this is what markets perceive as a possible as a possibility and he you doesn't just have greece on his hands italy as well to rouse both over budgets i would say it's a bit unfair to liken greece with it to lead to like in the current economic the current political situation in greece with the political situation in italy because the political situation in greece is correct raised by a conservative agenda but it's in a way a relational agenda economic policy agenda and the tell you the gender is completely different it's unrealistic and it's irrational i would say they have they have offered they have promised tax reliefs which are massive and completely and fundable by the government so this situation in italy is completely different from the current and the new situation in greece really briefly just yes or no do you reckon then that italy could leave the e.u. and greece as it is that this would i would say this is more like you know but it's both very unlikely and then there's nothing very much for coming in thank you. well qatar has had a couple of years now to come up with creative ways of ge

you know look at greece it's questionable whether lower taxes will indeed help and just briefly you see this fight being set up with brussels it. yes that's likely and you know with italy and greece now fighting brussels they can sort of point to one another and say hey we're not alone brussels rethink your position. thank you very much now to some of the other stories making business news president richard tell you a bit one says the nation's central bank needs complete reform the institutions had been run on the weekend weekend the concerns about the independence of took his money tree policy. monaco has become the 1st country in europe to start operating next generation mobile phone networks with the help of wild ways 5 g. technology the way seize the chinese giant is a security threat warning the take could be used to funnel information to beijing. has launched its 1st helicopter service in new york will shuttle passengers from j.f.k. airport to manhattan the 8 minute ride will cost around $200.00. qatar's had a couple years now to come up with creative ways of getting around it bothered by its neighbors the state's always been reliant on imports but its diplomatic

1st female leader the german politician also promised a new approach to asylum it was a nod to italy greece and spain which process the most asylum applications because of their proximity to north africa and the middle east fear corporation a common european asylum system must be exactly that common. we can only have stable external borders if we give enough help to member states chasing the most pressure because of where they are on the map we need solidarity. from the ally and earn the endorsement of germany's original top choice for the job man fed viva sistani and she is a committed european and that's why we will pursue our goals together with her she has a european peoples party firm support and our vote just it's one thing. a number of your of social democrats have also given her their blessing but the far right and the far left criticized her speech calling it a bouquet of empty promises. so respecting a decision about 15 minutes or so we're allowed bring that to you live and have reports on that from strasburg and here they had about we'll take a look at some of the other stories m

approach to asylum it was a nod to italy greece and spain which process the most asylum applications because of their proximity to north africa and the middle east fearful peroration a common european asylum system must be exactly that common. we can only have stable external borders if we give enough help to member states facing the most pressure because of where they are on the map we need solidarity. fund a lie and earn the endorsement of germany's original top choice for the job month of eva. and she is a committed european and that's why we will pursue our goals together with her she has the european people's party firm support and our vote. a number of year of social democrats have also given her their blessing but the far right and the far left criticized her speech calling it a bouquet of empty promises she will need the majority of votes in a secret ballot set for this evening. well that vote is happening in the european parliament is a strong base that's happening as we speak to brussels bureau chief. is that welcome max how do you write the lines chances. if drank champagn

the people who wanted to come or fromy catholics, jews eastern europe and southern europe, italy, greece, poland, russia. but there were severe restrictions on those people because there were not a great the 1890hem wanted in election. -- counted in the 1890 election. this attitude led to many injustices. the best known was the execution intwo italian anarchists 1927 for a crime they did not commit. -- when ithe cases of say they were anarchists, these were mild anarchists. they were not bomb throwing anarchists. country. divided the do you execute these men were not? by the way, they did not commit the crime they were convicted of having done. it was the murders in south raintree, massachusetts of two people. passos wrote ahn novel in which he talked of the on theseof the country two people and their attempts to execute. they were executed. the night they were facing execution, all over the world, people at american embassies were protesting the killings by the government of these two people. the novelist wrote a poem to mark the event. he said "they have clubbed us off the streets they

you know the -year-old was becoming one before italy, greece, spain and portugal came along.s you what living beyond your means will do. somewhere that will change and we will be able to put on the credit card. which make this all possible now. and i've got a bailout with kevin brady called map. if we pay government spending to a percentage of potential gdp, when you go above it in a good year, you pay down your debt, you build a rainy day fund. we have a lien your you can spend up to it. hopefully will be the plan that catches stride. but we have sequestration we have budget caps, people are resourceful to get around stuff. >> senator, great to see you. thank you for being here. appreciate it. >> think you have me appear. >> the rich and famous flocking to italy for a google summit on climate change. but there punishing mother earth in the process. more on vethis blinding hypocri coming next. on select ford models, plus earn complimentary maintenance through fordpass rewards. it all adds up. don't you love math? so get here asap because tasty deals and summer go fast. get in

globally of rising debt to gdp, many countries at historic levels and falling interest rates, italy, greecer is lower than ours. no fear and loathe something a big problem when treasuries don't pick up on debt deficits and red ink in historic amounts of debt being placed on the books. you know, the yield curve and global debt buildup are related. it's the same issue. the fed up are related it's the same issue. the fed seems nervous about the inverted curve because the policies around the globe are piling in to disstory the market signal so if washington doesn't get the bad signal from the markets, they're pricing our future way too cheap with interest rates and when they do start to move up and they will at some point, servicing this debt is horrible. let's scratch our heads. why do we think the globe didn't knt get solid growth, even the u.s., the best of the best, isn't growing as fast as many think it should, it's because we're carrying this baggage, just because the market doesn't see it, doesn't mean it isn't there. back to you. >> rick, thank you very much for that wanda's sports grou

down through sardinia and corsica sicily and sitting over the boot of a bottle in the boot of italy and greece once again greece is vulnerable moment because of big thunderstorms recently and damage from them so that some of the watch out for it leaves the area clear further north still not very warm in germany or in poland not greens just a lot of rain in the baltic states or the sun's out to the west is what we have again from london down to madrid clearly it's much hotter in spain as you can see now on wednesday we've got fewer shots of the still in greece you're not so even western turkey not so much italy or elsewhere it's cotton dan it's warmed up a little bit in the sunshine in berlin in warsaw but it's still a northerly breeze and the proximity of big showers around italy will probably cool things down in tunisia and increase the breeze of incomes in the coastal areas of particularly libya. it's 50 years since the world watched as u.s. astronaut lost set off on a mission many to impossible. for ever then marveled as they made their 1st uncertain steps. join us as we look at the ingenui

the members which are in the worst shape, italy, greece, portugal, to a lesser extent, france is gettingith supply-side reform, they need to push harder. the ecb cannot of growth on a permanent basis. nejra: i feel like yesterday, we saw mario draghi's limitation in terms of impacting the markets, because in the end, we all yield back up a little bit in europe and the euro ending flat. from two-year lows. the market now is pricing in a cut in september and another one in january and there are expectations of more on the kiwi side, but actually, is there anything the ecb can do right now to lift those inflation expectations? i know they are talking about symmetric target, but what can they do really? financiale ecb is the backstop to the eurozone. they can and then -- end a panic. policy which is responsible for that. it is very difficult to see how we get a major shift. find is,ill probably and just to reverse a little bit, equity markets should always reflect expectations for nominal gdp growth. nominal gdp growth is weak in the eurozone. if they no longer believe the ecb can lift expec

took an interest trip around europe by train from here they went to the czech republic in greece defeated italy from the netherlands and documented it all on instagram and facebook is was. $27.00 countries and once again we're taking you on a train trip through europe i'm and i'm julia and together will be that year of pop summer the singing songs but also discover it's time. that was 3 weeks ago and now they're back here with me in the studio they survived . 3 weeks so judy what was the most challenging thing about it well one thing that worried me was trying to get along with louise for 3 weeks that i think she knows pretty well and that one thing that we found quite difficult was arriving in paris .

well scientists say extreme weather events like those in italy and greece will become more frequent because of global warming and that has the european union putting climate change at the top of its agenda finland will lead as it just assumed the e.u.'s 6 month rotating presidency the finnish prime minister says it's important to take the demands of europe's youth seriously and he says fighting climate change should be a top priority everywhere. 16 year old spent many fridays travelling 2 hours each way to protest at the finnish parliament holding signs pleading for climate action the climate itself wasn't too cooperative as he stood there through the winter it's really horrible in front of the it's all a waste of in the end it will be raining so snow or snow or ice and most of politicians just go by and don't even look at us. or say hello and some even come to us but says it was all worth it as prime minister until in now has declared solving the climate crisis should be europe's next heroic act at the very least it's the top priority for the finnish e.u. presidency has credited the youth

also i just saw your stream weather events like those in italy and greece will become more frequent because of global warming now the european union has decided to put climate change at the top of its agenda for the next 6 months finland has just assumed the e.u. use 6 month rotating presidency the finnish prime minister believes that the european union should provide global leadership on this issue he says it's important to take the demands of europe's young people seriously. 16 year old spent many fridays travelling 2 hours each way to protest at the finnish parliament holding signs pleading for climate action the climate itself wasn't too cooperative as he stood there through the winter it's really horrible in front of the it's always good to be running some snow or snow or ice and most of the politicians say just go by and don't even look at us. or say hello and some even come to us but says it was all worth it as prime minister until when one has declared solving the climate crisis should be europe's next heroic act at the very least it's the top priority for the finnish e.u. presidenc

confident financial markets lent generously to governments and the weakest economies spain greece italy portugal suddenly had access to loans a very low interest rates close to those available to germany. that low cost financial windfall was an economic boost all was well thought out. meanwhile in the united states america's housing bubble was expanding and in 2007 the subprime crisis struck thousands of homeowners lost their homes they had taken out loans with interest rates that rose sharply and they found themselves unable to make their mortgage payments. many banks were in danger. on september 15th 2008 lehman brothers one of the largest u.s. investment banks collapsed elected in an. often amends because it is certain must begin to. present itself so that your couscous a posse of honestly didn't mongols or so gleefully to the prison p.d.p. don't. continue to look good if a few more on. debt good with the presumptive the currency get on play. hockey live for they could have done it. you can sister's keeper puppy it is surprise to us that in a while the reason. we don't is all we want

italy is a major economy in the eurozone. greecered to italy, to italy's economy, to italy's debt market. so the destruction that might cause is much bigger. we are in a moment in which the european design certainly is not at its height so the right tensions, very strong tensions, and each country has its own tensions. after decades of lax financial management, the government has promised brussels it will tighten up its finances. these italians' hopes for greater prosperity risk being sacrificed for the fortunes of europe as a whole. darshini david. that's it for the business briefing this hour but before we go, here are the markets: you can see a mixed picture emerging with investors trading what i had of the testimony byjerome powell. the uk's preparations for climate change are being run like dad's army with a ramshackle approach to the crisis, according to a scathing new report. the government's chief climate advisors say they are shocked ministers are failing to cut emissions fast enough, and adapt to rising temepratures. our e

across into europe, we gradually lose violent thunderstorms for italy and greece as low—pressure ships an area the end of the week, of low pressure pushing into british isles to the end of the week, something we had not seen for a while. it brings a change to the weather the next few days, it be cloudy with more rain and it appeal cool as well so stay tuned for a full uk weather forecast. hello, i'm ros atkins, this is outside source. it's 50 years to the day since the apollo 11 crew blasted off into history. 5, 4, 3, 2, one. we'll be marking the historical significance of that moment where it all started — the launch site at cape canaveral in florida. president trump denies he's a racist — but steps up his attacks on 4 democratic congresswomen of colour. this is the us house of representatives right now, where democrats are preparing to vote on a resolution condemning the president. there's still been no significant criticism from senior republicans. ursula von der leyen has been confirmed for the european union's topjob — we'll report from the european parliament in strasbourg and we

who wanted to come were mostly catholics, jews from eastern europe and southern europe, from italy, from greece, from poland, from russia. but there were severe restrictions on those people because there were not a great many of them counted in the 1890 election. this attitude towards immigrants led to many injustices. and the best-known one was the execution of two italian anarchists in 1927 for a crime they did not commit. thethese are the cases of two men. when i say they were anarchists, these were mild anarchists. they were not bomb throwing anarchists. and it really divided the country. do you execute these men or not? and by the way, they did not commit the crime that they were convicted of having done. and it was the murders in south braintree, massachusetts of two people. the novelist john passos wrote a novel in which he talked of the division of the country on these two people and the attempts to execute them, and they were executed. the night they were facing execution, all over the world, people at american embassies were protesting the killings by the government of these two peopl

we saw the search for yield go all the way to italy and greece, even. do you continue to subscribe to the fact that we could see bond rallies continue here, and do you stick to the develop markets or more to the peripheral? >> yes, you absolutely are right, you spoke earlier about where german 10 year yields are at, clearly in negative territory. now it is difficult to find a reason or to make a case for why the european yields should be significantly higher here. the growth numbers are still weak.g very . the market is describing very little credibility to the ecb policies and its ability to get inflation back to target. with that backdrop, it is difficult to see a reason why it should be higher in europe. are stayingly, you with us and we will talk about where you actually want to be across the yield curve geography. beverley morris rejoining us out of brisbane. ahead, shout korea economy showing -- south korea economy showing some signs of growth, but we will assess the outlooks. rishaad: boris johnson and the new brexit team. this is bloomberg. ♪ ri

half of this year now these here are the 3 main sea routes to get to europe via greece via spain and finally through italy and malta the number of people traveling from turkey to greece has also been falling but it's still the most common route by sea and increasing number of migrants are making the journey from morocco to spain but it's still not considered a mass migration route and relatively few migrants are traveling from libya to italy and malta just over 4000 people but for those who try it this is the most dangerous route more than 400 people have drowned this here for more on this we are joined now by mateo villa he's a research fellow and migration specialist at the italian institute for international political studies in milan now operation sofia that's the e.u.'s mission in the mediterranean it's still active but it no longer undertakes these sea rescues what exactly was behind that decision. yeah i mean do you have to you know bring down all rescues but actually it's gone on much more. than we thought for instance the yusufiyah was meant to the trafficking business as muddling business so des

italy. those in greece go to the polls this sunday and i snap general election prime minister alexis the press is battling to hold on to his job off to implementing austerity measures demanded by european credit says many greeks a still suffering the effects of tax increases and budget cuts. reports are. going out. these people are in no mood to celebrate a single time for the greek elections are just around the corner and the leftist syriza party is striving for every vote polls suggest their time could be up with sores their supporters here in athens still believe that the ruling party is going to use a bunch of argue that it's a bit serious stands for more democracy equality and solidarity and. make or answerable look there's a previous series of represents renewal and change in the country that the creation of better economic conditions. because most of the quota young men 9 is for me it's safety calmness and assurance in my life with mistakes and other things but at safety. thank you almost the people here behind me still believe in the left is sure it's a party but the party has been los

people still arrived in this 1st half of this year there are 3 main ways to get to europe greece through italy and malta and further west through spain now the number of people traveling from turkey to greece has been steadily falling but it is still the most common route by sea an increasing number of migrants are making the journey from morocco to spain but that is still not a mass migration route and relatively few migrants are traveling from libya to italy just over 4000 but it's the most dangerous route over 400 people have drowned this year dozens last week in one of the rears worst shipwrecks. bodies of drown migrants have brought to the tunisian shore 82 people went missing when the boat sank on july 3rd. most have since been retrieved from the water dead the migrants started their journey in water only b.-a and drifted into genies in waters before sinking. one of the few survivors remembers have a calls for help went unanswered. and i don't doubt that it is and i'm going to you know pins a pick us up in the water on the. boat was sinking. but they did not answer a call. on the. operat

speculated on the greek debt confidence collapse the fear was that if greece restructured its debt might the markets pull back from spain from italy from la belle frosts and might not europe bring upon itself the catastrophe that it so wished to avoid and therefore the argument was it is far better to give greece all the money it needs to repay its indebted notes then to run the risk that the market would perceive a sovereign restructuring in europe. as infectious as contagious. only after 6 long months of crisis europe finally decide its bite resistance from germany to lend greece enough to pay its creditors. a small loan out whenever it has you broke new on brooke oh ok i'll sit there and you can see like i said a baton a lot less you know over overpass unclear cement and as i fell on i could problem in europe i would be close to rub it off because it you know put it in a buy you comment unless it be your bell on this you did with this looky as you know we do listen as we know it would dislocate if not it is attack last year in a pretty hot baggy accountable homeo number one our own teratoma school we want. to do or dip immediat

italy is a major economy in the eurozone. greecey's debt market. the destruction that it might cause is much bigger. after decades of lax financial management, the government has promised brussels it will tighten up its finances. these italians' hopes for greater prosperity risk being sacrificed for the fortunes of europe as a whole. president trump will look at how the case of geoffrey epstein was handled by mr acosta. mr epstein pleaded not guilty to sexual charges. rapper nicki minaj has cancelled a scheduled performance in saudi arabia next week. her decision comes after she decided to show her support for the rights of women and the lgbt community. her headline at the jeddah festival sparked an outcry from critics of the country's human rights record. we can now speak to entertainmentjournalist, kj matthews, who's been following the story. she joins me live from los angeles. she had to make this decision because of the pressure? it started last week with the human rights foundation taking to social media and reaching out to her

phone records and took an interest trip around europe by train from here they went public in greece will be to italy from the netherlands and documented it all on instagram facebook is. $22.00 days from countries and one taking we're taking you on a train trip through europe i'm and i'm julia and together will be that year of pop summer destinations but it will also discover it's time. that was 3 weeks ago and now they're back here with me in the studio they've survived. 3 weeks so judy what was the most challenging thing about it well one thing that worried me was trying to get along with luisa for 3 weeks but i think it's pretty well and that's one thing that we found quite difficult was arriving in paris and it being 42 degrees celsius so it was the hottest temperature ever recorded in the city and we had to find creative ways to try to survive the heat so we basically and it up staying in the hotel until it got cooler and then visited the sites in the evening now louise i've beings most countries in europe i've been to a city behind never be diverted so i don't know you went to bed it's so how w

thunderstorms some damaging winds some damaging hail particularly across portions of southern italy and across into western greece you can see that storm system continue to work its way eastwards became quite nicely in the wake of that so finally some good conditions across the central med 31 in a few on wednesday quite a blanket of pushing in from the old west some rain pushing into all that on and of course disco and eventually that system will work its way across into more western areas also we could see some strong thunderstorms into madrid on whedon's day but again not clear as on thursday but quite a blanket of cloud across much of western. europe 22 in london but 25 in berlin some nice sunshine if you as well with that very pleasant temperature and a much better day in athens and generally across much of greece with a high there of 30 degrees celsius wednesday across northern africa dry we have got a little bit of. areas not feeling too about in tunis 32 a lot better than it has been and as he had off into thursday a little bit warmer 34 more in the way of dry with sunshine in tripoli and a high there of 2

pronounced one thing i mean if you look at stuff just italy from finland to greece from the netherlands to denmark two fronts and all these countries there had been a a backlash of the two thousand fifteen backers from from government saying. and they took over the the rhetoric of reviving pop is we need to secure our borders we need stricter policies and so on and so on because the pressure from all the societies. we're just growing on these governments. so then do you have any sympathy for italy's position hasn't the e. u. in many ways let italy bear the brunt of the refugee crisis at least in the mediterranean. yeah i mean there's two important points that i did that i think are worth making in this debate i'm. first is i don't think this is a room a crisis of refugee numbers this is a crisis of refugee a commendation and refugee policy. this is why we experience the backlash after two thousand fifteen because the e. u. hasn't been able to practice real solidarity. and provide an infrastructure that helps countries stem the influx of migrants i don't think it's americans themselves.

pronounce one thing i mean if you look at still to italy from finland to greece from the netherlands to denmark to fronts all these countries there have been a backlash after 2015 doctors from from governments saying they took over the the rhetoric of wiping populism we need to secure our borders we need stricter policies and songs on because the pressure from all the societies were just growing on these governments so they do you have any sympathy for italy's position hasn't the e.u. in many ways let italy bear the brunt of the refugee crisis at least in the mediterranean . i mean there's 2 important points that i that i think are worth making in this debate. first is i don't think this is a crisis of refugee numbers this is a crisis of refugee accommodation and refugee policy this is why we experience the backlash after 2000. 15 because the e.u. hasn't been able to practice real solidarity and provide an infrastructure that helps countries stem the influx of migrants i don't think it's americans themselves we'd have to take a hard look not at securing our borders and making sure fe

italy is a major economy in the eurozone. greece is relatively tiny, compared to italy.at it might cause is much bigger. after decades of lax financial management, the government has promised brussels it will tighten up its finances. these italians‘ hopes for greater prosperity risk being sacrificed for the fortunes of europe as a whole. at wimbledon, johanna konta‘s dream is over as the british number one has been knocked out of the women‘s quarter finals by barbora strycova. but it was a much better day for andy murray who with his mixed doubles partner serena williams wowed the crowd yet again. andy swiss was watching. as she strode confidently onto court, you would hardly have guessed it, butjohanna konta‘s wimbledon dream was about to become a nightmare. she began well but as her unseeded opponent barbora strycova raised her game, jo konta‘s unravelled. mistake after mistake, it was at times almost painful to watch. sam smith: and thatjust about sums up sam smith: and thatjust about sums up her afternoon a. 34 unforced errors later, she was out. and after the match,

maybe if they do, they could be more flux of will on italy, spain, greece, and other countries.ou're seeing a selloff in the bond market, particularly in germany, and euro-dollar goes nowhere. what does that tell you? [laughter] jeff: right. -- the difference is what qe might look like, and i think at this point, the market is pricing in a little more emphasis on rate cuts than a big qe program. i think the opposite is the case. more hesitant to cut rates and focus on another round of an asset purchase program that can narrow spreads rather than further pushing down sovereign yield. david: people are widely expecting the ecb to become even more loosening in their monetary policy. is that going to address the problem when you talk about things like manufacturing growth and things like that? are cheaper rates going to help that? jeff: no, i think they will do very little. the reality is the issues are different than that. financial conditions aren't really tight in europe. they are fairly loose. the issue is more of a classic late cycle environment. back headedn to cut into the la

alix: currently we have higher yields in italy and greece? mike: exactly. be sticking with us. join me tomorrow. i'll be on the road in houston for a special one-hour addition of "commodities edge." i'll be speaking with executives including bp of america chairman. definitely a hot topic of conversation. david: how very british. alix: i know. david: now let's get an update on what is making headlines outside the business world with viviana hurtado. viviana: the u.s. and china wrapping up a new round of trade talks in shanghai. little evidence of any progress. says -- willagency continue negotiations in september. they also reported negotiators discussed the purchase of formulated products. democratic candidates going out again last night, squaring off in a debate in detroit, michigan. bernie sanders and elizabeth warren defending their politics against attacks from low polling moderates. >> i know how to fight and i know how to win. i took on chinese banks and i beat them. ceos, on wall street and and their lobbyists and their lawyers and i beat them. i too

to the south and here, dry and quite story for greece, italy towards spain.uk as well. we are going to see unsettled weather pretty much for this week in the uk, cooler than last week. certainly it looks like most heavy showers should ease away towards the latter part of the week, thursday and friday mostly dry. different feeling here in the uk, it's cooler and showery often with windy conditions as well. more details for the week ahead are in half an hour. hello, this is outside source. the uk's new prime minister is booed at bute house — and used the back door when he left. meeting with scotland's first minister there's been no love lost, and a host of brexit differences. police are investigating the latest us shooting — three people died, including a six year old boy, when a gunman opened fire at a food festival in california. was one of the kremlin‘s most vocal critics poisoned? alexei navalny‘s doctor says he may have been exposed to a toxic agent. president trump attacks two civil rights politicians — putting race back at the front of us debate. and tra

thunderstorms some damaging winds some damaging hail particularly across portions of southern italy and across into western greece you can see that storm system continue to work its way eastwards became quite nicely in the wake of that so finally some good conditions across the central med 31 in a few on wednesday quite a blanket of pushing in from the old west some rain pushing in all that on and of course discussion and and eventually that system will work its way across into more western areas also we could see some strong thunderstorms into madrid on wednesday but again not clear as on thursday but quite a blanket of tragical so much of western aid in central areas of europe 22 in london but 25 in berlin some nice sunshine for you as well with that very pleasant temperature and a much better day in athens and generally across much of greece with a high there of 30 degrees celsius wednesday across northern africa areas dry we have got a little bit of travel on some coastal areas not feeling too hot in tunis at 32 a lot better than it has been and as he had off into thursday a little bit warmer 34 more in the w

yieldsve lower in bond in greece, germany, and italy are taking a pause today and some are saying thate a dovish head in christine lagarde. where would you prefer to put your money in europe with this hunt for yield? >> let me start from the point of -- you mentioned speculation. there has to be speculation, but given where core bond yields are , that speculation is bound to have great limitations. we are currently trading unbelievably low, -40 basis points in german boones. -- bunds. even though people may start pricing in further dovishness whether it is from draghi or the , it is hard to see further moves from here. the euro zone has gone through a soft patch and it is likely to last because a lot of it is due to the trade tensions and being an open economy exposed to china. it is expecting the eurozone economy, but from a fixed income perspective, if you had a mandate to manage money with european fixed income, i think you would like to be in the periphery as opposed to the core. , iyou have a global mandate would prefer emerging-market fixed income. should -- nejra: should christi

particularly germany more trade exposure than the u.s., faces brexit issues and uncertainties and italy and greecend are beyond the scope of the ecb. ,ven though the ecb knows that it knows at is the financial backstop. the ecb is a very awkward situation. for the u.s., it is important to point out we are in an industrial slump that has happened before. the fundamentals underlying the consumer and housing our firm. the fed is forecasting economic 2%,th of about 2%, 1.9% or in-line with its estimate of potential. inflation is a touch low. why not say, we achieved our dual mandate? why all the extreme angst? levy cann't think dr. never come on again because he keeps asking us questions instead of giving us answers. francine: maybe he should answer some of the things he is asking. bubbles created by what we were just talking about? lindsey: the one bubble i see that worries me is the amount of debt in small-cap companies. the leverage we see now is i think two to three times higher than it was going into the financial crisis. when we look at the large-cap companies, their leverage has come down and t

speculated on the greek debt confidence collapse the fear was that if greece restructured its debt might the markets pull back from spain from italy from la belle frost and might not europe bring upon itself the catastrophe that it so wished to avoid and therefore the argument was it is far better to give greece all the money it needs to repay its and dead and then to run the risk that the market would perceive a sovereign restructuring in europe. as infectious as contagious. only after 6 long months of crisis europe finally decide its bite resistance from germany to lend greece enough to pay its creditors. a small or not so whenever it has you broke in new on brooke dog sitter and you could see that ice everybody logged as 1000 overpass unclear cement in his eye fell on i could problem in europe i would eclipse drop it off because it you know put it in a by you comment unless it be your bell on this you did with this looky as you know we do listen as we know it would dislocate if not it is that accurate last year in a pretty hot baggy accountable me you know number one our own territory all of us cool and want. to do or dip in it

italy. and also from greece with the new democracy. see what they go back to brussels with vis-a-vis those surplus targets. thank you very much. >> thank you >>> david riley chief investment strategist >>> also coming up on the show, i just mentioned greece shifts from left to right as new democracy sweeps the victory in a snap election. details next struggling to clean tough messes with wipes? try new mr. clean magic eraser sheets. just wet, squeeze and erase icky messes in microwaves and on stovetops for an amazing clean, get the power of mr. clean magic eraser in new disposable sheets. ♪ applebee's all you can eat is back. now that's eatin' good in the neighborhood. they have businesses to grow customers to care for lives to get home to they use stamps.com print discounted postage for any letter any package any time right from your computer all the amazing services of the post office only cheaper get our special tv offer a 4-week trial plus postage and a digital scale go to stamps.com/tv and never go to the post office again! >>> we

vonnie: we saw this massive rally in yields in greece, spain, and italy, all of the problem countries. investors seemed to be breathing a sigh of relief, as if this means suddenly the ecb will make sure every thing is ok. erik: you're seeingerik: --erik: you are seeing a lot of speculation of restarting qe. if you look at household inflation expectations or the expectations of professional forecasters, they've held up a lot better. actual inflation is pretty steady around 1%. it is low, but i don't think it is weak enough. vonnie: let's look at the currencies on the move today, and that includes sterling. we are seeing a little bit of a rally. it's been in a range, and we are waiting for some kind of material difference on brexit. it does look like there has been at least a move on the part of parliament to say no deal is not happening. this puts it up to boris johnson to figure out how he's going to exit. erik: it is going to be a messy couple of months for sterling. we like to trade the ranges. eurosterling is probably a better measure of sterling, and range.n in a 85 to $.90 also i

if you look at the european countries, would you prefer greece over italy? hat does grace look like? willem: within the investment spectrum, greece is still outside of the spectrum usually for the bulk of our clients. italy, spain look more attractive because of the yield. if you believe the coherence of the euro zone is there and you ,dopt a buy-and-hold approach but clearly even there there is more opportunity in the corporate space. in the debt market there is opportunities as well. sels and david sarah with us. davide serra. in vienna, annmarie hordern is there with manus cranny. the gentleman from saudi arabia is speaking on the strength of the cartel and aramco with a new large ipo. this is bloomberg. ♪ "surveillance," francine lacqua in london, tom in new york. we had a one or call -- wonderful conversation with the future of e.u. banking. what is the shelflife life of deutsche bank as we know it? davide: i think deutsche bank finally has accepted that there is no role for having a goldman sachs in europe and there is a huge need for serving german and

thousands of lightning strikes into southern italy and then we saw these thunderstorms moving into greecenothing at all, it is a good word. it is a word, honestly! we have had yellow warnings here for storms. there were storms around birmingham, somebody had umbrella up, but if you look at the raider, most of the showers were across the far north—east of scotland but these are just moving towards the midlands, potentially. for the are just moving towards the midlands, potentially. forthe rest of us, humid out there and that is one of the reasons for these thunderstorms, temperatures in the mid 20s for some, it will feel fresher in the next few days because we will change the wind direction so overnight tonight we still have a risk of sharp downpours especially across eastern scotland and down into the north of england, they will start to ease to the latter stages of the night and quite mild night to come, temperatures are around london falling to around 17 degrees so potentially uncomfortable for sleeping, then we start tomorrow on a warm note, relatively dry and quiet, low pressure moves