welcome to today's programs. these are your heed lines. spain's gdp will contract more in the second quarter according to the minister. and hollande garners support for a growth agenda in europe saying he's got support for a euro bond plan. >> translator: in the package, there will be euro bonds anded i'm not the only person to propose them. i have had confirmation of that here. >> and china markets stabilize

after premiere wen signals further policy loosening. >> please this is not our finest hour, the words of the ceo, after a glitch delayed trades on friday. welcome to it another week. i'm going to get this right off the bat. there you go. >> and that is -- >> that is a chelsea sure. >> is it bad that i don't know that? >> you weren't down at kings road yesterday afternoon in london. >> i was not. would i have seen a lot of that? >> champions league. i wonder if i could just drape it over the front there. can't quite see it. never mind. >> injuries wejust wear it. >> part of the football culture.

>> i'm starting to get used to it, but i don't know as much as i should, that's clear. >> that to come. plus also the latest poll suggests that greece's conservative new democracy party is gaining ground. >> and we'll hear from the former arab league chief as the country prepares for elections. >> plus graff diamonds mass started their ipo. we'll get the latest. >> we couldn't convince them it was crucial to cover the story. and can facebook hold on to the launch price of $38 when morgan stanley stops supporting the stock? we'll get a view on that. >> plus putin will unveil a substantially renewed government today. what could that mean for the country's state run banks.

but first, growth firmly on the agenda in europe. this after the g-8 backed measures to restructure budgets and take the necessary steps to what they call reinvigorate their economies. hollande says it is time to speak the euro bonds. angela merkel sought to play down talk of being isolated in her push for austerity over economic stimulus. >> translator: important mess average is that console indication and growth are two sides of the same coin and that's a discussion that everyone has focused on in equal measure. >> latest polls suggest new democracy zer right sa are seen as staying. julia chatterley joins us from ath len ath ens with the latest. >> all we care about is the polls. no government, no policy.

>> and there's also support for the right wing parties and you have to wonder to the point a gust was making earlier, it seems that's this divide between the technocrats and the populous in government. >> and can they make zer right sa vote to lead the euro. >> that's why we've seen polls new democracies starting to get traction. >> let's bring in our guests. all we can do is a scenario plan. >> exactly. there were four polls over the weekend, two in favor of new democracy and two pushing in favor of the other.

so it's very uncertain. we're tucking towards a moment of discovery in europe where the greek political situation, a lot of withdrawals, that will at some stage reveal the hand of the ecb, european politicians, the greek public. so i think by two months time, we'll have more clarity so where europe is going. that will be much more volatile. and in terms of the contingency plans, i'm not sure as well as advances they should be, there's an element in this dry sis where a lot of the politicians are in denial about the seriousness of the problems. and also really the necessity to focus on the structure of the eurozone as a monetary system and whereas they seem to be focused on austerity, now they're slowly getting on to the growth debate which really they should have been having two or three years ago like the politicians in the states.

>> how concerned are you about deposit flight? >> i think there's been a lot of alarmist reporting in the media and the more the media reports on that the more likely there is that people will go to banks and take deposits out. >> they're down 30% from their peak. so there is something happening here. >> there is something happening. and the main thing that's happening or first thing is that foreigners are taking their it deposits out. and that's been going on for over a year. i think the biggest deposit flight was actually the end of last year rather than what we were seeing last week. the other thing to think about is of course people just running out of money so they don't have savings anymore. so deposits are going down. and in greece because they're worried about what will happen

with the election and what that actually means that the currency redenominates. and that's a big risk that could happen after the election. >> and we want to get it the latest in julia chatterley who is on the ground now. so what are the prospects for elections over the next couple of weeks, does it look like they will come out on top? >> we had four polls and it went 2-2. so it's a wide open battle and that's not great for sentiment. one in particular put them at 20%, new democracy at 4% of the votes and social list party at 15%. so i think the key it takeaway is it actually the increase in the proportion of votes that each of these main parties are getting. they're dragging votes away from the smaller party which is the one benefit of this is that if we do get to a point of the election where we try and form a coalition, it looks more likely

and that has to be better than what we have currently which is a stalemate. now, of course anti-bailout and pro euro party. and according to these polls, it's still a possibility. remember, 80% of this country want to remain in the euro and that's only increased since the social unrest back in february. the big paradox is that 70% of those that voted last month voted for anti-bailout parties. and that's thedy wlem made here. i want to quickly point out an article that was published overnight, it talks about the idea of the drachma, and it calls it drachma-geddon. so it's just whether it influences their choice of party going forward and that's something we have to wait for until the elections on june 17th. >> julia, thanks. meanwhile, spain's economy minister has warned the

country's growth will contract further this quarter. he says the gdp will fall back about 0.3% and it comes of course just days after the spanish budget ministry revises its own estimates. >> the prime minister according to reports has asked merkel for it a cash injection from the ecb. but still according to those reports, he staunchly opposed two or more definite recapitalization from the eurozo eurozone's bailout if you said because that would tarnish his political image. so whether that will be confirmed, that remains to be seen. so i wasn't to come back to to

the comments by the spanish economy minister. it reinforces the view that austerity does foster growth. according to the european commission, it will be the only eurozone country which will stay in recession in 2013. i also want to give and you quick view of what's happening in the spanish markets. the equity markets just marginally lower. but cds spreads new record highs, ten year bonds 6.2%. raising the margin requirements for spanish government bonds. and in news over the weekend with spain failing to meet its 2011 deficit target certainly didn't help the sentiment here. back over to you. >> carolyn shober, thanks. let's get back to to our panel.

bridget, we were just talking about gdeposits being a concern but it's only one piece of this of course. what happens with banks is a concern, as well. where are you most focused? is it spain, greece, italy? >> the two areas of focus and your news is showing that, as well, what's going to happen in the greek elections and what the fallout from that will be and the question about spain and the spanish banks and drawing a line on the real estate valuations. so i think there's been quite a lot of movement on real estate valuations now. the government has asked the banks to provide 30% of all real estate exposure and that's not your normal real estate exposures. most of which you're talking about development properties. the big problem there is it that a lot of the assets have stopped building, the banks are taking over some of those properties.

no one knows where the line is being drawn. >> are you going to follow the independent audit? >> we've done our own stress tests and keep coming up with numbers that speed into sovereign analysts and they put out into this sovereign rating analysis. as the economy continues to contract of course, the projections have to keep going done and we're only talking about real estate at the moment. and you're talking more capital requirement for that. so it could get worse. at the moment it looks affordable for spain, though. >> let's say they come up with steps to deal with whatever they report, will investors finally

believe we now know the problem, we can price it accordingly and move on? >> you can do something very simple. you can overnight spanish property prices with ireland and the states in the last five years, gentleman pant last 20 years. and just by a comparison, spain has got a -- spain is today where ireland was maybe three, four years ago. so i think this story is going to run -- the spanish government tried to entice private money in a year or so ago and none came. and we're still it at the stage of trying to establish truth. all need prices linked to overshoot on the down side before private money -- >> the other thing, no one will put any private money, so greece will never privatize a single bean until they know whether the euro stays whole or doesn't stay whole. who will take that risk. >> for all the talk about huge piles of cash on the sidelines, there is a very considerable buyer's strike going on with

respect to europe. the only place money is going is it in the safe bond markets. and people won't invest in the periphery countries up we get resolution over greece's place in europe and the spanish economy. >> is another round of ltro here or does it have to be a fiscal solution? >> there's enough money, ltro put enough money in the system. it's a political solution we're looking at at the moment and i think the politicians have got their hands tied, as well, until we hear what's going to happen with the greek election. >> saying not less, but more europe and that's what we have coming out of the g-8. whether they feeled need to change their constitution. thanks so much for joining us. let's remind you where we are with these asian markets today. tracey chang has the latest for

us in singapore. >> good morning. asian markets opened the week mostly higher on china stimulus hope, but the greater china markets are still showing some softness. the shanghai composite closed the day up about 0.2%. investors briefly cheered by comments and efforts to support growth. briefly seen as beijing's willingness to use more powerful tools. but lingering concerns over a hard landing paired back earlier gains. hang seng down about 0.2%. hea hurt by financials. and the nikkei inched up about 0.3% as the g-8 meeting calmed investors somewhat. the kospi staged a technical rebound. the usaussie market recovered a bit and hopes of more policy easing from beijing.

and finally sensex trading up 0.8% at the moment. so mostly positive picture here in asia on this monday. back to you. >> all right. thanks very much indeed for that. and that more policy easing hopes helping commodity plays today, as well. this is where we stand after heavy falls last week. xetra dax down 4.7% last week, cac 40 up about a percent at the moment. as far as bond markets are concerned, we're off the record lows on yields. ten year gilt yields 1.85. ten year italian yields just below the 6% level. spanish yields around 6.3%. which is where we started finished late on friday. and ten year bond yields, 1.396 on the year. as far as the currency market is concerned, you're redoll euro-d

126.49. dollar-yen up a bit from its low. aussie dollar 98.60. chinese hopes helping alongside, euro standing still above the 80 mark at the moment. and we talked about china discussing the need for more stimulus in china and that did help commodity markets. brent, just around $108. just below that at the moment. and crude price up to 92. that's where we stand at the moment. what's the conversation going on today in. >> the trouble with everything you're talking about is that every rebound in the stock market brings along oil prices, too. anyway, if you want to join the conversation here, get this touch with us. worldwide@cnbc.com or @cnbc

weks. you can also reach us personally. >> plenty great guests still to come. plus egyptians are heading to the polls this week. we'll hear from one candidate. [ male announcer ] the inspiring story of how a shipping giant can befriend a forest

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nasdaq ceo said the exchange is embarrassed. facebook expected to start trading at 11:00 a.m., but didn't open until 11:32. a flood of late order cancellations overwhelmed the system and the exchange plans to change its process. there was incredible volume, but facebook closed almost unchanged at just $38.23. >> i'd like to know if they were orders to sell or orders to buy. >> it's clear the brokers were in there helping to assume the price.

>> jamie dimon is presented at a conference in new york today. a third regulator will probe the losses. the house speaker john boehner says dodd-frank cooperate have prevented j.p. morgan's losses. >> there's no law against stupidity. and as long as deposit money wasn't at risk and as long as there is no risk of a taxpayer bailout, they should be held accountable by the market and their shareholders. and it they are. and egypt heading for its first ever democratic vote. one possible winner is the former arab league chief. yousef caught up with the

candidate and joins us now. what kind of mood did you find him in? >> sorry, ross, could you come again? >> yeah, what kind of mood did you find him in? >> well, ross, he's an upbeat and confident mood. it is a difficult race to say the very least. there are three camps that candidates are divided into, one being the islamic camp and they have strong support among the people, as well, and then you have the secular camp where he finds himself. and then of course the leftist, as well. he's trying to sell himself as a states man. he's 76 years old. you mentioned his background as a veteran diplomat. his policies are largely friendly to foreign investors. that's at least what his campaign matt form is really trying to build on. but here are some of his other

thoughts. >> the arab in addition tip, the treaty and the policy. >> what about economic relations with israel? you have the gas exports which have been a source of controversy. >> the first customer is the egyptians. we have a problem with the gas and we have -- from the beginning, i'm told the egyptian citizen must be the priority in making use of that instead of the you see in egypt and other cities. so egypt and the egyptian market will be the first customer. israel can be a customer and join the line. >> egypt gets $1.3 billion in military aid from the united states every year. it's been a very important relationship over the years. how is that going to evolve.

>> i believe our relations with the united states haves to sustained and strengthened. it is not in our interests to have a shaky relations shhip wi the united states. i believe it is the same from the american side. so this is not the time to talk about the relations negatively. >> european union is the largest trade partner, a principal source of fdi. now you've tableded the concept of a virtual relationship or membership. what does that entail? >> what i need is your help in how to build an administration. a new framework of economy, framework of several things that have proved to be so useful in the case of turkey and other

countries that have requested membership and did that really get it. to introduce new rules that have proven to be very effective in rebuilding a government or a government systems. >> there was moussa. remember israel as a talking point has served as a bit of a punching bag for a lot of the different candidates on the campaign trail. none would really go as as far as to say they would go toward the peace agreement and it's something the economy cannot really afford either.

egyptian stock exchange believe it or not one of the best performing stock in the world. but invest stores have been on edge as we get closer to election day. this week the market on the month is down a little bit, over 1%. and it's a similar picture with the market vectors epf across in the united states down 6.5% over the last five trading sessions or so. >> and the election was, what, wednesday this week, right? so how long before we get the results? >> the election starts on wednesday. it takes place over two days. and counting is expected to be completed by may 26. and the result of the first round to be announced on may 29th. but if no one candidate can secure at least 50% of the vote, and analysts don't expect any of them to do that, then we have a second round, a runoff, which is

slated for later in june. and then in late june and by july 1st, the actual president will be in office and the mill it taker do military council will hand over power ending the transition. >> okay. good stuff, yousef. why do i think greece might overshadow the egyptian process. still to come, one jeweler hopes its listing will bring back much needed sparkle.

spain gdp will contract further in the second quarter according to the economics minister who also vows to write the country's troubled regions in line. >> francois hollande garnered support for a growth agenda ahead of a key summit in brussels saying he's got support for a euro bond plan. >> translator: in the package, this will be euro bonds and i'm not the only person to propose them. i have had confirmation of that here.

>> premiere wen significant mals further policy loosening. >> this is not our finest hour, those are the words of the nasdaq ceo after glitches in trading friday. >> a bit of uk data out. you might have to help me out. i can't find it. >> we'll pull them up shortly for you. i don't think it's out. >> i don't think so either. i haven't seen it come across the hour. >> okay. let's bring up the currency markets. euro it dollar just above the . 1.27 level. euro-dollar hit 1.2649 on

friday. aussie dollar recovered slightly. stimulus helping them out. gross mortgage lending $10.2 billion versus 12.6. there are concerns here, one of the interesting things is -- i was going to say jpmorgan got its report out over the weekend. they're a big buyer of books of mortgage deposit it of the likes of lloyds. are we going to see a big impact? santander has been a big player. they're pulling back. and jpmorgan has been a big buyer of mortgage books and they're going to pull back. that may weeken the undaken the

business. the housing markets has strengthened there by comparison to the surrounding countries. so there is something at risk there. i don't think we'll see any kind of mortgage crisis or housing crisis in this country. >> it will affect the cost and availability of the mortgages, won't it? >> at the margin. and there are other players, albeit very, very small. still i think it's about 55,000 on a monthly basis, so the market has contracted already. >> we want to get a quick check of how bonds are trading. you've seen the headlines out of the uk. but we're looking at whether we can recover after sharp losses in equities and rallies in bonds. here we have the ten year bund

yelledi yields 1.7%. spain and italy a little off their crisis highs. italy under 6% at 5.9. now, this comes as ecb board member as mousse send is making comments that it's sur defend the esm is in place by july 1st. he says there's a need for both budget usausterity and growth. underscoring the need for this this facility to be in place by july. and i wonder if it isn't because people are focusing on a balance of payments, in effect lending to the periphery aside from all of the official fiscal structures that are in place. >> which has been exacerbated by some of the deposit flows out of

greek and spanish banks p i read the comments as very much the german view that sort of the juggernaut of this program or policy remains austerity, remains with sort of -- as trimmings some aspects of what i would call the hollande doctrine. drawing down and collecting some -- already been given signals that a plan for euro bonds is in train. i think to clarify, i think he means that euro issued bonds for specific infrastructure projects, not a swift move to neutralization of debt across europe. >> but it does mean that step is where this may be headed. we'll have more on this in a little bit. >> european stocks after heavies

losses a little bit firmer this morning. cac 40 up nearly a percent. ibex just up a tenth of 1%. >> and market conditions in asia second guessing a once hot ipo market. tracey chang joins us with more of the details. >> graff diamonds has kicked off its road show. they're aiming to rise a billion dollars to build up its retail network in emerging markets. graff has set a price range at 25 to 37 hong kong dollars per share which would value the company at about $3 billion to $4 billion. graff will mostly offer low share, but will still off existing stocks, as well.

analysts wonder if market conditions are praying a role here. and after tough talk about ringing in prices, officials say they won't block ipos just to prop up the market. eight offerings are up for review this week after a similar number was begin the green light last week. >> that's quite a few. thanks very much. joining us now is former investment banker and author of ipo a global guide. so what will it take to buck the recent softer trend? >> it's an interesting transaction. but what is interesting is that the lead banks have built in quite a bit of flexibility.

the deal vary could vary up to a bill union. and the price range is extremely wide. >> one concern people have with graff is the degree on which they rely on whales. a lot of high profile wealthier clients make up a large degree of its sales. is that a particular worry do you think? good i think it's one of the worries if you look at what is disclosed in the prospective for the ipo. top ten customers account for about 44% of revenues. clearly it's a high net worth individuals and the september to which they will be able to extend that as they try to enter china and some of the other asian markets will be very important. >> are you surprised by how soft the hong kong market has been

this year so far? >> it's been really difficult since the beginning of the year. globally volumes are down about 28%, 30% as compared to last year. and hong kong ipo market has been no exception. i think what's been quite interesting is really a lack of very large trks. we haven't had many. we've had the ipo of heightened securities which was more than 1.5 billion u.s. dollars a few weeks back, but that's already 8% below water. so a tough environment for primarily quid tid. across asia. >> if hong kong is perhaps a softer place, does that mean there is more know men it item going to london or prank further enwhere we know they've been trying to woo chinese investors, is this the case where some of the european or new york based markets end up winning out? >> i think there has been a trend particularly for small cap

companies to list outside of asian and we've seen that in the u.s. lately with all the scandals that have emerged with respect to accounting and governance issues. no starting to see that happening in germany and frankfurt. but i think it's a phenomenon where small cap offerings try to do listings. i think a number probably couldn't list in singapore and will exhibit low trading volumes. i think we'll have very poor research following and probably a fad that will go away. >> could have a couple of high profile ipos this year. do you think they'll make the grade? >> clearly from the report today should be starting investor indication tomorrow. but that means it's still early days. it's a very large offering based

on what has been released to the market, transaction of up to 3 bell i don't know u.s. dollars. which would demand a pretty rich valuation. probably pe multiple in the low 20s. and i think for that transaction to succeed, it will be very important for the lead banks to secure early engagement for major investors. manchester united has been quiet on the news front lately, but another large offering coming out of southeast asia could be another $3 billion ipo. >> from an ipo perspective, did they get the pricing of facebook right? if a company floats 38 and closes at 38, does that mean they priced it right or is it

overpriced? >> what you want to do is not have a massive pop on the first day when it starts trading. you want the price to go up very slightly. and that means you found the point between supply and demand. i think that the main issue with phase book is when you go payou to fundamentals, i think there will be an adjustment to the more reasonable levels. >> thanks, felipe. >> if you want to be part of the conversation, e-mail us here worldwide at krchlt n worldwide@cnbc.com. or tweet us @cnbcwex. meanwhile, let's go to the kn

nikkei live from tokyo. >> thank you, kelly. the japanese government is plans to allow local public enterprises to issue a new type of debt called revenue bonds. they're designed to support infrastructure development and are part of the government's strategy to revive the economy. the funds raised by these bonds will be used to repair and develop water supply systems and other local infrastructure. revenue bonds usually offer higher interest rates than ordinary government bonds, but if the services lose money, no interest payments are made. government sources say the plan is to make interest tax free for attract foreign investors. back to you. >> okay. thanks so much. two rival technology chiefs, fewer pat tent lawsuits is the hope of the u.s. federal judge

between tim cook and samsung.judge will moderate the two day session in san francisco after accusing samsung of copying the products. samsung is counter suing. also yahoo! has agreed to sell up to half of its stake in ali baba. yahoo! says it will return almost all of the cash proceeds to its stockholders. yahoo! paid $1 billion seven years ago. >> and shares in facebook closed a fraction above their opening price, $38.23. an ipo marred by it technical glitch which is delayed the offering by over 20 minutes. nasdaq admitted he was embarrassed by the incident. shares will be watched closely he open as reports suggest the stock may lose the support of underwriters morgan stanley. ken, welcome to you. what do you make of the facebook

ipo, the price? >> hugely exciting. the real question is it priced properly. it's all theoretical until somebody buys something and on bring they bought it. so the price by definition must be right. i think the question what's going to happen in the future. will go up or down. and that's the rather more >> and what's your view? >> well, that depends on a few factors. first of all, the biggest question is can it get any bigger. as i like to argue, the theoretical limit for any one company is the global growth domestic product. so they have a ways to go. this is a business with more customers than any nation other than china or india.

so if they can't monetize the internet, there must be something wrong with them. so the potential is there. >> how does it affect the valuation for you for the rest of social networking companies? has it changed something? >> oh, fundamentally, but they've got a huge ways. 900 billion users. a fantastic user technology because it's there. so everybody else who wants to play in the four pillars of value wants to play in that dimension. nobody will create facebook number two. as will is no google or apple number would. there isn't that much room for something. so you either collaborate or find yourself run over. >> is that true for investors, you either have to get with facebook or -- >> you look at companies like say the chinese internet companies do very well recently. but if you look at apple, apple

has decimated the business model of companies like hewlett-packard, r.i.m., et cetera. what we're searching for now is whose business model will be impacted negatively or positively by the rise of facebook. will it be media companies, advertisers, et cetera. >> i would say we're on the first stages of getting what we call the trillions of computers connected together with tens of millions of people and we don't really know where that's going to go other than it will get more exciting. we're just at the beginning. so run it out five years, ten years, remember the ipad is a couple years old, so five or ten years time -- >> then why did twruunderwriter

have to support the deal at $38? why is it the value wasn't captured? >> i've got one negative on facebook and only one and i think the rest is such a bullish we don't haven't v. to twoer. the one negative is the way they've ended up controlling the business, they being the founders, is they're all still in control. and that's fine. zuckerberg turned down an offer from google years ago. but in the next five to ten years, you're still backing the same team of people. the question is can they maintain their energy. he sa ends up being a governing issue. >> it's a valuation issue as we get into the next couple years monetizing all of those. this space is moving so quickly that some of the activity will be taken away by some of the

more smaller more niche players. >> i probably worry -- you know my view on facebook. i think it's wildly overvalued. but i would worry if zuckerberg stepped away because he's clearly got a vision and a drive and he still checks every single -- >> but i'd be worried if he stepped away because he clearly has a vision where he wants to go and he focuses on private development. >> i think that's right. the only question mark on value isn't about what will happen in the future. because if you have that size of a market, it will happen for you it will just depend on who will they listens to. they won't listen to anybody because they've already made a $100 billion business. so getting advice in is difficult. so the governance questions are significant. but steve jobs sadly passed away and apple continued to keep

going. so it doesn't guarantee that it will fail. i think it's where people should focus their attention. >> would you have signed a pre-nup on friday if that was you? >> no. there's too big a bet on one guy really. >> what am i saying now? >> you're saying thank you very much, it's been a pleasure seeing you and we look forward to seeing you again the other time. >> it works. we cracked it. we're in a high plane, going to a whole new high plane of forecasts. thank you very much. we'll let michael go, as well. you know you're coming back. i don't need to give you the ideal for that. chinese thermal core and eastern orr have reportedly asked for cargo to be deferred. tells you a lot about what and

he going on the ground. financial times say some default order contracts. the paper says defaults are a big rope why iron ore and core prices are falling. stay tune for the latest installment of our trade links series. [ male announcer ] this... is the at&t network. a living, breathing intelligence teaching data how to do more for business. [ beeping ] in here, data knows what to do. because the network finds it and tailors it across all the right points, automating all the right actions, to bring all the right results. [ whirring and beeping ] it's the at&t network -- doing more with data to help business do more for customers. ♪

a shift in policy responses according to a research bank and we spoke to a spokesman at the bank and asked how he managed to avoid a new round of protectionism. >> typically during recessions, you do see this rise in protectionism. and it's mainly driven by three factors. one is domestic unemployment increasing, sharply appreciating exchange rates, and targets new trade barriers against countries that are shrinking. so trading partners not doing well abroad. what we found is some of that behavior changed. so, yes, with the sharp spikes

none employment, that did contribute to new trade barriers. but on the other hand, after an initial spike in the value of the dollar and the euro early in the crisis, depreciations that came on afterwards and the decision by governments not to target trading partners that were going through considerattr at home dampened. and it's a fascinating phenomenon. >> we certainly did see a lot and hear a lot about currency wars. is this just protectionism in a new foreign? >> i don't think so. i think governments are definitely worried about balancing a lot of interests. so worried about dealing with the domestic situations at home.

and by and large countries have been working very well to try to coordinate the activity so that things haven't gotten out of control. so there was some concern about that but i think the world has hopefully gotten through some of the difficult early phases. >> go to trade links.cnbc.com and check out the interview there, as well. still plenty more to come. we'll talk to the russian cfo of etb.

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headlines from around the world, spain's gdp will contract further according to the minister. hollande garnered support for a growth agenda saying he's got support for a euro bond plan. >> this was not our fooins hour, the words of nasdaq's ceo after glitches delayed the start of trading facebook stock. >> and chinese markets stabilized after wen signals further policy loosening.

>> lelgt's take a look at the u. futures. s&p opening up about 7, dow 10, and tgreen behind me. take a look at how we're handing off the session. ftse global 300 up 0.2%. fairly flat across much of the morning. a little off the highs, so 4514 is what we're looking at right now. >> might get stimulus in china, hollande saying he's not the only person who will propose euro bonds at this week's summit

dinner. so they all be helping a little. remember down 5.5% for the ftse last week. similar losses for the year. the dax down 4.7. right now the ftse up half a percent, more than that the xetra dax. ibex just down 0.1%. as far as bond yields, core bond yields are higher. italian spreads just narrowed slightly yields down below the 6% mark. last week we hit 1.39. currently 1.36. euro-dollar slightly higher. dollar-yen bounced off the lows. aussie dollar a little firmer off the six month lows that we hit last week. that's on those chinese

comments. euro sterling still above the.8075. gold slightly firmer. brent up at 108. >> let's give a quick look at the agenda in the united states. atlanta fed president dennis lockhart is speaking in tokyo in just a few minutes about monetary policy. 59:00, jury selection begin in the insider trading trial of raj gupta. and earnings from campbell soup, lowes, tech data and urban outfitters. >> and if you've just woken up state side, chelsea won the champions lead on saturday. >> so there is a chelsea here and not just in new york. >> yeah that would be the original one. >> i am a chelsea fan, so i was

very happy with that. we'll have to get to you a game. >> and i need to do cricket. >> growth firmly ahefter g-8 backed measures to take the steps to reinvigorate their economies. m merkel south to play down talk in being isolate pod her push for austerity over stimulus. >> translator: important messages that consolidation and growth are two sides of the same coin. and it that's a discussion that everyone has focused on in equal measure. >> latest polls suggest new democracy and syriza are tied

going into next month's election. spain's economy minister is warning the country's growth will contract further this quarter. he says gdp will sprihrink. joining us now is global head of fx strategy. it's a long title. and there's a lot that you've been going through trying to figure out the revolution of the eurozone exit. is it likely and what would it mean for the euro? >> it's definitely increasingly likely and we have to watch the poll polls prepare to the extent we can.

we're extremely oversold at some of these levels, so walk us through the next month and then ultimately if that does happen do, you start to like the euro because it then comes more keyed off german inflation? >> last couple weeks, we already had a move from 132 down to 127 and that was really pricing in a break up scenario p. i think now we need a new catalyst where the actual fall out is happening in order to have a further move lower and that could happen in a number of ways, it could happen after the election if we have a break down in cooperation with the eu or it could happen earlier than that, i don't position it's likely, but it could technically happen earlier than that if the ecb decides to cut off emergency liquidity assistance for greek banks. so those are the scenarios we're looking at. if we have the real fallout, we'll test 120 in the euro. so that's the thing to watch. in terms of the debate about whether the euro will be

stronger without greece in it, i don't think that's true. greece is only a small part of the problem and we have plenty of problems inside the remaining eurozone countries if greece exits. it includes portugal, ireland and spain. and just because we have a greek exit, didn't mean all problems are solved. >> aren't we just playing a big game of chicken p here? i have a feeling that both sides will back down. >> i think we've come far in the game and now potentially the end game. i think idea that they'll provide unlimited liquidity forever, i think that's simply not likely. i think an exit is a real possibility here take we have to

take seriously. >> depends as well what happens with what greeks do with their side of the problem. polls have ugted is they may proet vote in a pro austerity coalition. so stick around. we'll get you lots of coffee and tea. nasdaq ceo says the exchange is embarrassed by glitches that led to the trading delay on 23ri. >> a lot of orders were canceled, so were they buy or sell orders? >> and the nasdaq says it was a huge ipo, one of the biggest ever, but at the same time, that was a moment where they could have demonstrated -- >> you know that's going to happen before it happens, right? we did know it was going to be a busy day. elsewhere, jamie dimon faces

investors today. he's presenting at a conference in new york at 9:30 eastern. expected to confirm probe into the bank's trading losses. >> the third agency i believe that's looking at jpmorgan as the losses continue to pile up. >> and they could be pulling out of the mortgage market, as well. millions of german industrial workers look set to seal in a pay rise thanks to negotiations. >> you have to wonder the strength that it shows strength in the german economy or becomes a problem. >> two ways to equalize wages between the north and south. >> and you're seeing it. wen making economic growth a bigger prity raising hopes for more market easing. wen said authorities must adjust policies in a timely manner to stem any signs of a rapid growth

slowdown. >> he said if we get weaker growth in china, i'm going long oil because we'll get the policy response. >> and we have to mention the story of course in the financial times, it's pointing out stockpiles some of commodities that you can see. expected boost after the lunar new year hasn't happened. still to come, we'll discuss investment strategy and views on the euro debt crisis. [ male announcer ] the inspiring story of how a shipping giant can befriend a forest may seem like the stuff of fairy tales. but if you take away the faces on the trees... take away the pixie dust. take away the singing animals, and the storybook narrator... [ man ] you're left with more electric trucks. more recycled shipping materials... and a growing number of lower emissions planes... which still makes for a pretty enchanted tale. ♪ la la la

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these are your headlines this morning. spain forecasts another contraction in gdp in second quarter, but vows to rein in spending. >> wen pledges to support growth. >> and nasdaq ceo apologizes for glitches on friday. >> as far as bonds are concerned here, just worth pointing out the core yields bund and gilt yields have risen off the lows that we hit last week. ten year 1.47.

still contained at the moment. it's very hard, the yields at the moment pot telling you anything about necessarily the underlying macro. certainly not in germany and the uk, with you we still have cds spreads out record wide at the moment. i'm wondering in a political situation, how are investors supposed to be coping in pricing what's going on when it's very hard to layout a political different scenarios. >> i think that's exactly right. it's challenging in a number of ways that we're familiar with. the threat for world growth, the threat to stability of the banking system. there are challenges in another

way for companies like my own, bh macro, which invests it in a master fund, but our investment managers are well over to take the view of economics of what's moving markets. but it at the moment, we have markets driven by quite big political issues and that's very much more difficult for anyone to judge. so that's an added die mention of the chal pnk. >> so how do you express your view, what is the view on the economics right now? >> i think the economics, you kind of in relation to europe is what you're asking, it's worth looking at is it slightly longer perspective. i think a lot of progress has been made the last year and a

half in getting structures in place for closer integration and the question then is can the monetary process give enough time for those very difficult questions about fiscal integration it to be put into place in a way that will work. and the third stage has to be fundamental economic closer alignment of the economies. structural adjustment. so then you have to ask yourself can these fiscal steps that are being tan give us enough time for the fundamental economic adjustments to take place. >> are you fundamentally betting yes that this process continues? >> i think one can underestimate the amount of progress that's been made. i think quite a lot of progress has been made on a fiscal steps. >> the problem, though, with this, everything is going exactly according to plan if that plan is a united states of europe. but if the people of europe ultimately decide that they're not interested in that kind of structure, this is the end of the road. >> it's a gradual process. people have to see what progress is marks they have to think about where the end state is and

the steps have to be taken sequentially over a period of time. on the whole, people are seen the benefits of being part of the eurozone. i think people want to stay with the program. >> the problem is that it's a question of whether we have enough time to allow the process to work this new system. so clearly will this greece's case, the austerity path has not been working and now we have the preliminary fallout from that. my concern is we'll have similar process in spain where the recession will be so severe that the political dynamics will change and so it will be it too late to exceptionally have a consensus forming where those

two countries are part of a fiscal union. i think that's the real risk here that we're facing. >> i think it's a question of degree. the debate is very often put in terms of do you want austerity or do you want growth. and i don't think that's a kind of either/or situation. >> do you see the greek elections as a key referendum? >> that's a political question and i have no better view on that than anybody else. we'll see what the greek people decide. but in the wider perspective, i think there are terrific benefits in the integration of

europe. i'm in favor of the process proceeding at a reasonable pace. >> and we'll remind where you we are. weighted to the up side. nearly 8:2. i look at her, and i just want to give her everything. yeah, you -- you know, everything can cost upwards of...[ whistles ] i did not want to think about that. relax, relax, relax. look at me, look at me. three words, dad -- e-trade financial consultants. so i can just go talk to 'em? just walk right in and talk to 'em. dude, those guys are pros. they'll hook you up with a solid plan. they'll -- wa-- wa-- wait a minute. bobby? bobby! what are you doing, man? i'm speed dating! [ male announcer ] get investing advice for your family at e-trade.

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quick check of the u.s. futures p you can see futures now not too much change order the comments from lock out. what lockhart is saying is pretty balanced. and that explains the shrugged off reaction for the moment. but what he says essentially that while the u.s. economy needs continued measured efforts to support the economy, an while he's concerned about the growth drought look, that he would prefer to focus on the communication efforts to necessarily doing more quantitative easing right away. >> let's get more on that. there's been three consecutive month of declines in personal income data which this they say

suggests u.s. recession has followed. what's your view of the u.s. economy do, you see that happening or not in. >> not immediately. i think the u.s. economy is one of the brighter spots on the economic map. recovery there has been pretty encouraging. the question is where these built in tax increases and spending cuts will actually happen and that's a considerable optical there. maybe congress and the president will be able to get together and extended them, but that's a question of politics and not economics. so i'm not surprised that some of the indicators are suffering. >> i think we've had a sharp

slowdown. but we've seen resilience. we've had some easing in the data lately but it is holding up quite well, so i think that's the one key point to keep in mind. >> i think just to focus back on the question of europe and we had comments earlier this morning about the need for europe's stability mechanism to be in place mid year. you were at the bank of england when a lot of these questions about the joining the euro were happening. did anyone foresee that we would get what has effectively become a balance of payment crisis in which the clearing mechanisms have allowed some of the peripheral nations to spend

beyond their means? >> i think everybody saw that if you're going to have a monetary union at that stage, you're going to have fiscal integration down the road. and it clearly was a concern at the time, that some of the steps weren't being taken. monetary mechanism i think has been extremely well managed. they've built the monetary system. they've operated an effective monetary policy, they responded to events quickly. and they've provided it when the banking system needed it. the question is can fiscal actions be put in place to allow us to stabilize the problems

emerging. >> and do you you share the concerns it that we get it in place by the end of the summer? >> i think that is on track and that's been planned for a while. i think in relation it to the question about ecb policy, i think that one aspect of the policy is that is potentially dangerous, the ltro has increased the linkages between the sovereign sectors and the banking sectors and potential made the accept more vulnerable. that's the one aspect of the ecb policy that perhaps was necessary, but nevertheless creates this negative side effects that we have to deal with. >> all right. stick around. and ian, thanks so much for joining us. and coming up, nasdaq had

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headlines from it around the world, will was not our finest hour, those are the words of nasdaq ceo after glitches at the exchange delayed the start of trading of facebook stock. >> spanish government vows to bring the troubled regions in line with central deficit targets after forecasting another drop in gdp for the second quarter. >> and jaem any dimon faces questions there investors as another u.s. regulator is set to confirm it opening probe into the company's trading losses. a quick look at u.s. futures. we would open to-will-we're will in the green it for once it seems. the dow would be implied open of about 65 points, nasdaq up about 10 and the s&p up about seven points. very little change despite comments that we just got from federal reserve streeti invotin lockhart. he indicated while he would leave the door open, and concerned about the u.s. economy, he would prefer the fed focus on clarifying its communications strategy for now. so a bit of a shrug in the

market at least so far. >> take take look at the ftse. we did have a move lower and then a move high oert day. settling in at about that 4500 range. cac 40 up about on 0.7% there. spain the weakerer. >> european commission saying spain won't get out of recession until the end of 2013. nasdaq ceo embarrassed by the glitches on friday. stock didn't open until 11:32 a.m. some investors didn't feentd out where orders were complete until 2:00 p.m. or later.

573 million shares. facebook closed barely unchanged at $38.23. tim jacobson is joining us for it more. and in new york, josh brown. tim, first of all, if they set the i abopo price at 38, does t mean they priced it right or wrong? >> in one sense they got it right. on the other hand, i think that everybody's realizing they squeezed most of the juice out of the ipo and one of the big issues is what will happen today. because it closed at 38 really because the banks were intervening to mop up the stock. so the interesting time will be this morning. >> because you think row tail investors might look at this and say if they had to get in this

and support the price now, we better be safe than sorry and get out of these shares. >> i think before the ipo, there were two these ceas there -- once you start replacing the idea that this may go to big increase, the real issue is fear. why see too many retail investors buying this morning. >> there's also a question of what this means for the nasdaq. a lot of people saying this could be a big turning point for them, maybe winning more business going forward. how much has that changed after what happened on friday? >> i think glitches are possible on the new york stock exchange, as well. certainly this is not the outcome the nasdaq wanted. but i don't think all of the blame for the performance of the ipo belongs on the shoulders of

the nasdaq. i think the underwriter and the coma some misstechs that also led to this being a bit messy. don't to get, you tonight get all the canceled orders that caused a delay in trading unless people don't really want to be in the deal at the last minute and that's really what the issue was. >> were they buy orders or sell orders do you think that got canceled? >> there's a rhythm to these things. they told the bankers they want a big retail component. so you get about 20% of the shares going retail. which sounds great on the surface, but hearthe retail invr is stampeding and the demand makes it so that they raise the price. so they go up from $28 to $38 give or take and at the end of the day, now you have to get the institutions to march up to that level and get comfortable with it. the answer is you can't unless you increase the size of the

offering which they did the day after they raised the price. when you increase the size of the offering, what you're telling the institution is, hey, don't worry, we know the price is higher, but there will be plenty of liquidity. the problem is with all the excess liquidity, people get nervous, they say if i'm able to get this many share, i probably don't want this many shares. very psychological. and the end result is what you had on friday. >> so what do people do right going into this? >> we traded it on friday. we liked the risk/reward. we had a sense the deal would be assumed. we got out before the close. it's not a stock we wanted overnight. what happens today or this week,

i couldn't tell you. but this is now a 104ed billion company. bigger than mcdonald's or ford. the onus is on facebook to put up numbers that how them to grow into that valuation and i don't think that happens in 24 hours. >> i think everybody will fear that the floor will come out. they're posting buy orders for 63 million shares and if you think the price is going to fall, you want to be in that first 63 million. so i think this has been a very unpleasant weekend for the underwriters. >> in fairness, if you're morgan stanley or involved in this deal, you don't want to give the impression that that support will stay for some time. >> yeah, they can technically keep the support there for 30 days. that's not going to happen in this deal. it might only last it for a day. if the floor support isn't really working, they just remove it. after all, the other side of the

deal is whose shares are they buying back. they're essentially covering short positions where they gave the exiting shareholders the original investors about another $2.5 billion. some people will be much less rich than they thought they were. >> a good point. still wealthy by convention al standards. tim, thank you so much. josh, we'll let you go, as well. >> i still want to know if they had a pre-nup, what was the percentage -- >> what were the terms of the pre-nup. i'd still like to think there isn't one. a quick look at today he a other top stories. yahoo! has agreed to sell half of its 40% stake in ali baba. yahoo! says it will return almost all the after tax

proceeds to stok holder. >> and wen making economic growth a big priority. and must adjust policies in a timely manner to stem any signs of a rapid growth slowdown. >> and we're starting to hear that fiscal stimulus whisper. graff is pushing ahead with its hong kong listing. the london based jeweller began its road show today. key test for the hong kong ipo market and business model. >> they have like 20 key clients that buy the size of diamonds. >> like a whale casino model almost. >> not a big market. plus hedge funds of private equity firms have set aside almost 60 billion euros. it that's according to a survey from pwc which shows european bank asset sales will peak next

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gar german government sees euro bonds as a last measure. this of course after comments from france and others saying they would prefer to see euro bonds as a solution in the near term. we have a tweet saying it's evident that china will have a harder landing. that of course in response to comments from wen that china may open the door toward more fiscal easing. join the conversation. worldwide@cnbc.com or @cnbcwex. >> mario monti tables plans for a back stop.

and we also had the tweet on china growth. it is twort pointing out commodities are a little firmer in the european session helped that they would consider more stimulus in china to prevent a hard landing. there is this view within oil markets of course is that the weaker the chinese economy, the more likely stimulus. that's why people won't get too short on markets. ge comments over the weekend about iran and the use of possibly using special reserves as well. that's all helping. brent was up to 108. even copper is slightly firmer, as well. so right now, ahead of the u.s. commodities are firmer. >> all right. if you're just joining us, these are your headlines. nasdaq ceo apologizing for trading glitches.

spain says it will rein in regional spending. and jpmorgan remains in the spotlight. trading losses could be around $5 billion. jamie dimon presenting at a deutsche bank conference in new york at 9:30 eastern. the cftc is also expected to confirm it's opened a probe into the bank's trading losses, would be the third regulator to do so. the house speaker john boehner says dodd-frank couldn't have prevented jpmorgan's losses. >> there's no law against stupidity, against stupid trades. and as long as ghosers money wasn't at risk and there's no risk of a taxpayer bailout, they should be held accountable by the market and their

shareholders. and they are. >> jpmorgan state has been up modestly this morning along with the market. >> 2%. there's your accountability. investors seem to think there might have been an overreaction, but as the losses continue to pile up and questions are raised by risk controls throughout the company, you have to wonder. we'll be back in just t a f moments. [ male announcer ] this is genco services --

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they changed the reads on us. growth firmly on the agenda in europe. this after the ga backed measures to restructure products and take the necessary steps to rein-vig was their economies. hollande speaking saying it was time to discuss euro bonds. >> translator: important messages that consolidation and growth are two sides of the same coin. >> moth greeks are seen wanting to stay in the euro, but oppose austerity. julia, even if they can come to some sort of an agreement, how much time will there be to form

a government? >> what we need to see beyond june the 17th election is actually forming a coalition. i think that's the first. and looking beyond that then towards the end of june, we have to look at the next bailout payment. but a long way to go before then. the polls suggesting that it's a dead heat between sa what happens beyond june 17th is very much in the air. one other thing that's being talked about on twitter is an article suggesting it's economically irrational to keep their money in athens. he points out giving the

negative costs, why would you at that time risk. he makes a fair point, but it's hardly conducive to market sentiment. it's not been picked up though by the local press here, but does focus on the need for capital. expecting to give cash to the four key banks this week and announcement due possibly tomorrow or wednesday. so that's firmly in know cuss he focus here in greece. >> thanks very much. in spain, the economic minister warned the contraction will further after the spanish budget ministry advised its budget deficits to a wide 8.9% of gdp. carolyn shober is in madrid. we're still wondering where we are on bank recapitalization

plannings. >> definitely. this morning the spanish economy minister re minister reiterated we don't need it by the eu, but there were press speculation that the prime minister of spain had actually asked merkel whether the ecb could step in and injectly liquidity into the banks. but i want to come back to the fiscal slippage. on friday, the spanish government said we won't be needing our 2011 target of 8.5%, instead it would be 0.4% higher. and this is the second time spain is missing its fiscal deficit targets. just about three months ago, they said the 2012 deficit target will also come in higher. so this is a huge blow to the credibility of the government but also budget stability.

imf said 70% of the spanish banks are actually healthy, but the rest of that, 30%, are will either have to be nationalized or recapitalized. 15% of that is bankia of course and according to some press reports, bankia will be asking the state led bailout fund for 10 billion euros in recapitalization immediateneeds. >> carolyn, thanks. european markets a little bet firmer. we've slipped since we started this morning. >> and we'll see how we hand that off to the u.s. take a look at how futures are poised to open. 50 points on the dow. it that has come in a little bit since we started the show. the nasdaq up about 5, s&p

similarly. want to get closing thoughts from our guest this hour. so what trade when you go back it to the office do you recommend? >> we still recommend people to take some profits on euro short. we think we're entering consolidation phase until we get a new catalyst in terms of the euro down trade. i think the key thing is to watch is actually the eu summit and the finance ministers meeting. and there's big proposals floating around in terms of euro bonds, in terms of region wide insurance, but it would be unusual to take preemptive action. >> it's not exactly preemptive given that they are struggling to stay ahead of the crisis. what's the likelihood of the euro bond or separately the deposit insurance scenario in your view? >> those proposals will only come into effect after european

policymakers have their back completely against the wall. >> worth pointing out angela merkel saying did not propose the referendum and euro bonds are not the immediate july for resolving the crisis. as we wait for the summit and elections in greece, it gives us time to focus on u.s. data. >> i think the labor day take remains extremely important. it had an upward shift, but we've given back all the yield rises. so it if we have any news of better u.s. labor market it could have a profound impact. >> and you can comment on the fed? we heard those comments from lock hard this morning where he was saying while he's concerned about the u.s. economy, maybe would leave the door open, he'd

rather see them clarify their communication position. is there anything the fed could do aside from the european central bank that might spur a bit of the short covering rally. >> i think they sound more open minded to qe-3 and that's exactly fenks of the situation about it europe. they want to really keep all options on the table and if it there is a further deterioration on europe, they stand ready to do qe-3. >> appreciate your thoughts this morning. >> we have flashes out from moodys which i'm struggling to find. >> can't come as a great surprise as anybody who knows -- but didn't bode well for the

performance of that sector. >> economy keeps getting worse. exposure to banks gets worse. >> thanks for tuning in. tomorrow the interview with lee myung-bak. it will run as part of a special conversation episode airing this weekend. >> not available anywhere else. very pleased with it that. and we'll also bring you an interview with the man poised to take over as head of deutsche bank. that's at 4:10 p.m. eastern time,time as well. >> thanks for tuning in. we'll be back tomorrow.

good morning, side slab. today's top stories. nasdaq says its ipo system will be redesigned following friday's problems with facebook's ip on that. and it's fish, yahoo! is selling half its chinese stake in ali baba. meanwhile greece's leftist leader says he wants to stay in the euro. "squawk box" begins right now. >> good morning.