but can say that mario draghi is very upbeat about the economic developments here in europe. now predicting that gdp growth on average will reach almost 2% by next year and deflation will be back close to its target by 2017. ecb is declaring victory without having started the qe program in the euro zone. annette. >> did it give the juice it needs? steve liesman looks at whether draghi got it right and the risks that still remain. >> reporter: the economy has been so tough in europe that the only bulls you can find are like these. the ones in the running of the bulls in spain. but now there are real economic bulls. people not running from a ton of angry feet but who are actually optimistic on the european economy. >> we think qe will work. it will help the exchange rate as the exchange rate moves lower and europe a lot more competitive. better news in general for the continent. >> reporter: mario draghi announced much anticipated quantitative easing program on march 9th buying 60 billion euros of public and private bonds a month from now until at least september 2016. he said

details from draghi today on the qe program.hen you talk to people, any sense that most of this is priced in? >> some of the debate about how long you are going to see an effect on yields when you've already seen interest rates fall quite a lot even before the announcement of quantitative easing and since then, so how much more can you get? in the short term, there is more of a practical concern. you've seen prices go so high and yields go so low that you aren't going to want to sell to the european central bank when the expectation is that yields might carry on going lower. there will be some interest about the technical details how they are going to go forward with these processes -- these purchases. they said they will do it according to the t. we don't quite know how they are going to manage that. are they going to pay any price for these bonds? that will be interesting to hear. francine: stephanie, you are absolutely right. there might not be enough people willing to give back these bonds. you were saying that yields are so

mario draghi speaking.at the bank will begin absent purchases -- asset purchases next week. he addressed key questions about greece. there he is in a live shot from the press conference. also noted, inflation still really, really low in the euro zone. julie: 0%? betty: basically nothing this year, and less than 2% going forward. pimm: that is for a very large number of people in a multifaceted economy -- using the sat word. [laughter] this is huge. it is interesting that you have an italian who is the poster person for europe and the other person may be angela merkel of germany. you have italians and germans chimed to figure out what to do with issues with greece and spain and italy and france. he is doing a good job, isn't he? who else would want to do that? amidst all of this we have to talk about markets. pimm: he is trying to get the value of their currency down. betty: great time to travel to europe. i want to bring in nicholas. -- he has been focused on the nasdaq hitting the 5000 level. he says don't

what's your major take away from the speech of mario draghi? >> he was declaring victory in a curious way. he said we have to do qe because inflation eck peckations five years out were falling down. so we had to do something and there is success, you see in growth this year. he has two different ways to measure success and the need for it and the second was the growth and the moderate pick up in ib inflation will continue only if we fully implemented our qe program. >> but he was also saying once again that reversing that traditional argument that qe was taking the insent tif away from governments. he was saying it gives more insentin incentive incentive. >> that story about taking away the incentive for reforms is something that one cannot really prove. more fiscal room might mean that government undertakes reforms that are costly or they might do nothing. who knows. that is an argument which is entirely political and that is an area out of which the ecb should really stay out. >> we're also discussing the benefits verses the potential risks o

erik: jonathan, if i may, let's go back to draghi's forecast. you a sense of how he believes the economy will perform in terms of growth and inflation without quantitative easing? jonathan: no, this is very much about with quantitative easing. that is where these forecasts are coming from, which is why you saw the euro fire up and i know it is hard to read a news conference based on the movement of euro-dollar. initially there was improvement on those forecast, but then it went low because this is all about implementing qe in its entirety and possibly going beyond 2016 as well. the ecb, erik could well do more. it will come down to more than and inflation reading or gdp. it will be conditions and that is something that he is optimistic about. the glass is half-full perhaps. that contraction thing is getting less bad. i have got to say though, we have seen this movie before. erik: jonathan, among the ecb members, has support for quantitative easing consolidated since draghi announced it back in january, or is the difference of opinion as pronounc

manus: we have got mario draghi speaking later on today. new jobs. uk retail sales will be out later on. politics and growth are the two key. issues. geopolitical issues in the gulf region 2.4 million barrels of oil a day pass through that tiny distance at the tip of yemen. if there is an escalation in the yemen dispute, what issue will that bring to the marketplace? now the philadelphia semiconductor index down 5% yesterday. we are seeing a big move in that stocks. you do not often here -- we talk about the semiconductor but it is a benchmark. it tells you what is going to happen in tech land. and the chip makers. so that is one of the big thing spirit you. kate retail sales will come out later on -- uk retail sales will come out later on. that sets up some pretty important statements. tech was one of the biggest issues of the day. the as they cast the biggest one-day move in almost 11. s&p, you had a move down. the dow wiped out this year's gains. there are lots of words we are going to see used. momentum stocks -- those on their definitely are del

let's talk about the day after draghi. the president of the central bank outlined the timeline for his 1 trillion euro q.e. program. the central bank will stop eyeing bonds on march 9. -- buying bonds on march 9. draghi: at this point in time, we see absolutely no reason to think or plan or act in any different way from what we planned, namely purchasing of 60 billion euros a month of securities on till september 2016. or beyond if needed. guy: mario draghi also announced that the ecb had extended emergency funding to greek banks by 500 million euros. and stood ready to resume by greek debt by july if greece repays bonds due by then. the political pressure from the euro group members shows no sign of easing. yesterday i spoke to the maltese prime minister. he is insisted the country won't take a haircut on the first greek bailout. prime minister of malta: we are the biggest contributor to the bailout so we had some red lines. one is definitely that we would not accept any sort of hair c ut. so, we want our money back, but

coming up, mario draghi's stimulus plan.cb is set to begin its bond buying program next week we will take a look at whether it will successfully head off the threat of deflation. stay with us. that story and more when "bottom line" and more on bloomberg television continues in a moment. ♪ >> welcome back to the second half hour of "bottom line" on television. that's get you some of the top stories we are following. let's check the price of crude oil. the intraday chart shows crude down 1.4%, trading at $50.78. a delta airlines plane skidded off at laguardia. it carried 125 passengers and five crew members from atlanta. they were evacuated after the incident around 11:00 a.m. new york time. early reports is that six people were injured, non-life-threatening. the runway is now reopened. pharmacyclics makes a blood cancer treatment that has been a true -- that has been approved for four different blood cancer uses. what would u.s. business the like if warren buffett had become a journalist/he talked about it in a video intervie

positive sentiment ahead of mario draghi's press conference. details on the central bank bond buying program. >> in china the government cut it's growth target to the lowest level in a quarter of a century. signaling further easing in his speech to the national people's congress. >> the world's second largest retailer reports a rise in profits sending shares to the top of the french markets. >> and continental raises it's out look. a double digit jump in profits. we'll be speaking to the group ceo in the next hour. >> you're watching worldwide exchange bringing you business news from around the globe. >> now welcome to the show. we just got some breaking data on italian gdp. it's come in as expected for the quarter. for the year of 2014 for the final quarter at 0% for the full year minus .5%. it was expected at .3%. so the full year figure just below expectations. a contraction of half a percent. you can see the euro is down three tenths of a percent today but that's come over the last two trading sessions and ahead of the break. >> they're say

is draghi right?uest: essentially that's what these figures are going to show, the numbers will point to an acceleration of growth and the numbers from france and germany will indicate that germany remains the hotspot. and that france continues to lag the euro areas as a whole. caroline: the data show services and manufacturing on the up. you also had the consumer confidence up yesterday and the german eco-survey released, are these painting a rosier picture? guest: they're all pointed to an acceleration of growth in the consumer info points that shoppers are spending that money in the decline of oil crisis has given them. caroline, in our wallets and purses. >> exactly they say the real incomes are increasing and they are spending that money and the survey said they showed not only is the first quarter improving, but also the forward-looking component. the expectations component is suggesting that this recovery will continue throughout the course of 2015. >> if we get this signed as an improvement, h

mario draghi is in cyprus and so is jonathan ferro. john, you are out and about this morning, what will be your key focus? >> i have to apologize because i seem to get the good gigs and you get put on a bridge in zurich and i get sent to the beach. mario draghi bringing the governing council down to cyprus. things are better in the eurozone. you strip out these ugly german factory orders, the pmi's are firming up and retail sales have picked up as well and qe has already been announced. today we want the color, what does this plan really look like? what are you going to buy? duration. do you really what to buy that six-year debt? the news conference will be dominated the questions on the qe plan but the ecb has a pivotal role to play between the nation of greece and their creditors and i don't think mario draghi will be able to complete that press conference without a series of questions on greece and the situations in athens right now. >> jon it has taken two years for the banking sector -- it collapsed inside and they were bail outs

draghi in late 2012 said, i'll do whatever it takes to keep the euro together. that has worked beautifully for the whole eurozone in reducing sovereign bond yields across the board. it doesn't matter at the moment. if the ecb and brussels were to fund them, then this kind of situation doesn't mean anything for the financial markets. of course, something not sustainable fundamentally could haunt the markets in the short-term. it is not a problem until it is. if you've got your chips in the game in europe, you run that risk every weekend. jonathan: let's strip greece out of the equation. a lot of people are very optimistic on the markets and on the economy. do you share that optimism? guest: we've not been great fans of europe for the last couple years, but for the first time with the weaker euro and the weaker oil price, europe has a chance to get a couple quarters of growth behind it. as we seen in the last 6-7 years, everyone gets very excited of europe turning the corner, but the trouble is that the longer sturm structural dynamics of growth are not there. the

and at 8:30 mario draghi begins a news conference.ore details of the stimulus plan that was announced earlier this year. also at 8:30 we have the u.s. jobless claims and productivity numbers. >>> the b.o.e. announcing it's going to hold rates steady at .5%. let's get a check of the markets this morning. as though maybe we're in for a breather. things change quickly. on the dow up a point and a half on the s&p. less tech heavy nasdaq but we all know you must keep in mind at the end of the day all eyes will be on issues going forward. anyway, and then take a look. i said absolutely nothing, did i, just now? >> you said the exact same thing. >> but we're changing our opinion of that of exact same, i think. >> in some context. >> if it's a penny, it's the same. if it's minted at the same denver mint it's the exact same. it's a clone instead of being two babies. two babies are the same unless they're a clone. then they're exact same. maybe it's not wrong to say exact same. >> going back to exact same? >> i'm giving special -- i think singl

it was mario draghi. two tents of a percent. yesterday, all about the fact that monday we start that 60 billion euro per month asset. the stimulus package -- the details. draghi will keep on buying debt until inflation is back where they wanted. near the 2% level. so confident. it will help oil prices on the downside. we'll see 1.5% increase in gdp this year. it is all about the united states. 35,000 is the magic number. unemployment to 5.6%. jobs gaining for the 12th straight month. phenomenal stuff. u.s. treasuries -- after the moves yesterday. 2.11% when you're looking at the u.s. 10 year debt. if you stop buying treasuries today, you will be out of the money. these yields rise to 2.6%. you will be out of pocket. all about the pickup in the u.s. economy. we do see the acceleration. a look at how it is affecting the rest of our market. the euro, currently flat. goldman sachs is saying it is going to be parroting. we saw moves in the euro yesterday. the dollar up 1%. 11 year low down. i want to show you commodities as well. chi

we are monitoring mario draghi. of the things the president of the ecb is saying is that the ecb is aware that the measures they are introducing entails financial risks. the big topic is nonstandard measures that ranks are employing, such as quantitative easing. we have seen some downward pressure on yields as a result in the french market. that is a feature of the trading. 14 minutes past 8:00 and officials are gearing up for a look at greek accounts today. let's get the latest from hans nichols. bring us up to speed. hans: the latest from a greek official says that the talks will continue in brussels today. officials are heading to athens and they are already there. the question is, are they actually going to have meetings? that was the question coming out of yesterday. it does not look like any scheduled meetings. they are looking at the books poring over the accounts receivable and what is coming in and out. it is important in order to entertain any possibility of getting that total. he started to hand that his

mario draghi was very positive on the outlook of european growth. big fan of mario draghi. the stoxx 50 is fractionally down. let's see where we're seeing the movement. you can see ftse is down fractionally. germany and france just below flat. italy is managing to eek out a slight gain. this comes off two days of strong returns for european equities so we're finishing with a little bit less wind in the sails. let's dive into one stock in particular. thomas cook soaring 15% after chinese fosun international snapped up a 5% stake for under 100 million pounds. the group said in a filing it hoped to raise that stake to 10% although it does say it's not looking for an all out takeover. let's move on and look at bonds. as we were just talking about, the u.s. ten year yield is now 2.1%. we saw a bit more yield compression on the german ten year. .3% following comments yesterday but most action in europe italy, spain, portugal which today are hitting record lows. 1.28% for the italian yield. greece is the exception to the rule and yields remain elevated. the euro has seen a lot of

one thing is sure -- draghi said today that in order to take effect for this monetary policy program structural reforms will have to be implemented in the eurozone. that is crucial, he said. the market numbers at this hour the dax up another percent roundabout at the moment slightly below 11,000 points. the euro stoxx 50 index also up about an percent while the euro is worth only a bit more than $1.10. >> thank you very much for that. >> finally the story of a thousand year old chinese monk who is becoming something of a star in budapest. >> he followed an exact ritual that led to his own mummification. supposedly the monk's in light and meant and the loosening of this world's bonds. >> this may look like an ordinary buddha statue, but this thousand year old work of art is hiding a secret -- a secret so special that hungary's national history museum has devoted an entire exhibit to this unique religious relic. >> the buddha statue belongs to a dutch private collector, and when he bought it, he had no idea what was hiding inside. he lent it to a museum for an exhibit, and they put it

president draghi is optimistic.next, a year ago, i sat in a cafe and watched my breakfast skyrocket on rising commodity prices. investors are bearish on breakfast. more on that next. ♪ >> thank you. i'm very happy to be here in brussels to discuss with a very good friend. we start to discuss the problem in greece and we start to discuss the growth agenda. ♪ jonathan: good morning. just getting some head reince from alexis tsipras -- some headlines from alexis tsipras speaking in brussels. tsipras says they started to discuss the substance of the program. he said he had a productive meeting. he needs to tackle youth unemployment. it is running at around 50% and went higher yesterday to 26.1% for the fourth quarter. there are economic problems in greece. they are still no closer to a long-term deal in terms of greece coming to an agreement with their creditors. for now, 30 minutes into the session in europe, the ftse 100 pretty much dead flat. the dax getting a little bit of a gain, up by 10 points. nine weeks of gain

for mario draghi and the ecb it is one of the easier meetings. the data appears to be improving , if you are a glass half full kind of guy you will be looking at the pmi. retail sales are picking up as well. nubber two, credit conditions and number three, the finally announced qe. no if's, no butts, no will they or won't they. it doesn't mean it is easy, we want the details of the plan. what will they buy? given that a third of the eurozone sovereign debt stock carries a negative yield. and the perennial headache that is greece for the ecb. they are also at the center because they are the ones keeping the banking sector a life, that will be an issue going forward and i bet greece dominates the news conference. anna: more from john as we go through the morning. mark: will bring you any policy decisions from that meeting along with the rest conference on bloomberg as it happens. we will have the bank of england policy decisions live at midday u.k. time. stay tuned to "countdown." we will be back in a couple minutes. ♪ anna: welcome back to "countdo

europe is in full alert to the ramifications of draghi qe. yields climbed -- grind ever lower. cautious on economic growth. suggesting what we are witnessing is original and decidedly not in the textbooks. for draghi and yellen, this is original territory. >> there is no textbook basis for what the fed has been doing since 2008 but when you have such low interest rates and the economies in the price is low we go from the 1930's, monetary policy doesn't work. tom: outlast that with scathing comments on the fed that they're trying to do too much and can't get it done. you agree and do you reaffirm a cautious view and the idea that yields can drive ever lower even in the united states? >> i am looking for. i've said the 10-year is headed toward 1.50 acting today we're back. i think we have a way to go before you hit 1.50. i think if yields are headed lower because of the global economy is very weak -- tom: you mentioned deutsche bank with her view on a two-year, what are you thinking and 90 days? where are we going to be by the fourth of july? and guys like sri-kumar are out two y

mario draghi with an unprecedented program of qe.e day that the central bank up against asset purchase program and managing 60 billion euros a month. in brussels, the eurogroup finance ministers meet terry anna: yanis varoufakis said if the creditors make requirements of that are not acceptable the greek people may be asked to decide on how to break the deadlock. and tsipras signaled a referendum option could be on the table. let's bring in david powell he is chiefly euro area economist at bloomberg intelligence. he joins us. good to see you. let's talk about the data coming out of the eurozone. it has been getting better, hasn't it? this qe really needed? david: it has been getting better and part of the reason of confidence and etc. but inflation is at a record low. record low, so inflationary pressures have never been so weakened in the euro in terms of qe. mark: a yet they ecb meeting last week and the forecast was for inflation to get back to its target of the forecast period. are you confident will live to the threat in the eur

has draghi caught a lucky break?ome suggest qe is beginning at a time where maybe it is still needed but maybe the economy is doing better than it could be doing. is there a risk? guest: yes, absolutely. this is a great question. i was privileged enough to the in a meeting recently where we were talking about momentum the signaling indicators growth, business cycle inflation inflation expectations, they are all pointing upwards. there is momentum giving us a more positive signal on the eurozone but there is also a level of slack in the eurozone. private sector debt is far too high. we are far away from levels of eurozone unemployment that are going to be consistent with sustainable 2% inflation. i think we are just not at a point where the stopgap can be close enough to forget about sustainability or disinflation. mark: we will be back after a short break. ♪ anna: welcome back. you are still watching "countdown" and we are still talking to lena. let's talk a little bit about greece. you are still preoccupied with gre

mario draghi is not likely to back off on tv. that is the irony. if janet yellen is not likely to push the dollar higher then that's going to increase the burden for bank of japan and the european central bank. >> we have seen the decline in the euro, that's not something central banks want. if you listen to the central bank, they have backed off from some of the rhetoric. they think it has gone a little too fast too far. everybody powers in with leverage and the central banks have taken risk away. that has to have a bad ending somewhere. alix: what country or currencies? >> it doesn't have to be the currency market. volatility is compressed and people are piling into risky assets. the problem is where do you hide because everything is floating higher. alix: where do you hide? treasuries and the dollar. >> i wouldn't count on it. >> the equity market rises in the dollar, so if it tanks don't count on the dollar. alix: a word of warning. thank you. coming up next greece is on the agenda as european leaders gather in brussels. the strain of keeping g

what happened was mario draghi making comments about european quantitative easing.it's going to begin on monday and as you said that had a dramatic impact on the euro. jeff kilburg, your take on this, were you surprised by the leg lower that the euro took? >> we were not surprised here in chicago, jackie. mario draghi we call him super mario, his speech this morning was reminiscent of a pep talk, right, and what are they doing on monday? coming out with their qe policy. interesting that march 9th this coming monday is the six-year anniversary of the bull market in the states but he is going to stick to the plan, jackie and the euro seems to be going lower and lower. >> the obvious trade right now. scott nations do you feel like the euro is going to go lower or anything that could turn this around? how would you trade it now? >> it's really tough right now. scott talked about the fed below 110, down 6 straight days in a row, longest stretch in over a year. traders hate to sell or short something into the hole like they would have to do with the euro. but if you're a

mario draghi said, when wednesday? and the deal was done. francine: how did they react?s going to be a difficult sell back home in greece. >> it is going to be very hard. the greek finance minister said that no time has been wasted for greece in the past two weeks that it was a matter of implementing more reforms for greece. there was a big misunderstanding, he said, with the press and what he presented on friday was just the first batch of reforms. back to you. francine: thank you. stay with us. we speak about germany and their take on what is going on in brussels. ♪ francine: welcome back to "the pulse." live from london. guy: good morning, everybody. francine: credit suisse has named a new chief executive officer. tidjane thiam will replace brady dougan. guy: greece is resuming talks with its creditors in brussels today, alongside technical talks in athens. they are trying to avoid running out of cash as soon as this month, as european finance ministers are putting pressure on the government to open up its books. francine: apple has unveiled their smart watch, the fir

mario draghi says greece must open its books.ece could run out of cash before the end of this month. some republican senators being sharply criticized for sending an open letter to iran this any nuclear deal won't hold up after president obama's term ends. joe biden says that undercuts the president's efforts to keep iran from building nuclear weapons. the president is keeping his sights set on getting an agreement. sony's playstation for will reach stores in china 10 days from now. -- playstation four. a ban on game consoles ended recently. sony is banking on playstation four to lead the turnaround. the conductor and 54 people hurt when in amtrak truck -- train struck a tractor-trailer. the third serious commuter train crash in less than two months. the plane took off from -- bound for india. it is on a historic trip. coming up, let's go shopping. the bid for -- a good day for the dollar trading at a seven-year high against the yen. more on that surge, next. ♪ >> and mover that is not a stop over but a crazy one. u.s. dollar tra

is dr draghi outflanking kuroda?initely worth asking as the ecb prepares to start its qe program this month. this is the euro yen chart over the last 12 month. after the euro peaked at 1.49 23, that's the green circle right there with its highest level since september, 2008 -- it has since dropped a further 10% against the yen to 1.3 396. that's in three months. there could be further declines to come. that's on a weaker euro by hedge funds and other large regulations last month succeeded there is wages by the most since october -- bearish wages by the most since october of 2012. a break through this level right here -- that's the red circle. another factor that could push the euro lower, is speculation the bank of japan is done expanding its pace of qe. he says the euro will win the race to the bottom while the promise of qe puts the euro under pressure. there is less pressure on the boj to provide further amulets. for those -- further stimulus. for those who think the ecb is already factored in, chris turner, head

yellen's dollar it is mario draghi in the global economy problem. and we consider the beverage of your choice. the good and the bat of "i will have another one." good morning, everyone. this is "bloomberg surveillance." we are live from our world headquarters in new york. i am tom keene. joining me is olivia sterns. we have a packed top headlines. olivia: violence directed overnight in ferguson, missouri, and police officers were the target. two officers were involved in a shooting near the ferguson police station during protests after the police chief resigned yesterday. last year, writes broke out after police officer shot in on arms black teenager. the police officer said the shooting occurred just as many were heading home. >> then i was fairly uneventful until people started heading home at midnight. several of the officers had left the area. to the immediate north northwest of the ferguson police department, several shots were fired. at least three, and two officers were struck. olivia: the ferguson police chief is the first -- is the latest o

draghi was speaking in frankfurt. he says it is time for europe to make a link between decisions and responsibility. mario draghi: there must be a leap in institutional convergence. we need to move from a system of rules for policymaking to a system of further sovereignty sharing with common institutions. brendan: draghi says the feeling of no accountability has led to the rise of populist movement speed apple in talks with networks about rolling out online tv. "the wall street journal" says apple wants a bundle of 25 channels that would include abc, cbs and fox. nbc universal would not be a part. apple and nbc have had a falling out. a first-year nfl player is calling it quits because of concerns about head trauma. he started eight games with the san francisco 49ers and led the team in tackles. he says football is not worth the risk. 5000 former players are seeking damages for head injuries. tom: german zew the expectations index. a bit of a bid on that news 1.0609 on the euro. oil is south and ugly. 43.32 is challen

draghi who was pretty firm and pretty harsh on mr. tsipras for not giving ecb officials access to the relevant books they need. mario draghi seems increasingly frustrated and that is important because he will be among others determining the raises. francine: thank you so much. i also asked billionaire investor george soros about greece. he said the situation is now a lose-lose game. george soros: the situation is quite serious area the situation has deteriorated -- the situation is quite serious. the situation has deteriorated. the desire to hurt the other greece's performance has deteriorated. they are hurting themselves doing what they are doing. europe, also. if it pushes greece out of the euro would hurt itself. francine: is it a 50-50 possibility? george soros: i would say so, yes. it does not need to be there. it has to terrier rated. -- it has deteriorated. the basis for compromise is there but it would require a full month of negotiations point by point. then you don't need to write down the debt. now, you can just keep on pus

the dollar index over $96 ahead of draghi as well.harts here and trying to assess momentum of the oil trade. they're saying they think we're going to continue to bounce at these levels or potentially go higher. i'm getting that from more and more people. sort of consensus down here. i do want to talk about gas prices because we're talking about them with respect to retail. $2.46 the national average according to aaa. only off a buck where we were last year at this time. back to you, carl. >> thank you. >>> when we come back etsi files for ipo. the market right now. and later snack like a shark. "shark tank's" barbara corcoran with her favorite investment in the history. it is edible. so what's going on today? news alert! message! email! calendar update! most of us admit to being overwhelmed by information at work. that's why ibm created verse. it uses powerful analytics to uncover hidden patterns in your email, calendars and social feeds. it continuously learns how you work. and helps you prioritize the people and projects you need to

draghi? what about negative yield rates?e of the subjects we will christian noyer cover with and he is the host of the gic conference going on today. what a great line earlier, negative rates, we have barely begun to get off of the races. that is one of the sound fathers of the gic or not to be outdone post-fomc, we have ms. master. loretta master, the cleveland fed president and she tells about normalization. she is upstairs and discussing key pieces at the gic conference. talk to ms. master about her view from the cleveland said and where we are -- cleveland fe and where we are. djonathan: the political scenario. spain, the national front. guy: that will be rating on alarm bells and may be mean you push rates. you do not want to give them latitude or a wi if you do, you given, podemos win. jonathan: fascinating morning. manus cranny bringing key interviews be a busy day. a lot. mario draghi speaking later and the fed stanley fischer speaking later. merkel and tsipras in berlin. a busy morning. good luck to you. ♪ guy: ther

draghi and mr.sipras the greek prime minister working the room and trying to get some help.there's a man who could give him some mario draghi . the president of playing a pivotal role. the man sitting just behind him looks like jean-claude juncker, the head of the commission. the french president arriving for this meeting. the minisummit that took place last night -- merkel, francois hollande, mr. tsipras and mr. draghi seems to have generated more momentum. the sense seems to be that the ball is in the debeltsevegreeks' court. batman has to decide as he talks to mr. renzi how far will he go, what can he do and allow syriza to stay intact? the leaders gathering in brussels. let's get a sense of all this from holger schmieding. the meeting coming up with merkel in tsipras -- and tsipras this is about how much do i trust you. dr. schmieding: that is the gist of the meeting monday. germany would like to find out whether greece is serious with its recent nonmove or whether greece is ready to get back to

mark: mario draghi weight and again today, saying he can't endorse further support for greece until he's convinced the prime ministers likely to meet the conditions of the bailout. is there enough time to restore what he called the policy dialogue between athens and the representatives from the european commission and the international monetary fund? hans: the time question depends on how long you think greece and last of four they need a bailout from what we used to call the trike a. i know we are focused on this press conference, but in some ways, mario draghi's comments were more impactful and more meaningful. he was quite harsh talking about challenging this notion that the ecb is blackmailing greece, noting there's some 104 billion euros in outstanding loans to greece and in some ways mario draghi is assuming the bad cop role and angela merkel may assume the good cop role. there's so much more that has to play out and we have some anymore other meetings. symbolically, it's a nice press conference, but said -- -- but we haven't really got a lot out of it. mark: substantively, what do

draghi has been saying. bit of qe, a lower exchange rate oil -- all of those things should manifest themselves in stronger economic growth. yesterday, not so good. this morning, the losses have been recovered. francine: definitely. we saw two days of losses and now have gained 0.1%. we want to show you the french 10 year yield. for the first time, it is below 0.5. guy: weird markets is the only way of describing it. francine: weird is a technical term. guy: in my view. francine: but that is exactly what it is. guy: let's talk about u.s. credit in a moment. currency, 1.06. we are down by 0.4% on the session. francine: it has weakened since the beginning of the year. our twitter question -- when will euro-dollar hit parity? you can tweet us. guy: it could be by the end of the show. you never know. francine: it could be. if you buy enough fx now. euro officials are landing to look at the greek books today. if greece opens the books. guy: it was unclear late last night whether any appointments had been confirmed

draghi -- i was looking for the right word. oh close optimism -- "optimism?"hinese markets over 7% rate u.k. storming the way at highs. global stock markets added 2.4 trillion -- $2.4 trillion of value and emerging markets not the biggest. two reasons -- central bank policy, the fed and not necessarily in a hurry to raise rates. as a european central bank buying 60 billion euros of paper every month. we have a feast for you. we have to kick off the chinese story. we have a guest that will be with me and he is the chair of the gic. thanks to gic for giving us this unique access on days like this. fairly important. went to dinner last night. when get 40 or 50 great minds greater mind than i talking about the world and where would be with central banks and they wealth will be in the world. the chair of the gic coming up in the 10:00 hour on "the pulse.” i will have missed loretto master, the cleveland said -- loretta master, the cleveland fed. one of the big banks and the united states of america, wells fargo ceo joins me. she was in time for normalization. it wi

he's going to talk to merkel, draghi some of the other key players out there as well.ook considering these guys are still becomering going into this and you've still got some of the main parties around europe still really sounding quite strong in terms of the rhetoric, what are we going to get out of these talks? jones: well, i think the greek prime minister wants to push the debate a little bit further. they're having the technical talks now, which are going over the nitty-gritty of what the creditors, what the euro group and the e.c.b. and i.m.f. expect from greece, and those are bogging down a little bit. i think tsipras is trying to get an agreement that puts some impetus behind those. he's facing a deadline, because it looks like greece may have a cash crunch as soon as the end of the month. so there really is a deadline coming up in this regard. francine: jones, thank you so much. jones hayden in brussels with the very latest on these talks. guy: let's get back to the global head of f.x. research. you look at what's happening at the moment. my sense is that from

draghi i can't help but think he's draghiing his feet. >> it's here. he's bullish, tyler.en a long time since anybody's been bullish. draghi announced today europe would finally launch the much anticipated quantitative easing program. that word was in there before you expressed exas abrasion. it's happening march 9, going to the market with 60 billion euros euros, doing that now until november 2016 or 2 trillion worth, going on until inflation starts to behave how they want it to. draghi insists this turns around the economy and ecb predicts 1. % growth this year up from 1% in the prior forecast. that would be the best year of european growth since 2011. the 2016 outlook up four tenths to almost 2%. >> in an environment of improving business and consumer sentiment, the transition of the measures through the real economy will strengthen contributing to the further improvement for the outlook of economic growth and redaction in economic slack. >> that's draghi being bullish if you were unclear. on a run since january, up 14%, compared to 2% of the s&p 500 in the united state

mario draghi was there. it was not in the mario draghi textbooks at the time. an economic one. a lot of us think europe will rebound. it is a political one. >> he has done a good job of steering between a strong consensus in germany which is to be very tough and austere and a problem in the southern half of europe, which you need a bit more loosening up. trying to keep both sides of that on board and still keep faith in the euro. >> you mentioned this earlier. the separation of a political european experiment and a union asked berman. i can agree that berkeley was way out front about this. -- and a union experiment. the angst of de gaulle -- do you have an optimism that your europe can continue to some form of union? >> you want to distinguish the european unity and the euro, a subset of the larger market. there has been a lot of skepticism about the euro and it follows the unification of germany -- many people thought that was pretty mature -- premature. you did not have a fiscal union to support that monetary union. >> where is the comrade? where is the leade

i want you to listen to what mario draghi said about inflation. inflation rates are expected to start increasing gradually later in 2015. this assessment is also broadly reflected in the march, 2015 ecb projections for the euro area which forced the annual inflation -- which foresees annual inflation at 0% in 2015 1.5% in 2016, and 1.8% in 2017. betty: i don't know about you, but to grow from zero to 1.5 and a years time, that's a pretty big job will stop -- a big jump. will it be enough, this program is putting in place? mohammed: i tweeted out today the ecb staff notes. my reaction is that they are overoptimistic. they are factoring in the most expensive effects of a number of things that are only partially tested. if you look at what they've done to the nominal gdp estimates, they hike them up both from the growth side and the inflation site. i hope they are right, but i don't he will be. betty: what will happen then? will we see some kind of shocked? that -- mohammed: verse and foremost, it's because to the diversity of the market. they have c

we will bring you the latest of mario draghi's speech in frankfurt.dits we sti -- credit suisse chief executive tells bloomberg his replacement is the man for the job. >> he's got the management background. he's got a strong track record in the emerging markets, both of which fit well with our business. anna: meeting the creditors. european finance chiefs gear up for talks with grace. else remain about whether athens will open its books for inspection. we are live in the capital. mark: welcome to "countdown." anna: warm welcome to the second hour of the program. also coming up, pharrell williams and robin thicke pay a multimillion dollar tribute to the late marvin gaye. but by the hand of the court. we bring you the latest. mark: let's talk markets. the strongest dollar and weakest euro in a dozen years fueling a selloff in global equities. the s&p 500 closed down. corporate earnings are in worse shape than investors recognize. the ftse 100 fell 2.5% in london, pullover by commodities. european equities closed lower as well. the euro-dollar fell to $1

mario draghi tells the european parliament that the eurozone economy is improving.hey said the bond buying program was key to this improvement. >> we intend to carry out our purchases at least until the end of september 2016. in any case, until we see a sustained adjustment in the path of inflation, which is consistent with our aim of achieving inflation rates below, but close to 2% over the medium term. cory: groggy -- draghi said the bank would support greece if talks get back on track. houthi rebels have opened fire on supporters of yemen's ousted president in yemen's third-largest city. rebel leaders have called on forces to mobilize for war. china's alibaba is looking to israel to improve its cyber security, investing in an israeli capital -- in raise lee -- in an israeli firm focused on cyber security. they plan to build what they call a global hub for cyber security technology. uber'plans to partners -- uber's plans to partner with the u.n. two great jobs for women -- to create great jobs for women is over. drivers unions warned it could be dangerous. this is

guy: mario draghi and the new ecb headquarters. 10,000 people outside. francine: good morning to the viewers in europe and those waking up in the united states. guy: we are here in london. francine: we have the news. we have protests in front of the headquarters in frankfurt. for more, we are joined by mike on the program. great to have you. how much are you putting on the budget? this is the political budget and the elections are days away. we will get a budget after the elections and if it shifts the polls, how much? it looks like we are in a minority government and anything that shifts the polls would be good. guy: a has shifted since the autumn statement. >> as it stands, he will lower it for this year by a couple billion and it will lower inflation and welfare payments for the future years. he has 23 billion pounds and he has wiggle room. how much can he use and retain the argument that he is a responsible chancellor and that is the key challenge he has got. francine: the election is difficult to call. is there something that would scare investors a

here is mario draghi speaking. mario draghi: it will be implemented swiftly and effectively. this will not only increase the future sustainable growth of the euro area, but also raise expectations of hiring comes and encourage firms to increase investments today, bringing forward the economic recovery. cory: and with the bond buying the ecb boosted its forecast i half a percentage point now projecting growth this year. congressional leaders are asking president obama to provide weapons to ukraine. democrats and republicans find the letter. ukraine is pulling back heavy weapons from the frontlines. german observers say it remains fragile. the east coast is getting pounded with another snowstorm and it has caused serious travel problems. the more has been shut down and your a flight skidded off the runway and crashed into a -- lag uardia airport has been shut down after a flight skidded off the runway and crashed into a fence. they are buying the company for $21 billion, outfitting johnson & johnson for pharmacyclics. new york city is the hottest luxury property market. home pr

here's ecb president mario draghi.ario draghi coley we have not proceeded far enough to put all of the questions about the euro to bed. to do so, we have to accelerate both our economic and -- convergence. cory: the ecb bond buying started last week. foreign policy talks between iran and six world powers about their nuclear program are at a critical stage. >> we are injuring crucial negotiations. there are still steps to be tackled. we hope tonight that our european side contribution can help in solving or closing or narrowing some of these steps. cory: iran's top diplomat arrived in brussels after meeting with u.s. secretary of state john kerry in switzerland. secretary kerry says that he is hopeful a deal is possible, but he indicated that the united states will walk if it does not meet the administration demands. after more than one million people in hit the streets this week and calling for dilma rousseff's impeachment -- there have been a high gas and oil prices and massive inflation. uber said its chief financial

. >> we have mario draghi coming in with stimulus. china likely to come up with stimulus, especially after the port import figures -- poor import figures. quick do they need fiscal stimulus in addition to the monetary stimulus they have been doing the last three months? there have been calls for further easing. do they need fiscal stimulus? >> i think they absolutely do. you are going to see that coupled with a lot of fast tracking of reforms and opening up of the capital markets. there is a lot of stimulus happening from mario draghi from japan, happening in china. what that means is that interest rates in the u.s., which are going to go up, most likely midyear, are going to be contained, at least initially. the good news is that we are starting to see some synchronization with global growth again. when i look at the numbers, it is only russia that has a negative presence. let's take a look at the central bank policy. the u.s. is the only one raising interest rates versus the rest of the global economy. is this going to be the collat

we are at a position in europe where mario draghi is going to have to move heaven and earth to get the channel to work again to deliver credit to small and medium-sized companies. states do not even worry about this because they have a different way of financing companies and businesses. how much effort is there a necessary inherent to deliver a better financing model? and how much effort will it take to get the capital union off the ground. >> the american model is quite different to the european model. 70% is through capital markets and 30% through the banking system. in our case it is the other way around. there is an important advance we need to make. that does take all kinds of things. how the investors look at this the security. i think it can be done. under lord hill, in advance has been made. it has been desired by jean-claude juncker to have the capital markets union. i think it should play to the benefits of london. guy: some argue london would be one of the main beneficiaries. is that going to be a force with -- which detracts in continental minds for making this happen? sir