draghi and what he can do to soothe market concerns at this stage. what's your best guess about what we might get today? >> they're going to signal that they're going to suppress interest rates. they're going to signal to the market that they're not going to let any country default on their debt. so if it comes to that, the european central bank will take measures like purchasing bonds or sending the snol thignal tha such an emergency situation they'll extend credit. that explains part of what you said earlier why the portuguese interest rate spike hasn't been followed by rising yields in other countries. people bet that european sentiment is going to run the printing press to deal with this crisis. >> okay. tolleson, it has been a pleasure. thank you for joining us. tolleson polleit. we're going to catch up with jack koyo later on and give us his view on this monetary policy story and coverage from frankfurt on the ecb throughout the day. watch that on worldwide exchange and, of course, interest rates special focused not only on the ecb and the bank

>> draghi -- i reckon draghi was close to cutting rates yesterday. we'll never know how close. >> do you want me to call him? >> in other words it was don't cut rates but give forward guidance. >> that was probably the compromise with the bundesbank. i think the euro is steadily headed down to the low 120s. he wants the export competitiveness. year ago it was 124.50 in july. completely different scenario now. he's a lot more comfortable. i think a steady grind down, 125 and then slightly lower. >> not to be critical of our own fed chairman but don't you think to some extent where draghi is proving to be a master communicators, certainly it seems he's able to communicate in the markets in a way bernanke is struggling at least lately. would you be willing to at least go that -- >> i think the fed stumbled on the last time, but if you think about the sequencing of where the two central banks are at, the fed is in time eight, nine months, a year ahead of the ecb. all the stuff that draghi is doing, bernanke did already. it's a lot easier, scott, to read

. >> ecb chief mario draghi promises interest rates will stay low for a long time yet, sparking a rally for european equities. >> and victory within reach -- the first german woman to book a place in the wimbledon finals since steffi graf in 1999. well, after more than two years of unrest in egypt and to fallen presidents, thousands of people have again taken to the streets of cairo tonight. >> but they are celebrating. on wednesday, the military ousted the country's first democratically elected head of state. >> there is resentment among egyptians who oppose military intervention, and that parked street clashes since the overthrow. 16 people have been killed and hundreds wounded. >> a new interim leader has used his inauguration to reach out to morsi's muslim brotherhood, but party officials have rejected any engagement. >> there has been no end to the celebration from tahrir square. many women were among the crowd. they welcome the overthrow of mohamed morsi and his muslim brotherhood. >> i feel safety and peace. my country has come back to me. my country was was kidnapped, egypt, has

. >> ecb chief mario draghi promises interest rates will stay low for a long time yet, sparking a rally for european equities. >> and victory within reach -- the first german woman to book a place in the wimbledon finals since steffi graf in 1999. well, after more than two years of unrest in egypt and to fallen presidents, thousands of people have again taken to the streets of cairo tonight. >> but they are celebrating. on wednesday, the military ousted the country's first democratically elected head of state. >> there is resentment among egyptians who oppose military intervention, and that parked street clashes since the overthrow. 16 people have been killed and hundreds wounded. >> a new interim leader has used his inauguration to reach out to morsi's muslim brotherhood, but party officials have rejected any engagement. >> there has been no end to the celebration from tahrir square. many women were among the crowd. they welcome the overthrow of mohamed morsi and his muslim brotherhood. >> i feel safety and peace. my country has come back to me. my country was was kidnapped, egypt, has

>> it says extended period of time. >> quite an exchange there between draghi. how significant a shift is it in your mind? is there a -- central bank is like in the uk and ecb worried that if the fed is signaling some different bond yields are backing up, basically fed policy is going to be exported around the world to europe and to the uk or push yields in clearly -- or push yields in the uk and europe up as well, which is what they don't want. >> i think the first thing to remember is that they would like to point out to journalists that they don't know what they're talking about. >> well, clearly we don't. >> the second important thing here is that central bank also gets into this group think and essentially policymakers think they have been communicating this message. the fact they made an explicit statement more recently i think is just a natural evolution. what they feel they have already been doing and sometimes forget that the market is focusing on a minutia of statements that on the fact of the last day of the quarter you had two fed governors standing

pause if we may and reflect on what mario draghi said one year ago today. >> within our mandate, the ecb is ready to do whatever it takes to preserve the euro, and believe me, it will be enough. >> and so ultimately after six weeks of deliberations, they launch the nuclear deterrent that is the threat to buy -- to buy peripheral bonds in europe at the short end and, of course, that has really allowed all world markets to put the eurozone to one side as an immediate systemic risk. the fallout for assets has been phenomenal. people on wall street, people around the world have made a huge amount of money as it pushed those long-term rates in, say, spain and italy, which we were so worried about 12 months ago down to a manageable level. the immediate gains were on the french banks. remember when we used to talk about the french banks and their holding of peripheral eurozone

on the bond market, a year since draghi said we'll do whatever it takes. look at the peripheral bond yields. below the 7% mark where they were trading for a number of weeks. flirting rate auction coming up and the dollar index at a five-week low this morning. dollar yen is down at two-week lows, 98.63. stronger yen today, not helping the nikkei, down over 3%. more on that in a second. sterling/dollar, trying to bounce back from yesterday's losses, 1.5391. right. so, that's where we stand right now in europe. let's recap that asian session with sixuan is with us in singapore. also over to sherry as well in korea. but sixuan, with you, first of all. >> thank you, ross. happy friday. without a clear cut lead from wall street, asian markets actually wrapped up the week on a mixed note. the nikkei 225 was the worst performer in the region closing down by 3%. as you just mentioned, japan's june inflation climbed at the fastest pace in five years but a stronger yen and weak earnings dampened the market sentiment. the shanghai composite extended a three-day losing

>> well, draghi deserves the mvp, because he has not done anything and talk it up. see the markets reacting and he has not had the do anything. you look at bernanke, and we are stuck in a market malaise slowly trying to get out of it. as far as the market is concerned, it will focus on the non-farm payroll report today and today and heading into next week which is good news, but you have to turn to what the other economic reports are going to be telling us. if the other economic reports continue to come in as positive as this one just did, then you start to get concerned about how the market is going to be reacting to the e removal of tapering, and then it is doing to be a refocus back to how the economy is improving, and it really depends upon report the report. these reports are so far, so good, and it shows that the economy is adding the jobs and wonderful to help the retail sales and help the more consumer discretionary areas and the industrials and the cyclical areas of the market. >> well said, bob. thank you and jeffrey for your time. the retail jobs did add

draghi out on the circuit again and he's got nothing but sugar plums in the bag.ear yield move down a bit. it's helping yields generally. and i think things have picked up. >> to let people know what he's saying, a couple of comments -- >> higher rates and advanced economies would be damaging. fyi. >> well, you know, i would like to add to something that dan greenhouse talked. he mentioned since the bottom in the ten-year in the yields in the ten-year, that the russell is up 9% and the s&p is up 3%. i think the point there is that russell is made up of smaller capitalization companies that deal in the united states mostly and that the multinationals are in the s&p. so they may have a tougher time out there. and if the u.s. economy is picking up, that's kind of the right rotation you'd like to see. >> are we done having the conversation about alcoa and whether it's a bellwether for the -- i mean i see today the percentage of buys on the stocks a 20-year low, 1 in 4. >> unfortunately, the only good news about alcoa is that thankfully many people survived a plane mad

the yur plunged more than 0.6% against the dollar after draghi's news conference. taking a look at the euro/yen, $/yen at 100 to .04 to .05. the governor likes what he sees. karodu says the program of pumping money into the system is having a positive impact and will pull the country out of deflation. he spoke at a meeting of the bank's 32 branch managers. he says the economy is picking up. he expects domestic demand to grow as a result of the bank's monetary easing measures and the government's stimulus efforts. the boj chief says the economy is heading for a moderate recovery as countries outside japan also post growth. he says the central bank's bond buying program has let businesses and consumers to expect prices will rise. >>> tourism officials say more and more travelers are visiting japan. more business leaders have started taking notice. they're offering goods and services that meet the needs of muslims. officials at travel organizations that's trying to attract tourists from islamic regions hosted an event at a hotel near tokyo. about 200 people took part.

druggie -- draghi's promise caused a lot of confidence among investors. on this last day of the trading week, investors were a bit reluctant. a disappointing earnings report and rumors around a steelmaker dragged down the stock prices of these companies, and this also weighed on the general market here in frankfurt. >> well, we have market numbers for you now. the dax index in frankfurt was down by .65%. euro stoxx 50 slightly up, 2741 it's close. in new york, the dow jones industrial average trading at 0.15% down. the euro down a bit against the dollar, $1.3275. >> incorporate electronic news, samsung has posted another record profit in the second quarter thanks to robust shipments of its flagship galaxy smartphone range. the south korean firm warns that delayed economic recovery in europe and fierce competition and the phones market could slow growth. margins are shrinking. handsets are becoming cheaper, and overall demand for high-end smartphones is set to flag. still to come here on the "journal," why no one in moscow wants to get on a bike and what t

druggie -- draghi's promise caused a lot of confidence among investors. on this last day of the trading week, investors were a bit reluctant. a disappointing earnings report and rumors around a steelmaker dragged down the stock prices of these companies, and this also weighed on the general market here in frankfurt. >> well, we have market numbers for you now. the dax index in frankfurt was down by .65%. euro stoxx 50 slightly up, 2741 it's close. in new york, the dow jones industrial average trading at 0.15% down. the euro down a bit against the dollar, $1.3275. >> incorporate electronic news, samsung has posted another record profit in the second quarter thanks to robust shipments of its flagship galaxy smartphone range. the south korean firm warns that delayed economic recovery in europe and fierce competition and the phones market could slow growth. margins are shrinking. handsets are becoming cheaper, and overall demand for high-end smartphones is set to flag. still to come here on the "journal," why no one in moscow wants to get on a bike and what t

in europe are two central bankers there mario draghi at the e.c.b. and the newly installed mark carney at the bank of england they're distancing themselves from bernanke eight because when ben sneezes the entire world convulses not only has a cost of borrowing in the us exploded over the last month but european rates have actually screamed higher at a faster rate and china one of the most important commodity markets in the world and they're in quite the pickle just today the state council announced a major shift in policy after over a decade of building not only potemkin villages but entire potemkin industries they recognize their goose is cooked so that ten percent magical g.d.p. at any cost it's unsustainable think general motors dealer channel stuffing writ large oh and by the way i'll be talking tesla with justin underhill on today's daily duel so we're going to.

print of that audit with perry and boring meanwhile in europe are two central bankers there mario draghi at the e.c.b. and the newly installed mark carney at the bank of england they're distancing themselves from bernanke eight because when ben sneezes the entire world convulses not only has a cost of borrowing in the us exploded over the last month but european rates have actually screamed higher at a faster rate and china one of the most important commodity markets in the world and.

here's what he had to say i certainly can't go below zero now kenya with mario draghi wants to. well even that only buys your version for a period of time because you can't go very far below zero point where there is a revolt among the people who have capital so certainly you could try to extend that like mario has suggested i don't think it's going to work out very well for him but the the general problem with the declining interest rate environment over time is that people get very accustomed to the idea that they can turn a leverage crank and by doing it they essentially print money. people talk about central banks printing money but in point of fact it is the commercial banks that are the ones that are issuing the unbacked credit into that kind of environment. doing that i'm sorry the answer to the money multiplier and everything every people talk about the fact that money velocity itself is not a factor what is your view on this. i think people are looking at the wrong thing you have to look at the sum total of money and credit in circulation not just currency everyone want

print of that audit with perry and boring meanwhile in europe are two central bankers there mario draghi at the e.c.b. and the newly installed mark carney at the bank of england they're distancing themselves from bernanke eight because when ben sneezes the entire world convulses not only has a cost of borrowing in the us exploded over the last month but european rates have actually screamed higher at a faster rate and china one of the most important commodity markets in the world and they're in quite the pickle just today the state council announced a major shift in policy after over a decade of building not only potemkin villages but entire potemkin industries they recognize their goose is cooked so that ten percent magical g.d.p. at any cost it's unsustainable think general motors deal. channel stuffing written large oh and by the way i'll be talking tesla with justin underhill on today's daily duel so we're going to walk you through it all today so stay tuned for what's in your prime interest. i . we just celebrated us independent state so let's talk about central bank independence th

the world we see no mics we see you know they want to double the monetary base in two years mario draghi is talking about possibly negative deposit rates and then we have this hilsenrath article that came out a couple months ago it says a dozen central bankers meet in basel about six times per year is it possible we have global currency cooperation. well. certainly i mean they've been meeting in basel the six to ten times a year since the one nine hundred thirty s. so it was a graph is right but there's nothing new about that and that is the major central banks membership changes a little bit because they obviously now they've added china and some other players but you know bernanke has a theory on this you know my my book currency wars went through the history of currency wars and says we're in a currency war today which we are which is basically cheapening our currency to gain trading advantage against your trading partners and also to import inflation from them and export your deflation abroad so that's where the currency wars are all about now bernanke has this theory he says if japa

because you get the same people with the same ideas because you know you've got in the form of mario draghi it was x. goldman running the e c b o x go right and you've got the head of the f o m c in new york is a guy named bill dudley who's also xcode actually gone against the siri ginzler x. goldman mark carney x. goldman who's the head of the bank of england so you've got all these coincidences and mario monti of course who used to be the head of italy then i think also you know running all these markets running all these countries running all these regulatory agencies while the same companies buying up rights to all the commodities why is that not a dangerous monopoly position was that like soviet union was lloyd blankfein to get rid of that the big wall street the big issue is the debt right the debt has spiraled out of control so if you compare q.e. to the titanic voyage on the titanic and actually if you look at the pictures of the captain of the titanic they look like ben bernanke with the same beard ok so what are they going to do you've got to resolve the debt issue people were wea

draghi said he was going to do whatever it takes to stabilize the zone.continues to say the same thing. and i would hasten to add that with negative growth it's not surprising that he's saying that. whereas the fed's continued taper. but i think my feeling is this year's going to end up more looking like 2011 because you've got the emerging markets issues. you're obviously seeing the issues in europe still haven't sorted themselves out. and -- and the revisions -- negative earnings revisions. >> how does this push/pull of fed policy and the ecb, you know, and policy elsewhere, i mean, it's not just the ecb. ecb, the bank of england, japan, and that push/pull with the fed, how does that play out for equities? we clearly see how it's impacting emerging markets. >> if nothing else it's going to increase volatility. you're at the inflection point in the u.s. yes, i know we're not going to have a new rate cut -- any rate hikes for at least two years, until 2015. we haven't had a rate cut since 2008. that's sort of a secondary issue. the fact that all this extr

the ecb, draghi was clear about it. keeping rates low for an extended period. the bank of japan is easing. the back end of the curve in the u.s. is clearly where we don't want to hold a lot of duration risk. >> what kind of opportunity do you see right now in mortgage-backed securities, rick? >> yeah, i think mortgages are one of the asset classes that have -- actually haven't rallied back as much as some of the others. if you believe we're in a stable range in terms of where interest rates are, mortgages represent some value. i still think there's convexity risk so you have to be careful around the agency mortgage market. the nonagency market has softened up and presented more value. nonagencies have gotten to the place where they're starting to present value again. we bought some yesterday on assets we thought represented nice value. >> rick, good to talk to you as always. >> my mesh slpleasure, thank yo. >> john, what's your read on what's happening in japan? buyer, long nikkei, short yen? >> long nikkei, short yen. we have an election on sunday which is cri

monetary policy broken and it's hard to see a basis for growth out of europe either so it's good what draghi signaled, but i don't think it can help them that much. >> just looking to get the late on the ten-year yield. we're at 2.71%. been a pretty dramatic backup in yields. how worried are you about that, and do you think we're at or near a near-term peak in yields or how much higher can we go? >> i thought a while ago we'd settle in at rates around 2.40 or something like that, but the problem with market psychology is you get to a particular level or to a particular speed, and psychology triggers and people say, okay, we're in liquidation mode, and once you're in liquidation mode, until the fire kind of burns out on its own, it's somewhat data dependant but not entirely and once you flip the switch, liquidation occurs until you calm down and people say, okay, my risk is in a place where you can sleep at night. massive flows went into bond funds over the past four or five years and that money is coming out. up until today things are stabilizing a little bit and with today's number, another

certainly since the statements by draghi and by the coordinated activities of the central banks aroundlobe, people are feeling there's more an underpinning of stability. that said, huge tail risks in europe still and you saw some of them in greece, you know, but you're not really seeing activities that would leave us fear balance for the european markets to be a contagious. >> we've heard that they are looking forward to desed assets sales in particular and that provide them a little bit of a year into your portfolio. are you seeing that or not? >> seeing exactly the same trend and specifically the fact that the u.s. is coming out of its economic recovery faster and u.s. banks are healthier than their european counterparts it's putting a lot of pressure on european banks to capitalize an get rid of their troubled assets. >> how are they preparing at this point for what looks to be a rising rate environment? you know, we've seen the ten-year move up a little bit, and a lot of people think that it's headed higher from here. some are targeting the 3% level. now, how are they playing the r

as long as the fed is in the game, as long as the ecb is doing what draghi pledged it will, why don't stocks go up regardless of whether revenue growth continues at the level you want to see it or some of the other issues? >> i think stocks, look at the inflow into the equity funds over the last couple of months and look around at alternatives with the bonds. they will continue to go up. the question is which stocks will go higher and which quicker, so i think it still looks good and it is really like taking a temperament of the market now. if bernanke comes out and his line is 6.5 unemployment, we're not going to go there and get the job numbers on friday. either way it is good for the equity markets really. i think you want to be along the equity markets and clearly if the technology stocks in the first half of this year very disappointing, at our firm we believe it will be stronger than the next half. >> what makes it strong in the second half of the year. >> i think clearly if you believe in the recovery in the harkt which we do, technology company will be better as the spending c

the world we see no mix we see you know they want to double the monetary base in two years mario draghi is talking about possibly negative deposit rates and then we have this hilsenrath article that came out a couple months ago it says a dozen central bankers meet in basel about six times per year is it possible we have global currency cooperation. well. certainly i mean they have a big meeting in basel six to ten times a year since the one nine hundred thirty s. so it was a graph is right but there's nothing new about that and that is the major central banks membership changes a little bit because they obviously now they've added china and some other players but you know bernanke has a theory on this you know my my book currency wars went through the history of currency wars and says we're in a currency war today which we are which is basically cheapening our currency to gain trading advantage against your trading partners and also to import inflation from them and export your deflation abroad so that's what the currency wars are all about now bernanke has this theory he says if japan

mario draghi pledged to keep interest rates low for an extended period of time. he's never talked about the future before. ecb has never done that. we'll talk more about that in a moment. and just days after president morsi was removed from power in egypt, there is a movement to crack down on the muslim brotherhood. his party. morsi is under house arrest. we'll have a live report from cairo in just a few minutes. andrew? >> we have another major development brewing in the insider trading investigation into steven cohen. the wall street journal now reporting that prosecutors don't have enough evidence to file criminal charges against the famed hedge fund manager. the five-year statute of limitations on filing criminal charges runs out this month. an unidentified source says that will likely pass without any action. just to clarify, a couple of things on this issue, the statute of limitations relates to the trades around elan and the other drug trades. this is -- matthew martoma stuff. there is a potential they could go and try to find some stuff that happened late

if anything, it has given mario draghi more excuses to keep policy easy and to talk things down.s probably beneficial. so a weaker euro, lower interest rates are helpful. but the underlying message of the s&p downgrade is the problems haven't got away. >> asmussen, tried to rein back in his comments that rates staying low is more than 12 months, but i know he didn't mean it, but we all believe him, do we? and what are the implications of that? >> i mean, the ecb is trying to play the same game as the feds did and the bank of england are now, which is to try and manipulate market rate expectations and push yields further out on the euro curve down a bit to extend monetary easing. the problem is, the ecb's mandate is a little more rigid in terms of what they can do. they're walking a fairly tight rope in terms of how much they can guide the market on a forward basis and still stick within their mandates. >> is there a danger of the ecb losing out to fed -- losing control because of -- >> i think clearly the u.s., you know, the u.s. fed is probably still the most important central b

and i do think that we'll see that as soon as this week after the ecb meeting and draghi's press conference, very likely to hear some concerted talking down of short-term rates in europe and much more indication that they could do more in the future. >> yeah. i mean, it will be interesting to see, of course, what happens with the policy. what do you think the stare is going to be for the ecb over the next few meetings? >> they keep saying they have a very open mind. clearly the hurdle is high. but they're not going to rule that out, keep that on the table. they can also do much more in the way of forward guidance. that's something traditionally the ecb has steered well clear of. but in recent speeches, we are hearing a little more in the way of guidance from ecb officials, telling us rates are going to remain low as long as necessary and so on. and that's something that could perhaps potentially be formalized, but very open, i think, in terms of what they will consider. >> okay. elsa, good to see you. thank you for that. >>> merger activity is down, but not out in first half of 2013. the la

what you should have said is we will do anything that is necessary, which is the way that the draghi, for example, had been beautifully putting it for investors in europe. >> nicholas, just looking at a chart of the nikkei and the dollar yen here as you've been speaking. the nikkei higher by over 10% over the last three months. the dollar yen, since the beginning of this year, up by approximately -- well, the dollar up by some 15% against the yen. are these trends in tact? has this been an abe win priced into the market now that we continue to see equities head north and the yen heading south? >> i would have thought that from -- i mean, interesting you say that there is a trend there, because, of course, since bernanke day, b-day on the 22nd of may, the end has been absolutely all over the place. but, yeah, i think that generally if you're printing it quite the rate that the bank of japan is printing it ought to drift lower, but it seems to have lost momentum. so i thought probably 105 yen by the end of the year. >> nicholas, thank you very much for being with us. nicholas smith, dir

. >>> plus one year since mario draghi vowed to do whatever it takes to save the euro.te and the opportunities to make money. "squawk box" starts tomorrow at 6:00 a.m. eastern. with fidelity's options platform, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity options... evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens, and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. >>> welcome back, everybody. let's get down to the new york stock exchange and jim cramer is standing by and jim, once again, a lot of the earning stories and lot of the positive news to keep playing into everything that we have been talking about. we had gm and 3m and dow and where do you want to jump? >> well, 3m, we have to learn more, and gm is the turn in europe that is amazing and i think that it is pretty clear and we saw from the spani

. >> draghi hasn't spent one dollar in quantitative ease since '06. >> and he will. >> that will be thegold. >> all right. we will get to talk halliburton next. that's all the time i have to say. bye. when we made our commitment to the gulf, bp had two big goals: help the gulf recover and learn from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new deepwater well cap and a state-of-the-art monitoring center, where experts watch over all drilling activity twenty-four-seven. and we're sharing what we've learned, so we can all produce energy more safely. our commitment has never been stronger. easy-to-use platform. no, thank you. we know you're always looking for the best fill price. and walk limit automatically tries to find it for you. just set your start and end price. and let it do its thing. wow, more fan mail. my uncle wanted to say thanks for idea hub. he loves how he can click on it and get specific actionable trade ideas with their probabilities throughout the da

and draghi has gotten -- >> we have to go. let's talk about reform next time you're on.n trade for china, we have been talking about it all morning and you don't have to go home but you can't play here. taco bell announcing it will drop kids' meals and toys at all of its restaurants in the u.s. the company's ceo says kids' meals account for less than 1% of taco bells overall sales and don't fit in with its strategy. he says, quote, the future of taco bell is not about kids meals. this is about positioning the brand for millennials. >> huge issue for quick service in general. people talk about mcdonald's having a millennial problem. clearly taco bell saying we're not even going to try. >> whatever happened with toys and happy meals. someone said what about -- the movie -- those little guys. >> the minions. gee said i went into mcdonald's to get a happy meal with minions. >> had to go six times to get the purple one. i know your pain. >> the taco bells of the world, you have to wonder if mcdonald's is next. >> staying with fast food, make sure you tune into "power lunch."

did it and when he did it, and there is a great case to be made that this is the equivalent of the draghi and then hand it off and then the handoff gives the person instant credibility of the market, that it is what the person of the last eight years has been doing, and so it has to be the right move. that came into play, but in terms of the economic data, the market was strong and nobody talked about tapering than it was june, and by the time june rolled around part of the bad market reaction is that the markets were looking at it and saying that the economy is weaker than it was and why are you talking about tapering now? >> drew, exactly. a lot of the people at the time i think was saying that even though it is the case, the fact that the stock market was on the steady march higher is what prompt prompted the fed to kt a, and loft the people on the street say that is what they were responding to. >> well, i mean, far be it for -- look, they have started to responding to the market movements in ways that we never dreamed of and they are pushed into things because they are responding it,

we're looking also at the european central bank meeting and the indication is mario draghi supports themed does. at the moment they just lock them away for 30 years. >> 30 years. >> transparency is not everything in central bank operations, as you know. >> true. i'm holding my tongue. we could have that debate another time. simon hobbs, thank you very much, sir. again, what the ecb is doing feeding into some of the stronger dollar strength we have been seeing. we'll get more from bob on that soon. >> yes, we will. in the meantime, iac's second quarter coming in better than expected. here with us is the ceo greg glatt along with julia boorstin. good morning to both of you. >> good morning. >> good morning. >> greg, revenue looked pretty good here, 17% growth. eps was in line. stocks not looking too favorably on it. were there -- was there hair on the quarter as far as you were concerned? >> no. i think, look, i'm actually not sure what the stock is doing right now, but we had a great quarter. revenue growth rates increased across virtually all our businesses. we told people we thought rev

. >> ecb chief mario draghi promises interest rates will stay low for a long time yet, sparking a rally for european equities. >> and victory within reach -- the first german woman to book a place in the wimbledon finals