standing by. jon, let's kick it off with you. rbs, what a loss. >> to numbers that everybody will be discussing this morning, pretax operating loss of 8.2 billion pounds and a bonus call of 576 million pounds. call innot a big bonus the banking world. owned 81%hat it still by the government remains contentious. >> let's get out to berlin. hans, you're watching the ceo of a bank to put in his performance yesterday in front of the u.s. senate. >> i am glad you used the word performance. there is always a bit of theater involved in these committee hearings. senators did their best to try to allay brady dugan. ground, notve much sure how much resolution there is. we will have a full recap later in the hour. >> thanks for that.

a little bit of breaking news just to bring our viewers to spain, spanish gdp has been released. that comes in lower than the market estimated. a rise of 0.2%. the markets were looking for a gain of zero point read percent. that is a mess on spanish gdp. yearly look at that on a -- annualized basis. let's talk to caroline. a little bit of a turnaround. >> keep an eye on the world's largest publicly traded hedge fund firm. assets are up 3%. the unit glg partners is bringing in profitable trade. also much to shareholders' delight buying back $150 million worth of shares. we are going to look for man

group -- credit suisse -- >> you were saying 10%? morgan stanley is saying about 2% is how much we could see it climb. this is all about the turnaround. -- i soon as you get that am keeping and i on wpp. they have banked 46 billion pounds worth of billings in 2013. the stock was about 3% lower. that was a mess on the headline number for the world's largest advertising company. it was foreign exchange that actually didn't help the numbers there. they should have a good 2014 with the sochi olympics coming in, the brazilian world cup and the midterms in the u.s. thing that you have got a for german unemployment today. >> i am very excited. i know you are excited about janet yellen.

>> -- >> caroline is excited. futures were lower at one point the we were down yesterday. let's see if investors are happy. cac 40 up 0.1%. the ftse 100 largely flat. the dax pretty much flat. german unemployment comes out in about an hour. cpi out of germany comes out in the morning. spain disappoints with gdp. later, 3:00 p.m., janet yellen faces down the senate banking committee. are those remarks going to be changed from two weeks ago? the market doesn't expect them to but it remains questionable. have a look at euro/dollar. the view is coming into next week, what will the ecb do? they expect more easing. at2, right now where you are 1.36. 0.18%. german cpi, look out for that. if this inflation story has not

just been about spain and italy, it has been broad-based. if it hits germany hard than the ecb -- >> we will keep an eye out for that data later this morning. joining me now to talk about the lacaille, theick chief investment officer at state street global advisors. they manage more than $2 trillion in assets. always great to have you with us. i know you have been traveling. we are two months into the year. tell me what the conversations are with clients. what is on their mind? >> we have got clients really sk whenever we see u.s. treasuries to about 3%. >> if they are at 10%, we have all got issues. >> you have people taking their money off the table, putting money in fixed income. in northern europe is is a different story. there is more of a risk appetite. they are for more opportunities. they are skeptical about whether they are earning the liquidity

premium. they are interested in going into less liquid assets. they are concerned that they are going to get paid properly. they are still exploring new opportunities. it is interesting the way they are trying to diversify. they are interested in risk premium strategies. extracting the premium available in markets. they are doing new things but the tone has been a little bit less concern about tail risk even though we have seen this turbulence. >> that is about diversification. is that a big shift? you have been in this business a long time. that is a new shift in thinking. >> there was a time when the precipitation was greeted with skepticism -- when diversification was greeted with skepticism. it doesn't mean you want to look for more opportunities and that is what they appear to be doing. >> it has been a month almost since you and i spoke.

the s&p makes records, the london market, the broad market at a 14 year high, europe at a six-year high. when you look adequate in markets, you were quite convinced last time. do you still hold that? do we have further run on the equity markets? >> we do. we think we will have positive returns for the rest of the year. we're going to have a fair amount of volatility. we will talk about the causes later. the valuation story is still attractive enough. the underlying growth we believe is going to continue. >> that takes me now to janet yellen. she is going to do some testimony today. the whole market wants to know, thehe still convinced that economic growth story will trump tapering? >> tapering seems to be pretty much baked in the sense that unless things's change very dramatically, we are going to see tapering continue.

if tapering did begin to end i think it would be a challenge for people. i think janet yellen will continue on the path that she set out. we haven't heard too much. we are looking forward to hearing what she has got to say. >> when you look at the data, retail sales, consumer confidence, bad weather, all of these issues that are being thrown at us over the past month, how do you look through that noise? is there a bigger issue at play for you in the data in the u.s.? >> household balance sheet are in good shape. the housing market seems to be recovering. the inventory issues and the weather issues, if they prove not to be temporary it would be more of a challenge to our review that the economy will continue to grow. we are going to watch out for any sign that that is a more permanent issue. >> ok, you're going to stay with me. we are going to travel around the world. rick lacaille, state street global advisors.

here is a look at what is coming up. rbs post the biggest full-year loss since 2008. we will talk about the results after the break. credit suisse, how did brady dougan perform? all that after the break. ♪

>> i am manasquan in london. this is "on the move" on bloomberg television, radio, streaming on your phone, tablet

and bloomberg.com. here is a stock that is on the move. it is man group, one of the biggest publicly traded hedge fund companies in the world. the stock up just under 9%. byets under management grow over 3% in the back quarter. they are seeing a nice turnaround in terms of assets under management from glg. this is a story of trying to change from computerized trading to perhaps less reliance on that. man group also said it plans to buy back $115 million worth of stock. it is on track to cut costs by some $270 million by the end of next year. good news if you are in man group. it has been a tough ride on that stock. rbs, they posted their biggest loss since they received the biggest bank bailout in history back in 2008.

you're still dealing with legacy issues. john ferro has more on the issues. >> here is a stock moving in the opposite direction to man group. one number you need to know, a pretax operating loss of 8.2 billion pounds. estimatesd of the were looking for a loss of 7.7 billion pounds. we got the biggest loss since 2008 and a sixth annual loss in a row. bys is a huge loss driven precrisis issues. the strategic review is another big focus. they're going to cut costs by 5 billion pounds over the next few years. they are shrinking the security unit, reining back from investment banking as expected. on corporatefocus customers, business lending, retail banking. they need to raise more capital. you and i have been talking about this. they have been shedding assets. they're going to sell much of the remaining stake in direct line to raise about 1.1 billion pounds. what is the plan for citizens

bank? of the ipo beess accelerated? >> it is a big loss and many people are going to be talking about the bonus. -- that is going to be smaller than last year. does that take some of the contention off the table for russ mcewan? >> maybe. i can almost guarantee that it will be on the headlines of every newspaper in this country. it is a 576 million pound bonus call. in the world of banking, that is not a big bonus call. for a bank that is 81% owned by the government reporting its biggest loss since 2008, one question is on everybody's mind. justify it. if you look at the headline number, there is an argument. it is a pretty strong one, that on an individual basis, there will be many people at that bank who are incredibly successful and without them, the losses

could have been bigger. what are you going to do? lose talent? russ mcewan says we have to be pragmatic about this. that is the dilemma for rbs. this is the biggest bank bailout in u.k. history. , guessents break even where we are at now? lower again. down by over 4%. this one is heavily politicized and it will build and build ahead of next year's election. >> that is a debate that is going to run for the next of the year. john ferro on rbs. still with me is rick lacaille, chief investment officer at states global advisors. we have just heard the rbs story. i spent a bit of time with brady dougan, they have big issues in america. banking is hard. at goldman sachs, they seem to love banks. what is your general feeling on

the industry? we can't judge every geography can we? >> some of the issues are transitory. you have litigation issues that are transitory and you have the european challenge, the ethic quality review, the recapitalization. i think there will be opportunities for profit in europe. have neglected or overlooked some of the opportunities. they have seen eurozone banks being undercapitalized. the lesson was, when you inject new capital in and you have a plan that is credible, you can get pretty explosive returns. >> this was when the americans cleaned up their banking system. >> absolutely. when the capital is not needed, it eventually gets repaid back to shareholders. if it is needed, it is a cushion that gets you through that difficult era. it is politically difficult as you try to pick apart the severance from the banks. the interesting opportunity is

maybe not just in europe. ,hen we look at opportunities they are often in uncomfortable places. we are looking for opportunities where others are not. sometimes they are painful. >> where are those? >> some of the value opportunities are in emerging markets. some of the things we have seen more recently, concentrated value strategy, have been banks in emerging markets. -- theging markets emerging market, i don't know how you would phrase it, but down 5.5% on stocks. currencies still under pressure. there is a bit of reengaged in. you say emerging markets -- we need to be cautious -- could offer value. where is the value play? to us still appear overvalued. there are some exceptions like

mexico, but generally currencies are expensive. the equities may not be expensive but it really depends how the fundamental is going to turn out. in latin america, there is still a very weak return on equity. in asia, unless we see dramatic changes in china, they may be better opportunities for emerging markets. the equities look reasonable. currencies are still challenged. it may be too early to say, here is a really strong call on emerging equities. fixed income, if you look at yields, you have some very sharp yield curves. you have real yields available through the inflation between 1.5% and 4%. >> fairly appealing. >> they're also discounting a lot of trouble ahead. interesting opportunities in emerging markets but they have been overshooting. >> if you have to differentiate, don't worry about -- i am still

more concerned about this. how do i differentiate as i look the key issue for me is who is dealing with a budget deficit or who is not raising interest rates. what is the critical issue for you? willdonesia for example mark itself out as different from the others. elsewhere,ine and don't be too concentrated in emerging markets. political risk is large and it is not very well-predicted by investors. do be well diversified. take some overweight and underweight positions. we tend to be overweight the small countries and underweight the largest ones. underweight the brics historically. that can be difficult when china is on a strong rally. good stead over the long term. >> what is going on in china? i come in everyday, we have the

yuan on the move, we are trying to lure him the currency? there is something very interesting in the past couple of weeks in china. >> they have to squeeze the excess is out of the system and it is going to be painful. we talked about volatility earlier. we can expect that to spike up later in the year. there is going to be some headline news out of china as this credit excess is squeezed. i think the bad loans, the non-performing loans and losses are going to be taken from the banking system and put some how within the state that. you're going to see debt to gdp in china rise. that may not be positive for the currency because it is a weakening point for the u.n. -- for the yuan. the currency will be a long-term appreciation story. this year may be different. >> we are going to take a break. what i want to pick up on when

we come back is how we play that. stay with us for that. we will have more with rick lacaille after this very short break. ♪

>> welcome back to "on the move ." i am manus cranny in london. in terms of some companies on the move, australia's biggest airline qantas will count 5000 jobs -- cut 5000 jobs. that is after news this morning

that there will be a $26 million loss. the stock fell the most in almost three months. the chief executive is making a case for government assistance. the airline can't compete in the domestic war with virgin australia. cent, alibaba and baidu are seeking targets to plug gaps across their businesses. writingp sees the trio internet-related deals in china to a record this year. shares in baidu surged more than 7% in after-hours after the company forecast a sales job in the first quarter. huawei forecast it will sell as many as 100 million smartphones this year, twice as many as in 2013. the world's third-largest smartphone maker plans to focus on higher and devices. let's get back to rick lacaille, he is with me.

he is head of state street global advisors. we were just talking about china, emerging markets, how do you translate what we have just talked about into a strategy? >> we still believe in value being very important. i think the challenge in china is that value is not necessarily working. particularly after the third party plenum. they tended to be pretty expensive. there are a couple of ways you can do it. one is just be patient and stick with value. i think that is going to work in the long-term. the other is, look at more neglected areas like small-cap and mid-cap. exposedbe a little more to that restructuring of the economy but i think if you can avoid the expensive stocks, that may be a good strategy. not going for australia, canada or brazil as a proxy. is notthink that china going to have a hard landing and is going to turn around with volatility, you have to continue

to search for value in stocks. >> let's turn our attention to europe. we get a little more data today, money supplying data sometimes doesn't grab the headlines the same way as the inflation data. you say it matters a great deal. >> it does. maybe because we grew up in the 1980's, but money supply matters. that is the challenge for eurozone in particular, getting credit moving. m3 growth has been very weak. i am not sure we are going to see an improvement in the data that comes out today. that is the challenge for the ecb. up,ink with the aqr coming banks will be hesitant to take too much risk before they get through that. i think there is an urgent mission to get credit moving in europe. the ecb has to continue to think in as radical a as they can. >> if you had a conversation with mario draghi and he said, give me something radical that the germans will accept, what should he do?

>> we are not in the business of advising central banks. the german viewpoint is obviously one that is pretty well established. is a goodri -- ltro mechanism. stimulating the structure credit market is a good way of taking assets off bank balance sheets where appropriate. it is not an easy problem to solve. you need a very loose monetary policy and you don't need to worry about inflation. >> last year you said, we need to be nimble. you felt that the referee of , bige had already squeezed moving story and italy since we last spoke. in terms of on that italy, spain, the periphery? >> there is still a risk premium for the earned. both in bonds and inequities. ithink some of those markets have been more worried about like portugal. there is still some momentum and returns to be had from that. cracks always good to get your

view. rick lacaille from state street global advisors. thank you so much for being with us this morning. coming up, it is pressure, it is mounting, it is from u.s. tax evaders. we will talk credit suisse after the break. ♪

>> welcome back to "on the move ." i am manus cranny at bloomberg's european headquarters in london. these are the bloomberg top headlines. from being thene most attractive carry trade that in the emerging markets to the worst in the space of two months. as the central bank's efforts to weaken the currency caused volatility to search. the exchange rate tumbled the most since 2010 earlier this week. losing money for investors who borrowed dollars to buy the yuan.

angela merkel is expected to call for a stronger european union during her visit to the u.k. today. the german chancellor arrives in london later. she will address both houses of parliament and have tea with her majesty, the queen. >> i think she is going to try to convince the u.k. to stay in europe. that there are more advantages to stay in than to get out. you can't really pick what you like and not take the rest. i think that is the main message. yatsenyuk won the support of ukraine protesters in kiev to the an interim cabinet and averted a fraud. he says lawmakers are set to approve him as prime minister today. secretary of state john kerry says the u.s. is formulating a $1 billion loan guarantee for the ukraine. kerry also warned against intervention by russia. kiev inlcote is in

independence square last night. he filed this report. >> welcome to kiev's independence square, a place that nearly a week after the ousting of former president yanukovych remains the center of power in this country. that is something that is very much on display today in independence square. on the stage, the politicians have come to present their candidates for the country's new government. to receive the people's blessing. distrust of politicians in this country runs very deep even when it comes to those politicians that were in the opposition to yanukovych that stood with the protesters here just a week ago. when you look around independence square, you quickly realize that the real power in kiev today is here with the people on the square. a constituency of maybe tens of thousands in a country of 45 million. who is calling the shots? right here, as far as i can

tell, it looks like it is going to stay that way for some time. ryan chilcote, bloomberg. from have live pictures the ukrainian parliament. this is where we expect to see the approval go through today. as theny yatsenyuk interim prime minister. kubivould add to stepan who has been approved as the new head of the central bank. acolytes taking the positions of power at this time in ukraine. let's get to ryan who joins me now on the phone from kiev. you are 24 hours on the ground. give me your sense of where we are politically. >> politically, we are at the beginning. the parliament is set to vote on this government and the candidacy of arseny yatsenyuk,

we are expecting that to go through in the next couple of hours. then they can go about the business of trying to rule this country, which is not going to be so easy. the guy was pointing out in that piece from yesterday, the real power still remains with the protesters. they are not really trusted. yatsenyuk has his work cut out for him. he has to get this country ready for presidential elections. he is going to have to plug that $35 billion hole that they have to meet all their needs with creditors. cut a deal with the imf, the eu and u.s. you mentioned kerry saying the u.s. will pony up $1 billion in loan guarantees. they need a lot more than that. then there is the whole business of trying to keep the country together. even that is something they can't be certain of over the next couple of months. is almost certain to get

voted in in the next hubbell a hours. politics just getting underway here. >> tell me a little bit about this man. i have been reading some of his bio. he has got credibility. you say politics versus the protesters in the square. he has a very capable background, yatsenyuk. >> he does. yous really kind of what and i would describe as a technocrat. he is 39 years old, has worked in the ministry of finance, is familiar with how the central bank works. he has been speaker of the parliament. here in ukraine, a lot of people view him as part of the old soviet ruling elite. born into that, well educated, ready to deal with international organizations. it is that very experience he has in government that makes people on independence square a

little reluctant about him. after all, what they were saying yesterday is -- [no audio] ok, i think we possibly have lost the phone connection with ryan. we will see if we can reestablish that and get back to kiev. ryan chilcote their reporting live from kiev. let's move along now. scrutiny over u.s. tax evasion in switzerland. was quizzed byeo a committee. brady dougan insisted that conduct was limited to a handful of employees. hans nichols has the details. word performance at the start of the show at 8:00 a.m. what is the take away? how do people think brady dougan did in front of the senate? it was pretty tough questioning. >> he was pretty cool.

he had been prepped for this. there is a ritual to these things. the senators -- i know you were a good schoolboy but there is a ritual when you called to the principal's office. you have to promise to never do it again, sort of in that fault but say, it wasn't really my fault, and you have to be properly contrite. it appears that brady dougan did that. the senators wanted to press him on this one key point, why wasn't anyone actually fired? >> how many culpable officers, directors and key executives have been held accountable -- i mean fired? >> we determined to shut this business down so over the course of the last years, the first two years after that, we basically reduced the size of the business by -- >> how many employees were fired? >> the psi report found that 1800 different credit suisse employees serviced 22,000 u.s.-linked accounts.

according to the committee report, only 10 of the 1800 employees were disciplined and no one was fired. is that an accurate statement? >> it is largely accurate. >> why do people take money out of their countries of origin -- >> you mean in switzerland as a country? i think historically, there has been -- one of the things that is highlighted is that there is an ability to shelter assets and income from paying taxes. dougan asument from well as the other executives was, they were cooperating with the law, swiss law as they are allowed to do. they threw out some numbers and said 400 or 500 people are stepping forward each month to come clean on their taxes. thousand -- 43,000 have disclosed offshore account and $6 billion has been paid in back taxes. dougan said until the senate acts and passes an international

tax treaty, he is bound. revealing account information in switzerland would be a violation of swiss law. he turned it around and says there needs to be tax harmony to get to the bottom of this. very dexterity us when he is on camera. let's talk about international matters. angela merkel is coming to london. she is having tea with the queen. apparently quite a big thing in this country. >> i yield to you on that. she is clearly getting the red carpet treatment. david cameron wants angela merkel to make the case that the eu needs to be reformed. merkel is likely when she addresses parliament to talk about strengthening the eu. you and i can make an argument that says, reform could be strengthened but it is hard to see how the two views of the european union are going to be entirely in line. cameron wants to recruit merkel to make him make the case to eurosceptics in his own party. merkel might not be there.

we could have some tension. >> all right, hans. we believe that there. oh, to the fy on the wall between angela merkel and the queen of england. nevermind that. coming up, we talk about lego, the brand, the bricks. we will tell you an insight into the world's most successful toy company. david tweed has that story when we return after the break. ♪

>> i am manus cranny in for francine lacqua. this is "on the move" on bloomberg television, streaming live on bloomberg.com, your tablet, your phone and now any windows phone. huawei, the world's third-largest smartphone maker wants to double their sales. here with more on how to do it is caroline hyde. met him tech as i like to call her. how are they going to do this? >> interesting isn't it? huawei's real traditional money is made in network equipment. it is a chinese company. u.s., australians, don't really ese. they are trying to penetrate the

u.s. market the handsets. they haveeen making handsets and they are going to double their sales or so the estimate for this year. last year, they increase them by 70%. sell 100 want to million smartphones this year. i was there for the unveiling of their new products. they have two tablets out, a new smartphone, a new wearable device. it is a bracelet. they are all at much higher price points. they want the average selling price to be about 300 euros. at the moment, about $161, about half of what worldwide average prices are for smart phones. in the u.s., more than $500 per smartphone. they want to drive prices higher. i spoke to a vp executive from he talked huawei and about their ambitions. >> the plan is to be a leader in the world. we want to be one of the leading smart phone and consumer companies in the world.

that is what we are focusing on now. deputy chairman has been saying, we are far from being a dominant player. they went to strengthen the huawei brand. >> driving up prices is one thing. challenge.y hard you have a very crowded market. everybody is standing for market share. how confident are they? >> they are fighting a trend. at the moment, everyone is saying we are hitting a saturation point. smartphone sales are set to reduce and prices are set to reduce. estimates are for cheaper phones, we are expecting prices to fall more than 20%. this is a company that is bucking that, saying, we want to go more for the u.s. where you have samsung and apple dominating. we want higher prices. perhaps they should be focusing more at home. only number four in china. it is asia and europe where they have been getting their sales up. >> maybe it is europe and

america where they can push the price point higher rather than the domestic market. and theenovo competition there have been making high-end phones for a much cheaper price. maybe that is why they are looking at the u.s. it will be interesting to see whether they can boost profits and handsets as they have been seeing growth in the network equipment. >> you stay on that case. caroline hyde on the changing landscape for upmarket mobile phones. the pulse is coming up at the top of the hour. guy johnson is at the head of that show. what is big today? >> a number of subjects that we need to focus on. we are covering what is happening in ukraine, the latest on that story. rbs, a big element to the show as well. this company is burning through money like it is going out of fashion. the question is, will it need a recap? another recap should i say? we have guests lined up on the credit side to discuss what happens next from the balance

sheet point of view of rbs. then we are talking about what i think is the main event of the show, lego. we are talking to the lego ceo. i can't wait for this. the results come out at 9:30 u.k. time. do you know that their business cards are little lego men? when you and i hand out our business cards, they suddenly seem so boring. these guys hand out little lego men with their phone numbers and e-mail addresses on the chest. it is fantastic. fair, i have seen some of the production team come back with those little lego men. people, i should say. they have been sitting on top of their -- >> the business cards, though. fantastic. the coolest is discard i have ever seen. >> it is. i will see you for a couple of market checks a little bit later on. guy, thank you for that. you have heard about the business cards now.

intrepid mans one who decided to go on a mission to find out more about lego. he is david tweed. he is our correspondent in berlin. it is one of the most successful toy companies in the world. it is still growing. david. >> i have got one of those business cards with me. it is in my pocket and i can't reach it at the moment. let's talk about it. we have been talking very much about the turnaround at lego, especially since they brought in that very young chief executive. he brought him in, he got rid of some parts of the business and focused on other parts of the business. let's talk about how that has translated into the bottom line. let's get up the sales numbers since 2008. it is pretty spectacular looking at those numbers. in billion worth of sales 2008. that increased by 22%, then 37%.

now, the latest sales we have got, 2012, $23.4 billion. we are talking about quite a lot of money. we are talking danish krone, a big increase. similar trajectory for the prophet. we have seen the prophet back in 2008, 1 .20 4 billion, 2012, 5.6 billion. that is pretty impressive numbers. i have some of the numbers to take a look at. >> the word lego is synonymous with building bricks. if you are a parent of a lego fan, you probably know these plastic parts and up everywhere. that is not such a surprise since the company was founded in 1932. about 650 billion megabits have been produced. -- lego bits have been produced. that is more than 80 pieces for every human being on the planet.

david beckham reportedly built this model of london's bridge for its therapeutic value. if you thought that was impressive, the largest official ,ego set is the taj mahal needing 6000 individual pieces. year, 10 lego sets were sold each second. there was the run up to christmas. that figure rises to 34 sets a second. lego does more than 60% of its sales in december. arend 500 million tires produced every year, making lego group one of the world's largest tire makers. lego reckons the world's children spend 5 billion hours a year playing with its bricks. the brand has inspired much more than just toys. error 50 lego video games, not to mention a movie with an all-star cast. denmark'sned by

richard mann, worth $7.4 billion. last year, lego minted three new billionaires in the family as they became the fastest-growing toymaker on the planet. >> it is all about what you can do with your imagination. i have been making something here which i thought was a mayan temple. frank, the cameraman says he things it is more like a hat. i don't know what you reckon. >> that is like the top of a wedding cake to tell you the truth. [laughter] >> i did at least introduce some extra colors. >> you have a vivid imagination. mine is fairly limited. quite ahat you spent bit of time filming and putting that together. what is your feeling, how did they turn this business around? how did they achieve such an impressive level of growth? 60% of their sales at christmas time.

60%. >> absolutely. 'in that very short period of time, what they did was focused on what they did best and what they do best, they discovered was the brick. this is why they have kept on asking the question over and over again, what is lego? they have asked this question -- it is a question that any ceo ought to be asking about their own company. why does this company exists? with lego, they found out the reason is so they can continue to make these bricks which are used in construction and to help children play. the numbers are going to come out in about half an hour. i will be introducing -- interviewing this man here, here is his business card. the chief executive officer of lego coming up at 10:15. you christo know what and your buddy who is behind you. the big lego man behind you, what is his name?

>> this is emmett, the star of the movie. >> ah, you see, i am just not as knowledgeable. in legoland.ive we will see what the numbers are after the break. ok, final thoughts with our markets team after the break. keep an eye on rbs. the stock was down over 6.7% at one juncture. you are looking at a fairly tough day of trading. the worst losses since 2008 when it was bailed out. ♪

>> welcome back to "on the move ." breaking news for you now. german unemployment numbers, better than the market estimated . the third month in a row where we are seeing that. unemployment rate at a two decade low in germany. .et's talk to jon rbs, summit up. >> we are expecting big numbers. they delivered a substantial loss. they promised a one 2 billion downs -- they promised 8.2 billion pounds. the biggest loss since 2008. we have got no number for job cuts, no detail on what is going to happen with citizens bank. there is a lot to find out. >> their stock down 5.8%.

>> and just pulling further away from that breakeven price. >> thanks for that roundup. we believe that there. guy johnson is up with the pulse next. ♪ .

>> tensions rise as kiev wanches moscow to keep their roops in the premiere bases. merkel meets the queen. david cameron is likely to be disappointed. the german chancellor is expected to call for a stronger e.u. as she kicks off her e.u. rip. the crowe, ross mcunion outlines plans to shrink r.b.s.