. >>> china cuts and the pboc first rrr cut this year. japan posting its worst trade deficit on record as demand for japanese goods slumps and s&p warning of a ratings down grade if tokyo fails to control its growing public debt. >>> and brent hits its highest level in eight months after sales to france and the u can k. >>> so it's monday, the first wo "worldwide exchange" of the week. it's also presidents' day in america. u.s. markets are closed which means we're going to bring you more coverage from here in europe and asia. we don't have a u.s. anchor today, an extra hour of the show. what we do have is becky with us for all three hours. >> a special treat for me. i get to spend an hour with you, ross. >> a special treat for us is what you mean. great to have you on the show. so becky is with us along with christine. it's also decision time for gree greece. i feel like i've said that before. finance ministers are in brussels today and they are expected to approve a second bailout. eurozone and ecb officials had a conference call last ni

the pboc's vow to help europe as well. for that story let's go to what's happening over in japan, of course. we'll have the breakdown much later on in the story. let's head to what's happening over in china and talk more about those comments from the china eu summit. andrew joins us live. good to have you with us. basically when we talk about what's happened, china is going tony vest more in the eurozone, no detail's given. pretty vague. what do you think they're trying to do here? snoop i think they're appearing as. i would expect china's policy in this as in other things to be determined by their perception of china's interest. now china is sitting on 3 president $2 trillion of foreign currency reserves of which a substantial, although we don't know exactly how high the proportion will be in euro assets. so clearly they have an interest in fitting some kind of -- or contributing to a backstop to what's happening in the eurozone. >> but what are they asking out of this? what do they get out of it? what do you think is beh

the pboc, that is. but in the end reaction was muted so the market ended flat to the upside but that brought the financials, the chinese financials in hong kong and end ing to the did you know side but still holding on to the 20,000 the level. nikkei 225 up 0.2%. we had data showing machinery orders coming in a lot weaker than expected. the strong yen, the external environment really hampering capital spending. the kospi, bank of korea kept rates object hold again on the external environment. 3.25% is where interest rates. a lot of people are saying rates could stay there for an extended period of time. us a tr australian market is down. new zealand 50 flat. and the sensex trailing a little bit higher, 0.5%. a lot of wait and see again, ross, on what's happening in your neck of the woods, the eurozone. >> yeah, and here in the euro area and the eu stocks are slightly higher after another flat week of close last night. remember, we were up this time yesterday and it all dissipated to the end of the sessi

what i thought summed up the clear thinking of beijing's top brass is a comment of pboc adviser and he says we may be poor, ultimately meaning they're an emerging economy, but we're not stupid. even if the coffers are bigger for cic it doesn't look like any of that is going to head into any of the you'european banks o even financial assets. be it bonds. >> not much. we think that there will be some commitment to bond investment at the edges in europe. we don't think there will be a major commitment to bail out europe by the chinese. after the investment of morgan stanley a few years ago, there was so much blow back from that and all the say wen-jo, the government is really careful not to deploy buckets of money which they don't really have in europe just kind of arp trarl. >> what is the best outcome from the european perspective since it is a real difficult political hard sell for the domestic market back home for the chinese. >> well, the best outcome is for the chinese to invest in infrastructure and to support what some of these prif it at thisization privatizations that may have t

last week the pboc told banks to guarantee loans for first home buyers.to you, christine. >> interesting. a lot of people are wondering when the others might follow local suit. we'll be focusing more on that. tracey, thank you very much. tracey chang. right. let's head over to what's happening in india. of course the big story there poe cussing on the eu-india summit. that's something we're watching very closely. top of the agenda free trade, economic cooperation between asia's third largest economy and, of course, the european union. all the highlights live from new delhi. what can you tell us? >> reporter: thanks very much. yes, the india-eu summit did kick off this morning. the prime minister met with the european council president and the commission president heading the delegation from the european side. they are going to be talking about that very crucial foreign trade agreement or the bilateral investment treaty agreement which has been urned negotiation since 2007. the sensitivities on both sides, the eu wants a reduction for crucial sectors like