Better, but not quickly enough. There are mole and you getting opportunities earlier to lead. Ramy wall street mourns the loss of a foundational figure. Its all ahead on bloomberg best. Hello and welcome. Best. Bloomberg our day by day look at the top headlines begins with a rally in commodities. Its run ofontinuing gains with crude at its highest so far this year. Thats above 39 per barrel. I was getting these warnings, these alerts telling me that oil prices were below 30 a barrel. Brent crude reaching that level there are a few reasons why this is happening. Drillers in the united states, they have the least number of rigs out there. They are at a 60 month located you have the possibility of opec meeting with russia over this deal to freeze out the current levels. As prices have gathered momentum, some speculators are lying down in front of the oncoming train and are getting on board instead. Through intoring the market. Oil re of 20 a barrel has been banished for now. Rally going onr in commodities. They are willing to boost Economic Growth. The market has gone berserk are will the rally continue . We havent seen any fundamental data to justify the price level. During the month of february, the entire china country goes on holiday. We dont have a lot of data coming out of the country. Its hard to read whats going on. I have yet to see at this that we have a hard turn it. They said it would cut overcapacity in steel. You would think that would lead to a curbing of demand in iron or. It jumped by 1860 . Whats going on . It must be me being here on bloomberg. Has been a disconnect in the market between the fundamentals on the ground and the trading on a daytoday basis. This is not an anomaly. It follows what has been several weeks of strong gains in the metals market. I think its a lot of trading on rhetoric. Reality does not justify the high prices yet. We had abysmal data out of china. Exports fell to the lowest level since 2009. This latest figure out of china, there are seasonal distortions, but significant numbers are down. Exports are down 25 . We were expecting 14 5 down. It is significantly worse. January was down 11 . This is the eighth consecutive month we have seen falling exports. We have to treat february with caution. That applies to the export numbers. Part of the issue is its not just factories shut down for a week. Holiday was at the end of february and there was a rush to get trade done. This year, it came at the start of the month. I think thereid, is a feeling the numbers feel downbeat. There is a challenge ahead. It will embolden those were calling for depreciation. This goes to show it will take Significant Exchange rate devaluation for china to change exports. When you consider the commentary from the authorities, look for more on the stimulus side. Look for more from the central bank did look for more in terms of bank lending to get the economy going. They are not going to get a shot in the arm from exports. It was a big night for Bernie Sanders. He scored a surprise win in michigan. He is still behind Hillary Clinton for delegates. On the republican side, donald trump step delegates. Ted cruz data within in idaho. Lets start with the Bernie Sanders winfred it gives him some momentum. How far will that all his campaign . What we are going to be looking at is how much he can carry this into ohio which is voting next tuesday. The demographics of michigan and ohio are very similar. He did very well with workingclass voters he did well with young voters. That is key for him. He did better with africanamericans in michigan. If he forms me well with those huge leape has a could he can even rode her support in ohio, illinois, in the industrial heartland. Donald trump one in mississippi and michigan. Does this stretch the ability of him to win a cross very differentareas across demographics . He has one in all areas of the united states. He has both a Broad Coalition of support. He has brought support than people expected. He showed real resilience last night. I think the establishment will be looking at that. The ecb has cut all of its Interest Rates. Qe has been boosted. Increased the Assets Available to buy to include nonbank corporate debt. In the last few months, its been an ethics game. Aboute says its weakening the currency, this is changing. They are buying corporates. They are going straight out and trying to help deficits. They are now making money available at zero and maybe negative rates for banks to borrow. This has changed from an external game to a domestic demand lending game. This is about the fundamental accounting and getting loans to individuals. This is not just the exports. This is what they should have done. I think they did the right thing. They are doing everything they can and its in a mandate. The biggest Investment Bank, deutsche bank, has rising Legal Expenses that hurt earnings. Them talk about this again and again and again. Does this come as surprise . Its 11 for the whole company. That actually is not quite a what was expected at the end of last year. They were talking about cutting it by 30 . This is not unexpected. Painompany will be under relative to peers as they work through some legal issues. How does he think hes going to keep people in their seats there . Historically they did have the reputation of pain pretty well. There is going to be a transition there. Onhink he is trying to hold and hope for things to bounce back. That tradingd revenue for the industry is probably going to be down given the rough start to the year. There are not a lot of places right now that are on big hiring sprees. You have risks. You could lose the top people on a desk. Is a lot of competition out there for hiring right now. Its more keeping your job. More reactionp, to mario draghi and his latest monetary moves. We have a roundup of company news from around the world. Ramy welcome back. Ecb meeting it was the centerpiece of a dramatic week in European Business and politics. Tom the migrant crisis draghis latest policy plans, there was plenty to discuss and analyze on bloomberg television. Mark carneys testifying before lawmakers. Boe will avoid telling people how to vote in the referendum. Nothing we say should be interpreted as making any with respect to that decision. Can the bank of england and void avoid swaying voters . He does not want to be seen would be arexit disaster. He is trying to fix the situation. He almost lost his patients a couple of minutes ago. Him, you have a selective memory. There is a risk to financial stability. He is talking about brexit. Is this just political theater . Its a little bit of political theater. People want to understand the implications of what a brexit would be. Whats the dynamic you see in london . You see people playing on their frustration of whats happening in individual countries and people play in it. You see whats happening here with the rise of donald trump. The same thing is happening in europe. Free Movement Across borders within europe was central to the original eu. Let me give you some numbers. Euros a year moved across borders within europe without interference. 700,000 people a day moved across borders without interference. Now just a slowdown that will happen from enforcement doesnt just affect refugees or people like that, it affects daily commerce. Its going to take a 10th of a point off eu growth. The ecb pushed beyond expectations with its relief. Is it fair to say draghi dazzled . He brought up the bazooka. He certainly sent every options through the market. He announced all the qe package and the rate decision. Was thate key focuses comment where he said we dont see the need for any further reduction in Interest Rates. That signaled the floor being hit. He said things could change. I think its dominated by , that phase of negative Interest Rates and using that as one of the tools that will come to an end. He has given the signal that Interest Rates as a tool is exhausted. Thehat it out about decision to buy noncorporate debt . It wasnt predicted by many. Has that taken you are back . Back . Ng you it came a bit sooner than we thought. Extension of and closing this chapter on Interest Rates. It opens a new chapter on creative easing. I would back a little bit on this view that Monetary Policy is running out of ammunition. There is a lot that can be done and the credit easing space. Bonds,u start buying its not a far step to go into equities. Is this draghi pushing a panic button . Was this a carefully thoughtout plan . Represents not a panic button, but a tailored approach to the problems facing europe. Credit tois getting the Banking System to borrowers. That gets europe back on track. He has matched the negative deposit rates. To try to promote the flow through credit to the borrowers. That is what is necessary to get europe going again. We all know that he cant do it alone. He needs the fiscal policy. This is a quote from one of our columnists. He is firing blanks. You dont believe thats right . He is not firing blanks. Look at the markets. He also isnt the only one who should be holding the gun. Are we getting closer to the point where these policies become ineffective . By looking at the credit channel, it was clear yesterday that he once the market focus on that. Can he make that away from the credit channel . It might take a lot more time . Out, the u. S. Is finding while he is pressing the arelerator, the regulators also pressing the expected thats why you dont get the impact on credit that you expect. The u. S. Is lucky. It has other engines of growth. This may be the key question for central banks, can they affect demand . Its not probable. Demand is being held back. We have decoupled the ability to spend from the spender. Lacking a number of Structural Reforms and give confidence. The companies are not responding. I look at this and its another attempt. Good for him. Good for the ecb. I hope behind closed doors they are making it clear that they are coming to the end of the rope. Ramy you are watching the best. Lets take a look at company news starting with the deal that links money giants. In sydney after an agreement with the biggest iron ore miner. What is behind the decision . This is a memorandum of understanding that lies at a platform for the companies to Work Together and explore opportunities to create value. Blendingne of those is for our together customers in china and provide a blend suited to minimize the cost of the supply chain. Buy a stake in market. We are a minority interest. At our discretion. Tell us about this decision and the benefits of this. A if we are able to forge longterm relationship, it provides opportunity for us to lower our costs further. It allows us to better match our products to our customers needs and china. Dicks Sporting Goods timed the fitness trend better than most. They are interested in sports authorities real estate. 140 stores they plan to close, 100 overlap of their stores. There are 40 in play. They could take over the lease or acquire the property. Do you have any ideas . Weve done a bunch of work. Arestores that they closed i think its going to be 10. They are closing for a reason. They are lousy locations and so on. I think there is more to come with sports authority. Survive, they are going to close another hundred stores. If they dont figured out, it could go away completely. Thats where it could get very interesting for dicks Sporting Goods. They are investigating the of malaysian state investment funds. We are talking about one fund. How is goldman involved . They were the conduit to help this governmentsponsored fund raise money. Was supposed views for investment projects and infrastructure in malaysia. Ony were the Investment Bank this. He was the banker. They raised over 6 billion. The key point is was the money going back into them or embezzled or used for illegal purposes and moved around without permission . What does this mean for Goldman Sachs . Is returned to the reputational issues . Its something they will be a with. They hired an outside law firm thats looking into it. You see this happen with thanks a lot. Sometimes they have issues with their clients and thats it. Its not really clear at this point if goldman did anything wrong. The Largest International airline has a jump in income of 90 . Savings on lower fuel costs were partially offset by hedging losses. Give me a sense of your position. We never hedge 100 . Losses, the net fuel cost to us has gone down by 7 billion. Thats 18 . The business benefited on the whole with the oil situation. The passenger market and the strong contributions by companies helped the better result. You are hedging over three years. Do you want to have it that makes your modeling easier . Is it because the price of oil they go back up . Protectve positions to the operation. Earningst the stability. We take those positions. We will take hedging gains when the price is high. The business benefited from hedging losses. A showdown is underway at united continental. To investors are nominating six directors to the board. Among those is the former Continental Airlines ceo. Unitedsoming as current ceo returns from medical leave after undergoing a heart transplant. Some investors were upset and did not think the company was making the things it needed to do to turn around. They thought he could help shake things up. What goals do these funds have by bringing him back . They have been more talking about the problems that united has had rather than what they want to see going forward. What they said about united in the past is it had a languishing stock price. It hasnt performed performed as well as delta or american. They want to shake things up. They want some new blood on the board. Revenue is rising 40 in the first full quarter as a public company. Profitability may be the concern. What do you think about sales growth combined with the lack of profitability . They grew 60 in the order. They are firing on all cylinders. They are expanding to other categories. Square Capital Division is something investors are looking at. They have offered loans to 70,000 merchants in about 400 million of loans in the first year. That is an exciting opportunity to expand the relationships they have. How strong is their Product Pipeline . Its amazing for the ecosystem, it will accelerate the use of mobile payments, which the actual places you can use your apple pay or android they are quite limited. To think of them rolling it out to the 2 million merchants they use is a Great Development overall for consumers. Bridgwater has hired John Rubinstein as coceo. The current coceo is set to turn his focus on his investing role. This comes after reports of tensions. Has a culture of fighting things out internally, debating, having people vote on who is right. It is very weird to anyone outside of bridgewater, but inside, this is the norm. This is really about having jensen focused on investing, rather than running the company. , that is a more administrator role at rate water , so this is emblematic that they want him more focused on investing. Jensen is known to be a very smart man and that is what they are focusing on. Has an extensive career in technology. A strange fit, then. More and more, people are describing bridgwater as a technology company. Quantitative strategies to make a lot of their decisions. Ramy still to come, highlights from a week full of interviews and International Womens day inspired us to ask what is the state of gender equality in business . Ramy welcome back to bloomberg best. Im ramy inocencio. Welcome leaders in business and politics for exclusive come in depth conversation. With the chairwoman of the u. S. Securities and exchange commission, mary jo white, who sat down to discuss Financial Regulation and reform. Its always an evolving landscape in terms of what is optimal regulation, including watching weather impacts are going forward. Attention, but nobody wants to relive the financial crisis. Many of those rules that the agency, that other agencies have executed on, have made a much more resilient as a market structure, as a financial system. Some we were to roll back of what the sec and other agencies have done, you believe we would be exposing Financial Markets to greater potential for another crisis. Without question. Recognizing all the accomplishments you have had as when you haveec, done in concert with other regulators, its fair to say, is attempt to change the culture on wall street and financial services. To what degree have you been successful . I think both week, and much of wall street, has been significantly successful, but there is a distance to go. Changing culture is not an overnight or even a fiveyour project. What you find when you try to change culture, particularly in significant ways, you change it at the top. We have been successful there. You may change it in the trenches but you have a swath of middle managers are you have to make sure the message is taken in, absorbed, lived. N evolving responsibility. Foreign policy will be extraordinarily important and difficult or the next president of the united states, may be more difficult than any president in our lifetime. What is the most important thing that needs to be employed the first 100 days . Diplomacy, a in lot of talk in certain circles in the campaign of military force, where we would use it, what we would do. Truly building these coalitions is what is required to bring about political solution. There is not one conflict on the global stage that can be simply settled by the barrel of the gun. Challenge,orist building the coalition, you have to cut off financing, share information about who is who in order to protect our people, make sure the wrong people dont come into your country. I feel like diplomacy is the least of what we have heard of it all of these debates and meetings. But am a diplomatic nerd, it does not make a sound bite, it does not make the bumper sti