Skip to main content

tv   Bloomberg Daybreak Europe  Bloomberg  January 23, 2017 1:00am-2:31am EST

1:00 am
anna: trunk makes job creation of priority as he meets his leaders at the white house today. we look for clues about the president's agenda. manus: trump trade loses steam. the dollar slumps again while gold and treasuries rise. he offers few details of this economic plan. investors worry about in protectionism. may sets tominister meet trump. her industrial strategy tomorrow . the supreme court decision of triggering article 50. ♪
1:01 am
anna: warm welcome to "bloomberg daybreak". manus: a whole host of markets are trying to understand what date one of the most trunk, the reality of policymaking in the white house, might mean. $2 trillion has been added to the equity markets. volatility and treasuries, volatility in a number of markets. has is the s&p 500 and it been a moment's. of time since we have seen any move beyond 1%. that is what this is actually telling us. it is not move more than 1% of -- since october of last year. the volatility index is in a two and a half year low. sustain inndwidth terms of momentum? good for equities? throwing away from trade agreements, what are the repercussions for the world?
1:02 am
anna: we're questioning all of these trades. when are we going to see the bottom follow these equities trades? keep an eye on the suspect will be weaker. breaking news from philip this morning, when poor numbers to come through. so far they are telling us to new supervisory board members. they are reshuffling things. looking forng and signs on the outlook in the margins -- is likely the company will articulate a more generous cash return an additional two settings. investor skepticism around the alliance this business has on the last part of the business. morgan stanley saying the company could go higher if the outlook is encouraging. no pun and tending when you're talking about lighting. visibility is limited. [laughter] we are getting a bit 40 government philips.
1:03 am
645 million. an estimate of 644 million. manus: the ceo will join us later on. uplift in those numbers until the third quarter of this year. what shifted their in terms of some of the geographies, we will be speaking to the philips ceo later on. radar, equities are waiting to see if they can break the bandwidth. in our is ingestion, look at dollar swiss. havens.ing into we don't need to all located more than that. into the swiss and out of the dollar. that is the momentum of the markets. anna: the money going into the head of his having an impact on
1:04 am
the is in session. the japanese story is different. money out of japanese stocks, gold, copper. we have the money going into havens by .4%. copper interesting. the interpretation around the commodities basis is where we see some upside in industrial metal futures. it is all about the infrastructure. those investing in metal saw enough over the begin to get them invested. ahn: a busy time in washington dc. donald trump against his first full week as u.s. president. onwill meet theresa may friday. ofte house has no intention releasing his tax returns am a releasing as -- breaking a campaign promise that he would do so.
1:05 am
with the u.s. media over the size of the inauguration audience in what his aid calls " different facts" vote for rex tillerson despite the concerns over his relationship with russia. the president risk -- deserves the president -- benefit of the doubt. they vote later today. trump'sate media used inauguration to warn about the perils of democracy. according to the people's daily, the flagship paper of the coming's party, democracy has reached its limit and deterioration is the inevitable future of capitalism. the relative stability of the communist system as they headed toward a shuffle of leadership roles. minister immerses
1:06 am
the front runner in the french socialist party's first round at the primaries this weekend. the party will hold votes next sunday between him and the former prime minister. the socialist candidate will finish fourth or fifth in the first round on april 23. a stark view of what brexit means for britain. he told bloomberg exclusively that the u.k. will have to get rid of much of its social safety , a 30% decline in wages in the next 20 years to enable it to compete. the effects on his business may be different. is one of the irange things about business, think it is probably bad for a majority of people and the country. i think for my business it is going to be good. turkish lawmakers giving
1:07 am
their approval to president or to once executive authority. making them ahead of the executive and abolish the prime minister. a referendum that could be held in early april. the changes might concentrate a dangerous amount of power in a single authority. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. you can find more stories at the bloomberg top . this is bloomberg. anna: details of the first word news. up-to-date with what is working in the asian market. he just for us. editing we have heard from donald trump during the inauguration and beyond over the weekend, juliette. juliette: in mixed picture.
1:08 am
a&p saying the markets are waiting for more evidence that donald trump will deliver on fiscal stimulus is deregulation. could see a bit of a correction in the coming months as well. the nikkei has closed down by 1.3%. toshiba is a standout at 9% and australia closed lower by .8%. you can see that those gold players were among the support of stocks today because we did cb gold price rise for yet another session. second -- over the weekend liquidity into the system to support the banking stocks ahead of the lunar new year holiday. you have seen a quite a bit of support for shanghai equities up by .2% hong kong looking flat. absolutely on a tear today. this is a paper stocks rally. up 21% so far in 2017. this index is on track. all of those things looking
1:09 am
next. a kyoto news report that its business is drawing interest. sydney down at 16%. the world's largest telecom a company -- pellet. they're embarrassed that they kept their first profit out. he leaves the company if he beats after several years at the helm. the theme of the markets today is a little bit of weight and see. to see how the u.s. trade after friday on inauguration day. manus: thank you very much. xiaomig news from corporation. the make equipment, can indications equipment. we have news that the price president -- vice president is leaving the company in a facebook post this morning. a little bit of breaking news
1:10 am
coming through on xiaomi. anna: what is happening in the united states, followed trump's working day at u.s. president. it is set to be a busy one if his campaign promises are to be relieved. believed. a look back on his pledges. i willt day in office order a review of every single regulation issued over the last 10 years. with repealing and replacing it is after known as obamacare. stronguntry will go borders the day i get in. they won. -- day one. president trump: think about what we can a couples in the first 100 days. you are going to massively cut taxes. on trade i will issue a notification of intent to
1:11 am
withdraw from the transpacific partnership, a potential disaster for our country. needless job killing regulations will be immediately canceled. we are going to build a wall. i could wait a year and a half until we finished negotiations with mexico which will start immediately after office but i don't want to wait. hundreds of thousands people poured into cities around the world. protests, marches a day after the inauguration. the women's march on washington it clips -- eclipsed it as the most widely attended event this weekend. anna: trumps policy and what they could mean for markets, great to see you today. of trump on the campaign trail. he set himself a lot of priorities in his first 100
1:12 am
days. even his first day in office. learn over the weekend about the type of trump that is entering the white house. if you thought there would be this moderation, in traditional replicate -- republican is out the window. the same way he was as a candidate. get used to that. it all tweets he would not expect and changes to policy. bewe think it is going to achievable in that short time, the one day may be ambitious so it is determining what the priorities are. the first actually have seen the notice around obamacare. maybe it will be health care as opposed to trade but we don't know. the dollar would say yen a battleground for risk. these are two of the biggest markets that have been the most
1:13 am
affected and will be the most affected by trump. let's kick it off with the dollar-yen. the dollar has rallied by 8% since his election. , signsat you have heard we are getting ready for intensive trade discussions. what does that mean for the global landscape? if he is to encourage u.s. growth and jobs by changing regulation and in and choosing the landscape, that will choose a stronger dollar. the benign sit scenario. if it turns out, there has been these hints in the background, you have a different landscape. anticipatingecomes how trading partners to the u.s. will react. anna: what about the buy american pledge? how problematic is that for global trade? trying to encourage u.s.
1:14 am
jobs, nothing wrong with that. you would imagine that is what american voters would like. the means that are used to achieve that end, reducing relation as he said, most businesses would be happy with that. they would hire more if they were able to. them do so. to do twitter pressure being applied to corporate and how much is that going to be substantial legislative across-the-board changes?that is a different prospect. david: his staff uses the word renegotiation. that can use a lot of things. some used 10 years between europe and canada. we negotiate, ok. trade barriers is an unlikely possibility but not out of the question. again make america great
1:15 am
buy american products, close reporters, create american jobs. whatever way you want to look at it. it is having a dramatic impact in the high-yield market. jpmorgan himself, adding meaningful exposure. by more american products you get more, you get a bigger and better in usa and junk bond yields dropped. trying to put the rhetoric into markets, this is already toluse by 50%. -- valued by 50%. how much is already priced in the verbal rhetoric, something like price -- junk bonds? david: it is hard to see much outside of this point. we have already come down so far, one of the is performing classes last year. not so likely to get a large part of that. another rally in oil this year is less likely. highlyity market is coordinated with high-yield. you have the same on the equity
1:16 am
side is high-yield. pumping more out of the ground over in the u.s.. thank you very much. let's have a quick look at some of the highlights for your week ahead. manus: syria peace talks underway today. kazakhstan. tomorrow the u.k. supreme court rules whether the prime minister can trigger the brexit process. on wednesday central-bank heads from britain, switzerland, and mexico to speak in germany. david davis six questions in parliament on thursday. manus: rounding off the week is the gdp data for the united states of america for the fourth quarter. ceo we will hear from the off the back of the latest earnings. cio by handan and speaks to bloomberg about britain's and pending divorce from the european union and its impact on his business.
1:17 am
trump againstnt his first week as commander-in-chief after an eventful weekend. we discuss all the implications throughout daybreak this morning. this is bloomberg.
1:18 am
1:19 am
1:20 am
anna: looking back. this is "bloomberg daybreak" 2:20 in the afternoon in hong kong. pretty five nations equity section. -- flat in the asian equity section. joining us now from amsterdam is eric, the ceo of philips lighting. they do so much for joining us. i see that you're reiterating your sales growth target. what kind of visibility do you have around the business at the moment? eric: many thanks for having me.
1:21 am
the me first tell you that 2016 was a special year. the first year for the company as a standalone entity. in a q4 we have continued to grow by 16%. that amounts for 59% of what we are selling. for the full year we have probability market by 180 points. after consistently delivering on cash flow on the orders we are euro forg 418 million the full year. -- 1.1 euro per share. 50% payout ratio. we are going to be returning 300 million euro to the shareholders in the space of the coming two years. for the first year of philips lighting in 2016, a successful one. manus: very good morning to you.
1:22 am
the last time we caught up revenue growth would not return until the third quarter this year. if that still be gotten for the market and secondly and much more emotionally, the last time we spoke you have concerns about the middle east and about some of the geography. give us an update in terms of revenue, growth, and the geography in terms of whether areas have improved. eric: good morning to you. when you look at our growth profile, we have improvement between 2015 where we increased by 3.5%. 2016 we declined by 2.4%. by2016 we are impacted markets and we highlighted accounting for 1.4% of growth. impactsve that these are going to be having a much
1:23 am
in 2017.gnitude this is why we have confidence that the company will return in the later part of 2017. anna: what is improved in the middle east in turkey? eric: our situation was such that we decided that we should limit our sales because we were not being paid. we will see that impact continuing in q1 but softening. as indle eastern turkey many of the other geographies, there is still potential. one example which is dubai. the development with the dubai municipality, where we are launching on the market the most commercially available energy efficient led lamp in the world.
1:24 am
90% of the energy compared with equipment and lasting 50 times longer. also opportunities to grow in those regions. manus: equipment and lasting 50 times longer. is it that you don't see acquisition opportunities or you have nothing better to do with the capital? many people are calling into question the profitability profile of a business of lamps. how do you defend yourself to the proposition that it is a business that is within the serial decline? eric: absolutely. i'm a to clients and point it is obvious, but if you look at how we have been improving. the prophet of the businesses is on the conventional side, not very much according to what you have said. the three half-million that we are returning is a sign that we capacity tot on our
1:25 am
generate cash and we believe we million ife $300 ever there are occasions that fit our strategy purpose. but also look at m&a of small-to-medium-size. anna: obviously a global business, do you have concerns about the politics in europe and how that is going to play out in 2017? the dutch elections will get a little more high profile globally than previous years. there is absolutely no doubt that the world is moving. globally the world is moving. a lot is happening in many of the regions where we operate as a company. the country that you have is countrythe u.s. number one. at the company we don't really are rule isolitics
1:26 am
to adapt to whatever market conditions are coming to us. what i believe in and and i'm confident in that we will be to optimize tony whatever conditions come to us. to continue to create value and deliver equal policies -- promises. i know you are going to say you don't do politics but listen to a man who is talking about withdrawing from the north atlantic trade agreement, for your business, how concerned are you about the rhetoric in regards to potential trade wars? 20 seconds, go. have let's me tell you, i no time to be concerned. i am pragmatic. whenever those things come on the table we are going to look at them, see whatever impact they have in the company, and take the decision we have to take at that point in time. anna: they do so much for joining us. the ceo of philips lighting joining us on the break =--
1:27 am
"bloomberg daybreak" is thoughts on how brexit impacting equity this is bloomberg.
1:28 am
1:29 am
i've spent my life planting a size-six, non-slip shoe into that door. on this side, i want my customers to relax and enjoy themselves. but these days it's phones before forks. they want wifi out here. but behind that door, i need a private connection for my business. wifi pro from comcast business. public wifi for your customers. private wifi for your business. strong and secure. good for a door. and a network. comcast business. built for security. built for business. anything with a screen is a tv. stream 130 live channels, plus 40,000 on demand tv shows and movies, all on the go. you can even download from your x1 dvr and watch it offline.
1:30 am
only xfinity gives you more to stream to any screen. download the xfinity tv app today. tokyo andhe afternoon the yen is rising off of the market with donald trump doing a newusiness and there is addition of daybreak and it is on your mobile and mrs. we are talking about and our cover story. minister willime before what was
1:31 am
promised which was supposed to appear frank. in termsill that mean of the croke -- growth strategy? it is aimed at once again at the media to rollback the affordable care act with the real work beginning with the unions and ceos arriving. it was set at that was his number one priority. track iny, opec is on withing a cut to output the targeted cutback and we will
1:32 am
talk more about this story in a moment. >> let's talk more. good morning. a lot of markets have had a chance to react to donald trump's speech and we are seeing with thel divergence japanese stock down and here is the dollar yen versus the 10 year treasury yields here and the lack of detail on the fiscal policy created concerns on the it is down for basis points and there is a reflation trade we have seen that is starting to lose a bit of steam
1:33 am
and it is unwinding somewhat. we are looking at gold climbing and we arectually up moving on to industrial metals with aluminum at its highest and we heard donald trump reiterate his plans on infrastructure and recordterest has hits a and it is adding to signs the copper may get its best start in five years. members agreed on a way to boddicker a historic supply deal. >> bloomberg markets middle east.
1:34 am
good board to you. monitor opec plan to and what are the nuts and the bolts of it? >> we have a few more details and it comes down to how they and theyt the barrels will take this data into consideration from the producers as look at the export data theyof the analysis and will meet again in may of this and it is not clear what happens if somebody violates the agreement. >> not all members are on the same page. let's talk about trump and his
1:35 am
plan to make america independent from opec. here and itrucial is ultimately what they are industrybout and the oven andchart from the it is a crude feet and you can see this move there making crude data that weng to got. beenmeans that 235 have added since the expansion and there is a reference point, in terms of the oil price and you heard about the energy
1:36 am
thisendence and he shrugs off, saying the u.s. has integrated into the equity the rigged momentum continues to build. much.nk you very brexit is at the top of the agenda. >> it will lead to dramatic changes in the way the british economy operates. guy sat down for an exclusive interview with guy johnson. >> they will continue to borrow people will put a risk premium on that and interest to bankruptcyd and to opportunity.
1:37 am
sadly, and this was one of the this, i things about think it is probably bad for a majority of people and business will probably be good. >> on what kind of scale? how big will it get? what kind of opportunity will it be? how high will they have to go? termsm talking about real and it is a very small change each year. it will not be quick. it will be slow. in terms of the interest rates, it will take some time. eventually, they will have to the curve, debt and in terms of devaluation, it has never hit the u.k..
1:38 am
it is constantly evaluating by the only way to his throughpay interest rates. chairmanas the speaking to guy johnson. more.getting when you listen to him, it is a rather cataclysmic view on there is a constant driveation that will not britain forward. howou will have to look at this and play against hasare seeing how the ftse
1:39 am
the currency for sterling. is this the first negative ande we are in shock something changes? inevitably, you will see inflation pressure for the first time and we are getting more of jobs and we had benefits following the vote, in terms of the valuation of it is nownd i think
1:40 am
more about the cost. is coming through is the and this ising down what is biting the bond market it is coming with force, the inflation. >> exactly. there was inflation and dashed n and >> what is the magic number at your institution for the shift to neutral? expectation that markets have changed and the expectation is that rates will
1:41 am
arounder with a circle what it is for the currency and a trade relationship that the u.k. has globally. ande get theresa may globalization has created carnage on that front and she has to get something from the u.k. around the banking sector reportinglegraph is the expectation around the trade deal with the u.s.. if you do have what happens and when it will, ultimately -- >> i want to reflect back on
1:42 am
this prison of volatility for is the traded it americans are the number two trading partner by volume and there is no doubt about europe as a linchpin. back with something and she really has a program and the ability. from the point of view of trump, this will help export more and the agenda is what you can do to create jobs in america.
1:43 am
is a big fan of bass -- brexit and we will talk about the more active government where they go. he is trying to take the winners into account. there beneficial and it worked with technology change. >> thank you. >> coming up, a new promise on
1:44 am
trade and we will talk about political risk.
1:45 am
1:46 am
1:47 am
1:47 and futures have indicated a hit lower and this is monday morning kicking out and the equity futures have not had a move of 1% or more in almost four months and it could be the beginning of the return of the volatility to the markets. it is juliet standing by. >> thank you. wereng says that batteries to blame for the flammable note. this was too thin. andcompany has apologized
1:48 am
investedaid they have $170 million. united airlines has a grounding order after resulting problems from computer failure. thetracking site says that and thisad 481 delays is according to a post on the facebook page. he wrote that it is taking a huge toll on his life and he role,ransition out of his being asked to remain an advisor. producers have cut january withnce
1:49 am
the collective target and it was said that this is one of the best agreements producers have had. monitoring this and that is the bloomberg business flash. weeknald trump begins his and looks to make good on american campaign promises. >> in addition to meeting with businesses, he is expected to issue a number of executive orders and there is a confirmation vote expected. >> he will end the week by for aing theresa may discussion on the future of nato. is -- now
1:50 am
there is a lot to talk about. welcome to the program. what should europe expect? a difference between being against global trade and tweaking a trade deal. >> indeed. we don't think that trump will .ip up a trade deal he says he wants to renegotiate nafta. target deal and mexico toeady flagged their the front of this burden
1:51 am
try to keep his options open. you see how receptive he has someand there is probably flexibility there. >> we understand the complexion of the cabinet and you talk about a white house that is characterized by competing power centers and we are seeing that manifest and it raises the risk profile. your perception is of a dysfunctional administration that hasn't even started. >> this is all based on public statements from the public you and,-- the president elect in this sense, looking at this
1:52 am
expect ae have to combative approach and we have not heard a lot from james likes on friday or people rex tillerson. the presidentd and ithe dollar policy is moderately opposed. >> indeed. seeill be interesting to and theying out involvedmakers things will be more receptive to maintaining relationshipntic
1:53 am
which is vital for security. is asking partners to pay a bit more. it is a combative approach to begin with. if there is doubt about the , there is to nato you to a lesser extent and make it clear about this lurch to the right and the risk on the current format. ascendantscent or
1:54 am
position? is an administration in power and trying to change a complete approach to politics and they have to deliver results and keep social policies. moment, they are on the retreat. this is a lifeline. >> it is populism begetting populism. already going to end up in a
1:55 am
government?ere the opinionu look at the kohl's, that is the most likely outcome. in this particular case, there andhe dance of the agenda it would tie the party coalition i thinktogether and this is something we manage to have four ofnd we italy.ns with >> it is the idea of uniting
1:56 am
around anybody but le pen. looking and outward pro-globalization europe. three-partyis a coalition. >> yes. party would treat them as democrats arecial rated terribly ever since they did it and the social democrats are looking for a way out. if they want to new the coalition government, it is another approach. >> thank you. next, war on trump's first
1:57 am
week and his plans as he plans .n enacting the new agenda this is .
1:58 am
1:59 am
2:00 am
>> trump makes job creation a job priority and we look for clues on his agenda. colde dollar slumps while and treasuries rise. and there is a worry about protection. is goingime minister to announce her industrial strategy. decision. the
2:01 am
>> it is our flagship morning show here. european equity it is notacting and with the the market stoxx 50. the markets have moved and this is been the longest run. run since 2006.
2:02 am
personification of volatility. >> we are seeing moves in the for americarency first as a message and this is really large with an ounce of the dollar. evaporatelar yen may by 8% by the election morning. will that continue? itppens next and highestassets with the
2:03 am
and five years. it is 0.0. >> good morning. he will meet with the prime they stepped up there arend alternative facts. secretary of state is likely to be+++
2:04 am
tillerson and his relationships with russia. the foreign relations committee votes later today. using democracy and the deterioration is with the relative stability of the system the party will hold a runoff vote. the socialist candidate will finish a distant fourth or
2:05 am
fifth. chairman said that the u.k. its --ve to give most of be different. may , this is probably bad for a majority of people and the country. for my business, it will be good. members voted in favor of making this the head and the move triggered a referendum that in the power of
2:06 am
authority. andis powered by analysts you can find more stories on bloomberg. let's get into the market closing lower and we saw this we sawty injected and and looking pretty flat there is a little bit of a bid with asian markets higher today finishis the strongest mentions that this yen strength had gone into have in this
2:07 am
and there is aen and thereis offshore see and onshore currency there. and it isou very much time for a look back. i will order a review of
2:08 am
every single regulation issued over the last decade and we will repeal and replace the disaster >> wes known as obamacare are going to strong borders. >> think about what we can accomplish in the first 100 days . we are going to massively cut taxes. i will issue a notification of intention to withdraw from the transpacific partnership. regulations will all be immediately canceled. >> we're going to build a wall. , but i don't want to. >> hundreds of thousands of andle came in for protests
2:09 am
it was the most widely attended political event in the capital this weekend. >> stephanie baker, a good morning to you. where is this going to start with regulation, obamacare. we've talked about this already, i guess. riskshas a long list and a lack of focus and we have already seen that a bit with his executive order issued that andd to address obamacare he cannot act alone on that. the executive orders have allowed the affordable care act to be loosely interpreted and he
2:10 am
needs congressional approval. he says he will meet with the minister of canada and mexico to renegotiate nafta. and theyom to maneuver may try to block his efforts this point. going to win. what does he go after. is this a sign of a demagogue or somebody who wants to affect change? he did this because he didn't have support in congress are a
2:11 am
this hasitiatives and many through executive order. he does have a fair amount of maneuver on trade. congress can block him in some we want them closely. asked question is being by markets and there is a strong how it runs. >> the markets have been
2:12 am
considered and he made a sweeping statement about this and will congress agreed to that bit of it? the border takes it. we have how long it takes. there is an equal and opposite reaction in terms of what is happening in this world. and i recovery was intact looked at this.
2:13 am
there is a rise in yields. this was in the yield of 3%. heard but have not seen it so far. there is more than the 1.5% and it does depend on the and they reaction with be a strong dollar inflationary pressures, which should help and what we don't know is the negative and both of these
2:14 am
could be correct. there is a growth and i was reading about merkel poring over accounts with theresa may in and she islater on one of the first global leaders to meet this. trump is focused on large it sounded more andtive about trade deals it will be different in this debate with global trade.
2:15 am
>> thank you for coming and. stay with us on daybreak. shape a post eu economy. we'll take a look at that next.
2:16 am
2:17 am
2:18 am
here and there is and it is time for a business flash. >> thank you. batteries madeat by the affiliate were the batteriesr that were too thin and samsung
2:19 am
said that they have invested about $170 million in this. the vice president of global operations is leading a chinese electronic company and wrote that the last few years of living in this singular environment have taken a huge toll on his life and health. him topany has asked remain an advisor. resulting inblems computer failures. airports were affected for 2.5 hours. that theresite says was 481 delays on sunday. they saudi arabian oil minister since twocut supply nor first with more than 80% of
2:20 am
the collective targets and it was said that one the best agreements producers had. grading on monitoring to ensure 100% from clients. hong kong has maintained its rank as the most expensive housing market for the seventh year in a row, according to the international housing affordability survey. homers below the record with sydney holding a title. that is your bloomberg business flash. >> thank you very much. about the united states little and we need to talk about britain today and it
2:21 am
could be weeks with an article 50 ruling tomorrow. through all of this, we have looked at signs of inflation pressure. >> that is the chart here and it levelning at an elevated with a history of looking through relatively short-term and we had a time when this was running very hot and towards the economic slowdown that didn't come in the question is if it will happen again and there is a more sustained pressure. paranoia there more this being under?
2:22 am
there seems to be a skittishness . >> there is a reaction from policy makers and they know how andeal with inflation's they slow the economy down to keep a lid on inflation. andinflation is very hard it feeds in to the public psyche and you end up with a japanese scenario, which you want to avoid. the yieldlk about curve. this from a map to how the brexit situation will
2:23 am
likewise, we are looking at the broader context and theth the global activity. us about retail ands, which were shocking were down. this shake everybody up a little bit with the brexit rising? bad, but it isat heading the wrong way. >> the shipping patterns will change. sustained,number is
2:24 am
it will become a lot more concerning. andit has not happened yet that is why you see this spike with the currency. >> the pound has actually announced a little this morning. are we done with negatives around the pound? movement?ur range of >> the damage has happened and you look at the measures and it depends on the scenario where it goes down. adjustment you need to see? far and weot that
2:25 am
continue to see the volatility. >> you have spent a little bit of time talking about the yield. have you seen movement in the market with the dutch and french moves in thepared markets? >> not necessarily in volatility, but with a curve slope and you have seen this across the eurozone be linked to political risk this year and it has been relatively broad-based. reasons. other >> the reflation is the ignition. add with risk to make
2:26 am
the steeper curve. think theople elections caused volatility and 2016 was a good lesson in this not working out very well. the level of caution the market houses -- great or rapid a pace. treasuriestaken the have what tax cuts willd the policies that tell us whether we rally again. >> thank you very much joining us. monday is it for us on and we are seeing equity futures
2:27 am
will keep anr and the dollar-swiss. the market opened is up next.
2:28 am
2:29 am
2:30 am
♪ anchor: good morning. you're watching "bloomberg markets: european open". i'm in london. what we watching today? the trunk slump. the president's first few days in office star concern. the reflation rally now running its course. the prime minister is set to announce industrial strategy today. a supreme court decision on

8 Views

info Stream Only

Uploaded by TV Archive on