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I look at where the possible source of the next crisis would come from. It is not the banks, it is the nonbanks. The earnings debate continues and top executives respond. The pessimism about espn is highly exaggerated. The strategies we announced at the end of last year is the right thing to do. I must say, we are optimistic. It is all straight ahead on bloomberg best. Juliettth is bloomberg best. Global politics dominated the early part of this week, starting with frances president ial push onuny. The polls are now closed in france. It looks like we have a macron win. We think it points to victory becauseweoubt think it is likely a 65 vote for mr. Macron. We will see the number confirmed as we work through the night. Flagsm watching european make way. How long will it be before i can buy eurobond . It is one of the cornerston of the program is to give europe its own budget. It is definitely not for tomorrow, but it is a step in the right direction. Emmanuel macron has pledged the united kingdoms victory over Marine Le Pen. I would like to say a few words for those who vote for madame le pen. Do not boo them. After all, they vexpressed their anger, disarray, and their belief, and i respect those as well. But i will do everything i can in the next five years to see that these people no longer have any reasons to vote for extreme ideas. At the end of the day, it is a positive outlook for markets cannot discount them. At the same time, we need to be able to do the reforms. But he needs to be able to do the reforms, but there is uncertainty about that. When you look at trump in the u. S. , they proved to be more difficult than in the beginning. The full extent of macrons victory, it does not matter. If he grabs a hold of this and plows ahead, it is not unusual in an american context for people to win ryarrow victories and try to do a lot. He can claim he got 66 of the vote. He has to govern mainly to the right. Has the least number of selfmade millionaires, it has got everything for the right you would want to change. You would want to make france more businessfriendly and introduce more productivity. That means taking on the unions. Voting is underway under voting is underway in south korea after a scandal. We have trade disruptions with the u. S. And growing worries abt unpredictable neighbor to the north. Tell us about expectations of the day. President ial candidates have already started voting. About an hour ago, we had the leading candidate cast his vote here. Yocan see behind me, people are lining up to get their chance to cast a vote, but given this is an unprecedented vote after the house of the former ofsident after the oust the former president , they are questions to what will happen next. The National Election commissi says the turnout rate will be around 80 . A record 26 of eligible voters have already finished early voting. Vonnie south korea is electing a new president. He is poised to take power in and dean ending nine years of conservative rules according to exit polls. His parents are actually korean refugees. He has definitely pushed a softer line toward north korea. A lot of folks anticipating perhaps some easing of tensions. David President Donald Trump late yesterday shocked just about every when he abruptly fired fbi chief james comey. Did anyone expect this . No one expected this. With several republican i have spokenwith several republican political advisers to the president and senior aides on capitol hill, and all of them are pointing to the notion that this decision to fire dict comey will lead to more confusion in washington in any and any momentum they hoped to see on passing Health Care Reform last week now seems to be in question. Vonnie the president defended his decision on twitter saying that comey lost the confidence of most in washington, saying calm down, they will be thanking me. Absolutely laughable. Nobody has been happy with his performance, and i think, the clinton investigation was politicized. It is time to take a new direction with the fbi and the president has made a wise decision. The timing raises questions cae of the interference part of russia in our election. I do not think the system has been compromised, but different times, for different reasons, people asked for a new fbi director, and now they will get one. Had he done this at the outset, it would not have been surprising because james comey is a controversial characte and did have detractors when he moved forward with this investigation. He had put himself in t position that was politically untouchable, and then to fire him now it is catastrophic and baffling. Jonathan Governor Carney sat down and it is decision day for the bank of england. 71 vote. The u. K. Many tighter policy for may need tighter policy for the yield curve. Get on it, get on it the ssage to the markets this morning. Jonathan the bank of england raising its inflation forecast to 2. 7 , cutting its gdp forecast. They said they predicated this forecast on a smooth brexit. Are the risks symmetric . Is there a possibility of a super smooth brexit . No, of course not. The rest are on the downside. If you look at the last 10 forecast, they have done exactly the same. They say wages are going to pick up, it will be 4 , back to where it was in 2006. And every time in the last 10, they have been wrong. Every forecast Going Forward, they lower the wage growth forecast and they get it back to 2 . The whole positive of this forecast rests on this illusion that wages are going to rise. They are not. I am afraid it is complete nonsense that i heard today. We have breaking news out of washington. The u. S. And china have reached a sweeping trade deal. Donald talked about this 100 day period where there was go where they would go behind the scenes to work out a trade deal. They had delivered on this. 10 consensus have been reached on trade issues including agricultural issues, energy, Market Access to financial services, which has been a bugaboo for the United States for a while, and u. S. Beef. There is a glaring omission in this trade agreement and that is with the coal industry. Another thing that in here is something the Previous Administration and some republicans worked on, and that is environmental protections. That was left off the table. When you take a broader step back, it is a reset. There will not be one Silver Bullet that suddenly takes on trade deficit from the 300 billion to zero. That is not the way it is going to work. Are you trying it to zero, secretary . No, we will get it as far as we can, but the important thing we accomplish year is we want to do it by increasing total tre and by increasing the ability of our companies to export. That is the number one objective because that is what will create more jobs here. Juliette still ahead as the review the week on bloomberg best, berkeleys ceo meets with shareholders and speaks with bloomberg. Elizabeth warren says if President Trump wants to break up wall street, she is ready to work with him on legislation. Plus, a look back at Quarterly Earnings reports. More of the weeks top business headlines. Austerity seems to be over in australia by the look of the countries countrys ambitious new budget. We have a progrowth agenda. Juliette this is bloomberg. Juliette this is bloomberg best. Im juliette saly. Lets continue our global tour of the weeks top business stories with a busy day of m a on monday. Following months of talks, the deal of the Luxury Company agre tbuy kate spade for 2. 4 billion helping the company to cope with its sluggish demand. Has had a successful turnaround of its own brand, but they came to the realization there is not that much more to go, so if they are going to keep growing and it cannot at sales with coach itself, they will have to keep buying other companies. So into kate spade. Vonnie coach went into footwear recently and it was a head scratcher because coach was always known for handbags, but kate spade has been into footwear for a while. Can they be complementary . It is to continue to create and grow market share. There are not a lot of cost synergy between them. The idea is to create a conglomerate but on a much smaller scale. David Sinclair Broadcasting has confirmed its deals to acquire tribunal media for 1biion. The price may be a surprise from what we had reported about one month ago, where sinclair highoping to buy it in the 30s per share. It is driven by competition and fairly late competition for this asset. You mentioned that fox and blackstone took a look at combining and potentially buying tribune. It ended up bidding in the end, but nexar did. I think that pushed the price higher. Mark shares of akzonobel lower today, rejecting a third offer from its u. S. Compit ppg raising the prospect of a hostile approach. Will they go hostile . That is what they are indicating. They said they have until june 1 to come to the table and negotiate a deal. If they do not do that, then hostile is the way to go. But keep in mind, the dutch market is one of the toughest to get a hostile transaction done in. It will not be easy for them. Mark activist investor Elliott Advisers are petitioning a dutch court to back it efforts over fa to negotiate with pbg. Are they going to get their way . Will the chairman and up being ousted or not . It does not look like they will. They dont know what good it would do to oust the chairman because they have our backing. We are in a difficult situation here. Elliott is unhappy with the companys refusal to engage. You will remember we had three attempts by ppg to get them to the negoatn table, and so far, they said, we are not interested. They are taking the gloves off and trying to go the hard way going the court route. Ppg may say, we have come as far as we could come we have tried three times. We have had fruitless negotiations or talks with the other side. This isnt really going anywhere and they could go hostile. Very difficult. A lot of hurdles. Or they might go away. Very hard to say which way it will go at the moment. The Australian Government pushing ahead with the nationbuilding program, sticking to a surplus protection that relies heavily on wage growth. Take us through some of the highlights of the budget. Some of the losers are the big banks in australia. That is right. I will give you the headline numbers first. 29. 4 billion. Narrowing in australia and there is a deficit in the forecast by the year 2021 of 7. 4 billion. There are assumptions about the return to surplus do rely on pretty optimistic assumptions about growth. For example, gdp getting to 2. 57 . Inflation above 2 . And iron ore around 55. We have a progrowth agenda with the government focusing on company tax cuts, focusing on better access to key markets. Focusing on a significant infrastructure program, everything ties in together. The best advice for the government is this forecast is prudent and credible and responsible. Increased inflation less than expected as weaker commodities took its toll. What does this tell us about reflation . You are right. Economists suggest they will not it is unlikely to be big change and they will not be any big an in terms of bpo see in the moves in the money market. It is a reflation story. There was so much talk about this at the beginning of the year and you had that february number of Producer Prices close to eight year highs. Now we have seen this dropping off. As you point to the commodity prices, that is really the main factor and the base fx, and it has a question on the deleveraging question because profitability has been helped and boosted by these higher factory gate prices after coming off and those prices are likely to be dented. It wilma it more difficult for them to pay down their debt, so the implications are broad both domestically and internationally. Vonnie apple is extending its most valuable company. They began with a market value of more than 800 billion. A little more than two years after crossing the 700 billion mark. How significant is the psychological milestone . Deal. It is a big it is the first time we have seen a company this big, but lets not forget when ramco comes to market, we will talk about more unfathomable numbers. It could be above one trillion. It is a big deal. Vonnie what will happen with 8 cycle . E that is the risk. A lot of the surge this year has been about enthusiasm for the iphone 8. We do not know to what extent apple will be able to deliver on those expectations. Matt wall street bond traders who have survived years of slumping revenue, those who have survived, on track to receive some of the financial industrys biggest bonus hikes. I know so many guys who have been pushed out, retired, or fired from bond trading over the last five years. Are they finally going to get a break . Those who managed to keep their jobs . Apparently. It is quite a reversal of fortune. There is research from a u. S. Compensation consultant saying bond traders will be the group of people on wall street that receive the biggest bonus hikes this year. Precrisis, the bond trading was the envy of all wall street. Post crisis, not so much. Ally, this is quite a remarkable turnaround. Started pulmonary talks to merge with tmobile. How do i think about this if i am a regulator . The idea that is instead of having in the american case, two very strong wireless operators two you know, you have big ones that can effectively three compete with one another, but, is the Current Situation has worked from a consumer perspective in many ways question mark if you look at the international context, most large economies are going from four wireless carriers to three. So the u. S. Is an outlier in still having four. This is a sensitive subject. Everyone knows whath pay for their phone bill. No politician wants to be the one telling consumers they will have to pay more. I think this is a very tricky situation for me regulatory situation from a regulatory perspective. Juliette welcome back to bloomberges im juliette saly. Berkeleys annual meeting this week with a ceo and the public first meeting with investors since a whistleblower scandal put his tenure at risk. Erik schatzker sat down with them in london. Since i got here, one of my goals was to be very transparent with regulators. In many ways, we are partners in trying to avoid the next financial crisis. There is a very constructive dialogue between barclays in the bank of england and the pra and dsca. It is very important to us. I respect the repertory framework here. And we will see how this all plays out. Erik if the unthinkable happens, and you are deemed unfit to run barclays, does the bank have a plan, Succession Plan . I got the full support of the ar you saw the shareholder vote today. Lets let the investigation run its course. Erik have you reevaluated the risk of brexit to barclays with the hard approach theresa may has taken . The level of dialogue within the Prime Minister office, with her office and the chanclo with the regulators, has been really quite something. There is a lot of listening on both sides. We are a british bank. We are here to support the united kingdom. But also, we are the largest underwriter of european sovereign debt. France is very important to us, germany is important to us. We have a large credit card business. We have bankers and sales people all across europe. Continuing to engage with europe is important for us. I think it is important for europe. I think, just like having to set up Holding Companies and the United States, the European Union is going to require us to set up structures across europe that make it more robust and more within the fold of europe. Erik you know what i am getting at. Does the hardness of brexit determine the impact of a bank like barclays . You know, there could be decisions taken that might not be in the best interest of the free flow of capital, but one of the tenants of the you know, if there are a couple of things that came out of the financial crisis as a positive, one is the coordination of the g20. One of the things the g20 stuck reregulate the financial industry, lets not regulate and put up barriers, and so long as theyre not put up, they will work around brexit so london remains in important source of capital relative to your up. Erik relative to some of your peers on the subject, you are an optimist. At least you are constructive. What is the upside to be optimistic . What gives you that degree of confidence that they do not have . I am just expressing what i think. I do not think it is optimism or pessimism. It is what i think. You know, we have a Bank Subsidiary in ireland that is part of the European Union. We have 1200 employees in Continental Europe from milan to paris. There will be uncertainty. Having been in the financial industry as long as i have, it is amazing how creative it can be. [laughter] lets do it in a safe and sound way. Juliette more of the weeks most interesting conversations coming up on bloomberg best, including chicago fed president charles evans, Elizabeth Warren and ubs chairman axel reyba warning europes troubles are far from over. There will be a hard exit at the end and back could have negative repercussions on europe. And that could have negative repercussions on europe. Juliette this is bloombg. Ive spent my life planting a sizesix, nonslip shoe into that door. On this side, i want my customers to relax and enjoy themselves. But these days its phones before forks. They want wifi out here. But behind that door, i need a private connection for my business. Wifi pro from comcast business. Public wifi for your customers. Private wifi for your business. Strong and secure. Good for a door. And a network. Comcast business. Built for security. Built for business. The shlike a bald penguin. How do i look . [ laughing ] show me the Billboard Music awards. Show me top artist. Show me the top hot 100 artist. They give awards for being hot and 100 years old . Well take 2 [ laughing ] xfinity x1 gives you exclusive access to the best of the Billboard Music awards just by using your voice. The Billboard Music awards. Sunday, may 21st eight seven central only on abc. I think we should encourage the development of the real economy as it is creating real wealth. Today, the virtual economy is overgrowing. The key tenet of the virtual economy is money begetting money. However, now it is actually money out of the pocket of the real economy. It will not help accumulate wealth, nor will it make profits. Its gain is generated from the loss of others. I dont feel this kind of economy is a good thing. Services industries are growing well, as opposed to the larger manufacturers. Chinas economy is changing. You recognize that, yes . The new economy is the internet economy. It has created some jobs. But at the same time, it has also brought about unemployment. It has forced a lot of brickandMortar Retailers to close down. I noticed in the u. S. , the retail sales sector has also been affected. I think the internet, ecommerce, is a platform. It provides convenience to consumers. But some of its practices are noright. They are unfair competition. For instance, some of those in the industry are burning money in exchange for more traffic. They sold a product worth 100 at a price of 80 to snap up market share. They ruined the manufacturers, who were forced into lower quality to stay viable. If they stick to fair competition, i think it is fine. The problem is they have unfair means of competition. Juliette that was the head of chinas largest soft drink company in an exclusive interview with his concerns about the rise of the internet is damaging his countrys economy. Oomberg also discussed the Economic Future of europe with several business and financial leaders this week. Lets start with the u. B. S. Chairman who spoke exclusively with Kathleen Hays about the impact of political turbulence on european markets. The bigger concern for me is not really the immediate future. Think the immediate future will see a rally for the euro and stronger data coming out of europe. Pmis are very high, so i think there is no problem for the rest of this year. We move into the italian election next year. Theres a strong antieuropean sentiment there and europe sentiment and there are more problems ahead. The british exit, brexit, is a countdown happening now with problems that will be solved in the 12th hour. Theres more volatility ahead over the next year or the next two years at least for europe. That will be rough. You were talking about this earlier. Possibility brexit is more than a risk to just the u. K. It is a risk to all of europe that could spill over into the global economy. What is the chance of that . How will that happen . Markets are not good at pricing binary events. That could be a hard brexit. The British Government wants to have influence over immigration, so they are not part of the common market. They want to have trade agreements with the rest of the world. That is the definition of a hard brexit. There is little on the Continental European side that will be coming forward to accommodate that british exit. It is selfchosen. I think there wilbe hard exit at the end. That will have very negative repercussions on europe, both the continent and the u. K. And it will spill over continuously in the next two years into market volatility. Every speech and election outcome will be priced by the market. There will be ups and downs and more concerns. It will emanate volatility into roan markets for two years to come. Banks like us have to choose strategies that will make sure we can be of Continuous Service to our clients throughout europe. Both in the u. K. And europe. What was your read on what happened in france over the weekend . Do you see that as a domestic story . Does that tell you about a larger political influence around the world . Do you see that as populism being stopped or centrism winning the day . I think centrism winning the day. I thought earlier, le pen could win if she had a strong leftwing candidate against her. I knew as soon as macron w s could not win against a centrist candidate. I dont think it is populism gone away. If you look at the voting, he got 20 million. She got 10 million. 12 Million People abstained. If those 12 million had voted there is still a large protest vote. It, 22u think about Million People did not vote for macron. It is quite a significant move i think. David do like european equities, french equities in particular . Equities. European i like swiss, german equities. The euro being weak really does help germany, as you know. It has the biggest balance of payments surplus in the world. It is a significant advantage for it. David how about european financials in particular . Commerce banks reported betterthanexpected trading results. I am still worried about european banks. Structurally, i think they are all trying to do the right thing. U. B. S. Is probably further ahead than the rest in becoming a wealth manager. Lloyds has done well by becoming a pure u. K. Retail bank but they are still being hurt by the j. P. Morgans and goma. They are dominating Investment Banking globally now. Juliette turning to the u. S. Economy. Last week, President Trump told bloomberg he is actively considering a breakuofiant wall street banks giving a push to the return of the 1933 glasssteagall act. Kevin cirilli spoke with u. S. Senator Elizabeth Warren about the possibility of working with President Trump to revise the revive the 1933 law. You bet. I am ready. How realistic is it . I am ready. I already have the bill. I have a bipartisan bill already. My cosponsor is john mccain and several others. Kevin have there been private conversations between your office and the white house on these measures . Not that channel yet to t white house, but we arrehing out to the administration generally. Kevin have they been receptive . We have had those conversations. That is what i want to see happen. I am ready. This is one of those basic things. Folks on wall street may resist it, but most of the American People get it. There is one kind of banking that is for checking and savings accounts. It really ought to be separated from high risk gambling banking. Smaller banks could compete against the big banks in the circumstances. Smaller Investment Companies would be able to compete more easily against the Investment Companies. This is one of those laws that would let you have simpler regulations overall. If the banks are only doing banking, banking regulators can see that and if the Investment Companies are doing Investment Banking, the kind of risktaking they do, lets evaluate that separately. Glasssteagall 2. 0, a good idea . I dont know enough to tell you if it is a good idea or not. I understand why there is an inclination to go there. I think high Capital Requirements is a good idea. I think creating the Balance Sheet transparently is a good idea. The next step, i would have to look a lot more of the details of what would be proposed. Are we fighting the last battle . Mohamed i think we are to the extent risk has migrated. If i look at where the possible source of the next crisis would come from, it is not the banks. It is the nonbanks. Funny you should say that. Overnight, there have been comments about the feeling the bank needs the ability to oversee the shadow banking sector. They are aware of it. They just do not have the ability to target it. Mohamed they are very much behind. To the extent that risk has not just migrated to nonbanks, it has lost in the process. If you worry about a market accident, it is more likely to be out of the nonbanks rather than the banks. Juliette as always this week, plenty of concern among investors about how the Federal Reserve sees Global Trends and risks with policymaking fast approaching. Bloomberg caught up with the chicago fed president , charles evans. The last time bloomberg caught up with you, you were two rate hikes for 2017. Do you still stand by that given the temperance of the data . My outlook has not changed that much. If anything, maybe the First Quarter data was weaker than i would have hoped for. We are looking for the Second Quarter to make up for that so it averages closer to my 2. 25 rate increase. I am mindful of the fact that for many years, we started off thinking growth would be stronger and by the time we were finished it was lower than that. The Unemployment Rate is at 4. 4 . We have had strong employment growth for some time. This ought to support getting inflation up to our 2 objective. I think we need to get it to 2 . You were clear about that. That is our mandate, along with full employment. The debate around wages. If i look at the wages data, this is a little bit like the cpi data. A little bit of question marks for market. Is that money veo the higher does that muddy the path for the money to the higher land of rates for the fed . Right. I think normally you would hope wages would be growing in the 3 to 4 range. Inflation product of 2 with productivity growth, you get 3 to 4 . We are at 2. 5 , depending on the measure. They say it is difficult to find workers with the skills. You would think that would lead to skills being bid up even more. And yet it has not happened. Im hopeful it will move up. I think resource slack has been eroded quite a lot. Probably, we are at 4. 4 , arguably we are at full employment. Juliette you are watching bloomberg best. I am juliette saly. It has been another busy week of earnings reports from companies around the world. We start with Quarterly Results from disney. A little beauty and beastly for entertainment giant disney. They reported betterthanexpected earnings per share, 1. 50, beating estimates of 1. 41. Threnue were a touch short of expectations. The real focus is the network division. That is still a problem. The loss of cable subscribers, content costs. This is a company that spent over 7 billion a year on sports rights contracts. David it looks to me like it is a story of the parks and studios. Is that the story . It t story from where i sit for the quarter we just announced. Yes. Both units were up 20 , 21 . The pessimism about espn is highly exaggerated. Espn is still a healthy and profitable business, one of our most profitable businesses. It is a product in demand. The fact there are still a lot of competition for live sports rights only points out just how valuable this product is. No one has more of it than espn. Snap down more than 20 in afterhours trading. Anyway you look at it, ren, user growth. All these numbers missed analyst estimates. Which metric is most disappointing . I think the user growth is the main thing people are looking at because now snap does not have a stable business. This is a very young company. You want to be able to see theres a future. The future is in the growth. The future is in how many people they can add that they can later make money off of. The growth rate is just not what investors were hoping for from this young, hot company ats incredibly popular among young people. When you take the risk of buying an ipo, you expect one or two quarters where they will do a good job relative to expectations. The First Quarter, they missed on everything. Users, revenue, cash flow. There is not much to like in the story at all. Softbank gaining at the tokyo open after fullyear profits beat analyst estimates. That is despite the Company Struggles in the u. S. Tell us what drove these results. It has been a good fiscal year for softbank. For fiscal banking. They reported a record ¥1. 4 trillion in net income for the period ending march. , because oneoff during that time, they have sold part of its holdings to alibaba as well as its entire stake in the cell maker. It also reported more than ¥1 million in operating profi they did not give a fullyear forecast. Someone has said investors can expect operating profits in excess of ¥1 million Going Forward. Profit will fall for the second year in a row. The companys backtoback first decline since i was two years old in 1994. It sees operating profitseeking shrinking to 14 billion in the year through march, prompting its pledge to take a closer look at investment. How much is the u. S. Auto industry and demand a big player in how toyota sees its Balance Sheet . It is a big portion of toyotas revenue and earnings. The yen definitely has a role in that. The appreciating yen does not help toyota. I think a lot of that has been factored into the stock price. What people are concerned with is, are they able to stick with their outlook for the coming year . They are also forecasting a potential loss. Juliette commerzbank has reported firstquarter net income head of all analyst estimates. They said net income was 217 Million Euros ahead of average forecasts of 74 Million Euros. It says it is still seeking the ratio at 12 or above. I think the basic belief is the strategy we have announced at the end of last year is the right thing to do. I think q1 with a good start into the year and decent results proves the strategy is on track so far. It obviously is convincing. I. A. G. Reported firstquarter net income up 1. 14 billion of 1. 14 billion euros, beating expectations. That is thanks partly to strength in the turkh nking division. How optimistic are you Going Forward . Do share the markets optimism . We are optimistic. At the same time, it is not so much the market we will be looking at. I look at e ount of clients. It has gone up from a total of 36 million total in terms of clients. If you look at primary clients, it is 9. 85. As mentioned, the total amount of loans we made net is 5. 7 billion this quarter. We do see client growth on our side. That is really part of following the financial. That is what makes me happy. I am optimistic about that part. Whole foods reporting secondquarter earnings in line with estimates. And it looks like the fight back against the investor activist is now in action. What do you make of where it stands in the earnings which the market is reacting positively to . Five newre saying board member aew chair of the board, so some people leaving. They are accelerating programs. They are doing more costcutting. They will change the way they purchase products to centralize operations. Definitely some positive news. Im not convinced this means janus goes away. I think potentially there is more they might want. It seems investors are happy with what they are hearing from whole foods. We have a dividend raise, a share buyback. All surprising things. They are trying at the very least. That is right. Theyre working with ever core to fend off janus. Clearly, they have circled the wagons. Theyre coming out with a lot of use to say, we are on top of this and can turn it around. The c. E. O. Saying im in control and can do this. I think that is the message from whole foods this afternoon. Bricks and Mortar Retail continue to struggle. This time, it is macys who shares have enalling in the premarket after earnings came out this morning, falling short of expectations across the board. On earnings, revenues, and same store sales. They said we think for the year we will be able to hold up. How do you square those things . They were off signifany on earningspershare. I think it is puzzlinthg to say. The First Quarter is often the worst for retailers. They do not have used from holidays and easter messes things up, so maybe they still think they have some sort of plan for the rest of the year. It is puzzling. Allianz reported pimco net inflows totaled 21 billion euros in the First Quarter. Europes largest performer confirmed at minus half a billion. The 200 million ahead of our outlook for the year. Insurance is always a volatile business. It is too early toddss our outlook. Pimco is on a great turn for recovery. We had a greatasquarter in q4. Now q1 continues. I think q2 will also continue the Success Story of pimco. The vix, often called the fear gauge, not really a measure of implied volatility, at its lowest level at one point today since 1993. That is an extraordinary low by volatility. This is hmov on the bloomberg which looks at historical movers. You want to focus on this part of the screen. Not surprising. Apple set a record. Alphabet, microsoft, amazon at a record. Facebook, broadcom. There are about 30,000 functions on the bloomberg. We always enjoyed showing you our favorites on bloomberg television. Maybe they will become your favorite. He i another function you will find useful. It will take you to where you can get fast insight into timely topics. Here is a quick take from this week. Everyone is listening to you now. You came by the tens of millions to become part of an historic movement, the likes of which the world has never seen before. U. S. President Donald Trumps victory is part of a new wave of populism sweeping through democracies of the world. What differentiates populism is the claim they alone represent the will of the people as a whole. That allows them to dismiss any opposition to themselves or their policies as an attack on the popular will. Modern populists often take this approach as they tap into the backlash against immigration and globalized economies many voters feel have left them behind. Here is the situation. Populism does not mean left were right or even center. From the late, radical socialist in venezuela to the far right nationalist Marine Le Pen in france, the uniting factor is how they conduct politics. Acrdg to one author, there are three requirements for politicians to be considered populists. One, thema an appeal to the people championing the cause against the despised elite. She will keep our rate system orur rigged system in place. I alone can fix it. Populists also use crises or manufacture them to justify the call to revolt. Lastly, inflammatory language is used to shock the establishment and prove politicians as one of the people. It makes the streets unsafe. Here is the argument. Because populists make big promises to shake up society, they tend to bump up quickly against democratic checks and balances. In particular, the courts and media that were designed to limit what governments can do. The temptation becomes to declare these institutions as part of an elite conspiracy to block the peoples will. I have a running war with the media. There are among the most dishonest human beings on the earth. There is a reason why populists emerge. They promised a correction for democracies that seem to have lost the representative power and they offer a fresh start. The challenge remains for mainstream politicians to address widespread economic and cultural fears. Otherwise, the draw of populism is not going away anytime soon. Anything is possible if enough people arerered to stand up against the establishment. Thank you very much indeed. Juliette that was just one of the many quick takes you can find on the bloomberg. You can also find them at bloomberg. Com, along with the latest busins ws and analysis hours a day. 24 that will be all for bloomberg best this week. Thanks for watching. I am juliette saly. This is bloomberg. David you get tired of people asking you what it feels like to be a woman ceo . Mary its a question asked more than it should. David does your children treat you with more respect . Mary my son reminded me last mothers day the most important job is mom. David heovernment put some money in general motors. Did the government get its money back . Mary we will be forever grateful for what the government did. David your board of directors let you go in a driverless car . [laughter] mary if it is from general motors, i think yes. Would you fix your tie, please . David people wouldnt recognize me if my tie was fixed. Lets leave it this way. All right

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