Bloomberg, Europe, United States discussed on Bloomberg Daybreak: Europe
Good morning to you. The stock. Six hundred dead down by run about four tenths of one percent. Necessitating lows Seth t minutes into the European trading day, basic resources as the main lagging sector, followed by toes in basic resources. We're seeing Rio Tinto says down by seven point four percent or thereabouts. After a downgrade to sell by gen the French Bank. Also, downgraded HP Billiton to hold. And that stock is also leasing steam this morning by run about two point nine percent losses in Europe. Extend the red ink that we've already seen in the United States last night as well as in Asia overnight, the Asia Pacific index just to bring you up to date with the hand-over down by almost six tenths of one percent. We saw Japanese stocks in particular hard hit during the session. China shares have also gone lower with the CSI three. Eight hundred off by about a percentage point. We are looking at a ten year. Treasury yield at two point six eight four percent this morning that is down by almost a basis points. So extending the declines that we saw yesterday the ten year boon jailed. Meanwhile, little change this morning at just over twelve basis points in FX, the Bloomberg dollar spot index strengthening marginally this morning so higher for a seventh consecutive session. But the gains fairly limited today with the euro, even gaining a couple of marginally. Yeah. Should say one spot thirteen twelve hours. We're looking at to the meets it. Yeah. I was gonna say gaining. No, it is flat. And we know we've talked a lot about that year volatility being on Sunday. Yeah. Now onto some of today's top stories the European Central Bank releases its latest policy decision today as Marcus was saying Bloomberg's Skolimowski has the preview from Frankfurt European central. Bank officials are poised to cut their economic forecasts on Thursday by enough to justify another round of longer term loans for banks. Do your area growth has suffered from rising. Protectionism and the on Wednesday urged the to signal a delay to interest rate increases president Mario Draghi will be quizzed about the features of the new Bank funding, but the details may not be unveiled until April. In Frankfurt gets cutting Maske, Bloomberg daybreak Europe. Now to Bank has reportedly made deep cuts to twenty eighteen bonuses Bloomberg understands that some Bank is maybe getting nothing while the overall pool has been cut to less than two billion euros. The Bank is making more selective payouts. In an attempt to keep top earners Deutsche will discuss. Close the final size of bonuses when it publishes. Its annual report later this month qual- is hitting back at Washington's claims that it helps China's spy the telecom equipment maker is suing the US government for blocking its equipment from certain networks. Quality suit is aimed at a US law that prevents government agencies from using a quick moment. Franck hallway and its rivals E, no response yet from US officials and European officials are reportedly pessimistic about the chances of a breakthrough in Brexit talks this week Bloomberg understands that they're increasingly concerned that whatever they offer won't be enough to get the deal through parliament, the EU is reluctant to shift its position without more certainty that it would actually help get the agreement over the line sticking with Brexit. I'll colleague Eric Schadt sky is at the BlackRock well symposium in Zurich. He spoke exclusively to Rachel Lord. Head of a Mia full BlackRock and began by asking what's the plan for the world's largest asset manager, if Brexit does not happen. I will be absolutely delighted. I don't care. It's an insurance policy. Everything we've done is is to prepare for it to happen for the worst. Stop. But I'd be very happy. If all of that was completely unnecessary is that the likely outcome. Given what's been going on in parliament that the UK doesn't after all ended up leaving the U? I if I put my personal feelings aside, Eric I think I would love to that to be. Yes. But I don't think it is. I actually think we. We are heading for some kind of deal. I think the UK government obviously has managed to get any movement on the backstop, which is the real issue. But I think we have we will inevitably have a delay and fresh out of jail. I don't think that any of the parties were where he put their weight behind a second referendum, which is the only way we actually don't leave. Let's say hypothetically speaking that. That is what happens that there is a second referendum in the UK doesn't end up leaving EU. How long do you think it would take for the British economy and financial markets to recover from the process? Well, that's a very good question. So if you think about what's the price is done. Well, it slowed down everything that's happening in Britain that isn't today with Brexit. So very few decisions on jobs. It's the Japanese pulling out and so on and so on so there's a lot of things that have happened. I do think it would take a couple of years at least. And the question will be ready will people trust us again as a country speaking as a British Purcell. So we'll Japanese still use Brooklyn conduit to Europe will the Chinese coming into your use birth contract. Or will they actually finally move into mainland Europe, and your gut feeling on that would be they'll still use Britain. They'll come back, though, come back all they weren't leaving the way that they were currently planning to leave. Because of course, the UK called me the tax systems very favorable the laws of favorable. And of course, the English language makes it easier. Now, all this has been going on financial markets in Europe have undergone what was supposed to be the biggest transformation in perhaps a generation, right? The implementation amid the two were now almost fifteen months into the new regime. How would you evaluate the impact? So far. So a lot of the scrutiny at the beginning was around. What does this do to trading? What does this do to sort of market structure the scrutiny today is actually around? What does this do to cost transparency? And how the part of it that deals with what distributors tell Darren clients they're paying for their money to be managed. And now we haven't seen yet because the statements that will hit investors doormat saw their Email boxes that tell them actually what it costs to invest in all different kinds of products that they have already been released yet. So we don't know how that part of it is going to hit the part around research and trading actually has been relatively benign that was Rachel BlackRock. Head of speaking exclusively to Bloomberg's Erik shots in a wide ranging interview. Really interesting conversation there that we just heard let's get some more headlines from around the world. Here is leeann.