it's also a two-week i after the ifo. i guess the question is what does it mean for the exporters out there who have been benefitting from the weaker currency this year? >> well i think it's clearly important for the market. from the point of view the earnings story. the analysts are looking for evidence of organic growth. but this is important in sense of a balanced recovery against europe. you one that incorporates both the core and the periphery. and that's what we've been seeing. it's not a spectacular recovery in terms of pace but it's steady and reassuring. >> just when we thought the fundamentals would be driving prices. once again, china guiding the discussion would you agree? >> yes, especially china, having an impact you're seeing the influence of that in world trade as well. what we've been seeing recently is the services sector vis-a-vis, the manufacturing sector, doing relatively better. >> thank you for that. bill stick with us i want to get your thoughts what's happening in asia. because heavy losses in chi

a lot has to do with better than expected ifo data out of germany. 108 is the number for month of july, versus 107.5. perhaps the reason we're looking at the german market down at this moment. a quick look at bonds. if you're selling equities you may be buying bonds. we're looking ten-year german yield at 0.687. you see the ten-year yield at 1.9%. we're going to keep an eye on the u.s. with the fed policy coming up on wednesday, are the feds going to continue to raise the rate? that's the quig ing with question. the euro hitting that better than expected business sentiment out of germany. as you can see, we're holding on right now 0.8%. that could reverse once we hear from janet yellen this week. keep an eye on japan overnight. let's take a look the at commodities shall we? it was the worst week for bti crude. copper trading at a 6 1/2-year low. and brent crude down 0.6%. as oil prices continue to the move on the downside what does that mean for the oil picture and the fed's ability to reach that target. that of course will be something that perhaps traders will be looking for answers

he is the head of the ifo economic research institute.good morning and warm welcome to "the pulse." what a very big u-turn. should tsipras except the creditors'proposals? hans-werner: the proposals are there. the proposals are no longer on the table. they have been withdrawn. there will be no further negotiations before the referendum. manus: is that how europe should act? is that responsible? people are queuing outside atms for 120 euros. these are exceptional times. is that the right way for europe to act? hans-werner: these are exceptional times. i don't know. these are complicated negotiations over months. i am not a politician. the point is that we are coming to the end of a long story. greece has been bankrupt for quite a while. we have delayed the truth with more and more money. 330 billion euros of public funds. 185% of gdp has been flowing to greece and the situation has not approved. to the contrary, unemployment is now higher than it was five years ago. it is a fundamental question that has to be answered now. what will be the

president obama has had two conversations with their president about ifo.irst one in october the town of khobani was about to fall. had that filing, the entire northern border would have been can -- controlled by isil. president obama wanted to do and airdrop. there were only a few hundred kurds. he called the other president in the had an in-depth conversation. myself and general allen went out to discuss the situation, and negotiated with them, opening up a corridor through turkey to come in and resupply would heavy weapons. that started a very in-depth process with turkey. that ended up being a very big success. we then approved turkey to work with them for the modern opposition. there is a waste to go, but we have had good cooperation. a number of steps. they had election so it's slow down a little bit. three weeks ago, the talks accelerated. turkey agreed to open up basis for our aircraft to strike isis targets in syria and iraq, with turkish f-16 flying alongside us. some of the details have to be worked out. i'm just coming from a meeting at the pent

the ifo numbers were strong even now at a senate down to what is really sending it down is the outlook down a little bit and the expectations of wall street analysts. it seems like a confluence of factors plus the apple watch not meeting expectations necessarily. we can relate to how they sold less than expected, less than the $3 million mark by a mile. stuart: they are selling on translating the selloff was overdone. >> there is uncertainty. our analysts have downgraded the stock or change position on the price target. people are closer than you have more doubts about apple stock. we do expect more orders or a new iphone baseball are even winter. that could jack up sales again. this is an iphone company in china continues to be pretty strong for apple. 100 or 10 percentage points. stuart: hands down. instead of 49 million. >> remember the 16 million iphone number we saw last quarter and we talked about this yesterday if they don't meet that comic people would love it. stuart: i am angry at the analysts. the exit patients. the >> the next iteration in the next generation to see how it