Welcome to the pulse live from bloombergs European Headquarters in london. Lets get straight to the markets. We are seeing pressure on rbs. That is putting pressure on the bank stocks. What a day in europe. Trading hour into the session, the stoxx 600 gaining some 1. 5 . The pound, weve seen a huge fall in sterling since the beginning of the week, but it is now above 1. 40. This is the week for pound and eurodollar. Seven pointoil gain one percent. Lets get to the bloomberg first word news with nejra cehic. Nejra iranians are voting today in the first election since the nuclear deal. President Assad Rouhani is seeking to bolster parliament, where rivals have hampered his efforts to revive the economy. Voters also go to the polls in ireland today to choose who will run the country for the First Time Since exiting a bailout in 2013. The Prime Minister is seeking to become the first leader of his party to win a second consecutive term. The set of the threat of brexit is hitting the u. K.
Am guy johnson. Io saying no the worlds secondbiggest iron ore exporter has rejected an approach from glencore that wouldve crated the worlds biggest miner. Jesse, you guys have been working on this and watching it very carefully. He is a deal maker. He have done it through inquisitive deals over the past 15 or 20 years. He has been here for 10 years. In this instance, the big issue will come down to price was the what we know about glencore is they never overpay for anything. To get rio, it looks like it will have to be hostile now and would be a chunky premium. Is it the last deal he will do at the glencore if he does this . A good question. We know he is an ambitious guy. It will crate the Worlds Largest mining company. Perhaps, he is an ambitious guy and a deal maker and is the last one he could do at glencore. As i look at the lay of the land, it could honestly change it significantly. You kind of wonder how the people fit into the story as well. Exactly. It would create an enormo
Mark barton. And i am olivia sterns. Also coming up, we meet the founder of a shaving start up that is cutting down the competition. The blackshow you knights transformer as it takes its first test flight. U. S. Regulators are said to be seeking more than 5 billion from bnp paribas to settle investigations into its dealings with sanctioned countries, including sudan and iran. David tweed has the details. Is much bigger than anticipated, isnt it . Only last week, we were reporting that it could be around 3. 5 billion. At number has been upped by about 1. 5 billion. Havemonth, bnp said they 1. 1 billion dollars set aside to pay for this potential fine. At the time, they did say that they would probably need more money. The thing is, this is something that the u. S. Attorney in manhattan has been saying, that there is concern that the fines are being meted out for companies that have been violating sanctions, not big enough to reflect what they have been doing. Think about it. You violate
At the moment we hit 1. 40 on friday. The climate index, 110. 6, so a little better than the forecast 110. We have seen the dollar weaker against the yen, but the euro seems to become more of a safehaven currency than the dollar over the last week or so. So plenty more to come on that. Joining us with his views, chris watley, good morning to you. Nice to see you. Good morning. The Germany Economy is chugging along rather nicely. The question is how much of a benefit it is to the rest of the eurozone. Europe is in a clear recovery phase. Thats been ongoing for 12 to 18 months. We have seen terrific flows over the last 12plus months into the equity market. The question now is whether you can start creating credit in europe. That is the last piece of the growth puzzle that were waiting to see, which we think may come this year as we see the credit expansion. Are you concerned about france or not . Pmi was slightly better than we thought. Yeah. Its the one that hasnt really embraced struct