berlin. matt: today the market say that's what we wanted to hear. china leads gains after surprises to the upside. trade deal iss a not far away, sending futures in the u.s. and europe higher as well. the cash trade is less than 30 minutes away. anna: bringing back the rally, stocks gain as china shares signs of reversing the low, as u.s. officials are reported a preparing a final trade deal. jay powell reiterates the feds' , andnt approach on rates bill gross speaks to bloomberg exclusively about the challenges powell faces. >> it is a challenge between interest rates and the deflationary forces that continue to exist. the question becomes, can central banks inflate? musk's double-edged sword. tesla delivers on its promise of a new model three, but shares dip as the ceo says the company will not post a profit this quarter. matt: take a look at where we stand right now as far as futures are concerned. we are looking at gains on the back of the kai-shek pmi data out of china and optimism maybe from the white house that we could get a trade deal with china. hasourse, that optimism been b

trump china's top trade negotiator today after hoax aging could stump up $30 billion in additional agricultural products. changing tastes. kraft heinz records a $15 billion write-down on some of its most iconic brands, shares sink to a record low. will european rivals blink? and brexit day. the eurg sources say expects britain's ask for a three-month extension. can theresa may get a deal before european elections in may? let's take a look at what's going on in the u.s. treasuries trade. and got a three-day chart we've come down from yesterday's close but we are up from the past three days, coming up towards 2.7% on treasuries. take a look at futures and you will see a little bit of a lack of direction in european futures. it's been a mixed picture today and it was yesterday, as well, with ftse futures doing the opposite from the continent. today, we see ftse futures up, continental features down. the s&p 500 in the u.s. dropped for the first time in four sessions after economic data in both europe and america came in below expectations. treasuries also declined as investors grapple

holiday. holiday spending falls as the slowdown starts to bite. no guarantees. the u.s. china trade negotiations resume in beijing, but are presented of light heiser said a deal wasn't certain before washington more than doubles tariffs next month. according the opposition, theresa may place for time by accepting talks with jeremy corbyn as opponents in parliament plot to take control of brexit to stop a no deal. very good morning. matt: take a look at what's going on in bund yields here. we are seeing almost zero levels dropping down to less than 10 basis points on the german ten-year. very interesting. we will be talking a lot about the implications for this. what does this mean for the european economy, european banks? and what does this mean for mario draghi and the ecb? also take a look at futures. bund yields coming down so low we still have futures trading higher. we have gains on futures of .4%, gains of ftse futures about the same, and cac features up almost .5%. they looks like we could see a positive open to the start of trading as german ten-year yields come down the slo

on a slowdown china. shares plunge is a much is about 8.5% in after-hours trading. the big investment banks cut their price targets for the giant. goldman sachs sees shares further.ven apples warning triggers world swings in the yen and asian chipmakers. dialogue so my to tumble.expected to take a look at what is going on in futures. things look steadily worse than in the asian session overnight. features have continued to worsen throughout the morning. we have euro strong. 50 down, and i have the apple.ering here on this function of the bloomberg allows you to see how many analysts rate a buuy. hold inn green, a yellow, then a road so, the red. the important part is a yellow line. you can see how much apple shares have come down in the past few months. the white line is what analysts estimates.re estimates have continued to come down and they will come done much further today, as we have already started seeing. take a look as well at the gmm, the great function of bloomberg allows you to look at great asset movements in terms of their severity from their average. you can see that the

overnight. a host of fed speakers, but also data out of china. deflation, factory deflation. what is new for you overnight? china has stone problems. would have been focusing -- its own problems. we have been focusing on the u.s. economy but in china, the pickup in q2, the bounce in the economy and something i believed in that they restimulated the economy, there are worrying signs. it is coming from the architecture. the seizure of the bank has led that to go to the other parts of the economy into the medium and small banks. further idea of ppi is squeezing profit margins which we know are already in trouble around the trade war. we're also hearing about supply chains shifted off china had an immense case. that are a lot of stories that are worrying about the chinese economy and that is a reason i am worried about the global economy. this is not just one of the major economies that is trouble, it is all of them at once. they all have idiosyncratic problems that maybe they could deal with in isolation, but when it comes together at once, the china is trouble, u.s. is in trouble, and

. ♪ times, china cuts its growth forecast and announces 2 trillion yuan of tax premier warns of a tough economic battle ahead. theresa may put -- puts -- tries to sway the eu to make brexit concessions and raising his hand for european renewal. and we're live at the geneva motor show, of vw's ceo said he is open to discussions with the trump administration over eliminating auto tariffs. also we speak to the ceo of toriano europe at 8:00 a.m. london time. half it -- less than half an hour to go till the start of trading. interesting to see the evolution of the u.s. futures as we have gone through the asian session. european futures looking to pick up from asia. the futures picture looks sort of flat to negative, it looks like to positive when you look at what is going on in the u.s., big selling in the u.s. toward the latter end of the trading day. factoring in some of that, factoring in the fact that china has downgraded its forecast. china outperforming. let's have a look at the gmm and .how where you are this is the asian session of indonesia, singapore standing out to the broug

combined with the eu-china trade talks that happened today in brussels could really weigh on bund yields. could be a real problem for the european economy. it is only $11 billion in goods donald trump is talking about right now. that doesn't -- include some important french cheeses. german futures were mixed of this morning, now pointing down across europe. dax futures up three -- 0.3%. cac futures down as well. you see ftse futures, which had been gaining earlier, now off just fractionally. toetheless, read over there match u.s. equity index futures. anna: just a reflection of the trade story on the gmm. that is one of the stories asia is reflecting. what is it about cheese? often at the center of these politically motivated trade spat . what we are seeing is a trade spat on another front. between the united states and europe, we are back to talking about that. the possibility of transatlantic difficulty. let's have a look at the picture across the asian equity markets. fairly mixed right now. the threat of new tariffs coming through. u.s. futures lower. the dollar is flat. we wi

ready to pursue it, there would be reaction from china. certainly making investors extremely nervous as to what kind of route this may take in the future. it is just adding to what is already a confused picture ahead of the chinese holiday. the hopes for trade talks after those holidays of course have also been put in jeopardy as well. the chinese have clearly said they want to see things on equal terms. when you put these questions into the markets as well, it's no wonder the yuan is weaker. chinese equities softer as well. is a couple of days, china not around to respond to this, but we could get high volatility when there markets return next week, in full-scale, that is. we are going to be without china, of course. friday was the last trading day before the chinese holiday. today is the last trading day. let me ask you the question of the day you have been dealing with on the markets live blog. how far can stocks rise without china? there could be nervousness. revelations next to bloomberg reporting partially walked back by some in the white house, what is the thinking abo

growing at 6.2%, you don't feel like there is a big need to cut interest rates. china bonds up about 2% this year. the bottom ranking among the biggest in the markets. there is probably not going to be any sort of rate cut so it looks like they will be the laggard among the markets this year. theur colleague writing pboc is not intimidated. talking about what has been the tradethe fed, tensions, let's not lose sight of the data calendar. what can we expect from today's figure? >> bloomberg has a fancy function that allows you to track how markets respond to certain events. it is ecm i. the s&p 500 has risen after the five employment reports. employment has been pretty good in the u.s.. after each has risen of the past five reports. five in a row is pretty good. six. today will be >> ecm i is one of hillary's favorite functions. give us your take. let's go to the first word news. we go to debra mao in hong kong. prime minister has seen his parliamentary majority cut to one. that is after losing an election in wales. the tory mp4 the area was recalled after a conviction for fakin

focus elsewhere on u.s. china trade tensions. the castrated less than 30 trade isway -- cash less than 30 minutes away. anna: the u.s. house approves a bill imposing sanctions on chinese officials. donald trump and emmanuel macron share tense exchange over turkey as world leaders meet in the u.k.. brinarry page and sergey step down as the head of alphabet with sundar pichai stepping over -- stepping on sco. -- as ceo. matt: good to be back. we have seen real risk off sessions. tuesday,nday and yesterday really lost a lot of ground. now, we are down right there. we turned lower as we head into trade. even though we see green arrows across equity futures, you do see investors starting to buy up again. young see a lot of movement on see futures, but you do futures up a quarter of 1% heard -- quarter of 1% and .2% on mastec s&p. s&p. the nasdaq as if theooks risk-off mood we have seen december isthrough continuing despite positivity in the futures you .2. -- point to. hong kong is the worst performer >> renewed focus -- performer. renewed focus on trade. keep an eye on your bloomberg as a

less than 30 minutes away. anna: going nowhere, the u.s. and china they'll to narrow the gap on key trade issues. futures.ll with u.s. another defeat for may. the u.k. parliament voting against the prime minister's brexit plan. she prepares to compromise with brussels. completing the turnaround, rbs announces the first special dividend in a decade after strong profits in the fourth quarter. matt: good morning. a half hour away from the start of european trading. i am in munich for the security conference which could be the scene of another showdown between the u.s. and china, and the treatment of huawei will be high on the agenda as the country's five for influence and technological dominance. we see futures, you have futures there, and i assume they are pointing down. anna: absolutely. we will be across that technology interplay as it manifests itself at the conference. meanwhile, futures point 0.6%.ve, down by 0.2% to expected to pick up where the asian session ended. a negative session there, chinese markets weighed down by trade. and the lack of progress. ppi hasese data, the it

have gone weeks ago. of -- for china to open up its financial markets according to the people's bank of china governor. meanwhile, j.p. morgan is calling on china and the u.s. to resolve their trade dispute. economy, the u.s. and china, we should be very worried. both sides recognize they need to -- daylobal news 24 hours a powered by more than 2700 journalists and analysts in more than 120 countries. bloomberg. nejra: thank you. global yields plummeted in tandem. what is that tell us about the state of the economy? some strategists say it's an ominous sign that the growth slowdown is not a fleeting event. the reality may be less dire. here to explain the forces at play is bloomberg's dani burger. tell us what you have found. german bond yields have gone negative. that u.s. curve is inverting. priceseuro area disappoint last week. structural shifts might be just as important. there could be a less ominous reason for those prices. think of the technological advances, not to mention the amazon effect. it has made everything cheaper for consumers. we did have that rise in u.s. bonds. th

headquarters in the city of london. tech shares surge on china's new star board, but it is not enough to shake off negativity on the main stock indexes. european futures, points lower. oil gains as the u.k. looks to de-escalate tensions with iran after the islamic republic seizes a tanker in the strait of hormuz. healthy growth -- phillips beats sales estimates for the second quarter as the ceo gives bloomberg his take on the trade war. >> these trade wars that are , as ave in the world strong believer in what globalization has brought to the world, i hope that we can see coming closer to each other. that will be good for the world economy. >> we had some outflows. if i had that back, we are actually within the target range . if i look at margins and revenues compared to the second half last year, they have substantially recovered. >> a very more welcome to the european market open, everybody. european markets opening -- what? 28 minutes' time? there or thereabouts. futures suggesting we will be a little bit weaker at the start of the trading day. european markets expected to b

sovereigns. the australian story writ large and we have the continuation of the npc in china. oil prices, down .8% on wti. insaw another set of data terms of stockpiles, a bigger than expected increase weighing -- oil prices moving lower in that context. matt: asian stocks trading mixed after u.s. peers struggled to make headway in the session before that. the dollar is gaining for the sixth straight day, and they australian dollar sinks after a weak jdk that -- gdp data. let's get more with mark cranfield in singapore. it is interesting that we watched the u.s. dollar rise for a sixth straight day. our markets starting to expect the fed to move toward the possibility of a hike? mark: i don't think we are going that far yet but a lot of this is a haven flow. the euro is doing badly, the yen, the aussie is doing badly. it helps we have this whole yuan support at the margin, supporting this theme that yuan and dollar are dominating other currencies. pictures, the euro-yen is clouded by everyone looking at the dollar. you have yuan and a dollar strength and everything is suffering. he rate

"the south china morning post" that kicked off the protests. the market opens in 30 minutes' time. anna: relief in hong kong? the hang seng stormed toward the close after reports the chief executive carrie lam with withdraw the controversial extradition bill. boris, beaten. u.k. edges toward a snap election as a cross party alliance moves to block you know deal brexit. the anti-easing brigade. noc rosengren says he sees need for immediate policy action and the chorus of voices against bond buying grows at the ecb. good morning. matt: good morning. less than half hour from the european open and looking at the japanese yen to see what kind of effect the removal of the extradition bill is having on risk sentiment. this is a three-day chart. maybe a little easier to see what is going on in those terms if i put it in a one-day chart. the yen is weakening. more willing to take risk after the extradition bill has been removed. that reaction should show you how important these hong kong protest have been to global markets. look at what we are expecting in today's trade in the european equ

and china. matt: good morning. less than half an hour from the start of cash trading across europe and the u.k. and the republic of ireland. a look at what we have on the 10 year yield, rising as investors let go of the perceived safety of government debt. where are they putting the money? into stocks. we saw that overnight in asia, still doing that as we close up those markets. a look at the futures across europe. green arrows. after a positive close on yesterday's cash indexes. dax futures up 0.4%, cac, ftse gaining mass, but -- less, but positive u.s. futures as well, after some slight losses yesterday. we see many contracts inching up. 0.3%, nasdaqaining futures almost up 0.5%. let's get to mark cudmore, our bloomberg live managing edi tor in singapore. i want to talk first about the dollar. you have an interesting piece on the mliv blog, talking about what would happening or is happening as washington is overtaken by, i don't want to they areadness, but buying more, and deficits are swelling. what could that mean for the greenback? mmt, modernk monetary theory, is very dangero

. the cash trade is less than 30 minutes away. stormy relation. the u.s. hits china with tariffs on $110 billion of product. the apple watch among products subject to the new levy. china responds with incremental duties on $75 billion of u.s. goods. official pmi's for china show a manufacturing sector that is still in contraction. the u.s. -- the u.k. labour party readies legislation to prevent a no deal brexit as boris johnson pledges billions in domestic spending when parliament returns tomorrow. good morning. welcome to "bloomberg markets." i'm looking at bones. we are seeing that actually the yield is coming back up. investors are not as worried as you might have thought. take a look at futures throughout europe. we do see when you look at the futures trade still some green dax futuresexample, are up. ftse futures are up a third percent. open,not, at least at the turning out to be a risk off day. the u.s. has slapped tariffs on 110 billion dollars more in chinese imports. the 15% duty came into effect yesterday. consumer goods ranged from textiles like the apple watch -- to tech

of china, the manufacturing pmi coming in higher than estimates. that seems to be something that could lift equity markets in the united states later. futures look more positive for the u.s. let's get to the asian session and the gmm shows us where we are on asian equity markets on the far side of the screen. .4%, indonesia doing strongly and the russian market, not bad. a slight cleaning for the on equityrisk on mood markets. investors, buying equities and selling fixed income. sovereign bonds, entirely red. deals going higher, france, australia, italy. we had u.s. treasuries moments ago in there. we are seeing rotations away from sovereign debt. we haven't got any progress on trade. in the last few minutes, we had china, further action taken as a result of president trump signing legislation around hong kong. as a result, questions about what happens on the trade front. we got moves higher in wti, essentially a number of the metals also bouncing on the global trade story. in the case of oil, keep in mind we dropped more than 5% in friday's session and heard from the iraqis ther

anymore optimism on the u.s.-china trade front until we get concrete details. those details are a place for signed, a date for signing, what amount of tariffs will be unwound, will the threat of other tariffs be removed? once those details are down in writing, we will get much more positivity again. until then, i think the trade seen can't buy us much more positivity. i do not think markets are going to suddenly collapse. at the moment, everyone believes a trade deal will be signed at some point. unless stocks break down completely, i think any slight negativity will probably be not long-lasting. matt: we are just seeing headlines across the bloomberg terminal right now. china car sales down for the fourth consecutive month, according to pca. the chinese car market has been a real concern for the global industry all year, last year as well. we started to see this downturn. how motivated are the chinese right now, in terms of trying to get tariffs rolled back, in terms of trying to boost sales, trying to boost domestic demand as well? , trying to boost domestic demand as well? mark: look

took most of the year for investors to realize that u.s. were willing to take a hard line on china. summer, late in the there was very much a denial that investors thought trader -- trump would do something on china. now we are going the other way. we will find out if we are too optimistic on china. there is certainly a risk that we will be overoptimistic or need concrete details, but there is certainly that the by will continue for another little while. writing important seem for markets we hear from investors is going to do. and dennisus lockhart says it is ok to pause. waitcan take a look and and see, but more importantly he said to rate hikes are so plausible. we heard from lockhart yesterday , even though he is retired, that he could see to rate hikes. something the market needs to pay closer attention to? i will answer several parts of your questions. a big shift in the trade story will dominate that i think of the u.s. and china did a good trade deal, the markets would with the fed hikes. trade is a bigger part of the story. should markets be concerned? i think the two is po

. economy, but what about the chinese economy? garfield: the economy in china has stabilized somewhat, it is still fragile, it was a bit fragile even before the trade war came along and a lot of ways . to some extent, that was a homegrown fragility because of the deleveraging reforms they were carrying out. there may be a sense that the past three or six months or so of stalling or delays or negotiations, however you want to spin it, that that has given the chinese spin to get the economic house in order. there were a lot of signals from the pboc that they stand ready theffer liquidity and government stands ready to pump stimulus into the economy in a worst-case scenario. the markets are trading like a worst-case scenario is not what they expect, but there is a sense in the current gains in the chinese stock market that china is actually maybe a bit more ready for what is going on than the u.s. whether that is an accurate perception or not, only time will tell, but if you look at the way the market is going, where china is leading the way in gains on a day when there has not actually

europe and china with regards to currency manipulation on twitter. andhe other side of the gm come i want to show you the commodities picture. 4% inre, down as much as the session. oil prices weaker. iron ore has been a steady climb up and some analysts are saying wait a second, this is disconnected from the global growth story so that is part of the reason for a little pullback in today's session. oil prices coming through weaker. we saw a drop in inventories you might have expected to push prices higher. the drop had been less than anticipated, syndicate bearish signal. let's get a first word news update with debra mao in hong kong. president trump has warned iran against stepping up uranium enrichment. ofis the latest escalation the nuclear program carried it says it will start a mothballed reactor if europe fails to meet a july 7 relief deadline. the u.s. is hitting back at a law's challenge to prohibiting it from selling to federal agencies. the government says the move serves to protect the national interest. they say it is designed to prevent china gaining a strategic foothold

.-china trade deal. europe awaits another earnings and data heavy day. than 30 trade is less minutes away. ♪ a productive meeting. u.s. commerce secretary wilbur ross meets with chinese premier in bangkok. he tells bloomberg exclusively the two countries can broker a phase one deal this month. ross: we are making good progress and there is no natural reason why it couldn't be. matt: saudi aramco finally launches its blockbuster ipo but it could be worth half $1 trillion less in the target initially set. its ceo itsires seat -- fires it ceo over a relationship with an employee. welcome to bloomberg markets. we are looking at continued gains in futures this morning after hitting again all-time highs, at least on all-time equity indexes over the weekend. the 10 year yield, we see it coming up a little bit. this is a three year chart. straight line because japan is closed for a holiday. other markets in asia are up and now that u.s. treasuries are open, we see the yield as well. that means investors are willing to get rid of the perceived safe haven asset of the 10 year paper and into

did talk currencies and you didn't get a bed of pushback from the tone of china not only on the backs of containing a but enforcement on both issues. is two-way and equal. this puts us back in the spotlight of what is fair and equal. there -- what does it mean in reality? we will discuss it surely for we have the team. getting ready for elections and in london, annamarie. , the rest ofing asia, the largest democracy, a day for elections for you is it playing out for you? good morning to you. the summit of traction and you could argue it is handling -- happening because india is playing along. nothing unusual today. we have been doing that for the last few days and have not quite been able to do that and i want ofleave it in the city calcutta. everybody is talking about elections and nobody wants to talk about fight wishes or anything else that was the election of what it could be. we look back from what time of the election dates. is out. it and the charts i have for you, one is 2014 and one is two thousand nine. both of the chart show the moments that have happened and .hat nifty whe

are focused on a so-called super platform underpinning all models. china eases growth fears. manufacturers be estimates, sending shares soaring. very good morning. matt: good morning. i'm looking at the 10 year yield this morning. it is not a brexit indicator per se. , a 15 month low of 2.34% in thursday's session. over the last three sessions, we have come back to 2.44%. gaining 11 basis points. what does that say? what are we going to hear from investors about yields at these levels? surely we will be talking about the possibility of a recession in the u.s.. reflected in stocks. equities had their best quarter in a decade. it is the first of april. take a look at where futures are pointing for the first day of trade -- of trading. q2. dax futures are up. probably on optimism. chinese pmi's expanded. that is an important market for german exporters. cac and futures -- and ftse futures up. how has the brexit saga in -- been? is april fools' day when it comes those equity market gains. the same might apply to the brexit story. let's talk about where we are. so many options re

anna: i'm anna edwards alongside matt miller in berlin. matt: it is only code red for china -- for tesla. china shakes off trade. tesla trades at the lowest level since 2016. cash trade is less than 30 minutes away. anna: unwavering resolve. china will retaliate after the u.s. blacklisted huawei. trouble afoot. nike and adidas lead a chorus of shoemakers urging donald trump to rethink tariffs on products made in china. 173 firms signed an open letter to the president. bp's climate problem. the oil giant under pressure from shareholders to uphold the paris agreement. we are less than a half-hour away from the start of european trading. it could be a risk on day. take a look at a three day trade treasuries. the yield continues to rise higher and higher. investors are less and less concerned about the trade war that freaked everybody out last week. take a look at futures here. after a negative day in european cash trade yesterday and in the u.s. cash trade as well. we had a rise in asian stocks giving a lift to european futures. dax futures are gaining 6/10 of 1%. ftse futures up 0.4%

preoccupied by retaliation from china with the extent to which the u.s. is going to ramp up with further tariffs shortly versus those who are focused on what trump had to say, feeling fairly positive. the market caught between whether they draw a line in the sand or not. the yen, we are seeing selling in the yen which is adding to that sense. cotton is on the slide down by 7%. this is to do with the global trade in clothing coming out of china. with the factdo the chinese have put u.s. production of cotton in their list of products they are terrifying. soybeans also on the move. let's get a bloomberg first word news update. lost a third trial over claims roundup weedkiller causes cancer. pay $2been ordered to billion in damages to a couple who use the product for almost 30 years. this is the largest jury award in the u.s. so far this year. bayer is appealing the previous verdicts and challenging this 1, 2. it says they are excessive and unjustifiable. escalation in the trade war makes extended economic downturn more likely according to morgan stanley's chief equity strategist, one of the

engage in currency depreciation. >> china will not resort to the practice government be evaluation. -- renminbi devaluation. we see the market plays a decisive role in resource allocation and we will keep the exchange rate stable. -- the rmb exchange rate stable. let's get to the markets now. going to start with the question of the day. that makes me think about what has been going on with chinese stocks. we saw painful correction over the past week or so. that raises the questions of whether chinese stocks have peaked. what kind of response have you been getting? >> great question. it is so hard to answer. it is very hard to make a call. overall, the majority of us but not all of us see more weakness in china stocks in the short term. foreigners have no edge going into today's massive set of earnings results. there's a lot of inclination to take profits with the large gains already seen. it is very early in the quarter. becomes, how powerful will the correction be? how long will it last? we could be talking about a callback of 10% or so. we are already a large part of the way ther

chinese market panning out for growth? severin: certainly we see an inflection point now in china as far as our portfolio is concerned. china for a long time has very much focused on basic infrastructure, and what we now see is increased access to more sophisticated, innovative, high-value medicines. with our portfolio, which is very specialized for such kinds of breakthrough medicines, we benefit from the broader access to those medicines in china. anna: let me ask you about the sparks therapeutics acquisition. you pushed back the expected closing date. should investors be? some are worried this might not happen. severin: the review of the american authorities is ongiong, and i am not -- ongoing, and i am not able to speak to the specifics, but we are very confident we will be able to close the transaction by the end of this year. anna: close it by the end of this year. and what do you say to regulators who might be concerned on be of hemophilia patients, on the impact this will have? how is it not bad for hemophilia patients? gene therapies really offer the opportunity for a cur

and the cfo tells bloomberg they are more concerned about the u.k. than china. >> we are able to grow our u.k. business, i think we are cautious on the outlook for credit given the lack of certainty on the direction of the u.k. economy. hit: production outages bhp's first half results but could surging iron ore prices outweigh the bad news? in god's hands, jean-claude juncker expresses his frustration and the brexit talks as the u.k. tries to negotiate the irish backstop. welcome to the program. less than half an hour to go until the start of the equity trading day. we were without the u.s., presidents' day holiday there which means the start of trading could take a while to get into gear. taking -- this is what futures look at this morning, fairly flat. if we show you the gmm, what we have seen in the asian session, muted seems to be the way to sum up the moves and we have the moves and markets yesterday but in terms of what is going on in the asian equity session we are muted in those gains, futures look flat and the dollar looks fairly flat. we have kuroda and peter pratt who said

. china trade handshake agreement but europe points lower as skepticism grows. the cash trade less than 30 minutes away. ♪ anna: not enough progress. e.u.ound surges as negotiators warned that the brexit plan is not good enough yet. the prime minister says there is a way forward. one.s unfazed by phase a partial trade deal lifts global equities but weaker export data highlights a risk of a full agreement -- if a full agreement is not reached. bloomberg learns volkswagen is assessing options for its supercar brand including either a sale or stop listing. such moves are unfounded, they say. there are no such plans. we are less than a half hour from the european open. matt: a lamborghini roadster joining into our offices in new york city. let's look at the markets now. we have gold. i am looking at gold, trading at 1488. gold has come down recently. --s concern has we get the as we get the handshake deal over trade. issues for global growth. let's take a look at what we have going on in terms of futures here across europe. you have ftse futures gaining but dax futures and cac future

risk assets follows easier monetary policy in china and soothing comments from jay powell. >> as always there is no preset path for policy. particularly with the muted inflation readings we have seen. we will be patient as we watch to see how the economy evolves. policyprepared to shift significantly if necessary in order to promote our goals of stable prices. joining us from singapore is mark cudmore, bloomberg mliv strategist. when you see this as a significant shift for powell? saying,rowbeaten into we will listen to markets, we are hearing you? >> i do not think it was two significant. i do not think he has changed his stance much. he clarified he is data dependent. as a viewer messaged into that is the main takeaway. not that he was dovish, but that he is data dependent. it is the fact he has emphasized that. he is watching the markets reacting. that is the takeaway. he will not blindly raise rates when markets are taking. -- tanking. coursec easing and of the trade talks this week, there are positive signals which give people hope we might make progress. data dependent does

beijing and fx manipulator. stocks shaken. china's intervention helps asian equities reduce losses and wall street higher after the worst drop in ae -- date year. and cutting the session in the u.s. could the 50 point fed cut come in mid-september? good morning. matt: where less than half an hour away from the start of european trading. -- we are less than half an hour away from the start of european trading. coming down to the -- the lowest election.e the 2016 the bounce back recovering up to 1.75% at the moment. take a look at futures. we saw a earlier bigger gains in futures and then we see -- then we saw now. u.s. futures are rising fairly substantially. dax futures are up .2 of 1%, byure as ftse futures down .25 of 1%. what else do you see on the gmm? yuan suggesting that fixing and working out with a they want to bounce this morning or in europe. we did see losses in the asian equity session being pared back as a result from china fixing its yuan stronger-than-expected. weaker, thethey are markets in asia but not by as much as they were before we sell the fixing. all of this afte

. >> president trump says he is the one who pressed pause on talks with china. axel springer se agrees to be bought out by kk i. tech --ng into help health tech. thousands protest against hong kong's extradition bill with the say they will not leave until the bill is pulled. >> we are half an hour away from the start of trading. i want to draw your attention to the dollar index. following on concerns the fed will begin cutting rates soon. below 11-93. the major currencies i watch closely, the euro, the pound, the end are gaining strongly against the dollar. there is a spike in gold. a big drop in 10 year yields. we are looking at red arrows. we saw stocks traded down. ftse futures down about zero point 5%. should be a risk of day. >> we see risk off in asia. kong dollar flashing green. quite volatile this morning. we will talk about what that has to do with the protest activity, what we see in the markets. the equity markets are under pressure. u.s. equity markets are fairly flat after five days of gains. trump, as we said, was the one who pressed pause. keep an eye in fx markets. a qu

along with u.s. futures after president trump said china roque the deal and they are going to pay. these comments came as a top trade negotiator preparers. he joins us from sydney. this is the kind of noise a lot of traders like to ignore. how come we don't see asian traders doing that? >> there is just not enough security that this is worth buying. yes, the president was speaking at a political rally. saide has come out and this was the official stance. by the same token, you can look at this and say, the president is preparing his base for the potential the trade talks will break down. the terrorists will be imposed and we will have a serious bust off. that focuses minds in the danger to the downside. relative still to expectations, if trump had said this in a more serious setting. if he says officially, yes, tariffs will come in. to see asianect assets go further to the downside than they are. this is more just a consolidation of the glue that has encompassed trading. ince the start of trading asia. >> i wonder what you make of the reaction in fx markets? we have talked about h

level for the most -- for most of the afternoon. out ofak data overnight china and as a result of which some of the main metals contracts have weekend. -- weakened. that is feeding back into the miners. generally, european equities on the front foot. vonnie: we are watching for the beginning of those votes which will take place today in parliament, and the dollar index is higher, weaker sterling. delay shouldn on a take place in one hour. the s&p 500 is up 1/10 of a percent. and a lot going on with the general electric up more than 3%, having been much lower in free market trading earlier on. a guidance call from ge. first of all, given investors the jitters, then reassuring investors that perhaps all is not bad with the world of ge. boeing is lower today, 8/10 of 1%. the world waits for those developments. guy: as you say, the bridge by minister is telling her mps -- the british by minister is telling her mps the back her deal, or face a long delay in exiting the european union. we will go to westminster now, where sebastian is standing by with the latest. seb, we will see the mp

business. china's foreign ministry spokesman delivers a statement. risk appetite grows. sounding the alarm bells. jeff gundlach calls the growth of u.s. national debt an horrific situation. jpmorgan/as their forecast for treasury yields. another defeat for theresa may. vote.oses another she has five working days before parliament votes on her deal. matt: less than a half-hour away from the start of european trading. a good day yesterday for those long stocks. here in europe and the u.s., asian markets were up overnight. futures rising again. there is hope for some kind of trade deal. donald trump's comments on negotiations overshadowing his oval office address. take a look at the gains. you have 0.7% on euro stocks, ftse futures, 0.75% higher on dax futures. if you look at treasuries, yield continues to rise. feelve risen as investors safe enough to let go of this government debt. now we are looking at 2.73% treasury yields. does that continue? jeff gundlach has said maybe it will as we have other big banks like goldman sachs cutting their 2019 forecast. anna: let's have a look at th

with china. investors put some risk back on. in bringing back the bulls, credit suisse rages outlook for stocks as investors are net positive on equities for the first time in six weeks. less than a half hour to go, welcome to the program, until the start of european equity trade. this is what teachers look like. we've seen a roller coaster ride for all kind of assets, certainly during the ecb announcement, press conference, plenty of volatility and markets. expecting to go higher on european equities at the start of trade, but not by much. we put the ecb in the mix, but also the latest on trade. let's look at gmm. some positivity in asia is the underlying story. remember the markets in china were closed. the hong kong market, up 6/10 of a percent. singapore, philippines are moving higher. we've had what seems to be fairly confusing, conflicting lines around trade. the market taking it as a positive. we heard there might be a mini site deal, pre-deal on trade between china and the u.s. that was dismissed by the white house. then we heard both sides from president trump. he says there

. matt: markets say there is still room to run. optimism for u.s.-china trade deal drives asian stocks higher. u.s. and european futures point against. the cash trade kicks off in 30 minutes time. anna: reconciliation in sight. the u.s. is said to be in the final stages of a trade deal with china. an agreement could see most or all duties lifted. the shanghai composite cracks 3000. the chinese index closing at an eight month high. how much higher could equities rise on a trade truce? donald trump renews his attacks on fed chair jay powell. exclusiveom our interview with the standard lights aberdeen boss. >> we have to ask ourselves why he is commenting on the dollar. he clearly wants it weaker. are 30 minutes away from the start of trading. let's take a look at what is going on in terms of treasuries. this will give you a clue as to whether or not we are looking at a risk on market today. you can see that on thursday we were down 2.66%. now we are up to 2.76%. investors are willing to let go of the perceived safety of u.s. government debt and wade into equities. take a look at futures.

huawei threaten to destroy any optimism, as china confronts the vice premier will attend the next round of trade talks. gains physical out of asia and futures decline in europe and the u.s. socgen warning that they expect to book a $240 million -- 240 million euro charge a minute revenue declines in its global markets division. are for the risks i had for european banks -- further risks ahead for european banks? take a look first at futures. you will see red arrows here after asian markets turned around and started to fall into the close of the session. we have euro stocks futures off 0.5%, as well as ftse and dax futures, cap futures down 0.6% -- cap futures down 0 -- cac futures down 0.6%. we had gains in europe. you can see the ftse was up. on the continent. we had losses in the u.k. you can see what happened in argentina and turkey, gaining as well. argentina's peso falling come up probably helping to boost the stock index -- falling, probably helping to boost the stock index in that country. we have other emerging-market currencies down this morning. let's get the bloomberg f

that is china? >> that is the base case we have been discussing. we will probably see an uptick in european data in third quarter because the chinese data appear to bottom out in the second quarter. we expect european growth to pick up by september time. we think that means there will be a more positive stance toward the second half of this year. it is important to emphasize the's going to be a positive .urnaround it is not that europe is going to be going gangbusters. it is that we are going to remove the negativity that was there. europe tends to be positive on the chinese economy. that is why we have seen europe so negative the first part of this year. it is a carry on from last year. it will pick up later on. let me ask you about the politics we have seen in europe. we see the appetite for italians at this morning on the back of that reaffirming of credit rating on friday. we will be talking about spain. it seems italy a little more market moving. so. think the spanish election was never that big of a market event. there was no surprising french party that was a serious chance

. and u.s. since president trump took office. they are at odds over key issues like china, iran, and climate change. asked aboutt was the possibility of a jeremy corbyn becoming prime minister and if he would do a trade deal with the leader. president trump: i have no problem with it. i think it's a longshot when you say that. i do not think it will happen. . >> mark johnson has warned his conservative colleagues they face extinction if they don't deliver brexit by the current deadline. the front runner to replace theresa may says the party faces an existential crisis. he spoke after the conservative party set out a procedure to choose the next leader that will see in the prime minister in place by july 26. the world bank has cut its 2019 global growth forecast as trade growth has slowed to the weakest levels since the financial crisis. it also saw a drop in global investment. the bank sees the world economy expanding only 2.6% this year, compared with a 3% forecast last year. democratic presidential candidate elizabeth warren has called for actively managing the dollar to bolster u.

berlin. matt: the markets say payrolls done, now want to trade. the yuan slips. china may be reluctant to dislike -- to strike a broader trade deal. european equity futures are mixed. cash trade is less than 30 minutes away. anna: narrowing the scope. china signals a broad u.s. trade deal is off the table. talks pick up thursday in washington. hsbc cuts deeper. another 10,000 jobs will go at the bank. european operations are said to be the hardest hit. activists in hong kong call for more protests today as the city recovers from one of its most violent weekends yet. good morning. matt: good morning. less than a half-hour from the start of european trading, looking at the futures, sorry, the 10 year yield to start off the week. this is a three-day chart. you can see thursday and friday there. we came down a bit on thursday, but we have not moved down much further today. we don't really have a great clue as to the direction equities are going to take at the open in just about 30 minutes time. take a look at the futures trade . that's also mixed this morning. 0.2%. dax futures g

market say no time for a coffee break. u.s.-china trade talks. european futures point higher, the cash trade is less than 30 minutes away. a potential currency pact pacify's markets. u.s.-china trade talks could be cut short. a truce could be included in a partial deal. turkish enters -- turkish forces enter syria. president trump orders his forces to stand aside. in an exclusive interview, olli rehn reports that mario draghi ignored advice on qe, says that is greatly exaggerated and stresses the need for togetherness. olli: i value team play. if you are divided you tend to lose games, if you are united, you tend to score. anna: less than half an hour to the start of the trading day, let's check futures. looking at some futures that suggest some upside. keep an eye on what is going on in u.s. futures, incredibly volatile. u.s. futures, the overall picture does not tell the excitement of the story. over the last three hours we 1%e seen four more than swings. a great deal of volatility. that is what the asian session is telling us. the chinese markets up 0.7%. south korea down 0.9%.

? unfortunately we are going to be discussing the u.s.-china relationship here. the ultimate path of that will remain important. that will be a significant boost to the markets. the global growth outlook is still pretty poor. 2019 was a year of bond markets. the support from yield is not going to be there next year. we are seeing central bank starting to question their policy. question the idea of these very low rates. this might become more of an issue in 2020. matt: thank you very much for joining us. we both thank you. we both appreciate your time. >> let's start in the u.s.. damaging testimony for president trump and the impeachment inquiry. aty giuliani was working trump's direction and demanding a quid pro quo from ukraine. up a white house meeting for the leader. israel is nearing its third election and a year. they were unable to form a government. now something that has never happened in israel's history, parliament tries to get to line up a new governing coalition. if it cannot break the deadlock, israel will go back to the polls. there were differences over climate change.

this. in the last few minutes, we have learned a long-awaited transaction between china and airbus has taken place. we don't know what the details of the deal are at the moment. certainly very good news for airbus, which has been ordersing in terms of lately. getting a significant order from the chinese will help out. we don't know what the structure of the deal will look like. we don't know how much it is going to be for. in deal was first touted january, 2018. from an airbus point of view. i think it is hard to make a read across from the 737 next maxy -- boeing 737 story. get more on this. by the seniornow economist at peak day wealth management. representatives from the u.s. going to beijing to try to get the trade narrative further on. in terms of the importance that has on your models at the moment , the global economy we are seeing in the slowdown, how important is that? >> i think it is important to see a deal between the u.s. and china in april. our worry is that will be terrorists be -- tariffs be removed? this is a complicated deal. we are worried whether it will hold in the

of a trade agreement between the u.s. and china. jamie dimon gives us his view, he spoke to bloomberg exclusively this morning. butt may take more time they should do the proper trade deal. i would rather not do a deal then do a bad deal. anna: siemens plans another spin off. will lift its gas business. 10,000 jobs could get cut across the division. and after the break down. commerzbank proves its strongnce with first-quarter revenue following withailure of merger talks deutsche bank. good morning to matt miller. you are in frankfurt. withocus on deutsche bank. good morning to matt miller. you are in frankfurt. the focus on the german banking sector this morning. matt: i will go over and interview the cfo of commerzbank later on. commerzbank did not miss revenue estimates. that is the most important headline for the bank. euros in 120 million earnings and it was the interest in -- interest in and come they added 123 -- 123 euros in earnings and it was the interest priva123,000 customers. i will go speak to stephan engels. don't miss if you care about the banking sector. lots to discus

: the big breach, china's yuan down $477. beijing sites protectionism as agriculturallt imports. asian equities down the most since october last year. european and u.s. futures point to another day of heavy license -- heavy losses. hsbc's ceo steps down. good morning, matt. matt: good morning. less than half an hour away from the start of european trading and it will be a negative session judging by futures. gold surging again back to the highest level we have seen since 2013 as investors seek safe havens. look at the futures trade across europe, a loss of more than 1% in ftse futures. we are dax futures down 1.3%. it looks like it could be a very negative open. what are you seeing on the gmm? anna: a very negative session essentially through the asian markets as china hits back. the chinese currency being allowed to weekend -- weaken through seven. china asking importers not to buy u.s. agricultural products. this is what we are seeing in the markets in the asian markets. you don't see china itself on the gmm, it's not the worst performer today. featuring inna terms of stimulus measur

to restrict huawei's access to the market. fail, the s&ps 500 could drop more than 10%. china dumps treasuries. u.s. foreign debt -- sovereign debt the lowest in years. oncks tickets are lower trade concern. you up is that europe is said to pull back even as trump gives time to agree to an ideal -- to a deal on auto. have a look at where the ftse, debt, and cac futures are positioned. european futures point lower. a pullback at the start of the european trading day. the asian session was weaker. 0.3% or so. if we look at gmm, what we are seeing from the asian session is a mixed picture. we are retreating. the south korean kospi leading lower. the hong kong market, the --nese market, and the actually a little bit more resilience today. donald trump gives with one hand to the market. he takes away with the other. yesterday we were bouncing on the news around auto. today is another story. huawei and access to the u.s. telecom market seems to have clouded the mood slightly. mood music has become more negative as a result of that. fx markets, we are seeing a bit of a bounce. fromata comi

wants to make deals to avoid a u.s. government shutdown and avoid higher tariffs with china. index futures are higher and yields are rising. the cash trade is 30 minutes away. ♪ anna: good vibes. investors flock to risk assets off a dose of good news. washington to avert another shutdown. recession fears, curl best joins the chorus of voices weren't -- warning of a downturn in the u.s. and what slow down? gucci drive's growth as the designer reports full-year earnings. we will speak to the ceo about resilience in china. we need to talk about numbers in the car sector. checking out what is going on with the nissan numbers, what does carlos ghosn cost the japanese carmaker and what does it cost the relationship with renault? nissan has come out with expenses, it recognizes expenses ghosne stated carlos compensation. this is what the issue centers round, did carlos ghosn, did nissan misstate his compensation? basically the main charge that prosecutors's have against him. why he is continuing to remain in jail. third order operating income was 103 point three ¥4 billion, the estimat