goodbye tosaying stephen, he has many more minutes to abuse jon ferro on this program. record u.s. inventories. the lowest close in 12 years. we will break down crude oil's dramatic week. ♪ jon: 18 minutes into the session. a beautiful day guy johnson. guy: are you going to miss it? jon: he is taunting me. let's check in with caroline hyde. caroline: the reserve bank of australia is keeping the door open for further rate cuts. does the country's economy have the flexibility for further easing? he says the board is waiting the sustainability of recent job stress. the u.s., russia, and other powers have backed into court calling for a truce in syria's civil war. it demands the immediate delivery of humanitarian assistance. >> we are doing everything in the power of diplomacy to try to bring an end to this conflict. in a way that results in a unified, nonsectarian minority protecting secular whole state. dimon, the ceo of jpmorgan spent 26 billion dollars buying shares of his bank yesterday. a source says that he made the purchase because he believes the stock is cheap. jpm

guy: jon ferro, thank you very much indeed. up next, pro-dividend.idea of stock buybacks. we'll talk why, next. ♪ jonathan: hello and welcome back . we are 41 minutes into the session here in europe. a picture of the equity markets. lower in the last couple of minutes. .he ftse 100 down about .5% the dax up by .6% this morning. there the art. guy, lots of movers. guy: yesterday was an interesting day for the miners. let's show you some charts. give you an idea of the scale of the moves we are seeing. ocelot is trading negatively today. you got to be aware that this stock was up over .2% yesterday. have a little difficulty getting you that chart. check it out. let's get you up to speed. here's nejra cehic with the business flash. nejra: bnp paribas shares are rising. cutting costs to free up capital. the gains came after the bank posted net income of 665 million euros below analyst estimates. the lower profit was fueled by a write-down and its italian unit. -- down in its italian unit. company is also selling a $1 billion stake in spanish as a part of

jon ferro was all over me this morning on the linkage of euro and sterling being secondary, as we justaher of hsbc. francine? we worry about liquidity and we have euro treasury secretary jack lew downplaying expectations about an emergency response because he says we are not in a crisis. let's get straight to bloomberg africa business and economic summit -- erik schatzker is in cape town with bob diamond. erik? erik: francine, if you were to walk down the halls, you would hear people talking about many things, including barclays. you know why. that is why i have to begin with bob diamond with me in cape town. good to see you. erik.ood to see you, know and everybody knows, there is a real possibility that come tuesday we will find that barclays is exiting all or part of its investments in africa. so, simple question -- will barclays regret that move? will it end up looking at it as a mistake? bob: i know barclays business in africa very well. i know it from the time i was there. i do not know anything about an announcement on tuesday, so that is news to me. but i also respected incredib

i am david westin, here with stephanie ruhle and jon ferro.s right on the heels of the g-20. fascinating, isn't it? china follows up with a rate cut, and then euro's on inflation -- euro's inflation comes up. only game in the town remains the only game in town. matt: but when you see china cut the reserve ratio, all this does for the market is signaled that

. - jon ferro from london. posted ontinental full-year profits that beat estimates.national oil agency said oil price also hit $80 a barrel by 2020. the reason? oil growth is seriously plunging. the crisis will start to rise at the end of next year. the london whale has resurfaced. the jap morgan trader generated more than $6 billion in losses in 2012. he said it wasn't his fault. he said he was told by his bosses to execute the strategy that proved disastrous. the bank is not commenting. that is your bloomberg business flash. francine? francine: thank you so much. we were talking of course about china and the possibility of some kind of accord. let's get straight back to stephen gallo. raminbi and at comments from the china regulator, they mean business and there is no direct want to devalue now. >> not significantly no. i think looking at what has happened with china's reserve stockpile over the course of the last six to nine months or so, yes, scared capital flight is part of the issue. china has saved some scared capital flight but equally as their external balan

jon ferro and i spoke to david bloom. he didn't seem surprised.et's put it that way, about the market volatility given central banks' current rate challenge. let's take a listen. >> the riksbank cutting rates at 4% gdp. the bank of japan possibly intervening with a massively undervalued currency. the u.k. with lower unemployment rates not raising rates. and we've got the fed with a weak economy and global downturn raising rates. no wonder the markets don't know what to do. central banks are taking completely different views with very similar circumstances. andreas' view on that. use into the flip-flopping, the change that we've seen. the fed has gone from 4% to four tol the 1% -- potentially one. >> i think we need to be concerned. andreas: the markets are concerned. it is dawning on the markets that policymakers don't know what to do anymore. it is a really negative mix. enter bankers -- central bankers are realizing that retail policies have not worked out. trying negative rates, we have said they had the opposite signal to the markets. the caus

something jon ferro pointed out -- a jonathan ferro pointed out to me, the three biggest losers in a row our volkswagen, kreiser and bmw -- daimlerchrysler and bmw. the pound coming down below 139 right now. what is this? the lowest we've seen since 2009? we are still in the last decade. i'm waiting for the 1980's lows. the british pound coming under real pressure as talk about bre xit gets amped up over the weekend. still driving the pound lower. jgb come of the debt markets, japan, we see the japanese 10 year going negative again. beforefairly down there a bit of a bounce up. bund come a at the wound see pressure there as well. hillary has hr right now that jonathan ferro and hillary worked together to show -- has a chart right now. critical.this is redline, -.3%, that is the ecb deposit rate. ecb can only buy debt with yields about that redline. the yield is below the deposit right. what can ecb do if they want to qe?ease they can only by above that redline. the constraints they have if they want to increase that qe program. matt: this is what you see a flattening of the yield cur

i am joined by jon ferro and stephanie ruhle. economic data -- we just had some encouraging data. stephanie: we also have some big movers as we mentioned earlier. herbalife numbers, tough for bill ackman. maybe it is a good morning and china? >> and maybe dinner time. the real story is not divergence, but economic data. downward revision for german inflation. that will be the story for the markets as well this morning. matt: thank you. let's take a look at features across the board and you can see .5% gains here on the s&p. not a hugeres also game inequities, even though you have this risk on trade around the world. positive sentiment around the world. we are positive for the month of february, which is in line with what we would see historically. i have that on my bloomberg. if you take a look at the sc ag function, it shows you unadjusted look broken down by month. here,uity or second class you can see for 2016, we are of 6/10 of 1%. that is not nearly as much as we have been the past years except for 2009, which was a disappoi

i am david westin, here with stephanie ruhle and jon ferro. trying to stanley things right on the heels of the g-20. fascinating, isn't it? china follows up with a rate cut, and then euro's on inflation -- euro's inflation comes up. only game in the town remains the only game in town. matt: but when you see china cut the reserve ratio, all this does for the market is signaled that it is thicker than you might think. we like our morning. why? as david mentioned, beth .omstock of ge is here let's get you some first word news with vonnie quinn. cruz's warning tomorrow may be the republican'' last chance to stop donald trump. trump may be all but locking up the nomination tomorrow if he wins big in the tuesday races. he is urging voters to turn to conservative." trump picked up support from jeff sessions from alabama. a u.s. college students helped in north korea has confessed to what officials call a hostile act. he appeared at a news conference in pyongyang, accused of taking down a propaganda sign. all this is happening as the u.s. is threateni

let's bring in simon kennedy, joining us from london, and of course, jon ferro, who has just moved hererom london. he has got to weigh in. brexit referendum is going to dominate media debate over the next 124 days. he finds it appalling. what do you think? i think he is commenting so far on the level of discourse, which has to improve now. we have the deal, and now we go forward. hopefully with a high-level debate about the future of britain and the european union, whether it stays, whether it goes, what it means for trade, security. all of the things are going to be shaping up. we see trends from both sides, but now people will start to focus on the real issues. the u.s.real issue for market is the pound. the question i keep seeing being asked again and again in london this morning -- is boris johnson leaving really worth that much to the fx market? >> in some ways, yes. perhaps the situation before, was it really going to be a campaign, was david cameron going to get his deal, come out and -- politicians,mist and now you have mainstream politicians coming out and saying we do not nece

. ♪ jon: welcome back, i'm jonathan ferro and this is "on the move." higher, the greek not last long. deutsche bank coming out and saying they cannot pay their debt. i don't know if that put more nurse into the market. guy: coming into the year -- the new year, we focused on oil. if oil went up, equity markets went up. now we are focusing on the banks. we have changed the narrative in terms of what is leading the market by the nose. jon: risk aversion is still very much the thing. u.s. 10 year yield approaching a one-year low. down by two basis points. headline.he big 0.03%. stronger japanese yen this morning. eight days of gains for gold this morning. high. 2015 let's get you up to speed on some of the stock moves. point, --at one the wind systems is still want to be keeping an eye on on the chart. the reason it is doing well and clinging onto the green is that it boosted its dividend. it is predicting revenue this year that will top the record it set for itself in 2015. this is a company that has managed to wrap up profit year in and year out. system

jon: i am jonathan ferro. wealth us, see eo management.ller with breaking news. fell top 500 index 182.75 from 183.07. year take a look at that over year number parried it was a growth of 5.74%. they were looking for 5.8%, so missing by a tiny bit and flipping from 5.83% in the past pricesttom line, housing are rising at a pace of about 6% and they continue to do so. let's take a look at markets with smb futures unchanged. -- with s&p 500 futures unchanged. dow futures have risen up about 24 points. if we take a look at what the s&p 500 futures have done, it looks similar, so we went positive, came up, down and now we are batting around between unchanged gains on s&p 500 futures. the rest of the morning, we have been taking cues of europe and we are no longer doing that and they were covered as well. the ftse down .33 of 1%. everyone will start saying cable all the time since jon is back. david: i am not. matt: that is the slang term for the u.s. dollar. when they started it, it was transatlantic cable to transmit prices. over two days, an