>> current to the eb for hibts from mario draghi on how the central bank is dealing with a slowdown in the german economy >> e.u. leaders are poised to offer a second brexit extension, but france wants strict conditions as european council president donald tusk calls for a long, flexibility delay.

meanwhile, german finance minister tells cnbc his country is ready for any brexit end result >> we are well prepared for both tesco rises after reporting a better than expected full year profit and hiking its dividend, but the british grocer says market conditions remain uncertain. and a u.s. indictment weighs on indivior. an illegal marketing scheme began before they spun off back in 2014. well, good morning welcome to "street signs." european markets this morning trading higher despite a soft

handover from wall street yesterday as well as another downgrade to those global growth forecasts from the imf investors today largely in wait and see mode it's a big day for monetary policy with the fed march meeting minutes coming out layer today, and before that we have the ecb meeting here in europe on top of all that, politics remain front and center as well with brexit taking focus we've got that emergency e.u. summit taking place later today where we'll look for guidance on what the e.u. decides to do with regards to the length of the extension that the u.k. has requested to the april 1th brexit date, which stands to be the default as of now. currently stock 600 up about 25 basis points let's take a look at the different regions and see how the markets are fairing this morning. you can see green across german, french, and italian stocks with the french index leading the way. up about 36 basis points here in the u.k. the ftse 100 down about four basis points no major moves there

of course, huge amount of uncertainty today. we've also got u.k. gdp coming out later this morning kweel keep a cress eye on that finally, let's take a look at sectors and see how things are shaking out. more green than red, as you can see, across the board this morning. food and bev leading the way health care and insurance are the key laggards this morning. investigators will be looking for potential details on the third program, which was announced last month other areas to watch include the central bank's view on growth risks amid continued brexit.

>> are we going to get any answers? >> i don't think we get a lot of answer from mario draghi for today because he was mostly guiding us that the big meeting will be in june when they will unveil the details of the new program, and also, tiering is i think a bit premature for us to think that we get a lot of details from them on this. in favor of tiering and make sense during the low profitability during the banking seen in germany. volcker is -- comes out of france we say that he thinks that the deposit rate support currently good for banks in the euro zone and that this is also not tapping the euro zone recovery we could have actually some

ammunition for that argument also from the ecb lending survey, which came out yesterday, but shows for the first time i think since 2015 that new loans to business is actually dropping. another sign that the economy is doing worse, it's deteriorating from where we were, say, of last year, end of last year a lot of questions will be around that economic outlook scenario also, the question whether the ecb will actually hike rates anywhere near in the future or whether we more or less see another easing circle to start as soon as june. with that, carolyn, back to you. >> thank you so much for that. >> it's head of fx and rate strategy from ubs. let's pick up on where annetta just left us in terms of the ecb meeting today. there were hopes that we would

get more on possible tiering from the ecb, but in the last weeks it seems like that's probably further away than the market had been hoping are you expecting to get any more concrete hints around this possibility at today's meeting >> in terms of the formal communication, probably no the main question is how does draghi respond to questions around that because it is, as you say, focal, and i think that what the market has run a little bit ahead of itself thinking that tiering is a mainstream tool that is being discussed to be deployed in the next few months, and actually, there's a lot of people in the market, and at some point this even became clear in the pricing that tiering is opening up the way for cuts, further cuts, into more negative territory. the ecb is looking for contingency plans, but all signs are actually showing that growth is picking up, and they won't need that kind of measure.

>> so tiering is not a done deal it could be revoked and what damage would that do >> damage. all depends on the conditions, bakley, this happens, right? the blueprint, i think we're working off of the data is improving with the exception of german pmis most other key data points are picking up the ecb is still telling us the narrative of this engaging from some of its most extraordinary measures. after the unexpected drop in q4 and q1 going forward, right? in that case we would need to create a set of measures that basically accommodates negative rates for longer, but those measures actually have costs they have costs in terms of them

being very difficult to implement in a number of different ways, which we can discuss in more detail in that sense the ecb wants to tell the market that we have that -- those tools available to us, but at this point it's too early to use them. in that sense the cost that you asked for or the trade-off to that is that i think yields are a little bit too low in europe for the moment >> at the last ecb meeting mario draghi delivered a dovish message in the press conference. they downgraded their economic forecasts, and we saw assets sell off through that press conference largely on the back of this really negative outlook. do you think today he is going to try to reign in the negativity and the pessimism that he expressed last time around the economy >> i think last time you had mario draghi that was responding to what was a very surprisingly soft data set and persistently so have we seen evidence this is turning more positive?

we have. have we seen enough evidence to lift that from the market? we will see. my hunch is that it's hard to surprise the market dovishly here >> let's talk about the euro-dollar for a moment here. really range-bound ahead of the ecb meeting later on today, and we have so many other factors playing in we've got the fed minutes and then brexit, of course there's a lot of uncertainty it seems like the euro, though, can't catch a bid at this point, and we're seeing heavy short positioning. the highest level since 2016.

you need to see, a, stronger growth, b, that filtering into central bank communications or bring in bunds out to 40, 50 basis points, and then some removal of brexit uncertainty, and that should bring the euro closer to 120 at the end of the year it's hard to trade preemptively, and the reason why is because the dollar has high positive carry, and it's very hard to go against that basically. >> look at the ten-year bund yield. staggering euro. that's pretty compelling you're going to stick around for a little bit head of fx and rate strategy at ubs. make sure you join us, juliana and myself for decision time

the nomination still needs to be improved by parliament the post has been vacant since sabina's term ended in february. >> the mi ft cuts its 2019 growth outlook again warning the global economy is in a "delicate moment." more coming up after the break ♪ ♪ ♪ applebee's bigger, bolder grill combos. now that's eatin good in the neighborhood.

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this indictment says the illegal scheme began before it spun off from -- recollectit was not charged in the case. german retailer -- according

to -- metro will inject 300 million euros of fresh equity into the business before selling it to macon for 99 million euros. they run 277 hyper markets, and talks are said to be in the final stretch. elsewhere in corporate news, tesco has reported a better than expected 34% rise in full year operating profit the u.k. supermarket also delivered its 13th quarter of like for like sales growth in its biggest u.k. market. dave lewis says the company's turnaround plan is on track and is "confident the strategy will be completed in the next financial year." british on-line fashion retailer asos reported an 88% drop in profits blaming the major decline on poor trade up in the run up to christmas and logistical problems with its u.s. debut the company acknowledged the results were disappointing, but assured investors performance would improve in the second half of the year.

the delay should last as long as necessary, but critically does not provide an end date meanwhile, britain's brexit secretary steven barclay says he does not want a delay of up to a year he told bbc radio the key to a delay would be if the u.k. could terminate it earlier let's get out to sylvia who joins us this morning in brussels sylvia, you've been moving back and forth between westminster and brussels all the action is in brussels for this emergency summit. the big question is on the length of the extension the e.u. will grant to theresa may. what is the latest >> exactly this is the big question mark tonight. it's how long will the extension be because the expectation at this stage is really that the 27 european capitals will say yes

to another delay to the u.k.'s departure. the end date is going to be decided tonight by the leaders, but we know based on that draft document that the extension is going to be flexible is in this draft document ahead of the summit, it's also unclear if the u.k. does not have yourp even elections next month, then it's out of the european union on the 1st of june the same document also stated that during the extension u.k. and the e.u. cannot have trade talks, and also, very important during the extension devoting powers that the u.k. currently has will be limited. when it comes to decisions about the next yourp even budget or who is going to be the next president of the european commission, the u.k. will have restrictive -- restricted say

in yesterday our interview, the chair of the e.p.p., the yourp even people's party, and he told me that the 27 european leaders should only grant short extension because the longer this process drags the more times there will be for the e.u. the british government -- positive compromise for the future then parliament is not ready government is not ready. nothing gets a logical step to go back feel in a democracy of the people what is now next what to do. that's kind of an assessment what are the options on the table. we don't want to interfere in

the decision making in britain, but the continuation of the treasury, let me say, the political situation, in a block situation, and nobody can find an exit anymore, that is the worst situation. please tell us what you want >> let's take a look at details of the extension because there has been reports that the extension should last for a year some members say it's believed that the extension should actually be shorter. because there is no lack -- brits discuss brexit three, four years. very intense every day in the newspapers. the question is not that you need more time the question is you are ready to

decide there are two big things to watch. first, how long will the extension be, and, second, the conditions behind that extension. the summit begins at 6:00 p.m. local time in the meantime, though, i'll hand it back to you in the studio >> sylvia, thank you very much for setting the stage for tonight's meeting. meanwhile, we heard directly from german finance minister olaf schultz who told cnbc he welcomes brexit talks between the u.k. government and the opposition labor party speaking to annetta in a first on interview, he added that germany is prepared for any brexit outcome >> so far we cannot see there is a big impact coming from the ongoing debate about the brexit. we are well prepared for both. a brexit without an agreement. everyone knows it will be better

to have something which is a deal, and so we are still hoping for an outcome that makes this feasible you can catch more from our interview with german finance minister olaf schultz tomorrow stay tuned for that. >> now, the imf has cut its 2019 growth outlook again in its third downgrade since october. the fund said it expects the world economy to grow by 3.3% this year, down from an earlier forecast of 3.5%, and warned of the risk of further cuts to its outlook. the imf said global growth is slowing more than expected and a steeper downturn could call for coordinated stimulus measures. the outlooks that the imf give us, they have proven to be wrong a number of times. is there anything new here >> i think you nailed it

first, a lot of back information. second, you know, i'm greek. during the greek crisis, there was all this big even coming from the if questioning of the forecast validity and process allow me to take this forecast with a punch of salt >> i get it. should there be a coordinated global response as the imf suggests we've seen that time and time again, and during the crisis of 2009 and 2012, is this an order or completely misplaced? >> i think it has been one the chinese are easing they're easing quite a bit it's working you can see that in the pmis you know the biggest part of the slowdown was imported. 60 out of the 70 basis points in slowdown in growth last year were due to trade. if china stimulates, that will probably reverse the fed has taken a very big

step back, and that has helped financial conditions, which are very important for future growth pick up. i think we have seen that, and that's what the equity market is trading, and if i would have taken back, the bond market is wrong not to take note of what the equity market is doing >> on that point about china data and stimulus coming through and having an effect now last week we had the strong manufacturing data within the imf's cuts today they actually revised up their china forecast while they revised area is there more upside here than down side if we look at the 2019 revisions that might be ahead in terms of european economic -- european economics >> relative to what they have and the market thinks, i think that on average, yes there's genuine space for positive surprise. let me just translate that into the market the market expects the potential for cuts from the ecb. no hikes until 2022, 2023. very cheap euro versus any

valuation measures >> growth expectations have tremendously lagged. the improvement in the u.s. and china, i definitely think the scope for the market to rerate the potential growth outlook for europe higher. >> so you say european equity markets are cheap. we know that u.s. equity markets aren't necessarily cheap i know you're not specifically an equities guy, but give us a sense of -- >> even in markets like the u.s. where you are saying basically maybe the fed is being priced in and that has been priced in. there's a lot of rotation to happen in growth stocks. a lot of the growth in parts of the market, but cyclical parts of the market have been underpriced relative to other stuff that is more defensive or relative to tech you can see a big rotation there

if growth picks up, which is our call. secondly, you have to understand that it's a much more complicated situation. for instance, european car manufacturers produce a lot of the exports to china out of the u.s. they've already been hit by the trade war and easing on the trade war could impact them as well it's a complicated situation also, i would like to stress that yields in our opinion are too low. they should probably rise. >> thank you so much for that. appreciate it. head of fx and rate strategy at ubs. we'll have plenty more from the imf spring meetings in washington over the coming days, including interviews with esm managing director charles and

the imf david lipton as well as ubs's chairman and russian finance minister, just it to na name a few that's where jumana is, and that's why i'm in her seat >> so many topics getting markets' attention these days. coming up on the show, the leader of israel's two major parties claim victory. benjamin netanyahu looks likely to return to power we'll cross live to tel aviv after the break.

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welcome back to "street signs. i'm carolyn roth >> i'm juliana these are your headlines the if cuts global growth again blaming trade tensions amid new terror threats from president trump. he now turns to the ecb for hints from mario draghi on how the central bank is dealing with the slowdown in the german economy. >> e.u. leaders are poised to offer the u.k. a second brexit extension, but france wants strict conditions as european council president donald tusk calls for a long, flexible delay. meanwhile, german finance

minister olaf schultz tells cnbc his country is ready for any brexit end result. >> we are ready for both >> tesko rises after a full year profit and hike since dif depd, but the british groesh esear says market conditions are remaining uncertain. >> israeli prime minister benjamin netanyahu now promising to form a coalition quickly with 97% of the votes here in israel already counted, and the conservatives with a clear lead. zbriefrmts for february the gdp

grew 0.2% month-on-month that was better than the market had been expecting polls suggest economists were looking for a 0% month-on-month. nor the year on year number, it was up 2%. that's the highest year-on-year growth rate since november 2017. also ahead of expectations which were for a 1.7% rise as you can see, sterling marching higher to the tune of 15 basis points. recap for you, february gdp grew 0.2% month-on-no versus expectations of 0% for a broader market update, let's get out to carolyn >> all right it could be a pretty big day for the market we've got the ecb meeting. we've got the fed minutes, and, of course, another brexit summit let's have a look at how the equity markets are doing in yourp this morning the dax is trading higher to the

tune of 0.1% it might have to do with the rise in the pound. i should say that the retail sector is doing a better today weave got strong updates from tesco and from asos. the cap 40 up by 0.4%. let's also show you what the 4x markets are doing. we just saw pound sterling rise just a touch against the greenback. up by 0.1% 130.75 on the back of the data that was a little better than expected we're still seeing some safe haven buying and the yen given the imf cutting the outlook for global growth. uncertainty as to whether the -- they'll be slapping tariffs on the effect u euro dollar treading water at 1 112.67 ahead of the ecb meeting. we probably won't have any clues for the new buzz word tiering. finally, a quick look at what futures are doing in the u.s we're looking at a bounce back

after yesterday's drop of around 0.7% for the dow the s&p falling 0.6% that was actually its first decline in nine sessions the dow jones seen bouncing back to the tune of 41 points the s&p 500 could be up 5.5 points. >> it's been a tight race. what more can you tell us about where things stand now >> an incredibly tight race. that's exactly right, juliana, and it's great to see carolyn there on the desk with you as well where moving forward into what happens next, we've already heard from israel's prime minister, benjamin netanyahu, who has essentially said he promises to pull together a coalition as

quickly as possible. right now we have 97% or a bit more of these votes counted, and at the moment it seems as if the conservatives have a clear victory here, and one of the things that that will entail is, of course, building a coalition. 35 seats were taken by the blue and white party. that's against his main rival going into this election in terms of building that coalition, right now the netanyahu likhud group has around 65 to 67 seats confirmed. a clear lead for the conservatives there. i had to ask our earlier guest about where this leaves foreign policy, where this leaves the israeli-palestinian conflict will anything move in terms of moving the dial forward given the fact that -- with regards to palestinians and social security and that he has had direct support from the trump administration president trump and mike pompeo as well. i had the chance to check up with one of israel's foremost investigative journalists.

let's listen in to what she had to say >> there is historic conflict here between israelis and palestinians there are 13 million people between the sea and the river. they are going nowhere palestinians know that the israeli ares are going nowhere the israelis know the palestinians are going nowhere this will have to be solved someday somehow by some leader on our side on their seat. it will have to be a very brave leader, a courageous leader on their side and on our side nowadays, if you ask me, if there were to be such a leader on our side or on their side, 75% of israelis will sign on to the end game 65% of palestinians would sign on to the end game you know what the problem is our 75% don't believe their 65% even exists, and their 65% don't believe our 75% even exist there is no leadership that

would prove them otherwise snoo now with him basically meaning it will be health insurance fifth term as prime minister and by july that would make him the longest serving prime minister in israeli history, guys. it doesn't seem as if there's going to be much movement towards some kind of lasting resolution >> hadley, i'm curious, what was the trump factor in these elections because we obviously know that benjamin netanyahu has gotten a little bit of help from his american friend. especially when it came to golan heights or moving the embassy to jerusalem. what do you think was the impact here >> a pretty strong impact, i would say, carolyn what does it really say about the prime minister it says that coming into a fifth term potentially he has the full support and backing of not just the trump administration we're not just talking about president trump and mike pompeo. we're also talking about the fact that just a week or so ago he was in moscow being faded by

the russian president as well. it really does speak to his nine lives as a politician. this is a man who, of course, is facing corruption charges. still, he gained 3% in terms of his support in -- whether it be within the 35 seats that the likhud party was able it eek out for themselves or all the other conservative parties as well towards building another coalition. really it speaks to his ability not just as a politician to have nine lives in israeli politics, but certainly in terms of his ability to cultivate these other leaders, to cultivate administrations elsewhere, and it's not just about playing to the apec crowd in the united states, as you know. it's really about playing to president trump's base, and it seems as if mr. netanyahu has been able to do that quite effectively. >> hadley, thank you so much for that nine lives cats have seven, right >> that's right. >> just wanted to throw it out there. just for perspective really. no need to comment on that well, elsewhere in nearby shifting gears to saudi arabia orders for saudi aramco's bond

sales have topped $100 billion a new emerging market record strong demand from u.s. fund managers led the oil giant to raise the size of the issuance to $12 billion from the original $10 billion target zbroinchts the germ app government has revealed a series of meetings. amid merger talks. in a letter berlin confirmed that three meetings took place before and immediately after the announcement of talks between the two banks. any deal would see the german government become a shareholder in the combined entity meanwhile, command -- has promised keep the interest of its employees in view as it explores a tie-up with deutsche bank a group of senior managers told workers that discussions with the rival lender are still only exploratory and that they have an open and unbiassed nature a merger between the two lenders could put as much as 30,000 jobs

on the line. let's get back out to anetta who is covering this story and many other stories today in frankfurt, and an eighty, i have be seeing all the german newspaper reports about fierce opposition on part of the employees. >> yes, of course. it's no wonder because clearly it will be the smaller bank in that entity and probably will have to bear the brunt of the job cuts that is why the labor council is voicing opposition internally, and also now externally via the press. clearly, the labor side of things cannot be in favor of a merged entity because as you were saying, after 30,000 jobs only in germany, only in germany are on the cards we're not talking about surs investment banking from deutsche we are not talking about the big footprint to deutsche bank having in london we are just talking about probably overhead costs reduction, which means a lot of administrative jobs to be gone, and also, probably having of the

amount of branches in germany. it will not be the high ranks, which will bear the most of the job cuts it will most likely be, yeah, sort of in the branches. as i was saying, the administrative side of things, and those who are organizing the unions i caught up yesterday in berlin also with the person who is responsible inside the trade union for the banking industry and also has a seat in the supervisory board of deutsche bank take a listen to what he said about the planned mernler. >> we are clearly opposed to possible merger between commerze bank and deutsche bank to be fair, we have seen a lot of business decision in

other industries also against the will of the labour interest in those companies i also had to ask him if he thinks that labour is really, yes, sort of strong enough to oppose a deal and kill a potential merger between commerze bank and deutsche bank. >> verdi is capable of acting for both banks we see that many employees are taking to the streets to protest against the merger that's why the boards of deutsche bank and co mr. merze bank are well advised to want push against a merger against the will of the employees. >> the labor representative inside commerze bank also, according to sources i'm talking to, he is pushing hard for the management board to end those talks because there is no visible sense for commerze bank in that potential merger

according to the labour representatives, but the negotiations are ongoing and according to some sources i'm talking to, they are going not too badly. they are talking about potential structures, holding structure that was on the discussion, but might be off the table as of now. again, according to deutsche bank, the financial communication will not come sooner than towards the end of april, and more or less together with a quarterly earnings or perhaps a bit before as to what i'm hearing from the banks currently. back to you. >> annetta, thank you so much for that we can talk about all similar capital levels, and forever at this time a crucial point about how the employees are going to deal with it and put up with it.

>> the culture might be different between the two banks. deutsche banc has traditionally been an investment bank. they are internationally geared. commerze bank is a germany focused bank, especially when it comes to the companies the culture is is it going to work in the first place? it's a big question. think about how much that goes even further if you think about a commerze bank uni-credit tie-up >> italian, germans? i don't know >> it's tricky >> coming back to your point about getting the employees on board from a commerze bank side. part of the rationale for bringing these two banks together is obviously the synergy potential that has to involve job cuts to some degree. if it requires some conditionality around retaining staff to get the deal over the line for employees, you have to question how much that eats into

the synergy potential of this deal >> in terms of the tie-up more broadly and the potential success of this tie-up, i think earlier we were discussing commerze bank's history in the m&a space from the deutsche side of things. >> they integrated it pretty well, and they didn't seem to be that much opposition when it came to integrating those employees. it might be a completely different story for deutsche bank we'll see where this all goes. still, coming up we take you through all the action from last night's champions league quarterfinals next it was here. i couldn't catch my breath. it was the last song of the night. it felt like my heart was skipping beats. they said i had afib. what's afib? i knew that meant i was at a greater risk of stroke. i needed answers.

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i. >> the first of the champ yons league quarterfinal kicked off last night liverpool secured a 2-0 victory over porto at anfield and in a premier league clash taught them beat manchester city well, tonight's matches see ajax host joouchblt yas and barcelona visit manchester united. >> i guess i know what i many husband is doing tonight

i'm definitely not going to watch any of this. hey, we know what the guys are doing. zbliefrmt u.s. treasury secretary steve mnuchin has promised to follow the law in the house democrat request for president trump's tax returns. speaking on capitol hill, he said he would not ask for white house permission to comply with the request and said he was not afraid of being fired. mnuchin faced accusations the president has already interfered in the process in a tense exchange with the house appropriations subcommittee chairman he said any communication was above board. >> i want to ak nonl that we did receive the request, and as i have said in the past, when we received the request, it would be reviewed by our legal department, and it is our intent to follow the law. i believe that the communication between our legal department and the white house general council

was informational that we obviously had read in the press that we were expecting this. >> you can go any time you want. >> i believure supposed to take gavel and bang it. >> do not instruct me as to how i'm to conduct this committee. >> definitely one to watch coming up, our u.s. colleagues will speak to top executives from major u.s. lenders like citigroup and jp morgan will appearing before the house financial services committee watching later on today. lawmakers are expected to discuss a range of controversial topics, including compliance issues and executive pay that's always a controversial

one. the fed voted to keep interest rates unchanged last month despite calls from president trump to lower rates to help boost economic growth. thank you for joining us this morning. tell us your research note recently, and highlighted an interesting question clients are focussing on these days, and that is the apparent contradiction in the robust equity performance we've seen, but the expectation of fed easing that's being priced into money markets. how do you explain this? is it a divergence as how investors think about the future >> i don't think so. i think what investors are looking at is inflation likely to be below target for some

time they're seeing a fed reaction to any indication that the economy slowing will be very quick i think that they think that that -- the fed will be preemptive in terms of offsetting any kind of negative shocks but would move aggressively the fed funds rate will move quickly to generate that stability. >> what could -- this smooth scenario you have laid out >> well, one thing would be if the shock was much bigger. i think the markets pricing in a slump or worried about a slump, not about a big negative shock the other two possibilities, one, inflation is stronger than we think not very likely, but possible. the other factor that might restrain the fed would be if asset markets look to be too -- down the road, and they begin to

be concerned about too much risk being taken on by asset markets. yesterday we got big news with the u.s. saying that they are looking to put tariffs on $11 billion worth of e.u. products the market reacted negatively to this on the back of this not in a huge way. >> it's in reaction to a wto this is just putting yaurp on notice that they're not out of the focus of the u.s., but i don't think it's going to be any

kind of upgrade. we've seen that the administration on the trade side is sensitive to any market reaction to worries about trade and approaching the election i think they're going to be very cautious about generating those kinds of worries >> we've got a more dovish fed we've got, again, somewhat conflicting views on the economy with some of the data points better, some of the data points worse than expected. how would you trade the greenback right now? >> look, for now the dollar isn't really the trade, and we're kind of sideways on the dollar within g10. maybe a little bit more potential to buy some emerging markets, but the big trade right now that we see is emerging markets local currency bonds that inflation is low globally the fact that u.s. rates are low

leaves foreign policy makers, foreign central banks with room to cut rates we think it's a very bond market-friendly environment globally h-2, second half of the year, we think that the dollar will deappreciate when china looks better we think europe will look better for now within g-3, it would be a sideways move. >> let's come back to today. we've got those march meeting minutes coming out from the fed. we have quite a bit of easing priced in. if the fed sounds more opt knicks in the meeting in the minutes that the economy isn't slowing down and that they won't really have the ease, we could see rates back up a little bit we were long bonds for about 60 basis points now we're neutral. there is a bit of a chance that

the market will back up a bit because it's going to be hard to see whatsoever dovish sentiment comes out of this set of minutes. >> steven england, global head of g10 fx research and north america macrostrategy from standard charter thank you for joining us this morning. let's take a look at u.s. futures. it's a big day for monetary policy we've got the ecb coming up first, and then the federal reserve minutes later on this morning. you can see s&p, dow, and nasdaq all looking at higher opens this morning. worth noting, this follows a down day yesterday for these three markets. the s&p 500 broke an eight-day win streak quite a turn yesterday in terms of sentiment in the u.s., and it looks like we're going to get back some of the losses that we saw yesterday. the ecb meeting coming up where caroline and i will be bringing you full coverage of that. sorry to disappoint you. i think it's going to be a bit

of a snooze fest sorry to say that. we've had all the details out last month we're not going to get any info on the modalities on the tier until june really. maybe we're just -- we can sit back and relax just a little bit today. >> yeah. well, we said last time it was set to be more of a signaling meeting, but we actually got two big policy messages on the forward guidance and on -- i wouldn't underestimate it. it's still worth tuning in >> definitely. >> to decision time coming up at 12:30 british standard time later today. that is it for today's show. i'm julian why >> worldwide exchange is up next we'll see you same time, same place tomorrow the retirement p. with my annuity, i know there is a guarantee. it's for my family, its for my self, its for my future. annuities can provide protected income for life. learn more at retire your risk dot org.

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