all in all, if you look at the plan of pnb paribas announced last year, we're doing well on customer journeys, digitalization, costs, the first quart ser totally in line with the path of 2020 >> so the cfo saying loan activity has been healthy in france, up 5%, up 7% in belgium. so numbers on the domestic side have been okay but in this low interest environment retail business is under pressure their markets business was down 14.6% year-on-year so really we're not seeing very good investment banking numbers coming out of the french banks i think that's weighing down the stocks this morning. back to you. >> joumanna bercetche, thank you very much. appreciate the update. >>> first quarter profit at hsbc missed expectations dropping 4% to 4.7 billion the bank announced a new share buyback of $2 billion operating expenses rose 13% with revenue only growing 5.5%. speaking to cnbc, hsbc group finance director ian mckai described the bank's trading activity in the last quarter >> january was a strong month for us i think the numbers we were seeing slowed up a bit in the last quarter looking

our chief economist at pnb paribas is still with us.w we all have to sell something and he is selling the dream of stock leverage. when you look at the emerging markets story, that is not so dreamy. the hubris around turkey, does it stay in turkey? the situation is very complex because we have had last year amazingly strong growth. that has eventually turned into creating major inflation challenges. questioning following statements that have been made whether the bank would have the necessary independence to react to that. then we see where we are. that has had some spend over inover as well -- spen effects as well. people refer to the fragile five. i think it is important to keep in mind there has been a number of emerging market currencies that started from political uncertainty. think of brazil and mexico.but for instance not improve -- it has stopped the south african currency from suffering as well. there is a very strong dollar rally that has hit the emerging markets. the fundamental background for the global economy as echoed by