Differently. From six to 23 trillion dollars, according to imf forecasts, in the coming years , chinas public debt will only grow and by 2027 will exceed 100 of gdp. And in 5 years, its level will almost double compared to the levels before the pandemic. Ill ask, but in laymans terms next 5 years. Do you look with optimism or pessimism . For me, everything now depends on geopolitics; perhaps we will see a split of the world into opposing camps. It looks like this is already happening with brix and the american camp. They stand opposite each other, if there is an escalation with the accompanying conflicts. Perhaps the worst thing in the worst case will be a war of hiding. It is not excluded and Many Americans seem to even be waiting for it, which, in my opinion, is amazing and completely reckless, when it turns out that there is absolutely no place optimism. If the situation gets out of control, a global catastrophe will really happen. In ukraine, we need to sit down at the negotiating
Currently down. We are still trying to figure out what the next leg for a lot of these markets is. Industrials are under pressure today. We are still trying to figure out the aftershock from the global selloff that we saw on tuesday and wednesday. The other thing that i am looking out for is the yuan, dropping the most since august of 2015. Some trade figures in china disappointed and of course it is boe day. Bloomberglso on to a fewnce. , we speak guests. Kaplan of the Federal Reserve bank of dallas joins us in an hour. A little bit later on we will be axeld by axa labor weber. Lets get straight to the bloomberg first word news. Societe generale has the estimates has Beat Estimates. It was expected to post a loss. The ceo of frances secondbiggest lender is upbeat. First of all, Fourth Quarter we did better. Decline. Very modest u. S. Senate leaders have announced a budget agreement that would provide nearly 300 billion in additional funding. Extend the plan would the National Debt to
U. S. Clamps down on one of the worlds biggest changes. Matt we are getting some breaking earnings now. Ing group, the dutch financial fourthh coming up with quarter profit of 1. 6 billion euros. Ing misses estimates on profit. If got a cost income ratio of 59. 9. 7 and itratio of 14 is looking at net results in 5 billion euros. That is the net result for the entire year. The fork or profit, 1. 5 6 billion the Fourth Quarter profit, 1. 5 6 billion. A big miss on pretax profit there, so look for ing to trade at the open. The ing cfo is going to be joining us for his first interview of the day in just a few minutes. Anna lets get to some other breaking news this morning. The wealth manager in switzerland, the thirdlargest wealth manager in switzerland is giving details for the past year. Under. Ew money the estimate was a little higher than that at 393. They say net new money is more than 22 billion. They are giving a net profit number of 705 million swiss francs. The new ceo has taken t
Election points to a grand coalition. Coloring Deutsche Bank. After lowering its stake, the chinese conglomerate hna turns to them to help hedge its stake in the german lender. Half an hour till the european open. Look at where we see futures trading after the gains yesterday, futures are up today and a percent mispriced is indicating again at the open. Pretty decent gain across european indexes, with the exception of the ftse which is open lower. E to everyone else looks green on friday. Treasuries, we are holding at a level of 2. 9 . This is a threeday chart of the treasury yield and you can see that after a big gain on valentines day, up to 2. 9 , we are holding their. , ones coming down a tick basis point. Otherwise, it looks like levels will stay high on this friday. Charthere is only one column i want to point to, the Foreign Exchange markets. 1. 25dollar pushing through yesterday. 1. 20 why 40 1. 2540. The base of the trend is 1. 0 586 where we are trading on yen. Will we push b
Crude rollover continued a little bit as the dollar trends higher. David at 10 00 this morning eastern time, President Trump will speak at the conservative Political Action conference outside washington. At 10 15, new yorks William Dudley and Eric Rosengren appeared together in new york here it the fed releases its semiannual policy report to congress. At 12 30, President Trump goes back to the white house to meet with australian Prime Minister malcolm turnbull. Alix we discussed the top three stories of the morning. A 315 billion china blowup. Higher wages may not lead to higher inflation . Where is the inflation in japan . David we are going to welcome Lisa Abramowicz and michael mckee. I heard when they bought the waldorfastoria. This shows some of the places where they made investments around the world. This came from nowhere, for me, and grew really big. Now the Chinese Government is saying, not so fast. So manyis raises issues, especially after what we have seen with hna, another