pnb paribas, there was a 5% rise in net ref flew -- revenue. it may be hit with a u.s. far, far in excess of the 1.1 billion it set aside last year. >> the quarter clocked in at 1.7 billion bottom line, 5% up versus last quarter. it's basically on the back of top line growth in retail and investment solutions and resilience on the cib front. we have taken a generic provision of 100 million related to the exceptional uncertainty situation in eastern europe. all that, 1.7 billion, increases the core equity ratio fully loaded to 10.6%. we believe these are solid results and bodies well for the diverse fiction and development going forward. >> daimler trading lower, down nearly 2%, despite more than boosting first quarter profits. finally, bbva, profits down 64% on an annual basis. due in a large part to an unfavorable comparison. we have the growth numbers out of the uk yesterday. gilt yields down 2.7%. were lower in italy and bund yields. last fed we had, we had the janet yellen comments about rating rising six months after qe. yielding at the moment just below 2.7%. on t

michael snade is analyst at pnb paribas. >> this is a positive number for the uk economy and for sterling. in particular, we've broken that 7% threshold that is psychologically quite important. but also we're starting to see a pickup in the average earnings. it was a disappointing number but we are starting to see follow-through in terms of wage growth. >> from here we particularly like sterling. we favor playing it against the euro. we think numbers in europe will be picking up, in contrast to eurozone where we'll see more talk of action from the ecb. euro sterling moving lower is the trade from here. >> yes. euro is a rather stubborn beast, though. >> it is but we think the fact that we've had a change from ecb officials, they're starting to talk about further options means that we'll start to see more traction on the euro downside. what will be key is the inflation outlook for the eurozone and what will be really key is the name that comes through in april, that will be distorted by the easter effects. we'll wait for the number in may. >> it will be interesting to see what happens in t