i am jonathan ferro.he equity markets are blanket red. the dax is up 0.8%. the ftse 100 is off 0.25%. most of the bond market. german yields, pretty anchored. the 10 year is down 2 basis points. the italian 10 year, yield is up 70 basis points. the spanish is up for the first time august. the interesting part is at the seven and a nine and the difference. over the last 12 months, the spread has been trading over spain for the majority of the time and that has changed in the last week or so. italian under spanish. are we thinking about political risks until the end of the year and spain pulling a greece? that is the extreme scenario. i will break it down with alberto gallo. the bond market moves. the top news and bloomberg. the bank of japan governor kuroda said he was not try to influence of the yen's exchange rate. it's centered the yen lower. a statement after mr. kuroda told a hearing the yen was unlikely to weaken further. shares in australian insurance giant iag surge by the most in years after secur

i think i am in the wrong place today, jonathan ferro in beautiful switzerland. i am sitting in a room with no windows. the man next to me, in this room with no windows, mark parker -- bob barker. are we heading for capital controls this weekend, or a deal? bob: it is difficult to say. what you want to look at is what are the stress points for greece and what are the stress points for the markets? the primary stress points for greece are the outflows of deposits in their banking system. yesterday the greek banks were thrown a short-term lifeline. having said that, it looks as though deposit outflows from the rate banks are averaging between 200 -- 200 million and 500 million per day, the outflows remain intense. if this continues, that stress point will result in capital controls on outflows from a greek banks at some stage, that could be sooner than later. that is stress .1, stress point to is can the greek government pay its domestic suppliers, can it pay public-sector workers, can it pay pensions? there are delays in paying suppliers although so far they are c

i am jonathan ferro. 30 minutes into the trading session.'s get you up to speed on where markets are. a picture of equities. the dax, 10% from other record high back in april. in correction, down another 0.3%. the stoxx 600 on a six date losing streak, is there more downside to come? possibly. a guest saying forget the 10% decline on the dax, there will be another 10% downside. lifting the lid on the index. caroline: the ones moving the most. i want to focus on the downside which is where we are trading. one of the biggest followers down by almost 2%. it is all about equipment to help your mail be sorted more efficiently. not too pretty when you look at the numbers. 2.3% in organic recurring revenue. ubs said these are serious headwinds. their concern is the group's profit margin is under threat. poor performance at the low end of their full-year guide. many people listening to ubs' call it is not looking pretty. only two air france up. -- on to air france, up 1%. we have some updates on the airline's stocks. cuts to a hold to buy from air f

i am jonathan ferro.y 23 points, or a belt, a third of 1% and a bit of a comeback by 6/10 of 1%, the eight points higher, and checking out the fx market, the story this morning after three days of gains for the euro it is down by 6/10 of 1% against the dollar. the town pretty much erasing all of its postelection gains. and the 10-year, the german bond 0.51% and the wti. it is ok week. we are coming off of gains for that particular contract. a big day last friday, a solid game, almost 5%, and there are the rig moves. let's lift the lid on the equity indexes and get straight to the top stories. reporter: well, we are starting with lloyds. if you want to buy these, guess what, you have got six months longer. 6-2 december 2015, and also shares with individual retail investors. we know this was made during the election campaign. it is now making good on that promise. recouping more than 10 million pounds after more than 20 billion spent on the bailout of lloyds, so that is where we are at the moment, those sha

you are leaning forward listening to jonathan ferro. when somebody asks you why this is going on, what is your answer? what's the why of lower bond prices. jonathan: two stories, the global bond rout and what is happening in europe. the global bond rout is policy normalization. the european bond rout is overextension and crowded trade. you saw in q1, the capitulation of the remaining -- 0.05% on the 10 year. the global bond market story is one story, europe is another. the question i would ask is how long will the ecb tolerate that? tom: we are going to talk, and a lot of confusion about yield and price. these are priced charts which you use when you move. we've lost 8.4 years of german coupon in six weeks. eight-something percent of price and the yield is only 1%. 8.4 years of clipping your coupon. brendan: i'm aware that things happened on paper. i want to talk about this "ft," mario draghi pointing bund yields up with his finger. what does the financial ferro say?is this due to comments from draghi? jonathan: get used to volatility is

manus: let's check in with jonathan ferro at the touchscreen. terly figures are astounding. jonathan: quite remarkable. you see a turnaround on the periphery, as far as equities are concerned. positive territory in spain, positive territory in italy. for q2 it has not been about greece it has been about the bond markets. it has turned equities around and turn the euro around. equities in the euro -- the best first quarter since 2009. the best quarterly gain since 2009. in q2, it is the polar opposite -- the best quarterly gain for the euro against the dollar since 2011. we are down 0.6%. the story over the quarter has been euro strength. a lot of that has nothing to do with greece. it has come from the bond market . the euro was up 4% over the past four months. the difference in the spread between the german-10 10-year. italy going to the market issuing debt this morning. the risk aversion we soccer a earlier this morning with the bond market has started to turn. german bond yields, yields are lower by about two basis points. sure, you have got t

jonathan ferro will be back. european equity markets are set to open. story about germany and its preparation in regards degrees. have a good weekend. ♪ jonathan: good morning and happy friday. i am jonathan ferro. europeans headquarters right here in london. just at the start of european trading. imf bails out from talks. the fund says there are differences between them and greece. the eu tells the government to stop gambling with the got just what the country's future. cutting down to the the open. greek posted their biggest gain, minutes before the imf vented their frustration. costolo flies the coop did -- coop. jack dorsey to expect the role that he was pushed out of here at the stock jumps. i will be talking about that through the morning. looking at futures markets in the red. stack futures up by 39 points. lettuce wrap up the week. european markets open. caroline hyde. caroline: a bit of a wake-up call. finally, the imf walks out of the negotiations. market starting to feel the pain after this week. expecting the dax to open lower as well. meanw

jon ferro is up next with "on the move." ♪ jonathan: good morning and welcome to "on the move."rro in the city of london. just moments away from the start of european trading. let's get it started. greek talks fail again. negotiations between the government and its creditors break up after 45 minutes. the stage is set for a showdown at thursday's meeting. draghi steps up to the plate. the ec president testifies expected to face questions on the life support the central bank provides to greece. london property gets a postelection bounce. asking prices for london homes rise 5.7%, to a record high. that's what i'm watching this morning. ftse 100 futures off by 38 points. dax futures off by 150 points. big action in the bond markets. the periphery selling off a little bit. caroline hyde is here in london to bring you the european market open. zeb eckert is in hong kong with a wrapup of asia. i want to kick it off in london with caroline hyde. caroline: just 45 minutes and those talks collapse. let's see how they are opening in europe. currently trading lower more than one percentage

more with jonathan ferro and the "on the move" team. ♪ . orning and welcome to "on the move." i am jonathan ferro. moments away from the start of european trading. what an ugly session yesterday. are we in for more of the same today? the pressure builts on degrees. mario draghi said at the ball is in their court. the prospect of a deal fades. omt on trial. the verdict on the legality of mario draghi's unlimited bond buying plan. and kuroda's u-turn. he sent the yen surging. today he back steps. he said he was not trying to influence the exchange rate but he did. that's what we are watching. future markets lower. spreads widening. it looks like a repeat of monday this tuesday morning. straight to the markets. caroline hyde bring you the open. zeb eckert with a wrap up in asia. a pretty ugly session and china. caroline: risk of urges of cross of the board. yesterday it was ugly and it looks like another down day. how markets are opening. france is up by 0.75%. we wait for the dax to open in germany. greek debt continuing. basically, we are gai

i am jonathan ferro in the city of london.sbc is preparing to cut thousands of jobs that may affect 10 to 20,000 people. the bank could enough the plan next week. saudi arabia's oil minister says the market share program is working. demand is picking up and supply is slowing. the opec meeting takes up tomorrow. for the first time in two years, japanese workers saw their wages increase faster than the cost of living. prime minister shinzo abe is pushing to put more cash into salaries. no change for the rba. the australian central bank left the cash at a record low while india cut interest rates. some joins us in hong kong. first, the market reaction. put it together for me. >> let's take a look at what has been happening. the equity market has generally been a down day. take a look at he australian dollar. this is what we saw in the wake of the decision. all economists we surveyed expected no change. they kept it at a record low. check out the currency move. it continues to take higher. the reserve bank saying leaving rates unc

later today, jonathan ferro will sit down with ahead of the smb, thomas jordan.iew coming up later. up next, as well hikes ahead. yellen signals a rate rise will come this year. we go to washington for analysis next on "the pulse." ♪ guy: good morning. welcome back. you are watching "the pulse" here in london. now the federal reserve has signaled that a pickup in the u.s. economy is keeping it on track to raise interest rates later this year, but janet yellen said subsequent increases may be more gradual than anticipated. peter cook has details. peter: after its latest meeting in washington, the federal reserve moved a step closer to its first interest rate increase since 2006, but the timing remains in play. janet yellen says progress has and made in meeting the fed's test for raising rates. further improvements in the labor market and more confident inflation is moving back to its target. but not enough progress. janet yellen: no decision has been made by the committee about what the right timing is of an increase. it will depend on unfolding data in the months

i'm jonathan ferro right here and the city of london. 30 minutes into the trading day.ow the day shaping up. as second day of loss. monday we go up, today we go down. we are down by 103 points. the 5100 here in london, where lower by 48 points. europe .72%. game called that -- days come down. bunds yield lower. spreads getting wider once again. a tie in bond yields the tenure up 2.42%. for basis points, we vanished -- we travel north. mark: the takeover for this company, handles by reporting schedule s-1 is to raise -- citing people familiar with the matter. you will remember last week gave as much as 39% following a takeover from canada's -- 3.9% lower today. the uk's biggest online food retailer. it beat estimates. it is continuing to gross slightly ahead of the online grocery market. it says the outlook for the grocery market remains subdued. also talks on international partnerships on a detailed level. technologies a 5% high today. the u.k. designer for chips. technology for devices. revenue up by 4%. licensing revenue up by 2%. it's targeting 10% growth in licensin

i'm jonathan ferro. this is how things are shaping up in the equity market. ftse 100 is higher by about three points. the dax is higher as well you 62 points traveling north areas for the record highs of april and down coming back a little bit. check out the fx market big moves there the euro-dollar, one euro buying the 11286 with dollars down about one third of 1%. kiwi getting battered down by 2.5% after the first rate cut from the reserve bank of new zealand in four years. we will break down these fx moves in just a minute. for now let's get to the mansion house tonight. last year it was all about monetary alice's in this year is squarely on banking. >> for those who free ride, the age of irresponsibility is over. >> does the era of banker bashing continue, george osborne stressed the important of the financial instructor. >> the financial services industry has been seen as part of the problem and now it must be part of the solution. i want britain to be the best place for european bank and global headquarters and it is in our national interest to be so. >

i'm guy johnson in for jonathan ferro. from the start of european trading, let's go to the morning brief. the fed signals a pickup in the economy is keeping its interest rates for the first time since 2006. the fnb decides with 30 minutes away that a rate decision from a swiss national bank, that a strong frank could drag down the swiss economy. we will be to thomas jordan leader this morning. greece hangs in the balance, european finance ministers descend on luxembourg for a deal. guy: the german chancellor will give a speech and berlin, she is speaking before parliament. we will be monitoring her comments, she is talking about greece. in the meantime, for what you need to know what we don't know yet is how the european market are doing. caroline: we are 17 seconds in coming from the federal reserve, managing to dictate what she needs to be saying to the markets, yes, you will get a hike this year, but it will be slower than expected. the u.s. rose on some of the comments coming from janet yellen. hsl

anight i was talking investor who called me he was watching bloomberg television and our colleague jonathan ferro -- olivia: love jon. erik: at one point when the 10-year bund got to five basis points, jonathan said, "i'm sorry i have to editorialize here, that is insane." said that that was the cue to sell. olivia: jon ferro moving markets. governor bank of japan for saying that the currency is unlikely to fall further. the yield is down 2%. erik: want to back down a little bit. olivia: my takeaways that jon ferro moves markets more than the boj governor. let's look at what is moving the markets and bloomberg. a suicide bomber blew himself up steps away from an ancient egyptian temple. four people were injured. the associated press is reporting that shortly after the explosion, police killed 2 suspected islamic militants who arrived at the temple with the suicide bomber. it is a southern city visited by millions of tourists every year. erik: harsh and pleasant meeting with pope francis today -- russian president flattery pugin is meeting with pope francis today. while the pope as the clock and l

i'm jonathan ferro. let's bring you up to speed with bloomberg's top stories.he turkish majority lost its majority in parliament. the result deals a blow to president erdogan's ambitions. turkish stocks and the lira have both slumped. china's exports fell in may while imports slumped the most in three months. overseas shipments fell from a year earlier while imports plunged more than 17%. stocks on the shanghai composite rose, closing up more than 2%. a brazilian billionaire is said to be considering a takeover bid for liquor giant dua iageo. shares up as 8%. let's get to another top story. greece always a top story. still no deal. even u.s. president obama has had enough. hans nichols is there to cover this story. and, our athens bureau chief has the greek angle. hans, leaders, i guess they are getting as sick as investors over the never-ending story that is greece. hans: sick fed up, tired. frustration would be one word that i would use. it is ample evidence in these alpine hills. we have everything gathering. even some of mr. ct sipras' allies seem to be exp

i am jonathan ferro. 30 minutes into the trading day. things are shaping up.he full c1 hundred down by over 2%. the debts off by 458 points. -- the ftse is down by 2%. the bond markets. spreads widening but not as brutal as one point. the 10 year in italy is up. the yield and journey goals -- the yield in germany goes south. a lot of stock stories to talk about. let's lift the lid with mark barton. mark barton: it is indiscriminate. travel companies, down by almost 8%. the biggest drop since 2011. you know what have at the end of last week. tourists found in tunisia 27 killed. shares are falling today in response to that. tuni is down pretty it has created a crisis. tunisia is a big holiday destination for tourists especially from france. it had 1500 at the time. thomas cook, the biggest drop since november. down by 7%. besides that the selloff is indiscriminate. every single sector is declining on the stoxx 600. it is the worst-performing spectrum. every single bank on the stoxx 600 is dropping today. all 45. 46th is the national bank of greece. no shares are

francine: jonathan ferro has more. jonathan: we pull back this monday morning again.t. it would be lower if it were not for a speculation of a takeover. the dax is off by 4/10 of 1%. it would be lower if it were not for this. i will show you the big mover this morning. deutsche bank stock over 6%. over 8% at the open. anshu jain and jurgen fitschen stepping aside and you will see one man in charge, john cryan. investors are getting what they wanted. the big headline last week was the worst selloff for german bunds since 1998. over the last month, we have been talking about the correlation between the bond market and germany and the equity market. the correlation at a 1.5 year high. this is the shape of the dax over the year. a year to date record high. 10% lower. the dax in correction territory. it feels like a long time ago it was only april. the lira against the euro at 82015 low against the dollar. a record low against the dollar. the ruling ak party not getting their majority. q the brutal selloff for turkish francine: markets. -- of the turkish markets. francine:

less gas jonathan ferro. jonathan: ftse 100 flat, dax up. a selloff of almost 1%.eriphery down 1/3 of a percent in spain and italy. the moves or in the euro area bond market off the back of the punchy cpi figure in the eurozone. 0.9% on core cpi. bund yields surging 16 basis points biggest selloff since august 2012. today 0.7 3%. monday, that was south of 0.5 percent. spain and italy, yields north of 2%. spanish yields stay above 2%. big moves in the bond market echoed by big moves in the fx market. the euro pumping higher by 2%. today we are weaker by about .4% on the day. some punchy moves ahead of ecb decision time. how does mario draghi egg knowledge those improving inflation expectations? on the other hand, stare down a global bond rout and stronger euro. something for later. hans: thank you. in the next hour, tom keene. tom joins us from new york. you are going to continue the conversation about a little country on the aegean. tom: we will talk about greece. important meetings in brussels. stare down between tsipras and the rest of europe. pushed aside by the

jonathan ferro has the latest. pretty heavy movement on bond yield. will get to the bond market in a moment. the selloff inequities continues. down over 1% on spain. in germany on the dax, down by a full percentage point. the ftse 100 selling off by .5%. the greek situation as injecting uncertainty into the equity markets. volatility in the bond markets is feeding as well. put those together and that is reflected in the zew number, the index investor confidence in germany. that was significant drop-off as far as german investor confidence is concerned. in bond markets, spanish, italian bonds falling. money going into bunds. we have a turnaround cummerbund yields -- we have a turnaround, bund yields were still high. italian yields move 4 aces points lower. a divergence between what is happening in spain and italy. when we talk about spreads, we talk about headline spreads. the spread between spain and italy is something to watch. italian yield of 2.32% spanish yield of 2.42 percent. the spread as 10 basis points. not big, but significant. over the last

let's check in on the markets p jonathan ferro has the latest. ention will shift to the speech from mark carney and george osborne. for the markets, we look set to end the six-day losing streak on the stoxx 600. some gains of the dax. decent gains on the periphery in italy. the stock market and in the trend of losses. the bond market is not. bond yields for fixed incomes german 10 year up by 5 basis points. the story is the spread between germany abnormal 1% and -- at 1% and the u.s. ten year. it is that spread narrowing from 190 in march to below 150 you have a stronger euro. one euro buying me $1.13. up another 2/10 of a percent this morning. the ever stronger euro. the overhead line overnight, dollar yen. dropping like a stone. down to below 1.23. we were up 125 a couple weeks ago. governor kuroda saying he does not foresee any reason for the yen to weaken from here. what he says is one thing, what the bank of japan does is another. a lot of investors expecting another round of easing later this year. yen weakness is over, big question. francin

we need to bring in jonathan ferro, who will be up shortly.ear what you have to say. >> we talked about italian banks. we are interested in greece, turkey, and deutsche bank as well. a move on the currency of 5%. we don't talk about that very often. a move of 8%. we don't talk about that very often. >> you don't see that very often. ask we are expected to wake up monday morning and talk about trying to get more powers. that's not the conversation this morning. i don't think people were prepared for it. anna: uncertainty seems to have trumped everything else. this is a man over the last 12 months. increasingly shoving his nose in where central-bank matters are concerned. >> clearly this is down to the election. >> that's the broader story. you start thinking about the dollar bull market and what it means for the currencies like the turkish lira. anna: i was in south africa. i was talking to the finance minister asking what is going to happen to their currency. they were throwing in another dimension. they were saying there could be weakness but

jonathan ferro has more. jonathan: ftse 100 down 1/3 of 1%. and the ftse has traded lower with it. the dax down 1%. lost 6% on the ibex in spain the complex in europe, the stoxx 600 on a five-day losing streak. that is the longest so far this year. the dax over the year the. it has been a phenomenal story. this right here in late january, the announcement of e.c.b. q.e. . we go higher. they start buying bonds in early mausm. we go higher. they hit a peak in april. that is a record high. then comes the rollover. down 10% since april. that is correction territory. bob of nomura on the show today, said there could be another 10% of downsize in these european stocks. that is a bear market. who was calling for that april when we were at an all time high. quite a turnaround. it can be told by the story in the fx market. the euro hitting those lows in early march. $1.05 against the euro. then we came back to $1.12. still down 7% on the year but it is the turnaround from march, april that has told the story. that story has come from the bond market. o

caroline: do stay tuned as jonathan ferro takes over the wheel. ood morning, happy friday -- jonathan: good morning, happy friday. we are moments away from the start of european trading. let's wrap it up and go to the morning brief. china's equity rally is poised to the worst week since 2008. emergency meeting, talks on greeks breakup without progress, the ecb is set to plan an emergency session. the government stumbles towards default. great prime minister suppressed meets putin today, will be there tonight -- will be there live. the futures are flat. dax futures are higher by 39 point. let's get to the markets. caroline hyde is here. david is in hong kong. caroline, let's kick it off. caroline: silence is deafening in the market whether you're looking at the euro, or stocks. currently trading flat, flat as a pancake. similar in france for the moment. sparks are flying in the political debate. in luxembourg, the insults coming from lagarde saying they wanted adults.

jonathan ferro will be back for the market open. guy: plenty more to come throughout the day. rage over that retail sales number. the market open is coming up next. ♪ jonathan: welcome to "on the move." moments away from the start of european trading. an incredibly busy day already. the bank of korea lowers interest rates to an all-time low. the spread of mers poses an imminent threat to consumption. the central bank of new zealand cuts rates for the first time in four years to boost inflation. greece gets a downgrade. s&p says the government is prioritizing domestic spending over debt obligations. rbs on sale, george osborne says he will start returning rbs to private ownership. ahead of the open, dax futures up, we snap that losing streak on the stoxx 600. let's get the latest from our bloomberg team. caroline hyde is here in london. caroline: it looks like this not backfire we had yesterday might be short-lived. 1.8% is what we saw added to the stoxx 600 yesterday. we saw that surge higher. today, a little more tentative. similar moves in france and germany. where do we look

i am mark barton in for jonathan ferro. we are moments away from the start of european trading.to your brief. alexis tsipras restarts bailout negotiations with lagarde, draghi and juncker. stocks indicate a lower european output. dollar strength hits h&m that is what we're watching today. a second day of decline after four days of gains. let's check out what is happening caroline: we are set for a second day of declines. they will be sleep deprived again today. once again, an economy that accounts for less than 2% of the eurozone is dictating global sentiment. we are seeing them follow in unison in terms of correlation. it's the sort of situation -- separation we haven't seen since 2011. the most strong relationship since 2011. greek is back in the forefront of investors mind. clearly risk aversion is back. it is happening in the euro as well. the euro

ferro. ♪ jonathan: good morning, and welcome to "on the move." a busy morning already. india cuts rates.the benchmark rate in an attempt to spur private investment. midnight in berlin. europe's high-ranking officials hammer out an offer for greece. eurozone inflation data expected to rise 0.2%, but is the inflation scare over? i will bring you those numbers. ftse futures up to 21 points. dax futures up by 31 points as well. >> will we get the higher open indeed? some of these are not showing yet, so we will have to come back to you later when they actually react. the cac 40 up just half a percent. you see the ftse 100 up a little stronger as well. that would be the second day of gains if we see those higher today. let's take a look at what we are watching. potentially going to see some big moves for the stocks this morning. starting with tobacco companies british american tobacco and imperial tobacco both trading low