tv Bloomberg Markets European Close Bloomberg April 28, 2017 11:00am-12:01pm EDT
quinn. the european close on "bloomberg markets." ♪ mark: we are going to take you from new york to london in the next hour, plus covering stories out of brussels, zurich, and ay.ssels tod the stoxx 600 pointing ahead to a loss, despite big earnings from ubs. we will hear from the ubs chief executive as his wealth management business searches. -- surges. vonnie: the u.s. expands at its lowest rate in three years. is it a glitch or will give the federal reserve reason the to pause? his office,ays into
will his spending help boost economic growth? mark: 30 minutes until the end of the friday session, the long weekend commences. stocks are down today. equity indices are higher, but overall, the stoxx 600 down for the day. the best week since december though. sweden, iceland, greece, , and sovereign bonds commodities, but it's been a fascinating week dominated by the results of the french first round of the presidential elections. next round is next sunday. ubs, big news today -- of course, earnings from the swiss earnings,t boosting adding 25.5 billion francs of new money. they posted an 80% rise of net income after better-than-expected results.
the chief executive, who we will hear from in just a second, stepping up cost-cutting helped though shrinking margins and wealth management. today, more bank earnings. the nordic region's best performing lender, first quarter profit jumping up by 12%. income from trading growing after years of the nordic danskeies underdog, emerging as the best performer. and thee line is danske blue line is the bloomberg europe 500 banks and financial services and index. going back to 2007, you can see the disparity. danske is racing ahead. the eurozonea in
bouncing back to a level in line goal.he ecb's this is the ecb's target. underlying up to 1.2%. it sets up a big interesting debate ahead of the june meeting when many are forecasting the forward tweak it's guidance. stronger than anticipated. mario draghi stressing that they do not see a convincing trend in underlying prices even as they acknowledge risks to the outlook are on the balance. he called the broad recovery, but it certainly gives the hawks some ammo as the june meeting closes in. in the u.s., abigail, what's it looking like over there? abigail: not a lot happening in the major averages, but that can sometimes be interesting. they can give us a piece of information, basically the fact
that investors are consolidating the big gains from monday and tuesday. the dow, s&p, nasdaq basically unchanged. the nasdaq is the one index to be trading higher, on pace for another record close. on those big gains from monday and tuesday, all three averages higher on the week. for the dow and sbc, the best performance of the year -- and s&p 500, the best performance of the year. a strong week for stocks for sure. let's hop into the bloomberg and see what is happening sector was. this is the imap of the s&p 500, a great way to get a snapshot of what is happening sector wise. we see lots of red. the best sector is energy, off its highs a little bit, but getting a bit of a tailwind from oil. we have some earnings winners from the energy space, including exxon mobil and chevron. both be earnings in significant ways. exxon beating by 10%, chevron by
30%. behind those earnings are cost-cutting. raymond james analyst saying it's about price not production. this represents a real bounce back from the worst annual performance in 2016 since 1980. finally for southwestern energy company about 4%. they put up a nice sales beat. let's look at a great chart here. this shows us the trump trade sector wise out of the election. we may have energy higher on the day, but out of the election, not so much. down here on the bottom and yellow, and nestor -- energy initially had done well, but now down 2% since the election. an interesting snapshot and out of the election come a different story relative to the reflation trade. mark: the next round of the election is next sunday. let's get more insight come a focusing now on ubs the shares higher -- more insight, focusing
now on ubs with shares higher. bloomberg's manus cranny chocked with the ubs -- talked with the ubs chief executive. >> the sums you have seen for the last three to four years, the superior return on allocated capital, we had a 24% return on capital. without compromising on quality and excellen excellence. we are leaders in many areas, but the ones we choose to compete. you see competitors showing good momentum, but some of them were coming off a weak q1. they may deliver top line and pretax profits, but if you look at the consumption of capital and certain businesses, one is to say i'm very happy with our business. manus: the repeated question is this. i will give it another go.
are you or would you be prepared to allocate more capital to any part of the business? sergio: absolutely not because they don't need it and they are performing exceptionally well because they have a clear business model and they are very focused on what they do and they are one of the best. if you look at the fx business, we are one of the leaders in the world. we do not need more capital. what we are investing on is technology. we try to bring ourselves to the next level of client service. the balance of capital allocation within the group and within the av is the right one for us. manus: i cannot get you to regret a moment of the change in structure? sergio: absolutely not for the reason i mentioned before. we would be diluting the return on equity's and the return of capital. mark: the ubs chief executive being pushed by manus cranny.
european companies are finally living up to -- well, as we know expectations and joining -- earnings.heir best let's get insight on the banking sector from bloomberg's european finance managing editor. manus pusho see sergio, but the focus seems to be paying off. >> absolutely and there were quarters last year in which the money flow was not as strong. the trends that were behind that, including the push toward getting tax compliant money and you have seen this very strong quarter of 20 billion plus that puts them on a very good cost to reach target, which is around 50 billion, and the market is rewarding that as we are seeing today. mark: it's been a busy week, so let's rattle through them.
barclays today, as with credit suisse earlier, disappointing on fixed income revenue. why are european banks lacking their u.s. peers? elisa: we are seeing the broad takeaway that they have obviously pulled back delivered lead from some areas. in other areas, they are struggling to maintain that market share and losing it in some instances, and that's because they have let people go. have had some people leave. there are difficulties in reorganizing businesses over the last year that have made them less competitive. now that they are possibly stronger and can be more competitive, it takes a while to regain client shares. mark: i said credit suisse, but i met deutsche bank. itnnie: how is brex factoring into these restructuring plans? they're waiting to sign off on them until they can see where
their offices are going to be based. elisa: is that a question about brexit? at the moment, what we are it's doing very much on the agenda and banks are working very hard behind the scenes. many of them have places they are considering. you are looking at tens and hundreds, but definitely the first of what we are getting increasingly is that by late this year, and maximum early next year, those plans will actually start to be put into action. vonnie: how are they divvying up the areas they can get market share in? are we noticing any kind of shift in terms of the spectrum? we certainly are here in the states. goldman sachs definitely lost market share in fixed-income. elisa: what we are seeing out of the large investment banks like barclays, credit suisse, and deutsche bank, all three have
theygled, even in the ones want to keep, and that's really the surprise here. even where you want to stay, it takes a little while to regain the market backing. mark: but look ahead to next week. i asked michael earlier to wrap it up nicely. do the same for french lenders because the focus is on the french elections. elisa: we have seen a rally in the french bank stocks and what investors are looking at there is longer-term should there be a macron win. it can all be very good news for the banks, but what we have seen the french banks struggle with is the whole consumer banking businesses. their investment banks are where they want to be, but less so than retail banking, which is still somewhat competitive. very high cost basis and win beingy a macron
a boon for economic growth, which would be helpful. mark: was it it the gadfly piece earlier this week? -- banks have a lot to thank macron for with a boost to their performance. ubs with the first quarterly increase of the year despite its focus on the case and the low interest environment. elisa: we are seeing the cost-cutting really having that affect and making the core business is more profitable. mark: thanks for giving us a good run through of what's been a very, very busy week for european banks. elisa, are european finance managing editor. vonnie: let's check in on the bloomberg first word news with courtney donohoe. courtney: in washington, it
looks like there will not be a shutdown after all. they voted on a stopgap. the senate is also expected to approve the bill. ofother news, u.s. secretary state rex tillerson once that north korea is pushing the world closer to conflict with its nuclear tests. tillerson is chairing the united nations security council meeting today. >> in light of the growing threat, the time has come for all of us to put new pressure on north korea to abandon its dangerous path. i urge this council to act before north korea does. courtney: still, tillerson says the u.s. does not seek regime change in north korea. trumphington, president plans to expand offshore drilling. today he is going to order the interior department to revise the five-year schedule for auctioning drilling rights. the goal is to open more waters to offshore rigs. the president will also offer a review to avoid a repeat of the
deepwater horizon disaster in the gulf of mexico. --opean covenants governments may give political cover for ukip prime minister theresa may. agreements before the two discussions begin. a bold andshe calls ambitious trade accord the summer. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries, i'm courtney donohoe. this is bloomberg. vonnie: the european union finalizing its stance on the brexit talks. this is bloomberg. ♪
world headquarters in new york, i am vonnie quinn. mark: i'm mark barton county you down to the european close, 14 minutes away from the end of the fred equity session. -- friday equity session. european leaders meet in brussels to finalize the negotiating guidelines with the u.k. joining us now to simon kennedy. -- is simon kennedy. is it true that they might be giving eu leaders cover by allowing talks to touch on trade before the two sides agree on a specific exit bill? if this is the case, this is a bit of a shift, isn't it? simon: not so much of a shift, but what they are talking about before the summit is that they will focus first on the methodology of finding that brexit bill number, which is
obviously a point of difference between the eu side and the u.k. there will not actually be in announced number with a big fanfare. instead they will work out together the parameters in which that number will be created. the number might not actually be generated or known until right at the end of the brexit talks. doing that allow some heat to be removed from the conversation and also gives theresa may political cover. she knows that the will be newspapers full of bigger amounts going to brussels that she needs to show something in return that she wants to be able to say, we are paying this, but we are getting that. that's washington's to get trade talks -- why she wants to get trade talks going. mark: i asked iain duncan smith earlier -- vonnie: i'm going to have to jump in and cut you off and joined the president of united states. president trump: he will go down as a truly great but president. many thanks to wilbur ross and
you -- ryanee ryans and keep zinke. i want to thank the members of congress and i want to get them back immediately because they need to get back so we cannot spend too much time about drilling in the arctic. it's a great day for mac and workers and families. today we are unleashing american energy and clearing the way for thousands and thousands of high paying american energy jobs. our country is blessed with incredible natural resources, including abundant offshore oil and natural gas reserves. but the federal government has kept 94% of these offshore areas closed for exploration and production. and when they say close, they meet -- closed, they mean closed.
this deprives our country of potentially thousands and thousands of jobs and billions of dollars in wealth. i pledge to take action, and today i'm keeping that promise. this executive order starts the process of opening offshore energyo job creating exploration. it reverses the previous administrations arctic leasing ban. that -- hear that. it reverses the previous administration's arctic leasing zinke todirects allow jobs to our workers. [applause] in addition, secretary zinke will be reconsidering burdensome
regulations that slow job creation. enable, this order will better scientific study of our offshore resources and research that has blocked everything from happening for far too long. you notice it doesn't get blocked for other nations. it only gets blocked for our nation. renewed offshore energy production will reduce the cost of energy, create cap was new jobs, and make america more secure and far more energy independent. this action is another historic step toward future development with a future -- a real future -- and i have to say a real future with greater prosperity and security for all americans, which is what we want. so i'm very proud of the people standing behind me. i've far less proud of the people's ending in front of me -- the people standing in front of me, the media, but i have to tell you this is a very
important day, so i want to congratulate wilbur and ryan and all the people who work so hard to get this put together quickly. and it's going to lead to a lot of great wealth for our country and a lot of great jobs for our country, so god bless america. thank you very much. [applause] have been looking at president trump signing an executive order just a few moments ago and hearing some comments. the order tells the interior toretary ryan zinke review a group of decisions to close off the arctic, atlantic, ban.acific ocean president trump won a court did to rescind a ban of exploration of coal and other fossil fuels. mark: let's get back to simon kennedy.
simon, excuse me for the president. about iain duncan smith, the former conservative leader i spoke to earlier. i asked him about the resolve that seems to be hardening among the europeans given comments yesterday by german chancellor angela merkel. he says he puts it down to the early part of the game. let's listen in first and then i will ask you something. >> people go, they are showing resolve and strength. what would you expect? i have been in business. in negotiation, you always start from your firm position. is idea of the alternative to go in and say it's ok, we will let the u.k. have everything they want. they're not going to do that. mark: he is not too perturbed by the harder result we are witnessing. ,oing into that big eu summit is europe hardening their resolve?
how big a deal do you think it is? simon: yeah, absolutely, they are hardening their result. what they will discuss tomorrow is a series of guidelines published four weeks ago by the eu council president. at each stage, there are guidelines that have been toughened up and more link which has been added. more demands on the british have been imposed. the message from angela merkel is that british should not be under any illusion that this is going to be an easy ride. just how united the eu is, this typically makes decisions at the very last minute. on the basis of consensus agreement rather than unanimity. look at greece and the budget talks they have had over the years. on this though, they are united. there's very much a common feeling that the u.k. can't be able to be better off outside c.e bloc then inside the blo
it's actually the british who have revised their position on a whole host of things from a transitional agreement to allowing freeman of movement of labor -- freedom of movement of labor. the europeans have been pretty strong. that might break away in the talks and that is what you don't smith is hoping, but at the moment, they're pretty upbeat about their abilities. mark: is there hope within the u.k. camp that maybe, to its advantage, take advantage of use where there might not be unanimity in the eu cause? simon: the brexit bill ultimately comes down to what hole will be left in the budget.
there are countries in eastern europe that receive more money than they put in from the eu. they will be worried about that. certainly there are areas that the u.k. will be hoping they can pick them off. at the same time, they have not to date. german chancellor angela merkel, there were efforts to have informal talks. they have all been revolved -- rebuffed. at the moment, the eu speaks as one. mark: simon kennedy joining us from brussels. vonnie: you want to keep it right here. we have coverage with people like the ceo of nasdaq and andrew liveris of dow chemical. this is bloomberg. ♪ tually hold your business back?
call today. comcast business. built for business. hey you've gotta see this. cno.n. alright, see you down there. mmm, fine. okay, what do we got? okay, watch this. do the thing we talked about. what do we say? it's going to be great. watch. remember what we were just saying? go irish! see that? yes! i'm gonna just go back to doing what i was doing. find your awesome with the xfinity x1 voice remote. mark: will live from london and new york, this is the european close. finishing lower with two days of gains and three days of the kleins. the best -- three days of
declines. 2016, the week was dominated by monday post and the french election first round when the index rose by 2%, the best game since june. what a week it has been for banks. barclays shares down by the most june. the became the latest european banks to post disappointing trading revenue, failing to live up to the games we saw from the u.s. peers. contrast to a collective 24% increase from the big five and u.s. income from equities, the other main trading business also fell more than expected. he does have the support of shareholders and his board and never offered to quit as he faces probes for trying to unmask a whistleblower. these of the big banks in the u.k. since brexit. you will see that barclays is in the middle of the table this week. rbs today and lloyds
yesterday. they all felt post-brexit. since they have been creeping back, the only one still negative justina lee is lloyd's -- negative interestingly is lloyd's. its figure yesterday came in ahead of expectations, weathering record low interest rates. is the economy weathering brexit? something we will be asking richard jones in just a second. steal his to thunder, but the economy is .7%.ng from really quickly, sterling dollar 12939, rising for a fourth day. the best run since december, the highest since september. also gaining for the second month, the best run -- i won't argue with statistics.
alley and's global investors and j.p. morgan asset management expecting the currency to head 940.r, but it's at 1.2 we will see if richard agrees. vonnie: you tell us in such a calm way it does not seem frightening. whents may be overreacting it comes to disappointment when it comes to the first 100 days of the trump administration, but you are seeing it with the dollar being weighed down. it was below 98 several times over the last several hours. the vix actually a little bit higher now, but you can see how low the vix is. canadian dollar is the one to watch and it does not look like much, a third of a percent the session. that's at least a one year low for the canadian dollar. 2.31 on the 10 year yield and it's staying within that range now. taking topto gmm markets and several markets
rebounded, including russia. you mentioned the euro and the discount -- the british pound. a little move there and then yields as well moving around a little bit. nothing major to write home about. atgail doolittle has a look tech earnings and nasdaq's record run. abigail: finishing above 2000 for the first time on tuesday. the stands out for two reasons beyond that big round number. it closed above that big round number was all the way back here in march of 2000. it has taken more than 17 years for the nasdaq to achieve its best -- next round number. that could be something to do with how high valuation was back here, but loopholes saying the current valuation is equal to the valuation of 1997 based on a
different blend of five valuation metrics. that is interesting if you accept both of those assertions. some sort of bubble, we are nowhere near the top of the bubble. there are managers saying it's a bubble time, but if you accept those valuation metrics, we are all the way down here. it is interesting that nasdaq's 1600 could equal nasdaq 6000. tomorrow is president trump's 100 days in office. and this is the nasdaq up in blue up 16% since the election. the s&p 500 lagging 11%. all these performances though are pretty impressive. the nasdaq is being led this year by technology. today though, the nasdaq has slipped lower once again. these are some of the stocks
dragging on the nasdaq. we have intel down. interestingly they beat and race, but investors do not like revenue growth for the -- projections. starbucks lower versus 3.6%. qualcomm off of its lows, but still down 1.5% after apple said it is not going to pay the licensing payment. this caused qualcomm to cut forecasts, but an analyst told me it's a little bit worse than expected. this has been mainly priced in for the stock and it could be why it's not down more than a possibly could be or as much as it had been earlier. mark: x a lot. -- thanks a lot. here in the u.k. k, the economy had its worst performance in the year. in the u.s., it was even worse. ,et's bring in richard jones rate strategist for bloomberg -- "bloomberg markets."
earlier i was presenting the show with ian duncan smith and i put to him evidence that brexit is slowly showing its teeth in the data and he was having none of it. it was just a cycle and ups and downs. i said look at sterling. it's down and pushing of inflation. he said no. he's a politician, but clearly the economy is slowing and clearly, if you dig beneath the data, there are reasons why. richard: i think the economy is slowing. it was a miss this morning. that's the key thing. economists expect the data to be weaker this time around, but it was actually weaker than expected. the worrying thing is that it's retail, household consumption that slowing. if such an important part of the u.k. economy. -- it's such an important part of the u.k. economy. if that is slowing as real wages are starting to turn flat to negative, then that is a problem.
the brexit negotiations have not really even started yet. what we had in 2016 after the referendum was a bit of a sugar rush for the u.k. economy. we had the bank of england cutting rates and doing more qe. we had a weaker pound. perfect economic conditions to get better numbers out of the u.k. economy. it's a bit of a distant memory and it's starting to hit consumers. mark: you would not be told off if you didn't realize there was a whole host of other data besides gdp. gf k consumer confidence, house prices, the business parameter was positive, wasn't it? this was a great chart, your first hurt. it tells a wonderful story. richard: as we go into the brexit negotiations, i thought it was interesting to look at consumer confidence in the two biggest economies in the euro area, france and germany, and contrast them with consumer confidence in the you cap u.k.
you have france and germany at multiyear highs. from 2012 to 2013, it has been a steady climb. the u.k. has had that similar steady climb until 2015. then consumer confidence has tailed off. we are not back at the sort of crash levels we saw in the immediate aftermath of the referendum. it does look like we are heading back to those levels. it is interesting to do that contrast because if you go into these negotiation's was stronger consumer confidence like the europeans have compared to the u.k., it adds another dimension to negotiations. it tells an interesting story about the underlying futures of the economies. mark: business confidence did rise, but that's just me being the devil's advocate. vonnie: why is the swiss franc out of favor at the moment? it seems like in the last couple of months we have dipped into the terminal and on another one
of your charts, it's very much unloved, but it's supposed to be a safe haven, no? richard: i think the french election was a big game changer. the swiss franc immediately after the u.k. referendum went down below 107. that's been a key feature -- figure. we saw the frank weaken, but it has start in the strengthen back a little bit. what's interesting is the second round of the french election. if we see it start to abate a little bit, we could see askness in the swiss franc confidence improves among consumers and the fear of all that political risk in europe becomes less than it was. realistically, if you ask the swiss national bank, they still think the swiss franc, even at the current levels, is way overvalued. they will keep the negative interest-rate policy in place and they will intervene selling
francs if it becomes too strong. vonnie: after the french elections this weekend, is that the end of france or do we have to worry about the two-party -- parliamentary elections in june? unless they have someone running in every single district in france or is that domestic at that point in the market does not care as much about domestic issues? cronard: i think if ma were to win the second round, it does give investors a sigh of relief. parliamentary elections are important as well. enactdoesn't want to reforms, he is going to need the support of parliament. that's not necessarily a clear-cut thing. we have to wait until june to get the elections out of the way. political risk will abate quite a bit, but we are not out of the woods until the parliamentary elections in june. mark: let's talk eurozone inflation. this is the chart of the day when it comes to inflation. core 1.2%. multi-your highs just a day aghi told us there was
no evidence of underlying inflation. richard: i think it is. if you look at the margin number, we had quite a big dip. that was with the timing of easter last year and this year. core inflation in europe is tracked the between 0.6% and 1% in the entire ecb qb era. after the easter noise is worked out, it is still within that range and probably bears out mr. draghi's concern or caution about removing monetary stimulus. core inflation isn't picking up yet. they will need more readings like the one we got today to change things, but it doesn't look like it's coming yet. mark: always good to see you, richard jones. go to it on the bloomberg. vonnie: it would not be friday
without richard jones. going public on the new york stock exchange, an online platform is changing the way consumers buy cars. companyis a u.s. based and its selling cars out of vending machines. shares trading quite a bit lower. our bloomberg reporter is standing by at the new york stock exchange with the carvana ceo. alex: i'm here and it's the biggest week for ipos in seven months. one of them listed on the exchange today -- i'm here with the chief executive officer of carvana. the pressures of $15 in the middle of that range. how are you feeling about the listing today? >> we are feeling great, for a four company to get here is really exciting. . when you think about your path forward, you have only been making meaningful revenues since 2013. you are relatively young
company. there are a lot of friends hitting the market these days. why is this the right time for carvana? ernest: every company goes through stages. one is the exploratory stage where you find out if the product fits the audience. that became clear years ago and public markets are great place to finance yourself when you're in that phase. alex: anything about the market you are in, i know one of your partners, ally, has talked about just this month of bringing down its expectations for used car prices. when you think about some of the changes in the industry, what are you blocking and tackling 2017? 2017 -- in ernest: the market goes through cycles every seven years or so and we are focusing on our company grown quickly. our growth rate has far surpassed anything at the macro level, whether it's car sales moving up or down or prices moving around. alex: when you do look at that
growth, top line it was 180% last year on a revenue basis. just upwards of $350 million in revenue. investors must have like that. what was the feedback on that? ernest: consumers are responding. we have an offering and we feel very strong. it's very differentiated in the marketplace. they can buy a car in 15 minutes and we deliver it to their door and they save money versus buying in the dealership. it's a high quality offering and that's driving growth. alex: is it sustainable? how are you going to keep that up for investors? ernest: growth is composed of growth within market and by adding more markets. we opened 12 markets last year and we anticipate we are going to continue upping markets -- opening markets going for. ward. alex: you opened one outside my hometown in dallas. is that the typical market you are looking to expand into as
your growth continues? ernest: we have seen a broad swath of demographics respond to our offering. we're looking for a location where we get a lot of eyeballs or customer see it and start talking about it, and it's easy to get to. alex: when you do look at growth, what's next for you? ernest: continuing to move the ball forward. markets have been growing quickly, so we have the and tackle and keep moving forward. alex: where do you get your from?from -- karcars where are you sourcing and maintaining price level? ernest: they either come from a consumer or rental fleet or we have access to all those different sources. we monitor what cars customers are looking for on her website. we buy that and we sell it to them. alex: when you think about profitability, obviously growth is great. you have been spending a lot to expand. what point do you think you will be able to flip that lever and
make money on the bottom line? ernest: i do not want to give a enablene, but we have to all the functionality to be able to do what we did. from there, variable costs are low. as we grow, more money toward the bottom line and the password is very clear. alex: carvana, one of the five listings on the new york stock exchange. vonnie: thanks for bringing that with the carvana ceo at the new york stock exchange. mark: fantastic interview there. the chief executive interviews don't stop there. we will be live from the milken global conference. we will have wells fargo chief executive, steve mnuchin, david , ceo of adina freeman the nasdaq. coverage all day starting monday at 10:00 a.m. eastern, 3:00 p.m. london time. this is bloomberg. ♪
vonnie: live from london and new york, i am vonnie quinn. mark: i mark barton. this is the european close on "bloomberg markets." time for the bloomberg business flash, a look at the biggest business stories in the news right now. goldman sachs is getting ready for brexit. startear the firm will moving london-based staff and operations to new or expanded offices inside the eu. goldman says it will relocate client facing staff to cities including madrid, milan, and paris. no word yet on how many people will go where. u.k. fellices in the in april by the biggest amount since 2012. according to the nationwide housing society, prices dropped for 10th of a percent.
it was the second straight monthly decline. that may be a sign of deeper consumer weakness in the u.k. sony forecasting its highest operating annual operating profits since 1998. the japanese company continues to dominate gaming. it is showing strong growth in phone camera chips. that validates the strategy of the chief executive who has put less emphasis on consumer electronics since taking over sony in 2012. that is the latest bloomberg business flash. botc next. it's the battle of the charts. it's all about trump. tomorrow marking the presidents 100 days in office. we will look at u.s. growth since his inauguration. this is bloomberg. ♪
vonnie: time now for our global battle of the charts, where we look at some of the most telling charts of the day and what they mean for investors. you can access these charts on the bloomberg by running the function featured at the bottom of your screen. kicking things off this friday is christine in london town. christine: let me ask you. what to greece, icelandic, and spain have in common, their assets are some of the biggest winners in trump's first 100 days. chart, an see on the 14% advance in the first 100 days of trumps presidency. iceland's currency and greek 10 year bonds are also up 6%-7%. these are not exactly the most safe or stable of markets. greases in the middle of negotiations for its bailout program that has been in place since 2010. iceland is working out a new
currency regime and also needed a bailout during the financial crisis. spans recovery has been going well, but its debt to gdp ratio is the second highest globally. this is a testament that trumps presidency has brought about a new era of risk-taking. go check out this chart at g #btv 8185. mark: when i walked in today, i thought i'm going to do it chart. i'm not going to do the best u.s. assets in trump's 100 days. i'm going to do the best european assets, which essentially that is. you're going to have to up the game on this one. >> that's not fair. she's plain to the non-us crowd. i will do something that vonnie, who lives in the u.s., like. i'm in equity reporter and this is the economies. in the yellow, we have soft data expectation surprises.
how they beat and what analysts believe. the blue line is hard economic data. , want to bring it up again especially because we had gdp come in up only 27%, much less than analysts expected. after the election, we had soft data really surge with a lot of optimism there. hard data not doing much. if anything, falling as of recently. down, have soft data come but this is the biggest on rate record. soft data is usually an indicator, but not seeing it play out. this is so important in the trump administration because it might be lagging because policy has not yet come out and people might be waiting before committing to any big purchases. #btv 8098.is g vonnie: this is fascinating oohing thewas pooh-p soft data versus hard data chart
, but that chart puts me in my place. i've got to say that's the winner for me. amazing. your chart is mark: dani, i love your chart so much when i brought it -- brought it up when i was anchoring "surveillance" earlier. if it was up to me, it would be equal. just to make the gallery squirm and actually vote, i will give it to kristine. gallery, what do you said? dani is the winner. to fantastic charts though. have a look at what happened at european equities today. this is bloomberg. ♪
jonathan: from new york city, i'm jonathan ferro. 30 minutes dedicated to fixed income. this is "real yield." ♪ up, the: coming president first 100 days. the so-called biggest tax cuts in history fall on deaf ears. european economic optimism is surging as inflation surges to a four-year high. we start with the big issue, by some investors are skeptical about the skip -- about the