nejra: let's get back to societe generale.ing to a surprise 1.2 6 billion you're a loss in the second quarter, extending a losing streak that is set to increase pressure on the ceo. the bank took large charges after a review of its global markets and investors services business. it caps a tough period for the lender which saw equities trading revenue decline 80%. joining us is severin cabannes, deputy ceo of societe generale. great to have you with us. let's look forward. can you talk to us about the outlook on equities? we just talked about the pain you have endured. has the situation normalized? is the worst behind you? is it going to improve? guest: thank you very much. if i might comment on the loss you quoted, it is non-cash items which have impacted our bottom line this quarter. on the true cash views, our bottom line is positive this quarter, which is important to mention. we have a limited profit. it is fair to say that the crisis peaked in april to mid may. the good news is since mid-may we have seen a significant reb

kit juckes from societe generale. don't want you to explain the up war -- the uproar in london. i know that is way above your pay grade -- or the other issues in britain. i'm absolutely baffled by the british press because i guess they don't have anything to talk about brexit. give us a brexit update. as it affects sterling. enough, the bad news is nothing is happening with brexit. there is no real progress. there is a warning today from brussels that it is going to take time for the city of london to be able to do business as usual with europe. other than that, there is still very little concrete action the government is focused on other things. we have had a couple of headlines last week that it will get a trade deal in due course, which i think is what people still assume. but you can see exit in the euro-sterling exchange rate, which has moved this summer for something where illiquidity could drive it around, between .9 and just above .9. tom: there is a fancy bloomberg function called a trading envelope, two stan

what a shock from societe generale.here are two shots in the banking world, one being societe generale, and we sp

laura: societe generale has extended its losing streak with a loss of 1.3 billion euros. a tough.ang for the bank saw revenue decline. the chief executive faces increasing pressure to reduce risk and increase profitability. about $16.4 billion in cash, the biggest medical acquisition of the year. the deal will be financed through debt and equity, giving a sizable market share in the rapidly growing field of cancer treatment. it is a potential path onto germany's dax index. that is the bloomberg business flash. francine: the trump administration is expecting to announce measures against the broader chinese and software companies, not just tiktok. that is according to mike pompeo. china's factory activity rebounded, the gauge shows a growing faster than july and any point since january 11. still with us, severin cabannes -- iain stealey from jpmorgan asset management. how do you look at the trade war? how much worse could it be and what is the impact on markets? iain: you could argue markets have been sanguine to it to the moment. thee saw last year and negative impact it had on the

don't miss a conversation with kit juckes of societe generale. this is bloomberg. ♪ you doing okay?moving thing never gets any easier. well, xfinity makes moving super easy. i can transfer my internet and tv service in about a minute. wow, that is easy. almost as easy as having those guys help you move. we are those guys. that's you? the truck adds 10 pounds. in the arms. -okay... transfer your service online in a few easy steps. now that's simple, easy, awesome. transfer your service in minutes, making moving with xfinity a breeze. visit xfinity.com/moving today. francine: frayed relations. tensions rise between the u.s. and china after weekend trade talks were postponed. meanwhile, the four-day democratic national convention begins. pboc's morale boost. chinese stocks climb after a central bank cash injection raises hopes of more support. and belarus' opposition leader says she is ready to be interim president. that's as hundreds of thousands of people rally over the weekend, while russia says it's ready to provide regime assistance. good morning, everyone. happy monday. this is "