drink to all eyes on the european central bank right now. what will they say about the european economy? a live report from london. european stocks higher as the ecb conference. lea: stocks initially rising to multiyear highs in japan. the nikkei jumps six tenths of 1% after the bank of japan would keep its stimulus payment place. train to the big earning super microsoft. a big layoff and a in a reorganization. we look to you what to expect. use my lea: 5:01 a.m. in new york. july 20th. i am trained for and for lauren simonetti this morning. >> and gerri willis and for cheryl casone. breaking news this morning. john mccain diagnosed with an aggressive form of brain cancer. doctors found the tumor after they removed a blood clot from above his left eye. president trump tweeting melania and i send our thoughts and prayers to senator mccain and their entire family. get well soon. president obama saying john mccain is an american hero and one of the greatest fighters i've ever known. cancer doesn't know what it's up against. give it, john. megan

draghi, speaking of the european central bank, would never allow any country within the euro area to d full faith in credit. he would never let that happen. paul: at the moment, the european central bank is not buying greek government bonds because they have this perception that the securities -- the countries may not be on a completely sustainable system. the push is to ensure that governments are as devoid of risk as possible. also, just quickly, bloomberg has done its survey ahead of the ecb meeting thursday. it looks like the expectation is that tapering could be slower than previously expected. meeting --nk the ecb mario draghi wanted to be as much of a nonevent as possible. is all about after this summer, and then we will have another look at it. exactly how quick they are, if they said a target on it, then open so better leave it it is not challenged in the debt market. nejra: you can read more about the on the bloomberg and read all of paul dobson's comments on mlib go. and we will have full coverage thursday.'s decision coming up, we are following stocks. less than 30 minutes

we are going to start off with a big important closely watched meeting today at the european central bankthe ecb's governing council meeting today in frankfort. mario draghi expected to meet the president about a half hour to announce they will be raising key interest rates. it's the central bank's stimulus program that is the focus of martin concern -- market concern. has been pumping roughly 60 billion euro's per month into the economy through quantitative easing. that is essentially printing to purchase bank bonds -- new money to purchase bank bonds. the program has some investors on edge. spoke withh -- we steve market analyst for think markets. many look at the strength of the european economy and feel it is now time to taper. data andmpare soft hard data which is your industrial production data. they are catching up. the color which is very positive for the economy. unemployment data. you look at consumer confidence. they are all saying the patient doesn't need this much injection. and it is time now to wind down the ultra-loose monetary policy. >> the markets on tenterhooks waiting

tonight the euro line european central bank has a much anticipated announcement on hand interest rate also one hedge fund legend he beat the s. and p. five hundred for years and now he's made a killing in bed point as it heads above twenty six hundred today and the state of illinois is in a debt crisis that extends way beyond that it goes across the nation and we are seeing similar problems around the world stand by for us but right now. the euro john to a fourteen month high after european central bank president mario draghi stated that.

jonathan: we have been aggressively pricing from central bank to central-bank, whether it's the europeanentral bank, the bank of england, or federal reserve. across the board, excavations expectations have increased on the back of the central banks. do we now have a market that may be a little bit more in line with the reality of the direction of the central banks or in the market that may be misjudged some of the central banks this week? >> no, i think the central banks will maintain what i call really dovish posture. they are concerned about rattling the markets. we have seen this pattern before where they have strong talk and weak action. i think it as a momentary reaction to the market, but i do not think this is the beginning of an upswing. jonathan: my colleagues at bloomberg pointing out we have this strange emerging paradox where inflation expectations are diminishing or rolling over. yet central banks redefining, recalibrating their reaction functions at the same time. how do we make sense of that? >> it's certainly puzzling. i have a chart that looks at the five-year forward in

all eyes later will be on the european central bank. we don‘t expect dramatic moves from them. pean economic data has been firmer, in recent months and so that raises questions about the tapering of quantitative easing that was put in place when economics we re that was put in place when economics were really softer, so it is a question of when, and how much that tapering is going to involve.|j question of when, and how much that tapering is going to involve. i will watch. will he put a drag on it? still to come. we will be looking at holiday camps with a difference, we will speak to a woman who is replaces football and baking with coding and robotics. you are with business live from the bbcful —— woe bbc. underlying profits at sports direct fell nearly 60% this year as the firm publish full year results. boss mike ashley says he wants to turn the firm into the selfridges of sports — but how good a shape is it really in. theo leggett has been looking through the figures for us. theo is in the business news room. why is sports direct struggling because of the falling pound, that

tonight the euro blind european central bank how much anticipated one hand interest rate also one hedge fund legend he beat the s. and p. five hundred for years and now he's made a killing in bitcoin as it heads above twenty six hundred today and the state of illinois is in a debt crisis that extends way beyond that it goes across the nation and we are seeing similar problems around the world. right now. the euro jumped to a fourteen month high after european central bank president mario draghi stated that interest rates will remain unchanged he also vowed to continue the e.c.b. asset purchasing plan through december or even beyond before the speech the euro traded as low as one dollar fourteen cents of that climbed one basis point two one sixteen the highest since january twenty fifth the british pound dipped to nearly one twenty nine the euro has been one of the strongest performing currencies this year up nine point nine percent in two thousand and seventeen point eight percent just this week alone. and future. future pence her nerves will have to work an extra year to collect their

central bank to central bank throughout the week. we can bring up the chart. whether that is the europeanentral bank, bank of england, bank of canada in there as well. across the board, really expectations have increased off the back of a loaded central-bank speech this week. do we now have a market more in line with the direction of the central banks? or maybe the market maybe misjudged some of the central spanks -- banks speech this week go -- week? >> no, i think the central banks are going to maintain what i call a dovish posture. i think we have seen this pattern before where they have strong talk and weak action. so i think it was a momentary reaction to the market but i don't think there will be a material change in rates. i don't think this is the beginning of an upswing. jonathan: my colleagues here at bloomberg are pointing out we have this amazing paradox at the moment. inflation expectations are either diminishing or completely rolling over, but central banks are read finding and re-caliber -- redefining and recalibrating their reaction function at the same time. >> i have on

said the last thing the european central bank wants to see is a tightening of financial conditions.had a lot of reasons why he sounded like a ready dovish person on this ear it in fact, he is saying i am not ready to change the sense of where i am going, and that does not seem to be anywhere fast. >> unanimous in communicating no change to the forward guidance, unanimous inwere whenng no precise date for to discuss changes in the future. it has become a global story. the central bank feel they took unprecedented steps to cut rates dramatically in the financial bonds, start buying ending up with huge balance sheets, then they look at their inflation picture and it does not seem conducive with starting to take steps, at least removing stimulus. area inflation, two key measures moving higher, moved back down. the ecb target is just under 2%, and they are further under 2% than they were. bundesbond the is the player that has made the most noise saying we should reduce bond purchases. the head of the bundesbank and head of ecb council has been making this argument loud and clear, but mar

wall street, will strip was done yesterday and the story on the market is those feelings from european central bankl start to tighten monetary policy will stop it will make bonds look more attractive and investors are turning a way which is why the markets are down. that's it for me. you can get in touch with me on twitter. i'm @bbcrachelhorne. ritual will join ritual willjoin me for the news review shortly. —— rachel. tens of thousands of people will face financial hardship and be forced into debt if changes aren't made to the way the new welfare benefit universal credit is rolled out. that's according to the charity citizens advice which is calling for improvements. but ministers insist the benefit is working. 0ur social affairs correspondent michael buchanan reports. at the citizens advice office in bridgwater, in increasing number of people are coming in complaining about universal credit. vicki kelly has had to take the day off work to sort out her problems. she has no inter— net access at home and struggles to keep up with the online system. i have had to take a day off work to sort this out!

let's head back on talk about -- before i get back to you, the latest survey from the european central bank, which has said eurozone inflation may slow more than expected in the coming years. after the central bank kept its policy unchanged based on responses from 56 forecasters, the ecb said inflation at 1.5% in 2017 and down to 1.4% in 2018 a tenth of a percentage point below forecasts from three months ago the central bank said gdp growth in unemployment could exceed past expectations. >>> mario draghi announced no change to the bank's monetary policy or the asset purchase program. president mario draghi worked hard to avoid making specific comments on tapering plans during his press conference in frankfurt yesterday. he did not want to upset markets, nevertheless there was a reaction the euro rose two a two-year high against the dollar after mario draghi hinted at an autumn date >> we need to be persistent and patient because we're not there yet. and prudent. by the way, we also say we were unanimous in communicating no change to the former guidance. and also we were unanimous in settin

european national bank things are getting better. jim: they are having suppressed rates and the president and ceo of deutsch bank was on tape saying all this bond buying by the european central bank without regard to price or value has served to destroy the method of price discovery by which we decide to price credit. that is soft spoken, but very eloquent and powerful denuns was. when a banker can't price credit. interest rates are the most sensitive prices in capitalism. they design risk and cash flows, and the central banks have with malice aforethought and intended benevolence aforethought muscles around these prices for 10 years and you can't tell me there is no consequence for that. maria: i want your take on whether janet yellen gets a next term. her term is up in february. and we have to talk about fiscal policy with the markets expecting healthcare. stay right here. a lot to talk about with you. >> announcer: markets at or near all-time high. are they about to eat their game. dearthere's no other way to say this. it's over. i've found a permanent escape from monotony. together, we are perfectly balanced. our senses awake. our hearts racing as one. i know this is sud

your thoughts on the european central bank. mark: the euro is getting stronger against the u.s. dollar, so you are seeing money coming into the e.u. i think they probably feel stronger, and the ability to begin to wind down. they have been cautious in the sometime thus measures. maria: any indications of winding down the stimulus in europe? >> european stocks look good and will probably go higher. they will probably outperform the u.s. market for a while. maria: we'll talk more about that in terms of allocating capital. the jobs report coming out friday, the june number was better than expected. 220,000 jobs created. and i guess this gives the federal reserve cover that they will raise interest rates the second half of the year. >> some of the governors are saying, look, let's not take one measure as a sign we should do something. but they are saying now is the time for us to move, given the jobs report. so i think they are still debating and will move very, very cautiously. maria: we are talking about an economy in the u.s. that's slow moving. mark: trump wants to see 3%. i'm s

the european central bank is examining options to wind down qb.september and a gridlocked leaves president trump poised to to end his first year without a major accomplishment. his team works on trade policy. from new york city, good morning and warm welcome to bloomberg daybreak. i am jonathan ferro alongside david westin and alex deal. here is how we are set. futures go nowhere. the euro retraces the big move to the upside. we retreat from a high at 1.1525. treasuries, yields higher by two basis points at 2.28. this morning, morgan stanley has alix steel. alix: stock up by 1/10 -- 8/10 of 1%. thick number with a but his attention. bang in line with estimates

european central bank policymakers are said to be drawing up plans for stimulus after the summer breaksed in policymakers who start a two-day meeting today have not held forward discussions on the end of bond purchases. a stimulus change is not imminent. declineman decided -- to comment. according to three officials familiar with the matter, the in aceiling is included series of documents. the imf is expected to discuss a new credit line for greece tomorrow. venezuela has rejected u.s. president donald trump's call to halt a rewriting of the constitution that would consolidate the power of its socialist government. speaking during a nationally televised meeting the president said he is reviewing his country's relations with america . brexit negotiators have acknowledged frustration on both sides over the uk's divorce from the european union but there are signs of progress. the second day of the monthly negotiations in brussels saw officials delve into the details of the main issues they want to make headway on before an october summit. several hours were devoted to how to keep a soft i

that the european central bank has not changed that much.he currency fluctuations are very much a apresentation of -- politically stronger europe wasr the french election won by president macron and a relatively getting -- relative weakening. thes: you are sticking to $66 billion deal for monsanto and telling the market it will get done by the end of the year. what gives you that sense of confidence that you will get it closed by the end of the year with that? strategic do not make positions or change strategic positions on a quarterly basis. we have seen a week second quarter. no doubt about it, of our crop , itness, but one more time was an adjustment that was a one-time adjustment based on inventory levels. with thenothing wrong underlying performance of our crop business. if you look at brazil and correct for the brazil effect, we have seen growth in the second quarter of 2017. moving forward, we continue to be as confident as we were before and the long-term outlook in thatg industry, and context, we stick to our , the monsanto transact

in europe now where the european central bank has left key interest rates unchanged at historic lowsays it will continue its multibillion euro bond buying program. after slightly stronger economic data from the eurozone, many speculated there would be a shift in monetary policy like the one we are seeing in the u.s. the ecb of into new to punish banks which park money at the central bank. the aim is to simulate lending. the bank will keep injecting 60 billion euros per month into the euro zone economy until the end of this year. back to breath now for more news. brent: -- brent now for more news. brent: today marks 73 years since a german officer tried but failed to assassinate adolf hitler. the nazi leader survived, and he was executed within hours. along with three other officers. thousands more were killed in the months that followed. today he is celebrated as a hero of german resistance to not see rule. and for the modern-day german military -- nazi rule. and for the modern-day german military, his actions have special significance. reporter: more than 300 recruits lined up to ta

let's talk about the european central bank. any bund traders up there, listen to this.been complacent about your long positions and shaken from your tour poor. how was an aggressive move, we fully priced for any nuance within the european central bank of for the next six months, 4.5%. steven: it will be known as the centrist shot. -- shock or scare. manus: i like centrist shock. trouble is with these zero tendency bond market is that it does not take much to shake them. i have asked the question what could possibly go wrong with the bond market. everyone was expecting inflation to stay will which it probably will do. everyone knows the ecb is cornering the bond market, they are running out. it is only a matter of months andre they have to alter -- as they change the rules. there has been the safe haven that came from the french election. ,hat could possibly go wrong more buyers and sellers. we have just seen what can happen when everyone is the same way around. and mr. draghi has reminded us that he might change. nobody i meet can honestly bunds are fairt value. have a

the euro fell point one percent to one fourteenth stock markets rallied on the heels of the european central banks collectively hawkish tone over the last fourteen days as investors expect a turning point in central bank policy this comes as focus shifts to how the federal reserve might react to the latest jobs and inflation data fed chairman janet yellen testifies at the end of this week to u.s. lawmakers now she's expected to lift interest rates before the end of the year the fed has done so twice this year so germany's dax was up point three percent while the cac forty in france followed suit at point three percent higher at the f.t. a c. one hundred index of leading british shares was up point five percent and the nasdaq composite rose one tokyo's nikkei index gained point eight percent. oil prices have plunged in light of rising production in the united states and within the organization of petroleum exporting countries their member nations and affiliates u.s. crude fell nearly fifty cents to forty three seventy five per barrel on that the new york mercantile exchange brant crude dipped to fo

their last meal before they themselves answer a state of rigor mortis and death writes the european central bank the american central bank i mean you have mark carney over there at the bank of england saying let's raise interest rates and try to get this you know the definitive did to figure later machine you know more cars trying to life let's raise interest rates you know try to get you know the global economy going again but of course you won't be able to succeed in this endeavor because he does he's dead he died already he's a walking dead man yeah but the japanese markets the japanese economy past that zone long ago if you look down the stairs into that mirror of the coat of the afterlife you would see that japan's already down there and they're already confronting them here and they already see what it is and it looks like this because markets are already dying and here's the proof trading in even shorter term contracts is also evident the tokyo financial exchange announced on thursday that starting at the end of july it will suspend trading a futures based on japan. on collateralized over

investors looking ahead to the meeting of the european central bank tomorrow, whether or not mario draghi will change the central bank's policy in paris as ubisoft shares are up 77% in trading after their latest result. for more of the day's business headlines, the american group mccormick and company to buy a food business for more than $4 billion. the deal would see the u.s. firm take control of brands including frerench's mustard an frank's red-hot sauce and is part of a overall of benckiser's business. cafe pacific has warned of a challenging year ahead of the airline. passenger numbers for the first half of the year dipped slightly which was described as disappointing, cathay reported the first annual lasted eight years in 2016. there was better news for the low cost airline with air reported a 16% rise in profits for the three months to the end of june to over 60 million euros. passengers rose by more than a quarter to 7.2 million and they're being cautious with the outlook for the rest of the year. catherine: finally, then, a story about property investment, very popular place to p

morning, rahel, happy friday, here on wall street, stocks barely budgeted following news the european central bank didn't change its stimulus policies. the dow jones fell almost 29 points, the nasdaq gained nearly five. >>> exxon says it did nothing wrong, doesn't want to pay $2 million federal fine. the energy company is suing the us government. after the fine was levied. the treasury department says exxon showed wreckless disregard for sanctions against russia. secretary every state, rex tillerson, was exxon mobile's ceo at the time. >> you may soon be saying alexa wash my chrome spirit is going to start selling kenmore appliances on amazon including smart appliances, they can be singed with amazon voice assisted alexa. sears has been closing and liquidating stores across the nation, the amazon deal opens up new market place for the company to sell appliances. >> motorcycle done add 'd isn't just diving into the delivery business. the fast-food giant is rolling out a clothing line. that includes a big mac, hamburger pillow cases and sands al. tree for customers who order mcdonald's delivery in c

european central bank is pushing to boost inflation and it's doing it by keeping bond yields low and governments are liking what they see and since two thousand and eight euro area governments have scooped up one point six trillion dollars in interest payments but germany's central bank is warning heavily.

lindsay friends joins us for a quick preview hi there lending a against the dollar as the european central bank mentions interest rates and one investing legend is cleaning up after big skyrockets and citizens of the u.k. get set to add extra work to get their pensions that's coming right at all right thanks so much. all of that does it for now for more on the stories we covered go to youtube dot com slash r t america also check out our website r t v dot com for slash america you can also follow me on twitter at actually banks underscore r t and don't forget to question more. all the world this day and all the news companies merely players but what kind of parties are in t. america playing party america offered more r t america offers. many ways a new landscape just like the real news big names good actors bad actors and in the end you could never hear all. the car companies all the world all the world all the world's a stage we are definitely a player. you might have heard about a recent poll from a.b.c. news that showed president trump is that in a record low approval rating just six months i

the european central bank has kept its key interest rate an economic stimulus program unchanged. that it would be willing to step up its sixteen billion at your a month quantitative easing if necessary. previous comments from mario jogging and members of the governing councilad been interpreted to mean that the banks considering scaling back its asset purchases. would let you economy take its course. the city had had said that he remained concerned about wage growth and low inflation. and risks remained. they cross check of the outcome of the economic analysis with the signals coming from the monetary analysis. confirmed the need for continued very substantial degree of monetary accommodation. q. or it's a stained return of inflation rates towards the levels that are below but close to two percent. many analysts are expecting tapering to begin after the seabees september meeting. the chicken on the day's trading action now on the currency markets the euro jumped to its highest level against the dollar since last may. of the pound sterling fell to an eight month low against the eu

european central bank is pushing to boost inflation and it's doing it by keeping bond yields low and governments are liking what they see and since two thousand and eight euro area governments have scooped up one point six trillion dollars in interest payments but germany's central bank is warning heavily that interest rates will rise among the one nine hundred eighteen bloc and they better make arrangements for that rise italy just.

european central bank be meeting later this week to discuss its economic stimulus program. slightly more muted trade on wall street as investors wait for a series of earnings reports. and see the major indices have all now turned into the red this hour. shares in the asset manager blackrock dropping about three percent after it revealed disappointing revenue for the past three months. earnings about two point nine billion dollars as it cut fees to attract more business. china's economy has kept its momentum a steady growing a slightly more than expected six point nine percent in the second quarter. analysts of long cast doubt on the reliability of beijing's statistics. officials said they were looking at june brief balance the economy and maintain a steady pace of expansion. clear rush reports. good news for china's economy. the country six point nine percent growth beat expectations. thanks in part to an uptick in exports and consumption and a strong property market. hi housing prices have prompted property investmen. which grew eight point five percent in the first tough

treasury, big move, led by hawkish comments coming out of european central bank ten days ago, led europeanto rise significantly. that dragged u.s. yields high. nearly 2.4% last week. coming away from that this morning, led by european yields coming down after the french ecb member made some slightly doubish comments >>> as for the overnight action in asia, let's show you how the continent finished up trading. nikkei rose three quarters of a percent, weaker japanese yen last week, and continuing today. hong kong closed higher, shang lie lower by nearly 2% south korea remained flat. european equities start off on a positive note. german daks up a half percent. italy up a half percent. spain goes the other way >>> oil is very much in focus, slipping friday, down 4% as a whole for the week, slipping again and extending the extent of falls down two-tenths percent, now down best part of 1% surprisingly, haven't seen that much dollar strength in light of how much yields are rising in the u.s. because yields have risen more elsewhere did see two-tenths percent strength for the dollar. little bit a

the euro fell point one percent to one fourteen stock markets rallied on the heels of the european central banks collectively hawkish tone over the last fourteen days as investors expect a turning point in central bank policy this comes as focus shifts to how the federal reserve might react to the latest jobs and inflation data fed chairman janet yellen testifies at the end of this week to u.s. lawmakers now she's expected to lift interest rates before the end of the year the fed has done so twice this year so germany's dax was up point three percent while the cac forty in france followed suit at point three percent higher at the f.t. a c. one hundred index of leading british shares. point five percent of the nasdaq composite rose one tokyo's nikkei index gained point eight percent. oil prices have plunged in light of rising production in the united states and within the organization of petroleum exporting countries their member nations and affiliates u.s. crude fell nearly fifty cents to forty three seventy five per barrel on that the new york mercantile exchange brant crude dipped to forty six

that next to the euro itself that shows you stability actually in europe so means that the european central bank is actually doing a good job as for the pound the pound is actually very surprising you know it's a very resilient we saw a good just hammered brags that happened and you know what down to a thirty one year low now i mean the pound is still lower than what the pound was in its heyday but thinking of the construction of birds coming out of the u.k. which aren't that great looking at bragg's that itself and looking at what happened with the last election it's kind of amazing how resilient the pound actually is so just like the canadian dollar to the u.s. dollar we're looking at about seventy seven pence us forever for every one u.s. dollar which means you know there are still some strength there and predictions are all over the place that it can get stronger and might drop of fifteen percent both ways actually so you know these are things that you can't really have too much credit to but we know that the bank of england they're saying that what they'd like to see is a little bit of inve

yes, after the meeting of the european central bank.cy. we are not going to talk about that. we are not going to talk about that. we are not going to talk about that. we are going to get the inside track on the other big economic news of the week, china. they have been in the week, china. they have been in the spotlight after announcing growth figures. that's right. so, give us the figures. what was the reaction? 6.996, the second quarter compared with the same period a year earlier. it was a little better than most people expected. i think most thought that the fact the chinese authorities had been taking a bit of authorities had been taking a bit of a clamp—down on financial risks, concerns about the growth of debt, very strong housing markets, there we re very strong housing markets, there were concerns that they might conceivably be the foundations for future financial instability. the clamp—down has not been reflected in growth figures, that did hold up better than some people expected. maybe we shouldn't attach too much weight to

would move ahead without the approval of lawmakers plan would certainly work in favor of the european central bank as it almost totally be off the hook when it comes to lender insolvency but the actual banks aren't exactly on board yet if the measure were to be implemented they're afraid that it would discourage saving with them at all oddly enough it's a concern that the european commission once shared with them back in november the commission proposed a similar rule that excluded insured deposit hers fearing it could have a negative impact on market confidence according to the latest proposal no depositors would be safe in the commission has yet to comment on it and most euro area banks have with held their thoughts as well. if this proposal were to be implemented is it the first of its kind not exactly so as i just said in november. european commission proposed a similar one but it protected insured deposit others who have had under a certain amount in the bank this one does not protect insured deposits no matter how much they're holding and more importantly some other states like germany have

betty: the european central bank, the ecb, wrapping up its policy meeting today, announcing his decisionexpected? mario draghi, head of the european central bank, has a delicate balancing act. he does not want to disavow the markets of the notion that the ecb knows that sooner or later it is going to start walking toward the exit door on quantitative easing, bond purchases. by september, they are expected to make an actual announcement and start the policy in january. half of the economists surveyed by bloomberg said he might announce some kind of using e , quantitative easing bias. others say, no, he is going to wait until jackson hole, the symposium at the end of august -- when he is giving a speech, similar to 2014 when he signaled a move toward reflation and more bond purchases -- star signaling that that is what the ecb is going to do. i think that is the nuance, the kind of nuance that could mark a moving from the ecb's meeting later today. yvonne: still ahead, blunt criticism and canceled media briefings. we have got chinese and u.s. trade officials all in a half as their washingt