let's return now to the breaking news on the european central bank and the european central bank's --man top court asking the european court for advice. >> the german top court sevends the o.m.t. case to the european court of justice. back to august of 2012 when draghi said he would do whatever it takes. straight away there were questions of whether this was legal or whether it exceeded the e.c.b.'s mandate. they can not monetize the debt of european government. it seems that the german constitutional court is not so sure. that is why they are referring to case. they also say that they will issue a ruling on the rest of the case over the european stable mechanism on march 18, but they think right now, they say that the e.c.b. program may verstep the limits of europe yields. the reason you are seeing yields lower. the reason the euro is no longer at $1.20. the euro has dropped off but is still around $1.35. it will gather some pace. the decision of that german constitutional court is critical to the stability in the euro-zone. >> it really is. does e.c.b. and mario draghi have the powe

marcus, the european central bank will not be putting rates up anytime soon, it seems. >> well, we don't know. maybe next month, but at least not this month in february because the european central bank says it's keeping it benchmark interest rate steady at .25%. it is resisting calls to bring rates down further to stimulate the euro zone economy. and a monthly press conference, the ecb chief said that the euro zone economy remains weak, but he played down fears that the eurozone is heading for deflation or falling consumer prices. he said, though, that the central bank would be ready to act if needed. let's listen in. >> as i've said many times, we have got to be extremely cautious with this recovery because it is still fragile and uneven. it really starts from low levels isactivity, but so far, it proceeding. >> mario draghi saying he is ready to act if need you there and frankfurt earlier. we are going to move on now. car sector is attracting attention this thursday, and dime live is among the companies in the spotlight. they are revving up, saying they expect a rise in both sales and

over in europe to central banks will announce the results of their policy meetings on the same day that the bank of england and the european central bank last month the b o e and ecb both decided to keep their key interest rates unchanged at their lowest levels on record. the b o these rate is down zero point five percent and that you see these rates zero point two five percent finally the u s jobs report for january will come on on friday. unemployment dipped to six point seven percent in december while non farm payrolls grew only seventy four thousand from the previous month. that was far below market expectations more headlines for your business. next our only be with attack on the markets the pete. it is. japanese government officials are considering working with their counterparts in washington on and technological cooperation in bilateral defense guy finds the midst of it and speaking japan self defense forces and the us military in the event japan is attacked. both governments are discussing ways to deal with so called green zone situations that do not fall under the category of peacetime contingencies. a lot to dis

that was far below the european central bank's inflation target of 2%. the index has stayed below 1% for five consecutive months. meanwhile the eurozone's latest inflation data matched market expectations and investors are buying back the euro. single currency rallied to its highest point this year against the dollar, and is currently trading at 1.3794-3795. analysts say market players are expecting the european central bank to provide further stimulus to prop up the region's falling prices. ecb policymakers are scheduled to meet next week. meanwhile, the yen is keeping the strength against the dollar. dollar/yen top of the screen right now 101.88-92. let's check some other currencies as well. the yuan dropped to its lowest level in about ten months against the dollar. traders are speculating that the people's bank of china is trying to weaken the local currency in an effort to stem huge capital inflows in to the country. many markets ended higher. investors were hoping that the federal reserve will continue its asset buying program for some time. chang

printing as much money and everybody else does because structurally they're not as capable the european central bank is demand driven as banks don't want to lend money liquidity is being mopped up we talk about tapering in the us while the europeans are not just to bring they very very much mopping up liquidity that's not good for growth but it can be good for the euro there you go so that makes sense in that position now you've bet against the canadian dollar and it's one of the biggest bets you've ever taken actually from what i've read and your decision to do so it was rooted in the appointment of stephen palazzo as head of the bank of canada i think it's. odd can you explain to us why are so bearish on canada right now and how well how exactly and it's sad because i love it i love canada love canadians some but i want to say there are going to. be a big bank of canada was supposed to get the spot. as the as the head of the bank of canada and makani who used to be the head was moving over to the bank of england that was the most positive thing for the loonie for the canadian dollar but then the d

you get our frort the european central bank -- report from the european central bank. six straight days of gains. you know, recovery. i want to put the recovery in context. $3 billion was wiped off global equities. that has now been scaled back. we have recooped nearly $2 billion of that. it will come down to retail sales numbers in the united states of america. there are three companies -- let's have a look at them. a little bit of luxury. a little bit of banks for you. b.n.p. paribas is down. $1 billion in terms of u.s. litigation. the dividend missed as well. we were looking for 1.75 euros. coming in at 1.5 . he remembers, fourth quarter sales -- rer maze. lloyds, you have gone through the top line. fourth consecutive annual loss. p.p.i. payment protection. 10 billion pounds. 10 billion pounds in terms of missed -- that blows my mind. let's have a look at some of the currencies in terms of what is going on. this is the dollar index. that will all be down to the jobless claims and of course what happens with those retail sales and there is the aussie dollar, as you c

all eyes are on the outcome of the european central bank policy meeting due out soon. analysts say the folk cows will be whether mario draghi gives any signal about the future of the bank's policy. dollar-yen is right around 101.50. the british pound is staying in a tight range against the u.s. dollar. many economists forecasts the bank of england will decide not to change course at today's meeting. the peso rose after the key rate stayed at 3.5%. they say the scope for keeping interest rates unchanged is narrowing given the pickup in inflation. >>> the consortium in charge of a panama canal expansion project has ordered its workers off the job. the group is involved in a dispute with the canal's operator. the workers are building a wider shipping lane next to the original canal. construction began in 2007 and is expected to be completed next year. >>> a spanish-led consortium is in charge of the project. officials with the group say they've suffered $1.6 billion in cost overruns. they say a faulty topographical survey conducted by the panama canal authority is to blam

the euro fell after germany's top court questioned the legality of the european central bank bond buying program. euro dollar right now is at right around 1.3571. germany's constitutional court decided to refer the ecb's unprecedented bond buying program to the european court of justice, saying it may exceed the bank's monetary policy mandate. meanwhile, dollar/yen is at right around 102.08. trading at a relatively tight range ahead of the key u.s. jobs report due out in just a few hours. turning to stocks now, european equities are looking like this. all of them are up now, although they have pared some of their earlier gains. london up by just a touch. frankfurt gaining 0.2%. paris' cac 40 is pretty much flat. investors are somewhat hopeful that the closely watched u.s. employment data may show signs of improvement in the country's economy. the labor market indicator turned out to be positive the previous day. also asian equities posted gains across the board. tokyo's nikkei staged a strong rebound. hong kong's hang seng rose to a one-week high. china's shanghai resumed trading on an u

asian markets were higher ahead of a policy meeting by the european central bank.ong kong e's hang seng gained more than half a percent. hong kong's hang seng lost half a percent. on wednesday the dow jones fell 5 points and the nasdaq dropped nearly 20. >>> twitter beat the street but still fell short of expectations. monthly users jumped 30% compared to last year, but investors wanted an increase of 32%. twitter stock dropped as much as 17% in after hours trading. >>> subway is changing its bread recipe. the word's biggest sandwich chain says they're in a process of removing a chemical that's also used to make yoga mats and shoe rememberer. the ingredient is banned new nighted kingdom and australia. the change was announced after an influential food blogger started a petition. >>> and coca-cola is take on sodastream and trying to tap into the home market. the beverage maker is teaming up with the company that makes the keurig coffee maker. they're developing a machine that will use pods to make coke and other beverages with the touch of a button. anne-marie? >> m

central banks for vigilance over liquidity. there could be more moves next week as the leaders of boca raton the european central bank and the bank of england huddle on the heels of lower inflation data in europe and central banks in less developed countries, australia, poland, the czech republic, and romania will also be meeting. to some like bank of america's david wu this was bound to happen once the u.s. federal reserve decided to pare back or taper its economic stimulus. with fewer dollars available the ones that are out there will cost more. >> volatility across all markets was near historical low. people thought tapering was going to be a non-event. i think that was where the market was extremely complacent. because if qe plays such a big role i think the market is simply underestimating what it means when the liquidity's finally being withdrawn. >> stabilization could come from better economic data which has been iffy recently at best. pros say the outlook is bright for emerging markets in the long term but in the short term there are significant head winds, much of which can be traced to china. >> we all know emerging ma

still many investors reluctant to take new positions ahead of the european central bank's policy meeting. that's on thursday, as well as important economic data out of the u.s. earlier many asian bourses rebounded from tuesday's sell-off. tok tokyo's nikkei got a boost from upbeat earnings results released by high profile companies. singapore's straits times index extended its losses, posting a fresh low since november 2012. and in hong kong the hang seng index dropped 0.6% to a near seven-month low. shares of macao casino operators took a beating after data show gambling revenue in the city grew at a much lower pace than expected in january. >>> moving on to currencies now, dollar/yen is currently at 101.22 roughly. analysts say traders are focusing on upcoming economic data out of the u.s. this does include a private sector jobs report on wednesday. meanwhile euro/yen is being quoted at around 136.74. the euro fell after december retail sales for the eurozone came in much weaker than what many economists had estimated. >>> morgan stanley has agreed to pay $1.25 billion to settle a case

which is a tightening. >> look, the base -- the federal reserve can give the dollars to the european central banks but the european central banks are using money that no one is using. >> stick around, martin. plenty on the agendas today with the manufacturing index down at a half point from december. also we get construction spending, that's expected to rise .2%. and sisco is reporting earnings before the shopping bell as does general growth properties. after the close we'll hear fryo. >>> thailand's election was marred with protest in bangkok and in the south. the election commission says 6 million voters were affected by the closures. now, head of the portfolio management at singapore is joining us now on the phone. darrell, can i ask you just where this election gets, if anywhere, because it seems to me we can't form a parliament. the protests are still going to be ongoing. and there is still judicial interference. where are we now? >> well, there is still political impasse. the management has managed to block the proper formation of the parliament simply from a week ago when it had the registr

the joint statement from the european commission the european central bank and the two astronauts be fine said that the gdp of cyprus was expected to contract with four point eight percent in two thousand and fourteen before rebounding to one percent growth in two thousand fifteen. the two thousand thirteen the economy of cyprus contract with six percent which was less than expected. yes people are shying away from buying new vehicles here to see russian special edition reports the stock disposing of the limo for the car industry carmakers have to try to meet the demands of senior buyers and attract the younger generation according to the date of the center for automotive research at the university of bristol to essen germany for the twenty seven percent of all new car buyers last year for under the age of forty five. the average age of a new car buyer in germany rose to a record fifty two point two years the two thousand and thirteen three years older than the average recorded that if it goes reflecting the trend observed in other industrialized countries currently more companies ar

who can't or won't be an allusion to the highest court has questioned the legality of the european central bank's rescue plan for the eurozone. the court has taken the unprecedented step of asking the european court of justice to rule on the ecb is on limited on time the court said there was reason to believe the program effectively one that eu governments which would violate eu treaties promised by the ecb to you caught whatever it takes for the euro is widely seen as having stabilize the single european cups. take a quick look at today's markets numbers starting in frankfurt with dax some investors worry about the decision of cuts would leave the decision to luxembourg because they are the cds we can now one of its measures might miss if the crisis state gets more significant but on the other hand the indices also say that as long as on buying programs are not forbidden phones can be bought if necessary. and this is something that keeps money easy and cheap. the market in general it focused on the job market of the year is a new blue winged to sleep isn't over yet. they are the number of newly

and the european central bank the idea behind the troika was to get the most indebted eurozone nations back on an even keel through bailouts and at times crippling austerity measures ireland became the first to leave the bailout program at the end of last year not before cutting thirty billion euro from the budget and seeing salaries squeezed by twenty percent in southern europe in hopes of a light at the end of the tunnel and high especially for the generation growing up under the troika unemployment is not sure if you will to fall so we are going to be facing a. a large number of young people in countries like greece or spain youth unemployment is over fifty percent and these people have little prospect of getting a job and achieving some sort of economic security this is seen european lawmakers call into question the ability of the troika to deal with the scale of the crisis and to attack its methods the troika acts like a acts like a governor. and visits its colonies in the south of here and tells them what to do the measures they come up with are not they're not always very effect

after the european central bank of course left rates unchanged last week but many in the market so we'll re won a seat. for the economic data in europe but check out the ecb stands on rates of whether it's correct or not markets always check those things. also china markets are fully up and running right now check asian indexes although this us cpi data in china at the end of the week which made he confesses to live and silent but still we're on a positive start here for the week lets you thinking. continued on into the rest of the week i packed it. however maintains a lot for it that updates. japan's major beer makers are boosting alpaca they expect beer drinkers to buy more of their favorite beverage before the attacks. the sales tax goes up in april. asahi breweries plans to produce about twenty percent more beer in march compared with a year earlier. tearing hurry and century are planning to raise output by between ten to twenty percent. officials at major beer makers predicts sales in march will increase by about ten percent from a year earlier. they expect consumers will stockpile

the european central bank they left rates on change don't benefit claims dropped in the us. how did that affect some of the currency pairs. exactly two very important pieces of information and both car seats respectively games on the news was heavily right now. starting with the euro yen hundred and thirty eight points sixty six to sixty three to sixty nine the year i she rallied as traders saw ecb president margaret writing not giving a strong signal of odd years of slow inflation problems the dollar yen one hundred and two pointers or a fetus or a six tall of course the only trait in a bit of a tight range i had a vaccine jaunts to delay today. released on friday also to keep track of asian indexes especially with a look and australian markets after the australian dollar's had a pretty busy week so far it's risen so far this week and that after a the australian nation showed a trade surplus and also the central bank indicated that it would not be cutting rates further mainland china markets out will start trading today after the lunar new year holidays like me playing catc

the european central bank keeps rates unchanged. the bank of england did the same thing.on kept the benchmark lending rates at 0.5%. debt, andn in unemployment rate of 15% -- were to ricoh's economy -- puerto rico's economy. what is at risk here? are we looking at a greek-style debacle? >> it might not be as bad as that were not quite the same. unlike greece, buying puerto rico's the debt has been a no breaker -- no-brainer for mutual funds for years because they are tax-free. they are a good investment. there are just too many of them out there. they have been borrowing to plug their debt -- budget gaps. investors are worried about whether they can pay it back. bond yields have risen to emerging-market levels. it has not helped that we have got this emerging-market crisis that make people worried. this is a vicious circle. it is exacerbated by the ratings they receive. rico. downgraded puerto walk us through the actual spillover effect onto american investors. >> puerto rico cannot pay, they have no choice but to default on the bonds. there are so many mutual funds these

anyway it's the goldman sachs it's who's the head of the who's the head of the european central bank drug managing director of goldman sachs and there you have one after another who's the head of the bank of england mark. carney by the way is the abbreviation for carnival he's also former goldman sachs guy and it's not only goldman sachs it's all of the bags gerald i'm sorry to interrupt you but we're running out of time i'm getting yelled at to to go but you have to come back and we love hearing from you your always entertaining and always insightful that was gerald celente author blogger and publisher of the trends journal time now for today's big deal. and harrison joins me now to talk to god he deals specifically municipal ones now here's what's happening in muni land these days now in detroit where we just recently saw the largest bankruptcy in u.s. history the federal government is going to buy land. but nothing u.s. federal government it's the canadian federal government that's doing all the buying and apparently the canadian government is going to start buying land and tried t

made up of the international motif on to the eu the european central bank. the idea behind the troika was to get the most in depth seed eurozone nations on an even keel through bailouts and at times crippling austerity measures. violence became the first to leave the bailout program at the end of last year. not the full cut scene sixty billion euro from the budget seeing celery screens and twenty cents. in southern europe hopes of a flight to the end of the tunnel on tight. specially for the generation growing up troika. i'm going to school for two to four. so we are going to be facing at that large number of young people i mean even in countries like greece or spain youth unemployment is over fifty percent. and these people have little prospect of getting a job. and achieving some sort of economic security. this is seen european low lake is called into question the utility of the troika to deal with the scale of the crisis comes to attack its methods the boycott takes like the acts like a big oven up and he sits its colonies in the sum of human tells them w

greece think about isn't concerned he says growth is just around the corner the head of the european central bank mario draggy has brushed off suggestions that the eu economy has a deflation problem. he denies the eurozone is experiencing a sustained fall in prices is there a distillation katie and cities known silly of me as sub fuelled inflation the real inflation for a new expanded protracted period of time. ignore the solution. jackie says the eurozone is experiencing so called does inflation rather than the flanks and the industrial and service sectors continued to provide growth. the threat still exists. the main single the money and financial market conditions and related uncertainty is notably in the imagined market economists may have the potential to negatively affect economic conditions di di dispelled rumors of an imminent change in ecb policy he says the positive effects of keeping interest rates at record low levels are still to come. it was a year of ups and downs for german car manufacturer diamond the comedy store golf two thousand and thirteen with a profit warning but ended up

sector by and remain out of the focus on currencies and i in particular will become one of the european central bank meeting later today. so where do we stand on some of the key parents yet show that's been due course a big focus model east are awful we keep the yen and the euro the year again right now trading at auburn's thirty seven points thirty nine to forty five block traders will want to see what the ecp what steps it may take even if it's a science experiment was zero interest rates and whether takes any action to curb inflationary threats but many argue that another rate cut would be negative for the euro dollar yen top speed of dallas a hundred or one point fifty to fifty three we may see a trading in a tight range ahead of the u s jobs numbers not despite the turmoil in global stocks in the steep declines especially in the nikkei so far this year bank of japan officials to remain upbeat about japan's economy and are sticking to the current policy of keeping inflation at work and see whether that slight rebound in emerging market currencies and the dollar versus the yen also gives a boost

we got a rate cut by the european central bank. we will get a rate cut by the european central bank. 12:45 next thursday to 1:04 next friday. could this be a 24-hour period that truly dictates a major move in the global markets for the rest of this year? >> bill, on that note, we'll leave it. our chief economist at markets.com. now coming up, investors punishing r.b.s. this morning. we'll dig deeper into the company's overhaul plans. the c.e.o. ross mcyou san speaking now. what next for this business? we'll discuss that in a moment. ♪ >> good morning, everybody. welcome back. you're watching "the pulse" live from bloomberg's london headquarters. r.b.s. posting its biggest loss since the bailout in 2008. the c.e.o. is speaking now about the strategic review. joining us now is the managing director in europe. good morning. i'm struggling to see the case surrounding r.b.s. mcewan is saying the bad news is going to continue. he is trying to reform an institution that is massive and unwielding. it is going to take an awfully long time.

because people thought well it's good for the german economy that it could perhaps mean that the european central bank when it meets later on this week will not drop interest rates as many speculate here add to that price data from the eurozone that seem to point in the same direction the result is that of the market is basically treading water. the dax losing just a little but the euro stocks in the green zone but not convincingly so in the year also losing some ground to play bass in front of thinking to much for this i was a good blog we can buy the full story from one to really stay with us and go hey. the air. just like tv on the go. monster. one of w's mobile options. more information. w daunting. and now. chin. story lines tuesday. reports and analysis players coaches. no one knew some of sports news now and the olympic flame has been put down to the winton and takes in silky over at the last goal of the games went to canada in hockey goes to russia topped the medals table. and on sunday evenings and she said good bye to the world with a korean closing sale. it was a poignant an alley and sexy