thank you very much for joining us marcus rivaldi there >>> societe generale posted an 82% plunge in quarterly net income fourth quarter profits suffered from tax related charges and retail banking restructuring costs, but the french bank exceeded expectations from analysts who were forecasting a loss for q4. socgen says it is starting out 2018 with confidence in a financial environment that should be more favorable. >>> and joumanna spoke to the deputy ceo of societe generale about the results and asked about the volatility we have seen in the global stock markets. >> it's fair to say in our market activities we continue to get market share this quarter. our fixed income performance has been solid with specifically structural products demand, which were more positive in equity we have a significant demand in terms of products. if you compare with the rate of the market, it's fair to say our performance is the average of the quarter. >> when i look at the equities performance, you said a pronounced rebound of 39% compared to the fourth quarter of 2017 in an environment with low volat

juliette: societe generale has been estimates.pected to post a lot -- post a million euros. a beat about the investment bank. better than our peers. it was a modest decline. at the future compared with the banks we have done better. we are gaining market share. u.s. senate leaders have announced an agreement that would provide additional funding suspending the federal debt ceiling until march 2019 and provide $19 billion in hurricane and throw -- wildfire disaster aid. the dollar is on the news about the deal as did yields. china's overseas shipments have held up despite the strong yuan and rising tensions with the u.s. and import growth surged. rose byr terms, exports 11.1% from a year earlier. leaving arease trade surplus. official sayssh china is wary of providing any trade commitment until it sees how brexit plays out. then exclusive interview trade commissioner said the u.k. hopes to negotiate a neil -- a new deal with beijing during the implication time through march 19 -- 2019. >> they recognize -- we will be able to implem

francine: that was the chief executive officer at society e -- societe generale.se, monetary policy and banks go hand-in-hand. are you long financials? do like them at the moment? >> we do. we prefer to play them through the debt side. it still offers the best of both worlds. it is part of a fabric of a system that is designed to protect them. of clearly have the trend this european financial --titutions beginning to be these european financial institutions to be less --. you have these capital requirements which are forcing them to become safer entities. that has never been good news for equity holders. having said that, certainly you might see a cycle whereby some european countries are beginning to do a little bit better. flow ony lending will the back of that and banks will make a little bit more money. still, very much lagging the u.s. space. the u.s. banks are think a much better opportunity -- are saying -- seeing a much better opportunity. francine: he sees further labor market tightening between 18 -- in 2018. will we get one? >> if we do it is going to b

analysts were expecting major losses for societe generale.as turned a nice profit in the fourth quarter driven by equities trading business. , we can expect that to keep growing. matt: positive surprise this morning. what are you hearing? longer theank is no poor cousin to deutsche bank. it was deutsche bank a week ago reporting an annual loss and commerzbank is looking good in comparison. it is boosting growth forecast for this year. the cuts at commerzbank are working. guy: it is interesting considering how much pressure deutsche bank is under at the moment. let's talk about what is happening in the consumer space. let's talk about what is happening with pernell. is helpingor liquors which is boosting its growth outlook for this year. matt: it is pretty disturbing looking at these pictures so early in the morning. and amazing how much jamison whiskey is drunk in the u.s. there must be a lot of irish people there. let's look at totale. one of the things investors have been clamoring for is more money back in the form of dividends and buyback

staying with european finance, societe generale ceo frederic oudea joined "bloomberg daybreak: americasa wide-ranging conversation this week. he spoke about the future of europe's banking sector. frederic: the most important thing for me is, beyond the long-term opportunity in europe, financial markets. we are going to complete the banking union. we are going to see deeper capital markets. there are long-term opportunities, and we can take advantage of these. on top of this, the economic activity is good in europe. we have growth rates that we have not seen for the last, maybe, 10 years across the eurozone. that is an opportunity for banks. and hopefully, we will see rates rising. you know, we suffered dramatically from negative rates. you did not have that in the u.s. -- it is painful, i can tell you. and progressively, we have a little more inflation and the exit of monetary policy, and we will see a much better rate environment. alix: it is not just the steeper curve you need. you need to get out of the positive rate environment. what is your best case for that? frederic: our assumpt

he is from societe generale. "bloomberg surveillance" continues in the next hour. joining me out of new york. we will be talking volatility in markets. this is bloomberg. ♪ . . retail. under pressure like never before. and its connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. francine: the selloff takes a breath as investors try to remember how to trade a market that moves both ways. but will it last? we look at the $8 billion bomb in the markets. offroading as gravity returns to the stock market. elon musk launches his car into orbit. there could soon be a tesla. tom keene is here. very tough negotiations after months of negotiations. looks like we have a deal in germany and breaking the deadlock in this deal with the social democrats. we

lisa: that was societe generale 's ceo speaking earlier on bloomberg.estions to remain for the whole banking industry, particularly in europe. coming up, getting the deal done -- we speak with the cohead of m and a ubs about the climate for mergers and acquisitions. this is bloomberg, from new york. ♪ retail. under pressure like never before. and its connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. 3:00 p.m. in new york, 12:00 p.m. in san francisco, and it :00 p.m. in london. i am julia chatterley. lisa: and i am lisa abramowicz, in for scarlet fu. welcome to bloomberg markets. julia: we are live in bloomberg world headquarters in new york over the next hour. here are the top stories we're covering on the bloomberg and around

rate strategy at societe generale. now to your bloomberg business flash.is set to launch another rocket today. the falcon nine will carry the spanish satellite that can generate high-resolution images of the earth, even if the area is covered by clouds. it will also employ two experimental satellites that will provide global internet access. when it comes to buying stocks, it is america's second for barclays. replaced america. in germany, the ceo of georgia force says the exchange has its sights set on a quarter of the cleared market next year. he has a strategy of learning business away from london. >> i believe the markets are oblique. we can live with different euro clearance. we can deal with different approaches here. frankly, the markets will sort this out finally. kailey: that is your bloomberg business flash. alix: three things that wall street is buzzing about this morning. first, unknown investments. a stain pension plan for florida teachers held more than 40,000 shares of the firearms company used in the weapons used in last week's attack. hsbc'

societe generale told the burke that is bank look forward to brighter prospects this year.victionty, more and more flows. yes, i am positive overall. [indiscernible] prospects,d growth in particular in europe. yes, we see signs of monetary the bankingell to activity. that could us now is jonathan tice. just welcome instructors that we have three banks all beating but they'll have different stories. the reason they seem to be different, is there any overall story we can take away? jonathan: from these three banks, if you look at socgen, it was one of the big underperformers last year. revenue is the problem. in delivered on equity. -- it delivered on equity. it is a question about capital. commerzbank, capital is the good news. for those banks, there is a really a theme. .- there isn't really a theme the go what happened with unicredit? -- david: what happened with [indiscernible] the first thing she commented on. we are waiting for the call. we'll have a better idea. that is a bright spot. an externally strong bright spot. david: is this a rough day for deutsche bank, becau

it's a good time to speak to the leadership of paris's societe generale. stay with us. is "bloomberg surveillance." i'm taylor riggs. let's get the bloomberg business flash. qualcomm may raise its bid for semi conductors to around $127 and $.50 a-shares. this is according to people familiar with the matter. it would bring the bid to $44 billion. shares of qualcomm are down half of 1% in premarket on the news. rose to a profit three-year high at the world's largest minor. still it was less than expected. bhp rejected demands but activist investor elliott management for corporate overhaul. stuart gulliver's seven years as hsbc ceo ended on a down note. they missed estimates and loan charges related to two clients. it was the last set of results before the hsbc veteran john flynn takes over. that is your bloomberg business flash. tom: thank you so much. there's any number of ways to stagger to kevin cirilli on a tuesday morning after a three-day and on political weekend in washington. he is an exceptionally smart morning must-read. whatever your thoughts on history, the al

guy, the head of research at societe generale.uy: i think, as your colleague mentioned just a few minutes ago, it's a vote for continuation, in terms of the policy. if anything, it means we are probably less likely to see steps towards normalization, not just because of the fact that strong, but also because kuroda, i think is very cautious in terms of the way he approaches policy. mark: as you say, "unlikely to see steps towards normalization," that does not even take into account normalization. it is just laying the groundwork. this is not even opening the door to the possibility of normalization. much more than issue for 2018 and 2019 at the moment. mark: inflation is moving in the right direction, guy, but it's part of what the boj wants it to be. guy: the other issue is currency; the boj is very sensitive to what other central banks are doing. it wants to be -- it is perceived as being the third mover in terms of global central banks and i think it wants to be the third mover. mark: what can japan, the boj, the finance indust

francine: thank you so much, phoenix kalen, director of emerging market strategy at societe generale,asileios gkionakis, unicredit. tom keene is with tom enders in his first interview of the day. this is bloomberg. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. we use so why do we pay touters thave a phone connected. when we're already paying for internet? shouldn't it all just be one thing? that's why xfinity mobile comes with your internet. you can get 5 lines of talk and text included at no extra cost. so all you pay for is data. choose by the gig or unlimited. and now, get a $200 prepaid card when you buy an iphone. it's a new kind of network designed to save you money. call, visit, or go to xfnitymo

markets, kit the juckes from societe generale. i want to go to an important know if feldman speech.onstitutional law. noah feldman with this important essay on china. the nation's limited presidency corresponded almost exactly to one of the fastest periods of economic growth in human history, comparable to britain in the age of industria industrialization and the united states in the years after the civil war. dictatorships are terrible at transition. wagers on its stability and growth should be revised downward. these are extraordinary comments at an extraordinary time. the only equivalent i know a when putin2004 became a permanent force in russia. do you change your view on china? kit: not yet. there's a risk that we will demand a slightly high risk premium for a while to see how it pans out. ultimately china has thrived on control. in the short-term the policymakers are so much in control of the economy and so much of what they have been doing is good. the markets will probably give them a fair amount of benefit of the doubt. there is just going to be unease about the really long