i am jonathan ferro.et's bring it up to speed. the shed 5.6%. the lowest price since the company's ipo and november 2013. just twitter below a value of $20 billion. the company warned that it will be a while before it stems the slump in user growth. -- one of its agencies defaulted for the first time. $58 million and printable is due. but futures -- prosecutors are investigating trades worth billions of dollars led by deutsche bank as recently as this year. that is according to people with knowledge of the situation. the justices that the justice department probe -- move funds out of the country without legal authorities. we heard second-quarter earnings from bmw this morning. results were in line with expectations. a sharp slowdown in demand from china maybe the desk may lead the company to revise its forecast. the initial take away from the bmw numbers. >> that is right. the bmw shares are down after bmw said that while they were maintaining their forecast, they cannot rule out having to lower the forec

i am jonathan ferro live from the city of london. message up to speed.man production unexpectedly dropped in june. 5.02% in after rising may. while imports% dropped 0.5%. the bank of japan says governor kuroda -- the boj will continue to spend test will continue to expand the money base. beate's biggest insurer estimates with second-quarter profits up 15%. the company is house by earnings from the property and cash division. bloomberg spoke to the cfo early today about the results. he highlighted how high interest rates would affect results. ask the interest rates are based on a level that we had in december before christmas. therefore, they are still in line with our expectations. before higher interest rates -- earnings, bonds rates are still quite a bit. jonathan: the iranian deal hits a roadblock. democrat, chuck schumer announces opposition to the deal. to statement caused oil decline. let's get more from will kennedy. well, breakdown the statement of chuck schumer. this for me was a little bit of news and u.s. politics. a roadblock, yes. is a big e

let's talk to jonathan ferro. it looks like another tortured day. an: i want comment on that first part. dataother data, eurozone is surprising on the upside. that feeds the narrative from over the weekend. inflation in the developed world will pick up. it's that story from stanley ,ischer that feeds the idea give some life to a federal reserve meeting that looked otherwise dead. market pricing increases to 40%. it's a key indicator for one of the reasons we love it across europe. the dax is lower. sticks hundred points finish and ugly month. this is the biggest decline in four years. greenn london, we are because that was friday's lows. some lucky people get the day off on bank holiday. the least ugly contest wins it worried i will show you why. the biggest gainer, 12% of the index in italy. stock goes higher by almost 3%. the dividendupport it going forward. out of all the oil majors, this was the first to cut the dividend. that became the victim of the oil crisis. the biggestiday, today pop since 2009. today, they are back on trend. these are some

i'm jonathan ferro, live from london.erve annual retreat in jackson hole, wyoming is in full swing. -- which data is the fed focusing on and what will happen in next month's policy decision? the gdp figure came in at 3.7%. will the big focus be the recent bout of market volatility? we should expect volatility from time to time. of somen a period uncertainty, questions about china, questions about global growth. i think we should expect some volatility. what it means for monetary policy i think is not yet clear. it is a complication, something we watch, but i'm not ready to say it has a long-term effect. jonathan: stewart is still with us. you look at the fed and they have to account for the market in some way. when you look at the moves this week -- $5 trillion penny stop, do you put it down to fear or market structure? stewart: it is a bit of both. we have been building up to this for some time. it was the tightest trading range year to date in the dow jones. low volatility and high volatility -- whether it was up or dow

i'm jonathan ferro.ght this morning, shanghai swung between gains and losses and finished lower, even after the central bank cut interest rates for the fifth time since november. we are all struggling to keep up. earlier on we heard from gloom, doom editor -- he spoke with anna edwards. >> a friend of mine just issued a report which i find very funny in terms of its title. he writes, "rescuing the rescue package." this is letter days. throwing more money at something that has already gone wrong. is injuring --at if not a recession -- been a very meaningful slowdown, where trendline growth in china, instead of being between eight and 12 -- a tweet a percent of 12% will be in the neighborhood of 4%. at the present time we aren't growing at all if you look at sales,at smart watch industrial production and export. we have a meaningful slowdown, and in the meantime, the average p.e. of stocks is still very high. the indices have a lower p.e. because of the banks but the banks have their own problems. my stanc

jonathan ferro explains what to expect on super thursday. jonathan: they call it super thursday.land is about to unleash a flood of data. until now, the policy decision and in minutes fell to bring weeks apart and the inflation report would fall somewhere in between. that is all about to change. starting august 6, it will simultaneously publish its policy decision, minutes, as well as any new forecast. the instantaneous unveiling means investors will have the information in hand within to wade through all at once. it is an unprecedented move for a major central bank. officials will gather on august 5 to be briefed by staff and a vote. the decision, together with everything else, will be announced the following day at noon. giving you 45 minutes to digest everything before governor mark carney begins his press conference. traders, investors, brace yourselves. anna: we are braced. jonathan ferro will be back in 40 minutes time with "on the move." one of the things the bank of england is wrestling with his weakness in energy prices. we have heard from a number of companies. neste re

i'm mark barton in for jonathan ferro. moments away from the start of european trading.our morning brief. japan contracts. gdp go negative once again in the world's third-biggest economy. abenomics under pressure as consumer businesses cut spending. chinese contagion. the yuan stabilizes, but emerging markets feel the pain. no rest fight for the ringgit as the malaysian currency extends the worst week for asian currencies since 2011. and backing the bailout. merkel makes the case for a great deal of ahead of a key bundestag vote on wednesday. greece owes the ecb 3.2 billion euros this week. that's what we are watching today. european markets just opening. futures indicating we will see stocks open today, euro stoxx futures up by about 0.7%. ftse futures up about 0.4%. one week of the after two weeks of gains. what is happening today? caroline is at the touchscreen. caroline: we are expecting a rebound. we saw a 2.7% selloff in the stoxx last week. with china ringing in everyone's ears, we saw the dollar surged and we saw a bit of a comes turn about the exporters getting

jonathan ferro explains what to expect on super thursday. than: the bank of england is about to unleash a flood of data. month, thew, every decision and minutes fell two weeks apart. every three months, the inflation be part was somewhere in between. that is all about to change. starting on august 6, it will simultaneously published its policy decision, minutes, and any new forecasts covering any facet of the u.k. economy. this means investors will have all of the information in hand within seconds to wade through all that once. it is an unprecedented move for a central bank. here's how it will go down. officials will gather on august 5 to be briefed by staff and then vote. the decision will be announced the following day at noon, giving 45 minutes to digest all the details before governor mark carney begins his press conference. traders, investors, economists of the city of london, brace yourselves. super thursday, we have been looking at that fall in oil and the prices. it has been affecting inflation. francine: that's an indicator on when

i'm jonathan ferro in london.the start of european trading and one big red headline. greek lawmakers approve a third bailout. some dissent, but they approved the third bailout package according to the vote tally. that gets approved by greece. now every other national parliament needs to approve it. that is a big story for us going forward. let's get straight to your morning brief area -- brief. growth in germany expands less than forecast. it is gdp day for the eurozone. yuan stabilization. the people's bank of china strengthens its reference right. crude crash. does the global supply glut continue? the beauty i drops to a 6 --- wti drops to a six-year low. a lot to discuss ahead of the open. the dax futures higher. ftse futures higher as well. could we get higher in the european open? let's get straight to caroline hyde. caroline: greece voting for that third bailout package. we are seeing the open basically flat in france. ftse up 0.1%. the interesting figures will be the devil in the detail when it comes to gre

jonathan ferro, anchor of on the move, what are we going to be watching? to be looking back on it incredible week for global equity markets. creeped backjust into the green yesterday. a remarkable turnaround and rebound. another rebound in shanghai today. the shanghai gains manipulated. they are finishing on a high as well. on april 8, i had a guest on my show of sack so bank. it was a week before the stock 600 hit an all-time high. he nailed that call. i want to ask him where we go next. japanesewe talk about no flation. jobs back for a third time this year. it drops back for a third time this year. caroline: thank you very much indeed. we will be tuning into you. that is it for us at countdown. stay tuned for more with jonathan ferro. futures are slightly lower here in europe. .1%.ax, down 100re seeing the ftse falling lower as well. ferragamo, those stocks have been depleting their earnings. , on the move is next. ♪ juliette: good morning, welcome to "on the move." we are here in the city of london, moments away from the start of european trading. let's

we talked to jonathan ferro. >> he thought it was a misprint. it seems funny to me.hatf the really bad stuff happening greece happened in july after the second quarter ended. but there was a great deal of uncertainty, at least for the month of june, which would have been captured by this. 0.5 percent was for contraction. it was a 0.8% increase. easier make an agreement because when they run all of these numbers through, it changes the denominator and then you have an easier argument on the denominator. that is my argument. lies we one of those tell ourselves to get along in brussels. greece has a history of unreliable or optimistic numbers. >> a lot of the fake numbers i think they solved that. whenever there's a number to leave out of whack, i don't think you should assume there is a lie. remember the last jobs number before 2012? they weren't cooking them, you just get funky numbers every once in a while. tom: let's remind ourselves how depressed the depression of greece is. it really upsets me when people say they are not in a depression. real gdp. this is inflati

i'm jonathan ferro. we have had a busy 12 hours.will get a reading of italian inflation and a few minutes time but also the financial market survey at the same time. that is all coming up at the top of the next hour. let's check out the market 54 minutes into the session. theftse 100 is still in red. where the midas off the session lows. that's what has been pinning down the footsie. we were down as much as 2% for some of these stocks. the big story overnight is china threshing the daily reference rate by a record amount triggering the biggest one-day loss for the u.n. and two decades. power storyrchasing clearly playing out in the markets. the pulse is coming up at the top of the hour to about three or four minutes time and i'm very pleased to say that francine lacqua will be anchoring that show with manus cranny. manus cranny is next to me sorting out his microphone. manus: if i had many are another two seconds you would've seen the entire floor crew operating. chinese personified it amazingly which is to have your cake and eat it

i am jonathan ferro. that is almost it for this hour of bloomberg tv.ake you what we should be watching for the rest of the day. standard charter us out with earnings and it is the first set of numbers. the new ceo reports and in 20 minutes, we will get the answers. what are we expecting? stocks generally the best profit since 2007. not expecting that. >> standard chartered is a very different beast from stock gender and we're are looking at how that revenue has fallen and our concerns they are not making enough money anymore. we will be looking very closely at that and we will be interested to see the amount of capital that they have to raise. they will -- potentially be cutting their dividend. jon: is that something we could get in 15 minutes time and will be given honeymoon period to the ne ceo? maybe try to get all of the bad stuff out of the way and clear the debt if you will. the dividend may be announced in a maybe cut today but we are unlikely to see anything about it capital raise. could certainly see the direction of travel over there and how

. ♪ jonathan: good morning, i'm jonathan ferro live from london. it's quarter past the hour.tocks are pretty -- let's bring up the index for you. the stoxx 600 down by 3%, the ftse trading below 6000. we are coming back a little bit but we are still down by 2.6%, and on a 10 day losing streak. the dax is down by 10,000 points, in bear market territory. the shanghai composite -- look erasing aown 8.5%, 60% rally for 2015. switch of the board and check out the other asset classes. morning,ger euro this training just below $1.15. we will talk about this in just a moment. crude is south of $45 a barrel for the first time since march, 2009. -- bloomberg commodity index march, 1999 was. unreal stuff. a 16 year low. let's get you up to speed up the top stories. the global stock selloff continues -- the singer composite down 8.6%, its biggest drop since 2007, erasing all its games in 2015. japan's a stock fell the most in two years, internet correction. the bloomberg commodity index slid to the lowest levels of 1989. results, after iron ore prices drop. the stock is trading down by m

i'm jonathan ferro. we are live from the city of london.et's get you up to speed with bloomberg's top stories. the athens stock exchange is set to reopen today after a five-week shutdown. a host of restrictions will govern trading. the whole -- the hall in trading was a blow to owners of greek equities, wiping 85% of the market value. nokia is selling its map unit to daimler for 2.8 billion euros. the luxury automakers first approached nokia about a sale. the unit supplies mavs eta -- data in north america and europe. heineken beat estimates. the company introduced new products to drive demand. bloomberg spoke to heineken's ceo earlier. >> essentially, what we do is boost the premium part of our portfolio and boost the innovation part of the folio with increase in margins. that will continue. jonathan: on to hsbc now. europe's largest bank out with numbers this morning. pretax profit climbed 10% in the first half. the bank also announced an agreement to sell its brazilian unit for $5.2 billion. they also took a $1.3 billion fx provision. st

jonthe move," posted by ferro. jonathancks surging this morning despite weaker data that did not present world's picture of the second-largest economy or any kind of recovery. we will talk about the data and the speculation that the government will accelerate mergers of date-owned enterprises. a lot to talk about. we will do that as the market opens in europe. later on, we will talk about war ren's new target. berkshire hathaway in what could be a $13 billion deal. it is about reshaping berkshire hathaway is self. a lot to discuss. later in the show, we will break number. jobs a decembero make vote a september vote, but a big discussion. tom keene sits down with vice chair of the federal reserve, stanley fischer. we will look ahead to that. caroline: thank you very much indeed. "on the move" is next. that is it for us on "countdown ." stanley fischer conversation is one to watch as well. ♪ jonathan: good morning and welcome to "on the move." i'm jonathan ferro at bloomberg's european headquarters in london. let's get straig

jonathan ferro has the latest. row in the ftse 100 is the reason it is in the red. a fifth day of gains in europe. up 4/10 of 1%. it is green on the periphery. 2/10 of 1% on the ftse in italy. to pick out some of the data a fifth straight month and contraction territory. a two-year low. a 2009 low. that is hitting the minors in london. iran, pledging to boost output. brent lower as well. it is hitting the minors in london. nothing like the ugly picture for the afc. look at this. down by 18%. you think things are ugly and greece, look at the greek pmi. 30's is ugly. a record contraction of a pmi index. in underscores how fragile and unstable that economy is. euro-dollar at a dollar -- $1.09. the bank of england releasing its decision in the same hour. it is going to be against the euro. mark carney, laying the groundwork to hike interest rates. back to you. i know you are looking at oil and grease. tom: west texas intermediate maybe five dollars away. some of that wrapped into greece. you know the economic data we s

francine: let's check on the markets with jonathan ferro. ly thing anyone is talking about on a trading floor anywhere, it is not china, it is greek gdp. not a single economists expected growth. all of them expect a contraction. report freak gdp grabbing the headlines. for the equity markets, it is still about china. stoxx 600 off a one-month low. we have the stabilization. dax coming off the biggest today two day rout since 2011. ftse in italy up almost 2%. in london --up a little. the only chart anyone has been looking at is .hat is the chinese yuan doing the people's bank of china cut the reference right for a third day. unchanged on the session. some soothing words from the people's bank of china. a rare news conference overnight . stabilizing a little bit as far as the chinese currency is concerned and stimulating, helping a little bit of a rebound in risk assets in the equity markets and bond markets. you had seen a strong bid for car government bonds, not just because of risk off, also the deflation bid. concern that china would export

"on the mov i am jonathan ferro. yuan devaluation. the people's bank of china slashes the currency.ne-day loss in two decades. google becomes alphabet. a conglomerate as it searches for new future. the stoxx soar. deal. talks between greece of the creditors go into the early morning hours. they agree with terms on a third bailout. i will break down those stories. 20 seconds ahead of the open. by 30tures of -- off points. is china.eme caroline hyde. caroline: phenomenal moves area that record move in the yuan. a devaluation to the tune of 1.9%, the most in 2 decades. it moves across asset classes and everybody knowing china is trying to boost exports. is it trying to tap into the imf? to ensure it will come to reserve currency? the special digital area for china. it is having an effect on the market. cac 40 is often by zero .3%. it is going to play in stocks in europe. he trading partner. look in luxury and cars.

, i'm jonathan ferro.don. moments away from the start of european trading -- let's get your morning brief. whippingswings -- between gains and losses even after the pboc cut rates for the fifth time since november. a nightmare on wall street -- of 400 point rally collapsed in the close. the s&p 500 is now just 1% away from th erasing all the gain since 2013. a wave of consolidation in the gambling industry continues. open, futures crashing. futures down by 96 points, daxx futures over 200 points down. let's get that market open with caroline hyde. caroline: let's look in on what will be a volatile trading session, because we can't work out whether we are looking for risk or for the heathens. -- the havens. we are waiting for the market to open, and just opening on the dow, off by a quarter of a percent. downs some very ups and over in asia, no one really understanding which way to trade at the moment, as it seems that china does manage to unleash the amount of steadiness people wanted to see. they cut rate

we will look at the markets, jonathan ferro bringing us up to date. stanford bernstein. in two weeks, we come back from .ummer .e talk about the future as we look at m&a, and particularly energy m&a, we saw that yesterday. a little bit of normality here, even as we focus with mike reagan on what is going on in china. manus: i suppose the other thing is this, are the chinese selling u.s. treasuries? that is a great one in terms of the currency move. tom: i think you are dead on. there is a real mystery to the quality and makeup of reserves held by each nation. there is a question about the size of the russian reserves. that is certainly a study for the coming weeks. manus: see you at the top of the hour with "surveillance." francine: now, gemalto, the supplier ofetst chip cards released earnings. -- margins were muted. the ceo olivier piou joins us. you are at the forefront of one of the most interesting and controversial industries. there's so much hacking and security concerns, you can do a lot to help industries across the world. what is the one tre

let's go to jonathan ferro. jon: looking for the snap back. the rebound. the biggest sincedropped on the dax 2011. some soothing words from the people's bank of china. the market pops a xanax. you need to pick up the pieces and have a look at some of the sectors as well. the mining stocks taking a big beat down. a brutal 2015. one stock that really is glencore. down 12.5% in just two days. this company reports earnings next week. this was the darling of the mining sector 12 months ago. it was supposed to weather the storm of a commodity market route. will besector that we dealing and. do not miss that conversation. then we have to talk about greece. german resistance. as ever nothing changes to guy: it depends on who you talk to but i take your point. it is going to be a difficult story to navigate for the germans and the greeks. looking forward to it, thank you indeed. on the move is coming up in the markets are very much on the move this morning. caroline: popping that is annexed as jonathan said. high this on a morning. popping something else. you can s

i am jonathan ferro. moments away from the start of european trading. u.s.efused to rule out rising interest rates next month. chinese stocks hit over fears that authorities will not continue to support the market. and stock rout. prospect overthe u.s. rate hikes for the first time since 2006, european stocks have the worst time in four years. we down by 77 points. ftse 100 futures -- no action on the footsie. a couple people here enjoying a bank holiday. someone who isn't -- caroline hyde. caroline: no rest for the wicked. $5 trillion wiped out of global markets over the course of the last month and it is set to get worse today. the two key issues in the minds of traders -- china and the federal reserve. will china prop up their market as they lead into this victory parade later this week? the jury is a bit out. risk aversion. key central bankers over in jackson hole, the ecb, the bank of

tom: jonathan ferro, thank you so much. we do see this new dollar strength tied to the fed, but much more it is about real economic effects. sir martin sorrell travels the world as the ceo, the founder of wpp. he lives the reality of ever weaker currency. it is sort of like marco polo. martin: the english explorer -- i cannot think of one. brendan: john smith. tom: john cabot was way underrated. what is the impact of the stronger dollar and these weaker currencies, country to country? martin: companies were reporting in u.s. dollars or u.k. sterling. part of disney's reporting worthy issues due to currency. most of the major multinationals are under heavy pressure. to come back to the interest rate increases -- from what i see, things are tightening. if you look at the forecast for worldwide gdp this year, the inflation component is put down quite sharply. earlier in the year we were looking for 5, 5.5 nominal. tom: is it a global recession? martin: it is not a global recession, it is global tightening. on both sides of the

. ♪ mark: good morning, i'm jonathan ferro.in the city of london -- what a week after the worst week for stocks in four years. moments away, let's get straight to your morning brief. the selloff deepens -- all major asian stock markets traded later this morning. japanese stocks dropped the most since may, 2013. chinese stocks grumbled -- the shanghai composite plunged, erasing all the gains for 2015. -- rightes crash through's five dollars per barrel since first time since march, 2009. the bloomberg commodity index sinks to a 16 year low. futures are getting hammered. 50 futures down by over 200 points. it could get messy, the open -- let's get it for you with caroline hyde. caroline: this could be brutal -- $5 trillion so far wiped off market value since the devaluation happened in china. the worst week for the stocks. for four years. the dax -- 18% off previous highs, which means we will probably be entering bear market territory today. cap is falling by 3.5% -- this is painful if you are along with these equity markets. but

. ♪ mark: good morning i am mark barton and for jonathan ferro.t of european trading. let's get straight to your morning brief. fomcinutes from the meeting revealed continue concerns over sluggish inflation. long to a to say so september rate hike jacob -- hike? the people's bank of china continues to pour money into stabilizing the yuan. our currency -- your problem. emerging market currencies get hammered as the chinese ripple effect continues to rip through the fx market. that is what we are watching today. have a quick peek at our futures. like we could see another day of decline with stocks in europe falling to the lowest since early july. yesterday euro stoxx 50 futures down by one half of 1%. cac 40 futures lower and dax futures lower. let's check in with carolina the touchscreen. caroline: we are 10 seconds in and risk aversion is going to be filtering and from asia. it's going to be going toward greece. getting their first installment up to 23 billion euros today. this isn't enough to fuel the fire low the overall equity sentiment. it is

ferro is here to tell us what to expect. jonathan: china data front and center.lunge for the chinese currency. a report that they are decline.ng to stop the getting worse on the onshore market. we'll have a chat about that. the full clip for everyone. you see the stock impact that the oils poses to the minors. deflation echo what does that mean for bonds? we will talk about that. we also need to talk about regional specific, 1998, 1997. those two years getting thrown around this morning. folks on the malaysian ringgit. we'll talk after the break. caroline: phenomenal news about the ring it. thank you very much indeed. tomorrow, will the chinese do it all over again? ♪ jonathan: good morning and welcome to "on the move" right here in the city of london. yuan tamtrum, day to, the drops further. greek agreement hits a german turbulence. up bailout risks being held by german lawmakers. u.k. jobs day, onyx clement -- unemployment expected to stay at 5.6%. i will break it down for you ahead of that. downconds away, futures and futures lower. points.res down 122 a lot o

ferro gives us a quick update on the markets. jonathan: thank you very much, manus cranny.many economists saw it coming. the biggest question as far as is, is theowth recovery starting to stumble? gdp numbers coming in below estimates. in the session 2.5 hours in, we are starting to roll over. the biggest weekly drop since april. unchanged on the periphery. here in london, the big energy majors f. they are pulling the ftse back. .ollar-yuan is big you wake-up, this is what you reach for on your bloomberg terminal. what did the people's bank of china do overnight? they did something a little bit different this time. they raise to the reference rate for the yuan. stabilization for the chinese currency, a little bit of encouragement after an ugly week. for malaysia.on it has sparked a route for the region. it is time to take a deep breath and pause and look back at the week that was. $42 per barrel. ,his is a march 2009 low heading for a seventh straight week of decline. the global supply glut continues. the concerns about crude rage on . who is concerned? should it matter to

jon ferro is here to tell us about what he is going to be watching on the program. jonathans to watch. we are going to be talking about china. the latest data does not paint a pretty picture of the second-biggest economy. manufacturing dropping to a two-year low and remaining in contraction for a fifth straight month. we talk about china. then we will count down to the athens stock exchange open. a five-week shutdown. some people are expecting a drop of as much as 20% the open. we will bring you that live. then we will do something different. the commodities route and mining . investing in it. private equity investment has really picked up. we will talk about what they are looking to get out of them. >> interesting. jon ferro with what you can expect. taking us through what we need to keep an eye on. we are expecting to see a little bit of weakness. a little bit of weakness coming through. keep an i on the banking sector. we might see some upward movement in some of the banking stocks. we here from commerce bank. keep an eye on nokia. interesting to keep an eye on. some carm