basis points in the u.s.. 1.59% is how we print on the 10 year. time now for global exchange. we will bring you today's market moving news from around the world. our bloomberg voices are on the ground with this morning's top stories. in china, cases of coronavirus are soaring overnight, jumping by almost 15,000 after the epicenter of the outbreak revised its method for counting infections. joining us from hong kong is rishaad salamat. walk through what we learned. rishaad: we've got 60,000 cases the 254 person death count extra now. what we have is a situation where we had this huge revision taking place, and then a few hours later, the top bosses in hubei province were replaced. the party secretary replaced by the mayor of shanghai. not just that, but also here in hong kong, we have the macau and hong kong affairs department boss also replaced. it is being seen by some as a bit of a reset. people look to what is going on, and are questioning whether the veracity of the data coming out was true. is this a move towards further transparency? on top of that, the evidence mounting for the damage done to the global economy. the international energy agency coming out and saying they were thinking we would have an increase this year in global oil demand, but we are going to see a contraction of 430 5000 barrels a day. on top of that, the european commission also saying this is something they are keeping an eye on, and the baseline case is that this peaks in the first quarter. could it push the european economy into recession? meanwhile, we've got sporting events delayed, hong kong schools extending their leave. will the data be clear from here on in? back to you. alix: thank you so much. in the zurich, it is a mixed swansong for outgoing credit suisse ceo tidjane thiam. francine lacqua spoke to him earlier following earnings. it will always be a regret, but ultimately i have no major regrets. in the big picture of things moving forward, the strategy has worked. alix: drawing me now is francine lacqua, asked joining me now is francine lacqua from zurich -- joining me now is francine lacqua from zurich. cine: i think there were delicate questions to answer about spying in the performance of the bank, but it was clear that the chief executive wanted to go out on a high no his lastf executive day at credit suisse. weorrow he is out, and only found out a week ago he was ousted by the board. he tried to say this was just succession planning, but i think he's genuinely proud of what they achieve at the bank. he still says he knew nothing about the spying scandals, but , he if you look at the bank is leaving after five years in a much better shape than he found it. today i think was a day of looking a little bit back at that come up presenting these earnings that were may be a touch disappointing on the thinkingt side, also the investors that supported him. alix: thank you so much. now we want to turn to london, where we have breaking news. u.k. chancellor of the exchequer so sheets of the -- chancellor of the exchequer so sheets about the u.k. chancellor of the exchequer is resigning. sonali: reporter: he appears to have resigned -- reporter: he appears to have resigned after a disagreement with downing street. this is downing street really wanting to stamp its control over the treasury, and javid appears to have resisted that. what this means for johnson in the long-term is unclear. we don't know if this is the only person who will be going as a result of this, but it is clear johnson is trying to stamp his authority on the cabinet in this reshuffle. alix: it is really a twofold question for me. who takes his place, and could there be other shoes to fall? ed: i think the likeliest person to take his place will be the chief secretary for the treasury, essentially so she javid -- essentially so she jaid -- essentially sajid vid's deputy. i think he may be the most likely candidate to succeed javid. alix: thank you so much. appreciate that breaking news. also in london, barclays retaining its profitability target for 2020, but also warning it will be challenging to achieve, given macro uncertainty and low interest rates. >> we are maintaining our target of 10% this year, and we will thrive to achieve that, just like we did this year. recognizing the new interest rate environment we are under headwindat does put a in terms of our performance. our: in london with more is bloomberg correspondent. that wasn't the only highlight we learned from barclays. reporter: overall, the results of the bank were not too bad. investors were committed in terms of cost base. the results were actually overshadowed by news of an investigation into jes staley's relationship with jeffrey epstein. bank was a bit disappointing in terms of trading revenues. a growth for equities. equity target was 9%. they have also committed to reach greater than 10% profitability target for the 2020 conditions that remain challenging. alix: thank you. airbus also out with fourth-quarter results. the plane maker announcing it would increase its stake in the a220 jetline, saying they see increased demand for that product. >> basically come up to continue family up the a320 because there is very strong demand on that product. is taking 75% of the joint venture we had previously with a partier -- with bombardier. alix: putting me now is guy johnson come up "-- is guy johnson, "bloomberg markets" coanchor. guy: let's talk about what they had in terms of the year. they had to take two big charges as a result of what happened last year. one is a military transport aircraft which we thought was behind us. the other one was the bribery settlement they reached with regulators around the world. in terms of this quarter, i think the number you want to look for is the q4 adjusted ebit line, the operating profit number that came in ahead of expectations. this stock considerably despite the headwinds it has faced. it is up some 30%. the cac 40 is trading pretty market.line with the airbus has a production line in china. it has reopened that. we are still trying to understand what the input case and are going to be. an impact on ultimate customer demand. certainly, today talking about the idea that chinese carriers in particular could be affected by what is going on here. in terms of being able to take advantage of what is happening with the 737 max, the competitor , 2019 was a year in which it struggled to do that. looking forward to 2020, it is going to be interesting to see whether or not we will be able to turn the tide and take more advantage of that story. alix: thank you for that. back to samara that breaking news that u.k. chancellor of the exchequer sajid javid has the eu is reacting with maria tadeo. what is the latest? sarah: this was very -- this was veryria: unexpected news. there's a crucial negotiation that needs to be wrapped up by the end of this year, and this is the man that will negotiate what the future relationship accessike, what kind of there will be to the single market, and this is one of the key people that sits at the negotiating table. heis very surprising because had been very outspoken in terms thehe demand on what treasury wanted to get from the european union. equivalence has been a huge issue here in brussels, so it is very surprising news. we are just hoping to get more details in terms of what the new team would look like, but for the eu, surprising move. it is unclear what it means in terms of future negotiation. alix: thank you so much. we want to round up here in washington. president trump nominating judy shelton and christopher walker for two open fed board positions. joining me is michael mckee. what do we expect today to tie it all into jay powell's yesterday?rom michael: those to go before the senate banking committee for their confirmation hearings. christopher waller should sail through. he's a longtime fed insider. the view thatlop the u.s. is stuck in a regime of low growth, low inflation, and low interest rates. controversial at the time, but since vindicated. matter.lton, another she was a campaign advisor to donald trump, raising questions about fed independence. she's also raised questions about whether the fed should set interest rates and be in charge of the value of the currency, and questions about whether the fed dual mandate of maximum employment and stable prices is even relevant, and she is arguing that the u.s. is going -- that the u.s. should be going back to the gold standard. it would only take one republican in opposition and she would not make it through the committee. we will see how she does. speaking of stable prices, jay powell was talking about that is out thispi morning, the consumer price index in the united states. expected to have risen 2.4% over the past year. rateourt rate -- the core is the direction the fed wants it to go, and they are likely to take no action. they will just watch and be pleased that at least it is moving up. alix: thank you so much. finally, one other story i am following today is global oil demand, expected to drop for the first time in more than a decade. the reason, the corona virus outbreak. the virus has battered the chinese economy and it is hard to be precise about the impacts. however, they disagree with opec on just how big the damage is going to be to overall oil demand. both get hit in the first quarter, but particularly the iea. the iea sees a rebound coming in the third quarter. opec not necessarily as positive. if it is a v-shaped recovery, how deep will that actually be for china? coming up on this program, much more of your news, your morning trade, and the analysis of the markets in today's first take. this is bloomberg. ♪ alix: time now for bloomberg. joining me from our in-house ism of wall street experts stephanie flanders, marcus ashworth, and also with us, john bilton, jp morgan asset management head of multi-asset strategy. think? you i think it is very interesting. the prime minister's main advisor, it seems he would want to get rid of the chancellor's advisors around him and 10 into one number big, controlled group. the chancellor didn't take kind to that, and has resigned. we possibly have the replacement more in keeping with the message. this is all about control and keeping the message very much in one line. stephanie: one of the interesting thing is he has been a remainder. but he was one of the few remainders who got a big job and boris johnson's cabinet last summer, and didn't resign when various things happened. so having him been assured that his job was safe over the last month or so, despite some , he felt that his position was being undermined, and i think this was the last straw. i think what matters to people in the markets is that the chancellor is going to be running this very difficult negotiation trying to defend london's position as a financial center in the deal with europe, which they have to do over the next six months. john: i think the move or lack of move in cable and sterling dollar is probably telling you all you need to know. it is another element of uncertainty in what is going to be a long and uncertain process. from the point of view of some market assets, probably one thing to watch is whoever comes in, their attitude towards fiscal expansion. been very gilts have well bid over recent weeks and months. a loosening of the fiscal taps is something which has been talked about in political circles. if that gathers pace and could re-steepen u.k. fixed income. stephanie: and we are weeks away from a budget which will have a new chancellor in charge, so that would argue in favor of someone who's already there. iscus: sajid javid apparently the first chancellor since winston churchill that presented his own budget. i think this is about the landgrab. the finance area has always had its own thing. it is taking control of , andthing from the center .here's no sort of twin power of twin powersort we have. alix: does that make you want to trade cable? john: i don't think so. sajid javid was there is a place keeper. i think as far as the message is concerned, it is much more united. alix: you have warnings on the coronavirus, downgrades to economic forecasts. how do we digest all of this? john: i think when you make investments, you are making it from a long-term horizon. if youend of the day, have disruptions to the supply chain, you would expect a near-term hit to demand and expect supply disruption. that will necessarily bring down activity and gdp measures, but there's nothing we are seeing today which affects the long-term potential growth of the economy as things stand. we would reasonably expect to see something of a recovery once supply chains reopen. i think it is quite right that the economics community is looking through this, and markets continue to look through this. i think it is also quite right that governments are responding aggressively and heavily, but let's not model the two. the economic impact is probably something which will be relatively stable, but one thing we should expect is a little more near-term volatility at the pricing of that growth trajectory place through. stephanie: you mentioned earlier, the assumption built-in to our, mists and analysts is that you will have this v-shaped recovery. we looked carefully at the impact of sars and thought about the change in the composition of chinese growth, and its importance to the economy, and made our best assessments. we are in an interesting moment where people have made asessments of what is likely v-shaped recovery assumption, but not having any hard data. we will only just begin to start getting surveys that tells us how things have been affected. how much it feeds through to europe, for example -- germany on the face of it looks relatively well positioned because most of its supply chain is in eastern europe. but if china slows down dramatically for more than one quarter, that does have a big impact on europe, whose manufacturing recovery is just beginning. it is interesting to see how positive equities have remained despite that. weakeninge hero is because of the china effect, so i don't think the market is that confident of this v-shaped recovery, or it is losing its confidence. marcus: i'm not sure i would agree wholeheartedly. equities are back towards their yields are high. we are seeing growth data coming industrial production data commode is not supported the currency. but let's be clear, what have monetary authorities done in response to the issues with the virus? ,hey have signaled easing signaled further loosening if it is warranted. yield. trying to help boost frombit of a the easier monetary policy as well. i don't think if we actually take it apart that there is a differential message between bonds and stocks, or stocks and currencies. i think what we are seeing is the effect of policy response to what is a growth concern over the near-term. alix: unfortunately, we have to leave it there. marcus ashworth of bloomberg opinion and stephanie flanders of bloomberg economics, thank you very much. john bilton of jp morgan asset management will be sticking with me. any charts we use throughout the show, go to gtv on your terminal and check it out. as we had to break, we have a replacement already for the chancellor of the exchequer, the .reasury secretary more on that coming up next. this is bloomberg. ♪ alix: some movers we want you to that's we want to update you on. one big one is t-mobile -- we want to update you on. one big one is t-mobile. plus, we have pepsi on the upside. this is bloomberg. ♪ ♪ ♪ alix: this is "bloomberg daybreak." it is a risk off kind of day here in the equity market. s&p futures still off by double digits, down 0.7%. european stocks getting hit, as well as european banks. credit suisse, barclays, kind of mixed, but all of it blaming the negative rates. we will talk about that in just a second. you can see the move into other asset classes. a move into the bond market. curve off about a basis point. the euro-dollar dropping through some serious levels here. $1.08 is where we sit. a conversation is definitely percolating in the markets. earningsisse's final under tidjane thiam dented by unexpected loss at the investment bank. results in the trading unit were also lower than expected, dragging down gains in other key businesses. francine lacqua spoke to the outgoing ceo. the change of leadership was announced, and i am perfectly ok with it. spoken to the you new chief executive, and has he told you he will continue to use your strategy? >> first of all, we have been very close. ceo uslly appointed him with your lend when i created the bank. have every confidence, and that is very important to me. the true legacy comes after you leave. i have been fortunate enough to run two companies. prudential is working very well. i want to create a durable success. the q1 i look at numbers, i can see that things are very good. continuing in q1, and that is what you want. it is highly unusual. >> when i took over, the situation at the comedy was much worse than anybody new. we had to raise $10 billion of capital. look at price restructuring. losses.$50 billion of so there's no way we were going to increase the surplus. in 2019, we were one of the best performing in banking. but before that, we had to bank.talize the people are buying again because they believe that from here, the way is up. are trading better than most banks. of that, whyen all has the board ask you to leave? >> that is a question for the bank. francine: and you are not expecting any more of these buying scandals to crop up? i know i asked you -- the spying scandals to crop up? i know i asked you last time, but i need to ask you again. >> i don't know if there are any. alix: that was francine lacqua speaking to credit suisse's outgoing ceo tidjane thiam. joining us now is octavio marenzi, opimas founder and ceo, plus, john bilton of jp morgan asset management is still with me. follow banks closely. what you like in europe? octavio: most of the banks have interesting individual lines of business. the retail banking side at european banks has done well. we thought results today that retail banking looks really solid. tend to be dragged down by investment banking and trading activities, so that needs to still be readjusted, and may be more downsizing is required, but i think there are some core businesses that are really good. if you look at european bank balance sheets, they are very solid. they look in good shape, like they could survive some beating if there was a serious downturn in the markets. the credit quality remains very strong. they've increased their lending stance, so that is strong. the return on equity in the is upbeat.it alix: what do you make of all of the scandal stuff, whether it is credit suisse or barclays? we learned there that -- we learned now that there is a probe with jes staley's relationship with jeffrey epstein. john: it is generous to say that he resigned as ceo of the bank. he was shown the door by the board. in zurich, there was a big uproar dominating the news. i think they all want to put that behind them. there's a question of whether he knew or whether there was an internal probe he knew about. if he didn't know about it, he should have. it stretches credibility to say he didn't know what was going on. man involved his right-hand . i think it is rather incredible that he didn't know this was going on. and also, i think he had been rumored for some time to be looking for a new job outside. he got rather frustrated with stock-price not taking off with the restructuring, so it looked like he already had one foot out the door. alix: if you take a look at value, you're going to have to buy banks. do you like banks? when we look top down, a lot of it is still an interest rate story. we are operating in a world of negative interest rates, and that is going to be a potential headwind over the long-term. not only that, the broader level of interest rates along the curve creates a situation where legacy loan books gradually get rolled and taken onto lower levels of coupon. that creates a more structural problem, so banks do have a while to go in terms of building the revenue outlook. i suppose when i look at european equities, the good news is that it is down to around 7% of the index, so some of the revenue hit that was coming through to the top line of the index is no longer as strong as it was, so there's less reason not to own european equities. it is still going to take a turnaround in interest rate policy from the ecb before we can really see a path to earnings recovery for the banks as a sector. which is the not getting credit for some of this restructuring the bank's are doing. is this part of it? octavio: the ecb is looking at this and seems to be poised to carry on having a very easy monetary policy. i know they've said they are not engaged in qe, but they really are. i think the risk is that they start to look at longer out on the yield curve and say we've got negative interest rates on .aa bonds and double bonds let's try to lower that even further. that would be very bad for bank earnings. so it is worse if it gets inverted. alix: so what bank would you by now, european or otherwise? octavio: i think jp morgan looks good. they continue beating earnings and looking good. from the u.s. investment banks, they should be able to recover a bit into next year, so i would be due looking there. -- so i would be looking there. i would be looking outside of europe, basically. john: u.s. banks suffer from a similar issue that the curve is flat. bond yields have really come down this year as we have seen the financial index, it is to a tech story, and is likely to persist. in the world of low interest rates, those folks expect and devalue trade to suddenly kick in could be waiting a while yet. alix: timing that is a whole different story. octavio marenzi of opimas, thank you very much. don bilton of jp morgan asset management, you're staying with me. we went to get an update on headlines outside the business world. viviana hurtado is here with first word news. viviana: british prime minister boris johnson's shakeup of his cabinet went disastrously wrong. when he demanded that the chancellor of the exchequer dismissed five of his top aides, he refused and resigned. he's been replaced by rishi sunak. the chinese province at the center of the coronavirus outbreak soaring to almost 50,000 cases, reversing the hopes that the outbreak was under control. the death toll has now surpassed 1500, and japan has confirmed its first death for the virus. it is blamed for what is expected to be the first drop in oil demand in more than a decade. that is coming from the international energy agency. the iea says the virus is battering the chinese economy, but it is hard to be precise about the impact. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm viviana hurtado. this is bloomberg. alix: thank you so much. john bilton of jp morgan asset management is still with me. do you like oil? john: well -- [laughter] john: it is difficult when you are seeing a world because of the whole issue going out in asia. it is hard to see a path for oil to recover any time, particularly soon. that said, let's think about what oil represents. when we look at it with the u.s. consumer, one of the most important economic blocks on the planet, a relatively restrained oil price can be a bit of a boon to spending. if you were to see prices surge, that would be great for energy stocks and energy-rich indices like ftse, australia, etc. but the same time, a stable and relatively contained level of energy crisis is probably helping the consumer. let's be clear, i think one thing we've got to keep a close to be in the near, likely a factor, is just keeping an eye on the shale industry and some more speculative credits linked to oil in the u.s. 2015, andt back in that emanated out in terms of confidence around the asset markets, so that's probably where i would be looking most closely in terms of thinking about oil impact today. alix: if we do get a v-shaped recovery in china, where do you take advantage of that? if oil has all of those other factors that might not make it is good and investment, how do you take advantage of that v-shape? as a if you are looking long-term investor, what you are not necessarily doing is trying to time v-shaped recoveries. something which is very headlines sensitive. far better to look at your long-term economic outlook and ask, is this effective in the long term? it is probably being put off a little bit. midtill see earnings doing to upper single digits across the globe this year. a little pressure in terms of valuations because of low interest rates, and that sets up a world where we feel very comfortable to be taking a modest level of risk. what we would sibley do, yes, there's going to be a lot of uncertainty near-term, but the best bet for a longer term investor is just to keep focused on the longer-term earnings and growth outlook. unless that changes, just work with the volatility of markets always -- the volatility that markets always presents us. alix: i will have much more on wheels move, the opec -- on opec, and the iea in "commodities edge." coming up, jes staley investigated for his ties to disgraced financier jeffrey epstein. if you have a terminal, check tv . scroll through and check it out. this is bloomberg. ♪ ♪ viviana: you're watching "bloomberg daybreak." nestle's ceo pushing back his target for sales growth, saying the outbreak of the coronavirus in china disrupted production in the company's second largest market. he told reporters nestle will need up to two years to return to 4% to 6% growth. airbus raised its stake in the a320 jetline to 75%. leaving bombardier is the project to conserve cash. government of quebec lifting its share to 25%. british antitrust regulators clearing google's $2.6 billion takeover of look or data ataentists -- of looker d sciences. data analytics platform. i'm viviana hurtado. that is your bloomberg business flash. alix: thank you. we turn now to wall street beat. first up, jes staley under investigation. barclays says british regulators are probing his characterization of the relationship with jeffrey epstein. otheren, are there any spying scandals that might come out? an commerce bank is staying on course for its new -- and commerzbank is staying on course . joining us is keith campbell. let's start with barclays. this is a real surprise. what do we know so far?keith: we of what was going on behind the scenes. the epstein scandal has ensnared so many people in the u.k. on the u.s.. mr. staley was dragged into it and some of the reporting last year. he was at jp morgan for a very long time. most of his connections with epstein were in those days. ofwas an important client his. what we didn't know was that british regulators were taking an interest in what exactly he had disclosed about this time. -- he staley volunteered said, actually, that he volunteered to his board in the summer when this was getting hot in the press that this is was my relationship with mr. epstein, this is the timeline of what happened, and the board has come out very strongly backing him in his current job. to talk is one thing about, but what is the real impact of something like this? keith: mr. staley has been in hot water with regulators before in the u.k. this the second time he's been investigated. that just doesn't happen very often for a big bank ceo. his last run and involved it was a blower in 2016. foras fined in 2018 repeatedly trying to unmask a whistleblower when he was told not to do it. this is the second probe of something he's done or said, and he's been in the job four years. there are activist investors who are not very happy with his strategy to run barclays. so the pressures are mounting. alix: the pressure mounted for tidjane thiam, and he wound up losing his job. francie laplace to him today after the quarter -- francine lacqua spoke to him today after the quarter and as he leaves his job. >> i don't know if there are any. alix: do we believe him that there's no more spying scandals out there? keith: this is the whole problem. they tried to draw a line under this, but it turned out there is a second spying scandal. onh of them are being blamed the right-hand man for 10 years at various employers. he says he knew nothing about this. it to barclays, it is a drip drip of new sw. at some point, the credit suisse board mentioned reputational risk from the whole affair. so i think people are questioning whether to believe his version of events. alix: commerzbank is looking at further cost cuts even though they did boost profits. so how much more can they cut? this is a question for all the banks, right? keith: and they are trying to create a growth story at the same time. was a sobering lee realistic strategy, with the ceo says. the new way to do things is not exactly the most sexy tagline for a bank in years past, but you've got to spend the money to get these corporate clients that is after. the cost base goes up stubbornly , even as some of the topline line numbers look good. alix: fair point. thanks thought. in today's off the beaten street , it is a new record for the l.a. real estate market. 165 million dollars for a beverly hills mansion built for hollywood mogul jack warner. no surprise, it goes to the world's richest person, jeff bezos. the word of the sale comes after where bezos sold billions of dollars of amazon stock, extending his lead over bill gates on the bloomberg billionaires index. we have some news on tesla, planning to offer about $2 billion worth of stock. overall, the proceeds are going t be used to strengthen the balance sheet. that stock is down 5% in premarket. they will also use proceeds for general corporate purposes as well to try to re-strengthen their balance sheet. more coming up as we get more headlines on this. coming up, we see all of the bad news hitting the euro in today's trader's take. if you are jumping into your tuneturn into -- your car, into bloomberg radio on sirius xm channel 119 and the bloomberg business app. this is bloomberg. ♪ ♪ alix: time now for trader's take. joining me is marcus ashworth of bloomberg opinion. we talk about the euro and the downside. what do you see? john: essentially, the coronavirus is killing any essentially,cus: the coronavirus is killing any chance of european recovery. we heard from madame lagarde that they are all out of ammo. they are not, but she is trying to impress that they need to get their act together with fiscal policy, which they absolutely do. we have seen industrial production in 2019 in europe down 7%. there should be a bounce. if china carries on as it looks like it is going to, taking away all engine of growth and exports in the german machine, then unfortunately, i don't think we are going to get it. italy is the canary in the european coal mine. it puts everything in very sharp contrast. looked --y traders how do traders look at it? does it drop off? is it a slow grind continuing? marcus: it is a trend. there's no economic data that is going to help it bounce. there are some whispers that they have done some research that they could cut further basis points, but that is so far away that even putting it on the table is months and months away, if ever. more buying isn't going to happen for quite a while, so there's not much they will do. alix: the gdp is coming out tomorrow. think you so much. great to have you come on marcus ashworth of bloomberg opinion. coming up on the program, seema global investors chief strategist, will be joining me. this is bloomberg. ♪ [ fast-paced drumming ] [ fast-paced drumming ] that's why xfinity mobile lets you design your own data. you can share 1, 3, or 10 gigs of data between lines, mix in lines of unlimited, and switch it up at any time. all with millions of secure wifi hotspots and the best lte everywhere else. it's a different kind of wireless network, designed to save you money. switch and save up to $400 a year on your wireless bill. and save even more when you say "bring my own phone" into your voice remote. that's simple, easy, awesome. click, call or visit a store today. ♪ welcome to "bloomberg this thursday, february 13. i'm alix steel. here's everything you need to know at this hour. let's take it from the top. >> our biggest focus is implement invades one. that has slowed down due to the virus. alix: secretary steven mnuchin tries to assure on the trade deal while companies worry about the extent of the coronavirus. >> it is too early to quantify the financial impact. a 254 extra at person death count. alix: new cases in china jumped by almost 15,000 on a revised method for counting infections. outgoing credits we ceo talks about his ouster at the company as they report mixed results and a loss in the investment bank. francine: it is clear the chief executive wanted to go out on a high note. today is his last chief executive day. tomorrow he is out. we only found out a week ago he was ousted by the board. alix: thomas gottstein will take over as the new ceo. >> we are maintaining our target of 10% this year, and we will strive to achieve that, just like we did the 9% this year. alix: barclays retains its profitability target and now has to confront a probe into ceo jes staley's relationship with jeffrey epstein. >> the news of the epstein investigation into jes staley and the characterization of his relationship, a lot of talk was on that. overall, the investment bank was is appointing in terms of trading revenue. alix: the investment bank posted revenue in line with analyst estimates. >> that number reflects our expectation for 2020 to continue to ramp up the a320 family. a stock that has risen considerably despite the headwind it has faced. it is up some 30%. today, it is trading pretty much in line with the market. alix: airbus planes to increase jetline delivery to an all-time oeg rival remains grounded. sajid javid quits as the u.k. chancellor of the exchequer in boris johnson's first major cabinet reshuffle gone disastrously wrong. namedn's office has now his as the exchequer. growth concerns. europe warning about growth because of the coronavirus. s&p futures down 6%, though off the lows of the session. euro-dollar grinds lower in eight sessions of consistently weaker euro. key levels have also been breached. 1.62% is where we print on the 10 year. joining me for the hour is seema shah, principal global investors chief strategist. what our clients talking about? seema: coronavirus. everyone wants to know the worst case scenario. i think we are saying it is only unpredictable that the only thing you can do is keep a long-term strategic outlook because ultimately, we are expecting a v-shaped recovery, but it is a difficult time. alix: when clients talk to you, do they want safety, or just some clarity so they feel more comfortable buying risk? there are some that went a little bit of safety, but a lot see this is a buying opportunity. start if this is time to increasing your exposure to asia or not. alix: and? it is hard to know how much risk to take on. seema: it is, which is why you haven't seen treasuries bounce back. we came into 2020 liking emerging asia, and we still do from a longer-term perspective, but is this a good buying opportunity? i think it is very difficult. you just have to look at it over the long term. alix: overall, you could look at mark european growth this year that warns of the coronavirus outbreak and says it could further dampen the outlook, calling it a key downside risk to the economy. joining us from los angeles is kirk hartman, wells fargo asset management president and cio. clients want to know if this is a buying opportunity. they should have a bias towards risk. do you agree? kirk: i think you have to take advantage of dislocation. we are looking at mispriced value, and i think there's a lot of mispriced value in europe. there's clearly going to be short-term volatility related to the coronavirus, but there are definitely opportunities worldwide. alix: where? kirk: i would looking at it international dividend portfolio with a lot of european stocks. you're going to look at things like oil. oil stocks are not popular in the esg community and are going to have some volatility. but oil stocks are very cheap. a number of financials are very cheap because there buying back shares and returning value to shareholders. cloud spending as a percent of i.t. is going to go from 6% to something like 12%, so there are clearly values out there. alix: let's unpack that a little bit. europe, no doubt at the end of the year, was about going to value. what do you think? seema: i still like europe over the longer term. you haveect that if the bounce back in china, it should feed through to germany. same thing with france and italy. they are exposed to the tourism side. fairness, it rarely moved a lot since the beginning of december, so there wasn't that much value left in trade, but assuming we see the coronavirus peeking relatively soon, we still like europe. it only billy is about this up at -- it ultimately is about those opportunities. predicting the karen virus is almost impossible, so you would take the longer-term and stick -- the coronavirus is almost impossible, so you would take the longer-term and stick with it. kirk: growth has beaten value for so many years. in the international space, it is something like 1000 points ahead of value. the last decade has been a growth decade, and the beginning of this year was growth at the expense of value, but i think we are all waiting for the turn. seema: do you think this is more of a tactical play? you're looking at the technicals because the evaluations are so dislocated, but do you think it would be sustained even on the backdrop of relatively solid growth? kirk: in my mind, it depends what happens to rates. as long as interest rates stay low, i think it very much favors tech stocks because they are long-duration. one of the big questions is is inflation going to pick up, and is the global growth going to return in the second half of the year. clearly the coronavirus has thrown a wrench into all of our projections. they agree that it is very difficult to call the turn here. longer-term, you have to look for value. alix: i guess it brings up two questions for me in what you do with tech. if your benchmark is the s&p and you have to beat it, you have to own some of the fine -- some of the findings -- some of the faa ng's. how do you square that with the outperformance of growth? kirk: i don't think you want to give up on tack. -- givehan ash on tech up on tech. there's a lot of growth in other ang's,other than the fa but your point, it is clearly a big part of the economy. expenditures are going to continue to increase. we are looking at old-line tech. interestingd it what you're saying about cloud spending. even as you have these big up and downs in the overall market, the securities side is only going to increase. so do you have a perspective of how long that can continue? how long can that keep running? kirk: i think it is going to run for a while. i agree with the cloud security, cloud spending. i think this is just going to continue. the other point i would make is that everyone is going to an asset light model. you got to spend a lot of money on tech, artificial intelligence, cloud, those kind of things. i don't think that is going to decline. think that is going to become a bigger and bigger part of the economy. i have a chart on my terminal here that shows the potential to end growth streak after all these years because of the coronavirus. what happens if it is the worst case scenario? what does that even look like, and how does that change how you look at something? seema: the worst case scenario is that it moves outside of china in a similar manner to what we have already seen, so you see a shutdown of activity in the u.s. and europe. then you see that drop in activity spreading across the world. at that point, you are in the worst case scenario, and that is when central banks come onto the scene and governments have to deploy a lot of the fiscal potential they have. at this point, it is too early to start thinking about these worst-case scenarios. alix: fairpoint. we will talk about that in just a moment. seema shah of principal global investors and kirk hartman of wells fargo, both of your staying with me. coming up, we will look at 3/4 of the way through earnings seasons. back of pressure is on the half for a recovery. this is bloomberg. ♪ alix: we are about 3/4 of the way through earnings season, with salt continue into rollout. some ofam looking at the shares that reported after the close yesterday, set to be some of the biggest movers on the s&p 500. one of the biggest losers today looks like it is going to be netapp. they slashed their forecast, and the ceo is stepping down. citigroup saying this raises more questions than it answers. companies just aren't spending on upgrading their computer software. there's also a lot of geopolitical uncertainty, so they are giving a sluggish sales forecast. one of the really interesting stories to report after the bell, mgm's longtime ceo since 2008 is stepping down. just adding insult to injury, they have also completely scrapped their earnings forecast coming up, saying that the coronavirus impact is really starting to hurt them, especially in their casinos. macau, for example, has closed down. these numbers on the board might not look like anything remarkable at first glance. you can see earnings growth is just 0.9%. but it was estimated to fall over 1%, so from that very low expectation, earnings season has actually looked very good. it might be part of the reason we are seeing the s&p 500 continued to chart new highs. this is about 80% of the market cap reporting so far. standout contribute into this is tech. we get nvidia later today, so we will see if they live up to those expectations. commodities, a huge decline, with a lot of pricing power. after bp yesterday, the new energy picture also weighing on a lot of these commodity companies. looking forward, commodities also adding to what we are seeing as a big cut in outlook. a lot of this has to do with the coronavirus fears that growth is going to slow. again, we'll prices dropping. the outlook for the first quarter was about a 3% gain in earnings, now starting to fall very rapidly. the outlook is just a 0.7% gain in eps. a lot of analysts had been hoping that 2020 would be the big year of earnings turnaround. a lot of people we've heard from have started to scrap those estimates, seeing the karen virus taking a big hit. those impacts of the coronavirus might be temporal. can definitely expect to see it linger for the first quarter earnings. alix: thanks a lot. appreciate the set up. ofll with me, seema shah principal global investors and kirk hartman of wells fargo asset management. when we have expectations rolling over come up with the back half seeing a lot of pressure to deliver, where do you see the most value? kirk: we expected earnings on the s&p this year to go from one -- to go from $167 a share. you have to look at old-line tech. you have to look at those kind of opportunities, 5g networks, cloud, and it is interesting, a lot of the consumer types of companies continue to do well. you have the flight to safety, to bonds, but i think lower yields helps stocks. year we saw continued slowdown in earnings growth, and yet equities continue to do really well. at what point to equities start to take notice of earnings growth? kirk: well, i think you've got to pay attention to the near term projections. everyone expect a slowdown in the first and second quarter, and i think the market is going to have to look to the second half for that recovery. all eyes are on china right now. i think you see the flight to safety trade with the 10 year treasury going from 1.9% to 1.6% , and the strength in u.s. equities is, and my mind, a flight to the safe haven trade. alix: what is also interesting is the revenue expectations are holding up. it feels like maybe this is coming down to truly a margin story. how do you look at it for the back half? seema: i think the margin story is going to be increasingly important as you get through to q4. one of the concerns we have about global growth is going to be centered around his margins. we haven't seen much corporate profit growth over the last three years. until you see a big pickup and global growth, it does become more of a concern. so watching inflation, watching those numbers, watching the liver markets, wages are increasing, and that is starting to put pressure on these companies. kirk: i think the markets continue to do pretty well. the other thing you've got to remember is the central banks are coming back into play. that is an interesting outcome of all of this. you've got fed funds futures pricing in another ease in the summer on an of seen some numbers that you might have short-term rates come down to 1%. so here we go again. everyone is looking at the central banks. alix: oh good, central bank put. we will have much more on this. coming up, we were talking about oil as a value play. the commodity is not slipping on value fears. the iea says demand could fall for the whole year, returning negative for the first time since 2011. we will break that down. this is bloomberg. ♪ viviana: this is "bloomberg daybreak." the parent of t-mobile wants to renegotiate the 26.5 billion dollars takeover of sprint. bloomberg has learned they want a lower price because sprint shares have fallen. the two sides have not yet started talks about new terms. pepsico is out with an earnings forecast that missed estimates. pepsi is trying to make up for higher commodity costs edits beverage business unit by cutting costs elsewhere. the coronavirus is being blamed for what is expected to be the first drop in oil demand in more than a decade. that comes from the international energy agency. is iea says the coronavirus battering the chinese economy. that is your bloomberg business flash. alix: thanks so much. for more on oil demand, we have seema shah of principal global investors and kirk hartman of wells fargo asset management still with me. where in energy would you still be buying right now? kirk: i think energy conglomerates are the place to be. 3.5% to 4% dividend yield, compare that to the 10 year treasury, you've got quite a differential. clearly you are going to have some volatility short-term come about oil is cheap here. butheadwind -- short-term, oil is cheap here. the headwind on that, esg obviously doesn't like energy stocks, but it is not going away. longer-term, the oil conglomerates have value here. oila: i actually quite like equities when we came into 2020, and the reasoning was twofold. one was the global growth pickup we were expecting, and with u.s.-iran tensions being stable for a long period was unlikely. that hasn't proved well so far, but i do agree with kirk. my one concern is how do you predict oil prices. we have seen time and time again that people have been wrongfooted, so how can you feel confident about where oil prices are going to go from here? kirk: i think it is the strength of the u.s. economy. clearly, china has impacted energy stocks in the price of oil, but the u.s. economy continues to be very strong. going to continue to power the energy markets. i think you have to think longer-term. is there going to be volatility near-term? absolutely. but these are great opportunities in terms of long-term value. seema: when we's think about oil, it depends a lot about the u.s. outlook as well. we are expecting he want to be bounceweak, but q2 to back. let's say that fails to show some of this resurgence. how would you view oil at that stage? kirk: i think you have to be patient. i don't think as an investor, unless you are a trader, you are investing for the near term. could oil go down a bit more? certainly. the big question is is this an epidemic or a pandemic? how much is china going to continue to decline? that is the wildcard. but i think we are all hope for that this stabilizes, china starts to rebound, and i think you see oil prices start to go back up. alix: how do you look at the -- versusus ep/shell /shells of the world? kirk: it is an interesting question. bp was talking about carbon free, and i am not recommending bp one way or the other, but it is very interesting, to your point, how the major oil companies are shifting. i think you want to look not only at the oil producers, but the natural gas producers and those type of opportunities. energy is a big field, and there's a lot of different ways to play the market. the inow do you look at the esg when it comes to the -- look at the e in esg when it comes to the energy market? kirk: we tend to think -- seema: we tend to think of fossil fuels is not very environmentally friendly, but it is those companies that end up finding the fuel which is not going to impact the environment very much. but we can't just take out fossil fuels entirely from portfolios. you need some exposure, but you need to do your research and find out which ones are working within that esg definition. alix: are your clients asking about that a lot? seema: i think it is inevitable. especially in europe, the main forward thinker on this one, but increasingly in the u.s. as well. . it is one of those questions we have to be able to answer. alix: seema shah of prince but global investors and kirk hartman of wells fargo asset management -- of principal global investors and kirk hartman of wells fargo asset management are sticking with me. u.s. cpi numbers are coming out next. u.s. nasdaq getting hard, tech down 5%. this is bloomberg. ♪ when you rest on a leesa hybrid mattress, bedtime is no longer simply the time you go to sleep. it's time to switch off and catch up. enjoy me time, and we time. 40 winks or 8 hours solid. the leesa hybrid mattress combines two technologies to give you deeper rest and rejuvenation. 1,000 pocket springs provide edge to edge support, responsiveness and comfort, while premium foams relieve pressure. keep you comfortably cool and limit motion transfer. leesa's hybrid mattress is not only recommended by experts, experts choose to sleep on it too. try it yourself in any west elm store. or order online and we'll ship it to your door so you can try it risk free. the leesa hybrid is american made. built to last. and, because everyone needs a place to rest, we donate tens of thousands of mattresses to those in need. experience the leesa hybrid mattress. right now, it's on sale. order today. go to leesa.com. alix: this is "bloomberg daybreak." i am alix steel. from theonds away latest read on u.s. cpi. it is a down day. s&p futures off .6%. dollar-yen lower. euro-dollar taking a yen lower. money coming into the back end. crude flipping almost into positive territory, but the commodities pressure is still being felt. the latest read for u.s. cpi for january. on a year on year basis if you back out food and energy, 2.3%. a little bit stronger than expected. , comingr on year basis in quite strong, up 2.5% and a month on month average up .2%. slowly grinding higher. inflation above the fed 2% target. i want to point out real average hourly earnings up .6%. also you had december revised higher, up .7%. the earnings are starting to trickle in. jobless claims lighter than anticipated. , bloombergsanders economics senior executive editor, as well as seema shah and kirk hartman with me as well. stephanie, what is your take on these numbers? month is: the month on similar to the consensus. even the regular core measure, stripping out all of the things that you mentioned are not the fed's preferred measure of inflation. the fed's preferred measure, the pce, has been running consistently below these numbers. 2.4, yousee a 2.3 or a may need it go higher than that. complicated, but the message is you are still looking at the fit not getting close to where it could start thinking about reaching its target. we also have dollar strength down the tracks over the next few months. inflation will be a bit lower than we were expecting. costs andhave shelter apparel rising in january. you did have weakness in vehicles as well as medical care. when you take a look at inflation point or is it a green light? last yearthe end of we had a number of clients asking if this is the time to start putting on hedges. , absolutelyger term we think inflation will return. at this stage, i do not think there is anything on the outlook that is that the fed needs to move one way or the other. whenanie: a key thing is it comes to companies, whether those earnings numbers, the actual wages, if we have not seen even a limited pickup in wage growth we have seen, we have not seen that going to prices because we have quite a cushion. they have built up their profit margins. they do not have to pass on all the labor cost increases. that is another factor. we do not necessarily see inflation coming down the track, even with this hot labor market. alix: how you look at it? kirk: this is an amazing market in terms of the amount of debt. coverage ratios remain low because interest rates are low. it is a paradox of more debt and longer-term that is something we will have to deal with. of theteresting outcome coronavirus and the slow down. , and the central bank is back in play, which is all good for corporate borrowing and the consumer as well because coverage ratios are low and it is cheap. -- debt is cheap. the fed willhat not hike any time soon? is that the threshold being reduced, or is the bar to cut again getting lower? i think we are still in the mode we are thinking about where the next cut might be rather the next increase. we know the fed was not planning to do a midcycle cut it had to do last year. there is still the assumption the next move is more likely to be down. this is something they will continue to watch. we have the virus impact, very hard to gauge. we do not have hard data. we have the boeing shut down aching things difficult in q1. we keep getting more things that will clout the picture, even though the underlying strength is there. what is fascinating is what fed chair jay powell said yesterday to the senate. here part of what he had to say. are notwell: low rates a choice, they are a fact of reality and they will remain, so we have less room two. that means it is more likely we will turn to the tools we used in the financial crisis when we hit the lower bound, which is forward guidance, large-scale asset purchases of longer-term securities to drive longer-term rates down to support the economy. we will use those tools .ggressively go alix: is that a green light to always buy treasuries and always by risk? green light for risk. we heard he does not want to go to negative rates oratory. -- negative rate territory. u.s. treasuries outperforming other market, given that it is still a safe haven, it is a high yield. central banks are still in play. they need to think about what else is out there. alix: contrast where we are in the cycle with central banks being in play. how much of what you want to buy is based on central banks being easy versus fundamentals? kirk: i think central banks would continue to support the bond markets and chairman powell suggested that. the fed balance sheet will torease from $4.1 trillion $4.5 trillion. is,time the money supply and it is growing faster than gdp, it will support financial markets. interestingly, i think in the u.s. the green light is still on for the markets. -- the u.s. is benefiting from the safe haven trade. it will be pretty good. i do not think it will be outstanding, but i think the u.s. markets are in good shape. alix: thanks a lot. stephanie flanders, kirk hartman. seema shah is sticking with me. we want to give you an update on what is making headlines outside the business world. viviana: we begin with the number of cases in the chinese province at the center of the coronavirus outbreak. it soared by 45% to almost 50,000. that spike reversing the declining growth trend of previous days and hopes the outbreak was under control. 1300eath toll has passed and japan has confirmed its first death from the virus the u.s. is considering a plan to increase its long-standing ceiling on tariffs. it is a move designed to trigger a renegotiation of relationships with fellow wto members. the trump administration has long complained other countries could charge higher tariffs on certain products than the u.s. does we end with boris johnson's shakeup of his cabinet. the british prime minister firing top ministers. he demanded the chancellor of the exchequer is met his top age. the chancellor refused and said he quit. this is a major blow to johnson. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am viviana hurtado. this is bloomberg. alix: thanks a lot. for more on the resignation, we are joined by bloomberg senior executive editor. she must saw is still with me -- seema shahch is still with me. suddenly we have the chancellor walking out. you have to go back to the 1980's to find one that has happened in the past. there were tensions between the chancellor and the prime minister, not someone walking out of the job. we are a month away from the first budget of johnson's new government after brexit charting the course of britain outside the european union four weeks away, and the chancellor has walked out the door. we got an instant reaction in the market. the pound went up. gilt falling because there is an expectation there'll be more spending to,. johnson has made clear he wants to service voters in the budget and that means more spending. alix: what do you think? few weeks we last heard an understanding that government spending would not be , but that expected sense like a typical chancellor trying to write everything in good now that he has walked out -- trying to rain everything in. now that he has walked out it looks like boris johnson has a stronger hold on the treasury, which will being more spending . david: we are right at the beginning of phase two of brexit, which is hashing out this trade deal. it feels like we've been talking about this my whole life. we are now in the second phase. we know johnson is trying to get it off the front page. he says the word brexit should not be used anymore. that is in the past. we are already outside the european union. they are trying to downplay that. now let's focus on domestic issue. these are the big spending products. things like the new rail link to the north of england. what will we do with these people who never voted for us before? the trade talks will still happen. eu.s will happen with the one of the arguing points around where we are now is the city of london. what will be the access to financial services? the new chancellor of the exchequer is a goldman man. he understands what the city needs. maybe there are clues there and what sort of relationship might be forged. alix: great analysis, bloomberg's david merritt. special thanks to seema shah. great to see you. seema: thank you. bps new: bps -- alix: ceo announcing an aggressive plan. we will talk with bernard looney. interact with charts on the show at gtv . this is bloomberg. ♪ viviana: this is "bloomberg daybreak." i'm viviana hurtado with your bloomberg business flash. musk takingh elon advantage of tesla's surging stock price. the electric car maker plans to offer $2 billion of stock. tesla released the first of two positive earnings reports in october. shares have tripled. the nestle ceo is pushing back his target for sales growth. he says the outbreak of the coronavirus in china disrupted production in the company's second largest market. he told reporters nestle will need two years to return to 46% growth. we end with airbus that raised its stake in the eight to 20 jet riser to 75%. -- the a220. million.ll pay $290 it developed the narrowbody jet. that isiana hurtado and your bloomberg business flash. new ceo and has a he is looking to lead the company through an ambitious energy transition with net zero missions by 2050. i spoke with bernard looney and began by acting -- by asking him how shareholders in u.s. and europe may differ. there is been somewhat that shareholders in europe are solely driven by esg type issues and that is not true as much in the united states. i do not find that. i spent a lot of time with shareholders in the united states and in europe over the last several months. they are all anxious about the same things. they are anxious about gearing, they are anxious about the dividend, and anxious about the energy transition. my own experience with investors is these issues are coming together rather than diverging. alix: what gives you the confidence you can do it all without any one of those three things suffering? bernard: i have a norma's faith in our company. -- i have enormous faith in our company. alix: but why? bernard: along with three imagining energy and reinventing the companies we will perform as long as transform. we are going to remain committed to capital discipline, we are going to pay that dividend. we are going to get the cost structure right. those are the things that are core to running a successful business. if we do not do that, we do not get the permission to be involved in the energy transition. we will do that, and it is a question of allocation of capital. over time the allocation of capital will shift. we believe we can square that circle. alix: are there any circumstances where you would have to sacrifice your dividend? bernard: we are clear. for bp to be active and participate in the energy transition, we have to have a healthy and viable company. to do that, we will get our gearing into the range we said and we will pay for our dividend. we will get our cost structure and work on digitization. we will do those things. we have a track record of delivery. 12 orders in arroyo. we have a new team. row. orders in a we have a new team that has been part of delivering on that. if we say we do something, we will do it. alix: that was part of my interview with bernard looney. joining me with more is jason gammel, who has a buy rating on bp. what did you think of yesterday's announcement? dynamic thought it was and interesting that bp has moved toward scope three targets and to find what scope three means in a different way and does it in a way they can be responsible for what they can control. that is important. alix: you think a company like bp can do it all? lower their debt, pay the dividend they need to pay, and spend the money they need to be spending? i brought up shell. they did it all at once and you saw what happened. jason: i think bp has taken a lot of steps over the last two years to drive the balance sheet into much better condition. they are in a position where they just raise the dividend. the company is much more financially robust than it has been in a while. the changes in the capital program going to something that takes place in a longer period of time, they said they will do this within the context of the overall capital budget they have had for a long time. i think it is manageable. also from an admission standpoint, they have talked about advocacy for net zero policy. i think carbon pricing will play a big role. alix: if you go out 10 or 15 years, can you still value bp as an oil major company or you have to value it in a different way? jason: that is what the market is struggling with. do oil and gas reserves have a value 15 years out? if you look at most credible projections of energy consumption, you do need oil and .as it is also incumbent on the companies to ensure they will be low cost producers they will have other business lines that will allow you to put terminal value on reserves in the company. alix: will they wind up being like a utility company or a power company? it later in the interview we asked what he would buy or sell. he mentioned wind. at some point are you just a power and utility company? jason: i think they are an energy company and they want to be a low cost provider of energy. over time that will be cleaner and cleaner energy. as ald look at them utility in the classical context of looking for low rates of return. he has been clear he will only invest in projects that have acceptable rates of return. whether he can find those in scale is the big question. what are your tips in the energy sector? shells arethe drastically different from what bond -- from what exxon is doing. bpon: our topic in europe is and our top pick the u.s. is chevron. alix: why? how do you make that distinction? jason: chevron has the best balance sheet in the sector. it has tremendous cash flow generation. it has a growth profile that stretches out for a number of years. bp has reached a number of inflection points in their financial cycle. i talk about the leverage coming down a bit. reasons, butferent i think they are both attractive stocks. what would it take to drive more investors to the stocks? jason: yesterday was a good start, showing these are companies that will be partons. alix: really appreciate it. jason gammel of jeffries. i will have more of my exclusive interview with the bp ceo on bloomberg commodities edge. cisco sinking in premarket. we will set you up for some traits in today's technically speaking. tuneur jump into your car, into bloomberg radio on sirius xm channel 119 and the bloomberg news news app. this is bloomberg. ♪ alix: maloney, voice of equity squad joins me now. check them out at squa on the terminal. let's check it out with cisco. bill: stocks down around 5% in the premarket. current bid around 4730. it has been in the trading range since the august gap. 200 day moving average yesterday. look for potential support around the 50 day, which is 47. the bottom of the range 45 or so. 45 to 47 are your levels at cisco. , one let's go to net app of the underperformers so far. getting hammered. where are the support levels? bill: the stock is plunging around13%, current bid 54. a clear downtrend since 2018. for potential support around the 2020 lows around 52. that is also the retracement level. blow that you are looking at 49 to 50. your first report at 52. alix: let's wrap it up with shopify. it is also getting a move. bill: shopify reported premarket yesterday, the stock almost fell tesla-like. the stock was back at $20 in 2016, clearly had a massive run-up. 5.94 a share and closed at 531. well off the highs. it will change in the premarket but the 594 pete is probably the isrt-term -- the 594 peak probably the short-term top. alix: bill maloney setting up up for the traits of the day. open withon the jonathan ferro, stephen parker will be joining him. let's take a quick look at where markets are trading. cpi fairly strong, steady as she goes. down .5%.s banks are the underperformers in europe. not as bad as they could have been. this is bloomberg. ♪ jonathan: from new york city for our audience worldwide. i'm jonathan ferro. "the countdown to the open" starts right now. ♪ jonathan: coming up, coronavirus cases spiking on a new testing method. u.s. stocks retreating from all-time highs. the breaking down. the swissie the strongest since 2018. good morning. here is your thursday morning price action. equity futures off the lows but still -16, down .5%. in the bond market, yields lower, to 1.60. the you're a lower. -- the euro lower. let's begin with the big issues. >> uncertainty levels have risen. >> a lot of unknowns. >> china is not going to throw everything at this. >> the data coming out of china is unreliable. >> how long the disruption will be. >> to what degree are we starting to see production coming back online in china? >> the magnitude
Related Keywords
New York , United States , Australia , Japan , Shanghai , China , Hong Kong , United Kingdom , Quebec , Canada , Brussels , Bruxelles Capitale , Belgium , London , City Of , Germany , Zurich , , Switzerland , Samara , Samarskaya Oblast , Russia , Italy , France , Macau , Britain , Chinese , British , German , Winston Churchill , Marcus Ashworth , Jes Staley , Thomas Gottstein , Viviana Hurtado , Seema Shah , Los Angeles , Kirk Hartman , Bloomberg Alix , Bloomberg David Merritt , Sajid Javid , Jack Warner , Stephanie Flanders , John Bilton , Businessworld Viviana Hurtado , Boris Johnson , Michael Mckee , Bernard Looney , Thiam Francine , Bloomberg Jonathan , Bloomberg Viviana , Don Bilton , Francie Laplace , Keith Campbell , Jay Powell , Christopher Waller ,
comparemela.com © 2020. All Rights Reserved.