china pmi data in worries over the auto u.s. budget cuts put a lid on asian markets ending the week on a mixed note. they bared down early losses. insurers tumbled after china life issued a profit warning and that stock lost nearly 3% today. but environmental stocks yet again surged on hopes of more supportive policies. in beijing, the hang seng finished lower by 0.6% with citic leigh leading the losses. in japan, january cpi figures marked a third straight decline and we had a mixed showing for exporters. the but the property counter and other inflation betts left their support. the nikkei gained 0.4% and it's up for the third straight week. elsewhere, it's a solid day for south korea's kospi up over 1% helped by bank and automakers, this despite the sharp fall. and down under australia's asx 200 eased 0.4%. india's sensex, less than an hour ahead of its market close currently trading higher by 0.4% after yesterday's sell-off. back to you. >>> the london mayor has fashioned brussels policymakeres and described this deal's eu de

investors will be looking to see european pmi data. let's bring up the dollar/yen. that's trading right at the upper 95 yen levels. just weakening a touch after the fed meeting wrapped up wednesday in the u.s. as it's expected the new bank of japan chief will likely call for more aggressive monetary easing measures. traders are betting that the yen will continue on that weakening path. he'll be giving his news conference later today on thursday. market players will be listening closely to any words which will call for an expansion of the current bond buying program which is really the market's want to see if that's going to be expanded or not. we'll see how that affects currencies as well as stocks after he speaks. back to you. >> sounds good. let's see about other markets in the asia pacific. >>> people in zimbabwe have voted for change. election officials say about 95% of voters in last saturday's referendum want to limit the powers of any future president. >> i now announce that the draft resolution is declared to have been adopted by the people of zimbabwe as th

this after the german data showed surprise manufacturing activity in its flash pmi estimate. services disappointed, too. the ftse 100 also taking it on the chin this morning. here is a quick look at the bond space. an important one to watch. we're still seeing prices rally for spain and italy, meaning the debt has fallen to 4.95% and 4.6 respectively. we're seeing the bid into periphery and out of the safer haven trades this morning. can it continue? this will be the question. here is a look at forex. the euro has been a reasonable guide lately with regard to risk. today it's giving up 0.2%. this is one cowatch particularly if it drops below that 1.29 level. the dollar/yen showing some strengthening down about 0.3%. and sterling, again, catching a bid on the back of both the budget statement yesterday and the slightly more hawkish minutes than were expected from the bank of england. straight ahead on the program, any more going on after we take a quick break. we'll come back and talk about the australian prime minister julia gillard who has survived the political challenge an

data, actually, a strong performance of the economy. so we -- i think we should not expect a continuous increasing pmi, a continuous increase in ifo business index. i think the big question is the next one, in my opinion, just what they said, the u.s. bring very strong data and that should sell into the german data. if it doesn't, domestic demand is weaker than we thought. the labor market is very strong. >> and this is the rebalancing that needed to happen in the eurozone economy in order to sustain growth going forward. at a critical time, by the way. antonio will stay with us. sip rooi ree yot lawmaker ves delayed a meeting for this morning. the government has three days left now to raise the almost $6 billion euros to needed to secure an incident ur national bailout. carolin roth is in the cypriot capital. carolin, it looks like there's not going to be this parliamentary session at this point. when can we expect the cypriots to put forward their latest plan? how are they going to come up with 30% of gdp? >> that's a very good question, kelly. first of all, it has been delayed by more than an hour now. we're hearing it could be delayed

let's not forget that investors are looking out for tomorrow's hsbc pmi data for more trading cues. asian markets traded cautiously on cyprus concerns ahead of today's fed meeting. cost eased 1% with europe sensitive financials and ship builders leading the losses and in australia weakness in resources dragged it lower by 0.4% and in india trading down by 0.7% on lingering concerns in terms of the country's political events. back to you. >> okay. thank you very much for that. coming up, speaking of political events, president obama makes his first official trip to israel as a u.s. president. this after a recent poll shows only 10% of israelis view him favorably. we'll be live in jerusalem with more when we come back. don't go anywhere. zap technology. arrival. with hertz gold plus rewards, you skip the counters, the lines, and the paperwork. zap. it's our fastest and easiest way to get you into your car. it's just another way you'll be traveling at the speed of hertz. >>> >>> now the tiny island of cyprus' finance minister is appealing to russia for help. fresh off talks this mornin

>> thanks, maria, we'll be watching the eurozone pmi data due out in the morning.he headlines this week and if we see a print below 47.9, that'll market the second monthly decline. it's important for our market because if you look at the last two declines of greater than 10%, they were precipitated from concerns emanating from europe. if we get weakness in the data, we'll recommend to investors they begin to get more defensive, alternatively, if we see good data, we'll continue to ride the wave of the fed-induced liquidity tsunami. >> all right. we'll be watching. gentlemen, thanks very much. a lot of stuff to get prepared for tomorrow. we'll see you soon. thank you. >>> up next, my observation on what's happening in this market. ♪ [ laughter ] ♪ [ female announcer ] each one of us is our own boss. ♪ and no matter where you are in life, ask your financial professional how lincoln financial can help you take charge of your future. ♪ [ male announcer ] this is a reason to look twice. the stunning lexus es. get great values on your favorite lexus models during the com

keep in mind as well when you look at china's flash pmi data and some of the manufacturing data that be positive, but it's not. why? there's just so much supply out there. traders keep telling me about the level of supply at the warehouses all around the world and the level that it is right now is so high. they say even little uptick in demand is just not enough to eat away at the supplies that we're seeing. so we are looking at weakness in the copper market. back to you. >> one reason the equity market is down is because they told cyprus if it doesn't do a deal, they will cut off the emergency funding. rick santelli has more in chicago. >> thanks, simon. my guest is mark. i always like reading your pieces. and you called what's going on in cyprus the second unique and special case. of course. the first being greece. you were one of the first to predict the bankruptcy, not armageddon. it's like snowflakes. if you find two are the same, freeze them because you'll throw the world in a tizzy. is this the same principle? if cyprus leaves the euro zone, does that mean even with that littl

next week, four major central banks coming through and decisions, a lot of data, the china pmi sunday night. we effectively have ten speakers including the bernanke. now we go off to the races, today is -- it's a moment we had to hit. we have the 1,576, intraday high from october 2007, this is the last thing we'll have to talk about. then this is out of the way. we've got chris on to talk about some of the technical elements of this. but i'm not terribly excited. so the theme in our office today, there's a lot of stuff going on next week. >> there is. >> a lot of people looking for the weekend and didn't pay attention. >> next week also, 1,576 which is the all-time intraday high, the party has not ended. >> this market, especially in the first quarter, the best offense is a good defense. the defensive sectors led one of the most bizarre quarters in that the market was up 10% and health care staples up even more. today, the theme continued. you saw amgen, biogen, gilead, hitting all time highs. i was long amgen, i sold it this week. that's a big move for -- >> the leadership has been f

if we look at the macro data in the last couple of weeks, we saw very weak export data yesterday, softer than expected pmis, we saw very, very weak lending data specifically towards the periphery. that shows you that the transition mechanism that the ecb has said is its main priority, that still is not properly working. with regard to italy, that's an interesting one, as well. as an italian himself, mr. draghi will probably not give any indication that he's going to be any easier on the conti e continuelty as far as t is concerned. what we're going to hear is something along the lines of any country could act as the omt as long as the main preconditions are from bills. >> thank you very much. we're going to have more on this program. now, jurgen is joining us now. i was asking carolin if the data doesn't point towards more easing urgency. what do you think? >> i think there's more room to go for more easing. we are likely to see further downward provisions for 2013 where they like to move to something like minus 0.4, minus 0.5. and if the ecb takes its target of close of below 2% inflation target seriously

the latest data shows pmi fell last month. there is also swelling in india's service sector as the services pmi came in at 54.2 in february down from 57.5 the month before. analysts say there's still, as well. it's stilly a bright spot in its economy. ross. >> meanwhile, here we are, an hour and 15 minutes into the trading day. there's a lot of green on european stocks. only about 25 stocks in negative territory. the ftse and 1100 yesterday was down 0.5%. right now, we're up nearly 11%, 6,403. banks, resources doing particularly well today. so despite continuing negative news, these markets wants to keep line up. xetra dax 1.6%. the ibex up 1.4%. even the ftse mib up around 2%, 300 points higher. gilt yields backing up, steady at 4.74. ten-year spanish yields, 5.03% is where we stand. so just still under that 27, 26 basis point spread which we hit. currency markets, that friday low was 1.2966. dollar/yen, still in the range between 9 0 and 1933. reserve bank of australia kept rates down. the aussie the priced in a slim change.

we had weak data out of germany today on the pmis, so we're hoping that will be a nice boost.rus. hopefully a resolution there and small bank depositors. >> thanks so much. we'll talk with you soon. >> thank you. >> after this, even if you think the rally is stalled, there may be plenty of places to make money in stocks. we'll explain when "closing bell" comes right back. stay with us. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. [ male announcer ] just when you thought you had experienced performance a new ride comes along and changes everything. the powerful gs. get great values on your favorite lexus models during the command performance sales event. this is the pursuit of perfection. ♪ here we are, me and you ♪ on the road ♪ and we know that it goes on and on ♪ [ female announcer ] you're the boss of

data out. february construction pmi 46.8%, 48.7% in january. the poll was ready to tick up to 49. it's the lowest since 2009. >> that follows the disappoint we just saw in manufacturing. >> and we got the latest on the bank of england's lending scheme. net lending to lending scheme, sure, i have to work this out, kelly. >> negative. >> since june 30th, negative 1.5 billion. >> lenders have drawn down 13.8 billion in the sls since launch. >> and i suppose it's still waiting for that to leak through. >> lloyds has lending of 3.11 billion. minus 3.1 billion. barclay's fourth quarter net lending, 1.49 billion. right. not helpful. >> we're going to take a walk through those numbers and follow up on this. sterling/dollar, about 0.1 is% weaker. it did bridge the 49 level. not just personally, but jaus just because it's been such a fast move to the down side over the last couple of weeks here. the question is, again, with the latest set of data, we saturday to sit below -- >> 1.50 is not any technical level, but it is deeply psychological. people have extra additionally looked at sterling

so the key data points are that the pmis have been ticking down and they only hit a high in this particular momentum and industrial production which has been running at double digit levels for many years and is now down in the single digits. that's the momentum slowdown and this is off of a very significant stimulus that occurred last year. with regards to policy constraints, the bboc on two occasions highlighted the concerns about inflation. he is the only senior official allowed to stay on after his 65th day. maybe that's also indicating some concerns about maintaining continuity. we'll see. so when we look at china today we're more nervous about it back in june when growth was slow because back in june last year we were wait for example stimulus. we had a stimulus and it doesn't seem to have had the followthrough momentum. >> the recent measures, adrian, the chinese government to cool property prices to increase, for instance, the amount that people have to put down for their houses, i'm curious, immediately it may cause a blip in the stock market as we have seen, but longer term, is thi

pmi which was abysmal. disappointing chinese manufacturing data weighing on the miners. >>> let's get to bob pisani who's watchingroblem. we were lower and then things turned around with our own data. take a look at the dow jones industrial average. the magic if you remember, 14,164 would be a new historic closing high. we have to close above that. you see the drop there early on. we are so desperate to get to new highs, you can almost feel it. my concern is we're all going to be so exhausted by the time we get there, there's not going to be much left once we get there. carl mentioned the pluses and minuses here. earlier in the day, the weaknesses put up helping and hurting for the markets here. new money for the month was a big help overall. better ism and consumer confidence numbers were a major factor. but hurting, personal income numbers and the european manufacturing and unemployment numbers hurt us. in terms of the market movers, very impressed with the financials today. in a week or two, we'll get the results of the yearly stress test, this is a yearly result. some of the banks are moving nicely to the ups

data. gdp in the fourth quarter and chicago pmi on tri.ard and as your previous guest just mentioned, earnings season is only a couple weeks away. fred, would you call this anywhere close to getting frothy yet when you talk to clients or just anecdotally? >> joe, a lot of our clients look at the market. it is frosty because we're at an all-time high. >> if they think it's frothy, it's probably not frothy, right? >> that's exactly our view. with the market trading at around 15 times earnings, we say we're probably closer to the bottom enof a valuation range than a top range. in our mind, on frothy market, we would see sectors of the market elevated on a multiple basis. we would look for individual groups gaining very, very strong momentum. bubble peaks around the market. we don't see that and we remind them that normally at a frothy market top, we're going to see valuation ranges closer to a five-year peak. that would be 16, 17 times earnings and with the fed pumping in money like a fire hose full on, i think we're going to continue to see

finally, jan, just curious, of all the data points we've gotten in the past couple of weeks, cap x, new orders on the pmi, that is truly, truly impressive? >> i'll be conventional here and say the payroll gain is the most important of all of those. it's the highest value economic indicator. and it's clearly a strong reading. but again, the question is, how sustainable is it going to be. we'll have to see about that. >> always good seeing you, jan. wish you were down here. but thanks for coming to the camera. >> thank you. >> jan hatzius at goldman. >>> hollywood saved us. hooray for hollywood. >>> now that you've heard the jobs report, did you nail the number? this week we asked you to tweet us the predictions with the nonfarm payrolls. our staff is rampantly combing through all the entries in search of the winner. rampantly? i'm not sure that's the right word there. i didn't write that. who will receive -- this is what you get, a post 9 anniversary mug. the whole gang. we're going to announce the winner of our contest later in the show. soon. there it is. a look. >> jim's the only one who writes boo-yah

data, but because the u.s. markets have been resilient to disappointments overseas and i think we will see tomorrow some disappointing pmie nonmanufacturing surveys of economic activity and expectations. i think they will disappoint the market tomorrow and that's a sign that really our markets here in this country will continue to shrug off that kind of news and we get further and further into a really accelerating growth rate here in the u.s. >> leave it there. thank you, gentlemen. see you soon. sparta was a warrior soelt in ancient greece and their rigorous ways could be on the verge of a comeback of olympian proportions. back in a moment. (music throughout) why turbo? trust us. it's just better to be in front. the sonata turbo. from hyundai. tdd#: 1-800-345-2550 there's a few things that i really love-- tdd#: 1-800-345-2550 playing this and trading. tdd#: 1-800-345-2550 so i'm always looking to take 'em up a notch or two tdd#: 1-800-345-2550 and schwab really helps me step up my trading. tdd#: 1-800-345-2550 now i can use their most powerful platform, tdd#: 1-800-345-2550 streetsmart edge, on the web. tdd#: 1-800-345

and now the data here, suggesting or confirming what chicago pmi said, and that is that order cyclesng to fire up. how much does that mean to the long term? >> i mean, it adds to the theme investors are looking at equities, and the world economy as a glass half full. when the ism numbers, all those numbers continue with readings above 50, indicating they're going to get better. just another reason for the average investor to come back into the equity marketplace. you had a story out of td ameritrade today about flows and seeing the buy in the dip mentality, adding to the positions in facebook, et cetera. those are all great psychological indicators for the health of the equity market. >> does it matter that the s&p has not yet come back fully? because we're crushing up against important resistance here. you cannot really say the american stock market has really recovered until you achieve that. the expectation would be that there should be some selling on the s&p at that level. >> the temptation has hurt people like me, the professionals who have been looking for that 5% pullback. wh

data. it is not just the fed greasing the wheels here. the economy here and the fundamentals have improved a little bit, right? >> if you look at this morning, the gdp, the chicago pmi -- the chicago pmi is a leading indicator. >> in the last couple months, they have been very good, you can't point to the pmi has a negative, no way. >> we still have progress in housing and jobs, that's what everyone is focused on. chicago pmi is interesting conversation fodder, quite frankly the correlations -- >> and the companies you mentioned are not typical gdp companies, accenture is a very highly competitive space. >> but they are up for the day, guys, come on. oracle is at the bottom. your point is that maybe these bad earnings will lead to a lower market. these bad earnings are actually -- you're seeing a rally on this end. >> that's my point, that's frustrating. that's what i'm trying to say. >> my bad, okay. all this bad news is coming out and that's extremely frustrating. >> get aboard the choo-choo! >> i think it is irresponsible to get bowled up on five-year highs after this big run. at the very least, if you don't want to be short, be careful at these levels. >> our ne

pmi indexes this morning that show germany with the xetra dax down 0.9%. surprisingly in contraction territory in march. these are the flash estimates. its service sector activities readings slurchled if the french data was awful so the bottom line is across the upper row zone. the economy continues to get worse. it looks like the first quarter will be the sixth straight quarter of recession. without a sharp rebound, there could be a seventh straight quarter of recession. anyway, the ftse mib, want to point out an interesting development here on the ibex. this has taken a leg down in the last half hour or so. this is one you would want to watch for more direct fallout, markets picking up on contagion risk and not picking up on growth. let's take a look at some of the bond yields, as well. the fact that spanish and is italian debt is rallying, the fact that spain went to market rates more than expected when it comes to -- i think it was 2015, 2018, 2021 debt suggests 4.18%, 4.58% respectively. investors here are buying into the weakness for these sovenss which are seen as must vulnerable. finally, here is a look at forex. we did see the euro under pressure this morning. the euro is down 0.3%. it is be