To us a little bit about the open. We expect the shares to be treated any minute now . Yousef absolutely. We are waiting for the numbers, scenariowas the base and exactly whats coming through third theyre climbing to the daily limits of 10 as expected. The ipo was at 32 realities. Implied valuation was 1. 7 trillion. We are already up to 1. 8 8 trillion. The biggest conversation has been around the 2 trillion mark for the government has done is offer a smaller percentage of the company to investors. Of the market cap is a tiny fraction of what is loaded from Companies Like facebook and microsoft word we know there are support mechanisms for the stock , including goldman sachs. Retail investors have been given a hand as well with some incentives. The fast track to index inclusion is important as well. Where the story goes from here is what happens with foreign investors. This is mostly a domestic or regional play. His saudi aramco going to consider a secondary listing . Anna an important question. Suggestsng action here investors are not generally put a suppose this a lot of resistance on the sidelines. Sam absolutely yousef . Absolutely. The focus with Credit Investors has been on saudi arabia, making sure the 119 billion that came through. You can also tell from the event itself, focus on the domestic audience. The ceo of saudi aramco gave us a few words just minutes ago we will see how much further the stock can go, but ultimately, theres a level of realism that will have to kick in at some point. We were speaking earlier to anthony scaramucci, he said this buy if you are willing to hold. Matt what is the feeling on the street . Where thesituation entire Saudi Arabian middleclass is buying in . Yousef yes. And is a National Project has been sold as perhaps a National Responsibility for all citizens to take part in. The crown jewel of the Reform Efforts in trying to wean the economy off its independence. It ultimately made it easy for investors to take part. You can immediately through that get a little bit of an allocation in the ipo. There were able to drum up quite a bit of support going in, but its not just the lower middle classes. The families have been pressed and reallocate from other assets. We got quite a bit of support on that front as well. Anna we are watching live pictures from maria, the signing of various legislation. A lot of happy faces in that room, even if it starts an evaluation. People in saudi arabia buying into an oil company. Remind us how this is part of the bigger picture. Thats the bigger challenge. Because they put out a much smaller amount than initially rated the proceeds of 26 billion, thats going not not going to make much of a dent. Arguably, they are looking at using this momentum to fasttrack the wider privatization efforts trying to accelerate ongoing reforms that have faced hurdles and challenges. Bloomberg understands the Saudi Crown Prince is unhappy with not just onprogress a progress level, but a cost level. Saudi authorities are confident they can pull back just a little bit because of and improving backdrop globally. Thanks very much, reporting on the largest ipo in world history. Lets get over to hurdles and challenges that is what World Leaders face these days. The French Foreign minister has unveiled Pension Reforms after more mass demonstrations. What is the situation like there . The Prime Minister has said reform will be at about three hours from now. The government has no plan to abandon the reform. However, after the chaos theyve seen and the massive stations yesterday, the government could make small concessions. According to television, the report he could allied to younger generations, those entering the labor market from 2022 and more concessions could be given to bus and train createdwho have transports around paris with commuters having to walk very long taking bicycles. Relief is,e small when you look at the numbers of demonstrations that took place , weve had thousands of people protesting in the streets. The number was well below 800,000 people we saw last thursday. It is a point for the union and the government. Anna from protest activity on the streets to the bureaucratic battles taking place in brussels. Maria tadeo is in brussels for us, the new commissioner presenting the new green deal today. Expect . We we can finally get details from the deal. We are looking at a huge plan that potentially could change every industry in europe. She wants to make europes climate neutral, thats a very ambitious goal. The reasons for this are political. She knows green energy really resonated with voters, but there are two major questions we still what have an answer for are Eastern European countries going to do . These are countries that are still industrialized, and what is the European Industry going to do . We are potentially going to see stricter limits and potentially also different pricing for carbon. I have to say, i was at at aviation conference and he told me this probably means more taxes. The industry bracing itself for fundamental changes. Maria tadeo joining us from paris and the developing stories. The sun is coming appear in london, we are a day away from the u. K. Vote. We will bring you special coverage right here on bloomberg tv. Dont miss the action taking off thursday night, 10 p. M. U. K. Time. We will be speaking to economists, investors and the uks shadow chancellor. Before that, the secretarygeneral of the International Chamber of commerce. Bloomberg. Anna welcome back to the european open. Were expecting to be in a Holding Pattern with most of the vote here and waiting centralbank decisions. Showsy anticipated pole the tightening race in britains election. The latest survey forecasted conservatives will win 339 seats , less than half calculated last time. That leaves open the possibility of a Hung Parliament. Lets get into the conversation in more detail. Joining us in london is chris from the icc. Very good morning to you. Thoughts onget your how much business is being listens to throughout the process. I suppose icc members want to shape policy and give thoughts on the way. Policy is playing out. Is anybody listening . Chris i dont think they are. Frustration. Mous we are facing an election of horrible choices. Disruption lot more and uncertainty for a long time. Anna the Business Community is waiting like everyone else for the results. If we do see a victory for Boris Johnson, if we do see brexit , what will your message be then . Chris the main message is that is when brexit starts. We have got a hard deadline within one year which looks very unlikely they would be able to achieve full on negotiations. That sounds difficult and unrealistic. Anna in terms of what we know already, Northern Ireland features heavily. Heres been a lot of confusion it is contradicted by some of the paperwork. Expecting and how ready is business . It says everything you want to know. It is not well understood. For business, that means more complexity and more incentive to trade. Tapebureaucracy and red and makes the trading relationship really difficult. The whole story is a perfect example of what happens when you open borders and what that means to grade a peaceful environment. Now we are putting in more complexity. That is part of the conservative party manifesto, i suppose. We know they want to deliver heard what about the labor manifesto . There are probably policy some of your members have rejected. What is the message you are getting back on policy . Chris everyone is confirmed about nationalization. Sounds like a lot of legal battles and theres a huge disruption around brexit. Nationalization plus brexit or nationalization in another six months of trying to negotiate. We had also into negotiations with the united. Tates there are many areas that people dont want to be touched. Businesses what do u. K. Businesses say are the opportunities to be struck . Chris this a good reason there isnt a trade deal. Ins actually quite different the way we see food standards or public services. The real opportunities are scaling up existing trade. Statebased of regulations that get in the way of training and theres a lot of volume of trade. The best way is to remove barriers and scale up existing trade. Services, absolutely. But trying to get a deal, what everyone has to be clear about its not businesses that will what they decide opposition is. It was not that long ago the trade Investment Partnership collapsed after five years of negotiations. Butas a pretty decent deal completely collapsed because there was no public support. Chris thats why now you need a different structure to manage. Anna thanks for joining us, chris. , the southworth secretarygeneral of the icc. Butsun comes up over london we are building our way towards that boat. The election takes place tomorrow. Credit suisse cuts main profitability goals as credit weigh on the outlook. This is bloomberg. Matt welcome back, this is the european open. Away fromt 10 minutes the start of cash trading across europe. Right now, we see a mixed picture but few see futures are at a quarter of 1 . Lets get first word news in hong kong. The Worlds Largest ever ipo is finally here. Within the last few minutes, saudi aramco shares have risen 10 . The listing of vaults of the stock market into the ranks of the Worlds Largest. The ipo sees the company raising 25. 6 billion officials are set to expect the u. S. To delay billions in new tariffs. Peter navarro says there are no indications of the extra duties want to be imposed. Beijing and washington are in almost daily contact. Were told that rather than removing existing tariffs the focus is on resisting relisting duties payables. President trump says the articles of impeachment delivered against him are quote week. They are calling for removal from abuse of power and preventing congress. The resolution also accuses them of ignoring National Security for personal benefit. The Impeachment Vote is expected past but will stand little chance in the senate. The new president of the European Commission aims to set up targets for the worlds single biggest market to become climate neutral. They say the transition will start next year, and among the limits,s are emission taxes, and a possible environmental import tax. Global news, 24 hours a day on air, on quicktake, and on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Anna thank you very much for that. Lets talk about the banking sector. Credit suisse is cutting profitability targets this year as trade tensions and negative Interest Rates weigh on the bank. The lender has been changing its expectations with regard to return on tangible equity. Year, that 8 this was after a previous guidance level of 10 and 11 . Lets get analysis from the team. We are joined by our swiss finance reporter hat trick. Patrick. How much of a surprise than . Surprise, then . Analysts have been hinting for a couple of weeks. I still think investors will be surprised, but mostly disappointed. Credit suisse has cut back main profit targets. On the plus size, capital returns are safe for now. But you never know what will happen in the next couple of years. Patrick, what is it like in terms of the jobs situation . We do see banks across europe reducing headcount. The noise currently is that theres not going to be huge jobkilling program. There really was a brutal restructuring. Through,hiam pushed they would argue the homework has done and you might see cuts in the back office and some general attrition there but not a huge program as you are seeing at morgan stanley. Matt thanks very much. Lets take a look at some of the other stocks to watch ahead of the open. srst off, the owner of zara reporting and acceleration in sales as it reported an acceleration into ecommerce. Euros is what the sales figure. Sales rising 7. 5 in the first nine months. Have this german business try to make a decision. Doesnt it sell the elevator unit valued at 15 billion euros . Or does it ipo the elevator unit . They are struggling with Balance Sheet issues, try to figure how to get rid of its stillattractive elevator unit. Coming up, the market open. Futures are mixed, but pointing higher in the u. K. This is bloomberg. Matt less than a minute away from cash equities trading. Lets get your top headlines for you. Saudi aramco shares surge to the upper limits. 10 in the Worlds Largest ipo. We will be live, all morning for from from a readd riyadh. Credit suisse cuts as their outlook is clouded. Boris johnsons election lead is cut by more than half in a key opinion poll. That boat tomorrow vote tomorrow. Lets check in with dani burger, standing by in london the look at the european futures. Dani five seconds away. Stand out the ftse 100 futures up. 2 . We are expected to see gains, but its all about the pound. The pound will be dominating u. K. Trading today. Effect,t the pound weakening after the poll showing the conservative majority might be cut. Parliament is a hung and clouded negotiations with the you. Eu. The stoxx 600 is down. Beside the election, its a day of macro spreads. We will see a muted session. A lot of traders on the sidelines until we get the ecb or fed decision. Not to mention, the december deadline for tariffs. The concern is that it wont get done. We are getting the pound down. 3 . Lets see what those industries are doing. I expect u. K. Elections to be weighing on what we see. First off, you will notice a big spot of red. This might have to do with Credit Suisse is downgrades, though banks came out and said training looks better. Also, the ecb decision coming up. We are unsure. Health care looks better, as well as consumer discretionarys looking weaker. How about those individual stocks . Taking a look to see which companies are moving the big benchmark index. Weve got a pretty even split. Hsbc with a gain of almost 1 is adding the most points. Then you can see the other big names. Tinto. Astrazeneca, rio so minors and pharma helping to hold the stock back from bigger losses. Its down by. 1 . One of the Bigger Companies is down, nestle. Its only down a little, but its helping to drag this index. Airbus is also down 1 . I note we have a lot to say about airbus today. Santander total and are helping to pull the stock down. We see stocks opening lackluster this morning. Europe is trading sideways amidst mixed messages on the trade front. As investors look out for the rate decision, the ecb follows tomorrow. Joining us on set outside the studio in london, the chief economist at trespass. Tresses. At least the sun is signing shining. Lets talk about the global picture for equities. In particular, the trade narrative. Got noavarro says he is indication as to whether trade tariffs will be imposed on chinese imports. How much of a preoccupation is that for you . Not particularly worried about the phase one trade deal. I word about phase two. I am worried about phase two. Phase one is just going back to where we were a few months ago. The challenges of the meaningful. Rade deal there is uncertainty into this approval and there is definitely the possibility that the u. S. Introduces tariffs on december 15. But it looks like china is happy to do a trade deal but they are not very sure about what they want to sign. Anna if you and investors think phase one just takes us back, anything that makes it more difficult will be taken very badly. Our question of the day has been asking what kind of reaction we will see. The downside could be quite drastic. The downside is important because we already had the Christmas Valley in december. The idearedicated on that there is no question about a trade deal happening. ,s too much optimism around particularly the idea that has to be done weekly. Is an idea that is almost impossible to think about in reality. There is no incentive from the u. S. Or Chinese Administration to reach a deal they do not feel congo with comfortable with. So concerned about the excess of opposite optimism. Anna matt . Matt i wonder, is there an opportunity for European Companies to build a stronger chip relationship in terms of trade . Or is global trade is global trade simply to internationally linked to allow that kind of advantage . Daniel there is an opportunity, but is not that big. If you look at the big exporters in the eurozone, they already have strong ties with china and its an important market for them. There can be opportunity in technology, some opportunities in consumer goods, but not a lot. I think that the challenge for the eurozone exporters is that most of them are not in autos but the rest of the exporters are in the mid to lower end of the added value chain, and therefore, suffer the most from a slowdown in global trade. That is likely to persist. Matt i am just trying to find out if there are any winners. If we have no phase two trade , whatas is fairly likely should investors do . You stay away from the more cyclical side of the equity market, from the stocks that are very exposed, to an improvement in macro data and a change in trends, there are global opportunities. If you think about it, technology is a sector that will be a winner matter what happens. You need to probably be on the safer side or more defensive side, but there are Good Companies out there. I wouldnt say they win, i dont getty what he wins from a trade dispute, but they can strengthen their position because of high and value added value. Matt daniel is the chief economist at a hedge fund, staying with us from london this morning. The polls are tightening. A hotly anticipated poll leaves door open to the possibility of a Hung Parliament. We discussed the Market Impact of that next. This is bloomberg. Anna look to the european open. Welcome back to the european open. Upside, int of an particular on the ftse 100. Studiooutside our normal broadcasting position because we are building up coverage towards the u. K. Election. Britain is going to the polls tomorrow, but we cant talk too much about it tomorrow. We have got some more recent polls data in place. Thats what sent the pound a little weaker and stocks a little higher. , stillet to our guest with us and the cold. A great time of year to have an election. This poll shows the conservative party would get a lead of 28 seats, the previous poll. Has significant is it to you , if, aside from majority that ends up being the result. Daniel this looks more realistic than the previous ones. Its quite doubtful there was such a huge majority. However, it is important to have a strong government. Its important because concerns about the u. K. Economy and those things that need to be addressed quite quickly need a strong government. See as important to strong majority, definitely. A Hung Parliament would be bad news in general. We have to see this upheld. Anna from an economists perspective, how much of an uptick in spending you expect to see . How much of an uptick if we do get direction on the clarity of brexit. Its just the start of the process really, because then we are into negotiations about the future relationship. With that level of clarity really generate a level of investment the conservative party has suggested . Sure a strongetty majority from the conservative and liftld go through a lot of concerns for businesses to invest in the u. K. Potentiallook at the all of the and decisions of investment in hiring that have been postponed simply because of the brexit process, a lot of those would be coming back quite quickly. Quite quickly, because it coincides with the reality of an economy that has not done that compared to the negative estimates. So the u. K. Economy has been stronger than expected, and the fact that investors would see a eight Government Plus at plus a quickly implemented deal would rapidly bring investment into the u. K. You know the value of a strong government or the pitfalls of week one. I believe Pedro Sanchez is going to meet with king fleabag king felipe on the difficult is difficulties he is having forming a government. Spains economy going to take some hits . And how do you feel about the strength of the nation . It is very concerning to 2020, the Spanish Government will have to cut at least 10 billion euros. That is nowhere to be found in the negotiations to form a coalition or to reach an agreement for the approval of a new government. That is quite a concern. Thater cause of concern is while we are seeing data bottom down, the data in spain is weakening. So the biggest risk for the spanish economy is that the government falls into the thelacency of believing economy will grow above the euro zone average and the fact that it is ignoring risks of the budget and the unemployment sector. November was very poor. And also ignoring the weakness in corporate profits. Matt what becomes of the catalan story . Sanchez, they have more support to pull spain apart or can holdsible madrid the country together . Obviously, the separatists know the governments that will be formed will be week. Weak. As such, they will try to push their agenda to whatever. Limitless spots. Limit is possible. In spain, institutions are very strong and independent. That event something falls under what a weak government would likely do. So its going to be very challenging not just in terms of how the government is going to be formed, but also in terms of approving a budget. Thats going to be a big, big challenge. Matt thanks so much, great to get some time with you. Daniel is the chief economist at be continuingl the conversation with anna and myself. Up next, stocks on the move. Where just 17 minutes into the session but there are already big movers. Jd sports is slumping after its biggest shareholder cuts its stake. Bloomberg. Erg matt welcome back to Bloomberg Markets europe. 20 minutes into the trading session, we are starting to see an uptick for sure. The dax and ftse gaining. Ecbelion the new commissioner will introduce her green plan. Her pitch will include a timeline for various laws to be put forward between now and the end of her term. Effecting sectors across the economy from agriculture to transport. Joins us now from brussels. What do we expect today . Maria this could potentially be huge. We are talking about a deal that could change the Way Industries in europe operate. We know she has said she wants to make europe climate neutral. The goal is ambitious and the deadline is tight. We know this could change many aspects of the european economy. The way carbon is priced, taxation. She has also promised trillions to pay for this. She is Public Investment and European Companies to play along and that is really the . Question, mark. I went to a conference in anssels and spoke to official from ryanair saying he is bracing himself debt saying they are bracing themselves for major changes. Bracing themselves for major changes. We pay millions in aviation taxation. What has that been spent on . We want it spent on the new development of Aviation Systems and the supply of Sustainable Fuels and to increase or improve the technology that would continue to ignore the Carbon Footprint from the already low figure of 2 . Maria that is the ceo of ryanair. You can already see theres pushback from a number of industries and you can see the European Commission saying this is something we strongly believe in and we are going to go ahead. Much, aank you very nice way to set off the next conversation. She hasame time announced her parameters, ramco has listed in saudi arabia. So how should the Asset Management industry view a giant of the carbon economy. That economy . Carbon economy . We are joined by a Climate Change strategist at hsbc. Great to have you. Welcome to our outdoor set as we build up to coverage of the election. How should the Asset Management industry view big oil . As a gateway to renewables or just to avoid them entirely . When we look at how human activities lead to omissions, oil is a big part. The Energy System are easier to d carbon eyes than others decarbonize than others. Towardsa world headed these targets, are in line of what we are told is necessary. Scenario, we can still use oil and gas for some sectors. Some are much harder to replace carbon, things like aviation, it makes it quite complicated. Petrochemicals and other sectors as well. The point is, if i am an investor and wants to buy into into an esgto buy it justified that fund holds shares of Royal Dutch Shell or bp . Building on the point i was making, even in the world taking a strong approach to limiting omissions, we can still use some oil and gas. Geely question is which shares to be wants to hold do we want to hold . So you would also want to look at how much the companies are transitioning towards alternative energy. So you cant differentiate between some of the large can countries on those metrics. A fund manager would want to be thinking of how much they want and then take a view on how much oil and gas we really need. Anna what do you think is the future of esp investing . It seemed was growing as a parallel investment class, and that is still the case, but principles seem to be affecting the thinking of a lot of Asset Managers and is not just something affecting just the investment community. Is that your experience . There still remains a broad range of integrating into individual funds. We have really seen a bit of a journey. We have had screening approaches for decades, choosing not to hold some sectors. 100 years ago, some investors were screaming out alcohol. Recently, the debate has been different. The screening may continue but we have seen opportunities as well. The number of assets globally. Anna i wonder if we will see the return of some of those funds thank you. Up next, we will talk more about u. K. Politics. This is bloomberg. Matt welcome back to Bloomberg Markets european open. 30 minutes into the trading day, you can see the stoxx 600 is slightly gaining. Lets take a look at the equity markets so far. 1 100 of 1 , not even a point. The broader european benchmark index. You can see it is a mixed picture if you look across europe. Gains in thespain, u. K. And germany as well. Not so much in italy and ireland or in france. We do see kind of a mixed picture across the continent. The worlds Biggest Company gets even bigger. Saudi aramco has surged by the limit of 10 and is in its trading debut. Lets go to riyadh, where yousef gamal eldin is standing by. What will the choreography look like from here now that shares are actually trading . You have until 3 00 p. M. Local time in riyadh and that is the end of the trading day. It will be interesting to see how it materializes into the second trading day later thursday to see whether that upside momentum can be maintained. We started off with an implied evaluation of 1. 7 trillion. The valuation has now grown. Where up to one point we are trillion. The question of the day is whether we will see a crack at the 2 trillion mark. Offeredi government has less shares for sale, just 1. 5 of the total market capitalization, which is really tiny compared to other heavyweights like apple and microsoft. Goldman sachs will play a role here. Million share option that they can trigger in the next 30 days. You are looking at Government Funds that could play a role in the next few trading days to try and make sure that the trajectory is what the government wants for saudi aramco. Matt thanks very much. Atsef gamal eldin in riyadh the Worlds Largest ipo of the Worlds Largest company. All ofllow of the the latest on the ipo. Anna lets pick up on another big story we are covering a lot this morning. That is the buildup to the u. K. Election. A holly and a hotly gives a lotpoll more detail seat by seat. It forecasts that the conservatives will still win but with a reduced margin compared to the previous poll a couple of weeks ago. Lets discuss this with john mcdonnell, the shadow chancellor of the exchequer. John good morning. Anna the latest polling suggests you are far from a majority. Party ready to accept that you wont win a majority this time around . John not at all. In 2017, the polling was telling us we were going to be wiped out and we almost won. The polling seems to reflect exactly the same as in 2017, underestimating the trend towards labour. The trend has been towards labour throughout this campaign. Yougov usually marks labour significantly down. Now they are saying we are in the margins of error of almost a Hung Parliament. I think we have a good chance of performing a small labour majority. Ill all depend on turnout, whether or not we can get our vote out. I think we can. There has been a large surge in the last couple of days, young people in particular. Women surge amongst older for whom labour is compensating for for what the conservatives did to them. Constituency by constituency, i think you will see surprising results. Anna you are still hoping for a majority. If you are not in a position to form a majority government, if you have a minority of the votes but get an opportunity to put together some kind of cooperation with other parties, what is the price of their cooperation what if the price of their cooperation is to remove Jeremy Corbyn . Is that a price you are willing to pay . John if we do not get an overall majority, we will be a minority government. Our manifesto commitments are all popular policies. They are not going to vote against us introducing a real living wage or compensating the servicee saving our nhs or funding schools. If they did, we would go back to the election but i cant see that happening. There will be no deals, no negotiations. Jeremy corbyn is the leader of our party. We will go into government with him leading. Matt why . It seems from the outside that Jeremy Corbyn is one of the biggest problems for the labour party and if you want to do what is best for the country and take these policies and make them into law, why would you continue with a leader that is so widely disliked . John it is interesting. You say from the outside. Actually, Jeremy Corbyn has been one of our strongest motivating forces. If you look at the detail of consistently,oll, on the issue of trustworthiness and on the issue of relating to people, their day to day issues, they confront, he leads against Boris Johnson. This issue of trust has become central to this Election Campaign. We have seen how basically people do not trust Boris Johnson because i am afraid he sacked from been his jobs twice because he lied and he is just not trusted. His Election Campaign has brought us into the gutter of politics with fake news, fake websites, smears and lies that have gone on. People are reacting against that. They just want a Prime Minister they can trust and that is jeremys strength. Matt those kinds of accusations right andread for the the conservatives in countries around the world. It is unusual to hear an accusation of racism and antisummit has him for a left or antisemitism for a left or labour party and yet, we hear that about your party. How do you defend that . John the conservative party has just had to suspend three candidates for racism, antisemitism, and islamophobia. It is inherent within the conservative party. The difference between the labour party and conservative party is that we are dealing with antisemitism within our party. Less than 1 of our members have been accused. Antisemite, one racist in our party is not good enough. That is why we have introduced new procedures. We have kicked people out. Educationunched an course to get people to understand what antisemitism is. There has been nothing like that in the conservative party and yet, look at Boris Johnsons own writing and words. They are racist. Muslim he has insulted people in particular, but also black people, communities throughout. What has happened in this Election Campaign is that he has been exposed for the racist statements, not just recent statements but over decades in his writing. We want to ensure, just as we are cleaning up the labour party, we want to clean up politics in this country. Anna we know that some members of your party have felt so strongly about antisemitism in the labour party that they have had to defect to other parties. Polling, onlyov 19 of voters said they think Jeremy Corbyn or johnson keep their promises. There seems to be a broader level of distrust in u. K. Politics rather than just directed at the conservative party. John just look at the debates. Just look at the debates. Anna i want to return to the labour party. We have watched the debates, yes. You said you will keep Jeremy Corbyn. If there is a competition to lead the party, would you like to have a go at leading it . John just look at the polling after the debates. Jeremy corbyn of leads by almost 7020 on some occasions on the issue of trustworthiness against Boris Johnson. We are unbiased coverage and the real Jeremy Corbyn, they trust him. When they see the real Boris Johnson, they recoil against him. That has been the message of his campaign throughout. Partyms of labour leadership, Jeremy Corbyn will take us into government. I tell you with our radical manifesto, it will be a Labour Government that transform society, saves our National Health service and privatization , invest in our education, raises the living wage and makes sure those people, those women who suffered such an injustice will be properly compensated. Anna thank you very much. Says thervative party nhs is not on the table when it comes to a u. S. Trade deal. , u. K. Labourl party shadow chancellor, thank you for joining us on the eve of the u. K. Election. There will be limited broadcast coverage of those events due to regulations. Dont forget, we will bring you a special program, special coverage on bloomberg tv as soon the polls close thursday evening. It kicks off at 10 00 p. M. Tomorrow night, i will be speaking to the secretarygeneral in fact, we will have a host of guests coming for you on that brexit special coverage thursday evening into friday morning. Hours of coverage of the u. K. Election and all of the other market moving news through the night. This is bloomberg. Matt welcome back to Bloomberg Markets european open. We are 45 minutes into the session right now, looking at 3 of a percent in london, about 1 4 of a percent in frankfurt. The biggest mover to the downside on the stoxx 600 today is jd sports. The majority owner has sold 2. 5 of its holdings. We can see we have it under that price now. It says it is committed to remaining the majority shareholder. This increases the risk that will continue that we will continue to see. Shares dropping the most today in about nine months. Deutschland telefonica, we have seen them cut their dividend from 17 euro cents per share. It was at 27. They say they have unveiled a two Year Investment program which includes spending more on quality networks. That is part of the reason they have slashed their dividends. Hsbc rising 1 today after settling a u. S. Tax probe. They will be paying about 190 2 million to settle a case with million to 192 settle a case with the irs. Bloomberg intelligence thinks this helps reduce some of the risk in the u. S. For hsbc with this decades long probe coming to a close. Anna thank you very much. Dani burger with your movers this morning. The European Union wants to eliminate Greenhouse Gas emissions by 2050. Top executives from airlines in europe have been gathering in brussels to discuss. Maria tadeo went to speak to the ceo of ryanair, Michael Oleary. Taxation does nothing for the environment. We have explained to the new commissioner of transport this morning that the airlines like ryanair are investing 170 billion over the next decade, purchasing new aircraft, in our case, the boeing max aircraft, which will carry more passengers but burn 20 less few. We are already investing less fuel. We are already investing as an industry. The taxation will setback the investment agenda where already we are delivering. Maria that is great but i imagine that the response will be that is just not enough. The Airline Industry is on track to overtake even power as the biggest emitter. Ryanair is one of the biggest emitters among the airlines themselves. What do you think the Airline Industry can do in order to absorb higher taxes as well as research . There is a lot of misinformation. The Airline Industry is not one of the big polluters. We are one of the most efficient industries. We account globally for less o2 emissions. E we are investing heavily to further reduce those emissions by investing in new aircraft and new engine technologies. These technologies are very much at the formative stages at the moment. The commission needs to step up to do more. We pay 630 million a year in aviation taxes. What is that tax money being spent on . We want to bring forward the development of new propulsion theems, to bring forward supply of Sustainable Aviation fuels and to increase or improve the kind of Battery Technology that will help us to continue to lower the Carbon Footprint of air travel in europe from the already low figure of 2 . Lets talk about ryanair itself and the boeing max for a moment. Originally, you had ordered 105 with an option for 75 more, correct . 210 in total. Exactly. Deliveries next summer, you have been slowly ratcheting down expectations. What are you anticipating now . When will we see the first boeing max eight ryanair in the air . I very much hope before the summer of 2020. We were supposed to take delivery of 50 of those aircraft before summer 2020. As the groundings have a delayed us, we have had to roll that back. We are committed to taking these max aircraft. It is a brilliant aircraft with 4 more seats, burns 20 less fuel. We have to get them back flying. Are workinging intensively to get the existing grounded aircrafts back in the air around february or march, hould see us take deliveries into the hundreds by june. There still has to be a certification flight. Lenders that certification flight happen when does that certification flight happen . That would be predicated on certification happening towards the back end of march, early april. We are taking the max 200, a slightly variant new aircraft. We expect to see the existing grounded aircraft back flying in january, february in north america, february, march in europe. It is not certain. That the faa and the safety this aties are making very rigorous process. This will be the safest aircraft flying when it is eventually returned to service. Matt that wasnt ryanairs Michael Oleary that was ryanairs Michael Oleary speaking. You are going to shortly look at pictures of Credit Suisse ceo, who is thinking speaking at the banks investor day. They cut their equity target to about 10 . Ningget a profit war from Credit Suisse a day after Deutsche Bank says its profit targets are ambitious. Negative Interest Rates across europe and making it difficult for banks to make the kind of money they want to. See, the lowest increasing activity we have had is turning 9 . That is. 29 . That is really important. We are again working in quality. It is also a way to make sure we get Higher Quality groups and make sure we have proper relationships with clients. Aligned with that is the composition of our revenue. We were dragging up Net Interest Income and recurring. A billionn revenue is in what we want. Only 100 million in how do we do it . By providing Quality Solutions to our clients. It is a mouthful but what we fundamentally do. We gave you an example here. Across switzerland, i w m, and aipac, we did 60 transitions transactions and for acute in 4q. Matt welcome back to Bloomberg Markets european open. We are almost an hour into the session now and you are looking at red arrows across the board. A lot of of in todays trade. We looked at markets at the open that were down and they were up pretty decently for a little while in the major indexes and now we are back down again. Lets take a look at what is moving markets with Richard Jones. And i werethings you talking about during the break that i find fascinating, we 160d see these tariffs on billion worth of goods go into effect. That would be bad on markets. That would be awful. As i look at market pricing, it is not on anybodys radar. The fact that you get Peter NavarroAl Larry Kudlow pushing back on the notion that these tariffs will be delayed is enough to make me think that there is a highrisk this. Matt you dont want to say now we are going to let it slide. It is getting really tight now. You would think by this stage, the negotiations would be advanced enough so they dont have to do that. The fact that they are pushing back shows there is more of a chance of this actually happening then what markets are currently pricing. Anna talk about what markets are pricing in, lets talk about the u. K. Election briefly. I am out in the cold as we build up to the vote tomorrow the u. K. The pound retreating on the back of that mrp poll. How significant is that for you . It is very interesting because it shows that we could parliament or a very decisive conservative majority. That is all within the margin of error. The poll from two weeks ago showed that the conservative lead is larger than it is now. That direction of travel is interesting as we said before polling day tomorrow. I think the pound has asymmetric risk. If we get a Hung Parliament, that is not in the price right now. We could see a considerable downside in the pound if we get that Hung Parliament. Matt thanks very much, Richard Jones here in berlin. Anna and i are headed into the radio studio right now so tune in for more from us. If you continue to watch television, bloomberg surveillance is up next. This is bloomberg. [ electrical buzzing ] [ dramatic music ] ahhhh ahhhh elliott. You came back francine the pound dips. Byis johnsons leaders cut half in an opinion poll. Saudi aramco shares surge. We are live in riyadh. Mixed messages in a december delay. Chinese officials expect President Trump to push back on a tariff increase. Peter navarro says otherwise. Good morning, good afternoon, good evening. St. Pauls chiming in the back. Im in london with your markets