central banks are the link between politicians and the financial system. so. these institutions regulate that system so that it doesn't exert too much influence on society. so shifted also now some of. the european central banks started lending huge amounts of money to individual banks because they were too nervous to lend to each other. and while the e.c.b. dealt with this situation more trouble appeared on the horizon. you know. in europe the global financial crisis was followed by a 2nd emergency and this involved the european currency system so it exposed weaknesses in the financial system as a whole and problems with sovereign debt in particular those figures and. it started when greece revealed that its finances were in it worse shape than previously thought to. this crisis spread throughout the eurozone and raised serious questions about whether that common european currency could survive. occur and. investors and italy spain and even france panicked and tried to dump their government bond also as. president mario draghi then made a policy statement that would become famous. draggy soon became known as super mario for his role in dealing with the crisis he dismissed speculation about the

the european central bank started lending huge amounts of money to individual banks because they were too nervous to lend to each other. and all the e.c.b. dealt with this situation more trouble appeared on the horizon. you know. in one year as the global financial crisis was followed by a 2nd emergency and this involved the european currency it exposed weaknesses in the financial system as a whole and problems with sovereign debt in particular just because. it started when greece revealed that its finances were in worse shape than previously thought . of this crisis spread throughout the eurozone and raised serious questions about whether the common european currency could survive. but investors and italy spain and even france panicked and tried to dump their government bond hall says. president mario draghi then made a policy statement that would become famous. draggy soon became known as super mario for his role in dealing with the crisis he dismissed speculation about the end of the euro and the solvent see if individual a you. countries. within our monday these c b is ready to do

for the european central bank, is there a risk they will not signal a taper?t this will drag on too long? yves: the disinflationary forces are stronger than they were in the u.s. pre-pandemic. the margin for the european central bank's to err on the side of stimulus and further support is significantly higher than the fed margin. annmarie: so what is your timeframe? do we start to see more upbeat tones? >> if they were to move ahead, no one expects the fed to move as early as the fourth quarter of this year, they would risk to trigger a leg up in the euro dollar rate which is counterproductive for the european recovery and european competitiveness. i think you should stay focused on the fed and understand what they are doing. the next step will be the fed. the way the markets react to that tapering might be significantly different from a previous tapering experience we have had in markets. i think really the focus should be on the u.s. annmarie: what is the timeline you have for the fed to start talking about talking about tapering? >> the fed has changed its

central banks are the link between politicians and the financial system in the states so. these institutions regulate that system so that it doesn't exert too much influence on society toll. some of. the european central bank started lending huge amounts of money to individual banks because they were too nervous to lend to each other. and while the e.c.b. dealt with this situation more trouble appeared on the horizon. you know. what. if you 9 europe the global financial crisis was followed by a 2nd emergency and this involved the european currency it exposed weaknesses in the financial system as a whole and problems with sovereign debt in particular because. it started when greece revealed that its finances were in worse shape than previously thought to. this crisis spread throughout the eurozone and raised serious questions about whether the common european currency could survive if i just. couldn't even by the investors and italy spain and even france panicked and tried to dump their government bond hall says or president mario draghi then made a policy statement that would become famous. draggy soon became known as super mario for his role in dealing with. the crisis he dismissed speculatio

we think the european central bank, if the recovery is in place, if there are new concerns about bondlds, they wie confident to pull tack little bit. joe: when you think germany, cars, we know the global situation with cars is not going to be resolved anytime soon, and that's the way semiconductors are hampering production. how big of a drag is that, the industrial disadvantage due to all the things we are seeing, particularly around semiconductors, but other bottlenecks and logjams throughout the economy? tom: that's a good question, joe. one thing we have been puzzling over is this semiconductor shortage, is it a global macro story or is this a country by country, company by company story? if this persists and is global, that will be bad news for japan and germany, bad news for the united states, and as germany is trying to limp out of its lockdown, the timing of it is clearly not ideal. caroline: certainly. bring us up to speed with -- is it all about the vaccine rollout? is it all about the reopening and therefore -- we worry about india having its fourth wave of coronavirus. ther

central banks with a link between politicians and the financial system in the states so. these institutions regulate that system so that it doesn't exert too much influence on society toll. from. the european central bank started lending huge amounts of money to individual banks because they were too nervous to lend to each other. and while the e.c.b. dealt with this situation more trouble appeared on the horizon. you know what. is it what's. not in europe the global financial crisis was followed by a 2nd emergency and this involved the european currency it exposed weaknesses in the financial system as a whole and problems with sovereign debt in particular because. it started when greece revealed that its finances were in worse shape than previously thought to. this crisis spread throughout the eurozone and raised serious questions about whether the common european currency could survive if i just. believe occurred and. investors and italy spain and even friends panicked and tried to dump their government bond that also has meant. president mario draghi then made a post the statement that would become famous. draggy soon became known as super mario for his role in dealing with. the crisis

central banks or the link between politicians and the financial system in the states so. these institutions regulate that system so that it doesn't exert too much influence on society. the european central bank started lending huge amounts of money to individual banks because they were too nervous to lend to each other. and while the e.c.b. dealt with this situation more trouble appeared on the horizon. you know it's. in europe the global financial crisis was followed by a 2nd emergency and this involved the european currency system so it exposed weaknesses in the financial system as a whole and problems with sovereign debt in particular those figures and. it started when greece revealed that its finances were in worse shape than previously thought to. this crisis spread throughout the eurozone and raised serious questions about whether the common european currency could survive. but investors and italy spain and even france panicked and tried to dump their government bond that also has meant. president mario draghi then made a policy statement that would become famous. draggy soon became known as super mario for his role in dealing with. the crisis he dismissed speculation abou

central banks or the link between politicians and the financial system in the existing since these institutions regulate that system so that it doesn't exert too much influence on society toll. from. the european central bank started lending huge amounts of money to individual banks because they were too nervous to lend to each other. and while the e.c.b. dealt with this situation more trouble appeared on the horizon.

central banks are the link between politicians and the financial system in the states since these institutions regulate that system so that it doesn't exert too much influence on society to talk. to. the european central bank started lending huge amounts of money to individual banks because they were too nervous to lend to each other. and while the e.c.b. dealt with this situation more trouble appeared on the horizon. you know. in one year as the global financial crisis was followed by a 2nd emergency and this involved the european currency it exposed weaknesses in the financial system as a whole and all.

financial risk for the global economy at the same time environmentalist say central banks should stop buying bonds of polluters the european central bank has hovered up 20 percent of green debt as part of its bond buying program now governments are also considering a new mechanism for rewilding with nature bonds failed enable governments to restore vast tracts of land back to nature they could be useful for projects like this argentina's iberia wetlands are one of the most biodiverse regions in the world but they've been severely impacted by industrial farming conservation groups are now working to reverse that damage to raise about reports from my beer a national park in korean to us. here it means in the local indigenous white any language water that chimes and here in the province of korean this in northeastern argentina there is plenty of it but in the past few decades the wild life in the event and national park that covers more than a 1000000 hectares of land began disappearing because of human activity. and that's what people like my long trying to change all of us of a condoleezza that i mean that we are working to

shifting also demand you stead of just buying back securities at random in financial markets the european central bank could use its monetary policies to promote activities that could help prevent climate change or do social inequality. in the getting. a fully deal to consult you fully do you number states should encourage the e.c.b. to direct its monetary policy towards achieving these goals if it is objective it. forces the financial sector became the driving force behind this transformation. some financial experts are getting on board with these new ideas. to get out on their books $100.00 pathetic not counting a few years ago mark carney who was governor of the bank of england at the time gave a surprising speech. shibley said that he was concerned about risks that people in the financial sector are taking do you think but he was even more concerned that one day because of global warming their clients will be hit hard by climate change and. won't be able to pay their debts be said that failure to deal with global warming will lead to instability so the financial sector has to take action. added th

he heads our coverage of western european central banks. you know every not, every bolt. you listen to every utterance. you figure out what they mean. you translated for us so that we can understand what is happening at the ecb and the direction of travel. i'm struggling today, really struggling to find anything i can take away from that press conference. can you help me out? paul: i can tell you nothing has changed. that was the message from christine lagarde, that they reached a decision in march to accelerate their bond buying program, and they reaffirmed that decision today and they are sticking with that. the measure of that, if you like , is financing conditions. those are loosely defined. it's governments, companies, households. if you're looking for numbers, you're going to struggle. alix: and we were definitely struggling, but we will make it exciting. thanks a lot. for more, nicola mai, pimco sovereign credit analyst, joins us now. that was a set up to the ecb, but help us understand when things will change for the ecb, when we are going to hear towns shifting,

we have federal reserve, and england has bank of japan, and european central bank, they are printingnd printing. only reason we still have will have with you so-called fiat currency, the others have gone down equally, you can look at bitcoin, and others, that tell you something is wrong empeople understand that and currencies, they are losing their way, they may go all the way out if governments cannot stop the rise of cryptocurrency. mark: you are terrific, thank you, god bless you. >> i appreciate it. mark: thank you very much. we'll be right back. (judith) at fisher investments, we do things differently and other money managers don't understand why. (money manager) because our way works great for us! (judith) but not for your clients. that's why we're a fiduciary, obligated to put clients first. (money manager) so, what do you provide? cookie cutter portfolios? (judith) nope, we tailor portfolios to our client's needs. (money manager) but you do sell investments that earn you high commissions, right? (judith) we don't have those. (money manager) so what's in it for you? (judith) o

we have federal reserve, and england has bank of japan, and european central bank, they are printingo-called fiat currency, the others have gone down equally, you can look at bitcoin, and others, that tell you something is wrong empeople understand that and currencies, they are losing their way, they may go all the way out if governments cannot stop the rise of cryptocurrency. mark: you are terrific, thank you, god bless you. >> i appreciate it. mark: thank you very much. we'll be right back. - [announcer] welcome to intelligent indoor grilling with the ninja foodi smart xl grill. just pick your protein, select your doneness, and let the grill monitor your food. it also turns into an air fryer. bring outdoor grilling flavors indoors with the grill that grills for you. .. y. how's that? is that how you hold a mirror? [ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most and $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading to

mario used to be the head the european central bank, it is meeting today, what is the keyissue is meeting about other countries? the timing of the vaccine — other countries? the timing of the vaccine rollout _ other countries? the timing of the vaccine rollout in - other countries? the timing of the vaccine rollout in the - other countries? the timing of the vaccine rollout in the eu . the vaccine rollout in the eu has certainly led to a lag in terms of economic expectations relative to the us and the uk which are more advanced in their rollout, and have been able to reopen their economies much earlier on. that is one reason why in 2020, compared to the us financial market the equity markets being up about 18%, the eu saw corresponding increases of only 2% of. in the first quarter of this year in 2021, that has reversed as hopes have risen that the eu from a standing start is seeing an acceleration in the vaccine rollout programme as the supply interruption gets smoothed out, and the outlook based on global demand is quite robust because europe is quite heavily overweight industrials and

let's go places. >>> steve liesman has an update on the european central bank >> hey, joe, yeah, talkingsident christine lagarde, attractive in the first quarter, but rebound in this quarter and business investment has shown some resilience but all of this together is highlighting the differences between europe and the u.s it looks like they felt it twice as much as we did last year and come back half as much this year, at least the forecasts that are out there and lagarde says the vaccination campaign should pave the way for rebound in activity in 2021. and you heard the atlanta forecast of 8% in the first quarter. we have, let me just check here, 6% plus, in our rapid update and lagarde says the virus continues to be a source of down side risk, and headline, inflation she thinks will increase in the coming year and then subdued, there will be some increase of underlying price pressure. one more thing, joe, they're monitoring the european exchange rate which has been a source of disinflation with the strength of the currency. but you know, stocks in europe have done about as well or bet

really don't see european inflation get through the 2% levels that would be desired by the european central bankso you will have a combination of strong growth, strengthening growth, and at the same time, still easy policy. the ecb is not as aggressive as the fed, but at the same time, i think they will be quite easy, too. alix: so talking about the ecb versus the fed, it feels like the fed made it very clear about not being preemptive in terms of inflation and letting it run hot, whereas the ecb might think about pepp differently when we get to that 2% level. is the ecb going to tighten too fast? it doesn't really feel like the doves and the hawks in the ecb are in the same page -- are on the same page when it comes to pepp. jan: i don't think they are going to be tightening quickly, but i do think that even more aggressive easing and even more accommodative policy via really delaying any rate increases i think probably would be sensible , and i do think the fed has been leading the way, and the ecb has moved in that direction as well, but probably could move further. i think that would be desi

europe has the ecb european central bank, so they're all precincting and precincting and only reasonave gone doin qawlly we don't know it but we can look at bitcoin cryptocurrency and that will tell you something is wrong and -- and people are understanding that. and currency really are losing their way and may actually go all the way out if governments can't stop rise of cryptocurrency like bitcoin. >> you're terrific i want to thank you very much charles thank you for what you do every day on fox and how you try to educate american people about their country and their economy. god bless you, sir. >> thank you so much always wanted to come on your show. i appreciate it. mark: thank you very much. we'll be right back. .. recommended to doctors to treat acute, non-low back muscle and joint pain with topical nsaids first. a formulation they recommend can be found in salonpas. a formulation they recommend can be found in salonpas. salonpas. it's good medicine. hisamitsu. have you ever seen this before? she's so beautiful. janie, check this out. >come here. >>let me see. (chuckles) she l

rich: well, you can see in europe and with the european central bank, they have been talking about ancome tightening of financial conditions. u.s. long-term interest rates have pulled up european rates. then there's a whole slew of developing countries that were pretty indented going into this and have had to dive even deeper into debt because of the pandemic. many of them borrowed money in dollars, so as u.s. interest rates rise, their interest rate bills are going up. yeah, don't get me wrong, the u.s. expansion is a strong expansion and is helpful. we are going to buy a lot from everybody else. but it is a two-edged sword. >> we should also keep in mind, this is global data we are looking at here. i was struck by that 2024 global number being something like 3% below pre-pandemic expectations. but we will also see huge economic disparities inside america, not unlike every other country, there have been have and have-nots to this pandemic, and some people will fare very well coming out of it, others will not. they will be hurt badly and will continue to be hurt oddly paired we should

at the moment there is no doubt about it that every bank got a free handout in the european central bank and they will get supported and they will make lovely money. that is the logical reason for worrying about the doom loop. one should worry about it but that is for much longer reasons. guy: the way to get out of the doom loop and deal with the issues europe faces in terms of its debt levels is to generate growth. the mario draghi press conference, the prime minister of italy just starting right now. he is talking about infrastructure spending. recovery planning to cover all of italy with optic fire. this is what mario draghi is talking about right now. there has been a narrative that europe is very slow in terms of the rollout or the recovery funds that are produced months and months ago and nothing has been done. the french finance minister was voicing his concerns about this. i had to come back to the compare and contrast, but the narrative for u.s. investment is europe is not delivering on the fiscal front. is that narrative correct and you think europe is capable of delivering inf

european central bank and japan. problem long term, the junk bond yields at the lowering yield ever and debt is at the highest ever. that is not what they're supposed to be. i think they will cause a monolithic drawdown to the markets. from melt yups become meltdowns. right now we're in gear. god bless them they are printing money, you can't even count the amount they're printing now, my friend. charles: no. we've lost track of it. i mean you're absolutely right. shana, gary, great insight. we really appreciate it. thank you both very much. at this very moment folks, president biden is pitching more than 2 trillion-dollar american jobs plan but how many jobs does it actually create? by the way is the price tag worth it? we did some math. jpmorgan chase ceo jamie dimon making big news using his annual letter for a whole lot of issues, including u.s. leaders for our dysfunctional government. texas congressman lance gooden is weighing in on that. he is next. trelegy for copd. ♪ birds flyin' high, you know how i feel. ♪

we have the european central bank meeting happening as well.e companies that are tied to an economic recovery led a rally following two days of declines. the dow industrials were up to 360 points yesterday, nasdaq up 163 and s&p 500 higher by 38 at 4:00 on wall street. european markets this morning are higher ahead of an important moment for the europe trail bank. we're waiting to hear the decision on policy changes. we're not expecting any policy change at the ecb but we'll wait to hear language from the ecb president, christine lagarde. she has a presence conferenceal 8:30 a.m. and we'll get news from the ecb in 15 minutes. the canadian central bank became the first central bank to signal its exit from emergency stimulus, the first bank to taper, scaling back bond purchases in canada. no impact in america so far. we're watching the ctral banks of the word. check asian markets overnight, japan was up better than 2%, recovering from two days of losses earlier in the week. meanwhile, this, attorney general merck garland announced an investigatio

worst recession since the 2nd world war prime minister mario draghi the former head of the european central bank promised m.p.'s an economic. i'm sure that only stay intelligence and hope for the future will prevail over corruption stupidity and vested interests this isn't reckless optimism but a show of trust in all italians i mean if the plans are approved by m.p.'s at home they'll go to the european commission in brussels italy's been promised $230000000000.00 in e.u. grants and loans the largest chunk of the entire blocks $900000000000.00 recovery fund for the commission wants to see proof of massive investment in new infrastructure and green energy projects among them plans to lay one of the world's 1st graphene enhanced runways at rome's airport seen as a more resilient and eco friendly alternative to asphalt billions will be spent on education and health care in some of the poorest parts of the country and the driving force of italy's economy tourism will gain a much needed by. used after the pandemic turned popular holiday destinations into ghost towns the challenge is to be able to even

the european central bank taking center stage thursday but it is likely key policy unchanged.linda: continuing to lift asia companies earning estimates setting optimism for market recovery. market consensus is for earnings in the region to grow 25%-30% in 2021 and an analyst thinks that is to aggressive-- too aggressive. joining us is the robeco cio asia-pacific, which manages asian equity from hong kong and shanghai. is 20%-30% to aggressive? our markets poised to be disappointed? >> i would not be too worried about that yet but it will be interesting to monitor that. what makes earnings estimates go up a lot, is the fact that asia has a lot of technology stocks. hardware, technology stocks, are super important for korea and taiwan in the market and to a certain extent also for china. and we are still overweight because we do think for the first time in years you are seeing huge pricing power in the technology chain. so the hardware guys who have always been seeing price deflation in whatever they sold, are now for the first time seeing price inflation. it is not just semicon

on thursday, we'll watch for the european central bank.t to make a rate decision, ecb likely to make a decision under its paragraph -- program will run at a faster pace. let's get a booming first word news update with laura wright. laura: thanks, anna. oxford university is starting a study to reinfected patients who recovered from covid-19. researchers think it could shed light on how to be more effective against the vaccine. it will look at different types of immunity and how long protection against the disease lasts. the u.s. and china say they are cooperating on climate change and implementing the paris agreement. the joint statement comes amid growing tensions between the two countries on issues ranging from trade to human rights abuses. u.s. president joe biden is hosting a conference this week. the dow reports president xi will join. the u.s. and iran are having a deal. global news, 24 hours a day on air and on bloomberg quicktake, powered by more than 2,700 journalists and analysts in more than 120 countries. this is bloomberg. mark

a little clarity expected from the european central bank.g to break out as india's virus cases and new supplies weighing on prices. $50 a barrel, due in part to opec's willingness to make adjustment to prices and oil markets. cautioning that while the market is right about being bullish, the uneven recovery across the globe remains a headwind. shery: antitrust regulators have put most of china's largest internet platforms on notice. until recently china so-called b.a.t. companies had flown under the regulatory radar. our chief north asian correspondent stephen engle takes a closer look at how quickly things have changed in the new special, redlines, china, and big tech. here's a preview. >> we invest more than 15% of our total revenue every year to our needs. i think the government likes that. in the meanwhile, i think antitrust is also good for innovation. you just cannot imagine the number one and number two guy all of a sudden if they merge and gain more than 90% of market share in the u.s., but that happens quite a few times in china. is

little surprising, wilfred as far as the market headlines and takeaways from the head of the european central bankd say she says the recovery is delayed, not derailed, and expects the recovery to come fast in the second half of the year she said that the program, the pepp which is their pandemic emergency response program can be extended or expanded and she won't hesitate to do so beyond that march '22 deadline of when it is set to end, so some reassurance there and she's trying to provide stability in the face of the economic fallout, which continues very much in europe >> totally i thought it was particularly interesting on the prospect of more fiscal spending i think she was trying not to say anything perhaps that would come across as criticism for the politicians. sure, it's fair enough to say comparing to the u.s. is like comparing apples to oranges, but you're absolutely right with your angle of questioning because the reality is maybe there's truth in that, but it's comparing great big afternoon els with tiny oranges when you look at the dollar amounts, the euro amounts, the percentage to g

its accommodation of sinks with the virus decelerating and that access accelerating and the european central banking a gargantuan $60 billion a week, so that the combination rent their that is incredible at this moment and they are still keeping rates zero to never did while the economy is kicking into gear. on those together, that's what you see here and you even see like ibm breaking to new yearly highs, mcdonald's and finally like big tech like microsoft highs, so good stuff. keep in mind i continue to believe this is the late innings all caps and there will be-- ashley: everyone's been invited to the party, but it could end in tears. how ought-- how far off to see that if that's the case? >> i believe sometime later this year. i do believe it will be this year. there's just the combination of sony things going on and the best way to explain it is too much leverage. leverage caused the short squeeze in gamestop and it caused gargantuan drop in the hedge fund in the last couple of weeks and it's too much leverage buildup because of the central bank and greed is feeding on grade. again there is

there was a great confidence on our side that the central bank will help the european economy.s we were just saying before on the new lockdown in france, which is maybe not as dramatic as caroline was saying because closing three weeks of school is actually incorporating a preplanned two-week vacation. it is actually only another week of closing for the school on top of what was expected. the currency situation in europe is not very good. i think the failure of europe is more on the vaccination side. in countries including france, there is a strong willingness from the government to speed up, accelerate the vaccinations and testing. i would not be surprised if in april and maybe first two weeks of may, you see significant progress in the vaccination testing. as caroline was saying, it is crucial for president macron if he was to be reelected in 2022. annmarie: they have to work on what is going on right now in europe, vaccine hesitancy. a yougov poll showing more and more europeans are not comfortable taking the astrazeneca shop. how does this change your timeline for the europ

this is the european close on "bloomberg markets." south africa's central bankl continue with accommodative monetary policy since it -- policy to support an economy ravaged by the pandemic. that is the message from the central bank governor. he spoke with dani burger of bloomberg earlier today. >> for as long as inflation -- the central bank will have more reasons to remove accommodations. [indiscernible] dani: so in that case, even as you perhaps see inflation moving a little but higher than that for .5% range -- that 4.5% range, even in that, cuts don't make sense. is that a way to characterize it? >> the forecast we have is that yes, we might be just over 4.5% in one of the quarters, but inflation will remain contained. but there are risks to the inflation outlook, and the risks are coming from the supply side. the disruption of global supply chains, rising oil prices, rising food prices. and we have seen that inflation start to pick up in the u.s. dani: i know the reserve bank only sees the economy returning to pre-covid levels in 2023. that does feel like a

we believe the european central be between later central banks to talk about tapering.ecause of the contention situation it is required to reduce thus far. we do not think it will be a big problem to maintain the pace of the program. market entities will not create pressure on interest rates. we have to acknowledge the views within the central bank. in spite of the fact christine lagarde has been speaking about it, the future we will get with this crisis. anna: last time we talked to you you were favoring procyclical entities. given the lockdown measures, are you more skeptical? more than you were? >> is a very good point. we are working on assets and equity first moving forward because we are looking -- the deterioration of the economic surprise and at the same time the european contribution phase. this is something that bodes talking about. we remain committed. we think it will be a story of sectors, deflation spike in the u.s. in the second quarter of this year for important reasons. this is going to imply that interest rates will have a pressure to increase. there w

yesterday we saw canada central bank of canada begin tapering or talking about it people wondered is if beginning of central banks beginning to taper back in focus thank you europeanarde said europe will likely enter a period of recession this year when covid-19 cases increase canadian central bank striking more optimistic tone pointing to potential end of stimulus mohammed, what hear from canada what are you expecting to hear federal reserve when it meets in this upcoming next week. >> so canadian recollected one economy picking up second imbalances they indicated that they could start to taper. this is what we should be doing, because we have also financial imbalances but that is not what fed is going to do, next week the fed is going to tell us that the outlook improved and that -- we have to wait till june to see if some movement within the fomc i don't expect much this was become outcome based fed anything likely to be late. >> that is interesting your assessment of the federal reserve, you said we should be beginning to taper, but we're not why not mohammed? >> a well, we are not for two reasons, one is that the fed has changed its framework it went from cos

european equity markets. it is a big day for central banks on policy. joe biden nearly 100 days in office. the fed wraps up there fomc meeting. christine lagarde is going to be speaking at the aspen institute. let's look what's going on across assets. a little bit of selling in the treasury market. yields higher about 1.63% on the 10 year. brent crude 66. they decided to have an opec meeting and they decide they're going to keep an eye on india, but they will continue to supply more to the market. commodities have been on an absolute tear. goldman sachs saying $11,000 a ton is where they see it going. commodities rallying 13.5% in the next six months. we have earnings season with executives joining, talking about prices increasing. that is being passed on to the consumer. what does this mean for inflation? we will hear from joy powell -- jay powell. joining us now is caroline simmons. i want to start with the earnings results. we had a stellar quarter so far. headlines dropping from deutsche bank. what do you make so far, because the results have been quite good, but global equities kind o

central bank chief says they could go even higher. more from that exclusive conversation next. this is bloomberg. ♪ anna: welcome back to the europeanutures flat this hour. head of central bank says it will intervene. a spike in play -- prices. policy makers say they could go higher. bloomberg spoke to the central bank's president. >> we look at what needs to be done. organizing and we think towards the end of year inflation will go bacrw we are adjusting rates so we have our target. when you look at the output there, we see more than it. >> you are not planning to take that neutral rates this year, you're planning to see leap some of the stemless for 2021 -- leave some stimulus. >> the answer is yes, we still need to. we are still facing a pandemic and country that has many problem. the question is, how much do they need to be? when we put interest rates at two, we were talking about negative growth, some were saying inflation was going to be as low as 1.5%. none of these materialize. it is not just for what we think it should be compared to the new rate, it is recognizing that the industry we had was set up by conditions that neve

purchases will continue at an accelerated pace through june as the central bank continues to support financing conditions to help the europeanconomy through the pandemic. we will bring you the live coverage from 1:30 p.m. london time. let's get some analysis of what to expect. henrietta pacquement is still with us. yesterday, james joined us from aberdeen asset management and said the ecb communication thus far has been "awful." what you expect from ms. lagarde today? henrietta: well, lagarde has spoken a lot about the flexibility of the program, and as a result, it is not clear guidance the market has been receiving. i can see where his comment comes from. i think what we are expecting, i don't think it is necessarily going to be the most exciting one. i do not think we are going to have any announcements or changes. i think they will continue with the increased pace of purchases. price in march is about $60 billion a month. it will continue at the accelerated rate of $80 billion until june. that is our expectation. however, i think what will be more interesting is the q&a afterwards and what tilt is going to be given at th

central banks, showing there's an exit path and it's not hermetic for markets. that raises extra interest for the ecb today. we are a long way from that for the europeanountries. anna: the ecb not having to deal with that higher interest rate that was spreading across the north atlantic. we heard from them around march. that was preoccupying their thinking then. treasury yields spiking up credit aggressively. that has an impact on what we are seeing in european sovereign debt markets as well. i mentioned that the virus story is clinging to commodities. have you seen evidence of that in commodities? a little bit weaker in oil prices this morning. mark: yeah. we are seeing a little bit of softness in oil prices primarily. i wonder if that'll start feeding and across the commodity sector. we are not seeing it much that yet -- that much yet. overall, doing ok. iron ore and oil are two of the most in port commodities and are starting to show softness. we have not gone back to the highs from a couple of months ago. i think the outlook there is looking more negative because of the virus, exactly as you say. anna: we will continue these conversations as we go

european equities. we may get a period of consolidation. we will wait and see as the week develops pure a lot of news, a lot of earnings, a lot of central-bank lot of data, those little lighter in the united states. fading the move a little bit. let's talk about what is happening with some of the individual markets. ftse 100 fading, down .2%. the dax under low bit more pressure. take a look at the madrid market. a very strong day, pushing the market up. up 1.31%. dispersion from the individual markets in europe. also dispersion across the land tech. euro catching a solid bid -- also dispersion across the atlantic. up 1.1% on the cable rate, approaching 1.40. we are north of 1.20 on euro-dollar. in the blackout period for the fed. the swiss franc reversing. stoxx 600, let's see what is happening. staples doing well. banks backing up as well. some of the spanish banks doing well. retail is getting a bit. -- retail is getting a bid. chemicals under a lot of pressure. cyclical stories fading explains what's happening with the dax. let's take a look at some of the individual names. a money laundering case at abm amro. regulators concerned about i

european strategist at barings. what stood out to you from the ecb today? >> there is no telepathy whatsoever between central banks. the ecb delivered incredibly good messages. that would really cried -- guide the market. we don't need to taper like in the u.s.. there's no fears to be had about phasing out purchases. it also said that the ecb is watching, watching all the markets, all the curves, all the countries come all the time. don't worry. lagarde even said, our approach might be to settle. i think it's quite good. that leaves a lot of room for the ecb to act. the third thing it changes, which is amazing for the central bank, [inaudible] whatever scars there are in the economy will not represent headwind growth. this is just a warm blanket in the market to flatten themselves in as they go along. mark: good morning. i love your bullishness on europe. like a positive interpretation of the ecb. i can't argue with it. one of the rebuttals for many investors would be, the longer term picture is european growth continuing to be sluggish compared to the u.s. euro after year. there's a real risk that it goes down th

central banks. anna: yes. christine lagarde saying they didn't even discuss any phasing out. does that seem sensible to you? we are arguably through the worst for the europeanmy perhaps. maybe it still does need that support. doesn't seem sensible that the plan is not yet being terminated? lucy: absolutely. i do think that the eu, we are seeing growth in the u.s. return. we are seeing growth in china. certainly in the u.k., it is subdued. i think it is worse than the eu. at least we are ahead on the vaccination plan. i think there's a little bit more positive news here. in europe, the numbers are still high with covid. lockdowns are still quite slow at being lifted. the economy is very subdued. absently right to keep the asset purchase plan. anna: is it a communication problem for the ecb? without deliberate choice of language that you emphasized, the ecb are communicating effectively. i read one analysis yesterday suggesting that maybe some of the messaging is being lost and markets are not hearing everything. some are also pointing to the fact that life has become much more complicated. used to just be an interest rate communication strategy. now you have