26 Burst results for "Commerce Bank"
Holiday season moves into high gear but challenges remain
"Buoyed by solid hiring healthy pay gains in substantial savings shoppers are returning to stores in splurging industry experts expect record breaking sales this holiday season the national retail federation predicts an increase as much as ten and a half percent compared with last year senior director Catherine Cullen we're expecting you know and we've got a hundred and fifty eight knowing and shoppers adult your people who are already planning to shop Colin says many don't plan to wait until Friday a lot of retailers offered their deals across mobile channels across Europe E. commerce bank that while it's in stores and so there's a little less pressure for consumers to sort of lined up the way they may have in the past the big question with the supply shortages higher prices and staffing issues might leave shoppers disappointed I'm Ben Thomas
"commerce bank" Discussed on Bloomberg Radio New York
"He hasn't P 500 is higher in the open. It's up 6/10 Percent or 22 points and 37 72, the Dow Jones industrial average of 7/10 Percent or 214 points at 30,520. And then asked, except for transfer center 54 points at 13,324 10 Year Treasury down 6 30 seconds he had 1.3% they yield on the two year 20.11% 9 makes crude oil is up 1% or 53, cents of 53 38 a barrel Comex gold. Is up 7/10 percent or $13 in 18 61 90 announced the euro 1.21 to 5 against the dollar. The yen 104.36 games. Stop. It's down about 15% right now on AMC is down. 35% Tom and Paul. Karin. Thanks so much huge news for right now. I'm gonna give you some game Stop along the way. 300 from 503 100 was some kind of bid formed here. We'll see how it goes. Also in Germany, Commerce Bank Finally throws in the towel. There's been a rationalization of Commerce Bank for 456 years are Matthew Miller has been great on that idea, And they just say no is done. Restructuring expenses approaching €2 billion Our next guest is the rarest of rare things. There are reporters in this that the other thing the way Paul Sweeney follows Duke basketball. And then there are reporters that define in industry. Mark Gurman defines tech and he particularly defines Apple and has brought the industry not once. Not twice but three times in the last month to a complete standstill. Paul bring in our good guest on Apple. Hey, Mark. We had some sense, I think, but some phenomenal numbers out of Apple Computer last night beat on the top line. Beat on earnings. Mark Harmon Bloomberg News Tech reporter. What did you take away from the earnings report? And what you heard from management last night? Yes, Tom. Thank you. For the kind words. Terry kind. Paul. Good to talk to you as well. The numbers were absolutely home run. I was shocked. It's 111.4 billion. No time record early quarter hold early revenue analysts were expecting around 103 104 billion, So not only did they cross that the thing you know they smashed right through that $100 billion barrier. But the stock actually fell in. I know it's it's down in early trading this well, too, because of the lack of optimism and more of the cautious, you know, Outlook. Apple has that the current quarter cute, too. They said there would be a deceleration or, in other words, that decline in sales of things like air pods and services in the current quarter, But overall the previous quarter pretty good, But you know, investors only care about what's happening now and in the future. So they don't seem necessarily care about that anymore. They moved on to the next thing. So you know, I know it's they did not provide guidance, which disappointed some investors talk to us about the You know the iPhone. Is it a super cycle is this five g phone? Quote unquote. A supercycle is some animals like Dan Ives and what Bush securities have suggested for a while. You know, the super sickle term, I think is really interesting. Because you know a supercycle sounds like something that only happens every 10 years. But you have something with this iPhone that happens, You know, maybe every three or four years every three years now. They do this big redesign. There's always a big, you know, fundamental change. And, of course, the iPhone. 12 is one of those. You know, everyone has a different definition of the super cycle. But waiting, Tim Cook put it. He's like You know, we've had the most up graders we've ever had in the previous quarter. So that's not a supercycle. I don't know. It is more commonly to your reporting, which is stop the industry in the last 30 days and folks I mean, Gurman publishes in like 482 people a lot of bar in Silicon Valley. Just stop what they're doing and figure out the next step mark of Max and all that stuff is a small part of the apple story. May I suggest that there's a massive misjudgment of what the upgrade that's coming could look like you've reported on this. But if they throw the chip in if they make 10 core or 18 core, fancy fancy computers out there Doesn't everyone in the known world have toe upgrade just to keep this shell game going. Completely here with you, Tom. We have hit new territory for the Mac. We've hit a point in the Max, You know, Lifeline that we haven't seen in 10 years worth the point where you're gonna see prices dropping performance. Skyrocketing new features being added a new designs being added, they have not able to be have done before, and I think we saw picket that given these work from home sales. You know, at some point, hopefully soon the pandemic. We're going to be past that, But I don't think Mills group that Apple is seen from the Mac is going to stop because the pandemic we're the point where the pandemic is going to end and Apple's gonna enter new territory for the back. You're not gonna see that drop off. I think that sometimes we're expecting from the spice we've seen from the pandemic for the Mac. And then here's new designs were going to be incredible. Yeah, I mean, we really talked to somebody like you who actually wakes up honest. We usually talk those evil people on the sell side marked German is the sell side. Long a short Super Bowls, super bears Whatever Have they priced in the observation? You just stated about the mother of all upgrade cycles for a small part of the Mac revenue, the Apple revenue Stream..
"commerce bank" Discussed on Bloomberg Radio New York
"Super crew. and I'm Susanna Palmer from Bloomberg world headquarters hundreds of protesters took over a mall in Hong Kong's shanty an area and vandalized a train station before riot police moved in the rally came after Saturday clashes in parts of the city continued late into the night with protesters throwing gas bombs and police firing tear gas there's momentum growing for Congress to take fast action to pressure Beijing to back off any crackdown on Hong Kong's pro democracy demonstrators to Laurie in ink a Houston based company that develops low cost of liquefied natural gas projects says it signed a seven and a half billion dollar agreement for India's petronas Ellen G. is to buy into its proposed a liquefied natural gas terminal in Louisiana it could be one of the largest foreign investments in the US to ship shale gas abroad. Commerzbank AG is planning to cut forty three hundred jobs to this as part of a new strategic plan that will also see the bank sell a stake in its Polish mbank unit a planned merger between commerce bank and Deutsche Bank failed earlier this year Federal Reserve Bank of Boston president Eric Rosengren says the rise of co working spaces such as we work may be creating new financial stability risks more on that from the verse Charlie Pellett in remarks prepared for a speech in New York Rosengren said quote involving market models along with low interest rates are creating a new type of potential financial stability risk in commercial real estate he says one such market model is the development of co working spaces in many major urban office markets he did not mention we work by name last week we work one of the world's largest coworking companies delayed its highly anticipated initial public offering Charlie Pellett Bloomberg radio global news twenty four hours a day on air and it took took on Twitter powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries I'm Susanna Palmer this is Bloomberg..
German bank merger crumbles as Deutsche Bank tie-up talks with Commerzbank end
"Let's start with the main event. A big story this morning, Deutsche Bank and Commerzbank. The talks are Hoover. I want to bring in Bloomberg's Matt Miller to get up. To speed on the end of merger talks. What broken well Berlin has been against this really from from day one with the exception of the finance ministry, Olaf Scholtz and his deputy your cookies were really the driving force behind these talks to begin with. But as soon as people started talking about thirty to forty thousand job cuts as a result. It just was it just was a bad look for everybody here and Anglo miracle and the rest of the and the rest of the powerful politicians in the capital fought against it. So from Deutsche Bank perspective, it was just at least what they said this morning, it just proved to be too expensive and too complex to pull off. But from a political perspective, it just wasn't gonna fly so coma. Spanked potentially have got other downspouts we've seen in the news. I and cheer interested. We've seen in the news several reports that only credit is said to be interested as well. Where does it leave? What you back, man. Yeah. I actually asked. To the CFO James von Moltke this today because obviously by stepping out of the running to buy Commerce Bank. They leave themselves open to competition in the future. If someone else comes in buys Commerce Bank. They can get big in Germany, listen to what on mulkey told me. Yes, we do envisage over time that industry consolidation will take place in Europe, and the dodger bunk wants to be part of that the timing and the specific form of that obviously remains to be seen. We've talked a lot about doing our homework to continue executing on our plans executing on the restructuring of the company and the improvement in our shareholder returns. So not only did they discuss the facts that Commerce Bank could become really serious competition. If they get taken over by European competitor. They do want to stay in the consolidation of European banks going forward just not right now
"commerce bank" Discussed on Biz Talk Radio
"Direction right now. You know, what an issue big problem? They're having. I mean, obviously oil is impacting them a lot worse than it's impacting us. So they have this oil crisis going on right now. Major problem with the oils are climbing dramatically all the major oil companies and then to top it off banks or tanking. So banks are getting worse. And it looks like there was a there was a deal trying to be made with Commerce Bank in Germany, and that doesn't look like it's going to going to happen. It's facing an awful lot of resistance from Deutsche Bank's supervisory board. Well, look, I I've been saying that this whole merger between those two got sick banks merging thinking that. Somehow if the if the two sick banks get together that they're going to get. Well, I. You know, instead of being more costly and Justice sick if not more sick because they're going to still be debilitated. So where one Bank is sick. The other Bank might not be sick. And now they're going to bring that to both banks. The problem is this is the number one Bank and the number two bang. So these are the two largest banks in the euro zone. So they're going to come together. They're going to have a Bank so large. There's no way on God's green earth. They're ever going to be allowed to fail. Germany or the European Union's going to continue to bail it out if they need to of course, they understand that. No that but worse yet, you could risk situation where deutchebanks then becomes under the guidance and control of the government and becomes a state run Bank. And that would be a huge problem. Now. One of the things that is. Going to be the unintended consequence of all this. But they're not able they're politicians for the most part. They're not able to think through unintended consequence. But one of the things that is likely to happen is there are going to be some of the more independent wealthier euro nations are going to do what Great Britain's should have already done by now, but as trying to do in that is exit out of the euro-zone altogether. Now, it's easier for Great Britain to do it. Then a lot of others because they never bought into the currency. They've always maintained the pound sterling as the currency. So they didn't get rid of it like some of the other nations. But there are some other nations that have an either particularly in the northern more sovereignly stronger nations that are going to say if this were to happen with the Bank and the state were to get involved with the Bank, which will eventually or maybe they're going to be smarter. Enough to say venture -ly this is going to be a state run institution. And when they're in trouble, am I in Switzerland gonna participate in bailing out a German Bank because they didn't see the problems and didn't do anything about them and merged more problems with those problems to make create this mess. And now, this is going to impact our people and our economy, I understand they don't care about their people. They care about the the the globalist mentality is they care about all the people in the euro zone. Except now there are some European nations that are building walls to prevent the open border. So it's going to really open up a can of worms. But yet apparently they're trying to go through with it. And now doors your Bank supervisory board saying they're against the merger with commerce you Bank. And and and as increased this this. You know, this apprehension has increased over the last few days. So we'll see what happens with that. That'll be interesting. There was also a credit union like Bank. There was trying to merge they were trying to merge with that. Didn't that didn't happen. So we'll see we'll watch that. And we'll see what happens with it. But it is a little bit scary. Eight four four seven or seven fifty five thirty three eight four four seven zero seven fifty five thirty three let me just look here. I don't think we've gotten any of the housing the new home sales. We did not get they did not come out yet. Let me just look here today is Tuesday yet, ten o'clock new home sales. So we haven't seen that come out. Be interesting. Maybe we'll be able to tell by which way, the market is going because if it's bad we'll probably know it.
"commerce bank" Discussed on Bloomberg Radio New York
"Both one Celtics a fourth quarter rally atop Indiana, go up two games to none of that NBA series in the Bruins one six four and Toronto to tie that Stanley Cup playoff series of to the moment. NBC sports update. I'm Jon Stashower. Dump john. Thanks a lot had. We have some breaking news on Deutsche Bank crossing the terminal right now sources are telling Bloomberg the German lender is working on an alternative strategy. A plan. Be to present to investors should take over talks with Commerce Bank collapse of Deutsche Bank. There are fewer options available the CEO. Christian saving is considering to basic scenarios small update that would mainly consist of more cost cuts and a bigger strategy ship that would create upfront costs is now six thirty eight. A Wall Street the following is an editorial from Bloomberg opinion. President Trump seems determined to make it easier to export firearms and harder to keep track of whether they're destined for terrorists. Or rogue regimes. He proposes to do this by shifting oversight of the export of semi automatic. And non automatic firearms from the State Department to the Commerce Department the change threatens to undermine national security and public safety around the world. The US is already the world's biggest firearms exporter and some guns. Have ended up without codified, IRS and other terrorists. Even now state. -partment licensing officers too often approve questionable applications under the Commerce Department sets lapses stand to become more frequent because commerce lacks specialized staff and expertise to vet arm sales. Democrats in the house are proposing legislation to block the change congress should pass it without delay. This aditorial was written by the Bloomberg opinion that a to'real board. I'm David Shipley. For more Bloomberg opinion. Please go to Bloomberg dot com slash opinion. Or go on the Bloomberg terminal. Vase has been Bloomberg opinion. At Bloomberg opinion editorials can be heard every weekday at this time as President Trump pushes to get rid of the Affordable Care Act doing so well throw out a key component of is separate effort to stop rising drug prices. Nancy Lyons has details for the Bloomberg ninety nine one newsroom in wash in the ACA as provision that allows us streamlined approval process for drugs that mimic expensive. Biologics biologics are the most expensive drugs on the market and buy some lawyers works -pected to save billions of dollars for patient, Bloomberg laws. Jackie Lee says consumers might end up missing out if the streamlined process goes away when you have to get a biologic or any drug approved. You have to go through clinical trials and a lot more expensive and time consuming to do that. So a drug company might say, hey, that's not worth it. I'm not going to push for the biologic drug in Washington. Nancy Lyons, Bloomberg radio. It's now six forty Wall Street time for the Bloomberg small business report small businesses in the US have mixed outlook for this year. In annual study conducted by the Federal Reserve twelve regional banks shows the outlook for twenty.
"commerce bank" Discussed on Bloomberg Radio New York
"Kelly plea had for you in this hour of the weekend edition of Bloomberg BusinessWeek employers across the US, they're starting to find ways to manage a baby boomer brain, drain and President Trump's trade policies have been challenging for American farmers. Let's grasshoppers yet. We're talking about grasshoppers they're becoming a new food craze in the United States. That's in our pursuit section. I up Jason though, the magazine this week features a special focus on the future of Europe's most important economy, Germany, so certainly one of the most talked about stories on Wall Street and beyond. These days is the will they are won't they tension. Shotgun marriage of Deutsche Bank and Commerce Bank. A big story. We want to get into it with Ed Robinson. He joins us from London. So ed. What's the latest? But maybe before we get there. What's the backdrop here? Tell us about these banks and what they mean for Germany. Well, these these banks are the twin pillars of the financial system. The commercial banking financial system in Germany. So they're vital vital institutions, but they're also very weak institutions. Both banks have struggled to generate revenue growth to generate profit ability to show, the kind of strength and resilience that a lot of other European banks have started to produce after years of recovering after the crash, and it's funny, but it's the German banks, which many would think would be the strongest that have actually become the laggards in the European banking sane and why what happened because you're exactly right on both counts. You know that the assumption would be, you know, these are strong German banks this is Deutsche Bank, especially. That should be at the heart of the financial system, and yet it has really fallen by the wayside, especially relative to some of its big US competitor. So where did they go wrong? Well, looking at Deutsche Bank, specifically it essentially made a really big bet back in two thousand twelve and that's what our story really focuses on this decision. Kind of driven by the chairman Pawlak Lightner who still the chairman today that while all the other European banks would adjust to the post crash reality all the new regulations the capital that they had to set aside. The big changes all these other banks are downsizing and getting ready for this very different reality. But quite Deutsche Bank decided we're going to pounce we're going to expand. We're going to grab all of the business that are rival shed. And we will then become Europe's answer to Goldman Sachs. We will be a world-beating global investment Bank. So that was the decision that was the chance that they took back in two thousand twelve and now all these years later, they're left in a situation where they have to really begin restructuring and reorganizing, and this is stuff they should've done, you know, six years ago. And so did they get it wrong because the market didn't come to them? Like, they thought it would. Good. Or is it an economic problem in Europe? Is it mismanagement where did it? We're really take a left turn. It's all of the above all of the above. I mean, primarily what you had is a situation of a Bank that was very disorganized, very fragmented in terms of its organisation. So it's a Bank that didn't really know what was going on and some of its far flung units that led to legal scandals when you get legal scandals that hits confidence the shares get pounded. So that's one problem on the other side. You've got a weak European economy. Remember, the sovereign debt crisis. Remember interest rates went two zero. That's really bad news for a Bank that depends on interest income to bolster its revenue. So it didn't get any help on the macro side as well. And then finally you just have competition. I mean, the US banks Wall Street really came back strong over the last few years, and increasingly these banks JP Morgan Bank of America. City group they've been taking a lot of European customers that used to depend on Deutsche Bank and other Europeans. Now, they're saying, whoa. Why don't I just go with J P M? Why don't I just go with Bank of America? So I'd say those are the three main forces that have really hit deutchebanks. And so let's talk about this proposed merger was rumored now it at least as a little bit out in the open. You have the German government, you know, potentially playing some sort of role, although they're being a bit coy about that all the way up to chancellor Merckel, where do we see this playing out because as you alluded to earlier, this is not strength on strength with these two institutions. Right. The whole premise behind a potential merger of these two institutions is too. Weak banks somehow form a strong Bank, which a lot of critics say that doesn't really work that doesn't compute doesn't really add up. So you've got a situation though, where the alternative letting them continue on their own might be worse. See that's the issue is both of these banks need some kind of transformative change to kind of get back on their feet to get on stronger ground. And so this is almost kind of a swing for the fences type of decision, and that's why it's really difficult to say at this point, whether it actually happens. I mean, it seems like the momentum is four some kind of merger. But there could be a lot of cold feet at the end of the day. I mean, the number one issue is political. I mean, if these two banks come together chances are they're going to have to fire between twenty and thirty thousand Brad. Ranch managers Bank tellers, ordinary Bank workers and branches in Germany and at the same time, especially with Deutsche you could have a situation where investment bankers highly paid investment, bankers and London and New York keep their jobs, those are bad optics. That is not a good look, and that's a real political problem. And we just don't know how that's going to break, and that's Ed Robinson. Joining me from London. He's been following the ins and outs of this deutscher Commerce Bank story. And ultimately, this is a story about as you said, Germany's largest banks so intimately tied to the political scene. The economic scene and it is fast moving. You're listening to Bloomberg BusinessWeek coming up. The solution section looks at how to manage a shortfall.
"commerce bank" Discussed on Bloomberg Radio New York
"Kelly ahead for you in this hour of the weekend edition of Bloomberg BusinessWeek employers across the US, they're starting to find ways to manage a baby boomer brain, drain and President Trump's trade policies have been challenging for American farmers. Let's grasshoppers yet. We're talking about grasshoppers they're becoming a new food craze in the United States. That's in our pursuit section. I up Jason though, the magazine this week features a special focus on the future of Europe's most important economy, Germany, so certainly one of the most talked-about stories on Wall Street and beyond these days is the well they are one day that tension shotgun marriage of Deutsche Bank and Commerce Bank too. Big story. We want to get into it with Ed Rollins and he joins us from London. So ed. What's the latest? But maybe before we get there. What's the backdrop here? Tell us about these banks and what they mean for Germany. Well, these these banks are the twin pillars of the financial system. The commercial banking financial system in Germany. So they're vital vital institutions, but they're also very weak institutions. Both banks have struggled to generate revenue growth to generate profit ability to show, the kind of strength and resilience that a lot of other European banks have started to produce after years of recovering after the crash, and it's funny, but it's the German banks, which many would think would be the strongest that have actually become the laggards in the European banking sane and why what happened because you're exactly right on both counts that the assumption would be, you know, these are strong German banks this is Deutsche Bank, especially. That should be at the heart of the financial system, and yet it has really fallen by the wayside, especially relative to some of its big US competitor. So where did they go wrong? Well, looking at Deutsche Bank, specifically it essentially made a really big bet back in two thousand twelve and that's what our story really focuses on is this decision kind of driven by the chairman Pawlak Lightner who still the chairman today that while all the other European banks would adjust to the post crash reality all the new regulations the capital that they had to set aside. The big changes all of these other banks are downsizing and getting ready for this very different reality. But quite enjoy Bank decided we're going to pounce we're going to expand. We're going to grab all of the business that are rival shed. And we will then become Europe's answer to Goldman Sachs. We will be a world-beating global investment Bank. So that was the decision that was the chance that they took back in two thousand twelve and now all these years later, they're left in a situation where they have to really. Begin restructuring and reorganizing. And this is stuff. They should have done, you know, six years ago. And so did they get it wrong because the market didn't come to them? Like, they thought it would. Or is it an economic problem in Europe? Is it mismanagement where did where did it really take a left turn? It's all of the above all of the above. I mean, primarily what you had is a situation of the Bank that was very disorganized very fragmented in terms of its organization. So it's a Bank that didn't really know what was going on and some of its far flung units that led to legal scandals when you get legal scandals that hit confidence the shares get pounded. So that's one problem on the other side. You've got a weak European economy. Remember, the sovereign debt crisis. Remember interest rates went two zero. That's really bad news for a Bank that depends on interest income to bolster its revenue. So it didn't get any help on the macro side as well. And then finally you just have competition. I mean, the US banks Wall Street really came back strong over the last few years, and increasingly these banks JP Morgan Bank of America. City group they've been taking a lot of European customers that used to depend on deutchebanks and other Europeans. Now, they're saying, whoa. Why don't I just go with J P? Why don't I just go with Bank of America? So I'd say those are the three main forces that have really hit deutchebanks. And so let's talk about this proposed merger. It was rumored. Now, it at least is a little bit out in the open. You have the German government, you know, potentially playing some sort of role, although they're being a bit coy about that all the way up to chancellor Merckel, where do we see this playing out because as you alluded to earlier, this is not strength on strength with these two institutions. Right. The whole premise behind a potential merger of these two institutions is too. Weak banks somehow form a strong Bank, which a lot of critics say that doesn't really work that doesn't compute doesn't really add up. So you've got a situation though, where the alternative letting them continue on their own might be worse. See that's the issue is both of these banks needs some kind of transformative change to kind of get back on their feet to get on stronger ground. And so this is almost kind of a swing for the fences type of decision, and that's why it's really difficult to say at this point, whether it actually happens. I mean, it seems like the momentum is four some kind of merger. But there could be a lot of cold feet at the end of the day. I mean, the number one issue is political. Yeah. I mean, if these two banks come together chances are they're going to have to fire between twenty and thirty thousand Brad. Ranch managers Bank tellers, ordinary Bank workers and branches in Germany and at the same time, especially with Deutsche you could have a situation where investment bankers highly paid investment, bankers and London a New York keep their jobs, those are bad optics. That is not a good look, and that's a real political problem. And we just don't know how that's going to break, and that's Edmonson joining me from London. He's been following the ins and outs of this deutscher Commerce Bank story. And ultimately, this is a story about as you said Germany's largest Bank so intimately tied to the political scene. The economic scene and it is fast moving..
"commerce bank" Discussed on Bloomberg Radio New York
"Offering informed perspectives on a range of global topics and expert, data driven commentary on breaking news. Bloomberg opinion editor Jennifer Ryan is with us once again from our London bureau, but the focus on Uber. The ridesharing company gets ready to hit the road with its IPO offering and share overlays take is good luck. With that says that you're going to need multiple advanced degrees to figure the company out, and you can sort of see it all in the number of pages in the prospectus two hundred eighty five Uber lift was two hundred twenty and Facebook back in two thousand twelve hundred fifty the point is at Uber is Uber sprawling and that's going to present a challenge to investors who are trying to figure out whether to buy into a company that's got a reported valuation of around one hundred billion dollars. As is the case with lift it's unclear whether there's going to be lasting demand for two of its main products on demand rights and restaurant meal deliveries through eats, whether any of its financially viable, okay. So kind of sure overlays John had put somewhat of a skeptical eye on things like this. But is there anything in the IPO offering for Uber? Optimus? Absolutely. So you've got a forty two percent growth rate annually for revenue up to eleven billion net revenue last year and to the company's credit. It's frying off a cannon size number of metric, set investors. It's not just demand. Rivington overeats also rented bicycles and scooters and the company's work is a middleman for freight deliveries. So what's the the big worry for over day in this page? Is it just the the cornucopia of businesses? Uber is involved in that is one part of it. But the essence of it is that despite having eleven billion dollars in annual revenue and evaluation in an incredibly rarefied zone. It's just getting started. I mean, this is the story that you tend to see with companies that are going public. Investors are going to want to see that there's a future head but for over day. The idea is not just that Uber is a collection of semi related services. But a company whose many parts contribute to a great greater whole that idea? Sounds nice, but investors she says really need to ask hard questions about how much of expertise in for example, signing up taxi drivers really is useful eighteen deals with restaurants to deliver burritos and big companies who want to ship potato chips to grocery stores. So how does that all fit together? This is the issue over says that it will not shy away from making short-term financial sacrifice sees long term benefits. But this is an author to say for a company that has been profitable for almost ten years. So the company has no choice, but to keep investing into jump start growth, and it's sparring empire. Speaking of companies that want to be part of a bigger hole. Lisa Martin newsies looking at the Bank Commerce Bank merger. Everybody's watching it. But it's feels like it's never going to happen. I mean in recent days, we've seen labor representatives from Commerce Bank board signaling they're so opposed the deal that they will try to remove the CEO regulators appear. Unconvincing investors are best lukewarm about the proposal. So why aren't either these banks just giving up? Well, can't overlook is the real determination that there is to build a national champion because this foreign predators. Looking at the gay, for example, UniCredit and Francis BNP Taraba as a top shareholder in Commerzbank. Germany's finance ministries really played a key role in encouraging the merger discussions is there. Anything that that Bank and Commerzbank can do to ever persuade their detractors? I mean, there are a lot of them really bear in mind is the European Central Bank. This is the first chief regulator, and it's been an skeptical that the merger would place the company's safer foot footing. This. According to Bloomberg news. It's you've gotta remember that the is kind of new to the regulatory game. And this would be it's big. It's tests began overseeing the region Spang. So this is a precedent. Cannot afford to get wrong won't be rushing to make any decision. Also. Let's look at it from the standpoint of investors analysts that Credit Suisse estimated that unless Deutsche Bank retreats further investment banking is part of the deal. The combined group is going to move up a notch among globally, systemically important banks, and it's going to become subject to higher capital requirements. If shareholders going to have to put in more money to make up any charcoal. They will really need to be convinced that the expected boost earnings is going to be achievable to make it worth their while Bloomberg opinion editor Jennifer Ryan, thank says always for joining us from our London bureau. You can read more on this and other stories from Bloomberg opinion by heading over to Bloomberg dot com slash opinion..
Big US bank CEOs grilled on Capitol Hill: What does it mean for the markets?
"We start off with the banks near their judgment day. The CEOs of the big banks revived me a grilling on the hill as they Europe earnings at the end of the week. JP Morgan will kick things off on Friday. It is the worst performing of the big banks. So far this year up elite percents CitiGroup. Goldman Sachs Morgan Stanley. They're all up double digits. Of course, the sector has been mostly dead money for the last year. So we'll miss quarter's earnings be the catalyst to set the financials on fire guy. Well, I think the question is. Yes, I just don't see it happening. I for the life, man. I don't understand. How all of a sudden you get this reacceleration and earnings for the banks and they're going to be off to the races. Now. I think earnings it'd be okay earnings have been fine J P Morgan Cernan, quite frankly, have been very good. But what's already priced in? When you're getting towards one point eight times price to tangible book in terms of J P Morgan I said, maybe it's just a tad ahead of itself. Yes. S up the fallen question. Why CitiBank trading effectively tangible book, why is toy shop Bank in Europe? Despite this whole Commerce Bank thing continue to go down. I still think the banking woes in Europe at a certain point manifest themselves. Here resident Bank bullet, he's got another reason guided to to really be angry with the fed. It's look it's negative interest rates that I think are killing the global central banks. It's certainly killing the European banks and for someone that's been constructive longevity. Morgan, I'm won- CitiBank. I'm long Bank of America. And I can be long with those valuations with a capital deployment approach now that I think is actually investor-friendly. With a balance sheet that's fantastic with a business model that I think is conservative and not reckless. And so, but is there going to be anything extraordinary in? This course numbers. No. And in fact, I think you're gonna see downward tick in terms of their net interest margins. You can see downward ticket sales and trading. You're gonna see a downward tick probably in mortgage origination. But nonetheless, JP Morgan continues to print record profits record profits. You brought up a good point that they're they're, you know, there's nothing special about the Bank threatening to their kind of safety type of thing. They're utilities. That's affectively. What they become as utilities, so they should trade at one times book. So if you look at the ones that aren't trading at one times book, it's J P Morgan the ones that are. It's a CitiBank CitiBank might even be a little bit below that. So that's probably why it's up more than the others are one of the leaders this year, the only thing in my view that is going to change this. If you get a steeper yield curve, and that can happen to as the economy accelerates, which it doesn't look like it's necessarily gonna do or the fed decides to steepen the yield curve by with their balance sheet. So to me, that's the bet your. Making if you're buying banks right now, here's absolutely nothing. That excites me about the banks right now. It's really really difficult for them to make money with either a flat or an inverted yield curve. We do own J P Morgan. I think JP Morgan's best to breed. There are oh we is really head and shoulders above the rest of their peers, and you get some good revenue. Diversity diversification from them in the AM revenues that they're collecting as well as the investment banking fees as well as talking to Mike mayo this morning on talk box. For the first time. He's that. He's bullish all five banks that he covers all the five major.
"commerce bank" Discussed on Biz Talk Radio
"It is a problem. It is a problem when we look at the euro zone all of the countries combine zone, not any European nation. Not Germany, which is the largest economy in the euro-zone. Not Germany, not France, not Italy, not the three largest not even those three combined. But when you combine the euro zone. It is the largest economy in the world. So obviously impacts China China impacts them it impacts us as well. And we impact them as well. So this is a huge number two gives us some idea. And it also gives us some cause for concern. So when I talk about Deutsche Bank more more numbers coming down on Deutsche Bank back stock up right now. Because if the if the merger with Commerce Bank does not go through the second largest Bank in Germany, then there is a unique credit is preparing to make a rival bid for. Commerce bang, which is going to form a nother large Bank, which would be the better of the two scenarios because now from just purely from a private sector perspective and the health of an economy, having another large Bank along with Deutsche Bank is going to be a good thing. It makes absolutely no sense for Deutsche Bank to merge with he Bank because they both have a lot of problems. And combining those problems are going to make a bigger problem. Not help the problem. So I am concerned. I've been concerned I've written about it. Numerous times, I talk about it on a regular basis. And it is something that we ought to be thoughtful about and concerned about so problem. So needless to say London markets right now are concerned they're a little spooked right now over this whole global economy slowed down, but in particular in the euro zone, and let me just say something to all my friends in Great Britain. We have actually have partners from Great Britain. And from what my Great Britain partners. Tell me there is a there are a lot of people there that listen to the programs only just stay to my friends in Great Britain. If you. That this Brexit thing just implode and go away. You will be saying to yourself. It's the biggest mistake you have made new Great Britain, one of our greatest allies our best ally. If you Great Britain's squander an opportunity for economic reedom, I strength as a nation to thin once again back on your own two feet to be able to grow build an expand a an economy with out the overburden of rules and regulations coming from Brussels that you have no control over because of an effort to begin globalization right there in the euro zone. That's what it is. And you have an opportunity to step away from that to have the freedoms. That will soon. Be unparalleled anywhere in the euro zone. And if you squander that if you let it go you're making a huge mistake. But here's the problem. Politician. And the members of parliament have in my opinion. And I'm not there I'm here. But my opinion have insulted. The great people of Britain, they've insulted first of all.
"commerce bank" Discussed on Biz Talk Radio
"We look at the euro zone all of the countries combine the zone, not any European nation. Not Germany, which is the largest economy in the euro-zone nine Germany, not France, not Italy, not the three largest not even those three combined. But when you combine the euro zone. It is the largest economy in the world. So obviously, it impacts China China impacts them it impacts us as well. And we impact them as well. So this is a huge number. It gives us some idea. And it also gives us some cause for concern. So when I talk about Deutsche Bank more more numbers coming down your Bank, those you back stock up right now because if the if the merger with Commerce Bank does not go through the second largest Bank in Germany, then there is a unique credit is preparing to make a rival bid of four. Commerce, knee, bang, which is going to form a nother large Bank, which would be the better of the two scenarios because now from just purely from private sector perspective and the health of an economy, having another large Bank along with Deutsche Bank is going to be a good thing. It makes absolutely no sense for Deutsche Bank to merge with Commerce Bank because they both have a lot of problems. And combining those problems are going to make a bigger problem. Not help the problem. So I am concerned. I've been concerned I've written about it. Numerous times, I talk about it on a regular basis. And it is something that we ought to be thoughtful about and concerned about the problem. So needless to say London markets right now are concerned there. Little spooked right now over this whole global economy slowdown, but in particular in the your zone, and let me just say something to all my friends in Great Britain. We have actually have partners from Great Britain. And from what my Great Britain partners. Tell me there is a there are a lot of people there that listened to the program. So let me just say to my friends in Great Britain. If you. Let this Brexit thing. Just implode and go away. You will be saying to yourself. It's the biggest mistake you of made you Great Britain one of our greatest ally. Our best ally. If you Great Britain's squander an opportunity for economic freedom. I Frank as a nation to ban once again back on your own two feet to be able to grow build an expand a an economy with out the overburden of rules and regulations coming from Brussels that you have no control over because of an effort to begin globalization right there in the euro zone. That's what it is. And you have an opportunity to step away from that to have the three domes. That will soon. Be unparalleled anywhere in the euro zone. And if you squander that if you let it go you're making a huge mistake. But here's the problem. We have politicians and the members of parliament have in my opinion. And I'm not there I'm here. But my opinion had insulted. The great people of Britain. Vivid? Dan, first of all they're going.
"commerce bank" Discussed on Bloomberg Radio New York
"Headquarters in Vichy, Bloomberg radio business flash. Stocks this morning on little bit softer footsie, one hundred indicated done three tenths of one percent on the future. Seventy-three fifteen docs, is indicated three tenths of one percent. We saw the factual aid miserable set of numbers on the factory orders in Germany. Yes. They're volatile numbers. Month-on-month they collapsed by four point two percent. See you all seen plunging more than four percent in February consideration from the economist was a modest gain. So painful, something that is the personification of trait. If you gotta deal, maybe things could turn around between the US and China, but don't forget then Europe in theory goes head to head with the United States of America in terms of their trade dispute. Euro thirty one twelve forty one at the moment as. Stocks are SAP teachers just that we have six-month-high last night in the United States of America features done in the one percent twenty eight seventy six is where we are. Now, you had this roaring turnaround in the bomb markets yesterday. Let me just give you the bird the bund market. We are still back to note. We've we're back to block in Germany, but we just knitted negative energy negative zero zero point zero zero point six where we are ten years treasury market is again just back towards the two point five percent. Let me give you a quick update on the price. Tenue treasuries trade at two point five zero zero eight yards that news come through will UniCredit make a bit for Commerce Bank. That is the big story doing the rhymes this morning sitting in inside side is waiting for the Commerce Bank told Eubanks story to on and they will pick over the bones of that the footsie may let's see how that opens. We've yet. Get us futures price on that comes at eight o'clock in the morning. So that's the state of play on your markets. Let's get into some of the other major stories from Iran the morning, and what have we got good morning..
"commerce bank" Discussed on WAFS Biz 1190
"Accepting the withdrawal agreement as put forward at the present time. Jeremy Corbyn, of course, until they've been breaking news coming through from UniCredit. This is a story which is being run in the F T this morning UniCredit set to path for a rival bid for Commerce Bank. So Deutsche Bank and Commerzbank 'cause we understand running side. Route over the possibility of doing a deal waiting in the wings. It could be UniCredit ready to pints other any other contenders. I that that may have an interest in commerce time would that be more possible a cross border merger of that kind of size would be really significant for the regulators. We'll talk about that through the morning. You can be pretty sure that's going to cause a little bit of interest throughout the next. Couple of hours. My guest host this morning is Stephan Mon the CIO at number Odia. And he's still with us here at back to brags. It's don't worry. You. Don't get anything. Exciting. I talking about cross-border Bank marriage just on not only UniCredit Bank, a possibility of UniCredit Commerce Bank. It's really heating up in the banks. Sector at the moment. Isn't it is that a credible story to you? I don't know. I think you know, congressman was supposed to merge we've Deutsche Bank. So it seems to be competition there, you know, to to acquire coverage Bank. So it's up to Brexit. Nothing has exciting as Brexit. So by margin of one and the parliament has agreed to block a no deal the veracity of that we wait to see whether that holds, but this is building some would say more towards a customs union that that's the potential icon. That's the potential road that were going at the moment. Would you agree? Yeah. I think the the most likely outcome is a permanent casino union at this stage. You know, the funny thing years that, you know, we want to everybody wants to know if for the first time you need Easter the UK will experience the end of may before the end of April two to a Saturday. But. I could be gone before the end of April. I I don't you know, it's politics. But I think so far what is most important in terms of economic is that they find a resolution that there is a some sort of feminist union because if they don't find that reputation traits of problem for the economy in the sense that the corporate decision maker can have visibility on what to do. So to freeze all the project and all the development, which is not good neither for the UK economy. No for the European economy as a knowledge, and if we get a resolution as we were talking about before on the the US negotiation with China, you know, the the question of Brexit is menu. So a trade issue, and as a much before we need trade to pick up in the world to stabilize the economy on top of what the central Bank f already been doing for these market ready to continue for for for. Two thousand nine hundred. Okay. I of course, there are no guarantees that. We don't have a second referendum based on whatever the deal is perhaps the agreement knots with Jeremy Corbyn reading wants what he wants another general election more than anything else. Why don't you to your government bonds? That's how could we really saw quite a significant pump in the two year notes. Yes. The upper seven basis points. Now, some people say Goldman Sachs got a perfectly nailed in terms of their punk while. I was surprised when you see that kind of a move into your paper. There wasn't a bigger response from the starting market. You would say it's still relatively underplayed under on both our instrument that you can use to protect your portfolio. So you could buy you can't go for them and bones. And India case of a hard Brexit will probably rally that would protect the Georgia. For you. I would rather by the tenure. Okay. You're obviously those are correlated. We have taken a different approach in the sense that for a client portfolio. We have decided to buy put options on the cable in order out of the money. Put up shown on the cable in order to protect our client for you in the case of an adverse outcome, you know, for Brexit, and in terms of UK stocks. I mean, how'd you purred back your exposure to you? I was reading an article on fidelity, and they had come up with a theory. Which was they wanted to stay away from UK cyclic, but you know, fear fear is what the market phase at the moment. They wanna step in UK stocks make up a third of their dynamic growth. And then look at names like right mood, just eat auditors. So they're more tech. I'm perhaps a little bit less domestic sensitive Honey, play UK, a sensible strategy. What is noticeable in the UK is that you have a big difference between different indices? So if you take for example, the Footsie-100 in most of the companies on the Footsie-100 or international stocks that don't have the strong link with the economy and the opposite end of the spectrum the food situation and fifty is a lot more domestic. So you can also play some differences depending on the on the index that you're using, but hopefully, they will be a positive outcome. Of the Brexit story, and then the domestic stock should should perform. Okay. And those are the tech stocks. That'd be showing you the right move. Just eat and auto trader which in fidelity story. That's how they played it. That's the year today. He said that all Stokes in the UK where on well. Great to have you is this than Greenwich. Putting everything in context for us. That is Stephan money CIO. I'd Lombard Odier night the drama around the embattled although ties in college gone -rupt it again with prosecutors re- arresting him on fresh allegations that he used miss on funds for his own purposes. Now, go has dismissed his rearrest is quote -rageous. And Autry and vise he will not be broken. His lawyer was equally frustrated. The prosecutor's office hunt to take him into custody say this is a show of those stitch Justice, Mr going again in order to give more advantages to the prosecutors site, then I find it quite an inappropriate measure. Well, that's lawyers response chief north Asia. Correspondent Stephen Engle has been tracking this story. Stephen good to see where do we stand on this topsy turvy while I mean, his arrest going to saying it's outrageous an arbitrator Reynaud or saying he's talking about aggravated breach of trust. Where are we? I mean, forget about the battle for control of the companies that pretty much is over. This is a battle of control of the fate of Carlos Goan, whether he's gonna spend many years behind bars or not in. It's also a battle of control of the narrative keep in mind ever since November nineteenth when he was arrested at an airport in Tokyo and one hundred eight days in detention he was literally well figuratively. Muzzled Carlos gone was and the narrative was really dictated by Nissan and the prosecution. Well, he changed lawyers and soon thereafter got a freed on bail and the narrative head switched around. Carlos gone started telling his side of the story. And in fact, he had scheduled a press conference in Tokyo one week from today to tell the truth from his perspective. Well, the now prosecutors Nissan getting another step back on Carlos gone. We arresting him on new charges of aggravated breach of trust these. Stem from allegations of illegal payments. They say of upwards of five million US dollars to a distributor in Oman. As well as in Lebanon and a number of other what grandiose purchases, including a jet also aid allegedly to his son startup company, lots of different allegations. Which you rightfully said Mattis Carlos gone has vehemently denied, I will read just briefly part of his statement. He says the arrest the rearrest this morning is outrageous and arbitrary why arrest me if not to try and break me, I will not be broken. I'm innocent of the groundless charges and accusations against me. He goes on to say that I am determined that the truth will come out. I am confident that if I'm tried fairly. I will be vindicated. Oh, let's see where it goes to the story just keeps on rolling Stephen quake coverage as always our chief north Asia correspondent quick recap on the breaking news that we have this hour. This is from.
"commerce bank" Discussed on Bloomberg Radio New York
"The seven thirty seven max jet. That's a Bloomberg business flash. Lisa. Thank you so much, Karen, joy to Bank and Commerce Bank. This is the mayor. That's been talked about for so long for years and something changed. German government signed off on the idea of job cuts, which was sort of the key to making these two German lenders get married fall in love with each other. And then cut jobs joining us to talk about whether this actually is the boon that markets seem to think it is based on the fact that commerce bake shares are up at seven percent so far today Deutsche Bank up more than four percent. Allison Williams joining us here in Bloomberg interactive brokers studios. She of course, covers a finance and all of the firms within the industry for us here at Bloomberg intelligence. So Alison, let's start with is it really a game changer that the German government signing off these shop cups. I think that is the game changer because. In order for the deal to work financially. You need big cost cuts in their German retail business, and there's going to be issues there just in terms of labor laws and unions. And so I think for the government to get involved, and and perhaps give their blessing is going to be important in terms of any steps forward. I think even with the potential to make these cuts and to make it a more profitable business. They're still fair amount of execution risk and really doesn't solve a lot of the key issues that either Bank. Okay. That's what basically every analyst. We've spoken to this morning has said they're not seeing the potential for profitability. Yes. You could cut jobs you could actually do economies of scale here, but moving forward the investment Bank. What do you do with sort of the vision is this a global Bank the commerce deutscher what could be called? So it's not if anything it takes. And the other direction, right? A couple of years ago. They were looking to sell their German retail franchise now, they're sort this would be sort of doubling down if you will. The issue, however, though, is is confidence. And you know, if you're a global investment Bank, you need to have the confidence of your clients, your, counterparties, etc. And so to the extent that you could do something to stabilize things, and if investors can feel like there is a clear strategy. You got some confidence back to be the potential positive the risk here is, you know, as you mentioned there's a lot of execution risk and just they would need to deliver. They need to deliver. And the and the fact that there's still a lot of risks with this plan. And it's going to take several years doesn't really solve that issue. Either. How many jobs do you think that they should cut? I mean, I've heard figures from ten thousand thirty thousand forty thousand jobs this morning. A now speculate on what do you think? So I think the thirty thousand seems reasonable to us. You know, the difficulty is that the German market is has been unprofitable for a number of reasons. Right. So there's sort of bringing bringing down the cost base. But then you also need to have revenue and you need to compete and the competition. Some of the competitor is out there running a less than profitable business. And if you have that out there in the market, it's still going to crush air profit how much is there. Something structurally wrong with the way that the German banking system is set up and how much is this a case of negative interest rates basically serving as a tax on the financial industry of the entire European Union. Correct. And I think that's really bad. That's really been the issue over the past few years. Right. So you have these banks trying to execute on the strategies, and to some extent if you had a better market, you would have a tailwind and actually they have the opposite both in the retail business and investment banking business for deutchebanks. So I think it is a combination of those factors in the retail business. I also think that the decision to move forward by deutchebanks management signals that this quarter is perhaps not doing any better. This is the seasonally strongest quarter. So it'd been really important for them to execute in terms of their overall. Plan. And the fact that management is saying that they're they're sitting down and considering this. I think signals that it's going to be another tough core. I was struck by the fact that the German government still owns about sixteen percent of Commerce Bank left over from the two thousand nine bailout, which to me just highlights how troubled the German banking system has been for so long. I'm just wondering essentially does that nationalize the combined entity because my understanding is the most popular option is to roll over that stake into a stake in the combined Bank is this is this nationalization of those lenders. I wouldn't necessarily look at it as nationalization, however. Did they have said that they're going to continue to have a stake? And in general, like what we've seen with the US banks is the government has a stakes until things recovering get healthy. And it's just been an extended period of not getting there so going forward which banks do you think are going to benefit the most from the cuts to the Deutsche Commerce Bank tie up as well as the potential cuts to their investment Bank. Because frankly, they're probably not going to have his biggest presence, right? So if you look locally, it's really the US banks have been gaining share in the global investment banking business, especially trading, especially equities prime brokerage. There is a Bloomberg story. I think over the weekend highlighting that, but you've really seen it in the numbers, and you've seen it when you look at their equity trading versus thick trading vix trading actually had recovered a bit before it fell off again last year, but equity trading has consistently trailed and at the same time, we're hearing about all the market share pickup from the. The US players. So. Yeah. So I think that probably can continue. Yeah. US will continue to win out over the German and frankly European counterparts. Allison Williams of Bloomberg intelligence joining us here interactive brokers studios. Thank you so much right now, we're looking at futures that are all negative to flat now head of the US open..
"commerce bank" Discussed on Bloomberg Radio New York
"Five thirty on Wall Street. Good morning. I'm Nathan Hager. And I'm Karen Moskow. We are just about four hours away from the opening of US trading. Let's get you up to date on the news. You need to know. At this hour. We have some deal. News to kick off the week. Fidelity national information services has agreed to combine with world pay for about forty three billion dollars, including debt. It's the biggest deal ever in the international payments sector world. Pay shares are up ten percent in early trading in Europe. Deutsche Bank is starting merger talks with Commerce Bank after Germany's government gave the green light on jobs cuts as part of the deal still. Their skepticism on how effective a tight may be Bloomberg macro strategist, Mark Cudmore. It's something more real more viable, but I think that there is a merger. It's going to be long and difficult. I don't think anyone is confident that it's going to transform itself. If there is a merger. There's a long way to go before the banks can actually work at right now. Shares of Deutsche Bank are up more than three percent while Commerce Bank is higher by nearly six percent. And the UK Prime Minister Theresa may is once again trying to get her Brexit deal passed this week she's vowing to give up trying to get a divorce from the e u unless her own party backs down and supports her deal. News this morning that Boeing may have had too much influence vetting its own jets. We get details on that from Bloomberg's Christine Burke. There's a big Seattle times investigation report that uncovered details about how the FAA delegated a lot of it safety assessments to bowing into people that Boeing hired on in the case of the max plane safety. Engineers shared details with the Seattle times basically saying. Saying that Boeing's safety analysis that delivered to the FAA on these max jets had several crucial flaws in Ethiopia says an initial study of flight data recorders from last week's crash shows. Clear similarities with the lion aircrash from October. Boeing shares are down more than two percent. This morning. Oh, y'all trading near a four month. High is Saudi Arabia said OPEC and its allies will stick to production cuts for as long as inventories. Keep rising. Checking prices right now, they are lower. Nymex crude oil is down six tenths percent or thirty six cents at fifty eight dollars sixteen cents a barrel. Brent is down about half percent at sixty six dollars eighty six cents. We could get details on lifts IPO plans as soon as today, Bloomberg news has learned the ride hailing company seeks to raise as much as two billion dollars in its offering. And the Federal Reserve meets this week with expectations. Interest rates will stay on hold SNP. Futures are little change this morning. Dow futures down fifty three NASDAQ futures up a five to ten year treasury little change yield two point five eight percent. The yield on the two year two point four three percent. And NYMEX crude oil is down seven tenths percent or thirty eight cents as I said at fifty eight dollars fourteen cents a barrel and straight ahead. The latest world and national news. This is Bloomberg. Thanks, Karen, five thirty three on Wall Street, and Michael Barr has more of what's going on around the world. Michael. Thank you very much. Nathan New.
Deutsche Bank, Hang Seng And Commerce Bank discussed on Bloomberg Daybreak: Europe
"That's right. And we're looking at first of all I should say the reason I'm here. If you just tuned in is that yesterday, Deutsche Bank and Commerzbank. Both both announced that they were officially going into merger talks or talks to work together in some way to try and overcome the problems that they both have. So I've come to Frankfort to talk to a number of shareholders and stakeholders in these two banks and try and figure out what's going to happen. It's still could take months of negotiation before the bigger Deutsche Bank buys the smaller Commerce Bank. But the government is firmly behind it and has given them the okay to cut jobs pretty drastically. Which is what they would need to do. So now, we're here to watch. What happens? It'll be interesting to see what happens to the shares today. It's not like this is necessarily surprise. We've been expecting this informal. Talks been going on for months, but we do see shares otherwise rising around the world. So Asian shares the. Japanese indexes, for example, or up about seven tenths of one percent. The Hang Seng in Hong Kong is up more than one percent. The CSI three hundred in China is up two point six percent. So there's quite a lot of. Risk on sentiment in markets. And we see that reflected in European and US equity
"commerce bank" Discussed on Bloomberg Radio New York
"I'm Susanna Palmer from Bloomberg world headquarters Deutsche Bank, Europe's once dominant financial institution threw in the towel on years of failed turnaround efforts and agreed to begin government back to merger talks with Commerce Bank. Steven errands is a banking reporter for Bloomberg news. He says a combination of the two might not address a big problem for each of them on their own, and that's growth problem. They have is a growth problem with the both seen revenue declined for several years now, and the combination of them all of course, will result in in cost cutting for that will not solve the problem in of itself. And therefore the question is will help solve one of the problems faced by those two. Thanks, the two will still face a weakening economy and for Deutsche Bank, it'll face US probes into its dealings with president Donald Trump's business in the UK chancellor of the exchequer, Philip Hammond ramped up the pressure on Briggs. Tears in parliament. He warned today that unless they support Prime Minister Theresa May's Brexit deal they risk a long delay in the process of leaving the European Union. He did say a growing number of Tories are now supporting the deal, and there could be another vote this week. But only if the government is confident it will win with everything else. That's going on in the world. You might have forgotten that there is a Federal Reserve meeting to be held this week. The fed is expected to hold interest rates steady on Wednesday announced the end of selling its balance sheet assets and lower the outlook for the number of interest rate hikes this year..
Bank Deutsche Bank, Commerce Bank And Germany discussed on The Dirt Doctor
"Germany's biggest Bank Deutsche Bank and domestic rival of Commerce Bank plan to open talks about a possible. Merger officials with Commerce Bank set at a brief statement today. The two lenders quote have agreed to start discussions with an open outcome on a potential merger. Going back says its management board has decided to review strategic
Deutsche Bank set to announce merger talks with Commerzbank: source
"Has learned to Deutsche Bank and Commerce Bank are ready to announce they are talking about a merger this after the German government signaled it will allow job in cost cuts the boards of both companies are planning to meet separately. As a first step Deutsche Bank and Commerzbank declined to comment. Bloomberg has learned Aaliyah's S E is exploring the possibility of a combination of its asset management arm with deutchebanks DWA group. A source says it's early in the deliberations, and the talks might not go anywhere as we've been reporting the Arlington Virginia county board unanimously approved a twenty three million dollar incentive package for Amazon to build a headquarters facility in crystal city. The five zero vote yesterday was the final action granting local and state subsidies to Amazon as part of its much publicized plan to create at least twenty five thousand jobs over twelve years. Investors took heart from last week's gains that saw the S and P five hundred rise two point nine percent for
"commerce bank" Discussed on Biz Talk Radio
"Not cut Planned Parenthood does not sit some security and does actually tied Medicare. It is putting in some cost controls. It is reducing the size of government. So there's some good things. The other thing it does not calculate properly. I should say does not properly calculate. The fact of grows a growing economy on the budget. Now, we haven't had a three point three percent GDP growth since two thousand five every word get three point two three point five. Maybe three years out of the next eight that would go a long way to help this budget does a calculate that is. So that's good. So maybe the fifteen years is more like twelve years. Maybe it's more than that. Depending on the growth. The question is are they? There enough controls in it that could cut that could save. Save take this fifteen years down. I don't I don't think that controls. What controls are in? They're gonna last again, we're not gonna see the light of day either. So look this happens every year. And that's what this budget is doing. It is giving us a state of mind of the president. At least he is indicating that he does care about the deficit. He is trying to reduce the deficit. He doesn't want out of control spending is reducing spending by over five percent. That is very good with the exception of the department of defense. So he's doing some great thing. Some things that need to be done desperately need to be done. But again because we all didn't come out and vote last election. We've got no shot of this thing again being approved. It isn't going to happen. And the only way some of these things are going to get fixed is if the Republicans gained control the house of representatives and the Senate again, keep the Senate and gain control of the house of representatives and keep the White House. Then we've got a chance of seeing some changes being made to the budgeting process. So I just wanna point out to you. I could I could come here. And I could talk about all the little niceties in this Bill. I could say we're on this great. We're cutting in this great. We're going to try to fix this. Isn't this great? We've got a control and here. It is great. We're cutting every department in the budget. That's great. Isn't this that great this? Great. And all that. I mean, we could do that. Yeah. We're getting more money to the wall. This is going to suffer for, but we're getting more money for the wall. So on and so forth. We could talk about all those things. There's no doubt about it. But the fact of the matter is I'm not real big or and talking about this thing and praising and beating it to death and analyzing to death. When you look at it and read it and realize that it's never there are very very very few things with the exception of some infrastructure things. Some other things that that Democrats and Republicans are going to agree on on this and the purse strings the purse strings are being held by Democrats. And I don't believe there's a whole lot of Republicans at care much about the deficit. But there aren't any Democrats care about the deficit unless they have to give lip service in there in the district in which they represent so. It does give us an idea of the platform the president's going to be running on he's going to be running on. Smaller government is going to be running on cutting the deficit. He's going to be running on sixteen Medicaid Medicare. I'm sorry. He's gonna be he's not running north sixteen social security, but that needs to happen that can happen very very easily. But he is running on a securing the borders because there is money in here for more security of the borders. That is a very good thing. So obviously that's going to be a plank in his platform that he is going to continue to stand firmly upon as he should. And that's a good thing. All these things are again at outline of his campaign promises. But you know, let's let's keep in mind. The president said that he was going to during the campaign that in eight years there would not be any deficit. So much for that. He then said backed off of that. Instead it's going to probably take ten years for the deficit. This budget is showing fifteen year. For the deficit to be wiped out. So we have got to get from here. Fifteen years. Al and watch before we can start watching that debt clock run in the other direction. And again, the odds of this being passed are. Well, there aren't any. There is no odds to be had. It's not gonna pay us not gonna even get again. It's not gonna hit the floor. So. That's the issue. So I I'm not I'm not trying to be critical of anybody that is going to expound upon today and already has on the conservative side about the budget. I'm not I I don't want to be critical and that I'm just saying I don't want you to get awfully excited about it. I don't want you to say, well, why didn't Dan talk about. This is really good news. Never know. Talk about it because it ain't going to happen. So let's see what we get. And then I promise you talk about that too. You're nauseated about. I mean, I I mean, that's all I can do. But there's no sense in spending a lot of time on this. So just keep in mind when you hear all these optimistic things, and you think about how great the president is. It's all true. He is great. He had a took a lot of guts to put a budget in. That is a record in the history of the nation to cut the deficit by this much that is a wonderful thing. And I really appreciate the president for doing that. But the fact of the matter is. This is why our role is so awfully important. Gold finishes lower. Failed once again to reach thirteen hundred I've been saying well reach thirteen hundred four years now. It has a couple of times. But only to fall back away. I told you about the Asia markets all finished up over one percent. Very very good news, very positive news on the Asia side. And that's good that we see that. But European markets also hire. And that's good news, by the way. Our phone lines are open eight four four seven zero seven fifty five thirty three if you want to call queue your call up. You're welcome to do it. European markets are higher don't and. You know, I told you about commerce Commerce Bank, the other German Bank, the second largest Bank in Germany next door your Bank both of their stocks surged yesterday. Commerce Bank was up Commerzbank up seven percent yesterday or the notion that they are possibly talking deutchebanks commerce to to. Merge. Huge mistake. I don't know why everybody's excited about it. I wouldn't buy that stock of my life depended on it. But nonetheless. Stock is surging. How would you like that the largest country in the euro zone? Only have one Bank that they get really depend upon and this one Bank has married another Bank. That's got the same problems that they have. So it would be like you with one hundred thousand dollars in debt marrying, somebody with one hundred thousand dollars in debt, and you're no better off. So the income streams not going to be greater the income stream can't support the debt they have so huge problems come with this marriage. So will it happen? I I don't know. I suspect it might the government is Ford, of course, the government's work because the government of Germany is going to be in the banking business because they're going to have to bail out bear out bailout and own Deutsche Bank with in all likelihood and be very very active in it. As maybe that's what they wanna do. So. US is warning Germany, listen, here's the deal, Germany, if you're going to continue down this road of using wa- way. Your new next generation mobile and internet technology, then we the United States of America is going to stop sharing. A lot of our intelligence information with you. So they're saying if you do this if you use China for this don't expect to be getting a lot of in-cell from the United States, you're going to have to work on your own on that because the US smart enough to realize that there's probably this is probably coming with some surveillance software in it. So I'm glad that US has picked up on that that gives me a little more comfort. All right. We're going to go to phones after the break. Eight four four seven zero seven thirty five thirty three if you wanted to your car. You're welcome to do that more. Get a look and see other markets open here this morning, by the way, I want to mention to you man, if you have not oh, first of all we have a conference call conference call on Thursday. Don't forget concerts. Call on Thursday. So you can join us for that conference. Call at least I hope you can join us for that conference. Call on Thursday to the port and conference call we did one last Thursday as well. So that's up on the site too. Short one. This is another conference call. We'll do this at noon, twelve o'clock eastern time. One o'clock. I'm sorry. One o'clock eastern time, twelve o'clock central time, one o'clock eastern time, twelve o'clock central time on Thursday. So I hope you'll join me for that conference car. Got a lot of things I'm working on to try to share with you even even in light of what I shared on last Thursday. So I hope you're a partner that hope you're privy to this. But we've got some changes on the horizon that we've got to think hard about and I'm going to give you an idea of what we are concerned about. I'm also going to do a little bit of that as we move forward into our retreat. I'll do that as well. I hope you are registered for the retreat. If you if you're not gonna stay there. And you live in the area you're coming. You still have to register. So I hope you'll do that. Please register for the retreat coming out do it. Now we had a number of registrations yesterday. So we're building this getting closer and closer here. It's only in a couple of weeks. So I hope you will not miss Sunday night Monday and Tuesday morning the end of the month. So it's an amazing retreat. You won't regret it and you'll get some unbelievable scholarship time with like minded people, you'll make new friends, and you'll meet a lot of family members of what we say family members of financial issues, and we're very excited about it. And hope that you will be there if you live in the Dallas Texas area, you.
"commerce bank" Discussed on Bloomberg Radio New York
"The data. We do that. Every fifteen minutes here on Bloomberg radio up by four tenths of one percent on the stock six hundred this morning. The Footsie-100 pacing those gains the CAC count up by six Amazon should acts up by three tenths. So we have a broadly positive session here in Europe making some medicine gains across European equity markets, the earning season very much in full swing credit Credit Suisse coming through with numbers and that stock down by two point three percents on the back of that global markets the loss bigger-than-expected there says the outlook for trade their trading business looks pretty cautious. So that's weighing on the stock. The Commerzbank numbers being taken as a positive thing by the Mark is up by two and a half percent. We had Schneider Electric giving numbers to the market earlier on as well. And that stock. Up by four point six percent today. Flag that they're going to do some asset sales DSM in the chemical space up by seven percents after their numbers. Nestle a heavyweight on the stock six hundred of course, up by three percents after they said, they're going to consider selling Hurter. This is their lunch meat business. And we got Airbus up by four point eight percent this morning. The end of an era of the three eighty and just sort of a comment from the CEO of Airbus saying that the Airbus A three hundred probably came a decade too late. We'll think about the the passing of our era in aviation. Well, we just check the oil price up by one percent this morning. Fifty four forty six is where we trade Matt Miller. Good morning. Good morning to you. And I'm here in Frankfurt as you said getting ready to go over and talk to the CFO of Commerce Bank. That'll be a particularly interesting interview for a few different reasons. First of which is that they're not going to meet a number of their targets. So they had previously planned to cut jobs down to thirty six thousand by. Next year. They're going to have more than thirty eight thousand headcount they previously planned six percent return on tangible equity by next year. They're not gonna be able to make that. And they say they're feeling less of a tailwind from the German economy than they had expected. So I'm gonna be asking what all that means. If it forces them closer to a merger with Deutsche Bank, which is of course, the main storyline that everyone's talking about in terms of these banks. Yes, indeed, Bank is automation. Certainly something. We've talked about many times, let's talk now to Ben Jones senior multi-asset strategist at State Street joins me here in the London studio. Good morning once again, TD, Ben very good to have you with us. So we only earning season. We've had a lot of numbers out of the banking sector. Is there anything that? You can see that would make you interested in the banking sector right now. The European equities achieve banks, maybe do look cheap. But that doesn't mean that you're going to want to buy them my surprise..
"commerce bank" Discussed on Bloomberg Radio New York
"This morning. Mattino must feel as if we need to organize awake. I'm a three hundred eighty superjumbo. Yeah. Actually that is suppressing when I read the headline. I thought what a bummer what a big deal. What a big milestone. Really? Yeah. Boss, essentially, canceling the program saying that I will be delivering its lost super jumbo in twenty twenty one. Anyway, we'll talk a lot more about that. Shall we? Get off though off the Mark with cement earnings. Yes. Please kick it off with your beautiful French pronunciations Cutty SWISS's what you're talking about supposed Swiss. But anyway in the sort of francophone part of Switzerland fourth quarter net income beating estimates here. Two point two hundred ninety two million Swiss francs, the estimate was for one hundred and ninety one point three million Swiss francs, so that's a beat on the bottom line. Also on the top line fourth quarter, revenue four point eight billion Swiss francs, the estimate was four point seven five billion Swiss francs, of course, we're gonna be speaking later on with it, John. I'm the CEO Ovech Cutty sweet. Dot's at seven AM London time on Bloomberg TV as what has radio some interesting questions that need to be put to downtown this morning, including of course, what he sees for the future of this Bank as the three year restructuring program is now coming towards the end. And we've got here in Germany Commerce Bank. Which is why I'm in Frankford, obviously reporting earnings that were higher than the street anticipated a net income in the fourth quarter was one hundred thirteen million euros. The estimate was for eighty two million euros also giving an upbeat forecast in terms of revenue Commerce Bank sees two thousand nineteen revenue higher than two thousand eighteen say underlying revenue I'm going to look into exactly what that means. They see their cost base of below six point eight billion euros in two thousand nineteen and drag from risk result likely at least five hundred and fifty million euros. We have a ton of numbers basically out. But it looks like the both the the earnings and the revenue beat or were in line revenue. I should say adjusted is in the fourth quarter two point one five one billion. Versus two point one six five billion years year ago. So it's still lower than last year of a better than the street had anticipated. Matt I'm gonna break up my French pronunciation, again cutback, I call its fourth quarter net income coming in at one point zero one billion euros the fourth quarter capital markets as well. As investing banking revenue is down by twenty nine percent at the same time Cutty gonna is talking about it's achieved its mid term targets one year ahead of that plan. So that's the latest also coming out of the French banking sector this morning. One more red headline that I just want to mention air Arabia. Drops nine percent after posting. I yearly loss on record. So another headline coming out to the aviation sector this morning. Credit Agricole was the one I was waiting for to be. And I feel like our producer Sandra Kilhof, pronounces it better. Even more French than you do in any case above expectations next. Let me get on with the data. Check here kind of a mixed market. So the topic's closing up three one hundreds of one percent. The Nikkei closing down to one hundred of one percent. So suffice it to say not a lot of change there. The Hang Seng in Hong Kong off a quarter percent right now, the CSI three hundred on the mainland up fifteen one hundred almost two tenths of one percent. So really different directions. But not a lot of size in terms of moves in Asian equities in terms of what we see for futures here in Europe. First off we see slightly green Arrow's. Dax futures are up two tenths of one percent footsie, and your stocks fifty futures up a little bit less than that. You do see positive futures for the US indexes. Dow Jones mini futures up about. A quarter percent as our NASDAQ one hundred s and p E mini futures are about two tenths of one percent. In terms of what we see going on in other asset classes just to quickly give you some risk indication the US tenure yield is climbing up to over two point seven percent. So investors feel okay? About letting go with that paper, and the dollar is gaining just slightly on the yen at one eleven. All right. Let's delve deeper into our other top stories this morning. President Trump is said to be considering pushing back the deadline for higher tariffs on Chinese goods by sixty days. He's already indicated his willingness for letting the March the first deadline slip. If the two countries are close to a deal being made, but Bloomberg's China. Correspondent Tom MacKenzie says there's also notes of caution is if you have more time for these negotiations than not is to likely ramp-up pressure on Trump and his negotiating team to extract real concessions from the Chinese. And that's where China watchers say you get down to. The real rub. You can get some calls. Medic changes around things like intellectual property enforced tech transfer where it comes to the state role in the economy that is a much harder thing for the Chinese to sign up to top level trade talks are continuing in Beijing today where Treasury Secretary Steven Mnuchin and Trade Representative Robert lighthizer have met with vice-premier you. China's export growth unexpectedly rebounded in January. The result was likely boosted by companies trying to ship goods ahead of the lunar. New your holiday outbound shipments rose just over nine percent from a year earlier while inbound deliveries slipped one and a half percent left China with a trade surplus of thirty nine point two billion dollars. Let's cross over to Singapore to talk a little bit more about the market fallout of what we've been hearing on the trade front to Wes Goodman from the markets live team joins us now. Chinese investors. They've been digesting good export numbers as well. As the potential then sixty day extension of this US tariff deadline, but stocks they not been sort of racing ahead. Why on stocks trading higher and more of a conservative fashion? Yeah. They seem to be a little stuck morning everyone. You know was the CSI three hundred that rose two percent yesterday. And that was really the the big move. And and President Trump yesterday was hinting or indicating that he'd be open to extending this deadline on the tariffs. So stocks yourself a little bit tired today. Asian shares are up seven percent just this year alone. And today's price action does suggest the rallies getting a little weary. We saw Japanese GDP pickup and yet. No change in Japanese stocks. What's going on there? Yeah. Again, the same their stocks are just a little bit stock. I think part of the answer is that the economy expanded one point four percent, which isn't all that great. You know, and it was just yesterday that J governor repeated his line this thing he says all the time that he's going to persistently ease policy, and that's just a reminder that the economy's in trouble. It's this idea that people really have at the forefront of thinking rather than this latest GDP report so against stocks kind of stuck there as well. Japan the pressure. Thanks, so much, Wes Goodman, full real time market, commentary and analysis. Check out markets live. That's M L I V on your Bloomberg terminal. All right, now Japanese ecommerce giant recruiting has revealed it shunned Weiwei equipment to build out its network over security concerns. The CEO Hiroshi may Kettani told Bloomberg made the decision despite being cleared by the Japanese government to use the Chinese companies products. I kind of says the potential risk percent myself, again, not pick one percent risk that something may happen to prohibit Chinese network to be used for Japanese mobile network. So I decided not to use. Or is it the? While way is facing a growing global crackdown of western governments worried its equipment could be used to spy for Beijing. Okay. Let's turn from Asia to Europe next. Theresa May faces a potential revolt from pro Brexit members of a conservative policy in votes later today. Bloomberg's Alex Morales says it comes as the prime minister wants more time to secure changes to her Brexit deal. The problem is the motion she's propose Austin to support the approach approved on January the twenty nine by the house of Commons. Then lawmakers voted for me to seek binding changes to her Brexit deal. But also to reject or no deal departure that's problematic for eurosceptics in an apology because many prefer no deal Brexit to the agreement. She's reached members of the anti EU European research group met with chief whip Julian Smith on Wednesday evening to insist that leaving the block without an agreement. Must remain an option the meeting broke up without resolution, meaning some conservatives may not vote with the government inland. Alex morales. Bloomberg daybreak Europe. Now Airbus has scrapped the slow selling a three eighty superjumbos. We told you at the top of the show, the European plane maker will cease deliveries of the double decker jet and twenty twenty one after Gulf carrier Emirates, the only remaining buyer of the a three eighty cut its orderbook by thirty nine aircraft. The model was once the Airbus flagship after just a dozen years in service, and we'll bring you an exclusive interview with the president of Airbus commercial aircraft at ten forty five. AM London time on Bloomberg television. Yeah, it's going to be interesting to get his taken here. His take on this constellation of the program. Let's get some more headlines from around the world. Let's.
Search of Deutsche Bank offices continues in German probe
"Rage still work in the banks anti crime unit one of them and the other person works in the private wealth. Not a unit we've been told by people familiar, and and of course, the question is now or we know who was in charge Christmas having for example, the CEO for Bank. Now, he used to lead the retail and wealth management division from twenty fifteen to an April twenty eighteen this year before he became CEO. And no one is saying that he was involved in any of this happened under his watch and the same, of course, goes for Soviet Majerus achieve regulatory officer who's overseeing the national crime unit, and of course, their questions about her especially about her actually because we previously reported that she people have the Bank at yourselves actually, considering whether to leave the Bank, and it's clear that these latest developments. Likely to what are apathetic to stay was nyc. If you will see I have to wonder let's play this out what could potentially be the consequence for Deutsche Bank. Is it merging with Commerce Bank? Is it a bailout by the chairman government, or is this just something that is another new sense, but can be sort of swept under the rug and the Bank allowed to continue on its way. That's the question. I think people at the magma self now trying to figure out it's going to be a hard to answer maybe even impossible to answer for as long as it's not clear what the prosecutors here in this case will do with with with information that they collect it. But of course, it adds to a whole a whole host of problems facing the Bank the chef plan. The share price has hit another record low and and dodgers facing questions over his role potential role in the dense good money laundering scandal. Even though is only a correspondent Bank. So there's a whole lot of questions, and if any of these problems mushrooms into something bigger, it could lead to something given the low share price and the general nervousness people have about the Bank, it could it could lead to something even bigger. So I think that's a big concern at the Bank right now people there are focused on cooperating with authorities. But soon as dot I fire has been stamped out. They will move on. On and to think about the longterm implications. And what do they need to do to face those challenges? Thank you very much for being with us. Steven arends is Bloomberg's banking reporter. He is based in Frankfurt the scene of those investigations and raids by regulators of the German government and shares of Deutsche Bank. They are lower right now. At least the ADR's at beg your pardon. The trade. The United States are down more than three percent. Off a pretty small face. I mean, we're talking we're getting down to dollar shares while this is nine dollars and thirteen cents and they have lost more than fifty two percent of their value. So far this year. Now, let's go get some value in Washington DC
Indonesia ends search for ferry victims, Germany's migrant deal, and other news in pictures
"Today european shares and us futures rising following that mixed asian session all eyes were on the one today the euro strengthening is germany's coalition government dodged a crisis over my gration telecom companies leading an advance in the stock six hundred today futures on the s and p five hundred the dow the nasdaq all pointing to a firm open minor glencore heading for the biggest decline in two years something i'll come to hong kong stocks slumping as the city returned from a holiday em says pairing some of that declines as the people's bank of china governor eat gang said the country aimed to keep its currency at a stable and reasonable level that helped the u honore's earlier losses is developing nation currencies overall edge tie today turkey's lira plunging after inflation data dollar falling versus major payers treasury steady the swedish krona advancing as the country's central bank sticking to its plan to start lifting interest rates while the global trade spat between the world's biggest economies appears to be worsening investors will take some chair from that pbs pledged to keep the stable that'll city looking two minutes from the fed jobs data later in the week to provide a welcome distraction from protectionist risks off to the country celebrates its independence day stock where keeping an eye on today is glenn called the biggest percentage decline on the stock six hundred shares of sunk a massive twelve percent biggest drop since march two thousand and sixteen the big news coming out of glencore is essentially it's african troubles are escalating dramatically that's after us authorities demanded documents relating to possible corruption and money laundering the world's biggest commodity trader says it's been subpoenaed by the us department of justice to produce documents with respect to compliance with the foreign corrupt practices act and united states money laundering statutes they relate to the company's business in nigeria the democratic republic of congo and venezuela from two thousand seven to the present that's a bloomberg business flash here's markus karlsson with more on what's going on around the world mark twelve boys and their football coach trapped in a cave and thailand will need to learn to dive all wait months for flooding to recede before they can get out the group had been missing for nine days before they were found by divers late yesterday rescues are now battling rising water levels to bring more supplies to the group with tirtha saying that they may need food for at least the next four months the most senior roman catholic clerics will be to be convicted of covering up child sex abuse has been sentenced to twelve months detention australian archbishop philip wilson has been found guilty of failing to tell the police about the repeated abuse of to alter boys by a priest in the nineteen seventy s and disgraced movie producer harvey weinstein has been indicted on new sexual assault claims according to manhattan district attorney facing charges of sexually assaulting three women weinstein could be convicted of a minimum ten years in prison and a maximum sentence of life imprisonment his attorney benjamin bronfman has said weinstein will plead not guilty global news twenty four hours a day on naronha take talk on twitter powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries i'm chris carlson this is bloomberg markets thanks coming up next our colleagues in the us getting ready for bloomberg daybreak in new york let's check in with bob morning bob the people's bank of china pledges you want stability and china's currency stems losses we'll have the very latest chinese telecom carrier meantime is the latest target of the trump administration which is moving to block the state back company from entering the us telecommunications market citing national security concerns jealous subject we'll have the story from the bloomberg ninety nine one newsroom in washington shares of glencore plunge after a us subpoena over possible money laundering bloomberg sebastian selleck we'll have details in london societe generale requires the commodities and equity units of commerce bank we'll get the story from bloomberg's danny burger and we're set to talk live and our first half hour to kelham pickering berenberg senior economist he's doing my colleague karen moskow and me for bloomberg daybreak right here on bloomberg radio.
Uber to learn London license fate with judge's ruling on Tuesday
"At a shot of the downtown financial center dollar lira than the big story in the emerging market space currently unchanged at did rally quite a bit about two to three percents give away some of those gains commerce bank warning that the central bank of monetary policy risks they've applied after the vote where are we at us equity futures have those trade tensions sent you a stocks to the steepest drop since early april just a couple of whiskers higher here so steady as they go that's cross over now to deborah maoz won't get you up to speed some of the other stories we're watching for you from china and the european union have promised to oppose trade protectionism at a high level meeting in beijing both parties said unilateral actions risk pushing the world into a recession president trump has accused china and europe of unfair trade the turkish liras attempt at a rally after president erdogan's election victory proved shortlived concerns about the independence of the nation central bank and policy direction saw the currency erase gains of as much as three point one percent stocks and bonds also reverse their advance capital fled this quarter as one urged his own central bank not to lower interest rates despite double digit inflation in iran protests over worsening economic conditions have reached the doorstep of parliament in tehran videos posted on social media appear to show demonstrators fleeing from teargas following confrontations with security officers it's the first such incident since a wave of similar protests rocked the country at the start of the year resulting in twenty five deaths and more than five thousand arrests uber says it's moves to protect passengers and drivers have keys london's transport regulator back in september transport for london said the company wasn't fit and proper to operate in the city but now the body says its list of issues with uber have either been addressed or relate to our former code of conduct uber's longawaited appeal of a licensed ban in the uk capital began yesterday and the judge said she may make a ruling as early as today and hbo's website is down in china after comedian john oliver criticized president xi jinping on his show last week tonight oliver called out the chinese leader for political power and censoring online's ascent about him including banning references to winnie the pooh chinese authorities appear to have blocked hbo dot com but hbo programming a license to ten cent has not been affected global news twenty four hours.