with us, kit juckes, societe generale.ys want to like the ruble but with oil prices where they are, there is not much incentive to want a stronger currency, so we will get rate cuts rather than currency strength. we are in a risk-averse environment. russia is a center of a fair amount of geopolitics. it is softening. i will come back and want to buy this at cheaper levels. guy: a bit of cable action over the last few minutes. the wall street journal flash showing the eu and the u.k. reaching a broad deal on the brexit transition terms. thoughts? we look as if we are going to get a deal. we have priced in rate hikes. the big test is going to be the economic data, not monetary policy. i think there is a balance of risk. we have sufficient optimism .bout a transition deal the big test is the economy. in the background, sterling is as cheap in real terms as it has been in the last 30 years. it is kind of completely asymmetric. i keep forecasting it not doing very much. that is what a symmetry looks like -- that is what asymmet

kokou agbo-bloua from a societe generale. matt?att:, we check on how european markets are poised to open this morning. asian stocks, remember rallied overnight following a strong u.s. jobs report, stronger than expected i can say on friday and strong revisions as well. the u.s. is adding a ton of jobs and we will see how that affects the european equity market. 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. >> good morning from london. this is bloomberg daybreak europe. i am anna edwards. matt: from berlin, i am matt from the german capital. these are today's top stories. power play? yawn buys energy from rwe, valuing the giant. ann

let's get into the politics and, our correspondent from societe generale.interesting to see how they are tried to pick the winners and losers from this. what kind of conversations are you having with investors. i have this charge, which is 6647, which highlights the underperformance from european autos and metals and miners. how does this play out into the future? >> you have to think about the first order impact and the second order impact. the first order impact would be the metals and mining stocks. how they will be impacted by the tariffs. you have to think about the domino effect. it is a question about the european union retaliating as well, or china trying to essentially put more tariffs as well. prob this is a lose lose situation. there is a case that the u.s. could be the last man standing so to speak, because there are $20 trillion in gdp, so they are effectively bigger than the other. ?nna: is there really no winner i understand the effects of globalization and therefore, it has been described by many as lose-lose. but if you look at the way mark

he is the chairman of societe generale.up on the european close, the close of the european session is less than 35 minutes away. investors are shrugging off concerned about a global trade war. in the currency space, it's a quiet day on the macro economic data front. the euro is trading up against the dollar with sterling rising against the dollar. looking at the bond the board, we saw a flight to safety because of the italian election results. italian stocks are rebounding today but italian bonds are declining and yields are rising. in thelds are gaining u.k. and germany. this is bloomberg. ♪ mark: in his 11:00 a.m. in new york and midnight in hong kong. from bloomberg's european headquarters in london, i'm mark barton. vonnie: from new york, i'm vonnie quinn. ons is the european close "bloomberg markets." mark: here are the top stories we are covering around the world. stocks higher in europe. north korea floating the idea of giving up nukes. facingnt trump increasing resistance to tariffs within his own party. we will tal

has resigned from the societe generale. we have no further details beyond that. keep you posted if there are other details. let's get you to the first word news with mark barton. mark: kentucky senator rand paul says he opposes the nomination of mike pompeo for secretary of state. paul previously voted against pompeo -- and interrogation center where prisoners were tortured. is urging president not to undermine long-standing transatlantic ties by seeking economic gains through punishing trade tariffs. tusk saido reporters, the aim should be greater cooperation. >> the president puts into minute their ears -- too many barriers between europe and the u.s. i cannot understand him. that's why we started strengthening -- we should go back to the talks now. make trade, not war, mr. president. mark: tusk said it was not too late to turn this around. may today ordered the expulsion of 23 russian diplomats. the action comes after the poisoning and u.k. of a former russian spy and his daughter. >> today ordered the expulsion of 23 russian in the aftermath of this appalling

for more on this, we are joined by the chairman of societe generale. isining us for the latest is jim. there is a lot to talk about, but we only have five minutes. to much can mr. cohn do not antagonize the president, but to change the possible trade war path? >> it is tricky because a lot of this depends on the president's mood. how he is feeling. if you recall, his announcement that he was going to announce this trade war came out of the blue for many of his advisers. that it wasg was because he was having a tough week on various fronts. francine: but this is a campaign promise. >> it was, but he made a lot of campaign promises. you remember with health care, so -- has focusesing he billion about his entire political career, but there was no process, no analysis, no interagency recommendations. was just him deciding, we will just slap these tariffs on. as far as whether he will step back from the brink you know, it is unlikely, but it has been known to happen. francine: here he cohn is basically arranging a meeting in the white house and there are ch

societe generale deputy is leaving the company -- a specific legal matter predating his apartment tohat role. the bank says he resigned in order to preserve the bank cost general interest without identifying the dispute. will not receive any severance pay. capital management group is shutting its hedge fund as the fund refocuses on core products under the leadership of rubbish fear.r -- robert shoul assess declined to 230 million from about $900 million two years earlier. a spokesperson for the firm declined to comment. cathay pacific airways seeing respite from it earning woes. asia's biggest international carrier reported a profit for the second half of 2017. in an exclusive interview, the ceo told bloomberg the pickup in demand contributed to the profit and is sustainable. is sustainable. i think we have a great offering. but also, you know, the world has been quite strong and that always generates demand for travel. juliette: that is your bloomberg business flash. guy. matt. jules, thank you very much indeed. juliette saly. let me take you straight to moscow and show you the pict

societe generale's deputy ceo is leaving the company after a diversions of approaches in treating a specific matter dating before his appointment. he resigned in order to preserve the banks general interest without identifying with -- the specific dispute. the board decided yesterday he will not receive any severance pay. unilever is preparing to consolidate its headquarters in the netherlands. abandoning a british base that it maintained for nearly a century. according to people familiar, the anglo dutch consumer giant board meeting yesterday to make a final decision to choose rotterdam over london for its base. the move is a significant blow for u.k. prime minister theresa may's government as it strives to maintain investment in the country after it leaves the eu management group is shattering its hedge fund as the form -- firm refocuses on coal products. master fund which has lagged and performance this year and in 2017 so assets declined to 200 30 million from $900 million two years earlier. a spokesman for the firm declined to comment. cathay pacific airways is seeing some respite from