WELCOME BACK TO GENERAL MOVERS,
EVERYONE WITH 200,000 EMPLOYEES
OF 32 MILLION CLIENTS BEING
PEOPLE REBA WORKS WITH AN
EXTREMELY DIVERSIFIED GROUP OF
BUSINESSES IN THE U S IT AIMS
TO BE ON THE EUROPEAN THE BANK
OF REFERENCE WITH A
COMPLIMENTARY NOT COMBATIVE
APPROACH TO
BANKING AND HERE TO DISCUSS THE
STATE OF THE BANKING WORLD,
JOHNNY FUNNY ALL IS THE CEO OF
BEING PEOPLE READ THE USA AND
CHAIRMAN OF CME AMERICA'S IT'S
SO GREAT TO HAVE YOU ON THE
SHOW NOW THE FED HAS TAKEN
ACTION TO REDUCE RATES IN THE
US AND ECONOMIC DATA IN EUROPE
SEEMS TO SUGGEST THAT THAT
REGION CENTRAL BANK WILL TAKE
ITS OWN STEPS TO STIMULATE THE
MARKET ON BOOK TELL US HOW YOUR
BUSINESS IS BEING AFFECTED AND
YOU ANTICIPATE IT
BEING AFFECTED AND REMAINDER OF
THE YEAR. THANK YOU SO MUCH FOR
HAVING ME BY THE WAY IT'S A
PLEASURE TO BE WITH YOU TODAY.
I THINK USE YOU YOU HIGHLIGHTED
VERY WELL ACTUALLY THIS US
ECONOMY IS VERY SMALL.
♪
AND WHAT THIS ECONOMY IS
BENEFITING FROM TODAY IS FROM A
POSITIVE
INTEREST PAID SITUATION WHICH
IS THE MAIN DIFFERENCE WAS
PROBABLY MOST OF THE REST OF
THE WORLD, INCLUDING THE EURO
ZONE. THEN IN TERMS OF IMPACT
AND SITTING BETWEEN EUROPE AND
US TO GO INTO POSITION I HAVE
WE'VE SEEN SIGNIFICANT INFLOWS
OF MONEY FROM INVESTORS COMING
OVER HERE MAINLY BECAUSE OF
THIS REASON OF U C THAT KIND OF
THE STRONG AND IN ADDITION, THE
CORPORATE SECTOR IS DOING VERY
VERY WET
THE BEST WAY TO STATUS THAT'S
WHAT I SEE FROM WHERE I SIT.
>>THE COUNTRY CONCERNS YOU THE
MOST IN TERMS OF THE SLOWDOWN
WE'RE SEEING AROUND
THE WORLD, BUT IS THERE ONE IN
PARTICULAR THAT YOU FIND MOST
TROUBLING NOT NOT QUITE I THINK
THERE IS NO
QUESTION THE GLOBAL ECONOMY IS
SLOWING DOWN. IT'S FOR FOR THE
RULES AND ITS ROLE FOR AWESOME
COUNTIES IN ASIA. AND IT HAS AN
IMPACT THAT HAS ANY IMPACT ON
THIS ECONOMY HERE WHICH IS WHY
THE FED IS CONTEMPLATING
POTENTIAL ADDITIONAL STIMULUS
GIVE ME COMFORT.
ON PARTICULARLY FOR THE EURO
ZONE IS
I BELIEVE THAT MEASURES IN
TERMS OF MONETARY STIMULUS BUT
AS WAITING TIMES A 5TH PERSON
IS ALREADY BEING DISCUSSED.
>>WITH ONE THEME THAT WE SAW
MOST RECENTLY WITH RETAIL
EARNINGS JUST WRAPPING UP WHERE
THE CEOS OF THESE COMPANIES
TALKING A LOT ABOUT I JUST LAST
WEEK ROUGH AND IT CAME OUT WITH
DATA THAT SHOWED 166 COMPANIES
THAT REPORTER AND IT'S RECENTLY
TALK ABOUT TARIFFS JUST RETAIL
COMPANY. SO WE'RE HEARING ABOUT
UNCERTAINTY FROM THESE
COMPANIES. ARE
YOU AND WHAT ARE YOUR EMPLOYEES
HEARING FROM CLIENTS RIGHT NOW
WITH REGARD TO HOW THEY'RE
THINKING ABOUT UNCERTAINTY WITH
REGARD TO THE TRADE WAR.
TRADE IS A BIG.
>>A BIG DEAL OBVIOUSLY TODAY.
IT HAS HAS SIGNIFICANT IMPACT
ON OUR CLIENTS.
AND PUTTING THE PARTY, THE ONES
WHO
ARE IMPORTING OR EXPORTING THAT
WE SHARE. A LIVE EXAMPLE I WAS
LAST WEEK WITH THE
SEA OR FOR ALL MANUFACTURING
COMPANY THAT BE ON RETAIL.
AND HE'S QUITE ACTIVE IN
EXPORTING TO CHINA IN THE
MEANTIME IS A BIG IMPORTANT IS
EXPORTING TO CHINA AND IS POINT
TO ME WAS TO EXPLAIN THAT HOPE.
PENALIZE THE WISE AND HE'S BEEN
WASTE TERRY FUNERAL MOVING
FROM 15 TO 40 PERSON BACK TO 25
IN THE MEANTIME AS BEING PART
OF STEEL.
IMPACT ON PIANO AT EVERYTHING
BEING EQUAL ELIZAH HAS BEEN
QUITE QUITE QUITE SUBSTANTIAL.
WE SPEND
A LOT OF TIME THE
ONE OF THE LARGEST VARIOUS
HOUSES IN THE WORLD, THE RISING
CLIENTS AND HEDGING STRATEGIES
ACROSS RIGHT COMMODITIES AND
CURRENCIES.
>>OKAY, I MEAN THAT'S A VISA
LOTS OF TO JUGGLE IN TERMS OF
THE PRIORITIES. RIGHT NOW AND
FOR YOUR BUSINESS SPECIFICALLY.
WHAT ARE THEY COMING TO YOU AND
ASKING ABOUT THEIR MINDS.
>>YOU KNOW A BIG PART OF ALL US
CLIENTS HAVE INTERNATIONAL
SCOPE THIS IS
WHERE WE ADD VALUE AND WE
SUPPORT A LOT OF THEM IN A
RAISING A CAPITAL OUTSIDE OF
THE US AND EUROPE, SMALL
SPECIFICALLY WHAT WE NEED IN
THE EUROPEAN MARKET
AND WE ACTUALLY PROVIDE A LOT
SUPPORTING TERMS OF PAYMENT IN
TERMS OF A CASH MANAGEMENT AS
ONE OF THE NEED BANK IN A
AND TRADE AND INVESTMENT AND
WORLDWIDE THEN THAT'S THAT'S A
VERY STRONG DIALOGUE.
THEY THEY THEY ARE VERY
SADDENED BY THIS INCIDENT HE
AND THEY ARE LOOKING HOW CAN I
FIRST PREDICTS SECOND HEDGE
AND 3RD.
BEING PRESIDENT IN 70
COUNTRIES. IT'S NOT LIKE.
WE SPEAK HYPOTHETICALLY ABOUT
THAT IT TOOK. ARGENTINA ALL
CHINA. WE HAVE BOOTS ON THE
GROUND, YOU KNOW WE HAVE A LOT
OF ALL PEOPLE ARE NO CAR
SALESMAN THERE'S A LOT OF
INTELLIGENCE AND INFORMATION
WHEN SHALE.
>>GETTING BACK TO THE US
ECONOMY AND THE STRENGTH OF THE
US ECONOMY. ONE AREA.
A LOT OF IN CONVERSATION HAS
BEEN FOCUS HAS BEEN ABOUT A
POTENTIAL RECESSION AS WE ARE
AND HAVE BEEN IN THIS INVERTED
YIELD CURVE THE ENVIRONMENT.
DO YOU ANTICIPATE A RECESSION
ON THE HORIZON. IF YES, WHAT
WOULD BE THE CAUSE ABOUT
RECESSION. BUT MAYBE 2
2 DIMENSIONS IT.
>>HERE WHERE THERE IS A STUDIES
OF THE US ECONOMY AND INCUR IN
TERMS OF
RECESSION. AGAIN I LIVE WITH
WITH MY CLIENTS, I'M A SERVING
CLIENTS, BUT I DON'T SEE ANY
FEEDBACK FROM ANY OF THE SEALS
A DEAL WITH THAT FEAR A VOTE
FULL TERM RECESSION. THEY'RE
FUN IF IT IS GOING TO BE
SNOWING DOWN WE MIGHT HAVE GONE
THROUGH A FULL CYCLE BY THE WAY
AND I KIND OF THE STALL
FORECASTING
TO BE CLOSE IN 2019 1.5 IN 2020
AND THEN SLOWING RECESSION.
THE INCUR AT SOME POINT
AND WE MET 5 YEARS AGO. I
DIDN'T VOTE AGAIN CURVE.
THE 3 OF US PROBABLY WOULD HAVE
SAID THE RECESSION. I DON'T
THINK THIS IS THE SAME INNING
TODAY WHY NOT WELL FOR US THIS
IS NOT THE ONLY
ITEM.
>>AND IN PLAY THE ECONOMIES ARE
MUCH MORE INTERTWINED
CONNECTED THEN WHAT'S HAPPENING
IN EUROPE AND IN ASIA HAS A BIG
IMPACT ON THIS RACE ECONOMY
THAT MIGHT NOT HAVE BEEN THE
CASE 10 YEARS AGO.
THE SECOND REASON THESE.
TODAY THE COUSIN BETTY THAT THE
ECONOMY IS VERY STRONG. YOU
HAVE A YOU COULDN'T VOTED YOU
KNOW WEAK ECONOMY WEAK
CORPORATE SECTOR. WE
CONFINEMENT. IT'S IT'S NOT THE
CASE. THE 3RD ONE.
I BELIEVE YOU HAVE TAKEN THE
CAUSE.
TODAY INFLUENCING THE INCUR OF
TODAY FOR
INSTANCE, YOU LOOK AT THE
LONGER TERM OF THE A CURVE.
IT'S OF THE 30 YEAR IT'S
WEIGHTED TRAYVON MAINLY BY
PENSION FUNDS WILL HAVE TO 80
WE BALANCE AND MUCH THEY
LIABILITIES ARE SAYS ASSETS THE
SHORTER TIME OF THE CURVE I
THINK IT'S STILL IMPACTED BY AN
ABANDONED. OFFERING A FULL TIME
THIS
TREASURY THAN WHAT I'M TRYING
TO SAY OUTSIDE OF THE STATE
BECAUSE THE SEAT
COVER MIGHT BE LESS THAN THAT
IN A TUX.
>>I WANT TO ASK ABOUT
INVESTMENT IN CHINA, WE TALK A
LOT ABOUT THE TRADE WARS THAT
ARE HAPPENING. THE PRESIDENT
LAST WEEK THREATENING
INVITING US COMPANIES TO TO
DECOUPLE
BASICALLY FROM THE COUNTRY.
DO YOU ADVISE CLIENTS TO THEN
PULL BACK ON THEIR INVESTMENT
HOLDINGS MAYBE THAT HAVE BEEN
IN FINES OR EQUITIES THAT
EXPOSURE TO CHINA. THAT'S YOU
KNOW.
>>ON THE DAY TODAY AND THE
BUSINESS WORLD AND THIS IS
THAT THE WORLD THEY BELONG TO.
CLIENTS ARE NOT WE ARE RUNNING
THEIR BUSINESS BASED ON
GEOPOLITICS THAT ARE GOING TO
BUSINESS BASED ON THEIR ACTUAL
OR BUSINESS MODEL AND I WOULD
SAY IT TRYING TO POSITION THE
US TO PLAY CHANGE STRATEGY.
IN THE MOST IF ISHANT WAY THEN
YOU CAN'T MOVE A SOUP LIGHTS
AND YOU KNOW.
THAT'S A FROM CHINA CHEER TO
MEXICO OVERNIGHT, BUT
INVESTMENT PORTFOLIOS WOULD YOU
ADVISE FOLKS TO DIVEST.
>>MORE
AND IT DECLINED ERIC'S BUT IF I
THINK WHAT I WOULD ADVISE
CLIENTS TO DO BECAUSE AGAIN
CLIENTS SOUGHT DOUBLING DISSENT
THING AND I DO THEY ARE
GEOGRAPHICALLY OR PRESIDENTS IS
DRIVEN
BY WELL THE ON CLIENTS ARE IF A
BIG CHUNK OF MY BUSINESS AND
CLIENT SOLVED BASED IN ASIA AND
EUROPE ON THE WE BALANCE MY
PORTFOLIO BECAUSE THEY WOULD BE
DISCONNECTED FROM MY WE ARE YOU
I KIND OF THE PURPOSE. BUT I
WAS BASING CLIENTS TO DO IS
BASED ON THESE SITUATIONS
REFLECT ON IT INVESTOR BASE TO
THE STATION EFFECT ON WHEN WE
WAYS WHEN YOU RAISE MONEY ON
NATURAL HEDGING YOU KNOW DO
FINDS A SMALL YEAR-OLD IF
YOU'RE PICKING YOU UP FOR US IS
DOLLARS AND JUST WE FACT ON A.
PROTECTING ALL TRYING TO
ANTICIPATE ACROSS RATES AND
CURRENCIES. I WANT TO AND WITH
THE TRADE WAR
BECAUSE.
>>TARIFFS NEW TARIFFS ARE SET
TO GO INTO EFFECT ON GOODS
COMING FROM CHINA ON SEPTEMBER
FOR HIM DO YOU ANTICIPATE THE
TRADE WAR AND 8 BY THE END OF
THIS YEAR OR BY THE END OF
PRESIDENT TRUMP'S FIRST TERM
THAT'S
THAT'S A VERY.
>>I WISH I HAD A CRYSTAL BALL
RIGHT WHO IS I THINK WE ALL
HAVE AND WE WE COULD PROBABLY
HAVE A AND EVEN FOR THE
CONVERSATION ON THIS.
I HAVE AND I GET A SWEAT FROM
MY COUNTERPARTS AND CLIENTS
HE'S AT IT'S HERE TO STAY IF
YOU IF YOU STEP BACK. IT MAKES
SENSE TO REFLECT ON, YOU KNOW
TARIFFS
IT WILL BE BRINGING ON MONDAY
SAID YOU KNOW THE G ATT GRIMA
SCHOOL BACK TO YOU KNOW IN 1970
RIGHT.
I I THINK THIS DYNAMIC IS HERE
TO STAY, WHICH MEANS YOU KNOW
CLIENTS HAVE TO AND HE WAS
CALLED PRICE OF TO EQUIP THEM
SAID FROM SUCH A WAY THAT THIS
IS SOMETHING THEY HAVE TO DEAL
WITH WHAT MIGHT GET BETTER
AND I HOPE EASE IS IF WE COULD
MOVE FROM.
YOU KNOW WHAT YOU CALL A TIME
BEFORE ALL TO MORE LIKE A TIE
WAS DISCUSSION. IT'S IT'S GOING
TO BE GOING ON, BUT IN THE
MEANTIME IF THERE IS IF YOU IF
IT COULD DRIVE LESS THAN 2 IN
10 MOST ABILITY. I THINK THIS
IS SOMETHING THAT WE HAD THE