Hildebrand, the vice chairman of blackrock, the Worlds Largest money manager. Then we have an exclusive with egyptian finance minister amr elgarhy. Stocks definitely higher, so they are gaining 0. 2 , dollar weakening, oil expanding gains. Our manus cranny on the ground in vienna. Eurodollar 1. 1243. Lets get to bloomberg first word news with nejra cehic. Nejra Police Investigating the manchester bomb attack have reportedly stop sharing information with the u. S. After leaks to the media. Gordon to the bbc, the decision over amid outrage information from the day brief appearing at the New York Times. Prima nasser theresa may will raise the subject with donald trump later today. Thees of violence across capital city of brasilia. Theviolence ratchets up pressure on the government. Opec and its allies are pleased to expand production cuts for another nine months after last years agreement failed to clear a Global Supply glut. We will be live from opec in vienna later in the show. The minutes from the latest said meaning will be on the cards. Most assume the appropriate tightening of Monetary Policy again. They also prove the gradual shrinking of the Balance Sheet. Players andunited management have expressed sympathy for those killed in the manchester bombing. A moment of silence was held in stockholm where the british team beat ajax 20 to claim the title. Shares of the company rose, which guarantees the teams position in the elite system. We know if we could get that win, it is manchester back in a good look. The city of manchester will but we havemaybe, just come to do our job. News 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. I am nejra cehic. This is bloomberg. Francine Donald Trumps demands to step up the fight against terrorism, help from nato partners. Becoming more engaged in the global fight against terror. He secured the wrath of an angry theresa may after intelligence was leaked to the u. S. Media. Lets go live to brussels and speak with chief washington correspondent Kevin Cirilli. E strong words from our british i like about the intelligence leak. Kevin absolutely. I justkevin spoke with a perspective, they report a cut of ties, so to speak between the u. S. U. K. Information sharing about the Manchester Attacks, the leaks coming out of the u. S. Intelligence community are security. G national they say the Intelligence Community leaks are trying to undermine the president , and there is no question at this being reported by the bbc just before the nato summit is clearly sending a signal about security. They say thethe mistrust right e skepticism that many of the european counterparts within the Nato Alliance have with the new incoming administration, francine. It is almostnow impossible because the story just came out, but do we have any understanding of where the leak is from or do we never and will we never find out . Now, the story is still very much evolving. You have to remember it is only 4 00 a. M. In the United States. Many lawmakers back in may states have not even woken up yet to this news. That said, it is the first unscripted moment, so to speak, a continuation from global events of the manchester terror attack likely influencing the president s First International trip. I can also tell you the president is set to meet with french president macron later today. The first meeting since the french president had been elected. Again, huge skepticism here in europe with this new administration really on display, and i can tell you that is in stark contrast from what we had reported an experience both in saudi arabia and israel. Withrael, the president Prime MinisterBenjamin Netanyahu giving brief remarks to ease some criticisms that President Trump had received a meeting with russian officials at the white house, whether or not british officials will play ball in that regard remains to be seen, but what friendly for the bbc is reporting and the Public Statement coming from u. K. Officials does not seem like that will be the case. Francine certainly the mood or the at least the time has shifted. Kevin, President Trump also trying to crack down. Kevin could you repeat that . Francine the question was of course donald trump is also dealing with leaks back home, trying to crack down on those. Kevin yes, and in fact, i spoke with a former Administration Official or Campaign Official who is being investigated by the Intelligence Community and also by several congressional committees, including the u. S. Senate Intelligence Community. Paule like michael caputo, manafort, they are demanding that they be able to testify publicly and not privately. They feel like if they testify privately, they will not be able to get a fair sense a fair way to get their message out there, so to speak. A former fbi director james comey of course at the center of all this controversy, who President Trump fired, is set to testify before the u. S. Senate wants lawmakers return from a congressional recess. Work,ne kevin, great kevin is our chief washington correspondent, traveling with the president since late friday evening. Next, we will look at Monetary Policy. We will talk about the fed, what we heard last night. Looking forward to the European Central bank. Also, a very big focus on opec. Our manus cranny is on the ground. Opec and its allies seem to push to extend their production time for nine months, and that is giving a little bit of a boost market. Il lik you can see the brent and wti gaining a touch. This is bloomberg. Francine this is bloomberg surveillance. Lets get to the Bloomberg Business flash. Isra Deutsche Bank launching a query into hell billions of dollars moved out of the bank and into russia. The bank is still waiting for u. S. Properties to resolve a consequential investigation. Fined inas is being the u. S. For its involvement in eight manipulations scandal that has ensnared global banks over the last five years. At least one doesnt be in en bnp employees are involved. Continuing to bet against Chinese Companies listed in hong kong as he sees a pullback in credit that will send shockwaves. He told bloomberg he expects credit problems to reach breaking points. We see so much value destroyed that my firm believes that you cannot at some point, your past did not catch up with you. You just do not know when that will be for china. Nejra and that is the Bloomberg Business flash, francine. Francine thank you, nejra cehic. Rateatest of the fed hike is on the cards for next month. They plan that would gradually shrink the trillionanks 4. 5 Balance Sheet. Mario draghi wants to step up, any speculation that it might raise rates. The ecb president reaffirms the largest of the logic of the sequencing, arguing that the side effects will be a larger problem than those produced by asset purchases. Raghi suggests therefore there is no reason to deviate from the indications we have been insistently providing in the introductory statements to our press conferences. Francine right now, as we speak, we are getting breaking news news. You can see President Trump of rising at nato headquarters arriving at nato headquarters. You can see flags of all the nato countries. Out of hisbably first foreign trip like that will be proven to be more difficult. We know theresa may have tough questions for the president on possible intelligence leaking. Thatderstand from the bbc they will stop sharing information after what they understand is a leak of sensitive information. I believe it was pictures of the device that was used in the manchester arena, so we know there will be tensions on the. Sequencing,at the President Trump was in saudi, then israel, than rome, and he was greeted like a rock star. Nato will be a little bit different. Lets get more on Monetary Policy and more on donald froms first foreign visit Ian Shepherdson of pantheon macroeconomics. With a focus on what the central bank is doing, whether at some point there will be a risk reversal because they suddenly realize that maybe the economy is more in a fragile state . Ian it is an interesting question. I cannot think politics have made enough of a difference for the real world. We have a oneday big drop in the dow when we had the bushel prosecutor announced in the u. S. Into the russian activity. But we have recovered from that now. There is a bubble along the background. It probably will not change anything in a big way in the shortterm. Corporate earnings are pretty strong. March weakness and other numbers have rebounded, the fed said yesterday we need to raise rates again, so i think that is where the focus is. None of that is a big change because for the last few weeks, markets have expected the fed to move in june. Most people are not thinking about september or december at this point. I think the fed probably is. We are setting up a class may be at the next that meeting. But in the run up, not much happening. Francine why is that, ian . The market is concerned about what the feds next steps will do. Ian we have new information on the Balance Sheet yesterday, the that nearly all members agreed with pure think we will have a formal announcement maybe in september. At another that will replace raising Interest Rates as a primary tool the fed will use to try to stabilize the labor market. Interest rates will remain the main focus, yet the markets think they will do one in june and then more or less done. We have fed governors saying we will get at least one more rate hike after june, some of them including rosengren, saying he thinks they need to raise rates four times this year. I kind of thing people in the markets have put their hands over their ears and theyre saying, nope, not listening, and i think over the summer if we get a big gdp, maybe that refocuses his attention are now, it is june, and then we do not worry about things so much. Francine do you worry about the European Central bank . I also have a great chart. This to be the euro, the , evencys best year though we were talking about it breaking up a couple of weeks ago. Ian it is amazing how things change. Now its like ancient history. I do not think it is gone forever. Germany come in of the super tight market in germany is the best thing that could be happening to the euro zone raising inflation pressure, and that pressure is not building anywhere else in the eurozone. It is kind of rebalancing that inflation that germany investors which caused such a problem with germany was not relating. So the ecb, mario draghi trying to calm everybody down, so again, markets are relaxed about this. Looking ahead, some people say why are they triggering for a change in the story, and we are not really seeing one. Everything is going along happily until something changes. Francine Something Like what . Rate story interest changes. Rather bizarrely, given what we have seen over the last few years, there are probably fewer roadblocks in europe than in u. S. Than in the u. S. In the u. S. , we generally thinking in the next two months, rates will go crazy. Fewer roadblocks in the eurozone maybe and the ecb trying to calm everybody down. Whereas the fed come everyday is something different. Francine thank you so much, Ian Shepherdson, founder and chief economist at pantheon macroeconomics. Coming up next, we speak with the finance minister of egypt. Our exclusive interview is next. This is bloomberg. Francine this is bloomberg surveillance. I am Francine Lacqua in london. Egypt is taking advantage of Lower Borrowing costs after economic policies earned the endorsement of the imf. Officials are struggling to rebuild an economy where inflation tops 20 . I am pleased to welcome the finest minister of egypt, tomorrow got a amr elgarhy. Congratulations on the bond sales. This is what we have been seeing last week. This is a chart normalizing them confidence . Sign of mr. Elgarhy basically, the economics Reform Program is , and more notably, imf, a wanted to stop a period very high budget deficits. We wanted to turn this into more progressive and more positive way of doing this, so we are starting to reduce our budget deficit gradually, and we are , anding the debt 10 to 8 more importantly reducing the primary deficit from 3. 6 this year. We are putting together a Program Aiding the condition that we were held into a more positive direction. Francine i will ask you a little bit about some of the what in just a second, but is the question you that most by International Investors . Would ask me about a specific plan or about terrorism . Mr. Elgarhy the most important thing that was hampering the economy from moving ahead in a positive way was the situation of foreign currency in the country. Rate that ishange putting a lot of pressure on the country, and we had disparity between the official price and the market price. The decision to float the country the currency was very important in the sense that thele who see appropriateness in that perspective invested a great deal. The second thing is, procedures on the ground in terms of affecting investment and how we really deal with the procedures that have taken place and all of this investors can face. That and will do our utmost in order to tract investors to the country. Francine how much is covered . Havelgarhy basically we 11 billion, and we have 3 billion only, and together with our situation back in january with rates were at a half billion dollars, that amounts to 24 billion on the books. Is more important issue here the amount of demand on the 10year and the 30year, and that is a great vote of confidence in the economy form problem. Francine so how many more bonds are you planning to sell in the coming year . Mr. Elgarhy enough for now, at least next for the markets for nine months, it could be the Second Quarter of the calendar , between april and may come if we decide to come back again. Francine wind you expect an ipo with some of the staterun staterun banks . Mr. Elgarhy we expect between three and five companies to come from the governor government part. Francine can you tell us the name of the compaies . Mr. Elgarhy there are companies that have authority been announced, and oil company, a bank, and more who take this to the market in the next two years. Francine how much are you expecting to raise those . Mr. Elgarhy we are talking more or less around 10 billion to 15 billion combined. Francine minister, i know you really laid out of course some of what you are trying to achieve, and it is very clear that the forefront of this is trying to plug the deficit. Does that mean you will have additional taxes increasing going overseas, and when do you expect those to take over . Mr. Elgarhy no, no more increasing taxes. 14 thing we have is 13 to nothing will come out as additional fees except for maybe Certain Industries that need to streamline their operations in certain ways, but nothing in terms of more additional tax base in the coming months, no. Someine summer saying are saying Electricity Subsidy cuts are possible. Would you delay these cuts to give people a little bit of breathing room . Mr. Elgarhy from one perspective, inflation on an annual basis is high. On a month over month basis, it is going down. We intend this to continue. For the subsidy is this is a by theat is preset government since 2014 to deal with the subsidy in a more efficient way because we face sometimes or we faced in the last 15 years a way of getting subsidies, a way that is very harming to the company and the people as well. That is why the ecb was there with the subsidy issue in a more efficient way, and we need to ensure it. Francine can you give me a timeline . Winner the subsidy cuts . Mr. Elgarhy it has yet to be decided on the timing. Francine it could be six months, nine months, or could you delay mr. Elgarhy things are being discovered, it is a number of things that the country has to look at and the government has to look at the number of issues and how we can do with this, how we can ensure the social protection program, pushing people from the impact of any economic Reform Program that we are docked in adopting. What you think of mr. Trump coming to the middle east and stopping in saudi arabia in his first warned visit . Does it translate into a little bit more hope for the region . Mr. Elgarhy we hope so. In a visit to the United States with the president , last month, positiva very visit, and we believe that more positive relationship will emerge from that situation, and we hope it will continue in terms of political and economic to be in ap positive tone and in a positive direction in comparison to the last 15 years. Francine minister, thank you very much, amr elgarhy, the finance minister of egypt. Nejra police have stopped sharing information to the u. S. After leaks. Isme minister theresa may expected to raise the issue with donald trump at the nato summit later today. To extend the production cuts for another nine months after last years agreement failed to deliver price recovery. We will be crossing live to the opec meeting. The minutes from the lat