to say the very least. retailerhe ceo of a releasing an apology. shares -- disappointment . drawing the attention of regulators. discuss. -- let us discuss. investors?g what is next for the investors left behind? he was seeing a lot of outflows over the last few months because his performance has been -- he was underperforming. inot of his holdings are smaller and mid-cap stocks, not to mention securities. a lot of redemptions. you have to go into the market and liquidate your positions. it gets

we had a difficult merger in paris recently with renault as well stop is any new news about carlos 6hosnhat's happening with those investigations? those are ongoing and carlos 6hosn made an appearance in court earlier this week. i think as far as the renault nissan alliance is going, i think what is fairly clear is after they papered over the cracks following carlos 6hosn's —— departure and arrest, saying everything was good, its pretty clear there is deep, deep tension in this relationship and it is not going well at all and i think mr saikawa has made that clear in what he has said today as well. all right, rupert, thank you very much indeed. that's the very latest on nissan and carlos 6hosn. let's talk about that us secretary of state mike pompeo. he is in india today. where there are a host of trade and business matters on the agenda. the us recently removed india's preferential trade status agreement but wants delhi's support when it comes to huawei and iran. our business reporter zoe thomas is in mumbai. what is on the agenda? if you want to understand what mike pompeo was to under

whatever happens, this could lay the groupedwork for renault -- groundwork for renault potentially restartingalks with chrysler. without carlos ghosn at the helm. just days away from the head-to-head meeting between and xi jinping. details still being hashed out restartwo attempt to trade talks that broke down last month. phone with the prime minister. but despite the steps to ease expectations of a breakthrough are low. the consensus among china's seems to be there's little chance of a full fundment, with many managers holding their positions ahead of friday's meeting in osaka. >> let's bring in our guest who happens after g20 is more important than the meeting himself. billion asover $130 c.e.o. of st. james' place. live from singapore. thanks so much for joining us. i'm wondering if this is the g20, now when it comes to markets here. no,consensus seems like, but can equity markets rally if we don't gate trade deal? >> well, i think what's more likely to happen is markets will was aack, if there perception that the news that's xom out from the -- come out from the meeting is disappointing.

in response, renault threatening to block nissan's 43%, and renault has a stake in nissan.british travel agency in talks with chinese international. deals withe that everything from pharmaceuticals to insurance. says its next-generation xbox gaming console will be four times more powerful than the current. the device will be released in time for christmas 2020 with a new version of halo, the company's popular shooter game. microsoft also announcing an upcoming review of its streaming platform for games. and that is the bluebird business flash. francine: -- the bloomberg business flash. francine: thank you. governor kuroda says that the central bank can deliver more stimulus, but they also need to watch for the side effect it could have on the financial system. he spoke exclusively with bloomberg. even the fed to come as far as i know, is likely to maintain the 2% differentiation target. -- depreciation target. the only thing they are now discussing is how to maintain the inflation target and how to communicate with people and so on and so forth. , well before the completion

of renault. that came out of this, renault said this. we are willing to take it down to 34%. nissan is saying we would like it down to 20% to 25%. it is not just between the two companies because the idea is if they can reduce that, then maybe nissan will back a deal with fiat chrysler, which is the mega auto company. alix: meaning that renault sells more of its stake in nissan, but tit-for-tat, nissan will support a fiat renault tie up. david: because there's more alignment of how much they out of one another. alix: but what is more important to renault? david: i think renault really once a deal with fiat chrysler. you stilleven still, have 20% stake so you still have to deal with the japanese, french, and italians all involved in one car company. i wonder how that works. david: which is a strength and weakness at the same time. there would be really huge sales, and this would be huge scale. it would be by far the biggest auto company in the world. alix: to me, in this world of globalization, it

ok if there's no edge by pooling resources where does this lever know well right now at least renault sort of will this out of the u.s. market because french cars don't really have much market share in the united states now joining forces with the cries of i would have opened up a new market position for them and right now for i know this is a really tough spot bad timing that will have problems still with their other partner nissen and the foreman this and c.e.o. calos go on just yesterday both of them announced that they will file legal actions against go on for embezzling 11000000 euros basically money that he spent in appropriately on private flights and so forth and to tunnelling into a dutch based holding company so that renault is in the headlines but steadily for the wrong reasons and they go on story making a part of a lot of the jobs thanks for bringing us up to date monica. it's through thailand our parliament there has elected president as the country's 1st of all in prime minister since the 2014 military coup he led back to his election came as no surprise because the mem

and the renault ceo, a seat on the committee. global news, 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am ed ludlow. this is bloomberg. thanks very much, ed. u.s. stock futures are pointing lower this morning. for the first all-time closing high for the s&p 500 index since april, su keenan has more. is this a belated reaction? su: it certainly seems that way. we did not see a strong reaction yesterday, but the morning caps off was rather strong. let -- kickoff was rather strong. we have got a third strong week for the s&p leading the injured ray records. -- intraday records. it managed to squeak out a gain right at the close. let's take a look at the snapshot. real estate stocks were among the big gainers. you also, as you mentioned, lower the futures ticking into the open on friday. let's take a look at the big movers. and we have slack technologies very much in the spotlight. this is a company that decided to go different route than the ipo. the

fiat chrysler withdrawn its merger proposal for french car maker renault. failed attempt by renault board members to reach a decision on the offer. the french government requested a postponement on a vote. the french government is the biggest shareholder in renault with a stake of more than 15%. >>> walmart redesigned. a staple. the familiar blue vest worn by sales associates. the biggest retailer ditched the old style following feedback from employees. the new vest will be a neutral steel gray with color on the trim. it's meant to help make associates more recognizable. meanwhile, presidential candidate bernie sanders showed up at a walmart shareholders meeting to urge the company to allow workers a seat on the board. >> walmart should give a voice to its workers by allowing them seats on the board of directors. the concerns of workers, not just stockholders, should be part of board's decisions. >> the democratic candidate from vermont also called for walmart >>> youtube updated the hate speech policy prohibiting videos with white supremacy and neo-nazi vi

chrysler wanted to build one of the world's biggest car makers by fusing with france's renault shares in both companies it shot up on the news it's abruptly pulling out leaving the french government and its demands it owns 50 cent of renault and wanted more time to review review the deal and get support from its longtime japanese partner instead french officials blame fia chrysler for trying to rush through the merger stock in the comic is getting off track today. and is at the frankfurt stock exchange for us what went wrong. when you mentioned that france the government. owns 50 per say.

group -- renault group.nnounced and then take months, maybe a year or more to get all of the details ironed out. it is a bit premature at the beginning, now, to get a view. the principal and this is the strategy of the government is that we do welcome investment, we do welcome foreign investment, provided it does not take jobs away from our territory. if it meets this requirement, we would be in favor. nejra: on the jobs then, if there was a risk to the italian workforce, what would you do to mitigate that risk? cross that will river when we get to that. we do not know yet, so it is early to speculate. fresheners. -- fresh news. i don't think it's appropriate to speculate on a number of scenarios. we will have time to react once the details are figured out. we have no need to have a specific position at the moment. company prettye much free to do what's in the interest of their own shareholders. we will worry when and if the problem occurs. i expect it not to occur. industrial numbers suggest that this could

fiat is near ape luminary record with renault.lso point out that renault's union says it is not obvious a deal with fiat is opportunistic. caroline: we will watch that after hours. a latest business headlines. shares skyrocketed after regulators said it could start selling its soft exoskeleton. a system called restore is designed for people who have trouble walking after a stroke. shares more than tripled before giving back some gains. -- -- amazon has unveiled a futuristic plane drone for deliveries. months, amazon will start testing it for deliveries of household items up to the weight of five pounds. it looks pretty cool. joe: the most interesting thing about this -- i don't really care about the delivery aspect -- is all the systems that would allow it to come into your yard to deliver. that is pretty cool. that's kind of what they are trying to do with the autonomous car's, but maybe if you do it on something smaller scale, it opens it up. montana or in wherever -- i don't know how they are getting back to brooklyn. caroline:

you have seen one this morning with renault. creating shareholder value and making reduce our cost equity. is a very good country for us in terms of development. we have 4% market share in corporate lending, and 20% market share in export credit. you can see that on the corporate side. german banks are not very active , and we have a growth plan in germany, organic, to develop more corporate activity. francine: will you buy commerzbank? guest: the management team is focused on delivering our plan based on organic assumption. unicredit ceo speaking earlier onto francine lacqua. vonnie: the german finance minister now backing the idea of a cross-border merger for commerzbank, having originally wanted a national champion. i guess it looks like that is less and less likely. let's turn to the broader markets now. it's been a big morning. ecb obviously impacting rates and fx markets. we have individual names being quite volatile today in the u.s. and over in europe. let's bring in bloomberg -- cross at reporter asset reporter luke kaw

renault says it has reached agreement with nissan over the sha keup of reached agreement with nissan governance following the shakeup of governance following the ceos scandal. renault owns 43% of nissan and had threatened to block reforms complaining it was not given enough of a say in the new structure did it the alliance has been under strain since the arrest and dismissal of the boss on financial misconduct charges that he still denies. and the bank of england governor has given a cautious welcome to facebook ‘s plans to launch its own currency. at the annual mansion house speech he said that the proposed digital currency could substantially lower cost and increase financial inclusion but, he said, it needs regulation. got ahead of myself there. plenty more coming up and we will see you soon. greenpeace has accused a foreign office minister of assaults after pushing one of its activists out of an event in london. dozens of climate change activists interrupted a speech by the chancellor on thursday. and footage from the event, the conservative mp is seen pushing a woman by the back

renault down. the price of gold at its highest in six years. >> it is aware investors put their money in times of uncertainty. have seen it rise steadily, over 9% this month. call from a group of billionaires who want to get taxed more. >> it seems unbelievable. there is a letter signed by 18 of the richest people in america. they are calling on a tax on the thethiest 1% of people in united states. >> 17 mega-wealthy americans are united. they want to pay more tax. they have urged presidential candidates to back higher taxes on the 1%. >> it could help address the climate crisis, improve house outcomes, create opportunity and strengthen our democratic freedoms, it is in the interest of our republic. thehey praised support for .dea senator warren wants to raise taxes on those with more than $50 million on assets, a measure expected to affect the 75,000 wealthiest families in the united states. the letter says it is nonpartisan and does not endorse particular candidates. most voters would alcome such

renault could use a little forward guidance this morning. this big deal we thought was in the offing over in europe, yesterday, after a second day of meetings, the renault board will walk away from the table at least for now. fiat chrysler has been fluctuating around. what is interesting to me about this is the reporting. we don't know exactly what went wrong. the french government owns 15% of renault, but the reports are they are willing to take a cut in how much they own, but want a dominant position in government. i've seen so many of these big deals fall on the question of who controls. sarah: it is a little bit iffy what is going on here. there's completely a blame game going on. i didn't think there was a note out from a bernstein analyst i thought was very telling. he said that perhaps this was just doomed to not go well from the beginning. if you look at the times we are living in, we are living not just at the individual and level. we see it at the corporate level. alix: for all of the charts we used and more, go to gtv on your

cheryl: good morning, automaker is withdrawing deal renault. french government owns 15% of renault.talks can resume in the future. trading in free market, we are watching that stock, fiat chrysler vehicles the target by the way of lawsuit from the head of the company truck brand. fiat chrysler retaliated into how the company reported sales, the automaker has held 2018 confiscation, fiat chrysler has denied. power back on in los angeles international airport. many travelers grounded by delayed or canceled flights at one of the nation's busiest airports, even traffic lights, that caused major backup. back to you. maria: thank you so much. cheryl, we want to look at markets, future with gains this morning, take a look. gain of 75 points right out of the gate, s&p futures up 8 and nasdaq futures up 27. stay with us, we will be right back the latest innovation from xfinity isn't just a store. it's a save more with a new kind of wireless network store. it's a look what your wifi can do now store. a get your questions answered by awesome experts store. it's a now there's one store that con

we were talking earlier that we've seen in paris the renault tie-up also with deutsche bank talks.can go through example after example. it's not just within europe. in the u.s. as well. the team, if you broaden the narrative out in terms of merger controls, many deals could have been torpedoed the narrative is quite interesting. there is a report yesterday that came out from the mps here in the uk talking about major new national security regime for ipo candidates in london that's not m&a but it's imos, but the language is quite loosely drafted. >> we'll come back to ipos in a moment i have questions about political uncertainty around the european commission since the commission has been so vocal in blocking some mergers, like thyssenkrupp, when yyou lok at it, do you think a new commission should be more lenie lenient? is that something investors should be aware of or do you expect continuity? >> it's hard to say. we have to expect continuity i think the greater concern is maybe the broader theme of though we've run through some mega deals, if you go behind the mega deals the mark

genie: renault has openened up a joinint facility. business must go on.arch center in tel aviv to develop automotive technology is the latest joint venture. they will collaborate with local israeli startups. >> research and development continues regardless. share and renault will technologies to make their vehicles more competitive. there is a dilemma for policymakers in france as controversy brews over tax breaks for philanthropic nation hasn: the french government vowed to lower thehe taxeses on inindividual taxpayers. how to fininance that is thehe qutionon. breaks,ng corporarate tax which is 60% tax deductible. for byrenovation paid --. abby financed by --. corporate donations that fund the --eep of state o oneg the billion euros a year in lost revenue. the government wants to tighten the tax loophole to fund future tax cutsts. incentived make the less attractive. 50%.uld lower it to companies saved millions of euros in tax. it's charities could be hit the hardest by any changes. stop corporate patronage, what will happen? companies will reduce their

renault shares were down one and a third. thirty one hundred down about half in london well should also close negative for the second session in a row at textures falliling there the nasdaq down nearly poinint 4% at the close. masters it taking in donald trump's repeated threaeats thate will increase tariffs on chinese goods. ifif a trade deal to hihis likig isn't reached with beijing oil prices dropped 4%. the african development bank continues its annual meeting this week the goal is to find solutions to developing african industries from natural resources to consumer products. one new program focuses on the fashion industry and the attempt to boost african designers and manufacturerss. our team equatorial guinea has been talking to some of the delegates about where their clothing comes from. and how the bank plans to support what could be a very lucrative industry. fashion may not be africa's most profitable industry but i it's certainly y one of the most visible. seven do come in. comes from the west of cameroon it's a lo

to move past the scandal that has rocked the business and the loss of trust with alliance partner renaultce japan's second biggest carmaker ousted former chairman carlos ghosn and comesjust former chairman carlos ghosn and comes just days after a highly publicised tussle with renault over nissan's corporate governance initiatives. us secretary of state mike pompeo is due to arrive for a two day visit to india where he will be meeting the country's external affairs minister. they are expected to discuss a series of issues including trade, huawei, and india's planned purchase of russian weapons. as our correspondent reports, the talks will lay the groundwork for a meeting between president donald trump and prime minister narendra modi later this week at the g20 summit meeting in osaka, japan. secretary pompeo's visit comes at a time of increasing tension between longtime allies the united states and india. last month the us removed india from a list of countries that receives preferential trade status. that gave indian exports access to the us market duty—free. now that is gone. in retaliat

. >> renault's 20 year marriage of -- marriage with nissan may be in trouble.losion of the french carmaker's merger plans with fiat chrysler has brought the tension out in the open. the japanese carmaker's reluctance to endorse the deal is one reason for failure and , france's finance minister spoke in tokyo this morning, saying he still sees the merger as a great opportunity. >> the role of the state as the shareholder is to make sure we respect our priorities, and our priority is to strengthen the alliance between renault and nissan. >> on one side, clearly fiat is blaming the french government for the withdrawal of the proposal for renault, because the french governor kept on asking for more time to decide, and they thought that fiat was clearly a sign the french government is in the drivers seat of renault, and fiat doesn't want to meddle with the french government. on the other side we saw over the weekend, the future of the nissan alliance, clearly the situation at the moment is unclear, and fiat is not back at the table. >> elon musk has addressed tesla