Manus a warm welcome to bloomberg daybreak europe. Do you believe that phase one trade deal between the u. S. And china is the most momentous day in trade history . Those are the words of lighthizer. Bank of america, a cracking note out this morning. Get ready. It will be frontloaded. 5 up on the s p 500. To e old rates are going bang up. Nejra how worried should we be about the potential curse of phase one and done . We have seen a risk rally. The phase one trade deal for china but also the u. K. Election, but the question this morning, as we sit here going into 2020 becomes is the absence of some bad news going to be enough for risk assets or do we actually need more good news to come along . Manus indeed. To the markets. There are the believers, the doubters, and there are a course those people that have yet to be convinced. The yuan is truly one of the believers. We come off that break point down to one of the biggest 1 ony drops moving by friday. What does it take to rerate you wa
Results of another how will investors react to the second scandal of the year . Warm welcome to daybreak europe. Nejra cehic absconded on a holiday. Can we spell that word . A wood. S diverged in chinese equities and u. S. Equities. We are trying to make sense of what this rolling back of tariffs by china really means. There is a platform for a phase one deal . The u. S. Equity markets are set, correction,ity for 15 . It is time to become guarded. Perhaps we have become irrationally exuberant. Positive news flow on tariffs eking out again. The 200 dayby moving average. Wti, the uae oil minister saying things are good, they will talk about the expansion of the deal. Let us talk trade. The u. S. China says it is cutting import tariffs on certain goods from january 1. Expanding imports. The news comes from beijing and washington finalize the signing of a first phase of their trade deal early next week. Lets get to simon french, chief economist. Good to see you on this beautiful, crisp day
Johnson forced onto the defensive as the debate turns its attention to the National Health service. Manus a very good morning to you. Definedl about the jgb the gravitational pull to the downside. Waiting on at zero, the option results to come through. Much biggera question about the stock of negative debt. Will that diminish 20. Good morning. Nejra good morning. That is a great question. It seems to be driven about what is going on globally. The prospect on the optimism of some sort of resolution to china trade. Something the move to the upside is going to be limited because where we are now is going to pull the japanese buyers back into the market. Manus absolutely. Lets look at the jgb performance. You have the 234 billion dollars stimulus coming into the market from the japanese government. Level way growth above what the market had anticipated. For the firstero time since march. Blackrock. I like a bit of dr. Copper. You know what i saw . I cant tie that together with a sub 6 grow
The biggest strike in years. Matt good morning from berlin. Oh isadh, saudi arabia out with the numbers behind its ipo. The price tag values the state owned oil giant as the Worlds Largest company by market cap. Here with the details is bloombergs dani burger. Than 25 billion, saudi aramco has closed its deal. It is the worlds biggest ipo. This is very different from the 100 billion deal the crown prince had first envisioned. , theyearly big promises listed only in saudi arabia. A price at the top end of its range. 8. 52. The equivalent of the Share Offering was more than 4. 6 times oversubscribed. Profits, oilig companies are out of favor with some investors worried about concerns about the world worries about Climate Change will curb demand. Some of that is behind why the listing didnt hit the desired 2 trillion valuation mark. This is a whopping number at 1. 7 trillion. Aramcos profitability overtakes microsoft and apple in terms of the biggest listed. Matt thanks very much. Joining
Nejra welcome to daybreak europe. Lots to discuss in terms of the market moves, but lets get to news. Im ew in at im looking at Third Quarter net. That is a beat on Third Quarter net. Thirdquarter revenue, 5. 0 3 billion euros estimate, 4. 9 9 billion. That is a beat on Third Quarter revenue. 0. 1. 211ratio rises. 7 . Thats what were looking at in terms of that. Really, what were seeing is benefited from higher revenue at the Investment Bank in the First Quarter since the ceo unveiled his new target. We saw the profit rise 8. 9 in the First Quarter since we got those new targets. To give you more context, Credit Agricole shares have been outperforming its larger peers. And coming up on bloomberg, least to the cfo. Catch that interview at 9 30 a. M. U. K. Time. More breaking news. Its guidance to the upper half of the target range. It sees for your operating profits at the high end of the 11 billion to 12 billion euro range. This is key what is coming through here. In terms of what else