swedbank establishing that dedicated anti-financial crime unit.will bring you any more lines as we get them. let me move to. nokia and see what we have here as these numbers come through. toia talking about a puts it test a particularly week first quarter -- nokia talking about a particularly weak first quarter. you are looking at 59 million euros. it was estimated to have a profit of 282.7 million euros. it is reported a first-quarter adjusted operating loss. it still sees for your adjusted levels and the full-year operating margin as well. the first quarter not looking so pretty, according to these numbers. the red headlines, the first-quarter adjusted loss per share coming in at two euro cents. that is coming in soft as well. the first quarter adjusted loss per share. that is some of the news breaking right now. let me recap what we got from ubs a few minutes ago. first quarter turned out a bit better than investors may have expected after sergio ermotti's dire outlook last month. the bank saying that the market environment improved since late

onse lines coming through swedbank. the chairman stepping down. it is amidst the laundering scandal that has plagued the bank. it will take time to restore confidence in swedbank, and the recent developments are regrettable. that's turned to trade. china and the u.s. making headway on trade talks. president xi is saying there is progress.l president trump agreed a deal would be monumental, but adds they have some way to go. president trump: intellectual property protection and theft, talking about certain tariffs, and elements of them is in discussion now. we have a number of things, we have agreed to more than we have left to agree to. nejra: joining us now is jane foley, head fx strategy, senior currency analyst, rabobank and emmanuel cau, head european equity strategy, barclays bank. happy friday. has been progress in the u.s.-china trade talks, but it seems there is a lot left to be resolved, enforcement, the existing tariffs. you get the last 10% of negotiations, that is the most difficult to negotiate. the northern island border for instance

swedbank bouncing back. a good day but you have to realize what precedes it is the reason for that.nk we're just getting a pop. no news is good news at this point when it comes to swedbank could i also want to mention old mutual. old mutual has enough in exposure to south africa. ny'ss came out early -- moo came out with a more benign outlook for south africa, as a result of which we have seen a pop and some of the south africa related assets. up 1.7% attrading this stage as we head toward the auction process. a quick look at the volume to get an idea of whether or not it confirms today's price action. generally it does. the white line in blue line overlapping. the volume today pre-much the average we've seen over the last 30 days. that is look at the european close. vonnie: the dow jones industrial average is down .4%. it is the worst performer among the major indices. not impacting the s&p 500 as much, it is down just .1%. we also have cvs and kroger down. amazon says it is going to lower prices at whole foods. that is impacting some of the brochures. in terms of the 10 year yield

swedbank, gvc. what is the continuing story on this scandal?we found this morning the chairman will be stepping down immediately after a week that the ceo had left the bank. this has to do with allegations of millions of dollars of money laundering. investigated in sweden, estonia, and the u.s. the scrutiny of swedbank was interfering with his other job, the ceo of another company. anna: e gaming operator, what are they saying? >> fourth quarter update is strong but it should be noted march is seeing something of a slowdown in the growth rate. the reference weakness in both margins in italy and the u.k. rallied sincee falling heavily last month on a thect share buyback of chairman and ceo. tomorrow we have an event in the u.k. betting calendar, the grand national. it could be the shortest priced favorite in 100 years and if that goes in, it would mark a particularly weak start to the second quarter in terms of the margins. anna: thank you both on the stocks we are watching. first go is the function on your bloomberg and mobile app. at an increa

swedbank is down 2.3% after it came out with earnings this morning. anna?t's talk more about the banking story. barclays in focus, down 1.7%. let's bring our interview with jes staley, saying the bank has inperformed u.s. peers fixed-income currencies and commodities as barclays reported third-quarter operating slightly below estimates. nejra cehic asked jes staley about the performance of the investment banking business. face --ayaz we choppiness inhe m&a around the world. we saw its lighting up in the u.s. in part because of the government shutdown but also major have subdued boardroom activity in the u k and across europe. despite that, we did quite well in our markets business for the sixth consecutive quarter. we gained market share over our peers. how would you characterize your performance versus your u.s. peers? are you satisfied with that? you did make reference to their performance in the first quarter, as well? particularly in the macro space where we trade fixed-income, securities, currencies, and credit. first recorder carried on a dollar basis

those are the lines we have gotten in terms of the leadership around swedbank.those and bring you any more lines as we get them. how are we looking at bonds with the positive equity rally -- with the pause in the equity rally? manus: we had the biggest -- in as manyn months. you see those equity futures dip a little bit. you see a slight reprieve on the bond side. we have run so aggressively up in yields yesterday, down in price on the back of the pmi's. was this a one-off? do we need further data to come through? the bond market, you see right there at 165.89. the three-year versus tenure has gone from inverted in the u.s. back to positive territory. as far as the german government bond markets are concerned, raffaele bertoni from gulf investment corporation suggests you have probably seen the lows in terms of the bond market. very easily. manipulated. only 10% of the bond market is in open market has. juliette saly has a very latest on the asian markets. pretty flateing a line on the msci asia-pacific index, which yesterday closed at its highest level since oc

swedbank is being investigated by supervisory authorities in sweden and estonia and the u.s..hat is your bloomberg business flash. matt: thanks very much. step in opening chinese markets to foreign investors? the chinese yuan denominated onshore bonds will be included in the global index from today. the move is expected to bring billions of dollars into the country's bond market, the world's third-largest. we spoke to some of the region's most influential investors. >> our impression of policy bank bonds into the bloomberg barclays index will be a game changer around the world. areica, europe, asia, they talking about capturing this opportunity. >> it would add liquidity and opportunity. >> if you look at passive and 300ve combined, up to billion u.s. dollars of inflow. matt: not all investors are so enamored of the process -- the prospect of greater access. vanguard group is planning to add only a limited amount to its portfolio. the company said it would take a comic quote, measured approach to the inclusion, citing ongoing concerns run market structure. chinese bondsn being

sebastian: swedbank chair step down with immediate effect.the height of the money laundering scandal. swedbank is being investigated for potentially having committed fraud on top of multiple other probes into the laundering case. retain 75% of his amazon stock following his divorce. this eliminates investor concern that it would influence control over company. bezos maintains 4% of amazon, making her the world's fourth richest woman. it also helps the ridesharing company have different perspectives for the offering. as $120 be as much billion in the ipo, the biggest listing this year and could be one of the 10 biggest listings of all time. and that is the bloomberg business flash. let's bring you this morning's breaking news on brexit. theresa may has written to request delay to the uk's departure until june 30. may sites talks with opposition leader jeremy corbyn aimed at breaking the brexit impasse. she also says the u.k. is continuing to prepare for european elections should she fail to get her deal passed in the next few weeks. what does

credit suisse reports wednesday followed by ubs come of our ways, and swedbank thursday.ults from deutsche bank thursday. for more, senior banking analyst at bloomberg intelligence joins us and bill dinning of waverton investment management is with us. jonathan, i want to pick up on the barclays story. of brought up the issue cost-cutting, something you are focused on going into this earnings season. what have you been looking at? equity trading will the be down probably more than the 21% they averaged. fixed income will be down 15% to 20% in some cases. -- banks need to increase improve cost income ratios. if you have revenues of 20%, you have to and if you look at barclays, the way they report, they include part of the credit card in the investment banking division and last year's return on tangible capital is 7%. credit cards were very profitable. we knew they had to come off and we knew the trading wasn't going to be great. is out, taking personal responsibility. asall makes sense, but interesting as barclays is, the french banks, as well. they have been pretty shocki

tied to moneybe laundering allegations from sweat bank drew sharp -- swedbank drew sharp criticism and of the executive board at credit bank, the largest lender in denmark. we heard last week many political parties are working to strengthen denmark's money laundering laws. this is a little bit late. one correction, i am not a member of the executive board anymore. what happened in the danske bank case was deplorable by any standards. we are now dealing with it. all of those wish we can rewrite history, but nobody can do that. the steps we have taken now and the danish government is taking with a broad coalition in will take us far down the road, including building the strongest framework in europe. anna: is it right to do this at a national level? there is argument we need more pan-european regulation on this front. coordination among european countries is always good, but most of what goes on in terms of money laundering and trying to prevented is at the national level. it is a question of a national value change in terms of money going into banks, and eventually passing on from the b