Trade talks. How long can the relief rally last. Cuts at Deutsche Bank. Jobs aser could slash part of its Restructuring Plan. Investment banking likely hit the hardest. European leaders pull another allnighter in the search for the next European Commission president. Is the momentum with the dutch socialist . This is the European Market open. We are less than half an hour away from the start of equity trading. Lets look at futures. No surprise after the g20, after the truce, after the huawei surprise, no surprise therefore we see european futures higher more than 1 . We are a picture as expecting it to unfold in the european session. Let us take a look at the asian session. Havens out of fashion. Chinese equity market up by 2. 7 . Of positivea result risk on news flow items. Most of it connected between the u. S. And china. We see havens very unpopular. The dollar surging. The japanese yen being sold. The dollar one of the gainers. The yeneeing sorry, being sold, also the euro under pressure. Gold prices down by 1. 6 . Investorsobviously coming into stocks and out of fixed income. A lot of questions as to how markets deal with the fed. We will pick up that conversation with our markets life team. Live team up. Australia continues to push upward. Cotton in the frame because of what we have heard about china. We have not seen the list. We do not know the details. Brent crude, wti, up as a result. The saudis and the russians have managed to signal to the markets they are keen to continue production cuts. Lets get a first word news update. President trump has become the first sitting u. S. Leader to set foot inside north korea. He met kim jongun at the demilitarized zone. The leaders agreed to restart nuclear talks. The next European Commission chief. Angela merkel has endorsed a dutch leftwinger, but that got pushback from her colleagues. Donald tusk is trying to shore up support for the appointment. To convinceying beijing it is not responsible for the arrest of huaweis cfo. Hsbcinancial times reports gave information that helped build a case. She is under house arrest after being arrested in december. Global news, 24 hours a day on air and tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Anna just want to bring you live pictures on the ground in hong kong. Protesters resuming their attempts to break in to the Legislative Council in hong kong. We understand police have been using pepper spray on protesters trying to break in. This is a day of holiday in hong kong. The stock market is closed. Usually this is dominated by conversations on the handover from a britain to china of the territory. You can see protest activity, which we had seen earlier this month, of course are restarting. Mark cudmore, our bloomberg , goods a live editor morning. Good to see you in london. Let me ask your initial thoughts on the question of the day on the markets live blog. How long will this rally last . We have seen the truce. Are we talking about a lack of detail . Absolutely. It still means good news. That should be a relief rally. It could last a few days, it could last the whole week. We have had this slew of terrible pmi data. Billion, all 10 of them decline since last month, which is extreme and shows deterioration is universal the trade slow down is going to affect all these economies. The trade truce is not just about no more tariffs. They need to remove tariffs in place. Anna a lot of comments from economists saying, we still have the threat, the risk, of further tariffs. It is not the time to rethink where we are. Pmi, we put together this intentionally confusing chart to show that picture of asian pmis coming down. Many of them below 50. Onhave the positive risk news for the g20. We have the underlying economy, still slumping. What does that tell us about fed expectations. The market has to decide, how much support is needed . Mark the market is going to trade for a rate cut later this month. He economy is down enough i would argue what the fed does is not going to be enough to change the cycle. There is going to be pressure from the markets. We are getting that relief in rates. We are getting cut price pressure. When it comes to the end of the month, we are going to be back in this conversation. They are definitely going to need to cut. Anna the strong dollar, talk to us about that. We see the dollar index up 0. 4 . That is a big move. Mark you have higher yields, you have the euro undermined by merkel. You have the surge in oil. It used to be good for the dollar. The dollar relied on imports for oil. Now the u. S. Is an exporter. It is a perfect storm of good news for the dollar. The yuan help to the story as well. Bloombergsudmore, markets live editor. How long will the post g20 rally last . Reach out to us, ib tv is the function to use. We are bringing you live pictures. Protesters carrying umbrellas. Resuming their attempts to break into the Legislative Council. Police have been using pepper spray to try and fire them back. They have been calling for the resignation of carrie lam. Had a turn. Y she delayed extradition legislation. Hong kong protesters want more. Continuing,rotests we will be back with the latest. Anna welcome back to the european open. A decent surge at the start of the European Equity trade today. The cac and the dax getting substantial, the ftse 100 even, up by 0. 3 . Expectations about what could happen on the trade front between china and the u. S. Will boost markets elsewhere. That is what we are seeing in the asian session. Protests in hong kong resume. Breaktrators trying to into the city legislature. Sophie kamaruddin is on the ground. These protesters are trying to get in. How big is the protest activity today . A holiday because of the handover anniversary. How big are protests compared to recently . It is a Public Holiday in hong kong. We are seeing different scenes unfold in the city behind me at the Central Government complex. We are seeing protesters chanting as police attempt to disperse the crowd. One segment is attempting to break into the Legislative Council building. Police are loading rubber bullets. Earlier this Morning Police used pepper spray to push back protesters trying to disrupt the flag raising ceremony. Several were sent to the hospital after those clashes. Hundreds of protesters gathered here. About 1000t protesters altogether. Civil human, a rights and they will not change their plans to continue the march which starts on the eastside at 3 00 p. M. The c hrs saying they reject the proposal to end the march at southern park. In years past, the march reportedly attracted a crowd as big as 400,000 people. We already saw hundreds gathered there at victoria park, filling up the central lawn. Rallies took place last month which drew more than one million protesters. Anna thank you very much. That developing story as protests continue in hong kong. Continued calls for carrie lam to quit. Another developing story with oil. Ces surging to a fiveyear sorry, fiveweek high. Saudi arabia and russia signaled their support for output cuts on the sidelines of the g20. Opec plus Oil Ministers gather for a series of meetings today and tomorrow to discuss production policy. ,anus cranny in vienna for us all over this opec coverage. He is joined by the founding director of the center on Global Energy policy. Good morning to you. A brave man joins us now. Good to see you this morning. We have the announcement from mohammad bin salman and putin, more importantly, that they support an extension. How important was that messaging before this opec disruption . Everyone expected rollover. It wasnt surprising it came from heads of state at the g20 meeting instead of opec. That might have rub some members the wrong way. Nine months gives more confidence to the market and helps show russia is in this for the long haul. Iny can reassess the meeting december. Issues get resolved in russia, showing russia would have the ability to increase, they are still committed to the deal. It is important in the messaging, whatever they announced. Tomorrow, they signal saudi arabia remains willing to do what is necessary to continue to manage the market. There is so much uncertainty in both directions. The resolution of the trade war, which could be bullish, to Political Risk in the gulf. Iran, obviously the waivers, getting exports to zero is Mission Number one, for the american administration. How much pressure do you sense at the moment . Know what irans exports actually are. It is fair to say the u. S. Has been more successful unilaterally taking irans exports close to zero than anyone thought was possible. A huge amount of economic pressure on iran and they need to do something to get trump out of his comfort zone and find some path to a negotiating resolution. Suggestingicans are there is a high degree of confidence iran was behind the attacks that took place in the isait of hormuz, but there no concrete evidence from other nations. How can iran fight back . Iran is going to look for opportunities, hitting a drone, doing something to show there is a risk of escalation in that region. They are going to do something that forces the u. S. To either retaliate or find a pathway to negotiation. Trump is trying to put maximum pressure on iran, but wants to avoid military conflict. You cant have both without a pathway to negotiation. 1987, reagan said it tonot the United States job protect the strait of hormuz. Are you surprised trump is so nonchalant . U. S. At is different is the is on a net basis almost a zero percent importer of petroleum. The perception is think is the straits dont matter. Strait of does the hormuz not matter more . It does matter, and we know because trump has repeatedly gotten on twitter to call on opec to increase production. He knows what opec does matters for u. S. Prices. Manus what is the biggest unknown . Trump and irant negotiate echo trump fancies himself as a great dealmaker. The possibility he could try to get a better iran deal i dont think iran knows what that is is a situation out there the market needs to be considering as well as escalation of conflict, as well as a trade war or a resolution of trade conflict with china. There are so many uncertainties. What is that worth to this market . You are going to see a couple of dollar premium as a combination of Political Risk and positive news on the trade front. We still dont know what is going to happen with the trade war between the u. S. And china. Thank you very much. That is my guest here in vienna. A very good day. At the center for Global Energy. Good morning. Anna good morning. Thank you for that conversation. Protect yourself from those strong rays. The tliv blog running if you want to get across what is going on in vienna. We will of course bring you coverage later. Next, a look at the stocks to watch at the open, including Deutsche Bank. The german lender continues considers cutting jobs worldwide. Anna six and a half minutes to go until the start of the European Equity session. Lets get your stocks to watch from around the newsroom. Jp joins us from our equities team. Dani burger is with us focused on the tech sector. Bank, more gloomy headlines in terms of job cuts. That is true. The bank is set to cut 20,000 jobs around the world. More than a fifth of its total workforce. 1 to 2 . Investors appreciate the move. Costs,y will they cut but also where they want to go. The on the tech sector, reader cross in the g20, whether it can supply huawei and not fear recrimination from President Trump, but also the rivals listed in europe. There is so much that can move on this. We cannot talk about trade without talking about tech. Hopes that some of the disruption we saw in the supply chain will go back to how they were. Already rising more than 4 . Rivalssaid, it is those that benefited from that huawei band. They might be under pressure. Anna thanks for joining us. You can get all the stories you want to follow, first go is the function to use on your bloomberg and on the mobile app. Lets go back to hong kong now as we get ready for the start of the European Equity trading day. No trading in hong kong. You see a hole in the glass of the Legislative Council. Protesters have succeeded in breaking the glass outside. They have been trying to get in. Organizers have changed the end destination for this march. This on the day that typically commemorates the handover from of this asianna territory. No trading in hong kong because it is a Public Holiday. Protest activity continuing. Calls for carrie lam to resign continue to come from the protesters. As we wait for European Equity markets to open, and open strongly on the back of those developments at the g20 trade truce, the agreement to restart talks and the huawei surprised. Hey im bill slowsky jr. , i live on my own now ive got xfinity, because i like to live life in the fast lane. Unlike my parents. You rambling about xfinity again . Youre so cute when you get excited. Anyways. Ive got their app right here, i can troubleshoot. I can schedule a time for them to call me back, its great you have our number programmed in . Ya i dont even know your phone anymore. Excuse me . what . I dont know your phone number. Aw well. He doesnt know our phone number you have our fax number, obviously. Todays xfinity service. Simple. Easy. Awesome. Ill pass. Until thenute to go start of cash equity trade this morning. The picture in asia is strong, up. 8 . 08 . The risk rally was started by the truth. They restart trade talks between china and the u. S. Strongly, 2. 7 . We have the hint production cuts put into place will be continued by the saudis and russians. Thats something were following. The euro is weaker. The dollar is stronger. The yen is weaker. The euro is weaker. Futures point higher. This is the picture on european features, ftse up. 08 . Also watching iron ore and oil prices pushing minors and Oil Companies hihgher. We finding will ourselves declaring all market territory . That should all market territory bull market territory . That should happen. We could see lower liquidity. Well watch for that in the swiss market story. Were waiting for the market to show off their pricing at the g20 outcomes in osaka over the weekend. The dutch market biggest to the upside. The ftse of 9 10 of a percent. Up 1 10 and euro stoxx of a percent. Heres the euro, down 4 10 of 1 . Many of the heaven place have been unwound in the currency market. The swiss franc is down and the dollar is strong. Some of this is having an impact on equities in just a moment. Lets talk about where we are on the sector picture. No surprise, across the amec, imap, very few areas of red. One in utilities. Generally speaking, this rising tide is lifting these both. Thats what weve got for the markets. No surprise, bp and shell are doing well. Movers. Ok at individual weve got this mov screen for you, which shows where we are on equity markets. This is the picture we have with ams moving to the upside. This is the tech sector, reactions of huawei news and risk on sentiment. Arcelormittal said their stock is higher. To the downside, exdividend today. Weve also got your see no as an ex dividend. Lancia move slower, down 1. 5 . 600stocks on the stoxx moving higher this morning. The move higher is a broadbased. Interesting to see what is going on with swiss stocks, rising 0. 9 after it loses eu recognition. Detailslve on the later. Opens lower after easing huawei restrictions, down just. 25 , erickson down three quarters of a percent, but undersold. European markets opening rodlike higher. Broadly higher. This comes after president s trump and xi open a trade truce. Joining us is jeremy. Lets start with the big picture, around this risk rally and how long it lasts. Weve already seen people throwing cold water on that. Give us your thoughts. Remy weve come into the start of the year with probably as good a tone as you could have out of the g20. Thats the good news. How long will this last . We are talking about negotiations. And theres negotiations can fall offkilter. Seeing a are risk on rally, rate expectations can be qualified or undermined in the context of data. I think that is a dynamic to keep in play. Better fromeen weekend events, but were somewhat circumspect in anticipating longerterm. Weve got a lot of data to get through, which could be demonstrated of the deceleration over the first half of the year. That may have an impact on risk recovery. Anna well take it, but remain circumspect. Worth pointing out germany, the german dax doing well today, 1. 8 set, answerable market. That will be confirmed upon the closing of this session, as we are in bull market territory. If things continue, thats where we will be. Measure of risk sentiment. I wonder if you will expend on where this leads for the fed. We need to wait for the data. Interesting to see weve seen risk assets reacting quickly, yet we havent seen expectations shifting that much. The markets seem to think there is a need for cuts. Ive got a chart that illustrates that. Jeremy thats true. The need hasnt changed. Where the market changes is the probability or prospect of 50 basic point need basis point ease. The market is getting ahead of itself in anticipating or discussing the prospect of 50 basis point cut. If there is a reasonable payroll, that should diminish that probability of a more aggressive move from the fed. Markets are very much on march a few minutes from the reserve. As we know, the white house will keep the thumbscrews on mr. Powell, pressuring him to try to move the fed, move the dial towards the more constructive risk oriented buyers. Anna that dollar move is a big move, of. 5 on the dollar index. You think that gets unwound or just not sustained . Jeremy indeed. I think we have to watch the data. Today, we may get a weakening trend. If thats the case, thats the third retreat well see. We havent seen that since mid2017. That underlines the deceleration in certain parts of the u. S. Economy. That could take impetus out of the dollar. Anna thank you. Stay with us. With us on the European Market open. Up next, we bring you the stocks on the move, including