questions as the u.n. heads for his longest winning streak since 2012, that is money --agers record impairments. taxing times, david cameron prepares to face parliament after a week of scrutiny.

welcome. there is a bullet train with some yen on it. it is soaring. the disbelief of abe. a lack of belief in the bank of japan. day in ahe seventh row, the longest winning streak since 2012. hedge funds are the most bullish on this currency since 1992. they have a belief that there is a tolerant level of the bank of japan. they actually really intervened in the fx market. let's look at the repercussions or markets. you are seeing this pressure on the equities story. we seeing money flow out of japan. .oney is exiting tokyo

the longest stretch of exit of cash since 1998. $46stors have stopped million worth of stocks. that is the yen against the dollar. yan rising against the dollar. what else is going on as a consequence of the yen moving? this is your risk radar. let's check in on oil. rig's, up of u.s. oil one third of 1%. count the lowest since 1999. brent, $42.11. as the dollar drops, of oil

pops, emergent carpet -- emerging-market currencies they rock. emerging-market currencies up for the third day in a row. $1250.99. up 1/10 of 1%. rbc predicts that gold will move by 9%. let's get in touch with the first word news. rishaad: black rock chief executive calling negative interest rates particularly worrying. leaning too much on extraordinary monetary policy as they make key decisions and invest in infrastructure. -- bankersive rates and finance ministers had to washington this week for meetings with the world bank.

david cameron will face parliament following a week of scrutiny of his financial affairs. he published six years of tax data in an attempt to demonstrate his integrity. he admits his handling hasn't been great. mr. cameron: i know that i should have handled this better. i could have handled this better. there are lessons to learn and i will learn them. do not blame 10 downing street or nameless advisors, blame me. --rishaad: point said tolion in assets be sold by standard chartered. forced to they may be turn some projects into office spaces as demand falls. plans are in the pipeline for

35,000 high-end properties. surging supply does come as demand is weakening. a doublelebrating triumph. the resumption of the flight to the international space station and the first successful landing of its rocket on the floating platform. the boosters defined strong winds to land of the barge in the atlantic. president obama tweeted his congratulations. 2400l news powered by journalists around the world. on -- tor stop tories get our top stories on bloomberg. manus: let's get into these markets. big moves on dollar-year,

inflation data from the chinese. make some sense of this. money fleeing japan, that is a colossal amount of money that i mentioned at the top of this show. julia: it is really --juliette: it is weighing on the overall benchmark. we aren't down as much as we were earlier in the session, thanks to that big game coming through in chinese equities. ke 1% loss we saw on the the -- on the nikkei 225. elsewhere, we have seen a big rally coming through in china. actually limiting those losses that we had seen on the regional benchmark. numbers showing the deflation in china is starting

to moderate a little. some games coming through in shanghai, which is lifting that index by almost 2% as it comes out of the lunch break. elsewhere, a little bit mixed. generally weaker across the southeast. we have seen those energy plans rally on the back of that big gain that we saw in crude on friday in the u.s. session and as a continues to rise in asia. pretty flat in new zealand as well. just having a look at some of the major stocks we have been watching. illumina in australia, getting its share price down by almost 5%. itsokyo, having one of strongest gains ever. the price of its strings for the first time since they started selling them in 1999. here in hong kong, some weakness a, postingough in prad

its worst profit loss in five years. limiting losses thanks to that rally that we have seen in cru de. the regional index not doing too badly. manus: thank you very much. all of the latest on the markets. let's get a little bit more on japan. in her first interview since leaving the bank of japan's japan board, the bank of has room to cut negative rates. one of the four centers on the january decision to adopt that rate. she said the central bank is to do a better job of communicating its policy but also warned that is likely to run up against the limits on bond purchases within two years. let's bring in stephen say well, the global head of ethics strategy at bank of australia. this, she ist

making this comment, she was a to sender. let's see how these negative rate policies work. i think that is quite a reason to voice. -- reasoned voice. >> given that she is leaving the bank of japan, it is not difficult, given that the negative interest rate policy hasn't been successful, quite the opposite. i think the point we would highlight here is that dollar yen tends to be responding much more to the other side of the equation, the u.s. and the $. .e would look at pushing back i think i would tend to agree that it is going to be very difficult for the bank of japan to influence the yen.

manus: i was reading a little bit yesterday on what drives dollar yen. mountain.his great forreal yield differential u.s. government bonds. quid pro quo, you would want to own the yen bonds. does that play into it? interesting is an point. if you look at the ministry of finance, the japanese ministry of finance data, it shows that japanese investors are buying huge amounts of foreign bonds. that tends to weaken the yen as money leave japan. what we think is happening is, because of this nervousness about the effectiveness of the policy and the fed outlook, we have not seen this go out on the hedge spaces from an fx

perspective. we think they are buying the foreign bonds and hedging the fx. that is why the yen is not weakening despite money pouring out of japan. manus: from an fx perspective, it comes down to this. when do you think the boj will intervene posted g-20? can they? when -- what does a thing to take to move the dollar yen back to his own they are more comfortable with? steven: even at the current 08, we think the bank of japan is going to struggle. in an environment where the market is pushing back expectations, it is going to be very hard for dollar yen to rally. what the bank of japan really needs is for janet yellen to be more hawkish. manus: that is going to be

pretty tough. thought dollar 124.bloomberg surveyed at e-boundrm, are we rang until some piece of data breaks us? steven: we have been bearish. our view was 108. we think we stabilize at the current level. year end, we think we probably cut back a little bit, not far. i think the key is going to be what happens with u.s. fed policy. manus: a lot more to get through, and we will of course get to the fed policy a little later. stay with bloomberg, because everything you want to know about yen. the band collectively known as mr. yen. the had the ability to influence

the exchange rate in the 1990's. stay tuned. highlights of your weekend. takingquarter earnings off in the united states -- first-quarter earnings underway in the united states. tomorrow, the imf publishes the world economic outlook. wednesday, the interest rate decision from canada. following that, the bank of england on thursday. the week, gdp, industrial output, and retail sales in china. up next, flat as a pancake. chinese consumer prices remain steady. a surge in food prices. ♪

hong kongis a smoggy harbor where the hung saying -- where the hang seng is trading.

it is 6:16 in london. let's talk about china. they remained buoyant last month. surging food prices at 2.3%. our bureau chief in shanghai. with a look at this headline data, does the inflation data actually spell out a more sustained recovery? >> any improvement in the numbers, for example he producer prices, which month on month have turned to positive in the first time in two years, is a good sign for the economy. at, we should take a look perhaps, the underlying causes for some of this. much of the producer price increase is likely due to weakening dollar, which has had

an effect on commodity prices. to talk about a sustained recovery might be a little bit of a stretch right now. signalin terms of the for restructuring, what do you walk away from? everyone is focused on the y .an. -- the yuan very little has changed in terms of the fundamentals. the driver is likely a weakening dollar. we still have a large or heavy oversupply problem, not just in china but across the world in terms of major commodities, particularly hard commodities. none of the real issues have changed very much. manus: thank you very much.

let's bring back stephen, global head of fx strategy at the np bnp paribas.t there is some light at the end of the chinese tunnel, or maybe just taking a backseat for now. certainly, steven: the improvement is welcome. the key question is sustainability. is this likely to be the trend going forward? clearly, chinese authorities want growth to meet their goal of 6% to 7%. anything here that is supporting that is certainly positive. i had a look at the yuan basket this morning. let's have a look at the yuan against the basket. it is the first time since the launch of the basket that we

have broken below the 98 level. a little bit of stability come a little bit of a move higher in some of these inflation readings, is this an opportunity to adjust the basket? steven: i still think there is a as of focus on dollar-yuan the key driver here. the big move in policy from the chinese with renminbi last year was driven by the fact that the dollar was appreciating aggressively. you are seeing the dollar against the asian currencies appreciating a lot. that has all changed. ast gives them a bit of time far as policy is concerned. i think the point we would make is, and the dollar start to appreciate again, particularly

arenst asian currencies, we unlikely to see a significant change in policies. manus: there is this argument that stability in the yuan, a fed --yen, a development a benevolent fed, and there is this debate that it is the strongest quarter since 2010 and we are going to see the overall spillover effect as her new momentum for emerging markets. it is all about what the fed does and that carries through. are you as bullish peripherally? steven: i think that is certain that -- i think this is certainly the case in the short-term. we have seen asian currency strengthen against a weaker dollar. the key rationale for this is now expectation that the fed

will not be increasingly tightening. that is not a fantastically sustainable case. manus: the 10 currencies that are talked about in this particular piece, asian economies will grow by about 4% -- that all goes back to whether you believe the price of oil stays up on the rally as well. they are expected to grow by 4%. a pretty good gdp level. the other point i would highlight here is what the reaction in the central banks are. if you look at the korean won, it has significantly appreciate against the dollar. we would suggest they haven't been very happy and they would start to intervene or adjust policy. stephen stays with me.

we have a lot more to get through. let's talk about the prime minister of this country, david cameron. he has set to face lawmakers later today after a week of scrutiny. it comes after he published six years of tax data in an attempt to demonstrate his publicist -- demonstrate his integrity. he has come under heavy criticism. mr. cameron: i know that i should have handled this better, i could have handled this better . i know there are lessons to learn and i will learn that. don't blame number 10 downing street, or numerous -- or nameless advisors, blame me and i will learn the lessons. >> i think he took an awful long time to say what money had in those trusts, what money was given to him by his family, what money he has received as a result of it, and what taxi has paid on it. there has been a series of rather changing stories coming out of downing street. roughly a statement every 18-24

hours. i don't know why he couldn't say the whole thing last monday. he hasn't said exactly how much taxi did or didn't pay. >> i don't think there is any evidence that this prime minister has done anything improper. further than any leader in history -- >> just to a straight question, he couldn't give us a straight answer. it has taken us a week to get this far and we still don't have the full tax returns. manus: meanwhile, the chairman of the house of commons committee says david cameron should be prepared to answer detailed questions about the eu referendum. the u.k. prime minister has so far refused to appear before the committee, which is made up of chairman and chair women of all the panels that hold the government to account. let's get more on all the story. bought from the np para

paribas is with me now. it sort of almost takes the specter away from the brexit debate. prism, there is one chart that caught my eye -- the trade weighted value of sterling keeps dropping. sterling, we know, has risen what -- has risen quite aggressively. this is a great chart. i would focus on three key points as far as sterling and brexit. firstly, sterling is extremely weak. our valuation models show that sterling is currently around 10% weaker against the euro than you would otherwise expected to be. that is the discount that is already priced into sterling.

secondly, the market is very short sterling. we would argue the biggest short in about eight years. the third point is highlighted is volatility. the price of insurance in the market has increased dramatically, far higher than ahead of the scottish recommend of -- the scottish referendum. what that tells us is that a lot of bad news is already priced in. i would argue, in an environment still by aolls are small margin suggesting that the u.k. will stay in the eu, the sterling rally will be dramatic if they stay in. manus: the sheer drama. who knows where we will end up. swiss is where we are seeing a little bit of flow of the money. up next, we will talk about the earnings season that gets underway.

we will take you through what you can expect from the big results and big impact. it is a beautiful monday morning , right here in the city of london. ♪

manus: good morning. 7:30 and brussels. let's get to for bloombergs first word news. >> thank you. executive calling negative interest rates worrying. nations around the world are leaned too much on monetary policy while failing to make key decisions and invest in infrastructure to support growth and -- growth. they head to washington this week to a meeting of the imf. -- remaining buoyant on certain prices in the index -- from a

year ago. that matches february's level. food prices jumped 7.6%. -- inow slightly february. the first month increase since 2013 viewed standard chartered that is according to people with knowledge of the matter. sheet --e its balance plans are being unveiled for a new -- cost $1 billion in be -- it will be a notch taller. construction is scheduled to begin at the end of june and the plan is for the building to be the expo inhost 2020. the first person to win the masters and 12 years.

parilliant five under defending -- led by five shots in the approach to stanford. he imploded and dropped six shots in three holes. , 24 hours a day, powered by 2400 journalists and 150 bureaus around the world. -- in 150 bureaus around the world. manus, over to you. manus: were shot, thank you very much. that's the markets. caroline hyde is here. it is the start of earnings seasons in united states. caroline: we are going to be digging into asian trading. meanwhile, we are seeing the asia-pacific -- amex a.p. drilling down on the industry group. if you look at the regional basis, japan really tugged down

the market. yen front and center. oil front and center. different stories being played out. function, a great way to look at what the industry groups are doing. materials also outperforming on the downside it is teaming see the consumers discretionary. financials also looking pretty gloomy over in asia today. significant diversion when you are looking across the industry groups and indeed different geographies where looking at what is driving? it seems to be the japanese yen. d l performers over the past five days. today, the yen driving the 17 month high versus the u.s. dollar. this is the world currency. the last five days, the japanese yen up 3% points -- up 3%. the u.s. dollar, the clear of performer.

this helping to send japanese stocks lower. the nikkei trading lower today. ramping up their bets on the again, continuing to see strength. the highest push back since 1992. ,ooking at what is keeping us oil. it has been a real issue of what has been happening in the market. we are seeing energy outperforming. i want to see how the rig count is going. this one is joining oil prices higher. -- is drawing oil prices higher. the $40 level. this as it continues the two test the deterioration of oil 180 by theit we have machines over the past year. 354 and areown seeing that drive oil stocks and prices could lastly, this is why china is outperforming, ppi is

speaking up for the first time since 2013. notableercentage point, . injecting optimism into china trading today. manus: caroline, thank you. let's talk about volatility. it raised test it erased almost all of its gains in 2016. the biggest slide since february. i johnson is here with the chart of the hour. oil is back. it is this one present range that sets the stage. to the turning point, markets, worrying about central banks. worrying that the rally is beginning to run out of steam. guy: what is going on here? guy: -- mental what is going on here? echo -- manus: what is going on here? .uy: up 1%, down 1%

the market is unconvinced either way. you feel the market is at the turning point when we heard into the earnings season caroline hyde will talk about the earnings season in just a moment. we go in with very negative expectations. we get these extreme moves and sentiments, on the downside or upside. you tend to get quite big asset price movements. said, you have seen this and other asset classes. the strings last week indicative of a turning point for these markets. manus: given volatility in your world, it is the highest since 2011. you are seeing short-term volatility. you?does that say to >> i think it is interesting if you look at guys chart. the key driver, central banks.

one of the indicators i like to look at it the u.s. to you yield. the reason -- the u.s. to year yield -- two year yield. if you look at that in the past three months, it was down, up, down. that is probably impacting equity markets. it is it having an impact on the fx market as well. we talked about dollar yen being at a low level. look at those moves. look at where we were at the end of last year, up 110 basis points. manus: we went through the panic, panic, panic. >> rebounding at the beginning of march, back to 1%. guy: you look at what happened -- you look at pc inflation, really big moves. the inflation part of the story

is fascinating. if you put the data to one side, it is all about sentiment. while sentiment might be starting to turn on the inflation next vacation, the market cannot figure out how the central bank can respond. >> this is exactly right. i think the fed is trying to be clear, it is less about economic data in the u.s. and more about noble sentiment. and about global growth. concerns over dollar concerns. guy, thank you very much. he will be back in just under an hour with "on the move." the u.s. earnings season kicks off today. these are the numbers from alcoa. the first company to report earnings across the board are expected to show the steepest buffet drop led by a wipeout in the energy sector caroline has been breaking down the numbers

and taking a look at what could be a brutal first quarter. it is going to be one of those ones where the energy of that sector is battering the performance of everybody else. if the analyst live up to the expectation, profits drop 10 percentage points good this is going to be the most -- points. this company was -- be the most brutal since 2009. you are right, manus, where it -- where we are going to see the biggest pain, energy and we're likely to see energy fall 100% in terms of profit. you are going to seek materials underperform. -- you are going to see materials underperform. you are going to see financials fall 14% in terms of profit. expect the pain. we are going to see growth in a few sectors, but actually in the

u.s. telecoms is going to be in a performer. consumer discretionary likely to outperform. health care has seen up 4%. what strikes me is how at the beginning of the year we expected earnings deeper. it flattened in the first quarter. now so much more pessimism. we are now going to be down 10%. guy: -- matthew: how bad to the banking sector be echo we heard a great deal -- manus: how bad could the banking sector be? we heard a great deal this week. .alk us through the view ? jpmorgan has been one of the banks saying we are going to has a -- caroline: jpmorgan been one of the banks saying we are going to have a gentle quarter. saying the other lenders it is going to be a difficult first quarter. you were just talking about m&a. it is down 82% in the first

quarter. this is why you are going to see the earnings in the investment banking area really hurt. area seeingh-yield some erosion you're seeing equity trading down five percentage points. the headwinds are huge when it comes to the banking sector. expect the investment banking down across the board. it is going to be painful here in your. manus: it is going to be an insight into how the markets are performing in the first quarter. let's bring in steven saywell back in from bnp say what -- b.n.p. paribas. regretting the times the dollar was mentioned. global concerns were mentioned. it plays into concerns about corporate earnings in the united states. the headwinds that they are baiting.

steven: what janet yellen seems clear about doing is shifting up market watches away from focusing on u.s. data, and more to look at more global concerns and financial conditions and that includes the dollar. our expectation for the fed, we're focusing less on payrolls and much more on a broader picture. equity markets, credit markets and the dollar are going to be increasingly important. manus: is that what communication was about, global concerns, dollar concerns. the dollar was something like 13 times. they are pushing for this global perspective. is that allowing them to run hot? steven: if we were to look at the state of the u.s. economy, the u.s. the mystic fundamentals, they are all across the board very consistent with the fed hiking rates. the reason why the fed is not,

is because of those concerns that are global. global growth, the impact on financial markets. that is really what the fed communicated. story.this takes a full when we started a conversation today, we started on the most read story, the most focused story. french dollar weakness. , stops a story about fed getting the convoluted theories. i am paraphrasing. what we've got here is the bond market five-year inflation except tatian. to -- inflation expectation. inflation. that is part of the major debate it is his five-year, inflation expectations. it is eking higher. steven: i'm going to be brief.

that chart is very bears to the dollar. look at what happened in march. there's been a change in inflation next rotations. it came up enormously in march. the reason that is bearish is because in the environment where the fed is not hiking, really yields articulate it by contracting inflation expectations from normal yields. if you got normal yields here and inflation expectation not rising, really yields are falling in the u.s. manus: the market is the most long in yen as yen can be. does resisting impact that view? if the view is i want to go on yet asset, i am -- am i going to see some continued momentum in terms of the yen? steven: the

ofkets -- we have seen a lot yen. the markets speculating on yen rising and it has. the point i would make is there are similarities between japan and the zero zone at the moment. market is not a strong euro as it is yen. there is a chance euro catches up. i argue that we are in a desk in an environment where the euro is going to rally. -- in an environment where the euro is going to rally. since the most bullish 1992. you have the number written down somewhere. perspective in terms of where we are with the dollar. stephen, thank you very much. steven saywell. the global head of asset management and b.n.p. paribas. up next, bring its rally.

-- ringgitsrally rally. ♪

manus: welcome back to count down. a magnificent shot of the empire state building and the skyline in new york where it is 1:49 in the morning. 6:49 here in london. equity futures indicate yardally unchanged at 2039 we have -- 2039. we have it slightly lower in u.s. futures. 17,000 is where we are. bank of america and, jpmorgan begin recording data. it is about retail sales in the united states along with the base booth -- the beige book's in the u.s.

-- is the dollar drop. that is the mood of the market. the global currencies. u.k. futures also indicated just a little bit lower. we got a u.k. bank meeting this week. , 6148. in the u.k. let's get out to my colleague, rishaad salamat. good morning. rishaad: good morning. standard chartered, the first assets in the asia-pacific going to people with knowledge. reduce its balance sheet after booking record impairment. the italian treasury and central bank are going to be meeting with executives of major banks later. they will discuss the creation of a fund that will buy shares

after recapitalizations and help institutions pay off nonperforming loans. sunday go to -- son jake group -- he could walk away if his conditions are not bet. -- britain's daily mail newspaper is in talks with private equity firms about making a bid for yahoo!. that is according to the wall street journal. google among the potential business there as well. that is your bloomberg business flash. medical wish -- manus: rishaad, thank you. currencies have risen for the third day in a row oil producers would agree to a limit in the output. the ring it has left -- has led

the get -- the ringgit has led the game. making a play on the middle class story in africa and asia. joining us now on countdown, it is jim roth. great to have you with us. jim: think you very much. manus: there is this huge wave over the world. take me inside the leapfrog. they focus very much on profits for purpose. there is a mission behind your dissemination. jim: what we do is we are a firm. every investment we make we look to make a private equity return. we same -- at the same time, we look to make a social impact in each of the businesses we invest in. manus: bema has reached 20 million customers. nationally, as we grow up in society, we become more aware of

let's prepare for death. jim: the bimah is an extreme example. it is a business that uses mobile phones to sell insurance. it is growing at a rate of 500,000 clients are month. -- clients per month. it is the number of insurance. it has 20 million customers in five years. it has covered 4% of the bangladeshi relation. people who live -- to live on less than $.20 a day. manus: you've got to understand the person you are married to. we look at the trade, what were the benchmarks that they met rather -- relative to other insurers? jim: when we go into an investment, what we want to do is make sure we see their --

make sure we share the same social values. when you get into an investment as an marriage, if you share values, it is less likely to go wrong. one of the big risks in investing in emerging markets is your partner. by assuring you share values you manage that risk. manus: we have written a number of our -- a number oarticl in terms of emerging markets,n a terms of -- in terms of brazil, south africa. it is about politics. the political complexion of versus therkets economic return. when you look at the political landscape, where are you drawn to stability? jim: we invest in some of the larger markets in particular, but we also see quite a lot of opportunities. we saw tremendous growth in some of the smaller frontier markets.

we tend to go for an focus on the more traditional large emerging markets. mahnke the biggest opportunities, insurance -- manus:he vanguard the biggest opportunities, insurance has been the vanguard. where do you see the opportunity ? jim: it is an opportunity where there is an enormous demand and hospitals,ision of pharmaceuticals, pharmaceutical manufacturers. that is an opportunity for us. manus: when we look at emerging markets, when we talk about emerging markets, central-bank policy and currency, those are exposures that are inevitably owing to weigh in terms of risk for you. jim: absolutely. the way we think about currency and commodities is we are a

long-term investor. at the end of the day, commodities and currencies is going to go up and down it what is happening in emerging markets -- long-termmanus: even -- next like jim: millions of people are leaving poverty entering the -- even long-term -- jim: millions of people are leaving poverty entering the middle class. mahnke thank you so much for joining us. that is a force jim roth, the cofounder of leapfrog investment. up next, time for the u.k. prime minister. we will have more from david cameron as he faces questions from the u.k. parliament and some of his adversaries within that house. in terms of what he told the ,.k. public when he told them

-- public, when he told them and the impact. it is a breezy start to london trading. you're looking at the skyline, indicating on the 20 futures, 5148. ♪

manus: more questions about abenomics as the yen heads toward its longest streak since 2012. chartered is said to be selling at least $4.4 billion of assets and asia as it reduces -- in asia as it reduces its balance sheet after record impairment did taxing hot -- impairment. david cameron prepares to face parliament after a week of scrutiny of his financial affairs. ♪

mahnke you are welcome to countdown this monday morning. let's get you straight into the at -- manus: you are welcome to countdown this monday morning. let's you straight into the -- slightly negative opening. we're looking at the paris markets now. 4296. the dax has dropped in trade. we are sitting in the asian market from that little bit lower, really on the bullet train story could -- story. bottom of your screen, we are going to look at dollar yen. it is rocking it. it rises for the seventh day in a row good the longest winning streak since 2012. let's look at the -- in a row. the longest winning streak since 2012. let's look at the dollar yen. the most bullish since 1992. b.n.p. paribas says it is more a dollar story, dollar weakness

versus yen story. what does it mean for markets? this is yen rising in the blue. the consulates of that is that's the consulates of that -- the consequence of that, money is walking out the door. money has exited tokyo. the longest stretch of money flowing out of japan since 19 -- is this allood how playing out in terms of risk rate art deco there is a number of other risk factors. oil continues to really be the linchpin. traded off the highs of the -- $36.59.6 $.59 since 1999.ecount

bread rallied the most in almost seven weeks. a dollar malaysian ringgit. so long as that story remains intact, the emerging market currency trades higher. over a three-week high. the dollar is up over a nine-month. markets thisr monday morning. let's get to bloomberg's first word news. haidi lun is here. negative -- has cut have called negative interest rates worrying. nations around the world are leaning too much on monetary policy while failing to make key decisions and invest in infrastructure to support long-term. the of negative rates will hang over central bankers as they head to washington this week for meetings of the imf and the world bank.

david cameron will face lawmakers later following a week of scrutiny over his financial affairs. of text after six years data. he prime minister hinted -- >> i know i should have handled this better. i could've handled this better. i know they are lessons to learn and i will learn them. don't blame number 10 downing street, blame me. i will learn the lesson. chartered --dard here in asia. that is according to asia with knowledge of the matter -- that is going to people with knowledge of the matter. the record number of luxury homes planned in london is raising the prospect of developers forced to turn some projects as demand falls.

it's as plans are in the propertiesr high-end over the coming decade. weakening. higher property taxes and drops and commodities. spacex is celebrating a double triumph. the first successful landing of its market on a platform. -- the booster defied the strong winds to land on the barge in the atlantic. ands an exciting moment president obama tweeted his congratulations. win theirst british to masters. -- in 12 years. shots as he approached the 10.

he job six shots in three holes. google news --global news, 24 hours a day, powered by 2400 journalists in more than 150 news bureaus around the world. you can find more stories on the bloomberg at top . mahnke thank you very much. let's get more from -- she is standing by -- from juliette saly the whole session is yen. when will the bank of japan intervened? what more will they do? markets.on the -- take it away on the markets. juliette: 105 could be the intervention point level to continue to surge up for a seventh consecutive session. weighing into the regional equities today. it has closed. the days lows down by .4%. we see that yen continue to strengthen up for a seventh day. the longest winning streak for

the yen and the longest losing streak for the dollar. a number of those export companies coming under pressure. machine orders fell for the first time in three months. the shanghai composite has one more hour of trade to go and we saw deflation moderate in the month of march. by .5%.ising signs that we are seeing more gains coming back into the chinese economy. we are seeing brokerage firms rallying in china. they started to relax some of those rules relating to trading. i guess we are seeing things getting back to a little bit of normal. there has been some good vibes coming through in china. that is a look at the regional index. if we strip out japan, the index is up by .2%.

there have been some good gains coming back into the material pleasures -- material players. mining stocks really rallying their. terms of currency, we have been talking about the japanese yen. the malaysian ringgit also experiencing gains. it is up by .4%. 3.89. decides at moody's saying 53% expecting the ringgit to consolidate and showing stability. it is the story of dollar weakness. the em currencies really strengthened and that japanese yen in focus. manus: juliette saly, hong kong with a very clear story. let's talk about china. consumer prices remained buoyant last month surging food prices. we are joined by tom mackenzie.

a very good day to you. the inflation data, a little bit more sustained stability economic story in china. tom: i think sustained is crucial in the question. we have had more positive data out of china. lower.a smidgen on the back of more positive manufacturing data and services data. ofve seen a strengthening the dollar. it is feeding into a more positive story on the surface at least. if you drill deeper, there are some questions. some economists have thought that if the bigger had been significantly above two before the -- 2.4%, the pboc would've put the brakes on.

the pboc is still in play even though we do not know when. if you're chilling for the numbers -- drilling for the numbers, they spike up 7.6%. that is the highest food price hike on a year on year basis since early point in 12. early 2012. vegetable prices as well. you got the production prices, the factory gate prices. as julia mentioned, they have eased up -- as juliet mentioned, they have eased up. that could feed into better corporate profits. analyst were saying a little bit is coming back on the commodity prices. this will only be sustained.

we have had a real estate pick up in china. real estate prices picking up in places like shanghai, shenzhen and beijing. manus: tom, thank you so much, joining us from beijing. conversation, the helen -- helena morrissey joins us. you are welcome. a lot to deal with. there is volatility and it has yen written all over it. what drives markets? being driven by the cyclical policy at the moment. we had quantitative easing. we have policy intervention. it is not just a continuum between a low rates to know rates. to no rates.

markets are tried to work out imprecations. manus: -- workout implications. manus: how destructive are negative interest rates? you.e, my money is with i am being annihilated. you are not going to earn a return on deposit. as it makes it difficult. it is illogical when you're being paid to borrow. it changes the dynamic from when you have high rates to now negative. you got to think about things differently it takes away the risk-free test different leap. you have to -- think about things differently. this way the risk-free rates. manus: that takes us to larry fink. level of fragility in the global

economy that we have not seen since the lead up to the financial crisis. he saw jimmy timon's letter -- jamie dimon's letter. letter?aw jamie dimon's that worries me incredibly. he is channeling 2008. helena: the big problem is, i don't think policymakers can know exactly where they are steering the ship at the moment. it is uncharted waters. it is hard to know where you are going. having everything based on monetary policy certainly means a roller coaster ride in markets should a lot of -- in markets. a lot of fragility. consumers who may not want to put all of their faith in the markets. manus: demand for the bank of

japan, intervening currency markets. there is this view that the world will not get involved in currency wars. the biggest -- isn't that the biggest challenge for markets? it almost seems there was a race to the bottom. what did you make of this debt -- of the fed stepping back? the fed talking about the dollar so much more invasive. the expectation is for two rate hikes from the fed. can they achieve two? helena: look at their history. clearly -- so well-trained. continually or repeatedly overestimated their ability to hike rates. overestimated the strength of the u.s. economy and global economy. i think they might find it

difficult to get those two in. manus: that leads us to the beginning -- we're looking at earnings dropped. a couple of big issues at play. one of the whole commodity debate. when we were in the eye of the storm, a couple of different moments,, the liquidity of banks. the demolition derby that was going to take place in terms of -- what their exposure was to energy? those are the two most critical issues in markets. this is going to be a tough year for the u.s. to deliver earnings growth. week,: numbers this massive oversupply of oil. we have dumped liquidity and banks -- liquidity in banks. all of those issues have been kicked down the roads.

can i ask you? five hour interview with the debit the crown prince of saudi arabia couple of weeks ago. -- is that dumb? is that retrenchment down? -- retrenchment dumb. seen the samet happening in the -- i have not seen the same happening in the first quarter. manus: helena morrissey stays with us. david cameron, following a week of scrutiny that comes after publishing six years of -- to demonstrate his integrity. his handling of the scandal has not been great as he came under heavy criticism. >> i know that i should've handled this better. i could've handled this better.

i know there are lessons to learn and i will one of them. do not blame number 10 downing street or nameless advisors, blame me. i will learn the lesson. talks i think he took a very long time to say what money -- >> i think he took a very long time to say what money he had in those trusts. it. tax he is paid on there has been a series of rather changing stories coming out of downing street. i don't know why he cannot say the whole thing last monday. he is still not finished yet because he is not said how much tax he did or did not pay. >> he is gone further than any leader in history posting this tax returns. has gone further than any leader in history posting those

tax returns. is taken a week to get this far and we still have not gotten the full text returns. there are more questions to be asked. manus: a limited moral politics. that's a little bit more on politics. -- a little bit more on politics. >> it is eroded trust in the prime minister. the problem has been how he has handled this. how downing street has handled this from the start. it has been a bad month for cameron. the steel crisis and then this. the government has not been out of the headlines. what he needs to do now is try and regain control. manus: we have people clamoring for his resignation. how close are we to that? returnpublished this tax

. that is the tip of the iceberg. svenja: it takes a lot more than that for a british prime minister to resign. dimensionshas taken -- because of how serious this would have been in other countries. we are looking at something that is a lot less serious. cameron hasis now to portray himself as the man you can trust and who is in charge of his party. we see how honorable he is. are, camerone would much prefer to be talking about brexit and defending rather than being caught up in his personal tax. -- helena: the danger is

it gets intertwined in his mind. voteeferendum feels like a on whether or not you trust david cameron's leadership. he has been so personally --ociated with the remains with the remain campaign. manus: what do we expect from today in parliament? he's going to get a grilling. >> recesses now over. the house is sitting again this is the first time he is going to confront lawmakers and face questioning. he is going to trying get the situation back of the control. we kind of know what he is going to say. manus: svenja o'donnell and helena morrissey stays with us. theing on board, we discuss sentiment to increase the number of women --

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manus: 7:23 in london. a: 23 in paris. luskin back to the conversation with the ceo -- let's it back to the conversation with helena morrissey. you are a strong advocate of diversity. changing the complexion of board rooms. women in business and boards. the 30% club. putting climate change and women on board together. whole parishe summit last december. the 2% world and limiting global warming to 2%. she and i are cohosting a seminar this morning in london. we had this premise that when women are involved in the boardroom than the conversation changes. it is not the same old topics being discussed.

women's presence will change the priority of what the board looks at. obviously, it does something to further the actions around climate change could be hope is that we will have some new actions linking the two issues, using the women to say -- the presence there. to change the things that companies discuss. manus: this is a common belief theng women present changes dynamic of conversation. there is the argument where i -- reverse dissemination to make sure you have catholics -- reverse discrimination to make sure you have catholics in the room. is it a lack of women? men who think there is a shortage of women directors and whether women agree. where are we in the debate?

when you look for talent, where do you fall into this? helena: i think there is a number -- there's a great number of talented women. [indiscernible] clearly we need to have women staying in the workplace, being promoted, gaining the skills. they can influence the agenda. once we say to a search form that you wanted a versus late -- that you want a diverse slate. we did have today joining us, -- chairman of glencore who which was the last ftse company appointing a woman to a board. i know they found it difficult to find an experienced female candidate. we will hear from him.

hope it is an it -- i hope it is an interesting and discussion european futures are set for a soft open. we will take you through that conversation. ♪

."y: welcome to "on the move we are counting you down to the european open this monday morning. i'm guy johnson alongside hans nichols in germany. tame theank of japan defiant yen? the currency hits a fresh 17-month high against the dollar. a quarter to forget. earnings season kicks off. is this the low point for 2016? and, a taxing affair. as the panama