5.7%, to a record high. that's what i'm watching this morning. ftse 100 futures off by 38 points. dax futures off by 150 points. big action in the bond markets. the periphery selling off a little bit. caroline hyde is here in london to bring you the european market open. zeb eckert is in hong kong with a wrapup of asia. i want to kick it off in london with caroline hyde. caroline: just 45 minutes and those talks collapse. let's see how they are opening in europe. currently trading lower more than one percentage point. ftse 100 faring slightly better off by 0.4%. the market is worried about greece. it is worried about that meeting later in the week. the finance ministers meet on june 18. socgen says, don't expect any deal done.

it is going to come down to the wire. it is going to be the 25th of june where we might see some compromise made. maybe that 7 billion euros unleashed to greece. the market is starting to get worried about this. rbc says the expectations for default and the likely exit they are starting to rise. concerns are going to rise sharply in the next few days. the euro we are seeing it on a downward trajectory, off by 0.3%. we are just coming off lows. clearly, markets feeling the concern when it comes to the shared currency. they are also seeing slight safety havens when it comes to the debt markets. we are seeing u.s. borrowing costs coming down. money moving into u.s. treasuries. money moving into german debt as well. the money going into there,

coming out of italy. worried about contagion suddenly. it is the first time we've started to see contagion enter investors' minds. interestingly, the greek debt market, we are seeing borrowing costs falling. still we are 11.73%. greece is front and center of investors' minds. monetary policy will come into play later in the week. the u.s. and japan both considering what they are doing. we are going to look at a few stocks. we seem to have a bit of a technical issue at the moment. i will leave it at that. clearly, greece is where everyone is worrying this morning. jonathan: thank you, caroline. stocks are selling off just a little bit. on the dax in frankfurt. let's take it out to asia for the moves in hong kong. zeb: it is a down day across the

asia-pacific. the steepest drop this month for chinese equities. you can see here, shares trading lower. the exceptions, india, vietnam, sri lanka. in north asia, southeast asia, and china, you are seeing big declines. 2% drop for the shanghai composite. the chinese regulators move in to try to take additional steps to curb margin financing, risky loans that the chinese domestic investor is taking to bid up the stock market. $10 trillion valuation. more than that in fact. it set a record and surpassed other markets in the region. the concern is that this leverage that has been accumulated could implode. the regulator now on top of that and issuing regulations as recently as friday terrain that in. it has had an impact on the markets, driving the shanghai

composite lower. those chinese companies listed here trading down on the day. the hong kong exchange is lower by about 3%. it was one of the biggest beneficiaries of the china-hong kong stock connect. it is declining about 3%. insurers seeing big declines. thanks, keep those in focus as well. the latest home prices in hong kong performing well. a 1% gain over the last week. let's take a quick look at what is happening elsewhere in the region. the move in commodities having an impact on australia today. you are seeing some of the resource stocks moving both to the upside and the downside. you noted some buying in the precious metals. we are watching this all very closely. the big issue this $358 billion accumulated in china.

how will they deal with it and make sure it doesn't create a big problem? back to you in london. jonathan: zeb eckert, thank you very much. greece talks fall apart once again. after discussions in brussels and it after 45 minutes yesterday, greek prime minister alexis tsipras has been calling on creditors to become more realistic. he says he will wait patiently for them to move towards realism. let's get more with hans nichols in berlin and jones hayden in brussels. hans nichols, we wake up this monday morning the same as friday. hans: it is worse than friday and it has gotten worse throughout this morning. you have these talks about reality coming from athens. in berlin, we have the equivalent of schoolyard taunts. the parliamentary chief said this morning that he is waiting for greece to reconcile themselves with reality.

this dueling vision of reality, what greece needs to do, that seems to be dominating the conversation. there is an interview with jan is varoufakis. there is no sign that he wants to back down. he is talking about a greek haircut. here's a quote from him that captures the state of negotiations. "i rule out a greg's it as a sensible solution." clearly, he thinks there could be a grexit. it just wouldn't be a sensible grexit. that is a minor shift in his tone. also in germany, it seems the greeks have lost a sympathetic ear. sigmund gabriel, the stp chairman head of their party in coalition with merkel's government. here's what he said over the weekend. he said, "the shadow of a greek exit from the eurozone is becoming increasingly perceptible. greece is gambling the future of

their country in europe -- and europe's as well." it looks like they are about 2 billion euros apart. we have a busy week ahead. in some ways, i think that wednesday rate decision not a rate decision, what they will do with emergency liquidity assistance and what sort of collateral they will provide or require, i think that is the key question for the week. jonathan: i agree with you. jones, you hear about the differences. hans just laid them out. how are they going to be able to bridge the gap and when does time actually run out? we've had deadline after deadline. they say the middle of this week. do we know that that's true? jones: they do seem to keep pushing back the deadline, but this thursday meeting of the eurogroup in luxembourg is what we're focusing on.

i'm sure there will be contact between brussels and athens but that's when a decision has to be taken to have something on paper by the end of the month. people are talking about the summit of eu leaders on the 25th and 26th. that is probably going to come into it as well. in brussels, we have ecb president draghi talking to the parliament this afternoon, and we will be listening closely to see what he has to say about the state of greek negotiations. he said in the past that the ecb will keep liquidity taps open as long as there is a hope for a deal with greece. we are going to see his interpretation of how negotiations are going. jonathan: that's one of the creditors. what about the rest of them? what happens from their point of view? is there any negotiation left? the greeks left because the other side weren't ready to negotiate. do you think they are even

willing to negotiate their position? jones: the greeks said the other side wasn't willing to negotiate. we have these charges going back and forth. last week, it was the eu president who said the greeks weren't being realistic. the charges are flying. i think what happened with the thing last night, it only lasted 45 minutes because the creditors were expecting more detail from the greek proposal more than they had gotten on thursday and friday. that wasn't forthcoming. it might be a negotiating tactic, just to say, we need something more concrete. i don't think it is that they are not willing to negotiate. the imf gold their team out of brussels but they are still on the fringes and ready to come in as soon as we get some detail from athens. jonathan: jones hayden in brussels, hans nichols in berlin. thank you for joining us. we are joined now by a member of

the investment committee. he helps oversee 58 billion euros in assets. great to have you with us. the gap between the two parties, apparently is about 2 billion euros in fiscal measures. a lot of money for greece. in the wider scheme of things it is about qe. this is an big money. this is still about politics. >> i think it is more about sustainability of the agreement. in 2012, we had a significant debt write-down in greece. we are in a situation where the burden is unsustainable. i think what this position is about is, we find an agreement. this is a long-term problem of sustainability of the greece agenda. jonathan: everyone watching this outside the negotiating table, they just want it finished with.

they are looking for trigger points. one of them could be the ecb. when does the ecb say, no more ela? >> this is a crucial point. default is not what investors should be focused on. we had already some kind of write down a few years ago. probably with that bundles, we can keep pushing the can down the road until july as far as default is concerned. what is at stake is the stability of the financial sector. probably, the greeks are billions away from gaining access to liquidity. it is not even a question about ecb pulling the plug. it is a question of greek banks being short of collateral. jonathan: mario draghi testifies before the european parliament today. mohamed el-erian told me he things the ecb's reputation is at risk. do you think it is? >> i think the ecb is running a

fine line. they don't want to be seen as triggering a massive collapse. their interest is in the stability of the eurozone. the ecb is responsible for the monetary policy which is now subverting the stability of the banking system in the eurozone. the last thing you want to do is trigger a bank crash. that's why i think we are still of the view that the last-minute agreement will be found. the consequence of not finding an agreement and letting the greek banking sector collapse would be catastrophic. jonathan: the bond market, here you are, short bunds. you feel it all the way down to five basis points. you break even, now you are in profit. what did you do with that short on balloons -- on bunds? >> one of the reasons to be short on bund was the pickup in

inflation coming from the u.s. i think we can still assume that the bund is above 1% for the 10-year maturity, and for this reason, being short makes a lot of sense. on the other hand, the bund might be -- i think you need to be sophisticated in terms of how to trade this. probably option strategy. call option strategy might be a way to manage fundamentals. on the other hand, having this kind of protection or hedge in the case of a very catastrophic event coming out of greece. jonathan: that sounds like what you are doing with wound. what do you do with the periphery? >> we have been taking profit for some time, and probably we will keep doing so unless we reach some relatively attractive

game. what i think is really at stake here is the pickup of inflation. if we are of the view that the ecb is successful in its reflation strategy, you've got to factor that in your overall fixed income strategy. i think there is a case for taking the very discipline matter on the periphery. jonathan: it is a difficult time for anyone who manages money. labonte-equity correlation is as high as it has been in some 1.5 years. how are you constructing your equity holdings with that as your backdrop? >> have you ever heard of your manager not telling you this is a tough time? it is always a tough time. there are still plenty of opportunities in financial markets. whether on the fixed income, new zealand bonds or maybe structured credit and as you

mentioned, on the equity side where valuations are extremely appealing but they are also very stretched. the name of the game is to be active. then he of the game is also to be have strong risk management. what i mean is not just shrinking a little bit to balance your risk. it is anticipating some kind of big event like maybe what is going to happen in greece. it is also anticipating some kind of building trends like the inflation pickup in the u.s. which is something you need to factor in your portfolio. as you mentioned, the biggest risk right now in markets is that there is a lot of momentum which has been to a certain extent engineered i central banks. you need to be able to stand against that. jonathan: my final question, you are short blonde, you look at -- you are short bund you look at that for the months and years to come.

what does that mean for the dax? we have come off from 12,000. that is bear market territory. >> i wouldn't be that extreme. one of the reason we are short on bund is because we have conviction that the ecb is going to be successful in its reflation strategy. it is barely something negative the equity markets. it is a good reason to have some kind of correction on the fixed income markets. i think what is critical for the equity markets will be the speed at which we see this inflation. i don't expect a massive equity correction as long as rates remain relatively well-behaved. for example, the u.s. treasuries below 3%. for the bund, it is still not calling for a kind of catastrophic outcome from the equity market in germany. jonathan: does not ask for a lot, does he? he is going to stay with us.

we will head to the paris air show and speak to the ceo of ge aviation. later, u.k. house prices get a postelection bounce. and, saudi arabia opens its doors to foreign investors. we will talk about that later in the show. join us after the break. ♪

jonathan: good morning and welcome back to "on the move." about 20 minutes into the trading session. let's check on the equity markets. it is blanket ran across the board. the dax is down by over 1%. the ftse 100 off by 0.5%. the asc selling off heavily on friday. more pain to come, perhaps. look at the bond markets. i'll show you what a little bit of pain looks like in european sovereign debt. german bund yields down. the italian yield spread is wide. the spread is interesting. we have spoken about the selloff as yields have gone from five basis points through 1%. the spread between the german and italian 10-year was as tight as 88 basis points in march. it is not just a selloff in european debt.

it is a more aggressive selloff in italian and manage debt. that is not just a reflation trade. let's take a look at the future of aviation now. today is the start of one of the largest and most important events, the paris air show which is expected to welcome more than 300,000 visitors. one of those visitors is guy johnson. you've got an exclusive interview. over to you. guy: we do. thank you very much indeed. we spent a lot of time at these shows talking about airplanes. let me tell you a little inside joke. you don't bolt and engine onto an airplane. you bolt an airplane onto an engine. they are incredibly complicated. if you want to make fuel savings, you look at the engine first. that has been the real focus in this industry. let's talk to one of the guys that led that charge. the ceo of ge aviation, good morning.

oil prices have come down over the last 12 months since we last saw you. is that going to impact demand? >> we are thrilled. the largest cost of any airline is fuel. when fuel is deflationary, customers are in good shape. we are seeing a healthy airline market, good demand growth good capacity strength so that we don't end up putting too much capacity in the marketplace, and good fuel pricing. that adds up to a very profitable industry. so that leaves us to really work hard on making sure that the next generation of products is available on time, so those profits can be used to update with the latest technologies. guy: they need the latest technologies now. >> i think that you can't bet on fuel staying where it is. these are long that's when you

buy new equipment. these assets stay in the fleet for 20 plus years. what we are seeing is no change in the order book, just a more profitable industry. guy: these are pretty expensive pieces of kit. what happens when the fed raises rates? >> certainly, interest rates have an impact on finance, but so far, the markets are very pro-this new level of technology. they hold their value for a very long time. they are a very good investment. guy: we are seeing airbus boeing, really ramping up at the moment. a number of airplanes are being pushed hard at the moment in terms of manufacturing. how tough is it for you as a component supplier into that to keep up?

>> i think the execution challenge is important for us. if you think about readiness, the new technologies are extraordinary. our supply base, 1000 suppliers or more are involved in a jet engine. all of them have to rant at the right rate to support boeing bombardier, whoever it may be. we work hard on readiness. it is one of our challenges. we have a good program on it. guy: one of the big issues for you guys and boeing is the import-export factor. boeing have talked about moving production if this isn't pushed through. we got the deadline coming at the end of the month. can you make those threats as well? >> i'll tell you the policy is so solid. if you think about it, the bank

has returned over $6.7 billion to the u.s. economy. in the last two years, the bank has returned $1.7 billion. it is good for jobs. 75% of my order book our sales overseas. the way that the united states economy succeeds is, we go and hunt orders all over the world. we bring those orders back to the united states and we build kit in the united states. that is how we create jobs and value for the economy. in order for us to hunt the world market, it has to be a level playing field. xm is an essential element for us if we play on the international stage. it is a huge deal for us. it is a huge deal for our country. we have to get to a point where the politics is separated from the policy and we work on the real policy of xm/.

guy: let's talk about that viral video everyone is watching, the 787 taking off almost vertically. >> isn't that beautiful? that's a fabulous video. seeing that 787 come to life on that vietnam airplane was terrific. we are thrilled to be part of that video. we have over 790, somewhere around there, already in service. we love the engine. it is running at about 99.94%. guy: nice to see you, david. david joyce, the ceo of ge aviation. plenty more coming up. back to you. jonathan: looking forward to it. looking very smooth, i might add. up next, london home prices

surged to a record last month. could the london real estate haven be at risk? ♪

jonathan: good morning and welcome to "on the move." 30 minutes into your trading day. this is how things are shaping up. not very pretty if you're a bowl. ftse 100 down 0.4%. blanket red really is blanket red. the dax down by over 1%. the asc just opening up after a sizable selloff on friday's session. the imf vented their frustration. we will allow for a little price formation and bring you a price in five minutes. let's get you up to speed on the bond markets. a selloff there as well. yields go higher, spreads wider.

the italian 10-year yield off 2.9%. the german 10-year yield down to 0.83%. we will cut you -- we will keep you up to speed on that. saudi arabia is opening its stock market to foreign direct investment today. the move comes as the king pushes ahead with efforts to diversify the economy. shares of prada have fallen to their lowest level in three years. they reported profits that fell short of analyst estimates. net income plunged 44%. china's uber rival is set to seek funds that would value the company at $15 billion area the comedy is backed by alibaba. uber is set to raise cash at a

valuation of $50 billion. after the uncertainty created by the general election, u.k. house prices have had a boost in the last month. once again, london is the star performer. here with more is caroline hyde. a stark contrast when it comes to regions. caroline: this is a national obsession. when it comes to housing, we love to discuss it. the numbers are just coming out. 613,000 pounds is the cost of an average house in london. that is a climb of almost 6% in the last month. that is double the pace of growth and double the average house price compared to the rest of the u.k. you are getting for the rest of your money in the u.k., 3% growth and 294,000 pounds.

you've got double the average house price, double the growth in london. it seems to be very expensive, the million pound houses, that are doing very well. the uncertainty has vanished after the election. that surprise victory by david cameron, the conservative party gaining a majority. a threat potential he of higher taxes on the million pound houses. that was what the opposition parties had been planning. suddenly, you are seeing more of these mega-homes coming on the market. 2 million plus homes have suddenly doubled the amount for sale since june. chelsea, get this, 25% growth in that region in the last month. that's where you are seeing some of this really stellar growth happening. jonathan: caroline, thank you very much. let's bring back in jean medicin.

you look at the action in the house market. the story i always got told was that there was no leverage because after the financial crisis, those mortgaged sold off to foreign buyers. how do we know that foreign buyers are cash buyers? jean: i think it is very obvious when we have seen some russian oligarchs taking the squeeze in their home country, we discover a lot more leverage in their business empire. i think you can't make the same kind of assumption, that there is leverage in the market. jonathan: the question i would be asking is, is it brexit risk, or worried that this money pouring in from abroad gets cold? jean: we are lucky enough to have to make the decision to invest in the real estate market. i think you are citing what is a

big risk for every asset class, a great deal of complacency in the market regarding the outlook for the fed raising rates. some kind of inflation pressure is creaming up and -- creeping up in the u.s. there could be a rate rise more in line with what the fed has. the market has similar pricing as the members of the fomc. jonathan: a lot of people think the right path could go even shallower in 2016. do you share that sentiment as well? jean: i think rather than the pace of the dots, it is a big discrepancy between what the fed is telling and what the market is expecting which is the big issue. it is not a question of whether we are going to have 25 or 50 basis points higher or lower. it is just a discrepancy which

is telling us there is complacency in the market. it is still a very fragile market because investors are very polarized. jonathan: bring it back here to the u.k. i won't quote the polls, because sometimes the polls are wrong, but when you look at standard & poor's and their move on friday they are the only major credit rating company with aaa still on the u.k. fitch and moody's have moved. do you pay attention to that call on friday? jean: i think they are more playing catch-up with the other ratings agencies. i'm not clear how the link between the brexit and the rating i wouldn't pay much attention on that. jonathan: jean is going to stay with us. coming up, we talk saudi equities. it is the arab world's largest stock market.

it will be opening its doors to foreign investors, but only slightly. more on that when we return. ♪

jonathan: good morning and welcome back. this is "on the move." this is what the equity market looks like across europe. the ftse 100 off by 0.5%. the dax down by 124 points. 1.1% lower on the german equity

benchmark. the asc down 6.6 percent. i put that into my terminal. that is the biggest two-day selloff since january this year. that enthusiasm in the greek equity markets thursday a little misplaced. we go down hard. let's lift the lid on these indexes and get the stock moves with caroline hyde. caroline: we are seeing some big followers. notably among them is a german property company. deutsche down by some 5%. the reason is, some m&a. a greek group with 1.9 billion euros. how are they financing that? they are selling more shares. more supply coming into the market. down goes the share price. this is going to hurt their operations in terms of per share.

their ability to generate cash is going to be hurt. not too positive a reaction on that deal. another negative reaction metro group off by 3%. it is selling its department store chain. that is a company that it has had for at least two decades now and has been on the german high street for 135 years. it is selling the galleria to hudson bay company, one of the oldest companies. they are selling it for 2.8 billion euros. this is a company that owns saks fifth avenue, lord and taylor clothing stores. they know what they are doing. germany's largest retailer seems to be feeling the pain a little bit. investors aren't really liking it. let's end on a green note. pretty lackluster for the rest of the day. aveva group of high 1.7%. it is m&a driving this.

over the weekend, we saw some speculation, some reporting coming out, that they will evaluate takeover options and some analysts speaking out today, saying it could be a target, given its leading technology and market position. jonathan: caroline hyde, thank you very much. the saudi stock market is opening its doors to foreign investing. mark barton is in dubai for us this morning with a guest. opening the door, but only just. over to you. mark: thanks. the head of security services at hsbc joins us today. thank you very much for joining us. this is the last great global untapped equity market. that is big in itself. >> it absolutely is. this is a country one of the

few countries in the world, that has scale and wealth. saudi arabia is one of the few countries in the emerging markets that combines the two. mark: let's go to the critics who say these rules only let the big boys in, the institutional investors which have $5 billion under management. are the rules restrictive, or do they serve the purpose of the regulator? >> i think they absolutely serve the purpose. the saudi market is a retail-oriented market. these investors are large investors. they are still individuals rather than institutions. the market is currency--- is currently denominated and they have a buying behavior. that is what is seen by opening

the market to qualified foreign investors. it is the large investors. [indiscernible] mark: and of course institutional investors from abroad will bring stability to the market, which i'm sure is in their mind. >> absolutely. they will improve the level of governance. the speculative element should go down. the market will be a better market, not just for institutions. everybody benefits. mark: give us an idea of the retail investors, how they behave in saudi arabia. what is the psyche of the retail investor in saudi arabia versus where i'm from in europe and the rest of the world? >> in most places of the world retail investors do not invest in fundamental research. institutional investors invest

in research. that is the behavior that the countries would like to see more of. mark: what do you expect in terms of ipo's? the cma have said, we will open the ip aim -- the ipo market but on a case-by-case basis. >> i think the development is more for the secondary market. once that develops, automatically the markets will also be opened up. i think we are on the cusp of something which is a game changer in the history of capital markets. mark: why is it a game changer for the rest of the region? bloomberg is running a story saying a lot of the funds might be taken from other gcc countries, to use the term "capital -- "cannibalization." do you believe in that? >> it is the largest market in the gcc.

[indiscernible] this market was close to foreign investors run a direct access perspective. more than half the region was closed. now that half the region is opening up, they will look at the region with more interest. zeb: is the ultimate -- mark: is the ultimate goal being included on the msci in two years time? is that when the real money is going to come in to saudi arabia? do we have an idea of the sorts of flows that will take place in the near, medium, and long term? >> i think it is very important but i don't think it is a destination by itself. in terms of the money flow, wendy msci index includes saudi arabia, more money will come in. but i think that is an important

milestone, but not an end in itself. this is a game changer. it is for the medium term. in the months to come, we will see a lot of investors coming in. mark: thanks a lot. very interesting to talk to you today. interesting day for the saudi arabia and economy and for the region as a whole. we are about 30 minutes away from the start of the saudi opening. i'm excited. see you later. jonathan: thank you, mark barton. let's get some final thoughts from jean. we can talk about whether they really opened this market or not. as a big asset manager, i no longer have to put my money into a passive and i can get stock-specific in saudi arabia. jean: when you are opening those

markets with a potential inclusion in big indices like the msci, the last thing you want to do as an investor is to be a passive international investor, which makes the majority of the trading of this index. you want to be active. it is the same thing in china. we see asian markets, domestic shares of china. you want to be active. jonathan: the point i want to discuss is that the saudi arabia and authorities have cap this. you need to manage $5 million to have this access. that to me is not opening the door. they are worried about volatility. they want long-term investors. do those two things really stack up? jean: it is not a done deal. the opening is far from complete. investors like us previously could access this market. it is not as if this market was

completely closed to foreign investors before. it is not a game changer. it will be a game changer once they have full liberalization to be included in the msci emerging markets index, like what the uae did before. jonathan: when does that come? jean: you have to ask the saudi's. they would need to actually fulfill some kind of requirements for the msci. it is just the first step towards this inclusion in the big index. this is not the game changer that people might be excited about for the time being. jonathan: always a pleasure to have you on the show. thank you for joining us. 49 minutes into the trading session across most of europe. 20 minutes into the session in greece. the asc down by over 6%. that is the biggest two-day selloff since january 2015.

jens weidmann on the wire right now, saying time is running out for greece. up next, everything you need to know for the rest of the day and the huge week ahead. we've got a lot to talk about. ♪

jonathan: good morning and welcome back to "on the move." a lot coming up for the rest of the day.

bloomberg will be speaking to ukrainian president petro poroshenko. there's also a rate decision in russia. ryan chilcote joins us now on the fun. a little bit of context on the timing of your interview with the ukrainian president. looking forward to it. ryan: we've got an explosion of violence in eastern ukraine. the government of kiev reports that their forces have been shelled. they say eight soldiers have been killed. 35 wounded. the rebels in donetsk are saying that ukrainian schelling their injured six people. hard to verify those figures but what it does do is it begs the question, is this -- are these low intensity skirmishes about to turn into a larger war. the eu is expected to extend sanctions. the eu and the u.s. are working on new sanctions should russia be deemed to be escalating

things further in ukraine. finally, a big event in st. petersburg. vladimir putin is going to be courting international investors at his annual economic forum. what is petro poroshenko thinking about that? what would he say to those business leaders that intend to put their money back into russia? definitely a question i'll be asking. jonathan: those events all linked to a rate cut potentially from russia. are we going to get another one? ryan: we are, that is almost certain. the benchmark stands at 12.5%. most economists think they will cut by 1%. the bank of russia has enough for surprising the mark -- has a jknknack for surprising the market. inflation is subsiding. that should give her the room to lower the rate.

it fell to below 16% at the end of may. it gives her a little bit of room to work on growth. growth set to fall in the second and third quarters the economy said the contract by about 4%. of course the more you cut rates, the more pressure on the ruble. the more pressure on the ruble, the higher imports get. the more expensive imports get, the more pressure you have on inflation. you've still got geopolitical pressure of ukraine weighing on the ruble. the central bank has announced they want to raise their reserves from the current level of 361 billion to half a trillion. they expect 3.5 billion so far of rubles, but that means more pressure on ruble. finally, the oil price. who knows where that is going to go? it started the year at $46. that has a huge impact. jonathan: looking forward to the

interview. have a fantastic day. here's what we are watching for the rest of the day. the russian right decision at 10:30. at 2:00, mario draghi speaks to parliament in brussels. do not miss that. 2:45, the ecb publishes its weekly qe details. the fed meets. we will give you the latest rate decision and statement as well as the news conference wednesday evening. on thursday, the eurogroup convenes in luxembourg with greece in focus. also on thursday, we get a rate decision from the swiss national bank. a lot going on. equities heading south. the dax off by over 1%. yields in spain and italy heading north. after the break, it will be "the pulse." ♪

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francine: open for busy. welcoming foreign investors for the first time. talks with creditors collapse after 45 minutes. battle for air supremacy. the paris air show today. airbus competing for orders that the total more than $23 billion. live in dubai and paris with his stories. ♪ francine: welcome to "the pulse ." i am francine lacqua.