particular into 1000 of 121314 with the hundreds of thousands of people crossing into europe now europe is not the same you have breaks it and you have that the rise of the populists of the far west and we're talking about the need to fix the problem of migrants when you love could not be the same again isn't this something this is going to definitely have been a huge impact on the issue of migrants in the near future. well firstly i don't think we should talk about the problem of migrants because the real crisis within europe is the demographic crisis and if europe doesn't actually accept new populations it really will have problems and that is true for every country in europe even those that are most fervently against accepting new populations so i think what we've seen is that the extreme right has been able to exploit the situation that was provoked by the conflict in syria which led to quite a large number of people seeking protection in europe however even during that situation in 2015 the numbers of people arriving in europe were far less than the numbers seeking protection in ot

but i think that europe. is not the western world where we are report of the western world and europe should reconsider the concept of its sort of vanity it has its allies. and in the world. what we see in this world today that's the world we're. in western hegemony is under question and europe needs to play it smart so bad why the dialogue between europe and russia is the necessary things so that your opinion viewing in the crude. habits way again could play a substantial a part in the world today so we all need this of course we can result average thing . in one day but we're going to work on a in the future. 7 well there is no 7. how can we go back to that doesn't exist i mean today's g 7 but we cannot go back to g 8 because g 8 doesn't exist. there's no g 8 as for g 8 well we never say no. it was russia's turn to host to its. and our partners didn't come well they're welcome any time please. while they can come even as g 7 but there are other organisations in international institutions that ply a signific

things come into europe as climate changes. you had hippopotamuses in the thames 100,000 years ago, you know, and those changes will continue. but the thing that worries me is the crops. you look at what's happened in northern germany with extreme weather events and the impact on crops, and you see it around the world. i mean, ourfood security is at stake here, and our political stability. your book illustrates very intriguingly some of that bestiary that existed in europe a few millennia ago, and there are still those connections. the pig—nosed and side—necked turtles in australia were once living here in europe. you have supported the woolly mammoth revival project that could revive the mammoth on this continent. why? i'm an adventurer. and i think this is a wonderful adventure to be on. but even more than the woolly mammoth, the thing i would love to see back here is the straight—tusked elephant. you know, because the european straight—tusked elephant, basically it's a hybrid. but its ancestral species still exists i

europe? oksana: they have divorced each other completely. there is no relationship between fundamentals and prices in credit in europe, which is why we have stayed out of it. that is what happens when the european central bank provides an inordinate amount of demand for the credit market. you have high-yield names, junk rated names trading at negative yield. it is really unclear what puts a stop to this. in the meantime, how do you analyze something that is a junk rated name and is showing a negative yield? what is the opportunities? jonathan: have to talk about the investment-grade names. let's have one example in the auto sector. you saw the daimler issue. big demand for that daimler issue. a company that has had profit warning after profit warning. if you take it as a sector not to pick on daimler, but euro denominated auto issuers right now, up to this week, those spreads were tightening. they were not widening. fundamentals suggest they should be wider. can you make sense of that? robert

and europe and. europe and the united states. in this case is much more the responsibility of united states i think if i can say they'd leader she would decide. that europe is becoming the united states. ask you one more question about values because it's very interesting to me you've been very supportive of president micron's call to build a new european raney. would say that you have to kind of put your own house in order before embarking on such grandiose plans when it comes to values what do you make of handling of the discontent was it in keeping with the. discontent of the. discontent as i missed blows in the media class from my point of view big mistake of managing a measured decision about the taxation i'm specifically asking about street action because when you have people that are breaking up destroying everything on the other hand also have the use of explosive grenades and. mains and kills people we are not seeing that even in authoritarian societies these. are not seen in the. at least 10 fatalities and several 1000

are both stepping up their military presence in the region but europe or at least continental europe is refusing to get on board the u.s. live naval mission and is instead continuing support its faith in the nuclear deal struck with iran in 2015 which president trump withdrew america from last year. so our question this week here on quadriga is iran crisis europe on the sidelines and to discuss that question i'm joined here in the studio by early for told on the job a middle east expert with think tanks like the brookings institution and the german council on foreign relations seat argues that the big challenge is to transcend to equally simplistic perceptions of the islamic republic europe's tendency towards glorification of washington's poem showing full demonising. also with us is alan posner a regular commentator for the bergen based think. he believes that europe is on the front line of iran's aggression if we choose appeasement he says we will pay dearly for how wanted. and a very warm welcome to touring to have a man who's a business journalist with another berlin daily the to

and in europe. without that sense that people need to go out and spend on projects today because if you don't, it is going to be more expensive tomorrow, it is very hard for value to rally. the project of reigniting inflation, of all the things globally in the world that look most at risk, that is probably the one. if we slip into a deflationary ofle, if hsbc's concept there being no inflation is correct, that spiral becomes really dangerous. guy: how does europe get a steeper curve? if i may corporate and i'm looking at a negative curve, my cost of capital, the numbers i would normally work with are just thrown out the window and i'm trying to figure out why invest, none of the normal things i would do as a cfo or ceo work. what do we need to do in europe? what do european companies and european equities need to start to get valuations moving in the right direction? jimmy: it is not just that. the paradox of negative rates seems to make people more defensive and safe more. guy: it is logical, and a

in regard to the round deal that europe continues to abide by surely one that you get out of well we didn't walk out of it the president had states at that time barack obama entered into that agreement. over the objection of a lot of us it did not have the things in it that it needed to have and it was very weak it did indeed address one issue but i viewed the iran. deal as a deal to try to discipline a bad boy in the classroom that was doing 5 bad things they dressed one of them but they're interested a big one didn't they dressed one of them a big one they addressed one of them ben rhodes in the short time that we have left let's look ahead to the next presidential election next year. what kind of democratic party do you think is going to be capable of beating donald trump with his massive following his dominance of the airwaves his dominance of social media which proved so devastating in the last presidential election what kind of democratic vote is going to be able to i think under the current of the massive following is 40 percent he is the most unpopular us president to run for

things come into europe as climate changes. you had hippopotamuses in the thames 100,000 years ago, you know, and those changes will continue. but the thing that worries me is the crops. you look at what's happened in northern germany with extreme weather events and the impact on crops, and you see it around the world. i mean, ourfood security is at stake here, and our political stability. your book illustrates very intriguingly some of that bestiary that existed in europe a few millennia ago, and there are still those connections. the pig—nosed and other turtles in australia were once living here in europe. you have supported the woolly mammoth revival project that could revive the mammoth on this continent. why? i'm an adventurer. i think this is a wonderful adventure to be on. but even more than the woolly mammoth, the thing i would love to see back here is the straight—tusked elephant. you know, because the european straight—tusked elephant, basically it's a hybrid. but its ancestral species still exists in west afric

and europe and turkey . in europe and the united states. in this case is much more the responsibility of united states i think if i can say they'd yacking leaders you would decide. that europe is becoming the worst enemy if united states senator kerry ask you one more question about values because it's very interesting to me you've been very supportive of president call build a new european. would say that you have to kind of your own house in order before embarking on such grandiose plans when it comes to values what do you make off. wasn't in. keeping with. some discontent in the middle class from my point of view big mistake of managing a major decision about taxation on them specifically asking about. you when you have people that are breaking out destroying everything on the other hand also have the use of explosive grenades and. mains and kills people we are not seeing that even in authoritarian societies. not seen in the. at least 10 fatalities and several 1000 injured. and people losing eyes people losing their limbs. you know. but

and europe and. europe and the united states. in this case is much more the responsibility of united states i think if i can say they'd been leader she would decide. that europe is becoming the united states. ask you one more question about values because it's very interesting to me you've been very supportive of president micron's call to build a new european. would say that you have to kind of put your own house in order before embarking on such grandiose plans when it comes to values what do you make of. that wasn't in keeping with the values. the. the weather. in the middle class from my point of view big mistake of managing a measured decision about the taxation i'm specifically asking about street action because when you have people that are breaking out destroying everything on the other hand also have the use of explosive grenades and. mains and kills people we are not seeing that even in authoritarian societies these. are not seen in the. at least 10 fatalities and several 1000 injured. and people losing eyes people losi

are both stepping up their military presence in the region but europe or at least continental europe is refusing to get on board of the u.s. led naval mission and is instead continuing to put its face in the nuclear deal struck with iran in 2015 which president trump withdrew america from last year. so our question this week here on quadriga is iran crisis europe on the sidelines and to discuss that question i'm joined here in the studio by early for toller nature of the middle east expert with think tanks like the brookings institution and the german council on foreign relations argues that the big challenge is to transcend to equally simplistic perceptions of the islamic republic europe's tendency towards glorification of washington's palm shoulder full demonetization also with us is alan posner a regular commentator for the bergen based daily. he believes that europe is on the front line of iran's aggression if we choose appeasement he says we will pay dearly for cowardice and a very warm welcome to america how a man who's a business journalist with another berlin daily to target

house of europe look. generally speaking. this this conflict started when when the british seized in the iranian tank off civil war 2 it was down to syria syria is has been the object of a range and aggression they basically occupy the country their own. country and we've seen one result in a huge wave of refugees so we are on the front line of iranian aggression in that respect also we are though we in germany are more dependent on russia russian oil than we are on oil from the persian gulf with europe as a whole is much more dependent on oil from that region than for instance the united states which is not an oil import it's not export so we should be taught we in europe should be much more worried about what iran is doing than for instance america needs to be and and we talk about this as if it were a conflict between you know from the ayatollahs but in fact donald trump has no interest whatsoever in you've said it i'm not going to you know grip it all the reasons he would be scared stiff many good reas

gave up like europe today. was it going into the august month, the idea we do not know what is happening in the afternoon with the tariffs? andy: it is the tariffs. that weighs heavily on the german stock market, which is heavier -- heavily tied to china and manufacturing. i will go back to the banks because as we see more yields go below zero, that makes it that much harder for the banks to make money. we do not see a way out of this. as we have talked about of the past few weeks, the ecb is going to come and make monetary policy easier. government's do not look like they are going to come in exactlyd any money so how does the european economy get going again in order to get gdp growth coming back in and offsetting some of the tariffs? without that, the banks look weak and the manufacturing sector this week is the bulk of the market in europe. cinko, forrew updates. --nie: johnson has been reduced to a seat. liberal democrats want an election in wales. joining us now for details is our guest of bloomberg news.

things come into europe as climates change. you had hippopotamuses in the thames 100,000 years ago, you know, and those changes will continue. but the thing that worries me is the crops. you look at what's happened in northern germany with extreme weather events and the impact on crops, you see it around the world. i mean, ourfood security is at stake here, and our political stability. your book illustrates very intriguingly some of that bestiary that existed in europe a few millennia ago, and there are still those connections. the pig—nosed and other turtles in australia were once living here in the uk. you have supported the woolly mammoth revival project that could revive the mammoth on this continent. why? i'm an adventurer. i think this is a wonderful adventure to be on. but even more than the woolly mammoth, the thing i would love to see back here is the straight—tusked elephant. you know, because the european straight—tusked elephant, basically it's a hybrid. but its ancestral species still exists in west africa, t

things come into europe as climate change. you had hippopotamuses in the thames 100,000 years ago, you know? and those changes will continue. but the thing that worries me is the crops. you look at what has happened in northern germany with extreme weather events and the impact on crops, and you see it around the world. i mean, ourfood security is at stake here, and a political stability. your book illustrates very intriguingly some of that bestiary that existed in europe a few millennia ago, and there are still those connections, the pig nosed and other turtles in australia were once living here in the you have supported the woolly mammoth revival project that could revive the mammoth on this continent. why? i'm an adventurer. i think this is a wonderful adventure to be on. but even more than the woolly mammoth, the thing i would love to see back here is the straight task elephant. to see back here is the straight tusked elephant. you know, because the european straight tusked elephant, basically it is a hybrid, but its ances

particular into 1000 of 121314 with the hundreds of thousands of people crossing into europe now europe is not the same you have breaks it and you have that the rise of the populists of the far west and we're talking about the need to fix the problem of migrants when you have could not be the same again isn't this something this is going to definitely have been a huge impact on the issue of migrants in the near future. well firstly i don't think we should talk about the problem of migrants because the real crisis within europe is the demographic crisis and if europe doesn't actually accept new populations it really will have problems and that is true for every country in europe even those that are most fervently against accepting new populations so i think what we've seen is that the extreme right has been able to exploit the situation that was provoked by the conflict in syria which led to quite a large number of people seeking protection in europe however even during that situation in 2015 the numbers of people arriving in europe were far less than the numbers seeking protection in ot

well the problem actually last may was the banks in europe what we've seen here in the last 10 years is that we have accrued 2 big imbalances one is that the 0 interest rate policy has created an army of what i would call zombie companies companies that have gone bankrupt over the course of the last 10 to 12 years but haven't because they've received the subsidy of 0 interest rates and number 2 is that flat negative 0 interest rate curve destroys the revenue base of commercial banking and there are no savings margins there are no transformation margins credit margins have been shrinking over the course of the last 2 years in this is eroding the quality of the earnings of the banks while at the same time the cruel of. bad companies in their books destroys the quality of their credit book and if these 2 things come together and there is a high likelihood that these 2 things will start to interact and come together during the course of 2020 then we will see quite some severe developments in the european banking and this is why i believe also that your europe is the main problem in the w

particular into 1000 of 121314 with the hundreds of thousands of people crossing into europe now europe is not the same you have breaks it and you have that the rise of the populists of the far west and we're talking about the need to fix the problem of migrants when you have could not be the same again isn't this something this is going to definitely have an. impact on the issue of migrants in the near future. well firstly i don't think we should talk about the problem of migrants because the real crisis within europe is the demographic crisis and if europe doesn't actually accept new populations it really will have problems and that is true for every country in europe even those that are most fervently against accepting new populations so i think what we've seen is that the extreme right has been able to exploit the situation that was provoked by the conflict in syria which led to quite a large number of people seeking protection in europe however even during that situation in 2015 the numbers of people arriving in europe were far less than the numbers seeking protection in other coun

europe the european idea is in crisis. if it's to have a future it will mean champions young champions. made for activists who are new countries. they are fighting for the dream of the united church. do they stand a chance. can they say figuratively an idea going to. come i guess i'm here to stand up for european values and contribute to something important coming up see if. the future of europe starts september 2nd on d w. put. hardly anyone knows how nontransparent this market really yes for that one tonne of charcoal requires 5 to 10 tons of wood and. this is an enormous impact on the environment. where the wood comes from this often terrible human rights abuses of there's poverty there's deforestation there's deserts of occasional ices. but. it's completely unacceptable that tropical rainforests are being destroyed just to produce cheap charcoal should be happening it's madness bonds and. nigeria with 186000000 inhabitants it's the most populated country in africa this is where most of the charcoal imported to the e.u.

what of course we stand up for europe because europe is always out trumps false wants to stay on the record well i think we have been clear about is my amends are clear s. intelligently doesn't in telling it like it is. in the time we have left i'd like to talk to you about the values of this alliance into clean natives relations with the middle eastern gulf countries you have been conducting dialogues with them for many years nato is out for providing assistance as to participating countries in the areas of security institution building civil military relations this is a very warm nato embrace for several brutal and autocratic countries isn't it i'm talking about egypt. with very questionable human rights records do you ever discuss the clear evidence of human rights abuses in those countries are your dialogues human rights free. well by no means because in fact when we work with all of those countries they have. the opportunity if somewhat to pick and choose what we talk about but we always bring our values to the table whether we're talking about is i mean criticizing their buildi

but there are new russian me sides in europe. nato will respond in the mess should on their sponsible way to the significant risks posed by russia us s s c a system. we have agreed the package of measures to ensure nato that turns on the fence remains credible and effective but we will not rush to implementation or make any rash moves we will consider our options carefully we have decided to work on issues such as exercises intelligence surveillance and reconnaissance air and missile defenses unconventional capabilities we will also ensure our new for the terror and remains safe secure and effective some of these measures can be implemented quickly and all this will take time everything we do will be balanced coordinated and the fences allies remain firmly committed to the preservation of effective international arms control these are month unknown perforation we will not mirror what russia the us we don't want a new arms race and we have no intention to deploy a new land based nuclear me sides in europe nato continues to aspire

what of course we stand up for europe because europe is no allow trump's false words to stay on the record well i think we have been clear about is my amends are clear restaurant telling really doesn't in telling it like it is. in the time we have left i'd like to talk to you about the values of this alliance into clean native's relations with the middle east and gulf countries you have been conducting dialogues with them for many years nato is out for providing assistance as to participating countries in the areas of security institution building civil military relations this is a very warm nato embrace for several brutal and autocratic countries isn't it i'm talking about egypt. with very questionable human rights records do you ever discuss the clear evidence of human rights abuses in those countries are your dialogues human rights free. well by no means because in fact when we work with all of those countries they have. the opportunity of somewhat to pick and choose what we talk about but we always bring our values to the table whether we're talking about is i mean criticizing the buil

particular into 1000 of 121314 with the hundreds of thousands of people crossing into europe now europe is not the same you have breaks it and you have that the rise of the populists and the far west and we're talking about the need to fix the problem of migrants when you have could not be the same again isn't this something this is going to definitely have been a huge impact on the issue of migrants in the near future. well firstly i don't think we should talk about the problem of migrants because the real crisis within europe is the demographic crisis and if europe doesn't actually accept new populations it really will have problems and that is true for every country in europe even those that are most fervently against accepting new populations so i think what we've seen is that the extreme right has been able to exploit the situation that was provoked by the conflict in syria which led to quite a large number of people seeking protection in europe however even during that situation in 2015 the numbers of people arriving in europe were far less than the numbers seeking protection in o

and by december 1944, 70% killing and dying by americans in europe to liberate western europe. they entered the war after pearl harbor. they ended up finishing the job in western europe. if you hadn't been there, we wouldn't have had the protection or democracy or civilization. without that great sacrifice, the contribution toward the end of the war, it would not be a democracy in western europe. it would have been completely different. the absolute would have been communists. >> i agree with everything you said. on the one hand, the importance of the question alliance, we shouldn't forget as you mentioned, the eastern alliance. i think we are beginning to get more sophisticated understanding of the politics of the second world war. the practice that in order to defeat hitler, the u.s. and united kingdom allied themselves with the dictator who was evil and murdered as many people as hitler did. i wrote a book in 1945 that describes the war in the beginning of the cold war. very quickly we went from being allied to the soviet union to being the enemy of the soviet unions. in sub

has not really imposed tariffs on europe. why is europe still suffering? as we pointed out in the beginning, it's export oriented. and there's intricate value chains even if there are no direct tariffs imposed on european companies or products, because there are so many value chains in operation globally, it means when the end demand for chinese exports is heard, that means intermediate goods demand from china is hurt. that's where europe comes into play sectors that are less export oriented will perform better and also sectors that have less exposure directly to china autos are really clearly exposed, but those that do not have huge exposure to chinese demand will perform better as we've seen the weakness spread from manufacturing to services, there are not really many options anymore >> we'll leave it there. thank you very much for your time and insight >>> the hong kong protest has seriously hurt foreign investments and are pushing the city into dangerous abyss. that's according to a spokesperson for the hong kong and macau affair services. last night s

so west europe the europe is in crisis. if it's to have a future it will meet champions young champions. lead me philanthropists your country. your function should. do they stand a chance of going to save the courage an idea. to get on you to stand up for values and contribute to something important. future of europe starts september 2nd on d w. live. is the state every news africa coming up in the next 15 minutes brutality on the streets symbolically and please these opposition supporters who these for the protested despite a bad will we see more seems like this in the coming days the m.d.c. has vowed to continue the demonstrations. and comic relief for the ones who have lived through hard losses in the central african republic are using p.s.s. to make people aware of the new paltz destine set up to prosecute war crimes committed in the country talking to.

the auction over in europe. that is coming up next. this is bloomberg. ♪ jonathan: i'm jonathan ferro. this is bloomberg "real yield." in europe, where investors offered to buy almost twice the amount of 10 year bonds the german treasury sold at auction. below the ecb key deposit rate or the first time. boeingunited states, selling $5.5 billion worth of in its largest ever dollar-denominated offering. in its largest ever dollar-denominated offering. a third and final issue, daimler getting more than 6.5 billion in its second multi-tranche offering of the year. pricing tightening at least 10 basis points on all the tranches. staying in europe, the in its sd multi-tranche offering of the year. battle between the weaker fundamentals and qb continues. skye bridge has a warning for investors. >> putting the fed or central bank has been a losing battle post crisis. every short position you have had including lower quality deteriorating fundamental credits has worked against you. 2011, 2015, q4, fundamentals matter. since the start of this

europe itself becomes a russian target doesn't it it does and i think we're. the put the put short range missiles in remain you're in poland because they've got you know historically until russian attitudes but i think if you go further into western europe as in germany and other places we go back to the 1980 s. in britain as well people were not very happy about being turned into a target because of course the possibility is that a nuclear war could be fought in europe which wouldn't necessarily touch the united states at least in the minds of the dr strange limbs who theorize about these things. and i think i'm afraid the the americans are still of in the opinion that they can use nuclear weapons as a tactical maneuver whereas in actual fact a russian doctrine which of course has no 1st use as its as its underlying principle of course nato has never accepted that but again destabilized things why won't they just say we won't use them 1st but that's one of the best solutions always being that they will use them. and of course we nearly had a nuclear war in 19

as so as europe you're painting is in crisis. if it's to have a future you will meet champions young champions. for activists for the country. they are fighting for the dream. do they stand a chance. and they save the european idea. oh my god i'm here to stand up for european values and contribute to something important that she of. the future of europe starts september 2nd d. w. . corporate greed are over human lives u.s. pharmaceuticals john johnson and johnson is found guilty for helping fuel america's opiate crisis what does the ruling mean for the future of big pharma in the u.s. also coming up church charities are working overtime in the u.k. looking after people who cannot afford to buy food and clothes one of the richest countries in the planet's. i'm chris culliver welcome to the program it's a landmark ruling in.

in more regard to the round deal that europe continues to abide by surely one that you get out of well we didn't walk out of it the president states at that time barack obama entered into that agreement. over the objection of a lot of us it did not have the things in it that it needed to have and it was very weak it did indeed address one issue but i viewed the iran. deal as a deal to try to discipline a bad boy in the classroom that was doing 5 bad things they addressed one of them but they're interested a big one didn't they dress one of them a big one they addressed one of them ben rhodes in the short time that we have left let's look ahead to the next presidential election next year. what kind of democratic party do you think is going to be capable of beating donald trump with his massive following his dominance of the airwaves is dominance of social media which proved so devastating in the last presidential election what kind of democratic vote is going to be able to i think under the current but the massive following is 40 percent he is the most unpopular us president to run for

in europe. nato continues to aspire for a construct a relationship with russia when russia else actions make that possible. pompei used to eat at the end of a historic agreement struck between the u.s. and the soviet union presidents mikhail gorbachev and ronald reagan signed the treaty in 1987 a change of course have to decades of cold war you pay attention. the root of the tension was this the soviet s s 20 missiles a nuclear warhead that could strike western europe at short notice. the u.s. deployed its own mid-range missiles in europe leading to protests across the west. the i.n.f. treaty resulted from widespread popular demand for deescalation when the cold war ended so did the fear of nuclear armageddon but with the end of the ins the specter of nuclear confrontation looms again. it was earning me now here on the set this is dan c. hall founder and executive board member of the international campaign to abolish nuclear weapons or i can in short right here in germany and some of you might r

it's no secret that europe's populist and nationalist parties again. to try and make a splash at the coming european elections but who's helping them we are nationalists we are socialists so we leave all our members with the own with the own. vision and principle in respect of what is except the usual use comfortable phrases like it's a club meant for the exchange of ideas from nationalist populist movements across you're talking strategy for bannon it's far more combative than that isn't it he called it gumming up the e.u. parliament in other words blocking your purpose is essentially destructive no it's to review not building you know you're breaking this now we are we are reinforcing and rebuilding the preeminence of national what is he say he said the beating heart of the globalist project is in brussels if i drive the stake through the vampire the whole thing will start anticipate well pretty self-important play with we we analyze the situation in the sense that the e.u. system like the us ultimately ends up as imperialism a kind of imperialism i

what is not good for europe is immigrants of the grove rise of islam is a millionaire. let's move forward 2 words what it means for europe if salvini wins a snap election consolidate his gains what kind of message that he sent to germany in particular and to the e.u. . the position of salvini seems very clear against the he doesn't even participate to i mean to the meeting of the european union he has a long long long experience politician inside the europeans at anna. but you want to break up into what up i mean in europe seems very worried in fact for death easily seems to isolate not nowadays from the usual partners i mean we're isolated from france we had a couple of embarrassing moments i mean that would leave by the 5 star movement but then. recall it but when you don't want to talk i mean while calling to tried several times also 12 i mean informal meeting especially in davos for instance we kill i mean to record on the situation but the message that we're giving to or to europe is not exceptional is not exactly positive we are out from the trade where out from t

that in europe? oksana: they have divorced each other completely. there is no relationship between fundamentals and prices in credit in europe, which is why we have essentially stayed out of it. but that is what happens when the european central bank provides an inordinate amount of demand for the credit market. you have high-yield names, junk rated names trading at negative yield. it is really unclear what puts a stop to this. but in the meantime, how do you analyze something that is a junk rated name and is showing a negative yield? what is the opportunities? jonathan: we've got to talk about the investment-grade names. this is really difficult. let's have one example in the auto sector. you saw the daimler issue. big demand for that daimler issue. there is a company that has had profit warning after profit warning through 2019. if you take it as a sector not to pick on daimler, but euro denominated auto issuers right now up until this week, those spreads were tightening. they were not widening. wh

overallny and europe more sensitive to stimulus from europe or china? -- the u.s. or china? julian: europe does not want a tariff war between the u.s. and europe, especially if it hits autos further. it will be helpful for germany if the chinese were to put more fiscal stimulus into the economy. obviously would like to get stimulus into consumer products and services, and probably not into the state industries. scarlet: as we await all of that, i want to go back to the ecb because one thing we have been hearing consistently is the talking up of expectations of stimulus. it has clearly been laying the groundwork. beforen be accomplished the september 12 meeting? does the rhetoric need to get convincing, more maybe a variation of mario draghi's whatever it takes speech, or do they have to to save -- do they have to save their firepower until they come out with stimulus? julian: you have one president leaving and one coming, both recognized in different ways as being market friendly. it is whether mario draghi wants to go out with a bang or hand the baton to lagarde and give he

the future as europe starts september 2nd d.w. . in. peru south america a country rich with natural treasures. tucked away in the country southeast lies manu national park it's considered one of the most biodiverse areas in the world. doesn't he suppose it's like the world's super treasured.

after the retreats in europe yesterday in the u.s.. after that, in response to hong kong we see the asia-pacific index down. china's 10 year yield reaching a low of almost 3%. right now 3.01%. it had been down that low. you can seal's even in china where growth and inflation are -- yields in china where growth and inflation are higher is down to 3%. then the sei em currency index falling at concerns about argentina rebel throughout markets. -- ripple through markets. u.s. session yesterday the low bond yields did not supervise support to equities. we saw that yields cash the 30 year yield cyber record low. and that 10 year yield dropped. the 10 year yield steady after dropping a must attend basis points. everything a little recovery in s&p futures up .2%. overall a bid for safe haven assets and a selloff in risk assets. that is turning run ever so slightly today. the risks continue with hong kong's embattled executive carrie lam saying the city's economy is suffering as a result of the ongoing protests and warns it could take a long ti

so truman is shipped out in the spring-of-1918 and he heads off to europe. when truman left for france, he is lieutenant truman. he received a promotion to captain and didn't find out about it for months. so when he left for europe, he had his tack box where he kept his equipment for his horse and on it, he had written in black print "lieutenant harry s. truman." once he found out he had been promoted to captain he wrote over the top of that. so it shows both the before and after his promotion in the service. the first thing truman did when he went to france was he was assigned to special advanced artillery training school at a small village in france. and these are some of the tools he would use and equipment that for his artillery training, includes slide rules and compasses and other things like that. he had his advanced training. and then he was sent and put in command of a battery. it was battery d of the 129th field artillery. they called them for battery d. these were mostly irish catholics, some german catholics from the kansas city area. and there w

the future of europe starts september 2nd on d w. britain's main opposition leader jeremy corbyn says he'll move swiftly to try to stop the prime minister from suspending parliament ahead of the braggs it deadline and from taking the u.k. out of the e.u. without a deal this of the leader of scotland's conservatives resigns a day after boris johnson the shock announcement. italy's prime minister just that because as accepted a mandate to form a new coalition government he will head the newly formed alliance between the center left democratic party and anti establishment 5 star movement earlier this month far right leader salvini pulled his lead party out of government. brazil's president joe year balls a narrow signed a decree to ban burning in the amazon forest for the next 60 days this comes after mounting international pressure to quell the high number of fires there many of them set by farmers in an attempt to clear land. a former leader of the demilitarized fock rebel group in colombia says he will once again take up arms against

is washing into europ europe >> and commodity complexes have come under pressure in light of the market price action we've had, are you forecasting a rebound in the second half of the year assuming that the trade talk narrative stabilizes? >> we're bearish we are going through a major risk off exercise that is hitting all of the risk assets and commodities. we think it's too early to talk about trade resolution we think it's more likely to happen next year, the election year in the u.s. so the answer is no. we're particularly bearish on copper and iron ore for the second half. >> okay. excellent. very directional view there. thank you very much for coming in >> thank you >>> coming up on the show, we'll talk about fixed income. ten-year bund yields fall deeper into negative territory but how much lower can european sovereign bonds go mi unee scuss that and mor congp xt standard of care. it's how we care for our patients- like job. his team at ctca treated his cancer and side effects. so job can stay strong for his family. cancer treatment centers of america. appointments available now.

across europe. to take. people off neoliberal economic perspective have been in power for quite some time everyone has to take responsibility in this very challenging time and of course there is a demand in our society due to the be good the normal that we are leaving and the fact that the gist of the deepest economic and financial crisis yes we. are going much more coming back on the show at least 6 in the. but we came out that we dealt a measure of these 2 options in any case when he was saying that the many of them only say no and. the magic example and the message they can buy all the property the so for example. they say no for 3 they do not succeed. and you see that from one e r. or the. police and the. right wing parties are still despite. in power in italy in hungary in austria in poland there. in france it is expected that there are going to consolidate their presence in. the may elections. what is it in the policies of the. driving the support. i am asking you to be critical. because you are ultima

was having trouble what to do with refugees coming into europe so this is even more complicated situation when you're dealing with children and relatives of hardened i guess fighters and the risk of radicalization is really quite real well you know the glue cruft thank you you know belgium is one of the few other european countries to have taken in i asked children here's a look at how they rescued them from a school to come in the world in syria. children absolutely exhausted starving sick injured children of a war not of their making. and they're stranded here in no man's land with the kurds in northern syria. a refugee camp meant 410000 people now shelter 73000 because no one wants them these people might belong to i.a.s. . but heidi to power of the belgian children's protection center child focus says that's no excuse for the terrible situation at the camp the courts are very clear that they do not have enough resources to take care of all these international foreign women and children who at a certain point were members of. isis so that's very clear they also feel that the internatio

it is much more ok in europe. there is not as much of that sandberg estimates or guidance for well insured . beat.ll insured complicatinga factor in that not everybody reports every quarter. thirdalf report first and quarter us. we get when of those rare instances this quarter in seeing -- in that we see everyone. matt: what have the outlook's been like in the most important parts for stock investors? tim: no doubt. we have seen a modest ratcheting down of numbers. if you look over the course of rightst four weeks, before the reporting period and through, 2019 expectations have come down about a percent. the 2020 estimates are down a little bit more than that. as we look forward, on our quantitative modeling, the 2020 estimates have upwards of 5% or more of risk from the current stance. the revenue picture broadly speaking is clearly difficult. fromow what is going on the standpoint of global macro and mr. trump is stirring the pot as august starts and there has been a lot of cost reduction activity already taking

this is the picture for europe every single one of the majors in europe is trading heavily negative today ftse 100 down 1.7% basic resources and some miners there dragging the oil sector as well xetra dax down 2.3%. again, you would imagine all of the export-sensitive sectors are impacted here. cac 40 down 2.5% the italian index down 2%. a lot of red on the board. let's talk about the sectors every single sector in the stoxx 600 is trading in the red. you can see it behind me right at the bottom oil and gas down 2.4%. autos even more, starting with that, oautos down 3.5%. some of the suppliers like pirelli, down 3% we have the impending decision from the u.s. on what to do with the auto tariffs this is hanging over that industry banks, we had a slew of earnings come out in the last week. this morning credit agricole and rbs coming out rbs down 4%. credit agricole down 2.5%. basic resources down 3.92% arcelormittal came out with earnings yesterday today they're down 5% at the bottom of that basket. every single sector that is export-oriented or interest rate sensitive is trading in the red

versus europe. manus: ok, we will dig a little bit into those earnings expectations and the banks when we talk of a europe. tim thomas stay there, get a coffee. great man coming into the london studio on your own. the plans for a new coalition government, could it be in the making? italy's five-star movement and the democratic party, they are weighing up in alliance to undermine matteo savini's power play. but the long time foes would have to put their animosity behind them. that is as the prime minister is due to address parliament later today. an appearance that may lead to a confidence vote and his potential resignation. let's get to milan. we have our bloomberg opinion editor joining me now. great to see you. the risk is high of this no-confidence vote. is that where i jump off with today's political À la carte menu? >> indeed. the situation is incredibly confused. this is a coalition of two parties which did not run together into the last election in 2018. very high is riding in the polls. mat

beef exports to europe trade tensions have risen between the e.u. and the u.s. during trump's 1st years in office but both sides have called this deal a step forward trump has made shaking up mobile trade a central pillar of his presidency talks on a transatlantic trade deal and launching a trade war with china on thursday he threatened to impose a new 10 percent tariff on $300000000000.00 of chinese imports and global markets took a dip in response trump defends his combative trade tactics as part of his america 1st policy trump said the deal was the result of a breakthrough in talks with the e.u. . today we're signing a breakthrough agreement that will make it easier to export american beef into the european union we've been under negotiation quite a while. the farmers we didn't think were being treated fair but the european union stepped up and we appreciated it we have great representatives here with us today. we'll have more on that story in the business news with stephen beardsley coming up right after this program let's take a look though at some of the o