. >>> the european central bank meeting now. their rate decision considered by many to be more important to you than your own federal reserve. >>> secretary of state mike pompeo saying tough sanction also remain in place against north korea. >>> elon musk putting more skin in the game. we'll tell you what he did with tesla stock. >>> and bitcoin trying to recover many a recover, but many are asking what's behind the big slide. it's thursday, june 14th, 2018, "worldwide exchange" begins right now. ♪ >>> good morning welcome from wherever in the world you may be watching. i'm brian sullivan here's how your global markets are setting up thursday. once again, not much help. futures are flat, maybe slightly down 9 points it is early. remember, that ecb decision in just under three hours certainly could be a market mover. it's so important that steve liesman will be here with what you need to know from the european central bank in a bit we begin with a huge proposed d deal in media. our parent company, comcast, bidding $65 billion for

the european central bank doing recently. well i think the european central bank appears to be having a deer in the headlights moment we had expected i think a little bit tougher talk out of the european central bank when it last met but instead we were told that it might not be until the end of next summer that we see the first rate hike come out of the e.c.b. there was an official on the wires in the last twenty four hours who actually through october two thousand and nineteen out there bart my greatest concern for the e.c.b. i've been writing about this recently is that they actually go into recession with interest rates still in negative territory that would put policymakers there and of in a very tough position in a very tight bind you know what do you do when you are already less than zero i mean where would you go you go back to i mean they don't think they call it quantitive easing but you go back to bond buying again danielle i mean horrible church from since we don't want to go there but is that the only real avenue.

the european central bank won't be in any major rush to wind down the policy. central bank first started suggesting maybe some easing programme it was then announced in january 2015 that it would not come into play until march 2015. the federal reserve will be very measured, i suspect, federal reserve will be very measured, isuspect, today federal reserve will be very measured, i suspect, today —— 2015. we will have a gradual wind down and it would be abrupt. the possibility ofa it would be abrupt. the possibility of a rate rise? where do you see the ecb on that? we are a long way out from a rate rise from the european central bank. they are currently in the process of weaning their way off the process of weaning their way off the stimulus package which has been successful. the gap between winding down the stimulus package at the back end of this year and hiking rates are quite considerable. between those two points. thanks. we will keep an eye on that. as soon as we get any news of what the ecb is up we get any news of what the ecb is up to, we shall update you

unlike the ecb, the european central bank, which surprised the market overnight for us, being very abouthe cost of borrowing really effective in the us dollar versus the euro overnight. and the bank of japan, even though the governor can be known with his surprise announcements today. there were no surprises at all. in terms of the inflation target, japan has been suffering from deflation. but inflation was lower slightly. but other than that, nothing new. good to see you there in our asia

north korea summit, investors eyeing crucial policy meetings from the federal reserve and the european central bank this week. a look at the global market reaction and economic impact of this historic summit. we're expecting the fed to raise rates tomorrow. more coming up ahead from singapore. stay with us. mom? dad? hi!

and how you know to get us into the program we'd start with the decision of the european central bank that has just announced to leave the key interest rate for the euro zone unchanged it will keep rates on historic lows of zero percent at least through next summer but it has also have it spawned buying program and said it will end it altogether in december after the financial crisis the e.c.v. had started to buy eurozone members government bonds to the tune of thirty billion euros per month to stimulate growth since twenty five and fifteen month after month the e.c.v. has spent a total of two point four trillion euros on the program with the bond purchases that eusebius balance sheet has now swollen to over eleven trillion euros that's about forty percent of economic output for the entire eurozone and soon after the decision was announced easy president mario draghi detailed the strategy the bank will follow as the bronze down the bond program. continue to make that purchase on the p.p. that the current monthly piece of thirty million euro will until the end of september two thousand

unlike the ecb, the european central bank, which surprised the market overnight for us, being very aboutin the us dollar versus the euro overnight. and the bank of japan, even though the governor can be known with his surprise announcements today. there were no surprises at all. in terms of the inflation target, japan has been suffering from deflation. but inflation was lower slightly. but other than that, nothing new. good to see you there in our asia business hub ricoh way. —— mariko 0i. now let's brief you some other business stories. at&t has closed its $85 billion deal to buy time warner — after a judge ruled it was legal under antitrust law earlier this week. the usjustice department though has 60 days to appeal. it says it is considering its options. the trump administration had argued the merger would harm consumers. with the world cup under way in russia, there could be a bigger than usual impact on financial markets. because of the time zone there are more matches during european and american trading hours than in any previous tournament. during south africa 2010, share trading

what will the european central bank do next? the japan times says that airbnb has axed 80% of its listings ahead of new tighter regulations that come into force next week. and finally the scottish daily mail has on the front page that scotland is to be the first part of the uk to introduce a deposit return scheme on cans and bottles. so let's begin. jonathan charles is managing director for communications at the european bank for reconstruction and development hello. i am here and ready to go. he is back and braced for wrecks at. the latest twist in turn is quite significant. it is the gift that keeps on giving, brexit. we are approaching a significant crunch point to give you look at theresa may over the last few years she has tried hard to kick the can down the road to try not to admit to the moment when she has to take a very strong position that upsets one wing of her party or another. be they remain as or levers, soft, hard, however you wish to characterise them. there is a cabinet discussion today about continuing a close

we are live this morning from shinnecock hills golf course the site of the 2018 uask openly european central bankhere, and the markets are waiting for this cheryl european indices changesed direction. cheryl: they certainly have oe. cb is certainly ready to phase out they say their bond-buying stimulus program, by the end of the year this was probably expected the program driven down borrowing costs in support of economic recovery in the 19 countries that use euro as i mentioned here are the markets all of them now in the green after this announcement. now the ecb says purchases are going to be reduced to 15 billion euros a month from 30 billion euros from october, and then would wind up completely by the month of december, but this is, of course, this is tied, to one day after the federal reserve here made second interest rate hike hinting two more could come this year ecb leaving interest rates unchanged but they are heading in same direction, as -- powerful storms leaving a path of destruction across pennsylvania a possible tornado touching down looks very smashing windows downing mysteries ex

and european central banks.ins the recent weakening of inflation, but policy may help downside pressure on the yen, assisting the boj inflation campaign. mike pompeo says the u.s., china, south korea, and japan, agree that sanctions on north korea will not be lifted until kim jong-un has shown complete disarmament. penaltiesconcern would be relaxed. mike pompeo briefed foreigners on the summit. the sanctions and the economic relief that north korea will receives will only happen after the complete denuclearization of north korea. paul: the u.s. economy has become the world bright spot as china and europe cool, at least 4% in the current quarter. retail sales beat expectations on thursday. this is being boosted by solid consumer spending. criticizedin has forecasts. >> humor guards are outlook as pessimistic and i hope he is right and we are wrong. that would be good use for the united states and the global economy. aul: the world's rich keep getting richer and they are doing it faster. global personal wealth rea

union fiscal rules warring the rest of the eurozone or the time when italy depends on the european central bank to borrow more money that coupled with the new government and the european sentiments is stoking fears that the bloc third largest economy might become its new problem child now let's bring in our financial correspondent who said about the frankfurt stock exchange just give us an idea how risky is this situation right now in italy . well you just counted up her so many points that are a recipe for distress and destruction here in the financial markets and make it difficult for most observers outside of italy to imagine that this country can move forward and can move forward in a sound and financially stable way in such a way. as not to bring excitement into the eurozone and considerable worry and perhaps worse on the face of it today the trading has been benign was already so on friday the shares going up slightly but not tanking the euro stable and even a tally of debt government bonds going up today and the yield that is the kind of return they give to investors much above what it w

that comes alongside the european central bank suggesting it will bring to an end quantitative easingar economic experiment since the financial crisis, when the markets were flooded with central bank money. both the federal reserve and the ecb, two of the most significant central banks in the world, suggesting a tightening mechanism in some kind of synchronisation. when the fed has tightened before, both the ecb and the central bank ofjapan tightened before, both the ecb and the central bank of japan have been in expansionary monetary mode. i think this is a really significant moment and shows their some concerns both in the fed and the imf that the american economy could become too heart and its debts could become too high. were you surprised by that ecb announcement, considering recently we have seen the eurozone economy start to cool? no, central bank governors across the world, whether japan, europe, britain, america, wa nt to japan, europe, britain, america, want to normalise the monetary situation. no one is really sure what this monetary experiment we have had for a decade is h

mario draghi has put the european central bank on the road to raising interest rates. >> progress towardined adjustment. >> and part of the u.s. and european central banks, investors will be focusing on that. helping japan's exporters and assistinghelping japan's exportd assisting the boj inflation campaign. they might be able to stay in the block past march 2019. talks are stalled on the irish border and the future trade deal. privately questioned whether they can finish on time. british prime minister theresa withn parliament next week eu lawmakers. >> we allow parliament to instruct the government. undermines my three guests. kit would be constitutionally unprecedented. >> the u.s. security and it weighedmmission currency.ond it bitcoin had the biggest rally in almost two months. powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. thanks for that. let's get you a quick update on the market where we had to the final trading session. headwindsing some coming through when it comes to manufacturing. expected weaker than and suggesting a manufa

a strong reaction to the fed in the european central bank today. every market we watch in the red. kristina: fed stocks under pressure. down almost 1% in stocks and create down nearly 2%. cheryl: back at home, a new feature that will make i felt even more secure. that's good for all of us. maybe not so good for the police. "fbn:am" starts right now. 5:01 a.m. in new york. thursday, june 14th. by the way, president trump's birthday today. if you're watching from a heavy burden day. good morning, everybody. i'm sure personae. kristina: enzyme kristina partsinevelos and for lauren simonetti. cheryl: your iphone will be more secure. first, the big news of the day. a potential bidding war brewing over 25 century fox. breaking the news right here on the network yesterday. comcast making an unsolicited $65 billion all cash offer. an 18% premium over an offer from walt disney reported back in december. comcast coming one day after a federal judge gave at&t's agreement to buy time warner for 85 billion without requiring the sale of many major asset. that is antitrust concerns. train through

and following the announcement from the european central bank, the pound is a little bit stronger againstyal wedding. one of the musical stars of the royal wedding last month has won two awards at the classic brits. the cellist, sheku kanneh—mason, who's i9, picked up male artist of the year and the critics‘ choice award. 0ur entertainment correspondent colin paterson was at the royal albert hall for the ceremony. last month, sheku kanneh—mason played the cello at the royal wedding. at the classic brit awards, the 19—year—old won both best male and the critics' choice award. it isjust an honour, really, just a kind of lovely sum—up of my past two years. surprisingly, he is still a student and sat exams last week, but hasn't got his results, due to a bungle. they are out, but i need to go and collect them. you could find them out? yeah, but only as of like two days ago and you need your id card, which i've lost. # i want to be a part of it...# alfie boe and michael ball also had a problem after winning best group. they only give you one? yeah. we have never had an argument. this might be t

in a timely fashion well then we'll have more liabilities to sort out later on you know the european central bank will announce results of his mother's or policy committee meeting early this afternoon know what can we expect well i can tell you what they don't expect the markets don't expect a rate hike but it's the expectations towards the near future that are less clear now investors are of course are watching out for any indication of when and how the e.c.b. will and its bond buying program and they may present a roadmap today or they could wait until the next opportunity in july to do so now an argument for doing so today would be improved expectations around wages around wages and inflation and that would allow more time for markets to repair on the other hand waiting another six weeks would allow them to assess the risks more appropriately that are potentially coming out of italy to the eurozone as well as a recent economic slowdown so as usual a fine line for mario draghi and his colleagues to walk their own so you have homes in the afternoon thank you very much you know them alone in fron

not really true not factually true because this goes back to the massive buying in off the european central bank the e.c.b. into greek government bonds some years ago now these bonds of course have interest rates and the e.c.b. distributes this money to these central banks of the member european member states member states of the euro zone so this money is theoretically there however at the last round it was given back to greece this time the plan is to put it into something like a trust fund for greece so if the country behaves if it sticks to the reforms. it can then pull in this money so it will be in the end if things go well handed back to greece itself. another big topic on the agenda is of course the euro zone budget that has been announced of big fanfare. and i call and. very low on detail are those details coming out to be to be hammered out in this meeting. these details will be hammered very slowly because the friendship finance minister when we walked in here and said oh this paper we really welcome it and we think it's great however it is only a proposition he knows well that of cou

european ande central banks are trying to avoid that, but there are implications the on that. he past, the european central bank was the only true european is to should ensure the survival of the euro. so it means that because of this limitation we need to have another security net around. francine: do we? is there any appetite for its? we will see, if no appetite, you have to put into question thesis dana ability of this currency union. -- the sustainability of this union. francine: if you look at the banking union, does it take a step back? hans: the arguments they have been using for some time is when you have governments coming in and challenging with their new attitudes. so assets seem to be currently taking place in italy the question is how courts will react to that. they reacted to the problems we had in the eurozone at that time i providing very little fiscal assistance. so the european central bank was then doing the work. we have seen because of that easing. the result was that the euro had to decline. it was the fiscal and monetary mix arguing for that decli. now th

but yes, the european central bank meeting. ll make an announcement that they will finally stop cutely some time this year, —— finally stop quantitative easing. the federal bank will almost certainly tighter monetary policy on wednesday, hiking interest rates. and we have politics going on over the next few days in singapore and in the uk, so a lively week ahead. very lively and we will not get much rest, that is the shore. president trump saying we will know in the first minute of his meeting with kim jong un how it will go. very hard for anyone to predict. but traders around the world, they have no idea. 0ver around the world, they have no idea. over the course of the last 18 months, we have learned that you can't predict what donald trump will do next and that has been consistent and that was true over the weekend. anybody who is trying to reasonably read what will happen tomorrow in singapore, i think forget it. there is little point in doing that. what we do know is it will not be a short—term process. any move towards peac

st, speaking of the european central bank will hold its in portugal. mario draghi speaks alongside his counterparts from the fed, the boj, and the rba, moderated by stephanie flanders. you can watch that live on bloomberg television or your terminal and you can listen to it on bloomberg radio. ilion bid. the same assets it agreed to buy. we'll bring you the latest when we get the counter bid from this -- from disney. this is bloomberg. ♪ anna: 7:21 a.m. in london. 921 a.m. if you are with matt miller in riga where he is for the ecb meeting. the bidding war has begun. let's talk about m&a in that media space. comcast made a $65 billion bid for the fox entertainment assets , the same holdings that disney has agreed to buy already. joining us now for more on the dave mckeown. good morning. this comes down to how badly disney wants the assets, will they come back with a counter bid? >> bob iger has not slept probably since the at&t decision has come down. they knew this counter bid will come after the at&t deal got a green light. he has to be thinking of w

interest rates in europe aren't going anywhere at least not for now the european central bank announced on thursday they would remain at historic lows but the bank is ending its controversial and costly bond buying program. the last several years have been expensive for the eurozone since march twenty fifth team of the e.c.b. has acquired government and corporate bonds with a total value of around two point four trillion euros that poured lots of low interest capital into the euro countries the bonds were intended to fuel inflation and present the e.c.b. as pumping thirty billion euros per month into the market we anticipate that after september two thousand and eighteen subject to the coming data confirming our medium term inflation outlook we will reduce the monthly piece of the net us a purchases to fifty billion euros until the end of december two thousand and eighteen and then and net purchases. but the central bankers have left a back door open if conditions change they might reconsider their decision there was still no good news for savers in the euro zone key interest rates are

let's stay with central bank policy because the european central bank meets later and it could also bepected to announce a timetable for phasing out its massive support programme for the eurozone economy. since 2015 it's spent 2.4 trillion euros on quantitative easing, buying bonds in a bid to stimulate the economy. it's currently spending 30 billion euros a month on these purchases — and markets are on the lookout for signs that it's going to scale that figure back. the bank is thought to be encouraged by signs of recovery. last year the economy grew by 2.5 per cent — the fastest rate in a decade. with me is gervais williams, senior executive director, miton asset management. nice to see you. so you take, first of all, on the ecb, and whether they will start to taper their monthly injection to the eurozone. will start to taper their monthly injection to the eurozonelj will start to taper their monthly injection to the eurozone. i think thatis injection to the eurozone. i think that is expected. i think the market respects this to be happening towards the end of the year and then sit e

target levels but it also means consumers and businesses will pay more to borrow money the european central bank's policy committee is also meeting today and analysts are not expecting the e.c.b. to take a cue from the fed and also raise rates we'll have more on that in later shows. folks are now has agreed to pay a one billion euro fine as a direct consequence of the diesel gate's the comic or accepted an order by german prosecutors which saves the company a battle in the courts the emissions trading scandal has already caused v.w. a total of more than twenty five billion euros many in fines to u.s. authorities. v.w. is reeling after being slapped with another billion euros in penalties on top of that the company must pay in the u.s. as a result of the emissions cheating scandal around eleven million vehicles worldwide were involved. it would not appeal today's decision saying in a statement. by doing so admits its responsibility for the diesel crisis and considers this further may just step towards the latter being overcome. lower saxony state attorney says the fine must be paid within six weeks

two percent in june and that's a take higher than the may level of one point nine percent european central banks annual inflation goal is close to but just below two percent a jump in energy prices including oil fueled inflation followed by more modest increase in food alcohol and tobacco prices the cost of services and now on energy industrial goods actually rose only slightly. well the european union has extended its economic sanctions against russia for another six months the decision was taken and during and e.u. summit in brussels the sanctions will now stay in place through until january twenty ninth until then companies in the e.u. will remain subject to restrictions on business dealings with russian banks and energy firms the sanctions are in response to russia's policy on the ukraine conflict in particular moscow's annexation of the crimean peninsula. this man behind me latch latvia's central bank governor will take to the stand to face accusations of bribery following an end to corruption probe the saw him detained in february in muslims of it has denied all challenges nevertheless lev

levying tariffs on among other things bourbon and her davidson soon and of course the european central bank its chief economist spelling out that the e.c.b. would soon talk about ending quantitative easing that is all that bond buying all that money. put into the economy that sent the euro up and shares down a lively week the docks at the end of the week pretty much unchanged compared to last friday only advance and find things for this ramp up. argentina and the international monetary fund have reached an agreement for a three year fifty billion dollars standby credit in a range that the government says it sold financing to provide a safety net and void the frequent crises of argentina's past the i.m.f. board still has to approve the bailout low the deal marks a turning point for argentina for years argentina shunned the i.m.f. after the economic crisis of two thousand and one two thousand and two many argentines blamed that crisis on austerity measures which the i.m.f. had demanded and they took to the streets again in protest against president treason a go she ations with the fund sergea

prompted by all sorts of news out of the european central bank. oxies and lead in the advance as bond yields decline. utilities up by over 2%. the european benchmark, the stoxx 600, the biggest gain since april. this is the market reaction. as you saw, the euro was rising ahead of the announcement and then down by 1.2%, the biggest decline since october. wednesday, the euro was falling by 1.45%, the biggest decline since the day after brexit. essentially, draghi said the ecb will phase out qe this year, go in the billion to 15 past few months of the year. and this is the big surprise, given economist's were not expecting any change on forward guidance and rates until the end of the year. interest rates unchanged until at least the summer of next year, or maybe even longer if needed for inflation. maturing debt will be reinvested for an extended period after the end of next asset purchases. that remains subject to incoming data and economist, to put this in perspective before today's decision, had addicted borrowing costs would rise around the middl

who is more important, our federal reserve or the european central bank >> right now, the european centralore important for the very reason that if they follow through with tapering their purchases, we hit a net negative on quantitative easing. >> which they're staill doing. >> yes >> they're still doing it. they're calm of years behind us. >> a couple. that's an understatement as far as stock market investors are concerned, they don't care who is printing the money, as long as it's printed they want somebody to print it >> what will happen? if you own a -- i know you're not a stock market investor. if you own -- >> we can't all be stock jocks like you, brian. >> if you are the s&p 50 on and watching the ecb with a sideways glance, what are you watching for? what is most important >> it's pretty simple. my colleague, peter bookfar, who founded the firm with me he's of the opinion that if dragge blinks, we could push the rally out further. if he pulls back on tarping and -- >> that's good news for our stocks >> there's more liquiddy >> they're priming the pump. >> goldman sacks cahs came ou

then what should the european central banks role be why is it going so wrong in europe if you know right now they printed two point four billion trillion a euro to the public which is program to safe the european union and to repeal currency and the southern part of europe and this is not going to last because you can't create you can't you can't say if. the economies in the southern part of a few are up and you can print your self out of the crisis you can save them what what should we do what we definitely have to cut that you know we have to give greece and italy we have to give them. to tell them ok maybe cut the debts you know at the most you don't have to exactly exactly they didn't have a paid back we're not paying it back in in prosperous times you know right now we pay low interest rates but even in this boom times germany is not paying it back one single cent of debts you reckon with never going to get that money back from the stimulus never see it again and attack it to solve. dad one billion euro the european and the chairman bundesbank and lend one billion euro to something

much bob a visa for the analysis from brussels and we'll stay in the rippin union because the european central bank says it is leaving its key eurozone lending rate unchanged at a historic low of zero percent at least through next summer but it will half its massive bond buying program from october and ended altogether in december this year after the financial crisis let's not forget the e.c.b. have started to buy eurozone members government bonds to the tune of thirty billion euros per month to stimulate growth since twenty fifteen month after month the e.c.b. has spent a total of two point four trillion euros on the program with the bond purchases that eusebius balance sheet as no swollen to over eleven trillion euros that's about forty percent of economic output for the entire euro zone. earlier i talked to our financial correspondent john l. duma loughnane frankfurt with the era of cheap money coming to a close in the eurozone i asked her how it's going down in the markets. well the markets are actually reacting pretty positively although it has to be said that the end of crisis era stimulus wa

what will the european central bank do next?tings ahead of new tighter regulations that come into force next week. and finally the scottish daily mail has on the front page that scotland is to be the first part of the uk to introduce a deposit return scheme on cans and bottles. so let's begin. jonathan charles is managing director for communications at the european bank for reconstruction and development hello. i am here and ready to go. he is back and braced for wrecks at. the latest twist in turn is quite significant. it is the gift that keeps on giving, brexit. we are approaching a significant crunch point to give you look at theresa may over the last few years she has tried hard to kick the can down the road to try not to admit to the moment when she has to take a very strong position that upsets one wing of her party or another. be

growth figures as a success story and how to manage data and restructure an economy but as the european central bank meets this week to discuss tightening fiscal policy a look at the blocs debt levels reveals the historic highs that remain eight is on since the debt crisis the euro area is third largest economy italy is sitting on a mountain of debt at one hundred thirty three percent of gross domestic product europe's most famous debtor greece still carries around a burden of well over one hundred seventy percent of g.d.p. the eurozone average is around eighty seven percent of output italy's case is the latest to shake the block with investors fearing another financial crisis worried about whether the eurozone can weather yet another storm my colleague get how to put it to yanis varoufakis that he was ready to let the common currency area collapse back in two thousand and fifteen. look i am a committed you to be honest my every speech i gave was all about what we need to do in order to save the eurozone and save the european union but at the same time i was saying we are not going to save the euroz

new spending plans are worrying the rest of the eurozone at a time when italy depends on the european central bank to borrow more money that coupled with the new governments and the european sentiments during fears that the blocs third largest economy might become its new problem child. the syrian conflict is proving troublesome for germany's chancellor angela merkel she is facing growing pressure over the way that she opened the nation's borders to around a million migrants back in two thousand and fifteen many of them from syria members of the opposition of the german parliament are preparing to demand commission of inquiries into the chancellor's handling of the vents at the time they were images that unsettled many people in germany. at the height of the migrant crisis thousands and thousands of people were making their way across europe many of them heading for germany. but despite the uncertainty the german chancellor remains convinced her country could cope with the influx. if they are quite simply germany is a strong country the scene we have to adopt when approaching this issue is that we

the european central bank and the bank of japan have meetings later this week. >> scks slumped in china4 billion settlement with the u.s. government are they just tarted trading today. the hang seng in hong kong both down about 1%. >> cofounder marciano stepping down after internal investigations and sements totaling $500,000. full details just ahead. "fbn:am" continues right now. and it's almost 5:30 a.m. here in new york. when they come at june 13. good morning, everybody. i'm cheryl casone. kristina: good morning. i'm kristina partsinevelos president trump pledging to end the war game on the korean penia as part of the deal for complete demutualization. what is the next step in this historic deal? cheryl: deirdre bolton is live from singapore on what we can expect next. good afternoon to you. >> thank you very much, cheryl and stina. secretary of state mike pompeo spending a lot of time in asia. at the end of the president's q&a yesterday that was after he briefed the media, took questions from reporters for about an hour. at the very, very and he said mike, now get to work. it's mea

it is the end of an era with the european central bank. stocks are rallying and the ecb says they will stop buying bonds. slow down before the showdown, china's economy falls short of growth expectations as president trump renews >> to impose tarffis on china. and the pressure is on -- tarrifs on china. and the pressure is on following the at&t-time warner approval. what does it look like on wall street? we are 30 minutes into the trading day in the u.s. it is not just the media stocks moving. abigail: we have a broad-based move at this time with games for the major averages. the dow and s&p 500 up .33. tech heavy nasdaq leading the way, up .6, following some declines, the fed induced declines we saw yesterday after they had a more hawkish stance than expected. now about even over the last two days and we had that strong u.s. retail sales will be not just the major averages but the dollar, let's look at the bloomberg dollar index. we are going to see it is gaining by .5%. on the may, the bloomberg dollar index is up more than 1.5%. of cour

business the euro edged up higher on monday as traders look to the european central bank's policy meeting on thursday the e.c.b. is expected to discuss when and how it will would wind up its bond purchases and eventually lift interest rates from current extremely low levels both the bond buying program and the low rate stem from the beginning of the eurozone banking and debt crisis in two thousand and ten that's eight years ago now but debt levels in europe remain at historic highs the eurozone average debt is hovering at around eighty seven percent but italy for example the third largest economy in the euro zone is sitting on a mountain of over one hundred thirty percent of the country's annual economic output and europe's most famous debt or the recent still carries around a debt burden of well over one hundred seventy percent of its g.d.p. well since twenty ten greece has received loans from the e.c.b. the e.u. and the i.m.f. worth two hundred fifty six billion euros will it ever be paid back in full and should it i'm now joined by a man who in the minds of many rightly or wrongly is t

it has not yet involved in italy it's all about the european central bank and the european commission and the euro zone so the i.m.f. in fact had advised those other troika members to basically allow a debt restructuring in greece and they were next because there's good cop bad cop with them next week will be showing the i.m.f. involved almost ninety nine point nine percent guarantee so i want to also point to another tweet here this is from tony's hassle of the f.t. today's rise in two year italian government bond yields in perspective one day move greater than anything seen in financial crisis or greek crisis so again this is the cost to insure the bonds the spike in context going back all the way to two thousand as you see it's a one day move that is pretty shocking how much it's gone up but you know there was somebody who responded to them called crypto macro and it's interesting this response because this is something i've heard in relation to oil markets and that is markets have changed since the great crisis market makers now hold thin bond inventories due to higher associated

it is another big central bank day as well. we have the european central bank, the ecb meeting later today in riga. observers are keen to hear any details on whether they plan to wind down the bond buying program. annette is in frankfurt with the latest since the chief economist, pratt, made those comments, there has been excitement about today's meeting being a live meeting. we should get hopefully clarity and the plans for quantitative easing what can you tell us >> that's completely right ever since peter pratt was surprising the markets, this meeting has gotten a lot of attention from the markets and investors. what can we expect from today's meeting in riga? "a," more details. how mario draghi and his team see the phasing out of the quantitative easing program. the current program officially ends in september, the end of september. and it's widely expected that the current run rate of 30 billion euros a month will be phased out until the end of this year whether we get an end date or not, that's the question because it's also clear that given

front page of the new york times and all the business press as well you know the head of the european central bank has control over that if he wants to he can do what he did back in july of two thousand and twelve just say we're going to do whatever it takes whatever whatever to say and that would be in the end of it so he was using that pressure and there are reports in the italian press that he actually spoke directly to the president and said that that finance minister was unacceptable so this is this is part of the problem there of course i mean this is why the populist made such a huge thing out of it saying you know we get an election and the european authorities once again are telling us what to do regardless of how the voters vote so there's that fundamental conflict but the thing is it's so hard politically for any government to leave the euro they're all afraid to do it and you don't have popular support for it yet either and so i don't think you know the reason they reached this agreement partly is because people were saying that if they went to an election in july or september. which w

|j guess overnight the biggest story was the european central bank practically surprising the marketits view on interest rates and how it is affecting the currency market, as well. do you see that continuing? yes, i went in there thinking that i was very high for them to come out more hawkish but they came out very dovish, it caught they came out very dovish, it caught the markets completely offguard. we are seeing this divergence in rates going forward, the ecb looks like they will be sitting on their hands right through to the summer of 2019, whereas the us will continue to raise interest rates, it seems, every quarter unless we get a crisis. that will mean the divergence in interest rates will play favourably into the us dollar over the near term, and we would expect the euro to continue circling the drainfor expect the euro to continue circling the drain for the foreseeable future. global economic bodies are repeating their concerns about this potential trade war. ahead of the international fund says the trump administration's trade policies were likely hurt the world's trade sys

transmitted to the central bank and from there to the federal budget the revenues came mainly due to purchases of greek government bonds under the so-called securities markets program of the european central bank so here is and jill a merkel who kept on you know they cry they protested they riot in the streets of st thomas where they did all that stuff they threw molotov cocktails they did everything and you know merkel has maintained the same physical posture and face and reaction for the past ten years and continues to say no and in fact profited from it so here is threesome a i don't know why she expects as a hurry what sort of negotiating power she doesn't even have negotiating power because she's not even in the euro at least greece could kind of threaten to destroy the whole euro this is what happens when you have people of parliament and running britain that number ten who are financially illiterate so only spell out. quite specifically how germany is going to benefit by this by making negative bets with friends like john paulson and lloyd blankfein against greece and then go to the credit default swap and they make negative presidents grace and greece collapses and they ma

today and the european central bank tomorrow morning.ext week may be the biggest opec oil meeting in years. something important to watch that's developed over the last couple of hours is that saudi-led forces began an assault on a port city in yemen. this is a growing escalation between saudi arabia and the shia rebels in that country. not a lot of details are known >>> sticking with oil, enjoy the gains while you can. that's the macro message this morning from the international energy agency. the iea putting out its monthly oil outlook and they expect the recent spike in prices to ease up the group also sticking with its current demand forecast for next year they did caution things like a trade war, economic slowdown could present downside risks they may not have factored in that breaking news that we just talked about, which is, as you saw me gesticulating wildly, the story we just gave you we'll bring you more on that saudi story in a bit >>> shares of zte deep in the red after resuming trading in hong kong. eunice yoon has more >> re

a lot of protests against the stairs the policies that are being handed down from the european central bank and little in governments in recent years but i think everybody in sight is firmly behind europe so he wouldn't see any instability for that reason we might see some instability because a little you know as we did in must also but one thing that sanctions that is that he will try to build bridges by holding talks with the newly formed council and governments so yes it's all in the air you know what to european as i'm ok and we're saying that no confidence right now vote getting underway there in the spanish parliament mariano rajoy spain's prime minister on has already admitted defeat though as we mentioned as it is all that certain that he will be voted out of office with more on what comes next martin roberts with the latest from madrid we thank you so much favor for nick thank you. well meanwhile the e.u. has started off the day with an economic gut punch just a few hours ago the united states imposed tariffs on steel and aluminum on the european union it is doing the same to canad

central banks. the u.s. federal reserve and the european central bank are said to have their policy meeting this week. european stocks are comfortably in the green at midday led by london up 4/5 of a percentage point. some more of the business headlines. f found newsaid it's problems with jet engines. impacting the durability of its engine that carry dreamliner's have been found on another type of engine. the company has asked for more inspections on aircraft. it is already caused plans to be grnded. united arab, the emirates, and kuwait have pledged to have billion dollars in aid to jordan. leaders metame as with jordan's kim -- jordan's king abelllla and mecca. -- in mecca. shares of china's biggest battery maker software 4% on their first day of trading. the company sold 10% of its capital as partrt of the inititl public offering and now has a market capitalization of $12.3 billion. 2011, it has bmw and volkswagen among its customers. finally, it was originally meant musk's flamet elon floors are real. the first 1000 of them are delivered to customers. the ceo o of tesla posted photos of those who

central-bank action, i would divide that into two parts. one is the central bank action on countries. we have the europeanentral bank and the bank of japan saying. they do not have the luxury. they will probably have to react much faster to a trade war. just as youon is raisinghe case of india interest rates a few weeks ago, more and more of them are going to have to do that to defend their currency rather than have it weaken and boost inflation. they have the luxury of easing monetary policy, even china has reduced requirements on their banks this weekend. that is supposed to be able to let the banks lend more and withstand the trade war. barry many other emerging market still have the same luxury and they are going to suffer in terms of higher interest rates and slower growth in the short term. going back to the question of when this is going to be a buy, when they hit further, they will be real gems in the dirt in the next few months. if you are a long-term holder, that's the time for you to go in. vonnie: are you keeping an eye? komal: i'm looking at countries which have a very good ratio in terms of