second, keep an eye on basf. in the gascting basf pump to fall about half a percentage point.n asset swap. the world's biggest chemical company and russia's gas pam saw that asset swap. this is all about the chemical company getting into oil and gas exploration, getting out of gas trading. is is something that was originally planned before the political turmoil that was instigated by ukraine. anna: thank you. guy: coming up on "countdown," the cofounder and chairman of roubini live from the foreign markets shores. we will look at the payroll number, stay with us. ♪ guy: it is the: 47 -- it is 7:47 in london. it: 47 in frankfurt. anna: welcome back. the annual global economic conference in italy is taking place and across the weekend. we are joined live by the roubini cofounder and chairman. great to see you on the program. good to hear from you. we spoke just a few minutes ago to mr. frenkel from jpmorgan international. he was talking about how he thinks the chinese economy probably needs to give more stimulus. do you think the chinese need to do more, and what should they do?

basf are going ahead with the gas swap with guys problem -- gazprom. we get the go-ahead that they will be spinning off their plastics unit and an ipo to come fourth quarter of the market stays stable. >> three minutes into the session and european equities are erasing some of the draghi-fueled pops. over in asia, we will go to julia in hong kong. what an ugly week. talk me through the news. >> absolutely. one way to describe it. on the nikkei to defy today closing down more than 2% and in that sailing that we saw despite from thosegain comments coming through from mario draghi. we had china close again today in hong kong coming back online. they are down by zero point 41% but ubs coming through saying they have cut the targets for the hang seng index by 25%. that did not add to the already downbeat move we had in the region. most markets lower and the australian asx did get a boost from some of the mining players that have really off yesterday raising by about 0.25%. this is the picture of the overall asian benchmark region. today, not really anywhere