these are all of the industries that basf serve. this is a hedge, the belk of the business that's the bulk of the business is in the chemicals. presumably, the lower oil prices was mean their prices are much more efficient so there should be more upside. sheenagh: there is some upside. they will be able to produce their chemicals and further downstream, the other chemicals more cheaply. this is an impairment charge for the assets. they have oil and gas reserves which are worth less. even their production facilities are worth less with the oil priced at $30 a barrel. guy: sheenagh, thank you very much indeed. on to -- jonathan: on to commodities. mark.ng around the $31 exacerbating the oversupply. will kennedy joins us. it feels like we do the same conversation every single day. what is remarkable is the magnitude of the moves. day, monday, tuesday, wednesday. will: that is unusual in the oil market. which with which -- with which we are circling. comment from the a ramin: ceo yesterday, the it illustrates the in finding aed balance

. >> let's also give you a check on shares of basf, because they've issued a profit warning, citing no other than the sharp drop in oil prices. the world's largest chemicals company expects earnings before interest and tax to drop by 18%. that's to 6.2 billion euros. basf added it expects the crude glut to last, which may result in a 600 million euro impairment to its oil and gas division. >> shares falling after the swiss pharmaceutical group posted income of $2.7 billion, shy of forecasts, on the back of a disappointing performance in its eye care unit. later on the show, we'll be heading live to bizilj. >>> also, zurich insurance has appointed mario greco as ceo. zurich hopes greco can lead a turnaround at the company after it issued last week its second profit warning. zurich second base once again higher. you can see zurich insurance up about 1%. well, let's bring in william hardcastle, director at 12 capital, joining us on the phone to talk more about this shuffling of ceo appointments. william, pleasure to have you with us on "street signs." when we look at the direction of the

earningsly, basf failing to meet expectations.res sinking as much as 5% because of the plunging oil price hurting its wind to shore unit. the big faller on the dax. guy: thank you very much. up next, fuel for thought? we will discuss shell's proposed takeover of bg. we will talk about oil prices and how they could affect -- firtch up next on that story. ♪ welcome back. you're watching "the pulse" live in london had let's get you everything you know to know. anks china central bank is said to have asked some chinese banks in hong kong to defend offshore lending and tighten liquidity. also asked some chinese banks and companies to collect information about shortselling orders in the offshore yuan market from the start of the appeared tim cook -- has said their sales are soft and china. yearwith the lunar new shopping season, china may no longer offset the broader slowdown in the global smartphone market. royal bank of scotland has taken 3.6 billion pounds of additional charges to cover past misconduct. the fourth-quarter charge incl

it's being built on what used to part of the enka basf plant site. i spoke on the phone with martin lewis of fletcher partners. he says it will include seven ball fields on the 90-acre site. right now he says they are still working on the retail development and they have no solid announcement. at least not yet. but the site could accommodate a costco, wal-mart or any other big box store. if one of the big chains will move in to the center, that still remains to be seen. if you have a question for us, you can write me here at ask 13 at wlos.com. darcel. >> larry: a lot of construction. >> darcel: the college football national championship is finally here. clemson will take on alabama here in arizona. >> larry: here at home, die hard tiger fans have already started preparing for the game. darren, people have already started gathering. well i see they are. >> darren: that's right, larry. the bars are already starting to clemson. we have about three hours to go until the game. the bar is completely full. not a surprise, i'm sure. we've been here all week

i mean, i amroud thaveh a broad basf suprt acros the country. >> b did it py to hisnarr about yo well only if y think his narrative is correct which o look, w both have stoodp to wall et. itood upore most people stoo upac when i was a tor. we both have plans. mi isore expansive, tougher, mo effective, comprehensive accoing to people like pl includg man. i want tsk you abo a mont of a town hall. youngman, bere ers supporter stood up and sd young people don'ttrust. ou i'verdro qte a few peop my age tt they think you're dishonest. >> when said that i nsed d was wondering youe obviously been in tghbattles, political battles, do u think ur feelings hurt sometimes? >> well, of course it's not pleasant to hear at. i haveed a very public lif nowor 25years.i've been subjected to all kinds oftt and i large measure because of whai stand f and what i fht r, b i'm going to answeruestions regaress of where they ce from or who poses them >> what frustrates you the most about perceptions aboyou? about that anor because i did for a long time u're human. it is - it is painful. it can be hurtful. and is

had big oversold conditions in the auto americas, like daimler, semens and other names, allianz and basfthey are modestly on the down side. all the stocks were positive a couple hours ago in europe. here in the u.s., financials dramatically oversold this week on concerns rates would stay lower longer. yet today, on a move that would imply higher interest rates, you can see we were all positive early on. these financials, morgan stanley, goldman sachs at new lows. yesterday down 9% on the year. yet no real bounce here today. this is a source of great disappointment on the street. oil still not behaving. can't get a rally in oil at all. the xle, the main energy etf to the down side. a lot of cross currents and disappointment here. back to you. >> thank you very much. for more on the markets, art cashin director of floor operations joins us, along with mike santoli. good morning. >> good morning. >> if we go back last night, mike, shanghai closing higher, a good jobs number would have been about the best scenario we could build today. what's going on. >> y you had the other places in play.

basf was heard by the big drop in oil prices. says he is focusing more on oil and gas production.t's the end of an era for apple, projecting sales will fall for the first time since 2003, reinforcing concerns that apple has reached the limits of iphone growth. apple is also being hurt by the slowdown in china and by the strong dollar. that is our bloomberg business flash. over to you. francine: thank you. the eurozone's largest lender, santander, missed markets. concerns over its second-largest market has weighed on company shares, which have dropped more than one third in the past 12 months. i spoke exclusively to the chairman anna bontin about the outlook for china and the emerging markets. >> there is a bit of a disconnect between the financial -- and what they call the real economy. i don't like to separate that, a bank is very much a real economy. the world is more complex, right? there are a lot of issues in the middle east, china's transformation, politics. this uncertainty, this complexity -- i think it will get more volatility. we see that. but if you look at the underlyi

in europe, oversold in daimler-chrysler, allianz, basf. daimler down 10% this week.ll it can manage is a 0.7 gain. new lows in the financials, morgan stanley and goldman sachs down 9%, 10% for the week. modest moves on the upside here. what we don't have are the oil moves. modest moves considering the declining. exxonmobil here, the big flight to quality for oil stocks, many down 6%, 7%. exxon down about 2%. it has the near 4% dividend yield. that's a good move for them here. holding up well here. finally, jim, i know you were talking about the apple barbers out here. here's one point for anybody. apple now has the same dividend yield as the s&p 500 who would have thought that would happen. 2.1%. the dow up 64 points. carl, back to you. >> thank you very much, bob pisani. >> let's get to the bond pits, rick santelli is there. >> labor secretary perez is right. it's undeniable, americans are pretty much better off and have a good savings on gasoline. also undeniable that savings for family of four are dwarfed by extra expenses like healthcare and the fact that wages h

you see daimler and volkswagen and basf, big chemical names and some of the big financial names liketsche bank. tech is leading the down side. you have the big cap tech names, apples, microsofts, intels, all down roughly 2% across the board. energy on the weak side and materials and industrials. again, i have said this several times this week. this looks a lot like 2015 again in terms of what is down the most. there is tech with microsoft cisco. i have been asked about why the volatility isn't higher. the vix is at 23. you would think it would be closer to 30. a lot of traders are no the that active. i have called and asked about activity. it hasn't been that strong, either there or on the putt call desk. the options desk. i think that will change if we see these big intradays change. china is apparently going to suspend these circuit breakers starting tonight. let's get back to eunice eun in hong kong. there was plenty of room more that china was going to suspend the circuit breakers, because so many people were complaining about it. we just saw on the shanghai stock exchange, as we