we have the stoxx europe 600 ending the quarter as it began, in the red. the index off by about 1.2%. we've seen that post-federally fade despite the gains we saw on wall street overnight. concerns again turning to the commodities picture. here's the trading view on the markets one by one. the ftse 100 off just about 0.8%. we've seen paring back in basic resources firms in the main u.k. market. the xetra dax off by a similar amount. the french cac 40 off by 1.4%. clearly the underperformer here the italian banks. we want to give you a better picture of how european markets have fared on the quarter overall. we kick started in january with extreme turbulence, of course. although, some renewed optimism going into the end of the quarter. still, we are firmly in the red across all of the major boerses. this really contrasts to what we're looking at stateside with the major markets in the u.s. positive for the year, except for the nasdaq of course. overall, the ftse 100 off by about 1.5%. a lot of people are calling those gains into doubt at the moment. the dax

the stoxx europe 600 off about 1.3%. you can blame is on the weak chinese data. you can blame it a bit. we are missing out on the continued gains we saw on wall street overnight. the picture here is very different. we have some individual movers tied to earnings, management changes. but let's take a look at how these moves are playing out. just an hour into trade and firmly in the red with the ftse 100 off about 1%. we're seeing a reversal in some of the basic resources. the xetra dax off just about 1.5%. the french cac 40 falling by 1.6%. let's look at the miners. they have been in focus throughout the week. a lot of enthusiasm starting off the week that we could finally be seeing a rebound. we're looking a the a rally of over 70% since the lows of january 20th. a very different story today. we're seeing the prices come off about 4. 5%. this comes not only with some expectations that perhaps the relief rally we saw on commodities could be overdone, but we also got a note from goldman sachs. the dollar moves could be misplaced. they're saying nothing substantial

you can see a lot of green on our heat map here as the stoxx europe 600 is pushing higher by about 0.8%. this comes despite a significant dip we saw in stocks going into the four-day weekend. we'll give you an update on those moves in just a minute. first, i want to bring you up to speed with a story we've been watching all morning. some troubling events. a passenger plane en route to cairo was hijacked this morning and force toddy vert to cyprus. according to egyptair's twitter page, the negotiations resulted in the release of most passengers on board except four passengers and the crew. local state news is reporting the hijacker is an egyptian national. we'll keep you up to date as this story develops. >>> meanwhile, back to the market moves we've been following this morning. just an hour into trade now. green across the board here. we continue to see investors keep an eye to the janet yellen comments due out of the united states today. some fed members coming out saying an april rate hike was still a possibility. so it will be very interesting to see if janet yellen picks up on that

just over two hours into the session, we're up by a solid 1% on the stoxx europe 600.e're seeing strength in the ftse 100 on the back of gains for the commodities players and the energy space as well as those dollar denominated commodities are getting a boost. metro obviously one of the big movers in the german trading session. they've been moving sharply higher after announcing plans to split into two independently listed companies. the demerger will create a wholesale and food specialist group and a consumer electronics group. the german company aims to complete the separation process by mid-2017. >>> another stock soaring today is premier foods over in the u.k. this comes after the u.s. company mccormick sweetened its bid to 65 pence per share. t they had previously rejected an offer of 60 pence. they've seen the increased proposal and noted it. >>> that's it for today's show. i'm nancy hulgrave. "worldwide exchange" is coming up next. ♪ before the band separated over unknown creative differences. [ crash ] and reunited three decades later for a tour that sold out i

to the what is happening stoxx europe 600, rising for the sixth day in seven. the resources leading the rally. it looks like stocks will close higher for the third consecutive week, the longest winning streak since at hobart. -- since october. the european close is next. vonnie: it is 11:00 a.m. in new york number 4:00 p.m. in london, then night in hong kong. i am vonnie quinn. mark: i am mark barton. this is the "european close." ♪ mark: we will take you from london to new york in the next hour. here is what we are watching. europe are higher. they have been fluctuating in the u.s. after a mixture jobs report. what bill gross says about the jobs report, coming up. vonnie: the brazilian real, the of a former president, is the president he coming closer to impeachment? mark: europe's refugee crisis is the focus of an emergency summit in brussels. we will hear from the european commissioner for migration. let's go to the market desk. julie hyman has the latest.

so the stoxx europe 600 banking index seeing its worst streak since 2008. looking at the ecb potentially moving further into negative territory on deposit rates and more stimulus as well. what will the impact be on the banking sector? >> the two fears for the banking sector during 2016 is what the central bank will be doing with deposit rates. the expectation this week is that there's a further ten basis point cut to deposit rates. that clearly impacts on bank margins. goldman sachs sa goldman sachs highlighting for every 10 bonus patienoints, the anticipate 2%, 3% per share. are there further 10 basis points declines or is draghi doing to be a floor under rates or introduce a tier system under banks excess reserves against those he would like being held there for security reasons. >> what do you think the longer-term consequence of a negative environment will be? some are saying actually it's not hurting the banks to the extent that we thought it would. what's happening is they're hiking mortgage rates on the other hand. >> indeed. margins can always over

our european equity markets flat to a couple points higher at the moment, as seen on the stoxx europe 600.ing a slight, steady gain. looking at a flattish to slightly higher picture for most. greece slightly in negative territory. let's get into some of the stock specific news out there. barclays shares have been tumbling after the bank reported a full-year net loss of 394 million pounds and announcing plans to slash future dividend payouts. they'll be restructuring their business into two core divisions, focusing on key markets out of the u.k. and u.s., while exiting assets across a number of other regions. the bank is also cutting its bonus pool by 10% and maintaining a hiring freeze. we asked the ceo about the changes to the dividend. take a listen. >> we're cutting the dividend for a very simple reason. we need to accelerate the closure of our noncore business. if we can get the maurchty of our noncore businesses, these are things like the italian retail business, which we sold recently, or the u.s. wealth management business that we sold recently, if we can close these transactio

we're looking at our stoxx europe 600 just a little higher at the moment. a lot of people just sitting tight. we had a lot of volatility following on from this weakest trade figures seen in february for china. very weak trade figures with exports tumbling the most in more than six years. imports off by almost 14% in china as well. we've seen a lot of weakness there. some thought we would see this filtering through more today, but we haven't seen that. a little bit of it felt on the ftse 100. flat to a little higher. listen, let's check in on these markets in asia and talk more about some of the details that we need to know. sri joins us from singapore. disappointment out of china. i have to say, the shenzhen and the shanghai composite not trading off all that much compared to what they could have. >> yeah, it was commodities that did it. so renewed decline across the complex. it's also the legacy effects of the very admittedly down beat trade data we got for the month of february yesterday. that's still cycling through market sentiment and infecting the ton

the stoxx europe 600 off by half a percent or so. we're just trading a little bit in negative territory. still weighing up what's driving us, whether it's the central bank, the price of oil. >> let's liu look how these moves are playing out. it was a bit of a mixed day yesterday. now red arrows across the board. ftse 100 closed slightly lower yesterday. now off about a quarter percent. similar story for the xetra dax. remember, we did see five straight days of gains for the european stoxx 600. we can't ignore a move in the oil price, however. we have brent crude giving up some of the gains we saw yesterday. off about 0.6%. wti crude also off about a quarter of a percent. we did see the strongest levels since early january yesterday. this was despite a creep up in inventories yesterday as well. a lot of optimism there. still about coming together, of opec, non-opec players. venezuela's oil minister says over 15 countries are now set to take part in an upcoming oil meeting. the crude producing nations are due to discuss the next steps

the stoxx europe 600 up now just 0.3% here. keep in mind it's been a strong week for european stocks. going into trade today, we were up about 2.4%. let's see how it's playing out. the ftse 100 up by just 0.4%. a lot of individual earnings movers in focus. basic resources really outperforming. xetra dax really flat along with the main french market here. the ftse mib off 1%. now let's take a look at oil because again, investors keeping their eye on the trajectory of oil prices and keep in mind that oil has had a stellar week. we are back in positive territory, just barely after wti did break that three-day win streak yesterday. overall, this is the key number to look at. wti is up nearly 6% for the whole week, and this would be its first three-week consecutive gain since the end of march. official u.s. data did show that production fell to its lowest level since november 2014. that is good news for those looking at wether or not the supply forces will kick in here. as you can see, wti crude just barely positive, but overall up

overall, the stoxx europe 600 up about 0.6%. remember, going into the long weekend, we had a drop of more than 1% across the major boerses here. these gains should be kept in perspective. also, they continue to be muted due to the dropoff in commodity prices. no surprise that oil and gas and basic resources are the only sectors in negative territory. especially look at the ftse 100. u.k. minors on the back foot there. losses of more than 3% across the key miners. as you can see here, all off in the neighborhood of 3%. investors continue to keep an eye to the commodity space. also the declines in oil prices as well. for the rest of the day, the big focus will be gearing up for janet yellen's commentary. guys, back to you. >> the world awaits janet yellen. thank you, nancy. hong kong also returning today from the easter holiday on monday. akiko fujita joins us with a roundup of the asian session. good morning. >> good morning to you, sara. well, weaker than expected data out of the u.s. certainly weighing on markets across asia to

yesterday, the stoxx 600 in europe failed to rise for a six-day. streak was the longest since october. let's use our function to look back at the longest winning streaks we've seen since the inception of the stoxx 600 in 1987. it is wonderful what you uncover when you are a nerd. ,n the last 20 or so years there's only been a six-day winning run, october of 2015. look at the nine-day winning run. there have been 59-day winning runs from 2009 to 2015. wo ten-day winning runs. -- five nine-day winning runs. run is as rareg as matt miller buying me a drink or mark barton winning battle of the charts. you should see my chart. we will have a look at that. hello, matt miller. mark barton bought so many pictures -- check out this chart. i will show you something useful here. we've taken a look over the last 30 or 40 years here. we look at unemployment, this redline. we covered a lot from the recession. that's weaver covered a lot from the recession. this blue line, the unemployment to population ratio. this is fascinating. e recovered a lot from the reces

it shows the stoxx 600 in europe versus the s&p 500. quarter, we are finishing the worst quarter that european stocks have had against u.s. 2003. since in blue, i put european gdp so you can see with the growth of the economy has been like. it has been a disappointment if you are betting on european stocks over u.s. stocks. five quarters ago, if you are betting on europe, you one big raises the u.s.. now, if you are betting on europe versus the u.s., you lost big over the last four quarters in a row. david: laura, i love your chart, theme of theohn's day. i will have to go with him. laura: i will have to come back for a rematch. thinking positive about investment banking, which is hard to do. fantasticit is a chart, but because i sent this a.m., andil at 3:00 was up ridiculously early, i will you do to him. if we had overlaid it with the euro dollar it would have told a better story. matt miller and laura keller, thank you for joining this program. the winner is matt miller. laura: i lost by a hair. wasthan: essentially, i voting for my

europe's stoxx 600 bottoming out. we are up 10% from those lows. let's take you to the bloomberg.since climbed back, we have not taken back all of the ground we have lost, but nevertheless, equity markets raised 10% here in europe. investor's start maybe to reconsider whether the news is as completely as negative. the fear would not hike rates. the fear that the chinese would control. all of that maybe overdone. hans: we talked about not anything specific happening for markets to glean new confidence. they come up with the idea that maybe people in power know what they are doing. in a lot of ways, this seems that every thing is sorted out and everyone has taken a deep breath did that is not to say the underlying data is healthy, people are just sober. guy: maybe it is not just is clear. as with all things, the pendulum swings aggressively and goes too far. maybe it is one of those cases. hans, we will take our next guest. by one ofoined europe's biggest banks. we are going to be talking about what is happening in banking. mr. treichl is coming up next. ♪ guy: 20 minutes past the h

the broader market in europe, the stoxx 600 is still down and the banks stoxx index is still down 20% despite the fact of course that you have the ecb come through with the extra mechanisms which boosted the bank shares after march 10th but they headed back down into negative territory as we await of course the double down on qe tomorrow. thank you guys. >> thank you so much. midtown manhattan, john kasich is taking questions on donald trump's come mens. >> you need to be able to get it right the first time. we know about his comments on abortion which put women in a very difficult position and he has since moved to correct those in one way or another. he talked about the use of nuclear weapons in the middle east and europe. you wonder about his hand or his thumb getting any close to the critical button that presidents are in charge of. number three, he said we should abollish the george anthoneva c and engage in, i guess, more torture which doesn't set well with the people that served our country so honorable. people like john mccain. he called on nato abollished. i happen to believe

i'm looking at europe stoxx 600. u.s.dollar, a gauge of the its theyt's pairing just one-day decline as the markets are awaiting yellen speech. tom: let's go to the bloomberg. backdrop. last time she spoke to the economic club of new york about slack. every other word was slack. 30 years of american gdp; we have shown this chart many times. here is the financial crisis. i've blown it up to highlight morning in america. this is back when things were good in the 80's, then here is the late 90's boom. regression;10-year we go from here to here, and this is the new atlanta fed statistic; 0.6%. this could change. vonnie: jpmorgan is saying the numbers not just reflect the cool and oil industries but the profit margin squeeze, weak productivity, and that is not necessarily a good thing. tom: there is a weight to this. francine: i'm looking forward to the new interview. i went further east for my terminal today. i am looking at copper in china. this signal a chinese copper demand says a slump is coming. this is the blue lin

stoxx 600 trails u.s. equities by the most since 2003. an ugly quarter slams shut in europe.berg "surveillance." i'm francine lacqua in london with tom keene in new york. consumer data is ine

europe? fredrik: yet is euro stoxx. -- that is euro stoxx.o in and buy some of the industry groups in terms of some of the cyclical stories. i would argue it would have to come around to the fact that you have to see some type of -- you see janice stimulus. u.s. stimulus. because let's face it if i look dax or somestoxx or of the larger companies, most of the earnings stories outside of the eurozone, in terms of their growth potential. even if europe would do something, find, that would lift some consumer sectors. in the lift real estate sectors. guy: you would bleed some of that stimulus. believe some of the stimulus in which you see a more unified approach in terms of the school policy. i think that's we talked about this before, until we have a new president in power in the u.s., it is going to take at least a two months before you get the u.s. in a position where it can deliver some fiscal stimulus. guy: economically, that seems like a long way away right now. thank you so much for sharing your thoughts with us. -- good newsand, for the b

stoxx 600? we have had our longest winning streak since october in europe. added 1/3 of one trillion-year-old. asia is up for three straight worth.dding $1 trillion france is opening up 1/10 of 1%. energy stocks are on the rise. once again, it seems to be the miners who are in vogue across the board. we are likely to see retail sales come out of europe later. we also have a lot of services data. the chinese services data is ts.ing below forecasted we are expecting the retail that a to show a little bit of slowing in europe. down,e got oil coming though. even though stocks are rallying in asia, that correlation with oil prices is breaking down once again pulled. -- once again. we did see oil at $36 yesterday. why? see a hurting t starting to lowering of production. shell providers are winning back in terms of production. we have a little bit of risk aversion creeping into the gold market. overall, the debt's markets money is going out of the u.s. into greece this morning. ahead of the retail lumber in europe, the big retail in netherland and in the nasa state

europe's headquarters. for a lot ofture the european stocks. stoxx 600 0.6%.his is a concern there are more stockpiles in the u.s. next line -- u.s. we are expecting japanese prime minister abe to give a news conference in an hour from now. let's get straight to the bloomberg first word news with nejra cehic. nejra: negotiations are continuing with a hijacker who forced in egypt air alexandra to cairo plane to reroute. an majority of passengers were released. one hijacker said tesh is said to you wearing a bomb belt. -- is said to you wearing a bomb belt. a case againstd apple after successfully hacking into the iphone of a san bernardino hijacker -- san bernardino terrorist. apple says the court case should've never been brought. police have shot a man after he pulled a weapon at a u.s. capitol checkpoint. officials have identified him as larry dawson of tennessee. he was previously known to police who arrested him last october for disrupting house proceedings and yelling he was a prophet of god. he has been taken to a local hospital where police say he is in

look at european stocks, this is another reason risingck futures are with what's going on in europe. the stoxxp 1% and the dax is up 1.5%. what i find interesting is we saw previously such a strong correlation between european posted thatone results, the others came crashing down we no longer see that area and barclays posted ec, results that ubs and hs those banks are doing well area down,oking at the break financial services are the third biggest gainer of all of these 19 industry groups. we see auto parts doing well on a day when we see u.s. auto sales come out. looking at the banks, barclays is doing poorly this morning after missing estimates after saying it will continue to sell off the rest of its africa stake. ed the dividend. be a littlemight resilient but barclays is down 9% so that shows how badly the banks have been punished since june of 2012. that's how serious of the depths of the libor scandal is. stephanie: that's how bob diamond lost his job to begin with in the libor scandal. global stocks are shrugging off. joins us now from chicago. you manage the international fund. there

europe's equity markets. mark: stocks" falling for a second day but the stoxx 600, on track for a certain weekly gain.inning run since february 11. today is about the u.s. jobs report. investors have an eye on tomorrow's start of the chinese national legislative gathering. this is our lovely wceo functio n. -- weco function. this is the figure your watch, 195,000 forecast today. the average gain for last year was 228,000. another figure to look at is the unemployment rate at 4.9%. the lowest in 8 years. hourly earnings 2.4 versus 2.5. we are getting some traction and wages. keep an eye on th participation ratee. 62.8 versus 62.7. showing the share of working age people in the labor force. gold in a bull market. who would have guessed that a months ago? first bull market for goaltends 2013. prices are rising along with stocks. from december the 17 when gold fell to the lowest level since october, 2009. it is the asset king in 2016. crude oil gaining for a third consecutive week. longest run since may 2015. heading for its highest close since january this year. falling to a 212 year low on february 11.

europe. it is been a down day to finish the month. the stoxxs actually down more than seven percentage points for the quarter. clearly a difficult set of first quarter for 2016, even though we did see the rally that was fueled in the second half of february into march. aen though we are seeing turnaround in oil today, seeing a little bit of a jump on wti crude as we see the dollar hit a nine-month low. while and gas company still training lower. keep a lie -- keep an eye on u.k. asset classes. in the green earlier. gdp beat forecasts. the pounds currently still lower versus the u.s. dollar. keeping an eye on the u.k.. seeing yields down two basis. the u.k. sovereign bonds, the best performer among developed nations so far. doolittle has the latest from the nasdaq. not a whole lot of movement headed the jobs report tomorrow. >> through. we do have big stocks moving in opposite direction in the biotech world. starting off with endo international. the news that the ftc or free drop -- federal trade commission is doing endo among other drug makers

you take a look at the picture in europe, the other indices are gaining. the stoxx 600 up only .2%. a fifth day in a row for stocks in europe to gain? lanhee: you have to go back to jonathan: you have to go back to october. only the s&p and u.s. is 66 points off the level we started. things are looking good, although the ftse is turning down. interesting because u.k. miners are gaining the european banks are gaining. it is mostly banks in southern europe that are showing big gains produce the credit ubs rising.and antander doing quite well this morning. asian banks overnight -- big green arrows. the hang seng more than 3% and the nikkei in tokyo, big gains, 4% and chance. it has been a strong day for equities. the question is, will the u.s. followthrough? i think we need oil to turn around for that to happen. david: it was a big night last night, super tuesday. 11 different states. it was a big day, good or bad. one of the stories we want to talk about is donald trump. republican contest. if you have gone back the year, most people would not have predicted it. yet, as you look at the

europe. mark: these are all the industry groups from the stock 600 today -- stoxx 600 today. led by basic resources with a drop of 5%. this is one of them -- it was getting hit even harder earlier in the session. this is a copper producer controlled by the richest family in chile. .hey are down a mere 5% the biggest fall in four years. annual profit fell by 99% because of the metals route but the bad news for investors as they are ending the dividends, tinto. the likes of rio this was one of the worst performing constituents with shares falling 38%. this year, they've risen 55% since they fell to a seven-year low on january 20. we spoke about campari yesterday, but it is being isfirmed today that campari buying grand marnier. the deal values the company at 6.84 million euros. 60% toa premium of friday's closing price. we will speak with the ceo later. scarlet: looking forward to that one for sure. it meeting right now. the bank of england on thursday, let's the likelihood of any kind of action there. .ark: very little the economies we have -- the economists we have surveyed s

europe. they are cutting their estimates for where they think the euro stoxx 600 will finish 2016. they said it is going to rise by 12% before and now they are saying 1%. blame it on the earning system. i made is this chart showing the earnings relative to the united states, euro stock 50 companies are trading on zero point -- the spread is almost the widest in a year. the relative cheapness of european stocks made them a by and as you know, ubs raising its bonuses for the year for all of the four big invest in bank players in europe are falling. ubs is performing the best and we will have more on that woman terribly. -- momentarily. caroline: we have to get into the nitty-gritty of whether you pay out your bonus pool. let's check in on the first word news with david gura. david: north korea and another show of defiance, they fired at least one ballistic middle -- missile into the sea. the security council voted for new sanctions for an earlier weapons test. the eu and turkey are said to be close to a deal on the refugee situation. now they have to get national leaders to sign on.

stoxx 600 trails u.s. equities. and ugly quarter slams shut in europe. -- and ugly quarter slams shut in europe. ♪ francine: welcomefrom bloomberg's european headquarters.

europe. have a look at the industry board to my left. this is the stoxx 600 industry group for the day.of them rising. just four declining. not enough to take the index higher for a fifth consecutive week. travel and leisure, the best-performing industry. i love this chart. it shows the valuation of the and versus earnings estimates. it is brilliant. there is a huge diversion. this is the estimate for the next 12 months. you can see them coming down. actually, they are at the lowest level since 2010. at the same time, the valuation times stock 600 is 50.3 estimated earnings. you see stocks rise from the february low. you see the estimates fall. upl be see analysts ratchet their sentiment jacoby will be key bri on that chart. , arise communications german company agreed to buy it. let me show you the shares of a french power company. of 10% today. today.0% there has been lots of speculation about the future of this proposed power plant the ceo resigned last month, saying, the project would put the company under too much financial strain. scarlet: a big move there. we're looking of course

the white line is the stoxx 600 and it is up by 130%. ,'ve looked at the mr function the best-performing stocks in europeswedish biotechnology company, the fingerprint company. 18,439% in the last nine years. if you have held onto shares, you would be sitting on a loss of almost 400%. that's the stock you want to have been in. 18,439%. that puts the again in the shame. vonnie: i love how you find these things. i know you are uttering me up for chart of the day. the ecb is expected to announce more stimulus measures tomorrow. can banks survive in a negative rate world? we talked about the burden on banks yesterday. it is a reduction between creditor and debtor, so margins -- they have to find ways to go around negative rates and maybe charge or diversify the products. it will incentivize the new relationships. mark: let's go to our chief markets strategy -- strategist. how can mario draghi and his policymakers avoid a repeat of december 3 when by all assessments he under delivered. with great difficulty. the market is fearing he's only going to be able to do 10 basis points. scratching their head as to wh

europe is in a bit of a funk . this is the stoxx 600; a big downdraft coming through in january. calling this trading range now, and i'm wondering, what is it going to take to get u.s. investors convinced they should put their money back to work year, to get people around the world saying, actually, this should be popping higher? i'm just wondering if it's a suggestion or problem. >> our view would be in terms of it is more of a problem. but thisnice rally, has been seen in all risk asset classes, starting with that big rally in oil. there are similar rallies that appear to be feeling. there is a strong correlation between oil -- and even yesterday, when we saw that dovish yellen, it could go up. we worry a number of risk assets are topping out. maybe we break through the bottomless range in europe and that is another sign of failure. it comes back to what will encourage people to invest in europe. at the moment, we have problems from a geopolitical point of view, worrying about the migration crisis. and some think they don't need to invest in europe. when you think about compani

europe. stephanie: if you look at the markets, european stocks are back in the red. stoxxeuro, ftse, all down. >> we have confirmed 26 dead. there are more than 100 injured. we don't have a full total for that. no one has claimed responsibility. they are thinking it may be related, in the aftermath of the apprehension of the capture of the main suspect from the paris attacks. a fourthports of incident, perhaps a device that did not go off successfully. do you have more on that? we don't know if it was a real bomb that they detonated or if it was a suspicious package they set off protectively. we don't have information on that yet. we have three bombs, two at the airport and one at the mouth maelbeek metro station. confirmation that 11 so far dead at the airport. 15 at the subway. stephanie: over 100 injured. jon: the death toll is horrific. are going to ask why the threat level was raised after this, considering this was days after salah abdeslam was arrested. the criticism this morning of the authorities, is it there as far as you see things? jones: they have been critici

europe. tell us about today's market action. fifthstocks up for the consecutive day. appetite for risk year assets continues. this is the stoxx 600 twelve-month chart 50 day moving average. yesterday, the stoxx 600 closed above the 50 day moving average. you know how important that is. the last time it was above the 50 day moving average was above december 8. since then, it has fallen by 9%. moving average is above the 50 day moving average -- not good things for your technical analysis. a big vote of confidence taking place in the spanish parliament very soon. will the socialist leader get the required votes to become prime minister? it very unlikely. actuallyields are below the level, unlike in torture goal. we spoke to the finance minister yesterday. spanish yields are below where they were at the time of the spanish election. so not real worried yet about the lack of a formation 10 weeks after the spanish election. you want to say the spanish are coming to a fork in the road. what is the pound now against the euro? mark: who would have guessed last wednesday when sterling was 79 p against the euro. fortunes have changed,

europe. a little higher it seems very about 4/10 of 1% on the euro stoxx 50 the german market will also do quite the ftse 100, perhaps a little bit of a laggard. let us see if we run without further in the european session. a quick look at london. i will see you tomorrow. ♪ ♪ manus: welcome to on the move. it: 30 in berlin. we are tracking down the european open. i manus cranny along with hans nichols. what are we watching? good morning, hans. hans: it was a super sunday in germany. not so super for angela merkel support tumbled in regional elections as voters punish her over refugee policy pierced stepping back, the pboc governor says major stimulus. this despite data indicating otherwise. uk's but we. george osborne set the stage for more austerity. is the bank of england governor's desk bank of england governor carney having to do the heavy lifting. having to set up the mess in berlin did -- in berlin. is she going to say anything and give any indication to members of her own party or the public that she is going to change course? at this point, it doesn't look like it. it looks like it is go

europe today. the post mario draghi rally is still in place. this is the column you want to be looking at today. the stoxx00 rising for a second day at the highest level since january 7. we have risen for four weeks. it's the longest winning stretch since march last year. how is the bond market? here's the spread between the german and the spanish bond market. the mario draghi peripherys drawing bonds. it's up 1.6% from 1.2% today. the yield differential is 1.2%. the euro-dollar -- what a three days it's them. 1.6% and we were down by 1.6%. is ahree-day performance 1% decline -- 1% gain should i say for the euro. mario draghi was not working on the fx channel. he was working on the credit channel. the best performer today in europe is the italian lender c. the newspaper reported that the prime minister is pressing other lenders to consider a takeover of the countries third-biggest lender. if they gain a today, up by 5%. welcome back. betty: i miss so much. all this stuff happened while i was gone. mark: i cannot believe you missed mario draghi. we're counting down. we will make up for it. betty: let's che

stoxx 600 trails u.s. equities by the most since 2003. an ugly quarter slams shut in europe. this is bloomberg "surveillance." i'm francine lacqua in london with tom keene in new york. consumer data is in line with expectations. this is important because we have seen mario draghi try to sell everything, and so far a lot of people are saying it hasn't walked. tom: and that inflation data is important, linking to central-bank action. that china story happening as we speak, across the terminal. it's extraordinary; this headline, risk to china, credit worthiness increasing. francine: yeah. eye one to keep an i on th the rating agencies. economists have been flagging concerns. let's get to the bloomberg first word news. vonnie: thanks. just breaking, trouble for south africa's embattled leader, jacob zuma. the nation's highest court says he violated the constitution by refusing to repay taxpayer money which he used upgrading his private home. his political party is investigating whether he breached ethics laws. the nuclear security summit is getting underway in washington as north

stoxx 50. less data to focus in on in the u.s. this week. given we have the ecb meeting this week, i wonder whether europe will lead the u.s.s week. >> i'm watching the dow transports. talley was talking about some industrial names doing better. the dow transports have been outperforming, that's a signal about where we are in the u.s. and global economy. they're up about 2% from the end of the year, where the s&p is down 2% if th. >>> our twitter question, cha what could get in the way of a market rally this week? 24% say politics, 27% central banks. 39% oil. >> "squawk box" is next. when you're on hold, your business is on hold. that's why comcast business doesn't leave you there. when you call, a small business expert will answer you in about 30 seconds. no annoying hold music. just a real person, real fast. whenever you need them. great, that's what i said. so your business can get back to business. sounds like my ride's ready. don't get stuck on hold. reach an expert fast. comcast business. built for business. >> good morning. u.s. stocks charging to two-month highs, but those gains could be tested by a key central bank

europe. over here i have the grr. it has the breakdown for the day. you see the metal slump but behind them, oil and gas. that has pulled the stoxx 600 off of the gains. for the first time in five days, the gain has been erased. it is taking the european markets after the easter break. i'm looking at what barclays is saying, when on the barclays called, kevin is at the desk and is saying copper and oil could slump. copper could drop to $4000 an ounce. this is the key concern he has. that the fundamentals don't support the rally that we have seen in metals and oil. we could see oil head down to the $30 area once again. clearly uncertainty in the market when it comes to analyst perspective. this is what i wanted to show. we have been focused on the bank of england. the committee came out and gave us what they have been chatting about. there are warning bells around brexit. get this. this is volatility in the pound. implied volatility. 15 and it is ato key concern surrounding brexit and that has been hitting some of the banks. betty: certainly some warning bgns for any holes -- any ulls. matt miller has more from the news desk. matt

europe. the dax has turned around to big gains. the stoxx 600 turned around and gains as well. you still see losses in the ftse. one of the reasons for those gains has been the movement in basf.and you can see monsanto unchanged upthe premarket but byer 3.25%. take a look at u.s. futures. we see green arrows across the board but really little changed on each of the major indexes. oil has come back down again and oil has been determining the fate of stocks. right now we see nymex crude -- still at a relatively high level considering the last few months where we have seen this movement. 38.95 per barrel. barrel coming down to 1248.90. to 1248.90.ng down sherwin-williams taking out valspar. jonathan: you might want to dig starwood says revised marriott 8536 dollars per share. starwood saying the revised marriott, $85.36 per share proposal is a superior offer. stephanie: everyone thought this thing was a done deal. we sort of forgot about it but you forget until these things are signed sealed delivered, it is not over. starwood inking a deal, the first major hotel operator to be op

a rally in europe we need to discuss. 1.5% higher after caught tro weeks of gains. the stoxxning streak since march of 2016. 37, 45. ♪ tracy alloway is joining us to take on matt miller. we will go with matt first. matt: i don't even want to because tracy is one of my favorites. ok, i will destroy you. you can access the entire library of charts now. you can see all of them. shows you is something simon was talking about earlier in the program. he was saying you might think that you want has strengthened a lot this year. versus the u.s. dollar, it has come back to where it was beginning of the year. it may make you feel like the one was very strong, but versus other currencies, the one has fallen to its weakest level since back in 2014. yes, it is stronger versus the dollar over 2016, but versus the rest of the world, it has gotten a lot cheaper. is what the pboc is trying to do their they are trying to move. we are showing how they have done. tracy: it is an ok chart. it is decent at it does not have data from space. this is the china satellite manufacturing index. it collec

europe. has it made a difference? hasyone believes -- admitted difference? white line is the ecb balance sheet. see how it has gone up so dramatically? blue line, this is what is happening for the stoxxom april last year, a full year of quantitative easing. the green line is growth in the economy. there is no reason to believe further quantitative easing will do anything for stocks are growth. you can get that on your terminal. that is my entry, matt miller. not bad for a beginner. matt: i am impressed, definitely timely. i am inclined to like your chart better than mine. i got a little help from jeff gundlach here and obviously hillary as well. netve a chart of s&p 500 profit margins. in no period have we seen that profit margins on the s&p 500 fall more than 60 basis points without signaling or coinciding with a recession. only 1985, and i cannot go back that far. i can go back to 1990. 1979, 1990, in 2001, and in 2007, every time s&p 500 net profit margins fell more than 60 basis points, we had a recession. what do we see here? net profit margins were at almost 10% and have come down almost 8%. we have seen 166 basis point drop in s&p 500 net profit margins. does that mean tobias

europe and getting back to work after a poor the day weekend. i will not pretend i am not jealous. >> a little bit more fresh faced. the market holding on to the games. the stoxxholding on. are talking about oil and gas companies. they are feeling the pain. they were off the previous highs. this of course gives you the whole section of what is going on in terms of global commodities. atlantic,side of the pulling things lower. barclays, kevin coming out saying, look, oil could go lower. he says we could go back to the 30. on copper, trading up by .4 of 1%. and then they putting it into perspective why we are worried about metals and oil. a great chart. jonathan, i know you love the intricacy of the bank of england. just three months ahead of when seeing theg to be referendum in june. this is showing you how volatility is picking up. check this out. the highest you have seen since 2010. vonnie: thank you. now to our first word news, there has been a peaceful resolution to the hijacking of that egyptian headliner. authorities say the menu horse the flight to land in cyprus has been arrested. there are no reports that anyone was hurt. they had ruled out terrorism