>> it's friday and therefore a particularly warm welcome to worldwide exchange. i'm wilfred frost. u.s. stocks cloelz at ase at a one month low. greek uncertainty sees euro zone bond yields continue their march higher. this amid anger over terms demanded by creditors. vodfone is in talk with liberty

global. but it's based on asset swaps and not a merger. turkey gets read do vote in the closest election in more than a decade with him hoping to increase his grip on power. >> let's get straight to markets. european equities continue their sell off sparked on wednesday afternoon when mario draghi echoed the word volatility and said it is here to stay. we're mainly red across the board in europe. the stoxx 600 is down 0.9%. that follow os declines on wednesday and declines yesterday. part is being driven by the european bond market. the german ten year is back above .9%. did rally this morning but 0.9%.

it's been a sharp move up towards in european yields sparked earlier in the year by inflation data and confirmed when draghi did say that volatility would be here to say. now members of the greek government are threatening the international lenders don't soften their stance. it will not make a payment today. the greek prime minister is due to brief parliament on how negotiation with members is going this afternoon. this is is amid anger on the conditions for a deal. let's have a look at the greek yield curve. you can see the ten year 11.4%. so this imf payment isn't going to be paid. >> absolutely. we're going to bundle the

payments and make them at the end of june. this is something they're allowed to do. we heard a message of defiance this morning saying we could have done it we didn't. that's a moot point but you did see the oscillation in his tone saying one minute he can reach a deal and the next moment is still a huge gap between what they can accept. there's a hundred of things be it electricity prices or just promises they made at the election. a whole host of them that frankly the greeks can't back down. >> we could have paid it but we're not is that a separate message for the people? he's having to put across differ ideas to his creditors and the electorates in greece. >> why is he trying to make the point at home that things are going to be difficult and make compromises. given what we saw in the banks and what was rumored to happen last week, managing the message

that we haven't made this effort is critically important at this stage. the real achilles heel is the depositors in the bank. >> we know what the sentiment is in terms of whether or not he should be striking a tougher deal. what's the sentiment across greece? do people understand there needs to be a compromise. >> i keep talking about the impossible trinity that he faces. people want the push back on austerity and his government wants to remain in power. more and more people are willing to seek compromise and are concerned about the stance this government is taking it. so difficult. the imf payment hasn't been made. is the crucial thing really the ecb payments when they're due

and what's happening to the banks. >> absolutely. we have the ecb payments coming up. they need money but they likely need money to make wages and mention payments at the end of this month too. so the rumors that i hear is even if they don't make the june payment they still might not be able to pay domestic expenses. a deal is paramount. >> investors also keeping an eye on the may u.s. jobs report out at 8:30 a.m. eastern time. the forecast will increase up 225,000 in nonfarm payrolls versus 223,000 in april. unemployment is expected to hold near it's 7 year low of 5.4%. they're prompting investors to doubt whether it will be this year. let's get a look at markets.

as we said they are soft across the board in europe. we're looking at minus 0.7% for the ftse 100. now yesterday the dax at one point was down over 2%. it finished down around 0.7% but just highlights the volatility in the second half of this week in europe and germany has been one of the main proponents of that. italy down 0.7%. let's have a quick look at voda phone because it's confirmed it's in early stage talks with america's liberty global. the two sides are not in a merger talks. the discussions are based on asset swaps. vodafone adds there's no certainty a transaction will be

agreed. shares are down 2% because some people had been pricing in there would be an actual take over. we'll discuss it more. squad play and consolidation crucial to the mobile and media markets. let's look at bonds which has of course been driving movement this week. just below 0.9%. it hit 0.985. the move of course this week has highlighted that bonds are moving like they are risks a assets themselves. 0.9% higher than we've been in some time. spain also rose although the spread did narrow a little bit. 2.2%. the u.k. 2.06. italy 2.2%. now let's look at what all of this means because the closing gap between the ten year germany

and and ten year u.s. yield is close to 113. 1127. sterling 123. no change yesterday from the bank of england. let's get a check in on markets in asia. sri is standing by in asia for us as ever. sri. >> hi wilf. we're in a cautious holding pattern as we round off the wait and as we wait that crucial very closely watched nonfarms payrolls report so investors marking time ahead of that economic data. the real price action was in the greater china markets and once again another bumpy ride for china stocks. we started above the 5,000 handle. technically very important resistance level and then we sank and ended higher on the day. 1.5%. you're looking at fresh 7 year

highs at the settlement and this volatility is going to be the new normal. we are down by well over 5% but it recouped those losses toward the close. now what that tells me underscores how incredibly sensitive the china market is to all the leverage in the system. whenever we hear news that it's going to be run out by the regulators or brokerages the markets will react to the down side. so that's the risk. high leverage high volatility. next week is going to be very important because we'll get some clarity on whether the global index providers are going to include china shares in their indices. if they do that will be a big shot on the arm in terms of inflows. >> thank you for that. i'm going to bring you some flashes from the iraqi oil minister. of course the opec meeting in

vienna is today and the oil minister says he expects demand to rise plus he expects prices to rise. he says everything will be discussed including raising the output ceiling which would be contrary to what he just said expecting prices to rise. although he is saying that will be discussed. all options will be discussed at the opec meeting. that's what's coming out. let's have a look also at oil prices today which have been on the slide a little bit this week ahead of the opec meetings. wti down 1.16%. brent 64.5 down 0.5%. that softness ahead of the expectation that we won't see cuts in output from opec. now steve spoke to the kuwaiti oil minister and asked whether it was realistic to maintain production around the current 31 million barrels a day level.

>> i don't think it will make disaster if we increase 1 million but i can't now talk on behalf of it. maybe the best decision to evaluate the last six months and we can see the advantages of that period before we decide whether to increase the $1 million or not. but the world economy is improving now and oversupply in the market has been decreased. so i think it will be absorbed by the economic growth that's improving now. as a personal opinion that we had to evaluate and see what was

the reflection of the last decision prices has been approved but we want to also see deep information about that decision and whether to increase the 1 million or keep it as it is. so this is the -- what we hope. >> we'll be looking forward to a weekend of betting, champagne. what better to set the scene? thank you. this is a big premiere race on the racing calendar. it's about the oaks. the 3-year-old race is the centerpiece of the action as well as the action on the track as well. the name derby is synonymous with racing and the derby in

australia as well. big focus on that event. prize money 1.3 million pounds. you might be asking is that enough in the global economy. not really. in dubai it's richer than that $10 million for the dubai world cup so the question is is the prestige of british racing enough to encourage the industry? because when i talk about prestige the prize money may not be great but it is all about the breeding. so for instance he won right back in 2001 has since gone on to produce three derby winners including last year's winner australia. so if you're getting into the industry it's a mix of factors you're working for. it's about going on to the breeding side of things but i've got to point out though we have seen very challenging times across the u.s. in recent years. the financial crisis constrained

spending some what which made it difficult on the racetrack as well. fewer owners trainers are not making as much money and even spectator numbers are more challenging. the question is whether racing can survive and whether the future is as bright as ait has been in the past. >> it's a very important question and that's what we'll be asking our viewers today. do get in touch with us throughout the show on that topic. do you think horse racing is on the decline. interesting reading, in 2005 they took 40%, over 40% of their profit from horse racing. that figure is now less than 20% and i suppose compared to other sports particularly sports things bet on things like football and cricket picked up the slack in a huge way and horse racing as well for the book makers has declined a lot. >> there's so many different challenges. you have the challenge from the online betting companies as well which destroyed a little bit of

liquidity in the market. they used to spend so much time on the track sit in the stands just to get an edge but that doesn't matter anymore because of the wealth of information available on the internet. it's hard to get an edge and if you do and you go to lay real money down there isn't liquidity to extract real profits. if you look at the book makers you're not seeing such good odds out there which explains why people go to rugby football to try to get returns. the favorite is less than 2-1 on the oaks this afternoon. it's hard to get returns so it's diminishing some of the appeal of making the effort to find a winner on the track. >> thank you for that. if you could find out tips for us, that would be great. i know nothing about horse

racing. also get involved with us e-mail worldwide@cnbc.com. do you like a bet on horse racing or prefer a bet on other sports? if so which? is horse racing on the decline. my personal handle @wilfred frost. >> still to come here a 3-d printer in every household? that's the vision of 3-d systems but is the goal really within reach? seema will be speaking to the ceo of the inventor of 3-d printing. we're live from monaco. we're back in two.

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>> he says there's potential to cut the key rate ahead of the next meeting. we'll be watching that ahead of the meeting. let's have a look at what the ruble is doing today. just above flat. the dollar sliding 10 basis points. 56.17. now sticking with russia russian lender struck a preliminary deal with struggling miner mechel. they agreed to postpone the debt

repayment with conditions attached. he does not expect big losses in ukraine despite on going tensions in russia. vtb expects to keep it's dividends around the same level as last year. share price is up about 10 basis points. up 20% this year having declined sharply last year. now procter & gamble became the latest firm to announce a major investment in 3-d printing last week. we'll use printing to assist with products testing but the technology is no longer reserved for a big corporation. he expects to see 3-d printers in every house one day. let's get out to seema mody who is live in monaco and joined by a guest on the topic. >> thank you so much. 3-d printing could revolutionize various industries so let's speak to a leader in the 3-d

printing space. thank you for joining us here in beautiful monaco. >> it's great to be here. >> there's massive benefits tide to the use of 3-d printing but it does command a high cost structure. what are you doing to cut down on cost and expenses and streamline your business going forward? >> the first thing is we continue to democratize access which make is make them faster simpler and more importantly and we look at the cac software and modeling and measurement and make that more accessible and economical to own and we discover in areas like aerospace and automotive the ability to deliver unlimited complexity i call it free complexity and reduce fuel consumption and increase maneuvering.

>> decline in visibility remains concerning and investors question if the weakness is short-term. >> what we have seen is an industry level pause. it's not surprising to see this. we're not alarmed. we're monitoring it closely. we've also seen convergence of the forces that slow down demand a little bit. we're in the early innings of this game and this too shall pass. >> you haven't indicated when an update will be provided. anything you can tell us on that front? >> we felt we needed to assess the longevity of this cause. >> your stock price has been suffering as of late. what's the bull case? >> i think that the bull case is that we're in the early innings

of tech nlg that can change everything. it's changing how we design. it's completely transforming how we manufacture. it's disrupting supply chains and adding a great deal of value to patient specific health care and when you look up in the upside in automotive and health care, we believe we're the company best positioned to monetize this opportunity as we have significant demand and we're girning to have fun. >> let's talk about the opportunity in health care because there was a story that procter & gamble was looking to print. live human tissue. is that going to market? >> we see bioprinting as an emerging branch of 3-d printing and in the coming years we'll see tissue printing and organ printing and it's an interesting area and an area we're

researching actively ourselves. >> does it make sense to seek out a strategic partnership with the likes of perhaps hp? a company trying to strengthen its focus in 3-d printing? >> it always makes sense to evaluate partnerships when it gives you something you don't have. like the expertise or new marketplaces. short of that it's a more winning strategy to develop those capabilities yourself. >> would you say no to hp if they put out a bid for your company? >> i would have to say that we would much rather go it alone and i would have a responsibility to evaluate and still maintain our independence and realize the potential available to us. >> we'll leave it there. thank you for taking the tough questions here in monaco. discussing the growth and the opportunity in 3-d printing. the president and ceo of 3-d

systems. back to you in studio. >> thank you very much. now let's change subjects. dig your old nintendo out of the closet. the class of inducktees for the video game hall of fame have been enshrined. games must have left a mark on the industry or pop culture. some old games there. i don't remember playing any of them. i was more of a soccer-related game player. not quite those games. but anyway now japan doubling it's bourbon producing capacity. that's according to the nikkei newspaper. it's just the latest investment in industry. dominic has more on the bourbon

economy. >> welcome to the common wealth of kentucky home of america's native spirit. we're talking of course about bourbon whisky. it's not actually a requirement for bourbon to be from requirement but for all intents and purposes it is. 95% of the world's supply is made right here. for good reason. >> the limestone water from the ground is iron free and clean. great water for making whisky. >> we have about as many hot days as cold days during the course of the year which is perfect for the aging process of the barrels. >> in order to be considered bourbon a number of different requirements immediate to be satisfied. it needs a grain mix of 51% corn and aged for a minimum of two years in new charred american white oak barrels and of course be made in the u.s.a. some call this is the best time to be in the bourbon business since prohibition thanks to

doomingdoom booming demand production is ramping up. according to the kentucky distiller's association the number in the state tripled over the last two years and nearly 7,000 additional jobs were created. >> we're drawing over 100,000 visitors a year to come visit our distillery and take a tour. >> it may continue to have legs as some point to growing popularity among millennials. >> 95% of the world's bourbon is made here in kentucky. all the good bourbon is made here. i don't know where the other 5% comes from but i wouldn't drink it. >> just think about this there are currently 1 million more barrels of bourbon aging in the state of kentucky than there are people living in the state.

still to come on worldwide exchange. it's one of the most unusual stories in any election campaign. the existence of a golden toilet. find out why his bathroom is under scrutiny in turkey. we'll be back in a couple of minutes. heroes charge! ♪ ♪ (explosion) ♪

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investors eyeing the jobs report for clues on whether the fed will raise rates this year. greek uncertainty sees euro zone bond yields continue their march higher. this amid anger over terms being demanded by it's creditors. shale is no threat says saudi arabia's oil minister as opec wraps up it's meeting in vienna. he says every country is entitled to produce as much as they want. and turkey is ready to vote in the closest election in a decade with president erdogan hoping to increase his grip on power. >> markets in the red they have been on the slide this week particularly since wednesday afternoon when the ecb governor said volatility of it will be

right. the dax down almost 1%. yesterday it was down over 2% at one moment but did close down less than 1%. france is down 1% and italy down 0.7%. we have seen an unwinding in the second half of this week. that also occurred in the bond market where yields have risen in the last two or three days. the yield in the 10 year german bond came close to 1%. a level it hasn't been at. didn't quite cross that level and rallied below 9%. the yield on the ten year in the u.s. 2.34% and the spread between those two of course closing and that has seen the euro rally a little bit. let's have a look at the top individual movers in terms of equities here in europe today. nestle down 0.6%. seeing red after recalling it's maggi noodles in india. this follows a food scare which

suggested it contained excess levels of lead. they insist they're safe to eat. lloyds bank down. bnp trading lower on a french newspaper report that the bank plans to streamline it's bisby cutting 20% of costs and boosting revenue. it's off just over 1% today. stefen has more on the story. >> there's no confirmation but according to union sources they'd like to increase it's return on revenue from 16 to 20% and bnp would aim to increase by 7% over the next couple of

years. there's no indication bnp would like to reduce the status specifically in it's london office but a source familiar with the matter says bnp was reviewing it's global market operations in london in order to assess the cost base and review how to make it more efficient. banks are trying to upset the increasing cost of regulation. european single resolution fund. the contribution was the highest for the branch. 245 million euros and also facing an increasing pressure regarding it's operating expenses. they grew by almost 15% in the first quarter number which was too high.

>> thank you very much. turkish voters will elect a new parliament with with the party hoping to strengthen its 13 year grip on power. >> reporter: less than a year after he became turkey's first democratically elected president voters will once again head to the polls. to decide how much power he should have. parliamentary elections will determine whether his party maintains a majority. one that would allow him to give the president a chance to officially consolidate his power but mr. erdgon's behavior is erratic. his attacks on political opponent, the press and his central bank governor made even the most bullish investors nervous. days ago the government took control of bank asia. a lender who principals were

accused of backing his long time political rival. the impact will be minimal in dollar terms but with turkey's banks, the biggest holder of foreign debt investor sentiment will take a hit. despite the slow down plus worries over inflation and unemployment the economy remains one of the world's strongest and their role as a member of nato and work against the spread of the islamic state means turkey's internal stability remains crucial. but even among his closest allies his policies are troubling and the question is whether they're willing to trade the promise of the economic visit for a less authoritarian hand. >> joining me more to discuss this further is anthony skinner. >> good morning. >> he wants constitutional change and he needs a two-thirds majority. is that looking likely?

>> at the moment it depends on whether parliament. it's whether it will pass a 10% threshold in order to secure seats. if it does that would mean that they would not have a absolute majority which means that they would not be able to push through a full blown executive presidency. if it doesn't make the threshold it would have an absolute majority and be in a position to adopt an executive presidency. there's another scenario where that party secures 330 seats but doesn't have an absolute majority it would take a new constitution to a referendum but 55% of turks do not support a full blown executive presidency so even then the prospects of achieving his goals are slim. >> so his desire to increase his grip on power to give the presidency new constitutional powers, is that more backward

looking? is that because he wants to cover things up he has done in the past or is it forward look something he wants to further his career in that sense? >> it's a combination of both. in the longer term it's going to be difficult for him to sustain his rule as an executive without having the constitution on his side. he understands that there are a lot of players in curturkey that want him to fall and want him to fall hard. it's been covered up until now. there's another point here which is that he wants to also insure that in the longer term there's no check on his control. it's the last institution that can check his control. he does have power as the president. but at a full blown executive president there's very little that can challenge his power in

the longer term. >> what do you expect the outcome to be for markets? of course the lira back four or five years ago the economy was looking strong. part of the reason why his support was so strong. as we look forward, what's the best outcome? >> it's very simple actually. it's having a very slim majority which would contain his successors or at least help to do so. it would also involve the people's democratic party entering parliament in order to increase the prospects of there being a settlement between the government and the worker's party. this is a reflection of the gridlock o. we need that gridlock to be resolved moving forward and also for the on o situation parties, that's the nationalist movement parties and the republicans people's party to increase their share of the vote. so basically an arrangement where we don't have a coalition government and the party can still make legislative decisions

but it's influence is curtailed by the positioning of opposition parties in parliament. >> thank you for joinging us. that was anthony skinner. now it's decision day at the opec meeting in havevienna. oil prices are trading lower ahead of today's meeting. wti at 57.5. brent at 61.6. now he asked whether he was worried about the return of iranian oil to the market. >> i am sure that they'll maintain the situation for returning and open the door for returning on to the market. i don't think that we'll witness the new fall in oil price in the

market but a main issue for iran i should emphasize that is to achieve the traditional market share in the oil market. >> how many more barrels would that be? >> i think immediately it means during one or two months we can increase half a million and during six or seven months we'll increase it to 1 million barrel. >> cnbc is off to the races. it's one of the busiest days in britain's social calendar. the epsom derby. we're live with the fashions and frolics of ladies day. we're back in two.

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monaco is the home of business leader this week. key innovators from health care technology and finance are being recognized for their achievements and disruptive technologies. seema is live in monaco.

let's get to her now. >> as you and i know india was one of the favorite emerging markets in 2014. one of the leaders in the pharmaceutical space. thank you for joining us. >> pleasure. >> help us understand what you're seeing a clear indication that everybody at the moment is clearly disappointed. >> you are one of the leaders in making vaccines. talk to us about what you're seeing in the health care industry.

>> health care industry needs a lot of support. it's almost like a neglected sector. not dependent on the indian health care sector at all. 85% is 140 countries worldwide and that's our strength. >> and growth going forward? are you going to continue to expand internationally? >> yes, a lot. much more as i said much more than in india because they're all attracted to the low cost high volatility that we're making good for the underprivileged of all of these countries and that's our strength and that's what they're looking for to expand more vaccines which have not been covered just now. >> that's the work that you're being recognized for here. >> exactly. that gives me satisfaction on saving millions of lives. >> but are you looking to sell

your company to another major pharmaceutical company. >> this question asked to me when i said no at half a million dollars. >> okay. >> and then it's gone up and up. fortunately to 7 to $10 billion and we have said no. so absolutely no chance of selling. we may buy. >> you may buy? >> we may buy. >> which companies are you buying? >> we bought dutch company. >> but going forward? >> maybe another vaccine company in copenhagen. beyond that it's difficult to expose my cards. >> well you'll come back to us i'm sure. wilfred a number of guests coming up. for now i'll send it back to you. >> thank you very much. now the japanese property firm mitsui fudosan will be between a

project at a site in london. we have the story live in tokyo. >> thank you wilfred. the bbc agreed to sell 65 kilometers of land. it will add this to the land already purposed in 2012. the plan is to renovate existing buildings and add new facilities including offices, hotels 900 residences and commercial areas. it's expected to cost over $3 billion. this will be 2.7 times the scale of the project the company launched earlier this year in new york. it will be carried out the british property developers. we have been seeing a recovery in the property market. it's willing to exploit it's development of complex facilities and other countries. with the net income having

jumped 40% it's first record high in five years they doubled their investment target. currently only 7.5% of the total assets are outside japan but they're planning to invest $4 billion in overseas valuations and now that's targeted for the u.s. and europe. that's all. wilfred back to you. >> thank you very much for that. now it's britain's richest horse race, the epsom derby. a weekend of racing begin with the ladies day where 50,000 people will be there. expect high fashion, champagne, fine dining and keenly contested races too. karen is live at the race course. let's get out to her now. >> the gates open here in about an hour's time for what is meant to be a spectacular weekend of racing with the oaks today for lady's day and the derby tomorrow. derby is synonymous with races

creating a whole lot of other races in other countries. of course the kentucky derby. there's a lot of connections off the track as well because this is one private ooechtyivate event in the queen's calendar. she rarely misses this event. but the question is whether this is the sport of king and queens and if you need deep pockets to be a racehorse owner today. profits about 29 p. i spoke to rugby star james simpson daniel who now works for the high end book maker. this is what he had to say about the industry. >> when you're talking the derby races and the oaks money does talk a little bit. a little bit like in football and rugby, the sides that invest the most money get success. my point of view we were very fortunate that me and a few of

my good friends bought into a racehorse. relatively little money. there's four of us that own it and that horse has gone on to come third in the grand national. so it does show the dream is there. don't get me wrong. it's difficult to come across. and everyone has been saying i've been trying to buy the grand national third for 50 years and you get lucky paying next to nothing but that dream can come true there. but certainly on the big races, on your saturday races, you're going to get the big money owners but anyone can own a horse at a runs midweek and if you get lucky you can have a lot of good days like we have. >> if you take the oaks for instance-four runners in the race it feels as if there's an enormous concentration of power in a small group of people. do you find this a dampening feeling for the industry when there is such a big ownership

structure that could impact racing strategies? >> if -- i personally feel if there's less racing and you only have saturday racing it's a negative. but it's all about not having a saturday winner. you can get just as much thrill from winning a small maiden race in the midweek as a racehorse owner as you can by -- don't get me wrong. but the way i look at it is that rush of getting your horse across the winners line can be great whether it's a saturday or monday night. >> so ration has always been about the thrill of the win and you may see behind me the finishing straight and perhaps this is a good story or description for the industry itself itself. you race downhill with the wind in your hair and just as you have it in sight the track turns

against you and goes upward. so it's an upward battle to get past the finishing post. >> hopefully they'll have the wind in their face going uphill or else it will be a slow finish to the race. but thank you for that. now the darr by is not the only prestigious race this weekend. american pharaoh will race to become the first triple crown winner since 1978. jay is at belmont park jay. >> good morning. dark out here right now. just before sunrise. a bit of a cool breeze. we will see american pharaoh make one final gallop around this track before making his run at history. now there's been some concern in previous triple crown attempts and 13 others since a firm did it all in 78. there's been concern that in

this final race the longest race of the triple crown that horses that haven't run in the first two parts of the series come in and do well. they're fresh. they haven't run the two races in five weeks leading into the belmont but even opposing trainers hearsay that pharaoh looks good. strong, doesn't look like the other two races have effected him. he is a 3-5 favorite going off right now and a lot of people think for the first time in a long time almost 40 years that we'll see a triple crown winner. >> as you say, american pharaoh is the odds on favorite. i like the look at frosted. that's got to be my pick. >> no i think you're right and there's a lot of people with you. this is something that in the 70s everybody thought could be done regularly. there hasn't been one since

then. if you have to look at it from that standpoint pharaoh has a tough go here obviously. not only the stacked field but the hype and pressure of trying to grab that third gem in the crown. it should be a great race and looks like the weather will be perfect for racing. should be quite an exciting event. >> thank you for that. now i'm definitely going to have a small money. shame it's not called wilfred frosted but i'll take it. from bell monmont to berlin. it's the highlight of the european club football season. juventus takes on barcelona but one of the key players is ruled out with a leg industry. they have not won the champion's league since their victory in 1996. it promises to be an exciting

account. now we want to hear from you on this betting on sports topics. will you be taking a punt? will it be on horse racing on the decline in your eyes? will you be focussing on the big football match instead? get in touch worldwide at cnbc.com or via twitter at cnbxw cnbcwex. seema is in monaco and visiting the casino. lots of ways to bet. are you taking part at all? let's have a look at u.s. futures. pointing to a positive open. yesterday we did have a negative return off the back of negative returns for european markets. what are european markets doing today? we are look at negative declines once again they have been on the slide all week. in particular the second half of the week after the ecb meeting on wednesday when draghi uttered

that important word volatility. the dax did decline over 2% at one point but paired most goings under 1%. france down a little bit more than that just over 1%. the ftse 100 down 0.6%. part of it sparked by the rise in yields in europe. the german ten year bond yield has been close to 1% yet but back below .9% today. it's decision day at the opec meeting. we're live with the latest as they gather to discuss oil production levels. worldwide exchange back in a couple of minutes.

greece uncertainty is still in focus. shale is not a threat ahead of the opec decision in vienna. he's too simplistic to portray a fight with north nernamerican producers. vodafone is in talks with liberty global. but discussions are based on

asset swaps and not a merger. but a huge breach of government security. u.s. officials suspect chinese hackers are behind an attack involving data for millions of federal workers. 225,000 in non-farm payrolls versus 223,000 in april. the sluggish u.s. economy is prompting investors to doubt whether the fed will be able to raise rates this year. fed chair janet yellen said a rate hike is likely if the data holds up. let's have a look at us. futures which will be reacting to what people expect on that number. we're hooking at a positive

number. the s&p expected to open up by 3 points. the dow expected to open up by 25 and the nasdaq by around about 10 points. that follows declines yesterday when we saw the dow on pace for a third weekly loss. that small gain today might just be able to raise that possibility. let's have a look at bonds as well. that's been a big driver of markets. of course the ten year german bund rallied a little bit today. 0.87%. the gap has helped push the euro higher. the u.s. note at 2.33 today. now members of the greek government are threatening if international lenders don't sharpen their stance toward the nation. it comes after athens told the imf it will not make a debt payment due today.

greek yield curve highlights at 11.4% for the ten year. julia joins me on set with the latest. so this payment is being delayed. how important is that? it's buying them time effectively. they have made it into a bit of a defiant gesture. we heard them saying we got the money. we could have made the payment so a bit of push back on the creditors but still trying to negotiate a deal here and the overwhelming message from all parts of the party is do the terms of this deal at the moment just don't work? there's still going to be more noise as we try to negotiate a better deal at this stage. still pressure on them to do the pension reform. >> so still key differences

between the two sides of course but there's even differences in the rhetoric we sometimes hear from each side. particularly on the greek side. we have got the money but we're not going to pay it type thing. is that just to appease the people on the left side of the party giving him a lot of heat at home. >> absolutely. there's an element to what he is saying. he says he's optimistic of a deal. he's trying to manage expectations for the greek people. it's also what's going on in the banks. significant outflows in particular too and particularly the back end of last week. he has to be careful that the rug isn't pulled from under him and that they start really using the banking sector. >> now a run down in what to watch on this trading day in the u.s. we'll get a check on american's

boring borrowing habits and amount of debt they're taking on. also bill dudley is speak later today. u.s. officials expect chinese hackers may be behind a matszive data breach of the federal government. identifying information of up to 4 million workers may have been stolen including those with security clearances. the fbi is probing the breach detected in april at the office of percent until management. they say hypothetical accusations are irresponsible and counter productive. the sec is pope benedicting allegations that dow kemchemical misused funds. in a statement on thursday dow chemical says it addressed the issues through dependent issues and audits. let's have a look at share price action in dow chemical.

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chinese hackers may be behind a massive data breach of the federal government. it's decision day at the opec meeting in vienna and the jobs update playing into the fed rate hike time line. it's decision day in vienna. no change to production levels despite continued fears of oversupply. oil prices are trading lower today ahead of the meeting. we're looking at 57.5 on wti. steve is live in vienna. let's get to him now. >> very interesting meeting in terms of the sentiment because in november when we had the meeting it seemed a lot of tension had come off from $100 barrel and then they left

production unchanged and the oil price came off to $46 barrel and now rallied up but we're about 5 or 6 dollars below the level in november but i don't sense the same tension among the opec ministers as last time around. they seem happy that demand has come through and the market is reach a form of equilibrium. i asked if it's too simplistic to say this is a battle of opec versus u.s. shale. >> i think it's probably too simplistic but you're more important than me. >> too simplistic. >> are you happier with the supply and demand -- >> i said that the first time i arrived and i told you when i entered the hotel. >> it's interesting because a lot of the short-term pressures are still there. iran and iraq want to ener production. they seem very happy that demand has picked up. let's get another voice on this. the ceo of petroleum policy intelligence.

nice to see you. i didn't get the same impression that there's the tension around the meeting. what do you think? >> no question that oil prices came off harder than the opec members expected after the november decision but the market has rallied a lot since then. they see a lot of demand in q-1 and q-2 and demand expectations are stronger for the rest of the year. there's a bit of a potential achilles heel and it's coming back to the market on the supply side but if that doesn't happen balances could be tight by the end of the year. so it looks not such a bad picture. >> i just spoke to the iranian oil minister and he said they could put another million barrels on the table for exports. that's optimistic but there's a lot of iranian oil to come on the market. what is that going to do to price? >> that's going to be the big

question. whether iran can deliver the barrels or the deal is done by the end of june or is delayed a little bit but when iran comes back i do expect they'll come back. has a lot of oil in storage that will be released. they may make a little bit of a splash and could have an impact on the market certainly. >> what's the other big factors at the moment as well in terms of how the oil price goes from here? >> the real question is have we had a demand impact from low prices? we're not sure about that at the moment. it's probably too early but what we can say is that there's a lot of strategic stock building going on in places like china and we've seen stronger numbers coming out of latin america and europe. >> we may see a little bit of softness in the near term but things will start turning up again. >> bill joins us from petroleum

policy intelligence. i have to say it was a particularly tough media scrum this time around. i might send you next time. >> you thrive on it and it's been great coverage so far. now monaco is the home of influential business leaders. this week as part of the global entrepreneur conference key innovators are being recognized for their achievements and disruptive technologies. seema is live in monaco. let's get out to her now. seema. >> wilfred if at first you don't succeed, try again. that sums up the move here at the global entrepreneur conference and our next guest was on the brink of failure in 2010 but was able to make an astonishing come back. what was the secret? let's get the story. thank you for joining us on worldwide exchange. let's talk about that. in 2010 you did see a number of challenges facing your company but you were still able to stage

a come back. what was the secret there? >> we had a drug for alzheimer's disease. our first program upon which our company was founded. even though our first trial was positive but our second trial failed. that put us in a difficult situation. our patients were very disappointed but we lost a billion dollars in market cap on the first day of trading. we had to lay off almost a quarter of our company but we put our noses down to the grind stone and hung in there and our prostate cancer rile turned out not only positive but it was so positive on the basis of that trial our drug has been approved in 55 countries around the world. it's approved for the treatment of both early and late stage castration resistance prostate cancer. >> and now you have a market cap

there. talk to us about the data and how important it is going forward. >> we have preliminary data in a group from breast cancer. we showed it appeared to have potential activity in that population. so that's quite exciting. >> what does it mean in terms of expansion of market opportunity. >> we're also trying to move it farther upstream in the treatment of prostate cancer. we're now looking at it and trying to move up steam and doing other clinical trials. >> outside of this it has an immuno asset. how does a smaller company

compete with one of the big players. >> we do have a molecule. we think that the molecule is differentiated so we're quite excited about that. we're going to phase three this year. >> does the size of these trials and expenses associated with clinical trials mean there's an tun perhaps to create a strategic partnership of one of the bigger players? >> we are partnered for our product in prostate cancer but other programs are currently unpartnered and now that we're much more sound financially we have the means to take the programs forward ourselves. >> we have seen a lot of mna. would you ever sell your company to bristol myers or pfizer? >> we're focused on growing our company. our return on investment has been quite robust. we started ten years ago with a

valuation of 10 billion. more than a 900 fold increase in valuation and our goal is to keep growing the company and tackling difficult decisions. >> we'll leave it there. joining us in monaco and talking about interesting drug results in the oncology space but also the importance of innovation. back to you. >> thank you. great interview and lovely shot too. still to come theater tickets often expensive and sometimes difficult to find. but a new app is promising to ease access to last minute deals. find out more after the break. more and more, data is visual. in fact, the number of mris has increased by ten percent a year. and a radiologist might view a thousand images to find one tiny abnormality in shape, contrast or movement. because it's so challenging a research project is teaching ibm watson to see. in the future, it could help clinicians

spot key patterns quickly and precisely. ibm watson is working to make healthcare smarter every day.

bringing broadway to your phone and west end too. today claims to be the first and only free mobile app with access to theater tickets. founded by two broadway producers they're expanding into london with plans to move into more cities by the end of the year. good morning to you. just tell us very quickly what service you offer. >> it's a last minute mobile app completely free that sells the best prices to all west end and broadway shows any time seven days out up until one hour before show time. >> how big is the theater

industry globally. >> globally it's a $50 billion industry which is about twice the size of film. in the u.s. a $12.5 million market. >> i wouldn't jump to think that. last minute purchase of tickets a big market. unlike cinema isn't this something that people plan weeks in advance that you don't think right at the last second i'll go to the theater. you already planned it. why do you have the market at all? >> it's very interesting because originally you'd plan six months in advance and three months in advance but because of the mobile phone and the way we engage with companies over 50% of the tickets sold are week of. >> and overall big, big numbers we heard earlier in terms of the size of the market is that because prices are are too high. it's an expensive night out. >> it is. one of the things we try to educate on is you can see the

show for 17 or 19 pounds. major west end productions. it ends up being like the cost of a film ticket. >> tell us where you are now in terms of your own expansion you just launched this week. >> we have 450,000 users now which has been a whirlwind. we launched this week in london which is very exciting for us because the west end is one of the most iconic ones in the world. >> is it better than broadway? >> they have their own charm but it's something about the history of the west end that i love to see a show in beautiful play houses and see the incredible talent. >> thank you for joining us this morning. let's switch focus back through markets and check in what european equities are doing. we're off in the red. you can see continuing the declines over the last couple of days. the ftse 100 down 0.7.

germany down 1%. yesterday germany was down more than 2% but paired losses by the close to decline just under 1% and it's down same amount once again today. italy off 1%. let's have a look at bonds. bond versus been one of the key drivers for the negativity. the risk off sentiment we have seen this week because after the ecb meeting on wednesday afternoon yields started to rise again. particularly in the german yield which yesterday hit 0.99. it didn't quite cross 1%. if it had it would have been the first time since december 2013. that unwinding o of european qe related trades is part of the reason for the negativity that we've seen across the board in financial markets over the last couple of days. it's also allowed the euro to rally against the dollar. now turkish voters will cast their ballots on sunday for a

new parliament. cnbc's hadley gamble has the preview. >> less than a year after he got a victory to become the first democratically elected president voters will once again head to the polls. this time to decide how much power he should be allowed to have. elections will determine whether his party maintains a majority. one that will allow them to change the country's constitution and give the president a chance to consolidate his power but his behavior has become increasingly erratic erratic. even his central bank governor made the most bullish investors nervous. days ago the government officially took control of bank asia. an islamic lender whose principals were accused of backing the one time political

rival. it will be minimal in dollar terms but warned the biggest holder of foreign debt investor sentiment will take a hit. despite the slow down and worries over inflation and unemployment the economy remains one of the world's strongest and their role as a member of nato and spread of the islamic state means turkey's stability remains crucial. but b even among hiseven with his closest alleys it remains difficult. >> now in this closely fought election there's one very pressing question. does he have a golden toilet? the turkish leading is suing the main operation party leader for 100,000 lira following claims he uses such a lavish object.

he lives in a palace of 1150 rooms with four times the floor space of versailles. but a golden toilet is one step too far. he earlier this week said he would re-sign if the item could be located. so an interesting extra story there relating to the turkish elections. how is it trading ahead of the elections? it's flat today. you can see 2.66 against the dollar it's down 20% against the dollar over the last six months or so. let's just look at u.s. futures again. of course expecting a positive open despite the declines in european markets today. we're looking at the s&p expected to open up about 3.5 points. now it's a big weekend of sports. potential big weekend for sports betting. we have the derby and belmont

takes in the u.s. and champion's league final on the soccer front. are you betting on sport this weekend? join the conversation on cnbcwex. we got a few tweets in this morning. he expects barsa to win. tweets in on the belmont stakes. i want to point you out my tip is a horse called frosted. of course i have to choose that. second favorite available at 5-1. get in touch with us at cnbcwex. still to come on the show it's all about the jobs number. we'll look forward to the nonfarm payrolls after this short break.

a warm welcome to worldwide exchange. let's give you headlines. the county down is underway as european stocks follow european equities lower with greece uncertainty still in focus. shale is not a threat says saudi arabia's oil minister ahead of the opec decision in vienna. he tells cnbc it's too simplistic to portray a fight with north american producers. vodafone is in talks with liberty global but shares fall as the giant says discussions

are based on asset swaps and not a merger and a huge breach of government security. chinese hackers are behind an attack involving data for millions of federal workers. let's have a look at what u.s. futures are pointing to in the market. s&p up by 3.6 points. the dow by 23 points and nasdaq by around about 9 points. this comes despite another soft day with the stoxx 600 down around about 1%. now all eyes in the u.s. will be on the non-farm payroll. report is out at 8:30 a.m. eastern time with the pace of hiring expected to be the same as april. the consensus forecast is for an increase of 225,000 in nonfarm payrolls versus 223,000 in

april. unemployment expected to hold near a seven year low of 5.4%. joining me is the managing direct tore at b.k. asset management. a very good morning to you. let's get straight to the numbers. are you expecting a beat on the non-farm payrolls? >> i'm not. i think consensus number would be the best possible now. the predata is mixed. they've shown a little bit of a softening and the ism non-manufacturing which is the best forecaster the components there dropped by 1.5 percentage points. >> so on the crucial inflation and jobs numbers are things getting worse than they were a few months ago? how does that change your view on the timing for a rate hike? >> i don't think it changes it

much. unless we see a 300,000 job print which would be a strong print and really surprise the market to the upside i don't think you're going to see a change in market expectation which is centering on the september possibility for a rate hike. not a june one. the fed remains relatively cautious. wants to see consistent and steady job growth and is going to be looking at the average weekly wage growth. they want to see wages grow because that's what they need in order to feel assured that their rate hike will be absorbed piano the market. you saw yesterday how volatile the european market has become. they don't want to trigger a melt down in u.s. bonds if they change rates too quickly. >> is this now the key for markets? is it what we expect the fed to

do? or is the focus once again, particularly this week and the volatility the last couple of days, is it back on the ecb and what's going on in europe? >> it's really come front and center. yesterday's ooechts were extraordinary and there's no doubt that policy makers are watching him very very carefully. mario dr ark ghi himself on wednesday said expect more volatility. even at .5%. 50 basis point move in interest rates is massive. it's much greater in terms of percentage points than if you had a 10% rate so even a tiny move in bonds could have really serious ramifications all across capital markets around policy makers are wear riy of that. changes in the fixed income markets become incredibly

exaggerated at this level. >> i can see that and volatility itself will be worrying globally but having said that we've seen the euro rally very strongly. that's going to be welcome to janet yellen. >> yes. that is going to be welcome point to her. not so welcome to mr. draghi at this point. we'd like to see it at 115 max. i don't think that's the primary consideration for the u.s. policy makers at this point. they feel that the stronger dollar can be absorbed by u.s. multinationals. the biggest concern is so make sure that the u.s. consumer which failed at every single point to pick up spending comes up to par in order for them to begin to tighten rates. one of the things that happens we're still very housing based so if you raise rates too early that could stifle the housing recovery we're seeing. >> are you going to be watching the belmont stakes?

>> i'll be watching but i will not be betting. i'd love to see the triple crown this year. i'd love to see that happen. >> having said that the second favorite is called frosted. i will be backing my name sake. thank you for joining us as ever. now let's take a look at the other top stories today. walmart holds it's annual shareholder meeting today in arkansas starting at 8:30 a.m. eastern. there's one major proxy proposal on whether the retailer should have an independent chairman. on thursday he told the media about half of walmart stores needing improvement. let's have a look at price action in germany today. bucking the trend of what most of the european shares are doing. the sec is probing whether activist investors secretly teamed up to target companies. the wall street journal said the agencies sent subpoenas to

several hedge funsds. they require investors to disclose those arrangements and designate themselves as a group if they own 5% of the company's stock. >> still to come the latest on the biggest breach of u.s. government data in history and who might be behind that cyberattack. all that news and more coming up on worldwide exchange.

a massive cyberattack struck the u.s. government potentially effecting million of people and authorities are probing whether it's from china. landon has all the details. >> u.s. officials say hackers broke into government computers possibly compromising personal data of 4 million current and federal workers. the fbi is investigating the breach which some authorities say was carried out by chinese hacker: the breach was detected in april and the systems of office of personnel management which acts as the government's hr department managing background checks pension payments and other functions for dozens of federal agencies. they say hypothetical accusations are irresponsible

and counter production. officials say the breach hit opm system and data stored at the department of the interior's data center. they access information including security numbers, job assignments and security ratings. the opm system was also hit by a cyberattack last year with ad accessing data on federal employees applying for security clearances. that was also attributed to chinese hackers and security tools that helped it with this attack. they indicted five military officials for cyber espionage. president obama moved cyber security to the top of his 2015 agenda launching a program of sanctions targeting groups or individuals that threaten national security foreign policy or economic stability. wilfred back to you. >> thank you very much. now this weekend the horse

racing or the soccer which one are you bog to be watching? >> the horse race. i'm going for the triple crown vote. american pharaoh all the way. >> it would be nice for the sport but there's a horse called frosted so i have to back that one. thank you for joining us. now it's britain's richest horse race the epsom derby. it begin with ladies day where 50,000 people will be there. expect keenly contested races. karen is live with all the details details. >> thanks the gates are about to open for a spectacular weekend of racing. the running of the oaks today for the 3-year-old phillies and tomorrow the epsom derby synonymous with racing.

in australia the brc derby as well. this dates back to 1780 and the blood lines off the track are also very important as well. her majesty the queen had about ten runners in the past and is die to attend tomorrow. the queen rarely misses this event. two in the past she has not attended so it's one for her personal engagement. the crowd looking forward to seeing the queen but the question we have been asking today is whether horse racing in the u.k. is still relevant. there's a lot of optimism here that the city can pull it together despite diminishing returns. 29 p that you can expect from horse racing ownership these days. >> thank you very much. look forward to hearing how much money you made this afternoon. the epsom derby is not the only

horse race this afternoon. the belmont stakes. american pharaoh will race to become the first triple crowned winner since 1978. coverage begins tomorrow at 4:30 eastern time on nbc. be sure to tune in. now throughout the show we have been asking you are you a betting person on sports this weekend? will you be betting on horse racing? is it on the decline or are you betting on soccer instead? hoops and horses has tweeted in off the back of my comments that i would be supporting frosted given it's name and they said we like frosted in the belmont stakes and have liked him since the kentucky derby. frosted gives you better odds than american pharaoh. so do let us know at cnbcwex or @wilfred frost. now let's switch focus back to the markets.

we have a plashflash relating to the unfolding greek situation. prime minister will hold telephone talk with russian putin at 10:00 gmt, that's 15 minutes time to discuss the process. adding spice to the whole situation if greece and russia are potentially talking to each other. >> now before we go to break let's remind you of the headlines. u.s. officials suggest chinese hackers may be behind the massive data breach of the federal government. but oil production is expected to stay on hold and all eyes on non-farm payrolls with the jobs update playing into the time line. worldwide exchange is back in a couple of minutes.

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no change to production levels despite continued fears of oversupply. oil prices are trading lower ahead of today's meeting. let's have a quick look at those. wti at 57.7. brent is down to 61.9. straight out to steve live with the latest of what to expect. steve. >> yeah they seem very relaxed this time around and of course they made that decision not to change production which lead to big declines in the price of oil and then of course a big bounce up to 7:00 of the price. that's the immediate oversupply which everyone believes there is in the market could disapate over the coming months and

years. if iran gets this nuclear deal, big if within the next 4 to 6 weeks there's questions about what iranian oil might do to the market and opec as well. and i asked what oil levels he thought he could get up to. >> i'm sure that it's mature and will maintain the situation for returning and open the door for returning iran to the market. but main issue for iran i should emphasize that is to achieve the

traditional market share. >> how many more barrels are you trying to put on to world market? >> i think immediately it means during one or two months we can increase half a million and during six or seven months we will i think to 1 million export. the official level is what they're actually producing. regardless of that is what is very clear yesterday. and what i have been saying they're very happy with the supply situation and see no reason to change their current policy. back to you. >> thank you very much for some fantastic coverage. let's switch focus to equities.

european markets are in the red ending a week for europe markets. it was down more than 2% at one point but paired them to finish down less than 1%. this all continuing since the ecb meeting and we've seen unwinding of qe relate trades. that is likely to happen in the next ten minutes or so now. they might meet in berlin on tuesday. now joining me on set is julia to sum up all that is going on. the main story over the course of the last 24 hours is the payment not happening today. sum up the relevance for us. >> not happening today. they need cash in the interim. so this is the situation now. we need to see how a deal gets reached. you have an element of posturing

but you see talks he asked the russians for a talk with putin. positioning going on an the most interesting thing here is i think behind the scenes desperate efforts to reach a compromise here but the gap still feels wide between what the greeks are willing to accept and what the creditors are willing to offer. >> so last week are we closer or further away? >> we're closer because there's a better understanding of what both sides are willing to give ground on but no mention of debt write downs. still being very stringent on pension reform and these are things the greek prime minister needs to be able to go back to his party and say we is been given ground on these things. help me sell this. we're accepting a parliament with a bust up. leaders will debate and he'll present the details of the latest offer of the creditors in parliament. i think there will be a lot of

criticism. >> that reuters report that they'll have a phone call in a few minutes or at some point this morning, is that really likely that putin will bail him out? or is he trying to turn up the pressure on his main creditors right? >> i'm sure. he quite likes being involved. he likes the drama in europe. he has laughed at us before that we can't solve our own problems. i don't think he minds it. but there's a pipeline deal debate going on and the u.s. is important putting pressure on the greeks not to go east but trying to come with the west so there's wheels within wheels here. >> i hope there isn't a precedent for him. mr. putin came out to support mr. blatter and things unwound

for him. a small positive open despite the declines in european equity markets. s&p up 5 points and dow up 24 poinls and nasdaq expected to open up by 8 points. let's have a quick look at the ten year yield in the u.s. treasury which as you can see has rallied over the course of the last month or so. not so much really down to fed rate hike expectations. more on the german ten year that rallied this week. 2.34% in the u.s. in the addition to the job's number investors will get a check on american's boring habits and the amount of debt they're taking on when we get april consumer credit figures this afternoon. also we'll hear from the new york fed president. joining me to discuss how to trade today.

are you expecting a beat? >> good morning, there will probably be a beat but the number is really artificial because when you really look inside the number no matter where it is its going to be a lot of service jobs. a lot of the lower end jobs and it's going to be still lacking the participation rate which is more important than the actual number because we're now going to probably be back to 1975 or 1978 with participation so the labor force isn't growing. it's still shrinking. it's the way the government does the accounting for the numbers shows the numbers are good but they're not very good no matter what it comes out at today. >> let's talk about the fact that we have seen u.s. markets react so heavily to what's happening in europe. is that creating some opportunities for traders? >> because of what's going on we have seen for quite a while, the german bonds way down and they

had this big rally. because we're still the highest interest rate in the world. the whole trade is made possible because of what is going on with everybody trying to manipulate their own currencies and trying to push their yields down. the whole thing becomes a big trade all the way around. >> thank you for joining us this morning. author and founder of average joe options.com. now it's the end of a week here on world wild exchange. european qe trades have been unwinding off the back of the word volatility mario draghi said on wednesday. the forecast 225,000. fractionally better than the 223,000 in april. that's it for today's show and this week on worldwide exchange

as well. next up, squawk box.

>> greece delays a major payment due due today. the prime minister is getting ready to show his hand to parliament today. >> could be the biggest security breach in the nation's history. personal information of up to 4 million government employees is at risk and now officials say they think they know who is behind the crime. take a guess. plus when is it not okay to work together? why the sec is investigating

whether activist investors teamed up to target companies. i'm shocked. it's june 5th 2015 and squawk box begins right now. good morning everyone. welcome to squawk box here on cnbc. i'm becky quick with joe kernen and andrew rosssor sorkin. it's national doughnut day. various chains have plans for your treat. before you think this is all a made up holiday think again. the day got it's start in 1938 when the salvation army used doughnuts to raise money during the great depression and it commemorates the women that served donuts to soldiers during world war i.