Good afternoon from asia. Im Francine Lacqua in london. Stoxx 600 down. We are expecting more choppy trading on the back of the testimony this week from jay powell. Prospects after we had conflicting signals from the world economy. 1. 12. Ollar coming up, paul the fx calls all the fx calls with david bloom. Tensions between japan and south korea are threatening to wallop much now depends on whether shinzo abe and moon jaein can work out a compromise. A cycle of measures and countermeasures would not be ideal for both countries but if south Korean Companies begin experiencing actual damage, the government would have no choice but to respond as necessary. I hope it does not come to that and we urge japan to withdraw its measures. Greece primenew minister has a new finance minister. One of the first tasks will be to renegotiate. Epstein being held at a Correctional Center in new york as he awaits a bail hearing on charges of sex trafficking and conspiracy. The charges include sex acts 14,
We heard from jay powell. We will hear from him again today. The eurodollar, 1. 1278. There is a lot going on, not only about trade. Official taxes that france will vote on. There is a mood on what happened to euro depending on what we get from the ecb minutes that will be released after midday. We will watch for that and any movement on currency. Coming up, we speak with the sao paulo governor, he is joao doria. Plus we will speak to sheriff brown about u. S. Politics. Lets get to the work first word news. Deutsche bank is now being probed u. S. Justice department as an expanded investigation. The u. S. Is reportedly taking a closer look at a former Goldman Sachs executive who later worked at the german bank. Authorities havent accused which a bank of wrongdoing. Another federal probe, the u. S. Investigating frances plan to tax tax giants. Socalled 301 investigation is the same tool donald trump used to impose tariffs on china. Korear japan nor south has much political incentive to c
Jason lets begin with that cover story, it is a powerful one. Bloomberg businessweeks editor joel weber is here. What a fascinating read. It was not what we were expecting. Joel no, this was the culmination of a yearlong project, with an amazing writer who was going to travel around the world and wanted to come to us with something special. So we wanted to come up with an amazing idea to hear from laborers, workingclass people who most of us would never hear from. Carol what is fascinating is that it is a global story that took a lot of time and a lot of reporters and translators. Joel so basically, as she went around the world, she would look for people that she thought would embody the spirit of the local community. The beauty of this work is that it captures their voice. We hear from them directly in their voice. Not reporting in the traditional sense, it is more of as a told to, being told to the mark and you get to hear from people working in amazon factories in europe as a syrian
China has been doing something to get rid of that. Joel this is called the europe the dog. What we will be talking about is deleveraging. The debt pile up in china is enormous. Theres been a number of people. For years, people have been calling for, something is going to give. It will be bad for the global economy. All eyes on this in general. Where our story picks up on that is talking about, the number is 30 trillion. Thats how much we are talking about here. Its massive. The number people pick up on is gdp. What do you do about that . This will be deleveraging will be with us is about. Julia still providing credit to companies that they are not concerned about, but they are also cracking down on big corporates that have been spending. Its not even called corporate. Its conglomerate. Real estate from years ago, theyre selling it off and doing it the big way, 4 billion. Thats part of the story, cracking down on these conglomerates that may be overreached, bringing them back in. Its al
Asia, that bears close watching. Business week has been writing about the debt pile up in china. Everybody has been watching this. China has been doing something to get rid of debt . Joel this is called the year of the dog. What we will be talking about is deleveraging. The debt pile up in china is enormous. Theres been a number of people. For years, people have been calling for, something is going to give. It will be bad for the global economy. All eyes on this in general. Where our story picks up on that is talking about, the number is 30 trillion. Thats how much we are talking about here. Its massive. The number of people actually pick up is 259 of gdp. What do you do about that . The message about deleveraging is what this will be all about. Julia still providing credit to companies that they are not concerned about, but they are also cracking down on big corporates that have been spending. Its not even called corporate. Its conglomerates. Is one thats making news now. Its going of