things i'll be talking about through the next 60 minutes. ftse futures in the green. dax futures up 0.5%. will it be a higher open? let's get the market open with caroline hyde. caroline: two days of a selloff on the stoxx 600. we are likely to see stocks get that nudge higher, shrugging off the data we saw out of china over the weekend. exports down more than 8%. we are seeing worsening producer prices, but still m&a speculation in china, speculation of more stimulus to come. it might be helping feed into the ftse 100. cac 40 up 0.5%. we will wait for the ase in greece to open. will we get that deal signed off today for 86 billion euros bailout package? can the imf, ecb, european commission, and european stability mechanism managed to

agree on a plan as well? greece. is there for let's have a look at the euro. we are basically trading flat. expectations were 225,000 jobs to be added. 200 15,000 jobs being added to the u.s. economy. you are seeing the dollar trade flat today. i want to show you the market reaction on friday when we did see that sudden spike higher when we saw that number come in ahead of 200 thousand. let's have a look at the commodity trade. the china effect. we are seeing copper pretty much flat. not much of a selloff. we saw moves in the aussie dollar and the kiwi. when it comes to the recourses, pretty flat. copper, resilient, moving that little bit higher.

let's look at what is happening in turkey. we are talking about geopolitical risks, tragic bombings in istanbul. we did see a move in the turkish lira. this is currently flat at the moment. the market taking it in stride. we have not seen turkish stocks react that wildly. oil trading lower once again. more u.s. rigs being added. still, the supply glut comes. demand seems to fade. let's have a look at how it is laying into the oil stocks in europe. we are going to look at one volatile stock. p the viewnd to sum u of oil. clearly seeing the pain of that lower oil price this morning. pain of cyber attacks at dixons car phone. 2.4 million customers affected.

sulzer, this is a manufacturing company in switzerland. we are seeing them cut costs and simplify their capabilities. all about what they call a difficult and challenging environment. jonathan: thank you very much. three minutes into the trading session, the ftse 100 in the green, up 0.4%. over in asia, it is all about the shanghai composite once again. zeb eckert in hong kong to wrap up asian trading. zeb: that'sright -- right, jon. look at this. despite dismal economic numbers over the weekend, we had export numbers that fell short of expectations, but what is really driving this intense investor interest today, the optimism permeating this market despite the chinese economic situation, is that the government seems to be pushing forward with its

plans to overhaul inefficient state-owned enterprises. we are talking about the shipping industry. there's speculation that china shipping group, as well as costco, major names our viewers are familiar with in the harbor in hong kong or elsewhere, these companies may merge according to people familiar with the matter. that's leading to speculation that china is intent on carrying out this reform. critical to reducing inefficiency and creating new opportunities for chinese companies to create -- to compete on a global sale. merger ofh the the the railway companies. that created a conglomerate to rival ge and others. that's what we may see and it is leading to a gain for shipping companies in shanghai. shares surging to the daily limit in fact. check out the shanghai composite, up on the order of just about 5% today.

it has been an upward move all day long despite dismal trade figures. as we look at the transportation stocks, this tells the sti ory. these are the a-shares. the big companies here, merchants, energy advancing. china railway, and the shipping shares have all taken a nice advance today. china shipping up in the range of 6% to 10%. it has been a banner day. it shows you that these markets can go in any direction, certainly the opposite of what you would expect given the macro environment that the chinese government reported over the weekend. jonathan: zeb eckert, thank you very much. we will get to the second half of that story in a second. i want to head to elliott gotkine now to break down earnings from gas from. elliott: this is russia's biggest company, the world's

biggest gas producer. we had earnings for the first quarter. of billion rubles, just shy $6 billion. a reasonable amount more than analysts had been expecting. revenues coming in at 1.6 5 trillion rubles. more or less in line with analyst estimates. guess prom, like other gas producers, suffering a little bit as oil has been declining because gas prices are often linked to that. gas prices have been hitting the bottom line of gas producers such as gazprom, which is the world's biggest. jonathan: elliott gotkine, thank you very much. we will break down the energy sector in about 10 minutes time. do not miss that conversation. for now, i want to get back to china. pressure amounting to boost stimulus after data over the weekend showed worse than expected demand, producer prices

seeing their steepest decline in nearly six years. nick wadhams joins us now for more. give us some details on what it means for possible stimulus down the road. nick: what we know is that the s.o.e.'s make up a huge share of the economy and the government has talked about consolidating them to make them more efficient. we've just started to hear some rumblings about how that's progressing now. major shipping companies, china shipping and costco, they are looking at a merger. we've heard comments from president xi jinping. analysts have been reporting that he's making more continents -- more comments about s.o.e. reform. the government is looking to consolidate some of these s.o.e. 's to bring more efficiency from them and prove economic growth. jonathan: on the data side, ppi disappointing, cpi coming in

higher than expected, driven by food prices which could be another problem. the data from the weekend, what are you looking at? what should i be looking at more carefully? issue is big..e. you have the market popping today. s.o.e.'s are weighted very heavily on the market. could you make the argument that the government is sending signals to promote s.o.e. reform to give those stocks a boost? that may be the cynical view. the government is going to look at more stimulus measures, giving policy banks more money to lend, really to pump up growth and may miss that government target of 7%. jonathan: nick wadhams, thank you very much for joining us this morning. for more, we are joined by stephen isaacs, chairman of the investment committee at alvin

capital management. data over the weekend doesn't paint a pretty picture of the chinese economy. take your pick. what are you looking at for the weekend? >> if you look at some of the western companies' results as well, the statistics we get out in china is open to distortion. who knows the accuracy? people like jaguar land rover showing shocking sales figures and also margin compression issues. we are seeing a pattern here. i'm afraid the pattern is hard landing. jonathan: is it a hard landing? i don't see a people's bank of china that is in crisis mode. the rrr rate, where are we now, 18.5%? we've got room to breathe. when do we hit the crisis button? stephen: i think they are already doing it. up process has been to puff

financial markets to generate the illusion of wealth. this is a sort of fed style approach. the asset prices are part of the process. that's what they are trying to do. jonathan: i want to look at the trade data. the export-import story tells me one thing. the volume tells me something different. i don't see oil. i don't see iron ore import volumes dropping off in a big way. what do you look at more when you look at the trade data? stephen: the yuan is linked to the dollar. this is one of the problems the chinese have. if they had a free-flowing currency, they could see their currency depreciate. that would help alleviate the crisis. as they don't, they are taking it fully on the chin. of the dollar is enhanced, so the actual numbers

look worse than they might be. jonathan: when you look at the currency, they've got international ambitious for it to be a reserve currency sanctioned by the imf, etc. for you, do they have to weaken the currency? stephen: this is about saving face as well for the chinese. it is a tough position they are in. i think they have a drawback from the process. i think this is the wrong time for them. they are going to be too concerned about social unrest. a stock investor knows what the slowdown in china means for commodities. whether it is energy or mining. we touched on the slowdown. we could have the first annual contraction in auto sales in china for some 17 years. do i need to be more concerned about the major automakers in europe? stephen: this is the ripple effect. it is a genuine problem. one of the givens in the global

story was that emerging markets would grow, led by china. now, china falls down and we've got one of the key props. the imf also reduced its global forecast. we look at slower growth. jonathan: someone at ubs called this the tricycle, china as one wheel, europe as the other, both unstable. the u.s., some would say is the front wheel. what is the analogy for what is happening in the u.s.? stephen: my concern is that we've gone from a goldilocks economy that was perfect, not too hot, not too cold, to the microwave economy. it is artificially boosted, too hot to drink and too cold to enjoy. growing economy is not anything like what people forecasted. the beginning of the year, all the investment banks were forecasting acceleration in the threes. we are heading back into the mid-ones and maybe lower.

growth?your jonathan: just to wrap up this conversation with you, it doesn't sound like you are a september guy or a december guy. where do use it on what the fed should be doing? stephen: i think the fed will find an excuse not to raise rates. even the nonfarm payroll data wasn't nearly as robust. employment is a lagging indicator. i'm looking at a considerable period of time. jonathan: stephen isaacs, thank you very much for joining us this morning. coming up, the oil slump continues as saudi arabia looks for new ways to raise cash. then, is an end in site? greece hopes to end talks on a rescue program by tomorrow and it is a big deal. one of the largest acquisitions in warren buffett's career. stay with bloomberg not just this hour, but throughout the day.

we will be speaking to stanley fischer and former fed chairman alan greenspan. do not miss those conversations. they come up with tom keene on "bloomberg surveillance." we are in the red now 30 minutes into the session. good morning. ♪

jonathan: good morning and welcome back to bloomberg tv. let's bring you up to speed with

bloomberg's top stories this morning. chinese stocks posted their biggest gain in a month today amid speculation the government would accelerate mergers. china is said to be considering merging its two main shipping companies. warren buffett may be on the verge of one of the biggest acquisitions of his career. according to a person familiar with the matter, buffett is in talks to purchase precision car parts. cap of $27rket billion. the greek government aims to conclude talks on its bailout program by tomorrow to leave time for parliaments to release funds for an august 20 payment to the european central bank. 17 minutes into the session in europe, let's get you up to speed. the ftse 100 just rolling over. on your screen's right now, but only by about three points. the dax up about 0.3%.

the ftse mib unchanged. the shanghai composite the big mover in asia overnight. check out the fx market. the euro buying you $1.10, pretty much for that. uptown buying $1.55. brent crude down for a straight week. with oil prices back below $50 a barrel, saudi arabia is doing something it hasn't done in years, selling long-term bonds. elliott gotkine is in the studio. today's auction could raise up to $5.3 billion is this just the start. elliott: $5.3 billion is a piddling amount for an economy the size of saudi arabia. it has cash reserves. $5.3 billion isn't going to go a long way. it isn't going to go much towards plugging the 20% budget

deficit that saudi arabia could have this year. it is a sign of the process. $25 may rates more than billion by the year end. declining,il prices back below $50 a barrel as of last week. saudi arabia is involved in wars in yemen and syria and iraq as well. it is trying to help diverse of by the economy and at the same time maintain these lavish benefits for saudi citizens. all of that takes money. what these bond sale will do is arabia, whichudi has been depleted by declining oil prices. jonathan: is it more than just about cash? elliott: it is. saudi arabia opened up its stock market to investors for the first time in june. it is the largest stock market in the region. there is part of that project,

opening saudi arabia up. governmentudi selling bonds does is also gives a benchmark for saudi companies when they want to raise money. it is about deepening the markets in saudi arabia and also holding up another flag, another sign that says saudi arabia is open for business. jonathan: elliott gotkine, thank you for breaking that down. let's stick with oil. oilre joined by jason, an and gas analyst at jefferies. it is time to revisit the saudi arabia strategy. do you think it is working? jason: it is working. they've taken a lot of rigs out of the u.s. market. we are beginning to see a rollover in u.s. production. in terms of cap are -- capturing market share, they have been exporting at record levels recently. jonathan: when you look at the

recount, starting to bottom out. three straight weeks of increasing rigs. is that a sign that things are starting to go the opposite direction? jason: i think we are going to see u.s. production roll over much harder. the additions are really not sufficient to stimulate actual growth. jonathan: when you look at the middle east, we talk about the saudi's, the conversation has been iran. iran pledging to increase supply within a week of sanctions being lifted. what are your expectations? sources of has two supply initially. they are going to be able to increase production by about 300,000 barrels a day initially, going to 600,000 barrels a day within 12 months. they also have significant volumes of oil in storage right now that they will be able to put into the market immediately. i think it is 40 million barrels. jonathan: we spent so much time

talking about the supply side of this story. on the demand side, you see the chinese figures, people get concerned, but when you look at the data, it says something very different. what is your view on china right now? jason: china's demand has been strong for oil. we think part of the demand has been the filling of strategic petroleum reserves. i wouldn't want to overstate the strength of chinese demand right now. implied demand has been very good. jonathan: you and i have gone back and i have gone back-and-forth talking about the energy majors. itramp up earnings season, was a series of beat, beat, beat, beat, with the exception of bp. do you think the real take away from the last month is these guys getting real and admitting the story of lower for longer and how they manage that situation? jason: we are starting to see some fairly significant moves to reducing operating expenses. that is coming through layoffs and restructuring of corporate

centers. $15 billion of identified cost savings came out of second quarter calls. combine that with $45 billion in cap x cuts. need tolem is, they balance their cash flow with their capex. jonathan: thank you. javier is writing that very story. you've reassured the investors in the short-term, but how much have you sacrificed future growth? when you pinpoint these corporate, who has done that the most, sacrificed future growth to protect the short-term investors? jason: i think it is pretty widespread through the sector. i think the sustainability of the dividend turns more from oil price to declining production by 2017 or 2018. i think bp has been the most aggressive in terms of cost cutting but that does affect

their production profile down the road. jonathan: what kind of company do i want to be invested in? do i want the companies, the totals of this world with the refining margins propped up, or do i want the multi-decade play, do i want the shells? jason: i want the multi-decade play. i think the downstream is starting to show some weakness. we are coming out of the peak of gasoline demand. i want to set up for multi-year growth. jonathan: is that the big story for you? jason: i think it is going to be. jonathan: jason garrett all, thank you for joining us. up next on bloomberg tv, we are moments away from the greek stock market open. details after the break. 25 minutes into the session, let's bring up the equity boards. monday morning, the ftse 100 rolling over, down 0.1%. i'm looking at the movers on the

ftse and it is the minors. that is weighing on the index and keeping us pinned down in the red. the dax in the green, up 0.4%. a big pop on the shanghai composite. a 5% gain. the biggest advance in a month. nevermind the weaker data over the weekend. it is about much more than that. it is about speculation that the government will increase mergers. that's the asian equity markets. let's get a look at the fx market. , $1.09. a stronger euro but just. cable, almost $1.55 flat. gold has been weaker, down 0.3%. brent crude south of $50 a barrel. let's get to elliott gotkine for some breaking news. elliott: breaking news coming from turkey. the u.s. consulate has now

closed. it did come under attack from two gunmen this morning, gunmen that we believe have been killed by security forces. that also seen reports turkish military helicopter was attacked by militants from the pkk, kurdish militants in the southeast of the country, and one police officer was wounded. this morning, we saw there was an addition to that attack on the u.s. consulate. there was also a car bomb attack on a police station in istanbul as well, where five police officers and two civilians were injured. all this, an upsurge in the violence in turkey that we saw beginning with those suicide bombings last month. over the weekend, u.s. warplanes sorties tonning osr

attack islamic state. we will bring you further developments as we get them. jonathan: elliott gotkine will have much more after the break. stay with bloomberg tv. ♪

jonathan: good morning and welcome back to bloomberg tv. 30 minutes into your trading day, this is how things are shaping up. the ftse 100 just rolling over into the red. we are down by 0.2%. the dax moving in the opposite direction. plenty of stock stories out there. let's get to them with caroline hyde. caroline: i'm going to start on the bright side. i'm looking at jc decker, one of the best performers on the stoxx 600. currently up 3.5%. the chief executive sending bullish today, saying they could double their market share in 10 years. he saying they could become a

much larger company potentially through a little bit of m&a. executive. chief up goes the stock. on the downside, we are looking at a specific issue here. oil companies and miners, m iners the worst performers. the reason, it is all about china. anglo american is off by 1.8%. keep an eye on bhp as well. they are all trading lower. it looks like they are concerned about the data. producer prices coming lower. we might see speculation of an na helping the stocks on the shanghai composite, but what about growth for the rest of the world? anglo american off by 1.7%. one of the biggest bollards is this very volatile oil company, see drill.

you are seeing many other oil companies lower. of,rading down because overall, the u.s. play into oil. we are seeing oil prices down once again. they are trading off about half a percentage point today. wti traded in the united states because of shale. we are seeing more and more u.s. companies digging for oil despite the supply glut. we are seeing demand being a concern. china playing into that one as well. oil trading lower. drills, in in u.s. the united states, that means five out of the last six weeks, we have seen the u.s. did for more oil. we have seen more rigs on tap. that is playing into the oil companies at the moment. jonathan: caroline hyde, thank you very much. we begin another visual deal.

if you look at greece, the government hopes to conclude talks on a rescue program by tomorrow. for more, we are joined by bloomberg intelligence economist, david powell. we know we are getting close to another deadline. the difference between july 20 and august 20 is there is no drama. why is that? david: before the greek government was hoping to get concessions out of their partners and i think that is off the table. there no reason to enter into another round of brinksmanship. they are keen to get this wrapped up early. so they don't face more talks of a grexit that came along when they waited until the last minute before hand. jonathan: as far as the week ahead, we got some data out of greece to look at. we got some data out of the eurozone to look at. when i look at the data coming out of europe, i look to germany.

i look at industrial and factory data and they tell me different things. what are you looking at that paints the bigger picture? david: we should actually be looking beyond the second quarter to the second half of the year. that is a leading indicator of where the industrial production is going. pieces of data are pointing to a loss of momentum that draghi has warned about, but not a huge loss of momentum. just a very gradual. it is nothing to be overly concerned about at this stage. jonathan: greece, i don't recall seeing a pmi like the one we saw last week. the pmi for greece to be quite obvious was absolutely terrible, in the low 30's. could it be more of the same for greece? david: i think that is representative of the fact that economic activity came to a standstill when the banks were closed.

, from after a period of contraction like that, is things should bounce back pretty eckley. now that the second package is in place, excuse me, the third bailout package is in place, hopefully the economy will bounce back. jonathan: for the u.k., the only thing we've got to deal with is the weak euro and euro-sterling trading around 70 pence. when we look to the unemployment data, the labor market data that comes out of the u.k., are we going to get that wage growth continuing to improve? david: that's the main indicator that people were watching the u.k. economy. that's going to trigger the mpc to raise rates. underlying wage growth is about 2% right now. they used to have this unofficial threshold of 4.5% that would be consistent with price stability. it is rising and that points to a rate hike probably around

february. jonathan: were you surprised by the not so's -- not so super thursday last week? david: the big picture was still in line with the tightening of monetary policy in the u.k. the big picture hasn't changed. jonathan: u.k. jobs data in focus later this week. thank you, david powell of bloomberg intelligence. six minutes into the trading session in greece. a choppy session last week on the athens stock exchange. let's have a look this morning, up 2%. greek banks were in focus last week. it was limit down, down, down, then sideways. bring up the markets for the wider eurozone and the rest of europe as well, the ftse 100 now down by 0.5%. that is a session low. the minors bringing us lower again. a lot trading on the ftse, keeping the ftse on the red.

the dax in germany also coming off a session high. the shanghai composite, forget the data over the weekend, closing higher. a lot of speculation about the mergers between state owned enterprises and the government accelerating that process. program,come on this we are going to talk gazprom. profit of 71% on the weaker ruble. the stock down by 1.6%. ♪

jonathan: good morning and welcome back to bloomberg tv. let's get you up to speed on some of bloomberg's top stories. turkish security forces exchanged fire with militants in istanbul today after a police station was attacked by a car bomb. unmen opened fire at a u.s. consulate in istanbul which is closed until further notice. chinese stocks posted their biggest gains in a month today over speculation the government would accelerate mergers among state owned enterprises. china is said to be considering merging its two main shipping companies. data out of china this weekend showed slowing demand for chinese goods. producer levels fell to their lowest since 2009. exports delivered a major miss,

dropping more than 8%. oil and gas. the world's biggest natural gas producer, gazprom, reported earnings earlier in the hour. the weaker ruble softened the blow of falling fuel prices and sales volumes. let's take a look at the numbers with will kennedy. profit up, the driving force for grass from -- the driving force for gazprom, what is it? will: they earn in dollars, they spend in rubles. that is what we are seeing here. jonathan: it is first quarter. what does this tell me about the outlook for this company? will: this is nearly ancient history. the big issue for gazprom now is the oil prices. are of gazprom's contracts limited. we are seeing the impact of lower oil prices. if you look at june earnings, the average price, 30% lower

than a year ago. that is what we are going to see. i was talking to jason about the gas sector. one of the takeaways in the previous quarter was the big companies saying, low oil, low for longer, that is the story. did gazprom also have to swallow their pride on that one as well? and what does this mean for the coming quarters? will: they have incredibly ambitious spending plans. they are looking at building this new pipeline. they want to build a massive pipeline across siberia. they want to expand the pipeline into germany. very ambitious plans. jonathan: will kennedy of bloomberg news, thank you for joining us this morning. now, on to warren buffett. it could be one of the biggest deals to date for the man at the top of berkshire hathaway. he is buying precision castparts in what could be a $30 billion

acquisition. elliott gotkine joins us for more. where does this deal rank in terms of the big ones of berkshire hathaway? elliott: some are saying it is the biggest. according to our data, the mergers and acquisitions function on the terminal, it says the railway was $36 billion. that included $9 billion worth of debt. this deal, if it goes through at the price we are led to believe, would be about $30 billion. according to our data, that includes $4 billion worth of debt. this would be the second-biggest deal ever for berkshire hathaway. he's going to be 85 at the end of this month but he's not shirking away from completely transforming what was focused on insurance and stockpicking into more of something approximating an industrial conglomerate. jonathan: that's the interesting

part of the story. it is not so much the price of the company. it is what the company actually does. talk to me about that and how it could transform berkshire hathaway. elliott: i'm glad you asked. it is quite complicated stuff. advanced engineering technology, helps make components for the aerospace industry, jet engines, and also pipes for the oil and gas industry. i suppose in that sense it is a typical buffet play, a long-standing company, 66 years old, about $10 billion worth of revenues. it has the bluest of blue chips among its customers. if you look at the supply chain, you have to squint on your screen. u.s.al electric, government, rolls-royce, boeing, airbus, all of these giants of global industry among its customers.

this kind of presents a barrier to entry for competitors. it also has to be said that precision castparts is a little bit unloved by the stock market. bring up the chart again and we can see the stock is down considerably, by almost 1/5 so far this year. there's been no inkling that a takeover is in the offing. this is why warren buffett goes into these companies. they present an opportunity that he feels he may not get a second chance at. it presents a decent price point for him to enter what is a tough industry for others to get into, a company that has these long-standing relationships with these bluest of blue chips. it is not a bet for the short term. thatis a 10, 20, 50-year that probably won't pay off until mr. buffett is long gone. jonathan: not much detail on price. a market cap of $27 billion. going forward, is the big take

away for warren buffett this and weto heavy industry are likely to see much more of that? elliott: we've seen metal working in israel, the biggest acquisition in that country carried out by warren buffett. we've also seen kraft heinz and the railroad. that he said was a bet on the u.s. economy. rather than relying on the likes of insurance, which caused berkshire hathaway to miss analysts estimates on friday, instead of focusing on insurance, which is much more volatile, and stockpicking, he's going for these really big bets that he feels will pay off handsomely over the long term. certainly his stockholders are prepared to stump hundreds of thousands of dollars for a share in berkshire hathaway. that is the kind of thing they expect from the man who is the

oracle of omaha. jonathan: thank you very much for breaking that down for us. 47 minutes into the session. here is a picture of the markets. the ftse 100 lower by 0.6%. anglo down by 2.3%. it is the big miners leveraged to the china slowdown. that is what is rolling over the ftse 100 this morning. we are lower. the dax just dropping into the red, only just, down by four points. contrast the story in european trading to what happened in asia. the shanghai composite trading up by 5%, the biggest gain in a month. it is a story of potentially the government accelerating a merger between some of the biggest state owned enterprises. that is getting chinese stocks a big pop overnight. switch up the board and check out the fx market.

the euro buying me south of $1.10. a pound at $1.55. coming up, we will wrap up all the big data you need to watch in the week ahead as the u.s. rate debate really starts to heat up. we have a look at u.s. retail sales as well and more about a september rate hike and some big interviews coming up on bloomberg tv that you do not want to miss. the ftse 100 down by 0.5%. a very gray city of london this morning. ♪

jonathan: good morning and welcome back to bloomberg tv. 51 minutes past the hour. let's get you up to speed. turkish security forces exchanged fire with militants in istanbul today hours after a police station was attacked by a car bomb. gunmen opened fire at the u.s. consulate in istanbul, which is closed until further notice. mainland chinese stocks posted their biggest gains in a month today amid speculation the government will accelerate mergers among state owned companies. china is said to be considering merging its two main shipping companies. the greek government aims to conclude talks on its third bailout program by tomorrow. that leaves enough time for parliaments to pass the deal and release funds for an august 20

payment foto the european central bank. on friday, we had u.s. jobs data. 215,000 jobs,d maintaining momentum for the september fed rate hike. here's what some of our guests had to say to bloomberg tv. increase0 jobs, the suggests that growth in the third quarter is building on top of that rebound we saw in second-quarter growth. i do think this is consistent with a september liftoff. >> i take this as a further evidence that the job market is continuing to heal. we've been on this path for about six years. it shouldn't be a surprise that we are continuing on this trajectory. >> nothing is for sure in this world, but i think the fed really wants to give up the time. there have been some strong signals that september is the

number. i think it is because of financial conditions. jonathan: those are some of the views we've been hearing on bloomberg tv. stay with bloomberg tv throughout the day. we have some big interviews you don't want to miss. tom keene of "bloomberg surveillance" will be speaking with federal reserve vice chair stanley fischer and former chairman alan greenspan. do not miss those interviews. that is almost it for this hour. up next, francine lacqua and manus cranny, who i believe is the birthday boy today -- i wasn't going to make a big deal of it. promised i wouldn't. 53 minutes past the hour, but that is not his age. manus cranny, what is coming up? manus: 39. i'm going to talk about china. we have eric nielsen coming in from unicredit to discuss what is this chinese form of qe. realize my newt

acronym of the day, state owned enterprises. are you really going to believe the data in terms of the synergies that can be accessed by putting major tanker companies together? it is whether qe works, putting money into the system via local lending without rate cuts. we are going to drill down a little bit on that. also, what happens next in greece? of,ills me with the spirit i suppose, togetherness. this is not going to work. you have to ask yourself, why are the imf getting on board if they are actually saying the bailout for greece, before it is even signed, isn't going to work? we are going to turn over those two themes. then we've got kevin daly coming

in to talk about emerging markets. r hasbtedly, what fische got to say -- jonathan: really looking forward to that. manus: and alan greenspan. wonderful piece on bloomberg terminal today talks about the last rate hike cycle in the bond market. we went from 1% to 5.4% over the period of time 2004-2006. anybody that wrote a strategy will remember that quite well. and the margin calls that came after. i think what is important here is those rate hikes, but how little the bond market actually moved over that period of time. it barely budged by about 1%. there were extreme movements within that. the other thing that caught my eye, chinese divesting and japanese divesting.

fascinatinge are counterbalances which weren't there in 2004-2006. it is a very, very different scenario, and also, disinflation. it is something which is here, which is prevalent, and which ultimately all bond traders will keep a close eye on. thethan: manus cranny, birthday boy on "levels" with francine lacqua. pulse" with francine lacqua. thursday, it is time for ecb minutes. we will get u.s. retail sales, another big data point. u.s. retail sales have disappointed so far. economists are looking for a pickup. friday, eurozone gdp day. that is it from me.

stay with bloomberg tv for those huge interviews with tom keene, including the fed vice chair, stanley fischer. i'm on twitter. best of luck for the rest of your day. ♪ .

francine: china stocks surge over speculation the government will merge. manus: doing a deal. greek officials are optimistic. a rescue package will be agreed today. inncine: vilest -- violence estimable. a police station attacked. -- violence in istanbul. manus: one of buffett's biggest. buying be close to precision castparts.