ross westgate will report from st. paul's cathedral. >>> biggest news this morning, china's local government debt is spiraling out of control at least according to one senior chinese auditor talking to ft. he says he stopped signing off on bond sales by local governments and says the situation could spark a crisis bigger than the u.s. housing crash. a top executive disagrees. the head of china's main sovereign wealth fund speaking exclusively to cnbc this morning had this to say. >> i don't think it's out of control. there were some people who were a bit worried about that. the government has been taking care of this issue over the last two years or something because the local government debt was financing the infrastructure projects. basically most of those infrastructure projects are sound. the only issue is how can we get all of these projects done so they can generate revenues for the local government so that it can payback the debt. of course i think it's very important for us to wind down this whole process in a

@ross westgate. what we want to see is tiger, rory and mickelson coming down the stretch on sunday night. >>> still to come, we'll look at the odds of tiger taking the green jacket for a fifth time. plus, dollar/yen hit a fresh record after the bank of mitsubishi will join us and give us his for the cross rate. >>> more stuff comment out of portugal. the portugal finance minister wants to create space to issue 10-year bonds. we'll see how that plan goes down. but that's one of the opportunities they're looking at. meanwhile, gold scored its biggest decline in nearly two months on the news that cyprus is looking to sell the majority of its reserves to help finance its part of the bailout. the first significant sale in the eurozone since back in 2009. at the same time, goldman sachs has become the latest big hitter to become bearish on gold. that's down from its previous forecast to $1600. they say not even the recent 2e7kzs on the peninsula are turning investors to gold as the safe haven play. the cen

i'm ross westgate. >> and i'm kelly evans. >> george sore ross warnings about the impact of the monetary view. he says it could turn the yen's fall into an avalanche. >> what japan is doing is quite dangerous because they are doing it after 25 years of just simply accumulating deficits. >> another month of stet steady job gains are seen boosting the u.s. economy even if washington plans to tighten its belt with further budget cuts. >>> and the european stocks hit a one-month low. >> plus, samsung is forecasting a 50% profit jump for the first quarter. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >> all right. now, it may be easter week, but there's enough for you to look at. >> enough view? >> enough for you. >> enough for me to look at? >> yes. >> what do you mean? >> volatility, there's -- >> oh, i see. plenty going on. it's very busy. for a short week, it's felt like one of the longest weeks, despite the fact that it's only been four days. look at some of the trading session charts. >> 32 to 65 yield range day. >> especially whe

i'm kelly evans. >> and i'm ross westgate.e's your headlines from around the world. >>> no triple dip recession, the uk avoiding another quarter of negative growth with gdp rising 0.3% in the first quarter, prompting a big spike in sterling. >>> spain's unemployment hitting record 27.2% in the first quarter. bank santander sees profits fall and bad loans slowing. >> reports say verizon is preparing a $100 billion offer to try to convince vodafone to give up its stakes in verizon wireless. >>> health care stocks fall as astrazeneca's forecast, bayer has lowered its outlook after missing expectations. we'll be joined by the ceo in around 30 minutes. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >> we're drifting higher for u.s. futures. the nasdaq and s&p moving a little higher, as well. we're going to get a ton of earnings out today. we'll preview exxon earnings shortly. nominal gdp is wa we're talking about. in any case, watch for amazon after the bell today. moving on to

i'm ross westgate. >> and i'm kelly evans. these are your headlines from around the world. >> china's economic growth stalls in the first quart, gdp coming in at 7.7% because of weaker industrial output. that's weighed on mining stocks the. >>> and greece getting the all clear from the troika following the review of its austerity program which should see some $2.2 billion of aid relief. >>> germany launches its election campaign. both parties vowing their party for the cyprus aid package. that is the cypriot finance minister tells cnbc, he has growth plans for the economy, but acknowledges there are tough times coming. >> we know we are in for an upright, but the sooner and the more decisive our actions will be now, the sooner we shall be over this difficulty period. >>> and earnings begin to flood in this week. the dow, s&p 500 are getting set to report results. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >>> all right. >> back together. >> back together. >> for a coup

i'm ross westgate. paris wakes up to a domestic and international fallout after the french finance minister rescheduled a meeting with u.s. counterpart jack lew and deals with questions of who knew what about the former budget minister's swiss bank account. >>> run fof your lives, pyongyang's over the top warning to flee south korea garners more scorn from its neighbors. >>> meet the old boss, same as the old boss, jcpenney replaces the ceo who took over from the former chief, mike uhlman. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >>> as world leaders continue to pay tribute to margaret thatcher, we'll assess the legacy of the iron lady with a former special assistant to ronald reagan. today, we'll also be joined by the author of the international best seller, traders, guns and money, live from sydney. he says germany is set to become the ultimate victim of the euro crisis. find out why in this hour. >>> we'll also be in beijing as the bird flu

i'm ross westgate. >> and i'm kelly evans. these are your headlines from around the world. >>> first quarter gdp today in the u.s. likely to show a rebound after the stall at the end of the last year. >>> the bank of japan suggests it will hit its cpi data within two years. the fight against deflation will be a difficult one. >>> over-shadowing samsung's sixth straight profit gain. nomura has its best earnings in a year. >>> and the spanish prime minister is expected to shift his emphasis to growth when he lays out fresh budget reforms today. >> you're watching "worldwide exchange," bringing you business news from around the globe. >>> okay. >> all right. >> welcome to the start of the show. we've got a little data to kick off with. >> the ecb is out with some figures, showing 276% growth. >> minus -- >> yeah. >> minus 0.8%, which was what apparently reuters were expecting was minus 0.8%. the annual growth at the n3 annual growth versus 3%. which may get some more room if they're word about m2 and m3 to cut rates. >> i was jus

i'm ross westgate. >> and i'm kelly evans. these are your headlines from around the world the. >> the toll rises from monday's bomb blast in boston. three dead, more than 140 injured. the president vows to bring those responsible to justice for the incident. the u.s. is treating it as an act of terrorism. >>> gold is stabilizing this morning after suffering the biggest one-day sell off since 1980. >>> atop the french market with strong growth leads to higher than expected q1 is sales. the group's fashion and leather business. >>> and softbank shares tumbling 7% as the japanese telco giant defends its spring bid in the wake of a rival offer. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >>> all right. warm welcome to today's edition of "worldwide exchange." >> that's right. three people are dead and more than 140 injured after two explosive devices went off near the finish line of the boston marathon yesterday. nbc's katie davis joins us now with the latest from the scene.

ross westgate, thanks. this is what we do, market reaction to things which always is uncomfortable and strange. david joy, the chief market strategist at ameriprise financial, who is in boston on set, jonathan gullah, chief equity strategist at ubs investment research, david, you're up there. this is different -- i go back to 9/11. there was airplanes. we immediately had to gauge the effect on the travel industry and everything else. let's start talking about what happened yesterday and then we have to go to the commodities market and everything else that was precede ago pace before any of this happened. but do you expect this to have any long-term effect on markets here in the u.s., knowing, again, how vulnerable any big city is? >> my instinct tells me that the answer is no, that in economic terms i think the market, the economy at large will move beyond this relatively quickly. but at the same time, there may be some lingering impact in terms of investor sentiment. the sell-off clearly that occurred on f

. >> and i'm ross westgate. here are your headlines from around the world. >> the new boj governor ushers in a new era of monetary easing boosting the bank's asset purchases and doubling the bond buying to over 7 trillion. >>> the private sector contracted more than feared as investor wait to find out if the figures and cyprus bailout will farce margo draghi to act. >>> deutsche bank says allegations that led up to losses of $12 million are wholly unfounded. >>> tension necessary korea remain high, but seoul plays down the reports the north has pulled a withdrawal from key industrial zones. >>> we have a nice rally shaping up in u.s. futures this morning. the dow trying to add about 65 points at the open. the nasdaq and s&p are pointed higher. again, this does follow a weak trading session yesterday where we started off with a weak note out of europe. it was u.s. data that accelerated the losses. it wasn't just stocks. it was a lot of medals, commodities taking it on the chin today. a little better tone shaping

. >> and i'm ross westgate. after a weekend with china's leading entrepreneurs, we'll find out why they consider the last ten years to have been something of a lost decade. >> ross westgate, not with me on set. he's out in hong kong. he's been a busy guy, as well. ross, perhaps you can give viewers a sense of what they can expect from this special china edition of the show today. >> well, look, there's plenty to come, kelly. great to see you. it's been a bit of a whirlwind trip. i spent the weekend in southeastern china with the china entrepreneurs club at their annual summit of green companies. and this is basically probably the most important and biggest group of china private business leaders in the world. they include the grandfather of them is mr. tranchou who bought the ibm business collectively they have over $300 billion in rev fru back in 2011. gives you a sense of size and importance. they include china's second richest man, as well. we all hosted in this remarkable resort just outside kung ming. it's

i'm ross westgate. investors cheer italy's new government. the new prime minister meets his specially sworn in cabinet members. and the a record seven women. >>> stocks in europe are starting higher. the fed has been continuing its dovish approach and the ecb could be cutting rates. >>> plus, jpmorgan, the latest management shake-up as the bank is trading up. >> you're watching "worldwide exchange," bringing you business news from around the globe. >> welcome to the start of a new week here on "worldwide exchange." kelly is off today. we've got the fed, the employment report out of the united states and what the the ecb do? today we're focusing on italy as they try to bed in the new government. if you have any thoughts or comments, e-mail us, worldwide@cnbc.com. >>> the italian prime minister and his new cabinet were sworn into office yesterday. the new add men administration is comprised of technicians and technocrats from the center right and center left. the former deputy of italy's central banks marney will be the economics minister. the

i'm ross westgate. u.s. treasury secretary jack lew is expected to press europeans to do more to boost demand. he will talk to leaders in brussels on the first leg of his european tour. >>> chinese airline stocks have been hit despite assurances that there's no reason to panic. >>> the taiwanese posting its first ever lowest profit for the first quarter. >>> plus, earnings season kicks off today with alcoa. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >>> welcome to the start of a brand new week on "worldwide exchange." kelly is not with me on set. we'll be joining us later on the show. plenty to get through on today's program. the troika is back in greece this weekend for austerity talks. we'll hear why new proposals risk driving fresh backlash in athens. >>> we'll be in seoul as reports are that north korea is preparing for a fourth nuclear test. we'll have the latest analysis. >>> and brussels is breaking ground on a new $6 of 00 million assembly li

i'm ross westgate. a recap of the headlines, do you have ya up. the numbers also beat. >> the cash balances of our clients. i would say they -- many of the issues. >> spanish gdp contracts 0.5% quarter on quarter showing the country's special easing. but it has now been contracted for seven consecutive quarters. >>> and bp's first quarter profits are nearly $1 billion higher than forecast. high margin production and strong profits. there's some disappointed investors in terms of adm as far as the world cutting the outlook for the key earnings market. all right. welcome to the program today. in an hour's time. we're going to get a print of eurozone unemployment. could be a record high over 12%. feeding into that, of course, is the german unemployment data. we've just seen that, as well. steve was talking about that. the unadjust the jobless total, 3.098 million in march. the german adjusted rate at 6.9%. and the adjusted jobs rate was indeed 6.9% as expected. now we've also got italian jobless rate coming in. youth up to 38.4% in march. we'll talk

ross westgate standing by in london. ross, good morning. >> i'm enjoying the whole new dynamic this morning. joe, are you comfortable? are you feeling comfortable, joe? >> the minage, the wild threesome we have going here? you're too gentlemanly in english to say that, aren't you? >> i was just inferring it. >> yeah, i know you were. where is kelly? this austerity has just got her down. she can't believe that the keynesians aren't in charge. where is she? is she in spainurve the 28% unemployment personally or -- >> no, no, i think she's -- i think she's trying to do her bit to off set austerity on her lunchtime. >> is she shopping? >> she might be. i couldn't possibly comment. >> look at that. look at that. >> yeah. it's not as bad as it looks. we are weighted to the downside, it looks dramatic, but it's not that bad. about 8 to 2 outpacers versus decliners. we've been up in the last five days in the ftse euro 300 and in that time, we've been up around 4%. today, down 0.5% for the ftse is 00. the cac 4 is off 1%. xetra da

. >> if only ross westgate were mere. >> there he is. >> ross, we can't think of a better person to turn to. >> what particular help do you need? >> what c doross? liv in london. they drive ferraris. i've seen them all over there. >> there is some middle eastern money. you're right. it does find its way to london, joe. i don't know that it's necessarily all the opec members. we had the ima -- sorry, the iea data out today, as well, saying, you know, saudi arabia has a bit of a problems because they're already reducing their supply. but as we get supply increasing from the united states and canada, they have a bit of a balancing act to try and achieve. we have seen brent couple down, 1.18 was in february. 1235rs the equity markets is concerned, you have to go in. nos far away from its decliners at the moment. right now, it's slim gains, up 0. 25% for the ftse 100. the ibex is in the red 0.13%. xetra dax up 0.5%. ftse mib up 0.5%, as well. let's show the sectors. only three down in negative territory. basic resources, a big gainer in the previous session is the one where we've seen a fair

ross westgate will rejoin us in a couple of days' time. in the meantime, plenty to get through on the program today starting off with the flash pmi data for the eurozone. both the manufacturing and service sectors being closely watched for just how much momentum if any was carrying into the second quarter. you can see the euro/dollar down 0.6%. let's get more from chris williamson. chris, welcome. it looks as though the tone generally speaking here for april across manufacturing and services is pretty weak. >> yes. and one of the big worries is that germany has been back into contraction. germany returned to expansion in the first quarter raising hope that the ecb was crawling out of its hole and is by mid year we would see some stabilization. with germany turning down, the rest of the region in collapse, it's not looking like an interesting picture. >> we're looking at the stoxx 600 up 0.4%. even though the euro is down significantly. this seems to imply the ecb may have to come in here. >> the ecb have said they're happy to -- to deterio

one man i did -- i admit i did sort of fantasize a little bit in one of these, yours truly, are ross westgate who is standing by in london. ross, you know, we do have some green -- i'm just going to get out out of this quickly. we have some green and we -- i would figure that you're going to trade based on new highs in the s&p yesterday. isn't that -- that would make sense for me that you would feel some of this cheer over there. yeah? >> there was a bit of that and we had a lot of -- we're heavy in the earnings season, as well, joe. so undoubtedly helped at the start of the record high. then we had some pretty good earnings. right now, we've lost some of that momentum as you've gone through the session. that's 50/50 as the advancers versus decliners on the dow jones stoxx 600. the ftse 100 is fairly flat despite the best efforts of bp. let's show you where we stand to recap these markets. the ftse 100 fairly flat, cac 40 down 0.2%. xetra dax up 0.7%. and the ftse mib down 0.3%. ubs up 6.4%. they came out and beat expectations with their numbers. deutsche bank surprising, actually, with capit

time for the global markets report, ross westgate is standing by if london. and do you guys get "the wall street journal"? did you see this editorialal on the iron lady is pretty fascinating. i watched some youtube stuff, too, yesterday, ross. she was -- she was a kick. i'm telling you. when she was in her prime from '79 to 1980, she slapped those men around and they're such loud mouths in the parliament over there. >> i saw some of that, too. >> oh, my god. she would say, you know, one guy said i disdain every policy that you've put in. and she said back to him, you know, the eastern europeans disdain every socialist party that was put in place there, too. the guy even breaks up. we don't have anyone like her any more, any free market champions. we're going to miss her. i don't know how you feel. how old were you -- >> no, i'm a thatcher -- i'm part of the thatcher generation, joe. and, you know, i grew up with her as prime minister. obviously, i grew up before she became prime minister, as well. in the '70s, there was a period when we had a three-day week. i

now to london where ross westgate is standing by. >> we're down at the session low, 6 to 4 advancers outpacing decliners. the ftse last week was up over 2% in the course of the week. the cac 40 up 0.6%. the xetra dax up 0.25%. the focus this morning has once again been on italy. he's formed a government both from the left and the right. it's got some tech know krats in there and a lot of female candidates, the most candidates in italian cabinets for the record about seven. yields in italy continue to grind lower. 3.96%. we're less than 6 of 30 basis points away from the record yield on the italian debt. the auction was pretty good. we raised 6 billion across -- we reopened the ten year and the five year, as well. 4.66% was the year in march. and on the five-year, the yield 2.84%. we are looking in some ways a little rich. although the five-year looked pretty cheap compared to five and two. some analyst res saying we might get a spread widening versus shape. the key thing is that we have avoided another election in italy. what this coalition does do, as the main opposition, they won't

ross westgate is standing by in london. i saw you talking to shaq earlier. i think he's down there. westy is always there, another -- are you related to him? >> oh, no. it's westwood, not west goods daits gate. he's always there. you know who else doesn't usually do well on the first day who had a good first day? your boy, luke. >> luke did arlt playing with tiger. it's never easy to play with tiger, is it? >> no. i was disappointed. ian i hope he does better today. >> did he talk to you guys? >> and then -- >> i didn't mean it. >> sergio, who has been over the years a little yippy, he has that claw. who is that other guy from, the other guy with the claw? the spaniard. >> oh, constan -- yeah, phillipe consdan -- yeah. i forgot his name. i know exactly who you mean. >> michelle caruso cabrera, no, no, that's not him. anyway -- >> i lover it. it is the best golfing tournament on the planet. and is it's one day in. >> people say, oh, i don't get to watch the mornings. do you see the sponsors that they're able to -- it's like you have to kiss up to them just to sponsor this tournament