the bundesbank may be more powerful than merkel -- >> well, you say that.through bond buying. and two germans rescienced from the ecb at protest at bond buying. and the germans don't have a veto there. it would be nice to keep the bundesbank on board, but it isn't everything, as you know. >> both those statements are correct. and it's also true that the ecb has done a lot of things that were opposed first publicly by the bundesbank. but eventually they've come along. two members did resign. you're absolutely right, by the way, to point to them -- the two finance ministers, geithner and schauble, pointing to those comments last week. there's a reuters poll that just came out, simon, 19 of 24 traders saying they expect spanish and italian bond purchases from the european central bank. 10 of 19 expected this week. >> and crucially perhaps from the safety net. we'll talk about that at 11:30. the combination is very powerful. thank you, steve. >>> up next on the program, we need to get back to london. one athlete getting ready to take on wall street as soon as h

and the bundesbank and that is going to create some very volatile market conditions because even if on thursday mr draghi does put his money where his mouth was and his mouth was there very very clearly and firmly last thursday if he puts his money where his mouth is then we can be pretty sure that although asset markets will react positively straightaway the door should bundesbank he's going to make sure that it gets its voice heard and we're going to see conflicting headlines there a lot of two way trade it's going to be a very very volatile and to this week right now gone bad so there's of course where the maple consultants and what they said why do you think the breaks in the african countries are also higher risk. well i think we've got to look in context here there was a lot of headlines and you you mentioned that russia and other of the bric nations were high risk i looked at the reports and russia was ranked number fifty one hundred sixty nine in and that's really not what you'd classify is the highest risk so i think some of the spin that was put out was perhaps a little misle

what's unclear at this point is draghi talking to the head of the bundesbank because they agree or disagree? the bank has disagreed with a lot of the ideas that have been out there for saving the eurozone, especially those with the ecb taking a quantitative easing stance. so the question becomes, is draghi giving weidmann an earful? you remember this comes from comment that is draghi made yesterday that made markets think there's actions coming from the ecb next week. >> what's your hunch here, steve? getting a hunch germany is coming around to the ecb's way of thinking? >> draghi spoke in a way that made the markets react strongly. they did not correct those remarks today. there was no walking back. okay? now, the question becomes, did draghi go out on a limb here or say what he said, mean what he meant in a way that had the germans on board or not? i don't know draghi's leadership well enough. it would have been a mistake, you could say, to go out that far on a limb, have the markets believe what they believed and not have the germans on board with an idea of additional actions next week.

give you some headlines from the bundesbank.ource telling us that the monetary policy should focus on price stability. coming days before the markets poised for prime action from the european central bank. problems say member states are facing in the european union are fiscal and these problems should be addressed by fiscal instruments. >>> the question becomes, is this decisive for the european central bank, it has taken actions in the past over the objections of members of the bundesbank, we're hearing their opinions. meanwhile mario last week suggested that the ecb needed to act within its mandate and the differing interest rates on sovereign debt with within its mandate. i think these comments should serve to dampen those expectations but not necessarily eliminate them all together. >> right. the familiar dynamic that we have had, where we hear one thing one week and the market reacts and the german pour water on it. again, we're always relying on different reports. >> right. >> the overall feeling is, okay, maybe not so muc

. >> just a reminder, the bundesbank said giving a license would be de facto. it's prohibited by european treaties. >> still to come we'll remind you that the london olympics kick off with tonight's opening ceremony. find out what london mayor boris johnson told ross about the games. we'll be right back. [ male announcer ] drive a car filled with as much advanced technology as the world around it. with the available lexus enform app suite, you can use opentable to make restaurant reservations. during the golden opportunity sales event, get great values on some of our newest models. this irsuit of perfection. >>> >>> the countdown is nearly over. the world's eyes are on london tonight as the opening ceremonies kick off. a billion people are expected to watch the spectacle and the sporting events have already started of course with the football tournament. >> meanwhile companies sponsoring the games are pulling out all the spots to make the most of their moment in the spotlight. will it be to the detriment of the olympic spirit and to the smaller businesses who a

then the bundesbank are still opposed to direct bond buying, markets off. then there's a report now that reuters has picked up from lemon suggesting the ecb and bailout funds will move to buy spanish and italian bonds directly and this could start in september and that's what cause this spike. we come off that a little bit but managed to turn stocks back to the green. i want focus in on barclays. that company reported earnings. first let's look at the boards here. ibex 35 is down .6%. ftse is up half of a percent. xetra dax is down half of a percent. barclays did surprise to the upside with regards to its earnings. i want also said we're sorry for the events of the last couple of weeks. so just keep that in mind. we'll dig through those earnings and await the investor presentation. ftse 100 was in the red and still down 0.16% those bank earnings are helping out. let's take a look at the action across the bond curve because that will give you a sense of what's happening. ten year in italy, good one to focus in on. we saw it rising above the 6% level earlier