breathing space. the ecb makes more than one billion euros of extra funding available to lenders. can the country avoid a financial meltdown? those are some of the things we are watching. a look at the futures market getting absolutely -- euro stoxx 50 futures up i 1$. dax futures lower by 170 points. features indicating a lower market open. manus: we have got mario draghi speaking later on today. new jobs. uk retail sales will be out later on. politics and growth are the two key. issues. geopolitical issues in the gulf region 2.4 million barrels of oil a day pass through that tiny distance at the tip of yemen. if there is an escalation in the yemen dispute, what issue will that bring to the marketplace? now the philadelphia

semiconductor index down 5% yesterday. we are seeing a big move in that stocks. you do not often here -- we talk about the semiconductor but it is a benchmark. it tells you what is going to happen in tech land. and the chip makers. so that is one of the big thing spirit you. kate retail sales will come out later on -- uk retail sales will come out later on. that sets up some pretty important statements. tech was one of the biggest issues of the day. the as they cast the biggest one-day move in almost 11. s&p, you had a move down. the dow wiped out this year's gains. there are lots of words we are going to see used. momentum stocks -- those on their definitely are delivering the shock and aw to european

equity markets. crude, wti west texas -- 52.39 up 6.5%. that is -- up 19% in five trading sessions. brent is up the longest-running uplift wince 2014. all on the political issues in the southern part of yemen. nyumex volume was three times the normal day volume. it was triple the volume. gold rocking up to $1208. the whole question of risk. money is coming out of the yen. oil is rocking. that is the longest run of advances in gold since 2012. currencies display the most liquid -- catalyst of where you

want to hedge yourself. in in terms of your exposure pretty cannot move on equities overnight but there is one market you can pick up some protection and begin to do some currency moves. this is yen rising. the dollar down $1.1866. as the most liquid risk market in the world. the dollar is down by .3 of 1%. semiconductor makers are under pressure. they will be the biggest movers in europe through the day. there is the commodities. you move on and have a look at that. down 1.2%. asml down. arm holdings down 5%. all to do with the philly semiconductor index. jonathan: a lower open. the ftse off by -- the dax being crushed by 180 points. an oil market that take the headlines. brent higher by 5.60%.

nymexwti up by 6.5%. oil surging as saudi arabia and is allies have launched an offensive against shiite rebel targets in yemen. the saudi coalition announced they began bombing overnight. elliott gotkine has all the details. what is the latest and why are thise saudis getting involved now? elliott: even though the shia huttis were in control of the capital, they started marching down towards the port of aden. that would have given them control over yemen's main access to the sesa. it is strategically located for trade and for oil exports, given it is at the exit way to the red sea, and towards the suez canal. is concerned about yemen sliding more into civil war. th instabilitiese owing over and the possibility of an iranian

the latest is the saudis happen bombing strategic locations, military bases. there was an air base not far from the airport which until recently was home to u.s. special operations. they evacuated last week. they have attacks the presidential palace according to report. there are many strategic locations, the saudis had committed 100 planes and 150,000 troops. they are backed by morocco, sudan, and pakistan. they want to stop yemen sliding toward civil war and to become a bigger haven for instability and four jihadism. it is home to a big franchise of al qaeda. i think saudi arabia and its allies to stop and getting any worse. jonathan: i am looking at the tournament. wti up 6.4%>

brent poised to go back to safety dollars a barrel. have a breed appeared yemen far from the world's biggest output. the conflict having an impact on prices hurt could this disrupt world energy trade, this conflict? elliott: you can never tell what is going to happen. but we know that where yemen is strategically located, it may be a very small oil is ordered. you are not going to miss yemeni oil. it is the 39th biggest producer. what it borders saudi arabia. has a long border. it does sit at the mouth of the red sea going up to the suez canal. so, there is a danger of instability of things spill over there of shipping, not being able to make its way from the suez canal. adding to lacey shipments, adding times and costs.

this is something that is a concern for as we've seen an impact on the middle eastern sock markets and the oil prices investors start taking shelter when they see further signs of instability. let's not forget that if we take a step back theyou've got another proxy battle between two big regional rivals saudi arabia and iran. that can play out in many dimensions in the region which is already suffering from islamic state instability. this is just another explosion of violence. and that is something that is causing concern among investors this morning. jonathan: think you very much for joining us here at our middle east editor. i am pleased to say we are joined by the head o global asset allocationf a alq. we see these geopolitical nuances erupt in the middle east. we see it play out in the oil market. it drops off the radar do you

expect what is happening to be a fundamental thing for the oil market or something that once again falls of the reader? guest: i doubt it will be fundamental. there is a risk of shipping rout es being disrupted for a cannot dismiss entirely but i will be surprised -- the fact of the matter is with oil, the underlying sentiments are not supportive of the price recovery. jonathan: oil sells off. oil surges. stocks sell off. there is not a clear relationship. tapan: it is fair to say that at its extreme, the big shot with oil pricesdid did knock the oil set to appear but this kind of noise is unlikely unless it flares up into something much more severe in terms of trade disruption. it is unlikely to really be a big factor with equity markets. . jonathan: you say gailey moves on wti and brent, quite

remarkable as a daily move. half of where we were told months ago. that has been the big event -- the collapse in the price of crude oil. when you look at some of the data coming out of euro. be thanking mr. draghi or the saudi oil minister? tapan: it has helped consumers. at the margins, our senses that the big fall of the euro has been a much bigger impact. i would back mr. draghi. jonathan: think you very much for joining us. we will check in on oil. i want to bring you the price of oil. brent up 5.2%. i'm looking at nymex up 5.95%. t one stock on the move this one. he london stock is change down by eight .47%. as the dubai, the largest shareholder in the london socket change, is -- in the london

stock exchange. up next, the ecb gives breathing space as a monday deadline looms large. we are going to talk greece. ♪

jonathan: good morning and welcome to "on the move." 12 minutes into the session. the dax, getting crushed this morning. down by 100 points. down by 181 points.

euro-dollar factor $1.10. the dax has flatlined after that rebound in the euro. after the federal reserve meeting. we are on an express train towards purity. then the euro came back. that conviction has been injected with uncertainty after that move in the fx market. crude getting a real bounce this morning. wti and brent as the saudis start strikes. for the greeks, the clock is ticking. the bills stack up the ecb has extended a billion euro in an olive branch. we need to break down both the stories. let's get out to our new steam.

we are joined by paul gordon in frankfurt. paul, i want to start with you. i guess the big question is what is the significance of the ecb's concession? what is the significance of a extra one billion euros. paul: it is a good question whether you call it concession or not. the ecb is trying to strike a balance. draghi has said more than once that the banks in greece are solvent. this assistance is there to tackle -- the outflows caused by uncertainty over political talks. it has risen by 10 million euros since greek banks loss of access to standard funding in. february it's there at th momente to make sure the banks can continue with normal operations. lending money to their customers. not buying t bills and bailing of a government which is unable to reese he further aid payments. the ecb cannot allow monetary

financing. that would be illegal under eu law. it's supervisory arm has imposed control saying greek banks cannot increase their holdings of t bills. fine line for the ecb. jonathan: when you look at the ecb and mario draghi under a lot of questions over whether the ecb is turning the screws on greece. listening to mario draghi, is it fair to say that is not the case at all? paul: draghi will argue they are not turning the screws on greece. they are seeking to keep the banks afloat while politicians resolve matters. but there is an issue with ela. it is short-term. it cannot continue. in the past, as we have in with greece the first time round as we so if that was, the ecb said at some point politicians get

your act together. get a deal, because otherwise ela will come to an end. jonathan: our european central bank editor joining us from frankfurt. marcus joins us from our athens bureau. n everyo day we seem to hear about mor noe novel ideas that we have no answer for the crucial question -- where is the money coming from for the greek government carry on funding each -- carryon funding itself? marcus: we do not know how much money greece has exactly. april is less hard than marc march was a very hard month. h. how much money is left metaphorically speaking in the bank for the government to get through these commitments. there are certain indications probably without money from somewhere they will not be able

to get through april. really one avenue after another is shot -- being shut. the 1.2 billion rebate of money they gave back from the bank recap bfund. it always looks like a hail mary pass. it was rejected. the only avenue the bank holds is submit the reforms, go through the technocratic rosses -- process, in due course he will get a funding disbursement if you ticked all these boxes. the other side is that ticking boxes can be a painstaking, laborious process that takes time. and that is what we do not really have right now. jonathan: talking of time, marcus, the line in the sand

this new deadline appears to be monday. what happens if the deadline is missed? marcus: well, i mean, the problem is -- you have to check one box after the other. submit reforms greece is told. that in itself, meeting those reforms, the submission deadline on monday in its health is not going to be enough to guarantee does are spent. you have to go to the next stage. we are getting into th holiday for a lot of catholic countries, not fore greece. that slows down the process. and you have an imf payment on april 9. again, the payment in and of itself is not as ashley owner is compared to what we have seen, but after much -- that has gone by, if that is completely exhausted, the reserves, the

straw that makes the camels back does not have to be onerous. -- the straw that breaks the camel's back does not have to be onerous. deadlines get missed. everything ends up at the last minute. having said that, sometimes we do see deadlines getting met. that happened a few days after the february 20 agreement with the initial list the gre had to submit. e-- the greeks had to submit. if there is no leeway to go beyond that, my best guess is that they will make the deadline. the question is -- i'm going to get the question would then be will it be enough for it to be deemed acceptable? jonathan: big thanks for joining us here he is optimistic. head of global asset if -- allocation.

you call this a deadly embrace between greece and the eurozone. guest: it is hardly an edifying spectacle -- to see this game. the money is the official creditors, not private creditors. the markets are judging this is not threatening to the financials is them or to equity markets. not in terms of a severe threat. i gues we are workings to the idea that this is still resolvable. that greece can water down some austerity. some of the debt is forgiven or amended orcs dated in some way. -- amnedended in some wa it is not upon the abilityy. to strike a deal. but if -- jonathan: i had guessed sit in front of me and say i care about it, but i am not positioning my portfolio. stay away from greece. do you share that view? tapan: you have to believe a

deal can be struck. if we are at complete impasse and greece defaults, there will probably be some impact, even though it is to an official creditor. if greece defaulted, i cannot imagine it will be no impact. we are sti working to the view that that will be avoidedl. jonathan: we have got a very busy morning. we have got to talk about the day of rest for new york. nasdaq down 3.7%. the biggest day of losses since last april. the topics down three point -- 1.7% . a day of red for the european equity markets. the dax off by 170 points. ♪

jonathan: let's talk about equity markets this selloff, the worst day of losses for the nasdaq since april. the losses carried over to the asian session. in europe, it is not been a one-way bet as the euro injects uncertainty into the equity markets. head of global asset allocation is still with us. the euro back to 1.10 the conviction a little bit of uncertainty now. tapan: we see them as a temporary respite for the euro.

the fundamentals are still pointing to more euro weakness down the road. jonathan: the dax, a 20% run up, have flatlined since the fed met. when i look at the s&p 500 trading at the minting times your system. d i look at the dax, when you try to compare the benchmarks is the s&p in the stretch? tapan: it is not just about currencies. those valuations matter. economic momentum is weighing in the u.s.all of that put together has con this -- has cause this run-up in the dax. jonathan: i will give you a breather there. i will not ask you about it. tapan: for two at three years, currency stayed remarkably calm. then all hell breaks loose.

it is all a bit of a shock. jonathan: where would you be overweight, u.s. stocks or europe? tapan: you would be on balance favoring europe. i would write it out e.on europe to some emerging markets selectively. even a little bit in the u.k., but the u does look.s. -- put it altogether, the u.s., it is hard to argue that the u.s. will have a big problem. performance better -- jonathan: when you look on economy basis, and look at the price index the amount of data that continues to surprise to the upside far outweigh what is happening in the united states. tapan: it is a modest recovery. the long-term story in europe is one of weak growth. all of the long-term growth drivers -- demographic innovation, all of these point to this being a little bit of a a respite. but the long-term growth driving is weaker in europe than the

u.s. jonathan: he's. realistic about the future and your pure it will talk german carson -- jeremy clarkson. we will talk the clarkson effect after the break. ♪

>> a day of for ed and a morning of red. the dax is down. and, the ftse 100 is down 31 point. a big move in the oil market to talk about. it is surging higher and up. brent is up and approaching $60 in arrow on -- $60 a barrel.

for now, i want to get to some of the top stock stories. caroline: the oil stocks and the oil service company. we are seeing the standout performer on the shares this morning. it is outperforming. the reason is the concern about the bombings in saudi arabia and the allies. oil is up already and stocks are up. if you are looking at the long side of things, look at one of the poorest performers. they plan to let go of 17% and he ends up offloading 22.5%.

you see it down and it is about liquidity. it is more tradable amounts of stock in the markets and you see it rebounding and longer terms. there is another fake sale and this is offloading statke. we are seeing it at 23 and at the lower end of the price range. they managed to raise 1.4 billion pounds and they say the shares have been near a record

high for the london stocks. the chairman said it would be appropriate to monetize and cash in. back see you. jonathan: thank you. shifting gears. the bbc has dropped jeremy clarkson after an incident with a producer. is there a top opportunity? he thinks so and he joins us to join -- to tell us why. first question, if the bbc was a stock, would you press the sell button? >> it is bad publicity. one is the potential future

revenue loss and, at the moment they can use the old shows. it will not be a major effect. the second thing is the wide adverse public reaction to what is happening. there is over one million signatures to a petition to ask the bbc not to sack clarkson. you think about the households and the people who are paying do not think it is a good long-term move. it may not so much be clarkson. it is going to be renewed public criticism over the bbc as an institution. putting it in a wider context it goes down to the daily telegraph readers and what implications it has with the

broader charter coming up next year. jonathan: you think the destination he could end up at is itv. >> absolutely. for clarkson, the whole thing is exposure. you can see spinoff shows and from exposure standpoint and you can see advertisers would be interested in. and, it's use towards males. for advertisers, that appeals.

jonathan: would it move the dial? ? cannot think and necessarily would move the dial on the numbers. there would be two points you would get, the advertising benefit that you would get and the second would be that it would fit well in expansion into content. if you look at what they have done, they have been building up global content portfolio and we have had the acquisitions. if you had a vehicle that had jeremy clarkson, you have a very attractive global proposition. you think about the amount of countries and clarkson is a global name for better or worse. jonathan: over the last couple of years, we had a discussion about content and it was the

last decade. does it still mean that much? >> people follow celebrities. look at youtube stars. realistically, they have millions of followers and there is an argument for saying that as consumer choices become more varied what people want is celebrities they recognize they follow, and they trust. in that regard, clarkson fits the bill. jonathan: not damaged goods? >> it is whether they get prosecuted for what happened. clarkson punching a producer fits in with his public persona. it is not like there is anything that would put people off. >> i look at the story for itv

moving and compare what it is doing to bt and sky, it could be a small fish in a big pond. >> they operate in a different field. look at what is happening and what they are going for as consumer subscriptions. that is a market where broadband has the element of growth and if you look at the traditional paid model, there is an argument that they are scrapping over a stagnant market. it is free to broadcasting. now, the business model will be more resilient. to build a brand, it is the best way of doing that. they have 45% audience --

advertising share. they are likely to remain very impressive for a long time to come. jonathan: you keep your recommendation. thank you for joining us. full disclosure my producer bullies me. i do not bully him. i will speak to the chairman of lloyds of london. we had to the break and i will leave you with the federal reserve's jim. he says it is the time to normalize policy. something for you this morning. >> global markets are concerned about it. >> the financial markets expect the policy rate to cross the bubble in 2016. it is later than indicated by the march summary of economic

projections. that is when people like me and everyone else on the committee puts out projections on where they think the policy rate is going to be.

jonathan: welcome back. this is on the move. the prophet coming in at 3.2 billion. aviation insurance. i'm joined by john on bloomberg.

>> good morning. >> you have outperformed. i look at the number of profits and it is the same as 2013. what can the company do to grow? >> not a company. a market. you look at our performance and it is achieved against the background of market conditions. the quality of our underwriters takes a great deal of credit for the results. you can see the return. it is extremely satisfactory. one is on the plus side. it is a benign time. we have had capital short and in

fixed interest or cash security. and then, we have low interest rates attracting capital and putting pressure on premium rates the outlook for lloyds is positive if you look at the demand for specialty insurance. it is growing dramatically as the economies industrialize and commercialize. jonathan: what do low rates mean for the insurance market? we do not usually get the color of day to day business. what does it mean in have interest rates for record lows? >> there are main factors that the insurance industry has to look at. if interest rates and

investments are low, and puts more focus on underwriting discipline and making profits. when interest rates are higher, there is less pressure because of the benefit of higher investment income. it means you are attracting more capital in the market and it means pressure on premium rates. you can see premium rates in our business and reinsurance. it is under significant pressure and we think the conditions will continue and possibly get tougher in 2015 and beyond. jonathan: a benign year. we had a tragic aviation disaster and you mentioned

premiums. how are the markets developed for aviation developed? >> it is a good example to take out. we have tragic disasters and the airport losses. most tragically, we had just in the last couple of days, the german accident. if you look at this, the highest number of aviation claims we have had the market is competitive and what is interesting is, because of the waste of capital coming in, the rates have remained fairly stable and have not gone spiking up. it might have happened in years past. >> look at the claims versus the premiums. is there in balance there?

do you think that, coming into this year, the uncertainty in the sector is dominated by the headlines of the past week? do you think it will outweigh the premiums again? >> in the business that is specialty risk and catastrophe risk, the unwise man forecast what claims might be. we do not know the natural events that might occur. what i can say is that in 2011, we had floods and we paid out over 20 billion to the insured. since then, we have had a more

benign spanned. so we had be sure the underwriting and pricing reflects that probability. >> the chairman of lloyds in london. thank you for joining us. to move things on one of the pilots locked out of the cockpit before the plane went down. we are joined by bloomberg news. what new details have emerged? >> they are not commenting. we will have more when the prosecutor gives a press conference in the south of france. everything about the report

seems credible. investigators refused to tell us and there have been examples of pilots being locked. this is speculation. in the absence of fresh information, there are a lot of people who say they have to look at scenarios in the situation. the door was locked. when anyone goes out of the car hit, the door locks and the pilot has to open it. however, the pilot inside the sides to override and we may have a scenario with a pilot in a cockpit and we have to

consider the fact it was put into dissent at the same time. it was too much of a coincidence with not knowing the name of a the pilots. we are hoping for more information from the prosecutor's. a lot of people are going to be turning to say what you tell us about the pilots? there will be a lot of speculation. rights what is next? >> they have the second and first box. it would tell you what was going

on with the systems and the hydraulics. it will tell us what they did physically and how the airplane handled. it would be great to measure that with whatever noises and they are searching for the bodies. it would take months and months. >> thank you for joining us this morning from paris. 51 minutes into the session. let's get a check. there is a group search.

we have come back off of session highs and the based stock mover is the london stock exchange. the largest shareholder is adding to their entire stake. the stocks are getting crushed. there is a little bit of uncertainty in the european equity markets. we will talk the first big debate in the lead up to the election. we'll have details after.

>> debates about the debates and everybody following the political story is exhausted about the conversation about the bates and we are seeing a series of choreographed interviews.

there will be a question and answer session. the argument around the debates is that they were only a feature in 2010. and we have the opportunity to see them going face-to-face. >> given the way it went yesterday, some say he should just have accepted the direct head-to-head. >> the accusation has been they are running scared. lots of commentators have pointed out that david cameron is not that bad. >> don't miss it. bloomberg politics coming up.

a picture for brent crude surging and the dax dropping. no more. uncertainty for european equities. you can find me on twitter.

>> we will look at the global implications. down to the wire. investors get noticed and it is not clear when kris will run out of money. we will hear from juncker and wolfgang. questions on a possible grexit> -- grexit. francine: good morning to