anna edwards and i will be back in under couple of minutes. that is it for us.uy it is 8:57 a.m. results.the anna edwards and i will be back with you in just under two anna: japanese stocks as the yen falls. the peso in play. gainingippine currency ground after the outspoken and theroversial rodrigo claims presidential election. the swiss bank is said to record first quarter results among restructuring. we will have an interview with the ceo at 7:15 a.m. u.k. time. ♪

i am anna edwards in london. manus: i am manus cranny in dubai. you will kick it off with china. know you like a chart. anna: i have a chart for you. today, equities bouncing this morning, rebounding from a one-month low. the sales tax increase in japan is one factor, maybe hopes for stimulus in china. chinese stocks gaining a little in the session. we had a rough month of april. , over the weekend industrial production, retail sales, investment, and new credit. i have a chart here showing bloomberg dvt for china, a monthly tracker through the deluge of data. gdp justnth of april, 6.8%, below 7%. 7.1% is where we were in the month of march. manus, that's one of the things the markets are dealing with, a slowdown in china, but also constantly reevaluating expectations from the fed. manus: absolutely. we will get minutes from the fed. that will be the real linchpin of this week's trading. for me, it is about volatility. i love when there is a little nuance to volatility. have a look at this. this is the volatility for the u.s. bond market. it is falling, drifting lower, the lowest s

i am anna edwards. we continue to count towards the start of the european trading day.ng. a bit of a heads up of what's coming up in europe today. we will focus, as ever, on the brexit debate gripping the united kingdom. david cameron will appeal to britain's patriotism by of evoking imagery of wartime leader winston churchill later on today, saying in a speech around 8:00 u.k. time that the european union has helped reconcile countries which were at each other's throats for decades. so politics is very much at the fore in this particular installment of the brexit debate, but that doesn't mean that the country is anymore decided than it was. 42%latest poll i have seen, for remain and 40% for leaving. i have the chart next to me on bloomberg, showing the exactly how the end these two are running in the polling, and how many undecideds we have. 19% to 20% undecided in many polls coming through. they can names will be speaking on the subject, manus. mark carney, christine lagarde, and george osborne, and boris johnson, of course, for the leave side. grexiti thought brexit,

i am anna edwards. let's talk about what is happening and markets. stocks extending their rally, up for a third day. japan getting a boost. i've got a chart that focuses on u.s. equities and the problems reaching theas th 2001 level. it seems to be a ceiling for the market. stocks little changed in the u.s., resulting in weakness. talking about what happened in the u.s., let's get that for you. dollar index in focus. 95, spots to one today. yellen test. a 1:15 p.m. east coast time. speaking.en will be can the dollar secure its best performance in more than a year? the yen is in there as well. cpi, down 0.3%. core inflation down. what pressure is the boj facing? questions being asked about the future of that sales tax. we will link the dots on that story later. we'll, where are we on oil prices? how long is that move going to last? not long. supply disruptions, we have talked about those. sayingrg intelligence there could be a significant ramp up in completions. let's get the news now. anchor: saying he is expecting a dovish speech. saying the fed wil

i am anna edwards in london. manus: i am manus cranny in dubai. good morning, and a. anna: let us talk about the oil price. wti yesterday. we are rallying once again this morning. tomorrow.data is due seeing increasing in the united eights. decrease ino weeks back to back numbers since september. we have a number of factors coming in. i have a chart that contextualizes this move. all the way back to 2005. inventory are forecasted -- inventories are forecasted to decline again. bouncing up since the lows in february. 80% since we saw the 12th year those in the price of oil. a number of factors. wildfires in canada that on the agenda. warm weather fanning flames. supply disruptions in nigeria as well. talking about oil and what you do with the proceeds of oil. manus, inc. news in your part of the world. manus, big news in your part of the world. manus: i love this. i love the cover. have a look. saudi secret -- what is the truth? 40 years of information. today, bloomberg gets the truth. they have 117 dollars. rounded up by .2. -- 117 billion dollars. 42 years it has take

manus: i will be joined by anna edwards. after these messages. ian markets continue their two-day rally sealed right oils climbed to a six-month high. bullish in the long-term, black rocks larry fink tells us that we all have to worry about china's debt but the country's leaders have done a good job. solving a mystery. saudi arabia's u.s. treasury holdings are unveiled after 41 years. it is among the top dozen holders. the toughest job in european banking. martin gilbert says deutsche bank has it difficult road ahead. -- has a difficult road ahead. martin gilbert: a lot ofm

i'm anna edwards. it is 7:00 here in london and 8:00 in germany.n industrial output is falling for the second month. there was an estimated drop of 0.2%. 1.3%.tual output fell so, this was worse than was predicted. this is going against what we heard on monday. from an industrial production is declining more than was expected thatrch, a second drop could signal slackening demand in the european economy. this dropped 1.3% from the prior month. economists in a bloomberg survey had predicted a 0.2% decline in this particularly volatile guage. this volatile data does not paint a consistent picture with what we heard yesterday. it is interesting to see how the market will deal with all of that. easyjet is giving us their revenue numbers, 1.7 7 billion pounds in first-quarter revenue. it is just a little bit below estimates. they say they are well-placed to grow revenues and profits in this financial gear. they reported a pretax loss of 24 million pounds. it is not unusual for an airline to have this kind of loss. haverist attacks contributed to a euro-w

i'm anna edwards. let's update you on australia. getting a few headlines coming through and if you market moves as a result of a reduced inflation forecast. i've got a chart here. inflation going down under. this is the headwinds, the challenge that faces the rba, like many central banks, hit by this global disinflation. this chart goes back to the 1990's. as a result, you saw the aussie on the move. let's have a look at the risk radar. real weakness coming through in the aussie as a result of this move. yields on bonds lower. three-year yields hitting a record low in australia. eight-week low on the australian currency. the big question, whether the central bank will do more to sperry inflation. i've got the dollar index pretty flatness hour, but it is of course jobs day in the u.s. headed for its biggest weekly increase in six months. the yen increasing against all major peers. wti at 43.84. let's get to arcelor mittal, getting numbers from the steelmaker. this is the world's largest steel maker, contending with slumping prices of

manus: in the meantime, i will be back with anna edwards at the top of the hour. .rexit at the top of♪ anna: china's slowdown grinds on. andth in april slips, retail sales and investment numbers miss estimates. eu cbi says the british referendum has put a cloud of uncertainty over growth. the biggest british business lobby cut its economic forecast. chinese car hailing service didi is considering a u.s. ipo after receiving a $1 billion cash injection from apple last week.

anna edwards is up next in a couple of minutes with countdown.to state snap their stocks today winning streak. rise,e hikes stateside forecasting at least two moves this year. japan dodges a recession. consumer and government spending helping growth in the last quarter. getting to the bottom of the nikkei, after the carmaker said it used improper methods to test fuel efficiency. and the rise of the robot, china's biggest makes an offer for a 30% stake in the company. ♪

we have countdown with anna edwards and myself. ip order as we go to the end of "bloomberg markets: middle east." it's bloomberg. it's "countdown." we are back in two. ♪ anna: goldman says expectations hike have fallen too far, too fast. they say 15% gain during the next two years. for ans senate up impeachment vote. today could be her last they as president. in the survey finds half of britain thinks that brexit is the only way to curb immigration. ♪

anna: and i am and edwards. edwards. -- anna let's get straight to the shell numbers.e was only $1.18 billion. this is another oil major that seems to be beating estimates. we will look at the details to see where the analysts were wrongfooted this season. earnings attributable to holders dollars.lion u.s. figureactual production just ahead of the estimates, but not by an incredibly wide margin. their ceo has been building this business through the purchase of bg group, now banking on those assets, helping shell right out what has been a terrible downturn in the oil price if you are an oil business. they want to try to take on the competition. how much of the refining part of the business and trading part of the business, how much were they able to offset the oil price? that is one of the key questions in the sector. been trimmingave spending, renegotiating contracts, eliminating thousands of jobs, improving efficiency. we are looking for an update on their debt levels as well. dividend per share, $.47 per share. that is what we have in terms of shell numbers. we will

anna: i am and edward. -- i am anna edwards. to the futures.are going to have a brisk open as far as european markets are concerned. in the u.s. equity markets, rallying the most in two months. we've got these features. london up .6%. oil near $50 a barrel. inventory is down by over 5 million barrels. the norwegians are saying that you are not going to see $100 oil anytime soon. dollar yen, goldman says keep face with kuroda. 125. treasuries, anna, you've got marks & spencer's. anna: we got the numbers from the u.k. retailer. implement and actions to recover and grow, closing at home. they will be reviewing their crawlspace. they are going to focus on shareholders returns. in terms of the numbers they are reporting, the four-year profit before tax, 600 million pounds. .4.8 tenths interesting to say they are going to focus on holder returns at one of the questions is if they are going to keep up efforts to reward shareholders yet go they brought back -- shareholders? that was one of the key questions going in. they are saying their and limiting

i am anna and words. edwards.oving the markets, two of them, san francisco john williams and the conclusion being that at least two interest rate hikes may be warranted in 2016 because of the expansion in the economy. and inflation increasing. over a goldman sachs, there is a chart over the two-year spread in the u.s. on the bloomberg. they're warning bond investors that they need be more prepared for the fed to increase interest rates. bill gross of course did something similar earlier on shouldnth, markets not count the fed out. what we're seeing here is the increased demand for long-term debt, at least seeing a decrease over the two year yield. that spread is the smallest since 2007. it seems that in some senses, markets are not repairing -- a big difference between what we are seeing in the rhetoric from the fed. not all of the assets have been reacting a great deal to what we heard from the fed, i should say. the dollar index yesterday session actually falling, against the years against the currency market. t

i'm anna edwards in london. .anus: i'm manus cranny and by i suppose there is only one thing from rock -- my region to your chart. anna: let's talk about what's happening with the oil price. how this has rallied since february, wti oil rallying more than 70% from the almost 13-year low reached in february, rallying now, really based around the canadian fires, the fires raging and although to -- alberta. there are other factors at play. we have seen a big shakeup at the top of the saudi oil administration. is something that anyone involved in the oil industry needs to be aware of as well. manus: it does indeed. that whole conviction trade about what happens with ali willimi, how much hardball they actually play at the next opec meeting? this is what we will touch on throughout the show, which is that change in power, that change in tone. will there be a change in tone? will they push you ran -- ira to get on boardn? board? to get on anna: you can see the couple of stories we have been talking about. 45.52. shanghai composite's down. we will talk more about what is happening with the exp

this is countdown, i am anna edwards. ppi numbers coming through from germany and they look to be broadly in line with estimates. 0.1% and that is exactly what we got. an estimate on the year on your number for ppi for april to be down 3%. it's down by 3.1%. what are we hearing from the market in terms of what we are going to open up. suggest that we could be positive at the start of the trading day which is really interesting when you consider the continuation of the hawkish messages. up by 1.3% which is the estimate coming through from the futures market. they all can be higher by more than 1%. that would reflect the positive handover from the asian section. let's bring up the risk radar and show you what has been happening. suggesting that june is still very much like june or july increasingly being added into the conversation but the 2-year note not really adding to the hawkish vibe. asia-pacific is moving higher into the session but really by whatllied -- bouyed is coming in on the oil markets. we see canadian firefi

anna: i am anna edwards and london. we will go first to japan where you have breaking news.h operating profit outlook at ¥1.7 trillion. outlook doesfit look to be below estimate. they are also giving an operating profit for the fourth quarter. that's below the estimate of 628. the fourth quarter also below estimates. upset, havee announced a buyback. they are giving us more details for how the business is performing. working into their assumption? what did the steel plant in february due to increase production? we can see some of the effect of that coming in below estimate. we have these devastating earthquakes as well. greater will get some details about the negative impact they have had on the business. interesting to get these numbers below estimates for the operating profit for toyota and buying back shares. is the world's biggest catering company. 10.6 pence. 9.6 7revenue beating billion. that's above the marker they were looking for. operating profit is above the estimate. these are the first half numbers. 16 -- 22 will be positive in unchanged. who have the conversati

anna: it is anna edwards here in london. breaking news. have some numbers on swiss watches. .anus: i have swiss watch exports fall 11%. this is for april. a total number of working days, it is adjusted to 15%. april imports are down. they are adjusted down 3%. -- these a swiss watch exports are pretty much going to have an impact across the trading day in switzerland. that is the first double-digit drop in a number of years for the swiss market. do not forget in march we saw 16% drop and 9% in the first quarter. richemont had its sales and they were 16% lower and they were the top six countries for exports. this is a tough set of numbers. anna, you've got breaking data there. -- we've gotsunny sony operating profit outlook, down.ng their outlook the estimate was ¥400 billion. now they are talking ¥300 billion. that is below where the market was looking for that number. the earthquakes that we saw taking place in japan were expected ahead of these numbers to have some bearing on them. the earthquake damage hit the factory, slowing demand fo

i am anna edwards. it is 6:00 a.m. in london. through what has been happening in the markets. we want to start with the chart we have here. the u.s. equity market, the s&p 500 over the past three weeks. highlighting the roller coaster timeframe we have seen. yesterday, u.s. stocks were little changed. a with salt session. whipsawtouched -- a session. the s&p touched. apple was a big lagarde yesterday. the dollar may be listening to the dollar may -- may be listening to the commentary from the fed coming through this month. general strengthening in the currency. that is not seem to be applied to all of the asset classes. hawkish commentary yesterday talking about the risk of asset bubbles. oft was the fed story another. asian stocks are down for their third weekly loss. corporate earnings disappointing. the boj has been speaking in japan. dollar-yen is at 108.8. heading for its second weekly loss against the dollar contrasting central-bank helices in japan and the u.s. says he still has room to ease further. the korean wan is on the move a little bit trading a bit weaker. no tr

nejra: i am in for anna edwards. manus: i am manus cranny, live in dubai. let us kick it off with what is going on. we are trying to absorb everything from janet yellen. the treasury market returned aggressively with pace yesterday. i want to show you the dollar. take a look back here over the years. go back to 2009, selling in mae and going away. that is not the case. the dollar has climbed 3.4%. best performance in may since 2012. this is relative to some of the other asset classes. the aussie and the yen are the biggest casualties to dollar strength. we are going to pick up on all of these greenback gains against the major currencies. i love the irony. except for the good old british pound. if history is anything to show itself by, selling in mae is not the trade of the day when it comes to the dollar. nejra: we are also going to talk about china. i have a chart that shows a little bit of jitters possibly. looking at csi 300 futures. we solve the stock index futures plunge. you saw the line drop for the daily limit. it snapped back in less than a minute.

anna: and i'm anna edwards. let's talk about where we are expecting to go.s like things are expected to be sluggish with the the stoxx 600 down .3%. because the markets japanese market was sluggish, but elsewhere, china is doing ok. is south korean market is doing ok. we will get a glimpse of how some of the other asset classes are moving around. ourse, a real hot potato at the most recent g-7 meeting. that will continue to be the case with the u.s. and japan divided over the merits of the intervention. and we have got the aussie dollar against the u.s. dollar, showing a boost to the aussie. biggest in the dollar index on the back. people are just reevaluating after they saw the strength in the u.s. dollar last week. they are reevaluating if the thoughts about june, if that has gone a little bit too far. we are seeing the aussie and other risk currencies moving higher today. market'sviously, the focus is going to be on this run-up to opec. iran is making those noises. they are not ready to get on board with this deal at all. a couple headlines across the blo

i'm anna edwards. let's get to the futures and see where we will open up this session.as if we might be moving lower in europe, down around half a percent. ftse has sizable losses, down just try of 1%, is the early indication coming through. a handover from asia is a negative one, the msci down around 1% in their trading day. of course, a lot of the conversation in the markets overnight has been about the fed, so let's talk about that. theyve been asking when will react to the hawkish comments and last night we got the answer. the fomc minutes are spelling out that, depending on growth, labor market, and inflation data, they will think it appropriate to increase rates in june. let's show you have things adjusted. the dollar moved up by a tenths of 1% in terms of the dollar index, and today we see it on the move again, a little stronger at 95.3%. .09%.o-year note at bank of tokyo mitsubishi describing this as a pain move in on markets, 10 year yields of eight basis points from yesterday, the biggest increase in more than two months. day, u.s.or a second crude stockpiles

i'm anna edwards.have had a host of numbers from the banking sector and plenty of other numbers from the airlines and carmakers. there is a lot going on. let's have a look at the futures at the start of the european trading day. numbers are stronger across the european futures, or across the european equity scene. up by acks are fraction. the ftse 100 is up by .5%. yesterday, we saw a decent stock rally in the u.s. there was some speculation about just how much support there would be from different banks. all of that is feeding into the trading environment. will we see those kind of futures turn into reality in an hours time when the european equity market starts up? let's tell you what is happening with the oil price. we are around $45 per bale with wti.with high stockpiles continue to be the story. gold, we went above $1300 per ounce on gold. it is a little bit weaker compared to the recent close, but up 22%. just putting in the aussi dollar as well, we saw a drop of 1.2% lower. that is after we saw

anna: i am anna edwards.a look at where the futures are suggesting we will open this trading day. it has been a decent 20 day -- decent point for hours and trading day. brent going over $50 a barrel, one of the key headlines. european stocks, look at the desk looking to draw a line in the sand. maybe a little bit more outside the lending market -- london market with a slight move higher. we will see how they develop over the next hour. an hour to go until we start european equity trade. let's get to the risk radar. brent above $50. manus: we have indeed. $50 -- herel above we go, oil above $50. eia data has been down for the 11th week in the row -- in a row . dollar index down for a second in a row. just readjusting. we have had just a cracking run on the dollar. it has been the best month since january 2015. traders are fairly neutral. 2-year note, perhaps the most thrown -- most prone to indication that mean -- that we may see a june and july hike from the fed. that seems to be of late. -- can wewo punch ta

anna: and i'm anna edwards in london. 7:00 year. -- here.ompanies reporting from the london market; a trading update coming through from itv, the broadcaster in the u.k., third quarter external revenue up. on track for are full-year double-digit revenue profit growth in itv studios. itv says, "good group of pat profit growth, emphasis on the outlook." what do they have to say about advertising trends, about the strength of itv studios? that part of the business delivered organic revenue increases in 2015; how much will m&a have to be behind any such drive in 2016? there was a big unknown going into these, and the second quarter includes the european championships, the football tournaments, which can have an impact on the market. aboutrd yesterday concerns that brexit was weighing on the ad market, claiming brexit and associated slowdowns. ad itv goes on to say that they see online payout interactive revenue in "double digits." those are smaller parts of the company, but they are forecasting double-digit full-year growth. so total external re

edwards. what is on the radar for you? anna: we will keep an eye on ubs.nteresting to see them talking about being on track to deliver cost reductions by june. as we know, we are watching the banking seen. we've got commerc commerzbank reporting. that is one of these top stories this season, it has been about the banks' ability to tackle a difficult trading environment. they are tackling that by taking money out of the cost line. that is something we will keep focusing on with regards to these numbers. many banks are talking about keeping an eye on the ship financing side of the business. the ceo of commerzbank noted that matching last year's profit will be tougher given the slow start to the year in the difficult start to the year, is certainly something ubs is citing this morning. we will see what impact this had bnp paribas.nk and storiesg restructuring are all over europe. there is a lot to watch about the banks this morning. draghi is fighting back in the face of all of those political critics. we will talk about that in the program as well. manus: it

myselfanna edwards and will be back with countdown in a couple minutes. we look at the results from ryanair, and annarengthens. concerns over the japanese comment -- currency dominate finance minister talks. the fed president john williams talks over the chance of a rate rise saying the central bank will not caved to pressure to hold off during an election year. the diy recession. david cameron george osborne said that they will be plunged into a crisis of its own making if they vote for the brexit.