then ecb president mario draghi will be holding a news conference.first quarter results that were basically in line with estimates. the earnings per share came in about a penny below what the first call consensus was. but revenue is slightly above and that may be the more important factor if you're an investor in that company. the social network's advertising company gains momentum. this partially offset higher spending which weighs on profit. >>> shares of facebook, they're up by 1.35%. we're going to talk more about facebook with an analyst who conference the company. >>> also, ing u.s., pricing its ipo at $19.90 a share. that was below the expected ng

ecb president mario draghi made these comments at his press conference after he held after the central bank cut rates. a reporter asked him, mr. draghi, are you the last man standing when it comes to defending austerity? and he was clearly exasperated in his response. he said, essentially, listen, i've always said when a government tries to balance his budget, it lead to a slowdown in the economy, at least in the short and medium term, but the key question is, how do you mitigate that effect. given the choice between cutting, spending, or raising taxes, government should cut spending, but guess what, they didn't. >> most governments really chose the simplest route, which is the one of raising taxes. here we are talking about raising taxes in an area of the world where taxes are already very high. so no wonder this had a contractionary effect. >> contractionary effect is central banker speak for a decline in the economy. draghi went on to say that now that the emergency has passed, maybe they can keep cutting spending and also cut taxes at the same time. maria? >> so, michelle, is this

special banker or gold it or tungsten rather this morning the head of the european central bank mario draghi said there are things historic rate cut to happen first. it was just the beginning the euro fell sharply and speaking of market plunges today is the three year anniversary of the flash crash the day of infamy when high frequency trading algorithms gummed up the works at the new york stock exchange and a single day the dow crashed into the red by one thousand points we'll talk about the reading of social security later with royale. also jamie diamond displacing head wins a shareholder advisory firm has suggested that he be stripped from his role as the chairman of the j.p. morgan board the bank is facing a slew of regulatory investigation everything from failing to detect bernie made off suspicious trading to bilking states for millions in extra energy fees the bankers residents walk expert to blight the masters is also under fire masters who is most famous for inventing credit default swaps is accused of lying under oath to regulators about this energy scheme one of j.p. morgan's most

it's been a day of contrasts here at prime interest mario draghi over at the e.c.b. you said you're not like give us counterpart when it comes to dropping money from helicopters more bank capital equals a new ice age that was the absurd picture matt painted out there reading a more absurd as in view war and then the two marx made their mark debating dodd framed in an interview about we were to market at par and too big to fail or is you big to nail hopefully we nailed that one and finally we put the head vampire squid again the newly christened lion and judge them on their street wall street and otherwise thanks for watching and make sure you come back tomorrow and be sure to follow us on facebook at facebook dot com slash prime interest from everyone here at prime and i'm perry and boring have a great night. wealthy british designer. is going to. markets why not scandals find out what's really happening to the global economy with max cons or for a no holds barred look at the global financial headlines tune into kinds a report on r t. they all see themselves as dying

initially, we howard mario draghi was open to additional stimulus.n two ecb members speak to cnbc this morning suggested markets may have overreacted. we saw euro/dollar down to 70 around there with 1.43 on wednesday. those reactions and comments at seeing the euro/dollar back to 1.31 1.3123. geoff and julia are in bratislava. they've been speaking to mr. nowotny and mr. lukanin, as well. earlier it was suggested mr. draghi would be disappointed with the comments he heard in your interview and those comments from yesterday put a spike in that. >> yeah, well, of course, central bank governors rarely say that their actions have anything to do with currency peps quite frankly, it's not their job. but i know the interpretation yesterday was that the governing council and mr. draghi were very happy to see the price action that unfolded after he basically gave the markets what they want. that 25-basis point cut in the key policy rate and also apparently the suggestion that there was some consideration about a negative deposit rate. so let's just dwell, jul

>> you mentioned mario draghi who you were fairly impressed with.marginalized to some extend the bank. we have a report out they were telling the constitutional court they were against the omt program, which has done so much to bring yields down. where do you think the relationship between the bund y es bank and the ecb is going and does that have the potential to blow things up a bit? >> it's amazing how successful draghi has been working around the bunds bank. he's gotten the rest of the council on board with the omt and other easing measures. so, you know, some of these central banks, the finnish central bank, the dutch who were opponents of earlier phases of bond buys in europe, they've now come around, so it's now just the bundes bank that's isolated, it's isolated within germany as well. you have support for merkel, so as long as draghi's successful at this kind of subtle diplomatic game, keeping the rest of the governing council on board, keeping some allies in the german political system, i think he can go ahead and bundes bank can dissent a

he pledged last year to save the been a rebound in institutional investment -- since ecb chief mario draghi pledged last year to save the year. a small investors were slow on the uptake missing out on those gains. one investment company has announced selling off some stock and taking the profits. >> now time for a closer look at this week's trading, and what a week it has been -- a string of record highs on the trading floor. we have more from frankfurt. >> the trading week at five days, and the dax marked 5 records this week, so the rally continues with new record highs, although investors fear that the stock market and the economy could go different paces, so they are, of course, very grateful to hear that some t businesses in the euro ea seemed to bottomike the car businessnumbers of car s went in and they gained for the first time since september 2011. of course, car shares benefit most from that. >> let's get a closer look at those market numbers for you now. the dax closing at yet another fresh record high. the euro toxx -- stoxx 50 was also higher. trading is still under way across t

year to save the euro, there has been a rebound in institutional investment -- since ecb chief mario draghi pledged last year to save the year. a small investors were slow on the uptake missing out on those gains. one investment company has announced selling off some stock and taking the profits. >> now time for a closer look at this week's trading, and what a week it has been -- a string of record highs on the trading floor. we have more from frankfurt. >> the trading week at five days, and the dax marked 5 records this week, so the rally continues with new record highs, although investors fear that the stock market and the economy could go different paces, so they are, of course, very grateful to hear that some of the businesses in the euro area seemed to bottom out, like the car business. numbers of car registrations went up in april, and they gained for the first time since september 2011. of course, car shares benefit most from that. >> let's get a closer look at those market numbers for you now. the dax closing at yet another fresh record high. the euro toxx -- stoxx 50 was also highe

the support of economic policies in europe, something which is taken very seriously by ecb chief mario draghi, as he showed in the press conference, when he revealed the real surprise of the day, that the ecb is prepared for - deposit rates, which means that if banks, instead of giving money to companies in europe are parking the money, then they will have to pay money for it. >> what does this mean for europeans and european businesses? >> the ecb chief at the moment has such a large influence that even the threat -- only the threat of negative deposit rates might move money from one bank to another, but no bank wants companies with bad credit ratings in the portfolio, and the more reliable companies might get a little bit careless as money gets too cheap for them. at the same time, the expropriation of sailors is going to continue as interest rates were already so low that they work by inflation, a problem which will worry some now. there are looking for alternative investment opportunities as well, which in most cases, means a real estate. for those who already real- estate, the value is l

just comments again by mario draghi.w and he's the guy that moves markets at this point. >> that's a chart that really does tell the story. in terms of the some of the movers you've got merck which i believe is the worst dow stock at this stage. as for the s&p, cliff's natural resources, you know, is a coal mining stock, right? obviously a sector that's been through some -- it's actually today doing pretty well. in fact, it's the best s&p mover today. as for the worst s&p mover, it is tyson foods. so, you know, that is some of the breakdown that we're seeing today in the markets. back with us also on the floor, i believe you've got peter costa, right? cnbc market analyst? >> we have peter costa standing right here. we haven't had a big selloff after the big rally on friday. >> you would expect it early on. i think we sort of saw a little bit of a sell into this this morning. then it just -- then the market just got flat and it stayed there all day. you know, these kind of days, you should wake up, look what's happened an

and let's be clear, i think the ecb and my dinner that i attended with mario draghi, he made it clearend their 2% inflation target in both directions. i think that's quite a big statement. i think while a lot of people are talking about tapering in the u.s. because the growth numbers are quite good, we expect increasingly over the next few months, people will recognize that the core pce number, the fed's preferred measure of inflation out today, that number at 1% is almost alarmingly low. so this issue of inflation will be a big deal. low inflation is not going to be a good thing as we've seen in japan. >> no. and inflation does continue to worry a lot of people. do you think that we're seeing the formation of asset bubbles in certain asset markets in the moment? >> well, we are starting to see prices move quite hard. we've seen u.s. property price res up 10% year on year. we've seen spreads contract. i think about a month ago, you've seen ben bernanke outlining that that is something they're watching, but at this point, it doesn't warrant a lot of concern. we tend to share that view,

yet pricing in the selling bonds ability this morning president of the european central bank to mario draghi cut the main refinancing rate so historically low a half a percent he has an open mind on the issue of brains charging depositors for the privilege of holding their money what you don't go around with helicopter money that was actually the feds i believe you made no comments on cyber it's. been surprise surprise according to american banker at the pay a bank its c.e.o. is rose eleven percent in two thousand and twelve but it's not just top bankers who are cashing in pay dog trader and male dance uyghur and his he's been known to have a quid pro quo lation ships with brokerage accepting off but compensations in the form of lavish drug partings abdomens gloves his dirty deals believe it or not have gotten filthy u.s. attorneys ours expecting that dan zeiger and his broker buddies tried to rig up. alive or well talk more about the fine line between bankers and gangsters in today's daily dual let's get to what's in your interest.

got his start he began his career at mit in the late seventy's where he first met ben bernanke mario draghi and stanley fischer who he would eventually succeed as chief economist at the world bank it was there that he drew criticism for his views on toxic wait now i'm not talking about the actual are not talking about financial toxic assets which he later supported and actual toxic waste he approved a memo that said quote i think the economic logic behind dumping a load of toxic waste and the lowest wage country is impeccable the underpopulated countries in africa are vastly under polluted. later in the late one nine hundred seventy s. while serving as deputy treasury secretary he worked closely with robert rubin and alan greenspan to overturn the glass steagall act and he also worked to ban proposed regulation of all privately traded derivatives he testified to congress that the parties to these kinds of contracts are largely sophisticated and financial institutions that would appear to be eminently capable of protecting themselves from fraud and counterparty and solvency summers would go

the cross winds were blowing strong today on prime interest mario draghi heated up well technically down the euro when he said he was so not finished lowering interest rates by our count he has to opportunity to join burning he at the zero area we found the ballooning ious and social scene. might just be filled with hot air jamie dimon was buzzed by a deford carrying news that shareholders would be wise to blow him off the morgan board and why have you got some slain in to do the regulators culture bluff or what some call lies under oath and warren buffett took a head of big coins but had nothing but cat calls for her beloved chairman bernanke he was a likeliness was featured in our bankers ultimately he couldn't hold a candle to diamondback who stole the fractionally reserved prize with a photo finish and finally we talked about insider trading laws for congress which is the kind of mixed up as a metaphor and thanks for watching and make sure you come back tomorrow and be sure to follow us on facebook at facebook dot com slash prime interest from everyone here at prime interest i'm pari

this morning president of the european central bank mario draghi cut the main refinancing rate to a historic.

a central banker or gold or tungsten rather this morning the head of the european central bank mario draghi said there are things historic rate cut to happen percent was just the beginning the euro fell sharply and speaking of market plunges today of the three year anniversary of the flash crash the day of infamy when a high frequency trading algorithm gummed up the works at the new york stock exchange and a single day the dow crashed into the red by one thousand points we'll talk about the reading of social security later with overt roy. also jamie diamond is facing headwinds a shareholder advisory firm has suggested that he be stripped from his role as the chairman of the j.p. morgan board the bank is facing a slew of regulatory investigations everything from failing to detect bernie made off suspicious trading to bilking states for millions in extra energy fees the bankers resident swap.

this morning president of the european central bank mario draghi cut the main refinancing rate to a historically low a half a percent and he has an open mind on the issue of banks charging depositors for the privilege of holding their money and what you don't go around with helicopter money that was actually the fact is i believe he made no comments on. then surprise surprise according to american banker at the pay a bank its c.e.o. is rose eleven percent in two thousand and twelve.

is open minded about negative rates european central bank president mario draghi has announced that the e.c.b. is technically ready for negative interest rates as draggy said that the e.c.b. had an open mind the euro plummeted against the dollar and you can see that in the chart here now now now now oh mrs well. they've got a real bad thing go in. yeah now to china central planning doesn't work. ben bernanke is the mal of central banking he's central planning causing natural disasters there's of course the cost of doing what companies like exxon do on never reflected on the true income statement or balance sheet of the company's other free to commit economic jihad and environmental jihad. and of course when. you know the part of the great leap forward with the collectivization of the agricultural land said you weren't allowed to own private property so private farming was prohibited in those engaged in it were labelled as counter-revolutionaries and persecuted in the same day and age today when you try to protect yourself by buying gold for example to protect yourself from the ravages o

it's been a day of contrast here at prime interest mario draghi over at the e.c.b. said you not like give us counterpart when it comes to dropping money from helicopters more bank capital equals new ice age that was the absurd picture that t.v. painted after reading a more absurd as in view war and then the two marx made their mark debating dodd framed in an interview that we went to market at par and too big to fail or to nail hopefully we nailed that one and finally we put the head vampire squid again the newly christened the lion and judge them on their street wall street and otherwise thanks for watching and make sure you come back tomorrow and be sure to follow us on facebook. at facebook dot com prime interest from everyone here a prime interest i'm parian boring have a great night. sleep . good lumbered surely we was able to build a new most sophisticated robot which fortunately doesn't give a darn about anything tim's mission to teach music creation and why it should care about humans in the world this is why you should care only. live. clean. more news toda

this morning president of the european central bank mario draghi cut the main refinancing rate so historically low a half a percent and he has an open mind on the issue of brains charging depositors for the privilege of holding their money and what you don't go around with helicopter money that was actually the feds i believe made no comments on cyber it's. been surprise surprise according to american banker at the pay a bank its c.e.o. is rose eleven percent in two thousand and twelve but it's not just top bankers who are cashing in bank dog trader and male dance iger and his i mean he's been known to have a quid pro quo lation ships with brokers accepting off compensations in the form of lavish do.

is open minded about negative rates european central bank president mario draghi has announced that the e.c.b. is technically ready for negative interest rates as draggy said that the e.c.b. had an open mind the euro plummeted against the dollar and you can see that in the chart here now now now now oh mrs well. they've got a real bad thing go in. yeah now to china central planning doesn't work. ben bernanke is the mal of central banking he's central planning causing natural disasters there's of course the cost of doing what companies like exxon do on never reflected on the true income statement or balance sheet of the company's other free to commit economic jihad and environmental jihad. and of course when. you know the part of the great leap forward with the collectivization of the agricultural land said you weren't allowed to own private property so private farming was prohibited in those engaged in it were labelled as counter-revolutionaries and persecuted in the same day and age today when you try to protect yourself by buying gold for example to protect yourself from the ravages o

this morning the head of the european central bank mario draghi said there are things historic rate cut a half a percent was just the beginning the euro fell sharply and speaking of market plunges today is the three year anniversary of the flash crash the day of and for me when high frequency trading algorithms gummed up the works up in new york stock exchange and a single day the dow crashed into the red by one thousand points we'll talk about the reading of social security later with roy. also jamie diamond to stay.

. >>> ecb president mario draghi was in london last night to attend a dinner hosted by the lord mayor in the city of london. in his speech, he said economic conditions remain challenging. >> what i can say, i can clearly say is that europe needs a more european uk as much as uk needs a more british europe. >> draghi didn't give a lot away last night as to his next policy move. instead, he pressed eurozone governments to shape up their economies. >> today, these recommendations are commonly regarded as having set out the principals by which both central banks should conduct lender of last resort operations. >> and you can find out what else the ecb chief mario draghi had to say about the place in the euro. the debate heats occupy wales at cnbc.com. >>> what else is on today aes show? we'll be in madrid over an investigation into the public offering and subsequent bailing out of bank here thp this is a day after bankia fell 3%. >>> soccer fans converge on europe. we'll be joined in the studio by the match sponsor adidas. >>> there have been concerned raised about the world cup and the o

qe is open ended buying with no precommitments on the part of governments and even mario draghi wouldrtable with the idea of qe insofar as he's the architect of o on mt. >> now it's been, what, five years since the initial beginning of the financial crisis started in full. and we were just speculating a little bit. how are the markets going to look in ten years, in 20 years, in five years? you know, you look at all of this and you just say, well, what has to give? what will happen eventually? how will inflation look? how will quantitative easing be wrapped up? and what will the long-term impact be? and it's mind boggling to think about. >> it's hard enough to forecast a few quarters away. much less five or ten years and we're all sort of familiar with fan charts where the distribution of the forecast gets wider and wider the further out you look. and that would certainly apply to these big questions around things like inflation. but generally speaking, i think as a plausible base scenario, it's one of a slow gradual recovery story where the ones looking at europe, still the u.s., ee p