Minutes into the monday session. The two boxes i want to for you is frances index. The euro down by 6 10 of 1 . It was up over a quarter of 1 . The macron presidency should help the euro dr. Should up 116eurodollar leading to for euro swissie. Those of the key assets to watch out for today. Yields are creeping up across the eurozone. We will talk with about oil. Lets get the corporate news. His is a oneyear chart rejecting ppg industries. Define pressure from shareholders to engage with its bid. R over its 27 billion rejected to offers from ppg saying they were too low and not worthy of discussion. The chief executive of accel proposed splitting up the company and splitting it up and rewarding shareholders with a high dividend. One of those other shareholders are going to think what are those shareholders think . That preorders expanding for second month. Orders are adjusted to inflation and rose rose above the estimate. Saying economy gathered momentum in the First Quarter on the back of strong Consumer Spending and a brightening outlook. That is the trend going back to 2011. In china, oversee shipments holding up amid recovery Global Demand is a threat of a trade war with the u. S. Receiving exports receiving. Exports rising and increasing 11. 9 . Trade surplus the export outlook is improving because of recovering Global Demand. In imports and exports missed estimates. That is added to recent evidence that growth may be pulling back after a strong First Quarter. 90 minutes into the trading day in the u. S. . Lie, what is it looking like julie that chinese data is not having more of an effect around the globe. Over the past year or so, that had diminishing effects on global stocks. Maybe it will come back. For now, we are stocks pull back a little bit in todays session. I misspoke earlier when i said all three major averages had touched record highs. Make it to not quite that milestone, and now we are seeing a decline. Take a look at the bloomberg. This tracks the simultaneous highs as they have happen in the major averages where you see the blue lines. This goes back for one year. We did not quite get there for the dow. The nasdaq is in white and the s p is in purple and the dow is in peak. Is an pink via seen a cluster of record highs, but the last it seen a cluster of record highs, but have not seen a return to that level. There is some sideways movement. Another individual stock making yet another record is apple. It has been frequent that apple has been rekindled levels. Today, Drexel Hamilton analyst brian white raising his target to 210. Interestingly, he says apple is among the most underappreciated stocks in the world despite the fact that 79 of analysts who cover the stock do have a buy rating on it and it is the most widely held if not the most widely held stock. Were having a little graphical difficulty. I am going to can we take a look at the 10 year as well because we had some comments from various that officials. We are seeing the yielded dollar gold higher. Falling the fed risks behind and needs to keep on pacer raising rates. Mark . Mark lets get back lets get back to our big story Emmanuel Macrons victory. Lets get reaction from the Banking Sector and french industry. Lets head to paris. This is our last guest of the day. He is the ceo of , which is the french Capital Financial sector. How are you . Very well. So, today, a metal macron wins the election Emmanuel Macron wins the election. It was a very good view for france, for europe, as well as for paris is an International Financial markets. Is a strongron supporter of the paris Financial Center. He reformed the concern of the labor rules and we are confident that it will accelerate the reforms that he will reform. We are already seeing protests against the labor reform that he wants to implement in the first 100 days of his presidency. Challenges get a, and how can he succeed . Difference between Emmanuel Macron and his predecessors is that he is much more concerned about the social questions. He has a social spirit. He likes to explain what he is doing, whether he wants to implement macron law. Lester, he spent much time explaining to the parliament what the objectives were in the measures he wanted to implement were good for france. Were very confident that he will do that. He has many qualities to make friends people understand. We have to bear in mind that Marine Le Pen the twice better than her father and 2002, and she has the support of more than 10 million french people. How can you really push through labor reform another economy reforms . Violencereating social in france and resistance to go resistance . Everybody told me, you are very kind, but we did not predict brexit in the u. K. , and we got a brexit. We did not predict mr. Trump, and we got mr. Trump. Quiteench people are they willill reject the second tour. Now we have a very business minded president. This is the reason for which we are confident for the future. Your job is to lower some from lure some bankers london to paris. D1 Emmanuel Macron to be tough do you want Emmanuel Macron to be tough . First, we have more than 200 international banks, investors, Asset Management companies in london, new york, and tokyo. Is interested in becausees in france they have to rebalance part of the activities to the e. U. Cycle and the First Quarter was the French Election. Now we are at the beginning of a new period. Mr. Macron has taken engagements to accelerate reforms on the three major topics that Interest International market players. First, labor rules. Second, social causes. And finally, implementing better stability in the french greg latorre environments. Quickly, whoeally gave you interest from london . What Financial Institutions have expressed their interest . We know hbc wants to move people from london to paris. Who else . Banks arm u. S. Paris as thed in number one Financial Center in the European Union apart from london. Market strong activities. Banker thea japanese difference between we have competitors and businesses and french and international. Clients and our interests is to be our clients. He is helping on Emmanuel Macron to make it easier for paris to attract london jobs after brexit. Mark thank you so much. Election,y after the must be pretty subdued in paris could lets check in on first world news. That morning. Obama Administration Official warned the white house about contracts with russia. Former acting attorney general sally yates testifying before a senate hearing. She has not spoken publicly about Michael Flynn before. White house officials said that sally yates gave them a heads up about his contacts with russia, but she is levied to testify about her warning was stronger than that. Another news, and washington, u. S. Secretary of state Rex Tillerson will meet wednesday with his russian counterpart. The state department is tillerson and will discuss ukraine in syria. Last week at a russian sponsored peace talks, syria agreed to the establishment of socalled deescalation zones, but they were still fighting over the weekend. Russian now says support extending those opec oil cuts young the end of the year. The sixmonth deal is scheduled to expire next month. Saidas industry minister that it will speed up rebalancing. Saudi arabia had also said the agreement could extend past the end of 2017. In north korea, authorities have arrested a second american instructor at the university. Both are accused of unspecified hostile acts against the country. It is not clear if the arrest kimpart of north koreas jong un global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. Global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. This is bloomberg. Mark thank you. Coming up, we will have more on crude and the potential for a supply cut extension. Will it be enough to spark a significant price jump . This is bloomberg. Live from bloomberg headquarters from your, im vonnie quinn. Mark and im mark barton. Lets get to crude oil. Productionextend cuts doubling down efforts to eliminate supply glut. Joining me is julie. There was talk that they had to double down, or cut by more, or extend. It seems as if they will extend in 2018. They are talking about it. There seems to be a growing swell a momentum behind that. The problem is, this isnt doing anything to solve the problem. A massiveen oil up . 10 today on the back of both saudi arabia and russia, the two biggest producers of these groups of countries saying they will extend cuts into 2018. And it has done nothing. The problem is, contrary to what the Russian Energy minister says , is that this extension will speed up the balancing, it will not. What it means is the rebalancing will go on into 2018. It will not make it any faster. The only way to make it faster is to cut more supply, and the problem is if you look at the initial forecasts for 2018, the u. S. Department of energy forecast, they are consistently month after month, cutting their estimate on the amount of oil from opec that the world will meet next are because shale is growing so fast. That this is the chart tell you everything you need to know. This is wti. That is the point that opec agreed to trim out cut to trim output. We were below the point on the close of the day of the meeting. The worrying thing is that one brent got toay, within . 30 of where it closed before that opec meeting. You know, right back to where they started from. Vonnie julian, is there a danger that it becomes a vicious cycle that the more opec promises to cut, the lower the price goes . Julian i think the problem is the more they promise to cut, the more they built into the market and expectation of prices being maintained and then taking the action to stop prices falling. Comfort youhe more get within the shale oil patch, the more investment goes into shale, and the more shale production rises. We have already seen, and the first four months of this year, but every month, the u. S. Department of energy has been raising its estimates of u. S. Production. Its publishing his neck shortterm outlook. Tomorrow, it may reset up with again. Vonnie how will a rock respond how will iraq respond . Julien iran has had something of a free ride in the first phase of this, the first six months, has been allowed to increase production. It has largely done that. It has sort of got into a limit in iran of what it is able to produce that more investment, both domestic and foreign. So, i think iran will be in a position to freeze its output and cannot raise much quickly. The big question is faced fariraq. They have not the big question is iraq. The have not agreed with outputs. They have quite ambitious capacity expansion the second half of the year and into 2018 with these big projects of Foreign Investors in the south. They and other opec members will find it more difficult to comply with cuts in the second half of this year than they have in the first. Mark julian, great to see you. Ahead, akzonobel rejects a third takeover bid from ppg. We will look at what will happen next. This is bloomberg. Vonnie live from bloomberg headquarters in new york, im vonnie quinn. Mark and in london, im mark barton. It lets get to m a. Cheers of akzonobel shares shares of akzonobel lower rejecting a good offer from his competitor, ppg, raising the prospect of a hostile takeover. His ppg going to go hostile . Ruth that is what Michael Mcgarry seems to be indicating. They said that akzonobel has until june to come to the table and negotiate a deal. If they do not do that, then hostile is the way to go. Market mind, the dutch is one of the toughest to get a hostile takeover accomplished. Talking through this 19 minute 90 minute meeting . Ruth it reflected the tone of the meeting. They wanted to make it seem like akzonobel was talking to you, but saying no and please go away. Ppg seems to be interested. The shareholders are saying akzonobel shareholders are saying that they want them to come to the negotiating table and have a conversation. But they seemed to be determined that will give you a higher dividend. We dont want this deal. Long can they hold out . They cannot keep offering more and more sweeteners. Ok. Mark, maybe you can ask ruth the question. Mark vonnie said how long can akzonobel can hold out an offer sweeteners to its shareholders . Elliott wanted them to convene a shareholder meeting. They had been talking about all of these things. If ppg goes hostile, it seems there will be a lot of investors that will back them. We will have to wait and see unless ppg decides to come with another offer. Mark the plot thickens and ruth will be back. In the netherlands, ruth, thanks a lot. Vonnie ok, staying with m a in your Bloomberg Business flash, lets get you caught up. Media marking a big acquisition since regulators seized limits on tv station ownership in the u. S. It would give access to big media market but chicago, new york, and the miami and miami. A deal and a luxury handbag business could coach has agreed to buy kate spade for 2. 5 billion. Coach had been trying to build a multibrand company through acquisition. Salesile, kate spakes turned negative in the First Quarter. Shots fired in the bidding war over Straight Path. A mystery bidder says verizon has made a bid for the company. That gives at t to match the offer. Last month of at t great to buy Straight Path for 1. 6 billion. That is your latest Bloomberg Business flash. This is bloomberg. Did you know slow internet can actually hold your business back . Say goodbye to slow downloads, slow backups, slow everything. Comcast business offers blazing fast and reliable internet thats over 6 times faster than slow internet from the phone company. Say hello to internet speeds up to 250 mbps. And add phone and tv for only 34. 90 more a month. Call today. Comcast business. Built for business. The shlike a bald penguin. How do i look . [ laughing ] show me the Billboard Music awards. Show me top artist. Show me the top hot 100 artist. They give awards for being hot and 100 years old . Well take 2 [ laughing ] xfinity x1 gives you exclusive access to the best of the Billboard Music awards just by using your voice. The Billboard Music awards. Sunday, may 21st eight seven central only on abc. Live from london and new york, this is the european close. Stocks finishing the monday session. Its been a session dominated by the result of the French Election. Centrist emanuel emerging the victor as predicted by the polling companies. But stocks lower. Most of the gains came after the first round of the election. In between the first and second round. I tell you a great stat in a second, the a. C. A. 40. Today we were lower. Friday, highest level since august, 2015. We rose for a second week last week. Morgan stanley said 47 of 250 companies it monitors have exceeded consensus in the earning since by 5 or more in the First Quarter putting on the best quarter in a while. Turning to the fundamentals. Stocks are a little bit lower today. Stocks have risen in the interim period. This is the va. C. A. Which is volatility. 40. Hite line is the cac in between the first and second round rose about 4. 7 . It rose to a 2008 high. It was the biggest ever game between two rounds of president ial ballots. We did see the r. S. I. , the relative strength index, on the cac 40 on friday reaching as high as doubles since 2015. The discount between france and the rest of europe, because of those gains in the cac 40 is the narrowest since 2015. Cac 40 trading at 14. 5 estimated earnings. In absolute terms, the cac 40 is at the highest price earnings in two years. Better to trouble than arrive is the phrase used today. The difference between the french and german 10year. That monday after the first round when the difference narrowed by 19 basis points. We came down throughout that twoweek period to 42 basis points today which is the lowest, the narrowest since december, 2015. And lets finish off with the euro which initially spiked higher on the back of the results on the asian session. But dipping lower throughout the day thereafter. This is a clear signal victory was priced in. Now we turn to the fed. Rally above 110 and u. B. S. Said the presidency should be supportive for the euro against the dollar. Its looking at 120 over the next 12 months. Still above that 200day moving average. Whats it looking like there, vonnie . Vonnie well, the dollar index, mark, we are seeing the dollar index above 99. It was below 99 yesterday. Mexican peso weakness back to 19. We saw it in the 18 handler or so next week. Crude oil is ever weaker even with all of these opec speculations in the market. 45. 87, down to dl 7 . Ront end 1. 33. The. 02 is back around 100 basis points. Lets move to g. M. M. And see whats happening with the g10 movers. Nikkei up. Better data there. The index is also higher when it comes to the emerging market currency. The bloomberg dollar index taking much more notice of those currencies. Not just the euro and the yen. And then of course yield terms, you see the u. S. Is even turning it up the 30year yield up three basis points. So lets now get back to you, mark. Mark vonnie, lets stick with markets. Reaction has been muted to the french president s victory. Will he have a trumplike rally . Ining us is Asset Management strategist patrick. There was 75 turnout. 25 of the electorate didnt vote in the first round. We had 40 of voters go for extreme candidates. Did that tell us, patr