hans nichols. you are not in berlin. but we did have an interview with some and close to berlin. the bloomberg business bank board member says so far european members are coping with negative rates. principle, they are coping reasonably well. clearly, we have challenges. because we had a crisis in the eurozone and we are still working principle, on solving sf those. hans: let's talk to the person who knows a thing or two about the banking sector. thank you for joining us, sir. when you look at the risks being posed, what really concerns you at the imf? >> we are concerned about a variety of issues including issues in advance economies, concerns in emerging markets related to corporate leverage and debt, and we are concerned about market liquidity, and fragility around the world. guy: has europe got its arms around the idea that it needs to fix its npl problem? how long is it going to take to get rid of? >> it remains a major problem. and a major obstacle. recovery,or a strong but it also impairs the ability of monetary po

i am hans nichols in berlin. let's get the news from hong kong with juliette saly. thanks, hans.d chartered is seeking to sell $4.4 billion of assets in asia according to people with knowledge of the matter. it is part of plans to reduce its balance sheet after record impairment. china's consumer prices remained buoyant last month on surging food prices. the index was at 2.3% in march from a year earlier. food prices jumped 7.6%. producer price declines narrowed to 4.3% from a drop of 4.9% in february and posted the first month on month increase since 2013. david cameron will face lawmakers later following a week of scrutiny of his financial affairs. it comes after he published six years of tax data to demonstrate his integrity. the british prime minister admitted that his handling of the scandal hadn't been great. >> i know that i should have handled this better. i know there are lessons to learn and i will learn. and don't claim number 10 downing street or nameless advisors. blame me and i will learn the lesson. danny willett has become the first briton to win the masters in 20

hans nichols, we're not done with the banks yet? hans: we have standard charter. surged him as 10%. our exclusive interview with ceo bill winters next. ♪ [ soft music ] e.t. phone home. when you find something you love, you can never get enough of it. change the way you experience tv with xfinity x1. shoshow me more like this.e. show me "previously watched." what's recommended for me. x1 makes it easy to find what you love. call or go online and switch to x1. only with xfinity. guy: expectations are pretty low so a lot of the stock stories are a fairly decent beat. the markets are quite flat right now. the 600 is up by 0.2%. we're running into the fed. that is part and parcel of the narrative. the banks are front and center. barclays has been trending higher. the bank earnings are a big feature of the week. barclays as well as morning. the barclays story. meanwhile, standard chartered reported yesterday with profits plunging. stocks surged on a surprise drop in impairment. francine lacqua caught up exclusively with the ceo, bill winters. >> it may distress our sha

i am guy johnson alongside hans nichols. pfizer is said to terminate its withbillion merger allergan allergan after washington tightens its rules on corporate inversions. in theera of massive m&a drug sector over? donald trump loses the wisconsin primary, boosting the odds of the contested national convention. brexit votee tipping uk's stock valuations? i guess the politics story is front and center. july is shipping up to be quite the month. we've got the u.k. story, greece has got a really big payment it's got to make, and we potentially get into an interesting u.s. political story. hans: normally in july, we had to athens. this year, we may be headed to cleveland. you could have a contested convention. we talk about political risk. a ted cruz victory represents more political risk. a donald trump loss gives you actual political loss. you don't know what you are getting with a ted cruz win. that's one of the stories that is going to dominate throughout the rest of the spring and summer. is, thenuestion really next few elem

i am alongside hans nichols. he is in berlin. moments away from the start of european trading. hans: we are watching the intervention watch. are the japanese getting ready to step in as the top forecaster sees a surge to 1.05. and ben bernanke and greenspan take the stage in an historic conversation. a i would describe this as bubble economy. we have relatively slow growth but the u.s. economy has been doing well. hans: david cameron admits that he and his wife own shares in a panamanian trust set up by his father. how hard will those revelations hit the british prime minister? we will be up about 0.5%. caroline hyde is at the touchscreen for the open. caroline: three seconds into the opening of the market and we are down 1.5% on the week on the stock 600. it has been a bit of a risk aversion theme this week. imf coming out seeming to say they will downgrade global growth prospects. but it really is going to be the miners taking a leap. you will see oil company's doing relatively well. on the downside, some of the financial insti

this is hans nichols p s.a.p.howed its first-quarter sales rose less than analysts expected. .t had quote high visibility joining us now is luca mooch it's -- luca moog. he joins us for an exclusive interview. thank you for joining us. give us a sense on why you are so confident about the visibility moving forward to the rest of the year. luka: thanks for having me. y simpleer is relativel here at we exited 2015 on a very high note. simple. we exited 2015 on a very high note. that growth has continued in the cloud is this. we grew our q1 business there. we have every expectation it will continue on the back of our strong -- in terms of our premise license business, it had a slower start. more or less only in the u.s. as well as latin america, europe and asia-pacific were strong. in the americas, we see the number of deals that slipped at beennd of q1 have either side or on a close pass to be side early in q2. our solution portfolio is richer than ever. our business suite is enjoying very high interest from custome

i am alongside hans nichols, who is in berlin. what is on deck this morning? : it looks like futures are basically positive this morning and we want to look at the fed's rate. the fed may be getting more dovish, but jpmorgan is still worried it might still plate and too -- it might still tighten too quickly. japanese currency rallies to its highest level against the dollar in several months. a fresh blood to unity in europe as voters reject a treaty by a margin of nearly two to one. how u.k. politicians make their case on the brexit with this vote. fair market value is moving in the positive direction. let's get to caroline hyde at the touch screen. caroline: we could see another day of gains in europe. is it the fact that the dovish fed remains in place? we seem to see we are in no real crush to see too many rate hikes. the market believes we will see a 50% probability of a rate hike in december. a 0% chance seems to be coming month. next the ftse 100 is up .1%. 40 is on the upside. the miners are pushing. once again, feeling this urge to push higher. oil and

and hans nichols has your morning brief.: saudi arabia is set reveal a fresh vision of the future. and draghi holds the door for yellen, but will she step through? with the bank of japan on thursday. bloomberg confirms the boj now owns more japanese equities that the world's biggest asset managers. we ask, what is left on its shopping list? it looks like the fair market value of cac is down. the dax looks up. maybe that tells you a different story in terms of the auto sector. let's check in with caroline hyde. caroline: a very good morning to you and it will take you straight to the wei function on bloomberg. you can see in asia, it was a down day. there is much speculation about what the bank of japan will be later in the week once that news comes on thursday. little bit of caution going into that. the ftse 100 is opening flat at the moment. we are in the green tentatively on the euro stoxx. as we start to rev up, it will be caution ahead of the united states and japanese central banks. commodities.n australia and new zeala

let's speak to hans nichols. at can president obama offered to the saudis, given that he is out in six months? hans: well, he can offer them support on syria, saying he will redouble his efforts. at the same time, he will offer them honesty. listen to how he talked about the problem in the challenges in syria ahead of his visit. >> i think there is no doubt that there are many in the middle east to a preferred me taking a shot at assad. the reason is not because of some abstract notions of relevance. the reason is because they v iew assad as a client state of iran. their view was, it continues to be, to some extent, that what we veryd be doing is being a clear military arm of an an ti-iran or anti-assad middle east strategy. look, iran's an adversary of hey go after any u.s. assets, if they are threatening us in any way, we will go after them and they know that. assad is a horrible leader. horrible dictator, who has shattered his country. it continues to be our position that we need to get him out of there. hans:

hans nichols is over in berlin. we are minutes away from the start of the morning trading. has the morning brief. ecb is expected to nothing today, but recent history suggests we should expect a bumpy ride. scandal looks set to cost volkswagen $10 billion. the stock has fallen 30% in two days. debt warns that china's fueled growth resembles the u.s. just before the global recession. futures though, are pointing at a positive direction. especially if you look at the price value, up almost .7%. let's get over to caroline hyde that the touchscreen. caroline: hans, thank you. as we rev up into trading, we are expecting a fourth day of gains in europe. we are on a three-day winning streak. global stocks are currently at their highest since december. remember, 16% higher than in february. is trading up. we're likely to see falls with ericsson. which industry groups are moving with the ftse 100? the miners are leading the charge. glencore is on the higher side. let's check on oil it has really been driving stocks higher. to $45. .4%, up producers get together. will be see a freeze

i am hans nichols in berlin.ome retail group says it will unanimously represent sainsbury's takeover plans to shareholders. home retail is valued at approximately 1.4 billion pounds representing a premium of about 74% to the company's closing price on january the fourth, the day before its approach became public. the path to the deal was cleared when the south african retailer abandoned its pursuit of home retail last month. the route clears the way for a purchase by marriott which has been in the works since november. it cited various market considerations before pulling it's $14 billion bid. starwood shareholders are scheduled to vote on marriott's offered next friday. tesla ceo elon has unveiled the new model three. he says there have already been 150,000 orders for the car in the last 24 hours. it is a more affordable electric sedan which will cost $35,000 and deliveries are set to roll out next year. of theel three is part company's master plan. it is the need to move into esther production. - manus: improvi

i am guy johnson, alongside hans nichols. -what areever log we watching? creditors resume talks while tensions tighten between the imf and the german government. are we heading for another summer crisis? and is the rally over? short positions on oil increase for the first time after saudi arabia backs away from a supply freeze. andre kosten at 8 :20 u.k. time. the cac is a little bit down. is in positive territory just a little bit. let's go to caroline hyde for the market open. caroline: good morning, hans. of stocks over the last couple weeks. for oil stocks, it was banks that let us know where. today, we thought caution in the market. thewas tracking lower after exclusive interview we had with the deputy crown prince of saudi arabia. bitre going to have a of investment companies being dragged down. metals are trading lower today. the dax opens flat. the cac 40 is down. let's look at the euro, up by .1%. the dollar index is rising ever so slightly this morning after yellen's dovish last week. this put more pressure on the u.s. dollar. but down goes oil on

hans nichols has your morning brief. hans: thank you.ancial markets have it wrong, is the opinion of federal member rosen brent, calling the expectations too pessimistic. first-quarter sales of the maker biggest drug rose fueled by demand for cancer drugs. and netflix shares plunged in after-hours trading after the company forecasted a weakening international subscriber growth. i will take a quick look at futures -- mostly positive on the fair market value, dax and cac up, spain and italy may go down a little bit. it also looks like we are in positive territory in switzerland as well. let's head out to the touchscreen for the market open with caroline hyde. caroline: hans, oil goes higher, stocks go higher. the s&p 500 yesterday closed higher since december 1, asia going great. we have the best day in a month and we are likely to see a pop open as oil spikes higher, ftse up 1/10 of 1%. but really, we are seeing the first time for oil in five days, when certainmism fed presidents said the second quarter will get better for the u.s. econom

i am guy johnson alongside hans nichols. gear asts back in exports jumped the most in a year in march. does this point to a stronger gdp number on friday? .esco beats his tesco's new ceo -- is tesco's ceo returning them to glory? and a brutal time for banks. earnings kickoff this morning with jpmorgan. it looks like chinese data is goingy behind the markets higher. the imf is not impressed. the donors on this economy, saying that the numbers are not as rosy as they seem. later this week, we will get gdp . we talked a lot about japan, but we could end up talking a lot about china and that is a positive story. guy: breaking news coming through from peabody. saying the majority of its u.s. 11.ies filed for chapter more details on that story as we work our way through the story. we will get the chapter 11 details coming through. we will come back to that time.ocused business in we do have a very positive call on where we stand in terms of the european equity open. european stocks up by 1.7% this morning to london is a little bit

hans nichols joins us. hans: i will take it.ancy states on the east coast the 10 to be more liberal. the republican primaries in this are very conservative, especially pennsylvania. even though it's a blue state, they tend to be more conservative. james carvilles said he got philadelphia and and pittsburgh with alabama in between. think of these almost as southern by mary's. donald trump will do very well today. in some ways, it does not matter. we are coming into trench warfare. on that front, ted cruz has eight stopping, blocking about to stop donald trump from getting the number he needs. that is the arrangement that ted cruz and john kasich made. francine: donald trump says that's unfair. dirtyif you think of the tricks of taken place, they used to detach car trains. hans: they have analytes. if indiana can be one for ted cruz, it makes it that much more difficult for donald trump. contestedthe most state? hans: it comes down to cleveland. the most contested state is going to be indiana. that is in may. hillary clinton is go

ime anna edwards along with hans nichols. financial markets have it wrong. that is the opinion of rosencrantz. calling them too pessimistic. first-quarter sales. fueled by demand for its camp for drugs -- camphordr

as for the mega fund, hans nichols has details.onversation more he's etched out his plan for the kingdom. he has this obsession about moving the saudi economy away from oil and basing it around something new. --s $2 chile and fund is trillion fund is amazing. it is enough to buy google, microsoft, and the whole lot of them, warren buffett, all of those things going to one thing and it was still have change to spare. .nto that fund will go aramco they will add land, property, all of these other things. roughly twice as big as in the or more than twice as big as any other sovereign wealth fund. >> his obsession is understandable even the volatility we saw the oil price and the fact we have concerns that saudi hasn't done the structural reforms needed. >> that is pushing on very hard. he has already cut the subsidies and they are moving on to other things. it is a rather dramatic play in the terms of the economic transformation of the country. tom: all of us were weaned on daniel juergen,obert lacey's book "the kingdom" that everybody

berlin.30 in i'm guy johnson alongside hans nichols. here is what the pair of us are watching.ecides. no fireworks expected, but investors await a risk assessment. is june 2 soon? a bad day for barclays the chairman promised to double the asre price and falls far off profit drops 25%.

hans nichols is over in berlin. we are moments away from the start of european trading.hat is top billing? hans: dragging european banks into the spotlight. tidjane thiam says he is confident in his clients will agree. we will find out shortly. could beas it threatened -- the air of inversion over. the first tol be speak with christine lagarde later this morning. we'll take a quick look at futures. being mostly on the negative side. it is all negative with the exception of the ftse, guy. what do you have for me? guy: here we go. the new price on the fair value is showing a negative number. let's see exactly what numbers we are posting. at the moment, not as negative as maybe the fair value suggested. the market may settle the story out starting more negative now. the ftse down .5%. open todo not have it properly on the dax yet. names thatg banking could or could not have an issue with this penama paper's story. -- panama paper's story. .3%.e down .1 the cac down 1.4%. the market a little bit better. let's see if i can do you out of the imf and get you updated. what we ar

i'm guy johnson alongside hans nichols in germany. tame theank of japan defiant yen?hits a fresh 17-month high against the dollar. a quarter to forget. earnings season kicks off. is this the low point for 2016? and, a taxing affair. as the panama

i'm guy johnson alongside hans nichols. italy strikes a deal to clean up its banks. is an even big enough to shoulder the nation's debt. nomura is expected to cast desk to cut around 1000 jobs. -- cut around-- 1000 jobs. who will fill the void?

i'm guy johnson alongside hans nichols in germany. intervention watch.e getting ready to step in if the yen sees a surged 105. the fed four. yellen, bernanke, greenspan, and boca head to the stage in an historic conversation. certainly wouldn't describe this as a bubble economy.

i'm guy johnson alongside hans nichols. he is in germany. fed might be getting more dovish. jamie dimon is still worried it might -- to quickly. the land of the rising yen. japanese currencies rallied to the highest level against the dollar in 17 months. is the boj powerless before the yen's dissent?

this is hans nichols. we will be having a great show. about what we will be focusing on. bp feeling the pain. only

i am caroline hyde with hans nichols. here is what we are watching. shanghai slide.s tumble as the pboc signals less of an appetite. s.a.p. back on track. the european tech giant -- after a sluggish start. we will speak to the cfo in an interview shortly.

i'm guy johnson alongside hans nichols did this is what we are watching. a brave new world. to unveil a fresh vision of the future. is it the end of the oil era? is the auto industry ready? ask in a fewto minutes time

i am guy johnson alongside hans nichols.to terminate its withbillion merger allergan allergan after washington tightens its rules on corporate inversions. in theera of massive m&a drug sector over? donald trump loses the wisconsin primary, boosting the odds of the cont

i am guy johnson alongside hans nichols.ack in exports jumped the most in a year in march. does this point to a stronger gdp number on friday? .esco beats his tesco's new ceo -- is tesco's

nichols, with klaus regling. hansou see the brandenburg gate, the four horses known as the quad riga. the esm is the fourth force. when we told that's when we talk about the old troika, it is now the quite riga. you look at where the esm is now, what has it accomplished and what more does it need to do? klaus: we have come a long way. we have provided loans to five countries that have lost market access. if the esm had not been created five years ago, some of these countries probably would have been forced to leave the area. that is a big achievement. hans: you are keeping everyone together, low interest rates. sometimes it seems the different institutions do not have the same economic forecast. the ifn -- the ims is on one page. who is right on the forecast? klaus: that is impossible to say. we will know in two years. the forecast has a high degree of uncertainty, even forecasts for this year, what happens at the end of the year. it becomes more uncertain as we go over time. we need to come to an agreement by 2018, s

i'm guy johnson alongside hans nichols. italy strikes a deal to clean up its banks.aybe atlas is an even big enough to shoulder the nation's debt. nomura is expected to cast desk to cut around 1000 jobs. -- cut around-- 1000 jobs. who will fill the void? hasn't the easy money already been made? .ood morning hans today is all about the banks. italian banks, german banks, japanese banks. hans: banking is a zero sum game. it is not like cohosting. time you talk is time away from me. what is good for deutsche bank is best for a number of. nomura.or we may finally have something good to report about budget bank. -- about deutsche bank. guy: it is going to be interesting if that's interesting as they walk away from their fixed income. look, the italian baking story looks like fun. huge moves yesterday when it came to the italian banking sector. that rippled around europe. let's show you everything european markets are opening this morning. veryis interesting is a flat core barely budging. likeap test the dax looks -- the dax looks like it is going to be firmer. it doesn't