we'll try to locate jonathan ferro. join the conversation on twitter .ng on in relation to davos. >> coming up the evaluation for shazam. ♪ >> welcome back to "countdown." one simple idea has earned itself and if i wish and of more than $1 billion. -- an evaluation of more than $1 billion. we're joined by shazam's executive chairman, andrew fisher. a big investment. $1 billion. congratulations. tell us what you'd plan to do with the money. you have increased the world of what is shazam-able. >> absolutely. we are excited about the strategy and how we are seeing the momentum. and makes it easier for people to engage with content or brands that they are interested in. it is not just music. it's radio. removed into other environments like the cinema -- we have moved into other environments like the cinema. we can see people want the opportunity to make their life easier. >> give us a sense of how the technology has changed? you doubt 2580 into mobile phone -- dialed 2580 into the mobile phone. he held it up to the music. >> probably a flip phone. >> you wou

i'm jonathan ferro. sainsbury's shares on the move this morning.ning us for more is charles allen and caroline hyde. we are feeling good about sainsbury's this morning. >> even though is the fourth quarter we have seen like for like sales decline, it was better than was feared. it only fell 1.7%, better than expected. it seems to be the taste the difference range that really outperformed. a 5% increase versus last year. people clearly trading up. the numbers are hilarious compared to what they have been sailing. 30% uptake difference between tesco. 69 million men spies. that means 60% of the population could have had one mince pie each. fourth quarter is challenging. food deflation not going anywhere. the price pressure is growing. we have to see how competitors react. sainsbury's has promised 150 million pounds in price cuts. last year was double that in one corner. sainsbury's is promising that for the whole year. many feel they are not doing enough. sainsbury's it well over christmas. >> talk to me about marketing position. we talk about this sq

i am jonathan ferro, 45 minutes into the trading session.operations were offset by gains in other divisions, let's go to hans nichols in berlin for more. what have we learned from the company this morning? >> it is down more than it was two seconds ago when i checked it. we clearly see they have work to do in their health care sector and energy generation sector profits are down almost 4% in the industrial sector which includes power generation down almost 40%. profits did beat estimates and overall revenues were up 5% to around 17 billion euros. this is still a company that had cash flow. here is the statement this morning. >> they did confirm their outlook for 2015, flat organic revenue growth and an eps increase of 50% and profitability still in the 10 to 11% range. there have been analyst calls and the ceo has been speaking and he says they have seen solutions for the units by may and maybe by may we will get oil and gas picking up. a lot of this has to do with their acquisition, a 6.8 billion euro acquisition. they did that when oil was

i am jonathan ferro. this is "on the move."less than two weeks away from snap general elections in greece. we spoke to the finance minister and he warned a grexit good happened. elliott gotkine joins us. wasn't that the top line? >> that was one of the highlights. it was a wide ranging interview. we talked to him for about an hour yesterday. he was relaxed. we were told not to ask him anything overtly political. but with elections coming up, it's hard to avoid politics. the opposition party is leading in the opinion polls. he said if it forms a government, it is imperative that it sticks to greece's promises and does not renege with the creditors. >> has to obey by the commitments that greece has signed up. greece has received huge amounts of money just from the europeans, 195 billion euros and made certain commitments. when we make those commitments we were greeks. were not a particular party. this has to be understood. >> have greeks stop paying taxes, social contributions, or even mortgages ever since they knew a snap electi

i am jonathan ferro.xit date coming up. friends is looking at -- friends hat -- free -- france with a national day of mourning after the terrorist attack yesterday. give us the latest? >> the speed of which the tragedy is turning into a political conversation very quickly. the leader of the far right movement has tweeted out she wants to call for a national referendum to reinstate the death penalty. here is the latest on the ground with what is happening in terms of the manhunt. the 2 suspects, the brothers, are still at large. 2 police officers in the south of paris were shot. initially the reports were they fled via the subway and later a rep or it -- and later a report that the suspect has been apprehended and is in custody. at the same time, a cabinet meeting presided over by resident francois hollande is gathering all of the apparatus to apprehend these 2 suspects. separately, the interior minister has said there are legitimate fears there could be more attacks. he was speaking on french radio this m

i'm jonathan ferro. this is "on the move."k's fourth-quarter profit rose to $701 million, a 34% increase on the previous year. 1.3 9 billion people are active users on the service. the social network now says 85% of its users access it via a mobile device. . joining us here on set is hu ssein kanji. help me out here. i remember questioning whether facebook could make this shift to mobile. here we are, a success. >> we all had that question at ipo time. almost all engagement today is on the mobile phone. i think 64% access it via mobile phone on a regular basis. almost all the revenue comes from mobile. this is a mobile company. >> what is the biggest us google -- the biggest obstacle for facebook now? >> investing in the next big thing, which is what mark zuckerberg has been outlining to shareholders. double down on r&d. they want to have a bunch of other properties, not just facebook.com. >> we saw myspace come and go. we question facebook's longevity. did the same with apple. no new product category. the iphone performance,

i'm jonathan ferro live from the city of london.antander, spain's largest bank plans a capital increase of up to 7.5 billion euros. it will cut it dividend. shares sinking on the news. joining us from our is our spanish bureau chief. charles, why santander chair and about 10 -- chair ana botin? doesn't it fit her against her father when he ran this company? >> that's right. ana botin announced two big steps percent and her, this big capital increase of 7.5 billion euros and a cut to the dividend. it was a dividend of $.60 per share that her father put in place back in 2007. her father died suddenly in september. starting to reshape the bank, to reshape her own vision for the future of the bank, and making very clear that she's is now in charge and it is a new team. she made that clear on her conference call. it is a big step. it does make a big break from the past which had been associated with her father. >> you know this company well. when we talk about a stock sinking 10% it is easy to say who the losers are. who are the winners

but jonathan ferro is a davos virgin. get a look at what it is like to attend the world economic forum. >> it is my first time and i am in good company. i'm going to take you behind the scenes. come to davos, they said. rub shoulders with world leaders, billionaires, central bankers. all i have met so far our security guards and freezing cold temperatures. i am in the world-famous conference center. supposedly, this is where the magic happens and the deals get done. there he is. i cannot see jack ma. but i can see lots and lots of cameras. to be fair, it is opening night and it is starting to fill up. this is not quite my crowd. i thought it would arab the script and do something a little bit different -- i would tear up the script and do something a little bit different. it all happens right here at the bar. now, i need to find in a tory us dav -- a notorious davos party. >> not glamorous? >> he is going to be replaced. [laughter] >> he is not covering the right parties. >> keep it right here. >> qe could be announced by

i'm jonathan ferro live from london. we have to talk about inflation. a read on prices of the eurozone. at 10:00 this morning, a drop expected. mike amey is joining us. also joining us is guy johnson. he will bring you that data in just over an hour. let's start with you, mike. the ecb is going to come into the market in march. what is going to make them make you rather, sell your bombs? >> two things. if you got a big compression in european yields to the point at which i think this is below where my medium-term inflation expectations are, that would be one reason. the other would bf global growth were to stabilize. if you take yields in europe -- it is all about ax inflation expectations. the thing they are looking at is forward inflation rates. >> you look at the situation in greece, can i extract the late -- extrapolate greece? is there credit risk elsewhere? does that play a part in the argument? >> if greece were to deteriorate badly, it is likely that you would see a wobble in peripheral european spreads. most people don't expect greece to actual

i'm jonathan ferro. 30 minutes into trading, the stock market off a little bit.dline is switzerland. the snb scrapping the cap on the swiss franc, the swiss franc surging, equity markets under pressure. smi down 3.5%, the dax doing nothing. caroline hyde? >> the pain, $2 billion wiped out of its market capitalization in two days. they are frantically trying to work out how this hit private banks in public banks in switzerland because of the sudden appreciation in the swiss franc. julius baer profits they say will slump, credit suisse will see its profits hit high 15%. so says barclays. julius baer really the worst performance because of the sudden appreciation, sudden end of the cap down 9%, as do most swiss stocks today. let's look at retail carrefour up, france's largest retailer is dominated in brazil, an international player, sales up 3%. this company is doing something right. minneapolis praising the management and the new format. the only issue is china. chinese sales have fallen. the company says clearly this is one to watch. meanwhile ,spectris, basically

jonathan ferro with the latest. in 25 minutes "surveillance" with tom keene.ing at? >> much will follow on to what jonathan ferro said. the markets are remarkable. when i emphasized is we will begin to only hear of the losses taken on what will take weeks to work out. brad will join us, legendary at sanford bernstein. now over at new york university. he will join us with the venture capitalist alan patrickicof. hans nichols will join us from zurich. robert albertson will join us from salmonella -- sandler o'neill. we will be monitoring the markets across equities, bonds currencies and commodities. looking at the -10 year yield in switzerland. >> thank you so much. "surveillance" is 25 minutes from now. >> the british prime minister david cameron is in washington d.c. to talk to president obama. the terror attacks in paris and the recent hacks of sony and the u.s. central command put cyber security at the top of the agenda. phil mattingly joins us from washington, d.c. we are expecting to hear about counterterrorism and stress testing key institutions. talk us

i thought the jonathan ferro interview earlier this morning was absolutely must listen.t investing. kate moore is always of interest. we will be joined by ian bremmer of eurasia group and carl weinberg and we will focus on oil in europe. judd gregg will also join us. the republicans do better than good in the last election. >> thank you so much. >> now, it was a december to remember. joining us now is the coo of ryanair. is this the finessing of the ryanair message that is delivering the numbers? >> i think it is ryanair doing what they have always done best which is giving consumers low fares across europe. with the average fare at about 46 euros, customers are saying that is what they want and we have made improvements in the experience. we are delighted with the numbers. delighted to carry one million more people this december versus last december. customers have told us what they wanted us to improve. we have worked very hard and quickly to make those improvements happen. these numbers show that improvement. >> it is, in many ways, that effect. we are seeing a differ

let's find out about the markets with jonathan ferro. >> the map is green.little pop. and nice little day of gains developing. here in london, we are higher by 1%. we are starting to get some gains. i want to take you inside the index. it is a story of u.k. retailers. tesco is 9% higher. cutting dividend, cutting spending, closing 43 stores. the ceo is starting to move things around. marks & spencer's is on the other side of the story. big miss for sales for them. on the fx market, euro-dollar dropping through 1.18. a december 2005 low. greek unemployment, 25%. that is not a pretty picture ahead of elections. let's be clear, the big drop-off -- it has been a dollar move. king dollar getting stronger. you look at this move up by 14%. federal reserve minutes out last night. they cannot batten the way concerns about the stronger dollar. they did not even really mention it. when you read through the minutes and you talk about the strength of the dollar and the effect on inflation core inflation, even as low as it is right now the federal reserve says they could

i am jonathan ferro. let's talk about china. in the nation is exhilarating infrastructure projects. beijing attempt to keep growth. aches pains to this. -- it expands to this. let's bring jonathan bell back in. you see the chinese response and the oil price movement. is this a nice stimulus package or a symptom of the slowdown? >> the oil price will help. there is a problem of spending and infrastructure that is health -- half of the economy and exports are not growing as much as. consumption is not big enough to take on the growth driver. you get the downturn in growth and the authorities go back to infrastructure. a lot is being wasted and does not generate the growth for future years that you would hope for. >> we see excess capacity and what is the risk that they continue to export the environment to the u.s. and europe? >> less than what it was. we have seen wage inflation and now, we talk about it needing to fall. it is less of an issue than it was and china has the issue of keeping its growth maintained for the time being while consumption picks up. >> look at all of these sto

let's go to jonathan ferro. >> this is a demonstration on how link these markets are.urt are up 6/10 of a percent. in london, where up by half of a percent. i want to take you over to what i'm talking about, the linkage in global markets. oil is lower again. the wci contract is below $45 a barrel for the first time since 2009. lower energy prices lower food prices. morrison supermarkets are losing the ceo. this is on the back of a price war. in the u.k., we've got energy prices and lower food prices. we've got in inflation print today of 0.5%. what does this mean? sterling goes lower. this feeds into that lowflation story. it's a global story. this is not just guilt yields going lower. it's switzerland. the u.s. treasury had their best start to a year since 1998 the consensus for this year is that yields go high. so much consensus, so much uncertainty in the world. yields go lower. the judgment call for market participants is whether to move in these yields a reflection of low growth and low inflation. this could be just a surge of money. >> thanks for a much. jonathan

jonathan ferro is looking forward to this. he joins us. to people. >> let me give you some insight into discussion. i do not necessarily subscribe to it. the 50 billion that has been leaked is that pure sovereign debt or including the tltro's, if that's it, it is going to be disappointment. when the u.s. started treasury yields at 4% in 2009 50 basis points on bunds, people are saying we've had a lot of it already. >> people are saying it is not going to be about the cost of borrowing. the mechanism by which this is going to work ia -- is by dragging the currency down. >> you hope that stimulate demand and gets businesses to borrow money. it is a discussion we've gone back-and-forth on. if it is an internal demand problem and in internal competitiveness problem france italy and spain, a weaker currency is not going to make them more competitive against germany. >> jon ferro's trying to crash some parties. let's see if he's successful. >> it is party time. i'm going to do my best to get you inside one. yes i'm taking these with me. the thin

>> jonathan ferro thank you so much., we will have full coverage on the european central bank. coming up, ukraine's president petro poroshenko in conversation with francine lacqua. good morning. stay tuned. ♪ >> good morning. this is "bloomberg surveillance." francine is standing by with the president of ukraine. >> probably one of the most anticipated interviews of the day. i'm so glad to welcome the president of ukraine to the bloomberg studio. thank you for granting us this interview. you are heading back to ukraine because of escalating violence. how bad has it become? >> it is getting worse. we have information about more than 2000 additional russian troops crossing a border together with the 201th tunnel carrier -- personnel carrier. this will create an escalation of the situation. that is why we have a very important meeting today with christine lagarde. we should coordinate our assistance. this is vitally and crucially important for us. >> what do you make of this escalating violence? what are the russians trying

jonathan ferro go have dinner or something. thank you. listen to this twitter answer to our internet -- unannounced to the question. guns. >> butter. what are you talking about? where is the safest place to put your money? i don't have a lot of money. it goes to the coffee can in the kitchen. >> somebody said guns. you are kidding. >> we want to know your thoughts. tweet us. >> ok. i vaguely remember. >> this is late-night tv. >> we want to know what you think. where do you think is the safest place to put your money? tweet us your thoughts. ♪ >>>> another day of oil him to. currencies give way and yields as well. we're watching this very carefully. this is "bloomberg surveillance." >> congressional leaders today we'll head to the other end of the ball for some time with the president. cameras, smiles, and everyone will return to his office and begin planning to destroy everyone else. peter cook joins us from our washington bureau. this is just theater, right? >> you are right. this is just theater. but it is important theater, required t

i am jonathan ferro live from the city of london.f every five corporate bonds worldwide call russia home. ryan chilcott has the story. i am not shocked but the numbers are disturbing. >> if you look at it right now, russia has more than five dozen bonds that are yielding more than 10% more than what you get through the u.s. treasury. that is the definition of distressed. more than 10% of the yield than you're getting in distress. at the beginning of december, it was just five ons. we have seen this dramatic escalation. v ed is a state backed rescue bank, infrastructure bank. almost half of the $44 billion of distressed debt that russia has right now. if you look at those yields, then you say, people are already treating russia as if it was junk but in fact if you look at the credit ratings, they all right now are one notch above junk but we are expecting for s&p to downgrade russia to junk and we are expecting moody's who made that move already to the notch just above junk to do the same very -- same. both dependent on the likelihood

r.i.m jonathan ferro.e into the trading day and this is how things are shipping that shaping up. the dax is coming off of the all-time high and down. the euro drops overnight and comes back a little bit. the euro trades at -- the greek equity market right now. it is lower by only half of a percent. a big election win for syriza. let's cross over to athens. guy johnson is standing by. we have the reactions in the greek equity markets and the next couple of months. what does this mean for the eurozone? >> it is going to be interesting to see what happens next. it has gone to the script. this is what was projected. it is some kind of a coalition that needs to be formed. it was interesting to watch the reaction of the people last night. he arrived to huge cheers and a sense of relief that it has stuck to a script. they pretty much achieved what the polling numbers have said. he traveled up there with the police escorts and spoke to the people and the crowds that were gathered in the squares. this is for the do

i'm jonathan ferro. this is how things are shaping up. the stoxx 600 up by 1%. the ftse 100 up by 1%. you saw brent comeback a little bit yesterday. the dax higher by over 100 points. starting with the stock moving lower. >> where is my optimism? an interesting story. all about black friday. it owns home base. argos showing the ups and downs of black friday. they say, on a day sales up 45%. the problem was trying to respond, trying to protect our profits throughout the rest of the period. they have to shy away from discounting. that meant sales not nearly as high as anyone had been expecting. only just about managing growth over home base. so home retail, the worst performer on the stoxx 600. uoff by 5%. richemont not doing well over christmas. it owns montblanc, cartier. they saw a serious problem in asia. asian sales down 12%. hong kong disruption yesterday. it really did hurt richemont. they are seeing some of the sign of that torrid last quarter on their share price, off by 1%. let's talk about face cream. nivea. this is the lead performer today, up by 5%. t

i am jonathan ferro. it is the first day back to work on the new year. a look at the ftse 100.e at .33%. the stoxx 600 is also up. some concerns that germany is ready to accept the greek exit. we have seen reverses in the equity markets and the dax is just in positive territory. let's get the movers. >> a key player in has an interesting move. one of the biggest followers is coughing up more than 800 million dollars. the distributors that it uses in china to help cover the losses. they are complaining that the meeting of unrealistic sales projections could smooth three relationship. it is in the interest to give that sort of money to the dealmakers. they say they are slowing sales growth and a new normal is going on. paying $800 million to the chinese partners. one of the big followers is cutting their view versus the by. they say to look out for the target. remember they are giving the update on christmas selling on thursday. in online and doing consensus. a big gainer today is up more than 3% because satellites are in this year. it is all about ultrahigh definition. televisio

it is jonathan ferro.he power brokers that are there in davos what has been the reaction any assessment of what draghi did? the markets have moved. >> it was well flagged, but it was a really good job by the ecb. tehey laked a number -- they leaked a number of 50 billion. then they beat expectations. the consensus in daovos is that this was a big delivery from mario draghi. you talk at the big names and the view is that this was necessary but not sufficient. john dawson foreign said exactly that. this is what we are hearing over again and again. >> i think is welcome action from the european central bank but action from a central bank is necessary but not sufficient for a european recovery. we want to see this accompanied by a clear plan to make the european continent more competitive. to create jobs. to make sure our public finance is in order. we have all those ingredients in the u.k., and that is why our economic plan is delivering strong economic recovery. we want to see all those ingredients in place

. >> good morning and welcome to "on the move," i am jonathan ferro here in the european headquartershe start of european trading. in a bloomberg exclusive, the greek finance minister says the company could stumble after the euro if they start an agreement with new creditors soon after this election. commodities crushed. wti crude drops to its lowest level in six years. another one bites the dust, the morrison ceo dalton phillips will exit the company after five years at the top. as the retailer reports their worst sales of the holiday season of all the supermarkets. looking at futures, appointing a little bit lower. u.s. futures down by .1% and dax futures up. >> it looks like we will give back a little bit of value this morning. no rate hikes in the united kingdom for the united states of america, equity markets are lower and prices of crude and rent are tumbling. ecb is threatening -- we have this ogre, we fund the brink -- banks in greece, remember that greek citizens. your

i'm jonathan ferro in london.tart of european trading giving it let's get straight to the morning break there may get tesco trashed. moody's cuts the u.k. retailer to below investment grade. the credit rating company says the u.k. grocery market will continue to challenge tesco. spain's largest bank raises 7.5 billion euros in new funds and raised its dividends. the stock is expected to drop at the open. and, jobs day. the market weights. 240,000 is the estimate for the u.s. economy in december. the unemployment rate is set to drop to a post crisis low. we are keeping a close eye on the most recent developments in france after the week's fatal shooting. more on that story throughout the hour. it is time to bring you the market open. >> it is fascinating that jobs day has been trumped trumped by inflation. inflation day in china, down for the 34th month in a row. lowflation in the united kingdom. disinflation in europe. declining rates of inflation in the united states. look beyond those inflation numbers. look to

jonathan ferro has more. are the markets still looking at qe? are they worried about greece?g at the market here in europe. it's higher. it's green across the board. here in frankfurt, it's up i 6/10 of 1%. confidence is stronger than expected. copper comes in at 2000 and nine low. let me show you greece. i take you to the athens stock exchange, down by 2%. the losses were bigger than that. the pain is in the greek banks. losses to the greek equity market greek bonds are taking pain. contagion at we are not seen that today. can see yields and italy are lower. the yield on the italian 10 year, remarkable stuff. there was a drop overnight. we are back up on the day. look at it on the month. we are down by 8%. syriza forms and anti-coalition coalition. the market is still very much on. the games got legs. >> how is he going to play this? that is the million-dollar question. let's get back to athens. guy johnson is joined by the president of the athens chamber of commerce and industry. >> he is with us now. i have to say, this is a great story. without five years with a crisis on

. >> thank you, jonathan ferro. 25 minutes from now "surveillance" with tom keene. york. >> congratulations to steve. i love the story jonathan mentioned. going against the grain. major in a major money centered bank. that makes a big difference. we will continue this discussion. tobias will join us from citigroup. we will look at the equity markets. we link it back to oil as well. on media stocks we had then banking to get -- on media stocks, we've been begging to get him on. moffet, we talk about telecoms as well. surat seddy will join us as well. betsy from morgan stanley. she looks for cost control. >> cost control might read the new thing of 2015. tom keene with "surveillance," 25 minutes from now >> a lot of m&a in 2014 and it seems we are not done. the pharmaceutical sector off to a start shire offering for nps pharma. out of geneva and caroline hyde let's start with you. >> $5.2 billion is the price tag. 10% up on the closing price friday. on december 16 when reporting built up, it is up. shire keen to get their hands on this company. the ceo says it is a st

let's check in on the markets with jonathan ferro. >> in 29 minutes' time, we get the growth forecastres to watch. the european map showing losses. we have losses in italy and spain. on the ftse, we are down. forget what you are seeing here though, the big story is in greece. greek stocks are getting crushed. the banks are taking the pain again. the banks are down by over 30% in the last three days. tsipras the new prime minister, talking a very good game today. let's see what the bond markets did. i'm looking at 10 year bond yields. 80 basis points on the day. back through 10% on the 10 year. spanish and italian debt pulled back a little bit. i am not going to say this contagion is there, but there is a little bit of a pullback elsewhere in the bond market. tsipras, the foreign minister getting a bit touchy about sanctions on russia not being in greece's interest. greece's voice got a little bit louder. in fx, let's go straight to the dollar. higher, higher, higher. stronger, stronger stronger. this one is in focus as we count down to the fed. >> thank you so much. in 25 minutes, it

i'm jonathan ferro. moments away from the start of the trading day. crude reacts.below $40 a ba rrel. shell slips. eu foreign ministers meet in brussels today as violence escalates and eastern ukraine. if officials are expected to consider imposing new economic sanctions on russia. greek banks get hammered. down 44% and three trading days. outflows accelerate in the month of january. the ecb's bank supervisor tells bloomberg that greek blenders are strong enough to survive. i am looking at future markets lower this morning. euros stocks off by 19 points. dax futures down by 44 points. >> you're right. supervisor has got to be confident. stocks having a bit of a tough time in greece. 44% has been wiped out. all the capital that they raced in those banks last year, poof gone. equity markets are opening lower. the fed remains patient. oil prcices dropped by 2% percent. money going into the yen. a definite sentiment of moving away from risk. royal dutch shell d

i am jonathan ferro. let's bring you the morning brief. 43 unprofitable stores. the ceo said the company is facing the reality of the situation. the fed affect. minutes after the meeting, some of the concerns about an early rate hike. france begins a day off morning after yesterday's deadly attacks. we are live in paris. we will strike out to our national correspondent -- international correspondent, hans nichols. give us the latest. >> two french police have been shot at at the south of paris. they do not know if there's a connection between the shootings and the shooting here yesterday on the french satirical magazine. the suspect initially fled by sub. he has been apprehended. the french prime minister speaking to french radio and set several individuals are being held in custody. on top of that, the country is on alert and the goal is to prevent another attack and find the 2 suspects who remain at large. >> thank you and will be on top of the story and bring you the latest news.

i'm jonathan ferro in the city of london. moments away from the start of european trading.barrel. the brent contract since the first time in 2009. plenty to discuss in the equity markets. inflation dilemma for the european central bank. the euro trades at a two thousand six low ahead of data released later this morning which is expected to show consumer prices with the first tech line since october of 2009. angela merkel flies into london to meet with david cameron. cameron faces rising anti-european sentiment with just four months to go until this year's general election. sainsbury beats estimates. they post a fourth consecutive quarter of declining sales. the outlook for the rest of the year is germane challenging. equity market futures pointing higher. dax futures up almost 20 points. let's get the market open with manus cranny. >> you are right. equity markets have been under pressure. they seem to have turned the corner for now. the question you have to ask yourself is if you get a negative number on cpi, is that mario draghi's fly in the ointment? if you don't act nic

jonathan ferro is always on these kind of things.ting next to me smiling, looking at this number. >> i see the ecb with an inflation target of just below 2%. i see and ecb -- an that is nowhere near that target. mario draghi has a mandate. the great collections is one thing. -- greek elections is one thing. within per for all countries the stalling wages and the consequences of reforms how do you fight that? this is not the united states. a lot of the lending happens through banks. they are not lending. the ecb is in a rock and a hard place. >> it is a growth demand story. >> it is the story we saw in japan 15 years ago. how do you stop the spiral? >> inflation expectations are reflected in bond yields. they are not expecting growth to come about anytime soon. they're expecting a yield of below 0.5%. the ecb can carry on slapping down the euro. >> energy was by far the most massive component of this. it was -0.63%. in the states, the fed is going to look at energy. the ecb cannot do that. >> they can't. and also there has to be a con

jonathan ferro. >> thank you very much, guy. don't let the color of this map deceive you. are losses but they are minimal. the dax doing nothing in frankfurt. here in london, the ftse 100 is off by 0.5%. the big story, qatar airways taking that 9.9% stake in iag. that will make them the company's largest shareholder. i want to show you what athens is doing. stocks in athens, a little bit higher after the brutal selloff in the first three days of this week. the banks got pummeled. alpha bank up by 7%. they are basically penny stocks jumping up and down. i'm going to talk to you about greek government debt in about an hour. stay tuned for that. yields are lower. off by 34% -- 34 basis points, rather. in a little bit of time, we get a big piece of data. euro-dollar, lower. 1.1321 is where we are right now. inflation data expected at -0.5%, the lowest since the summer of 2009. elsewhere, dollar-ruble, here is a cross to watch. stronger dollar, weaker ruble. that is a record low for the ruble on a closing basis. 69, approaching 70 ahead of a big central-bank decision at 10:30 u

. >> jonathan ferro, from london are we seeing motion in the bond markets based on the statement oute finance minister'meeting? >> it is drip by drip. finance ministers are willing to make the debt for greece a little bit more bearable. there is no contagion to spanish bonds. with russia, we finish with greece. i spoke to ian bremmer this morning. he says what happens if greece becomes a political football? if putin wanted a dig at the eurozone, he could back greece. those two stories could become one story over the coming months. that could be explosive. >> when that happens we will go to jon ferro in london and taunts nichols and. coming up, the nhl is going where no professional sports team has gone before with gopro. will it increase broadcast ratings? we will discuss, with tom keene the hockey player. bloomberg "surveillance" under television and streaming. >> "surveillance" storm central. ♪ >> good morning. a cozy morning at our world headquarters. in the southwest end of a storm. not as bad as what we thought but never the less hazardous. the careful driving north and east of

jonathan ferro joins us from london.hat does merkel have to say -- to offer, to keep david cameron and the brits from bolting? >> the big issue is there isn't a huge issue between these two dumb. they agree about most things. the big issue for david cameron, domestic audience with a rising sentiment and it situates that discussion around the issue of immigration. both of the issues -- for angela merkel, there is severe pressure because she has two elections this year. they're not german. one is greek and chest to try to keep eurozone together. the other is the u.k. election. she asked to try to keep the european union together. we're not going to get any concession on the free movement of labor in the eu that is a redline for the germans. what we may get is a concession about welfare tourism, the identity could come to the u.k. or germany and start getting benefits. today is very much about that word concessions. >> apparently, a one-day visit and the two will tour a museum together. >> going to the british museum? what

let's find out with jonathan ferro. >> a busy morning. a little bit better than expected. quite a conditions office adjusting -- credit conditions also a bit better. positive territory in italy. the dax stay positive. the ftse is down. i will show you why. have a look at some of the majors. shell out with earnings this morning missed estimates. a big cut to spending. $15 billion over three years. shell is lower by 4%. the big headline in the european equity market has been in athens. taking a real pounding. up a little bit today by 2.7%. the banks down by almost 27% yesterday. the bond market same theme, yields higher. i can tell you the yield of the three-year yesterday, at one point them a jump of 300 basis points. huge. the official sector, the imf, ecb, europe, about 81% of greek debt. the signal in the bond market was surging bond yields, not sincerely about imminent default , but their ability to regain access to markets. the nervousness around the new administration in greece clearly reflected in greek assets. dollar-ruble, there w

. >> jonathan ferro would join me in the next hour, michael mckee on bloomberg radio as well., truly, one of the most historic hours and the history of bloomberg television and radio and "bloomberg surveillance." we go to frankfurt, germany. we will look at the announcement and the press conference of the european central bank. from the world economic forum in davos switzerland, stay with us. ♪ >> good morning, everyone appeared the 44th annual meeting in davos switzerland. 333 miles north to frankfurt germany. history made at the european central bank. we will have complete coverage across television and radio, including a number of conversations. davos distracted by all. first, we go to our world headquarters in new york. >> we start with the european central bank on the verge of taking its boldest step yet to fight deflation. at 8:30 mario draghi may announce a massive bond buying program that could exceed $1.2 trillion. the quantitative easing is aimed to boost consumer prices. not everyone is on board. the plan is already being criticized by some as too little, too late.

right now, jonathan ferro is in london. are you gluten-free in london this morning? >> tom, i am italian, what do you think? [laughter] >> very good. i think these are different markets than the last few days. why is today different than tuesday or monday or last wednesday? >> it is still a commodity led a selloff, but it is being led by copper and not oil. what you see in copper in the mornings is it falls out of bed, and a narrative does not fit with copper. this is a story that developed off the back of the world bank report that slashed global bank forecast. china's, global demand, u.k. time falling out of bed. >> when you and i's although series of headlines about 3:00 a.m. from russia, from their finance minister, from the head of her bank do those russian headlines affect the market? >> i am not so sure about that, tom. i do not think so. this was a big one led by copper, and following the thing we have seen develop over the last month, a flashing light in the commodity market, similar in the bond market as well. that was very much a continuation of the theme

i'm jonathan ferro. this is what stocks are doing here in london. we are lower on the ftse.wer across the board. the dax down .4%. the cac 26 points. the big data point in the last hour and a half though, was u.k. g.d.p.. disappointment. 0.5%. the worst reading in over a year. not exactly strengthening the government ahead of the election, just 100 days ahead of that u.k. general election. we're face league isdown. remains to be seen. euro sterling a little bit higher. that crossed strong per. that is a weaker pound. a stronger euro. up 0.5%. that's big story in the market. here are the top headlines here at bloomberg. russia's foreign currency credit rating cut to junk by standard and poor's. s&p has a sovereign rating and told bloomberg their asset position has eroded. president obama is heading to saudi arabia today to mourn the death of king abdullah. he is leading john kerry and brennan . a blizzard intensifies along the east coast of the united states last night. the national weather service predicts more than two feet of snow could fall in new york and wind speeds cou

. >> jonathan ferrell with a wrap -- john farrell -- ferro with reaction.nk you. >> john dawson is in hong kong. good morning, john. >> the markets china up by almost 2%. off of those highs now. australia is closed. the shanghai, is it -- the shanghai composite did raise but the rally has eased off. the concern is, have they analyzed and thought about this afternoon september? if they do not have inflation back it will go on and on and on. >> ok, john. thanks a lot. john dawson live in hong kong. >> let's talk about the telecom sector in the u.k. the consolidation trend continues with the news that li kashing of hutchison went: -- whampoa is in talks to buy o2. caroline, good morning. >> second time, lucky. it was known that o2 was trying to sell itself to bt earlier. these telecom deals keep on rolling in and this time, it looks as though hutchison whampoa is going to potentially be the lucky buyer of o2 which is owned by telefonica in spain. a huge deal for a huge company. it will be the biggest mobile player in the united kingdom. 31 million subscribers.