jonathan ferro: they will run out of money.ou talk about this and we finish by asking, "when will greece run out of money? " they keep reaching behind the sofa to find a few more euro. >> it can go from may to june. it is crucial to look at the cash flow equation and the entities. to me, even if greece has -- there is the possibility of a accident on the way. there has been discussion of a haircut of collateral with greek banks to tap into reserves. let's keep an eye on that. jonathan ferro: always a pleasure to have you on the show. still with us, david. let's deal with the politics. the bar is pretty low. the differences were converging. it was a brutal meeting. >> it is very worrying to see this where it is closed and the daggers are drawn. both sides have different things they are playing too. we learned this with the debt ceiling debate a few years ago and we are seeing the same thing now. greece will find a way to stay in europe. it is probably more than what was done all along. doing things you don't want to is what you

jonathan ferro: that is almost it. we are joined by guy johnson.ece, twitter, what do you have. -- do you have? guy johnson: aluminum demand. there is an awful lot of energy and we can link you back to the energy and global demand story. this is a component to many of the manufacturing processes. they use a lot of aluminum. i think that is interesting. we have another hearing of the flash crash crater. we have some good guests coming up. and a roth child joining us. we will look at this. there will be a real sense of things happening around here. what is happening in the eurozone? what does it mean in corporate boardrooms. >> most people expected the scotland moment with the sterling starting to fall out of that. guy johnson: the market thinks conservatives will form the next government. that is the most logical explanation. that is, probably, from a city of london, point of view, that is the outcome. there is a belief that this will not be tight. i was surprised by the bounceback yesterday. you go down and the market is looking at it. jonathan fer

guy: jon ferro. up, we're going to take a break and then talk about cracking down on ed mill band with a major tax proposal. we'll preview his speech later on. i'll see you in a moment. ♪ guy: 40 past the hour. welcome back. these are the bloomberg top headlines. u.s.'s top homeland security commander warned north korea has deployed a new missile. the remarks are the strongest to date by u.s. militaryry officials about the status of the missile but the official added if it were fired at the u.s. he was confident that the u.s. forces could knock it out of the sky. the japanese owner of the hello kitty cartoon said the data of more than 6,000 shareholders may have been leaked. they are investigating the data which they used to register shares fell over 4% before recovering in tokyo trading. ed miliband is announcing today the government will abolish the domicile rule. he said it offends the moral basis of taxation. the vule unique to the u.k.. they will be talking more about this on our politics show w

vassilis karamis -- i am jonathan ferro. gains across the board. 600 had the worst week last week for the year. we combat. -- come back. ibex up by 0.4%. europe is old looking -- looking for a lift. rrr rating cut. it was aggressive. to the fx market. the aussie dollar is up. australia, there being export destination is china. their hunger for commodities improve. that means the exports improve as well. for me, the big important story taking place in the bond market. over the past week or so of what is about to happen in europe. greek and yields go higher. to get that, look at -- 0.0. at one point, we were even lower. money going to the core. no surprise, you might see. the bond rally is another. for me, the spread that is starting to lower a little bit. 1.4 5% on the 10 year in italy. a tough day for spanish and italian bonds on thursday. after the break, we will talk about that. rbs with extreme uncertainty. is in time for greece to get back to work? we will talk about the bond market when "on the move" returns. ♪ jonathan: good morning and welco

i'm jonathan ferro live from the city of london. a little bit later this morning. the last reading of u.k. unemployment before we go to the polls. we had a big debate last night. bloomberg politics anchor joins us for a little bit more. anna, the highlights? perhaps the highlight was there was someone absent. anna: good morning, john. david cameron -- no david cameron, no nick clegg. you get different reasons for that. there was an opposition leaders debate. that did include ed miliband of the labour party. he has the most chance of becoming a prime minister. the focus was the relationship between miliband and nicola sturgeon. how closely with they want to work together? they labour party has ruled out a coalition with the s and p -- the snp. the door has been open for some type of cooperation. >> tell me is it the case you would rather see david cameron go back then work with thesn snp. [applause] >> the difference is i thought tori all my life. unlike the snp.. we end up with a live them. you fought labor all your life. >> we fought to take david cameron off. do

i'm johnathan ferro and we're in london. 78% of greece said the nation should reach a deal with creditors rather than a rupture. that is that comes in stark contrast to a bloomberg poll of investors where 52% believe greece will leave the euro. why optimism on one side and sudden pessimism on the other side? i was kind of surprised by that. hans: it could be a little bit lagging. it could be before because it was in mid april before vary factorice was taking a different role in the negotiationses. that could predate the idea that alexis tsipras is taking center stage in the negotiations. the idea that intense negotiations are going to start. you could have a preliminary agreement on sunday may 3. and then on may 11 you go ahead and vote for it but have it ratified by all the finance ministers. one showing look for in the talks on this are both sides talking about the same kiverpb deal? it is very clear from the european side that they want a complete and total deal, a complete completion to have program. and from the greek s

i'm jonathan ferro. the ftse 100 coming off an all-time high. dax also often all-time high, down by about 40 points. stoxx 600, record high friday, coming back a little today. i want to get a little excited about london property. nowhere to go but up. that is the message from billionaire gopichand hinduja. guy johnson sat down with the billionaire for an exclusive interview. gopichand: properties in london will keep on growing. when i say prime properties, i'm referring to mayfair, i'm referring to -- all in all, the property prices say 800 pounds a square foot, then i found the same property went up to 2000. then i found the same property went up to 4000 pounds a square foot. whatever estimations have been gradually, it has been going up again. the real estate property is cyclical. you should have a holding power. if you don't have a holding power then you should not be in that business. if you have a holding power, it will always pay you more than any other business. your team has to be good. your model has to be correct. and, it is something

i'm jonathan ferro and this is "on the move."t is time to talk about some banks that behaved badly. deutsche bank is close to a deal to settle investigations into libor manipulation. according to people familiar with the matter, the deal would be with u.k. and u.s. authorities. hans nichols has the details from berlin. pons, put this into context. that is a lot of money. for a bank, in the context of some of these fines, maybe not much. hans bank they have said aside 3.6 billion euros for legal costs. you compare this $1.5 billion figure, and it is probably north of that. you compare that to what ubs did, ubs previously had the high water mark. ubs was $1.5 billion. rob a bank were about $1.1 billion. barclays was at $451 million. remember, barclays didn't plead guilty. they cooperated quite early. lloyds bank is down at $383 million. this is all on libor. deutsche bank has already paid more than 700 million euros. that gives you a sense. what does it do to the uncertainty? it wipes some of that away. i was talking to analysts. h

i'm jonathan ferro live from the city of london. this is "on the move."ou may have seen a tweet from a gentle and name phil gross, the bond king. because of the short of a lifetime. german 10 year bonds. really? is it time? the opportunity of a lifetime? just a matter of timing apparently. phil: you probably want to wait 12 or 18 months because that is when the eurozone and ecb quantitative easing program ends. one of the reasons for the overvaluation ofbunds has to do with mary o -- overvaluation of bunds has to do with marion drawdy -- mario draghi. jon: when do you go short german bunds? i will at the chief investment officer at street investment where he manage to point for a $20 worth of assets. rick, you can say you can short something. it is the timing. when with the right timing -- when would the right timing be too short german bonds? rick: you have got bank buyers who need liquid assets. there is a queue of people who are willing to buy these bunds. the catalyst is hard to see. in the meantime, they are using their opportunity. they are risking,

i am jonathan ferro. a busy day in the u.k.jintao want to miss at the bloomberg's business debate -- you will not want to miss the bloomberg's business debate. at 11 5 a.m. the conservative party's manifesto. for more, we are joined by bloomberg intelligence and still with us is stephanie flanders of jpmorgan. a question for you both, hedge fund. if i took you from mars and you do not have a clue of what was going on and i ask you will rates were, you probably would not, with 0%. unemployment around 5.5%, gdp running at 3%. cpi core at 1.2%. is that new? stephanie flanders: you cannot strip out what happened. you look at the economy in any normal time and you see interest rates should be higher than they are. but that core inflation rate, we are in a world where pretty much the holder developed world has below target inflation. and i do not think the kind of growth with had and economy, the u.k. economy is smaller now than it would be if we just carried on. there is an enormous shortfall will never seen in history between where

jon: i am jonathan ferro. but ring you up this deed falls -- let's bring you up to speed. trial and failing to acquire the company. it is a 33% premium on your screen. it is climbing 30%. samsung profit beats estimates. this is the new galaxy. it is another model to try to leeward back buyers. paying off so far, the bridgewater associates through march. according to a person familiar it was fueled by a person familiar with the euro. they found agreement on the agreement and a framework remains. they say the timing of sanctions is still under negotiations. we are joined now will stop -- we are joined now. how has the nuclear statement been received? jon: -- >> the reception they got was positive. people are celebrating and sharing. they are happy. there have been some here and not enough of them disagree about the semantics. there is the strongest indication of hope. i think that most people think a final we deal will be reached. >> they weren't celebrating with the turkish president in iran. >> that is obviously boring. it is an important business -- visit. they are trying

ferro the middle east with shocking and all because the young iranians do not dictate the agenda or the pace to orchestrate at there well. with the crisis to their benefit and at the end of the day we believe they will get a deal which is what they want to retain their potential for nuclear capabilities and not pay any price for their aggression. lou: today there is a comment even the socialist government that has the harder line of negotiations do you agree? >> it seems we have the united states as the leader of the p5+1. we have tried and russia of that side with the rand and interestingly enough france and germany and the u.k. is slightly behind but the friend told the toughest position insofar. lou: and joining the international criminal court is this an institutional front the israeli government has to contend? >> they continue with the campaign to destroy a israel. they have been turning for quite some time to delegitimize israel's we couldn't do in the security council because of the veto to to hautboys policies. lou: could the administration has stopped the palestinian to become

. ♪ jon: welcome back i am jonathan ferro. talk about my favorite subject thomas central banks. the bank of england decides on interest rates today. prime minister david cameron on -- cameron is on track for to break a record, the first leader to serve with no change in borrowing costs. joining us now is jennifer and ben. this becomes quite a boring central-bank decision, how important is the election down the road? jennifer: the main thing to them is the uncertainty about business investments. in the thing is all elections create uncertainty, but with this particular election with no clear winner and no clear majority, you don't know how the coalition will turn out and you don't know what kind of business manager in will get or what kind of economic policies. until the hurdle is passed keep things as they are. jon: you go back to 1950, the lesson we had a full term minister without a hike. if you were to read into the economy that is one way to read and. jennifer: it speaks to what the promised or was doing at that point the

capÍtulo y se une a la lista de los famosos que han insultado a los mexicanos como fue el caso de tiziano ferroos advertencias de posibilidad de inundaciones que se extiende hasta el oeste de pensilvania. tiempo realmente malo en las prÓximas getty cuatro horas. continÚa el aire cÁlido del sur y frÍo que se estÁn encontrando aquÍ. al norte hay nieve. esta maÑana el nordeste y muchos sectores con nieve. las temperaturas mÁximas llegaron hasta 83 en todo el sur. en el norte Ácido inusual el frÍo. la posible de lluvia las prÓximas 24 veces se extiende por todo el este. tenemos malas noticias para el oeste donde la sequÍa va a terminar. habrÁ algo de lluvia en california pero escasamente apaga el polvo en algunos sectores. continuar el polvo seco con temperaturas en los 70. maÑana para los Ángeles 68. tenemos el pronÓstico de la universidad estatal de colorado. parece que va a pasar por debajo del promedio climatolÓgico estos son los nÚmeros que emite esta universidad. tormentas 12 y huracanes intensos escasamente dos. vamos a ver cÓmo se comporta la temporada que es el 1 de junio. barbie: volvemos

. >> i am jonathan ferro. this is on the move. more m&a sell getting a piece of bg. shell paring a 50% premium for the company. this will create a company twice the size of bp. what does it mean for consolidation? b.p. up by over 4%. outside of the corporate world we are focused on greece. tsipras meets putin. the greek prime minister is in russia. the economy remains stagnant. there is one lady in berlin that may not be so happy. let's get to our man in berlin. he is haunts nichols. let's start with you. tsipras, meeting putin. >> we have had two bits of information. mr. tipper us not be asking for financial support -- mr. tsipras may not be asking for financial support. we have an idea of what would be tolerable. russia imposes counter sanctions. this mainly would have to do with fruits and vegetables. 40% of russian strawberries come from greece. what they want is a little bit of relief. they might want some details. there was a possible asset swap. that wasn't on the table. they are open to this idea. we also have a softening of sanctions allowing greece to expor

i have a fan boy problem and his name is jon ferro.hing -- do you have a wide we are seeing futures -14? >> not in terms of the trigger. i think we have had a big run-up in european from 20% in a matter of three months, it takes a little thing to -- the bond market much more -- the periphery blowing out. risk aversion feeding through to the bond market. everybody said it had no contagion risk. tom: you see the correlation into a stronger japanese yen this weekend, what will you look for within the german media and the german press? what is the tone you will be searching for? >> these two sides -- are these two sides going to come together and make concessions? that is what has put this back at the forefront of the news flow for these markets. the noise you hear from the imf, from the interview brendan greeley did, it looks like the creditors and he greece, they are this far apart. i want to see them this far apart when we have those big bond redemptions through the summer. tom: brendan, i thought your comments -- or conversation -- you

how big a deal is this meeting, jonathan ferro? jon: don't expect any change the policy. 6 weeks into a bond buying program and there are question marks over that plan and whether they will run out of eligible securities by the end of the year. tom, you and i went back-and-forth about negative yields in germany. the 2s,3s, and 4s means the ecb cannot buy stuff and they have to go further along the curve. they could theoretically run out of eligible security. tom: when you wonder into the pubs at 3:00 p.m. is a basic assumption euro through parity ever weaker euroan. jon: i like to talk about different things in the pub but on the trading floor that is what people are talking about. when we see euro-dollar parity or a german 10 year yield of 0%, will they come at the same time. euro getting weaker but it is not a one-way bet. we are starting to see divergence on the south side. noise from hsbc saying the bull market on the dollar is over. bill gross of janus taking the same view. be that as a little bit more nuanced. brendan: is it

jonathan ferro with your num bers. nestle beat analysts' expectations.re with more. nestlÉ has been struggling because it's frozen food business in the u.s. is not doing well. ryan: that's right. people usually point to china as where their problems lie. i think the u.s. story is more interesting, perhaps. you look at organic sales growth in north america. three point 7%. it is trailing behind the global average of 4.4%. specifically frozen foods is a problem. frozen foods, in general. the idea of the tv dinner is one that people are discarding. in the frozen space itself, you are getting a lot of challenger brands that are a little bit hipper and that people are going for. this is giving nestlÉ a run for its money. specifically, lean cuisine. francine: the problem is it is frozen. if you are going for a healthier lifestyle, you don't necessarily want frozen. ryan: you don't necessarily want frozen and you want something with a little bit more flavor. nestlÉ recognizes the people are looking for something more organic or ethnic. they are trying to bring

i am jonathan ferro. moments away from the start of european trading. rally. the ftse 100 dropped 25 points. the stoxx 600 makes a fresh all-time high. your stocks a little bit weaker. dax futures up. this morning, strict your morning brief. we are watching the telecom space. nokia is in advanced talks. in luxury lvmh catches a euro tailwinds. the greek government denies the country is preparing to the vault area negotiations with the eurozone continues. u.k. inflation. inflation data is due out in 19 minutes time. consumer prices are expected to stagnate. in just 30 minutes, keep her right here on bloomberg for the u.k. election. from the british museum is coming right up ahead of the open. we are a little bit weaker. a little bit weaker yesterday on the ftse. we traded lower. it was i we will try to lower. manus cranny has a pretty -- it looks like will trade lower. manus: these equities have had the best quarter since 1998. slightly lower open as equities are any seven-year high. china lowered money market rates. i had the gdp figures tomorrow. will

stay with jonathan ferro. ♪ jon: good morning and welcome to "on the move" just minutes away from therading. equity markets headed for a second straight week of gains marking -- marching into uncharted territory. euro stock teachers higher and ftse futures higher. record highs, european stocks start the day at an all-time high. japan breaks 20,000 points for the first time in 15 years. chinese consumer prices rose above the meatiest estimate. a $1.5 billion settlement deutsche bank is said to be close to resolving a multiyear probe into interest rate manipulation. of course, we will bring you more of that exclusive interview with yanis or a fact this. -- jan us varoufakis -- yanis varoufakis. futures indicate we could extend those highs. caroline: let's see how we are opening up, a three-day rally is the biggest we have had since january. similar news for the ftse 100. stock 600 up 19% this year. emerging markets stocks have been up. you talk about

at 10:05 p.m., bartholomew ferro. starting at it can't eastern on c-span2. >> host: congressman ruben gallego from arizona's 7th district. what is it like? >> guest: it is fascinating. every day brings a new challenge. everyday i get to do something interesting and everyday i miss him a little more but i am glad i am here and feel like i am doing good works my district and hope to be here for a long time. >> host: have a someone a someone who was born in chicago end up in arizona? >> guest: a woman a woman who is now my wife. essentially what happened is i was in new mexico with my wife working on the 2,004 election. while their i got accident -- activated and sent to iraq. when i returned my wife had established himself well in arizona and i i had just left the military, leaving the marines once you are done you are done. arizona was a good option at that time. >> host: lets take a step back. your your family originally from new mexico. came to the us when. >> guest: my mom in the 70s and my dad in the late 70s. >> h

jonathan ferro. guy: and hans nichols. thank you for you as well.p next live from new york with tom keane. francine: i'm quite excited. we'll be talking about twitter. today we'll be speaking to twitter's c.e.o. dick costello later today. don't miss that interview. ♪ d us out of the great distortion? dick cotolo and twitter, timeline views are so last year. twitter is not football. and it is timeless a new generation of saudi royalty bushes the old out the door. good morning everyone. this is sursur. we're live from our world headquarters in new york. it is wednesday, april 29. where did the month employ? i'm tom teen. joining me brendan greeley. let's get straight to our top headlines. brendan? brendan: in baltimore, police used tear gas overnight to disperse a crowd that ignored a 10:00 curfew. it was relatively peaceful a day after the city was rocked by looting and violence. violence erupted in the wake of the funeral of a black man who died in plus custody. president obama: there's no excuse for the kind of violence we saw yesterday. it is coun

i am jonathan ferro. moments away from the start of european trading. an ugly end to last a week.k for the stoxx 600 since december of last year. looking at futures pointing to a rebound. futures of 26 points. your morning brief. china pulls the stimulus trigger. it reduces the amount of cash that lenders must set aside. commodity markets are rallying. greece is defiant. they said they would not renege on pledges of austerity. snap elections are possible. and lloyds on sale? the conservative party the tories reach for the playbook. the three things we will talk about during the morning. we talk about equity markets. selloff last week. futures pointing to a rebound for i wonder if the china rate cut has anything to do with it. here is manus cranny. manus: what happened and commodity gives a boost all the way around. the market is so long on oil the most bullish and the oil market in eight months. the eia is forecasting a drop in the united states of america. traders are bullish, the most bullish since august of last year. the number of

i am jonathan ferro from european headquarters.quities headed for six weeks of gain. compare and contrast with europe. stocks in germany down almost 2%. futures here in london, lower and lower across the board in your. now, i want to get straight to your morning brief. billion euros of debt repayment, and no relief insight. christine lagarde will not support -- payday. the final jobs report for the united kingdom ahead of election day is due. some of the things we are watching. i know some of you are screaming it to the wages. as i said, we have futures lower across the board. let us get your market open. caroline hyde? caroline: first, a weekly drop. currently we are opening up flat in the u.k.. greece reeling front and center. taking profit for the last couple of days. 2% across germany. locking in those

jonathan ferro is our man in london covering all of the action. another day, another record high. jon: phenomenal. we saw this on wall street. asset prices get a boost. what is remarkable is the speed at which it happened. the best quarter for equities since 1998. the gains just keep coming. i will not be flippant about this. i might be a little bit. the french 5-year note, the yield dropped below zero. quite remarkable stuff. olivia: why not by german seven-year treasuries and pay germany for the privilege. people don't know where to put their money. and they have more of it because mario draghi has opened up the tax. is this a currency related move? or is this japan in 2013 all over again? jon: it feels like that to a large extent. number one, it is the euro. european equities are having their best week -- knows the price because the euro is having its worst week since 2011. the euro is giving big support. number two -- and there will be some debate -- but this data has surprised to the update -- upside. there is no denying it. the data has surprised to the upside. number three,

jon ferro will be speaking to the chief executive of shell talking about that deal to purchase bg groupef executive has only been in the group 42 months. the highest paid oil executive in the whole of europe. he is making a bit of money and making a huge company. it will be the second biggest energy company in the world. stay tuned for that interview. ♪ >> a warm welcome. moments away from the start of european trading. n/a at the top of the agenda. -- him in a -- m&a at the top of the agenda. stocks higher, the euro lower. i am looking at futures a bit higher. we are up by 45 points. dax futures pretty much dead flat. i want to get straight to the morning brief. 47 billion pounds. the second-biggest energy producer boasting a market value twice the size. the cash runs dry in just 24 hours. the greek prime minister sits down with russian president vladimir putin. the bank of japan keeps policy unchanged. the shanghai composite doubles in 14 months. these are the things we will be watching. futures in london are higher. caroline: it's going to be all about the footstse. basically flat in

now it's all about jonathan ferro. "on the move" is next. ♪ quirks good morning. welcome home. are talking about a weekend filled with news. a deutsche bank overhaul. the biggest lender plans to reduce costs and cut back leadership. the shares dropped the most since 2011. he may spin off the u.k. retail unit. the former chief executive resigns after losing a power struggle. of course, the aftermath of greek finance ministers with the day of reckoning inching ever closer. futures are higher. the dax futures are up. greece has the experience getting trickier. >> indeed. austerity eventually has the impact. ireland will see a growth rate of 4% and it is up. we see how it opens. you have the swedish central bank and the federal reserve. you have the bank of japan and

i'm jonathan ferro. minutes away from the start of european trading.highs on the ftse 100, on the dax and all-time high. china's exports plunged. overseas shipments dropped 15% last month a year earlier. gdp growth is poised to come in at its weakest since the global recession. the shanghai, adds another 1.2%. here in europe, we start with stocks topping $17 trillion. the chairman of volkswagen publicly criticizes the ceo. we ask the question, whose driving? coming up on the show we will bring you more of that exclusive interview with one of britain's richest men. his thoughts on u.k. politics and london property coming up in about 20 minutes. we have got futures pretty much dead flat. euro stoxx futures up about a point. dax futures down about four points. some pretty lofty levels over at the touchscreen. manus: thank you very much. $70 trillion worth of equities it is the bart chart. just go to bloomberg.com to pick up the nuances of that. 14 of 47 hit all-time records around the world. the question is, will shanghai continue its momentum? we get rea

jonathan ferro joins us from london. can greece make its own pension payments this month? >> that is a big question, isn't it? you still have to meet the payments for salaries, pensions. it is unknown whether they can do that. you have to navigate all of these things leading up to that eurozone creditors meeting on april 24, where they need to unlock more aid. it is groundhog day in europe. the fact that they 450 million euro payment to the imf was in doubt gives you a look at the scale of the mess that that country is in. olivia: there are a few things they could do here. when does greece actually run out of cash? >> it is not clear to anyone at all. the deadline on april 24 is key. if they don't unlock aid, they are up for monster redemptions. we are talking several billion euros. if they don't get the cash there is no reaching behind the sofa to come up with it. they just will not have the money to pay back the ecb. brendan: what is greece's strategy right now? it is really hard to figure out what is going on. what is the end game for them? >> i struggle to see what the

jonathan ferro has details. jonathan: 20,000.s if tr first time in 15 years.her here in europe. everything rolled over. this is sort of broad based. losses on the ibex sand spain over. grexit risk back on the table. we seem to talk about it every day. sounding more optimistic. they think the difference between the creditors is nair owing. -- narrowing. the yield on the 10-year, 13.44%. here is the story, though. as it kicks off in greece, look at the advantage germ gets. a yield on the 10-year, nine basis points. it was half of that last week. just five basis points. why do i say this is an advantage? because this morning they rose their forecast for growth. 1.8% this year from 1.5% previously. typically when you raise your forecast for growth, inflation expectations, growth expectations gain traction and yields should go lower higher rather. but in germany they are going lower. why? the mess in europe. the q.e. . does germany need that q.e. ? probably not but they get to take advantage of it. yields in germany remain near record lows. 1.5045. that's how much

manus: we leave it to jon ferro to sort it out for you. the move." ♪ >> good morning. the plan for greece has failed. eu officials expect no deal. is the monster deal dead? comcast is said to be walking away from a deal with time warner after a merger that would create a new internet and cable giant. after a something erased about $6 trillion from u.s. equities the nasdaq reclaims a record courier was a little bit higher. less theaters a little bit higher. >> investors are pulling money at the fastest pace since 2012. we made the peak on april 10. the dax is overvalued by about 15%.

we need jon ferro. i look at the markets this morning. what's the why this morning? we try to get the finance ministers. guest: i listened to one man and that was the deputy prime minister of greece. he was looking at the endgame which could be a new set of elections. they are promising not to renege on their offices. you give them another decision to make. if they do come back and say we will make concessions. they want to stay in europe or it we could get closer to the endgame. they could be moving to a political decision, a referendum or an election. brendan: you've got both of the centrist parties saying we are ready anytime you want to make is compromised area guest: the bigger problem for greece could be that if they go for an election, what do they do? that is where things could get really messy. the greek people say we are sick of this and maybe we should deep all and exit. that could make even messier down the road. brendan: what is the one bad piece of news that you think is moving the market? guest: you the comments from christine lagarde. she is not going

jonathan ferro.n the with the alleged boss offer the alleged flash crash trader. >> how did sarao come to you? >> he was i believe around the end of 2010. he went through. a stringent if you like procedures. we checked obviously his previous records and he was found to be honest person according to everything that -- he passed the knew mair cal -- numerical tests that we put people through and he passed the acuity test that pewut people through and he pass -- we put people through and he passed the passion test. even if you're not currently involved in the markets do you have a passion for the markets and he passed that test. >> did he stand out against the other applicants? >> we only take 1% of those that apply. because of the innovation that we have had over application, we provide a nonsponsored system where people can pay to learn to trade. but in order for us to sponsor people we sponsor about four or five people every three months to go on our training course and we go -- in order to qualify f

i'm jonathan ferro in london. moments away from the start of european trading.minating the stories. tesco's monster loss. it reports its biggest loss in its 96 year history. a full year net loss of 5.74 billion pounds. tesco says the market will remain challenging. nikkei closes above 10,000 point for the first time in 15 years in japan swings towards the first balance surplus in years. a u.k. trader accused of causing a flash crash in the u.s. five years ago to appear at an extradition hearing. we're talking about tesco. futures markets are dead flat. dax futures are high, up by 28 points. euro stoxx 50 futures, 13 points higher. i had to take you back to tesco. their epic annual loss. let's get to the bottom of this . we're joined by caroline hyde michael houston, and retail analyst charles allen. i will kick it up with caroline. the biggest loss and all they century at the company. bigger than almost everyone expected. caroline: you are right. that is what is going to be dragging shares lower.

i am jonathan ferro. minutes away from the start of european trading.oss the board for equities. dax futures are up a solid to 200 points. that is a strong movement. let's get straight to your morning brief. banks other pressure. studying ways to rein him emergency liquidity assistance of greek banks. cash crunch. prime minister alexis tsipras expects phones. greek bond yields surge in the highest since 2012. credit suisse beat estimates. trading picked up from a slow. outgoing ceo brady dougan. manus: futures are pledging higher. let's get your market open. caroline: trying to work out how this greek news good shape of the markets. so far, who cares? talk about raonic and the emergency liquidity that has they give it to greek banks. if the ecb does that, that's when the crunch really hits greece. the markets used to be shrugging it off. flat at the moment. friends is edging golf. stoxx 600 rallied 0.75% yesterday. -- france is edging up. what about alexis tsipras? save guy meteor cash

jon ferro is in london. we've been talking about this for days. we will talk about swiss in a moment. why is the german yield at 10 years owing to go negative? >> inflation is nowhere to be seen. rates at the ecb are -.2%. i would say bring up the twos, threes, the force. the ecb can combine all of that stuff. it is trading below that threshold. anything below zero is ridiculous. anything below minus two point set, the ecb can't even buy it. tom: the canary in the zurich coal mine we were in dallas for that big announcement. you can see the massive move. it bounces back. it's rolling over again. olivia: it's back to where it was. tom: it's rolling over again. this is deflation. why is this? >> rates in switzerland minus .75%. they could not defend it anymore. they collapsed. i spent some time with president thomas jordan of the swiss national bank. we had a chat. he tried to talk it down. it did not work. that is the problem for the swiss national bank right now. they are fighting and every week to euro. the euro swiss parity, forget it. that swis

jonathan ferro? jonathan: the direction of travel not as clear as yesterday.it a fuse under the market with the rate that. today, a lot of divergence. gains on the dax but losses in italy. stoxx 600 it is the tech stocks leading the gains, up by 2.5% with sap, ibm overnight all beating estimates. a big week for tech earnings. that is the equity markets. once again, it is risk at the front and center of everyone's minds. no more than here on the greek equity market. asc down. the bank index increased down by 7%. areas bank off by 13.8%. you expect a lot of volatility but it goes to show that things are getting uglier for greece. the three-year note going through 29% for the first time since 2012. 10 year bond yield, 13.4. alexis tsipras seizing public sector funds to keep the country afloat. the ecb studying ways of reining back emergency assistance. and growing opposition to actually doing something about ela for greek banks. weaker euro in the fx market off by .5%. euro to 1.0692. grexit risk at the forefront, a weaker euro. we are approaching an endgame. fee

manus: jonathan ferro can have you. david buik. mark: fedex pushes into europe. dutch firm. we will break down the deal with fedex president. that is next. ♪ caroline: welcome to "countdown." we have news fedex will buy a dutch company. for almost 4.5 billion euros free it pushes expansion into europe. we are joined by the president off fedex in europe, david. great to have you here. talk to me about the deal. your offering 33% premium. why does it make financial sense? david: i think it is a great deal. bringing together of 2 tremendous brands. it is 2 great cultures. the fedex business is known for quality. and that is very much of the reputation that the other company has as well. we think it's a good fit. we really believe it is the customers that will be the big winners out of this. bigger global network as we put to the 2 entities together. we will have the very highly reputation that tnt network to align with what we operate and the tremendous business that fedex has been building in europe. we think it's a win-win for our customers. it will be good for em

i have a wager with them on whether jonathan ferro caucus will still be the finance minister of greekhere is a possible replacement. coming up, we will look at why people on wall street are so miserable. ♪ tom: time to go into the bloomberg terminal and it destroy randy krasner --randy krozner and the bloomberg terminal. krasner joined the fed on this day. but seriously tom porcelli of rbc capital markets, help us out. we just haven't made it back to the better time of the 1990's. tom p: we could spend a full hour talking about why that is the case. one thing we have been thinking about for quite a while, it's a paradigm -- parallel -- it's a paradigm shift from today. credit is not easy for individuals to obtain, and not only that, as things become a little easier for them to get it, they are not demanding it. there is incremental growth. tom: the real economy and immigration, a lot of this good time was point the about population growth. do you worry that we don't have the population growth to give us that move forward? randall: i'm glad you are focused on that, because the gdp is t