we will catch up with ryan chilcote. up to speed on the markets, the ftse 100 back into negative territory. cac 40 in paris about 0.5% lower. the dax nearing session lows and heading for a week of losses. let's keep the lid on these indexes and get over to the big stock movers this morning. nejra: let's start with one of the big gainers on the stoxx 600. that is syngenta. you remember that projected takeover offer from monsanto. thinking the offer was too low, execution risk too high. it is now building up its defenses as it prepares for a higher possible bid from its u.s. rival. these people say that syngenta expects monsanto could come back with a bigger bid as soon as next week. that is syngenta. deutsche bank is declining today. we've heard that it might boost the number of assets and wealth management staff in asia this year as part of this revamped strategy to boost growth and what deutsche bank said is that it might make some bold moves to take asia into the next growth phase. wealth management is one of the few a

let's head straight to downing street and join ryan chilcote. looks like good news for david cameron, even if we -- he has not acknowledged it yet. ryan: whether they get a conservative majority are whether david ends up ruling a minority government or they get to work at an ad hoc vote by vote acis it is perfectly clear that david cameron will remain prime minister and will remain here at downing street. that will be his residence for at least another five years and the people here are absolutely delighted with that result. some will say that we told you so but the reality is that this is a huge surprise and maybe even a shock for the party itself. they got many more votes than they expected, more votes than in 2010 when they came into power and it is the first time in 30 years that an incumbent government has come back with more of a mandate than they had in the previous term. it has also been a huge loss for the labour party, ed miliband effectively making a concession speech earlier. they got far fewer votes than they were hoping to get an f

mark barton, ryan chilcote thank you very much.the greeks are set to steal the stage in dresden as the g7 convenes. we are in athens with all the details. ♪ jonathan: good morning and welcome back to "on the move are co-i'm jonathan ferro joining you live from london. let's bring you up to speed with some of the top stories. british airways owner iag has received backing from the irish government to proceed with its 1.4 billion euro takeover of aer lingus. the stocks are both higher this morning. stanley fischer said policymakers will consider global growth as they begin to raise interest rates. the federal reserve vice chairman said the world economy may falter. according to a spokesperson in washington dc, federal reserve chairman janet yellen plans to skip this year's gathering of economists and policymakers. the topic is dynamics in monetary policy. a spokesperson said she will participate from time to time in the future. finance ministers and central bank chiefs of the g7 nations to send unprecedented a. -- descendent on dresd

that's where we find ryan chilcote as well. walk us through the rest of the day from david cameron's perspective. ryan: the british prime minister will head to buckingham palace. that is where he will meet the queen. that kicks off the prime minister's job of forming a new government. if polls are right it will be a majority government. it will be a conservative government. thereafter, very important -- you heard from the prime minister, talking about the eu referendum. the biggest challenge is to prepare the u.k. for a referendum. this is something that david cameron probably didn't want to do, but proposed having as a response to some of the more nationalistic sentiments in the country leading up to the election. he first will go to brussels, no doubt, and say, we need to renegotiate our relationship with you. you need to give us a very good deal. we are going to have a referendum as he reiterated, by the end of 2017. i need to go back to my electorate with some concessions whereby they are comfortable staying within the eu. n

jon: ryan chilcote will bring you more of that on "the pulse," do not miss that interview. be speaking to joseph stiglitz, a local -- nobel prize-winning writer. u.s. housing prices are down as well. if you want to talk about it on twitter. ♪ ♪ ♪ . francine: no deal and sites. juncker rules out a deal. -- no deal in sight. u.k. inflation figures are due in half an hour. could oil prices cause a dip in more than half a century? russia's richest person talks sanctions. the relationship with the west and life after putin in a bloomberg interview. ♪ francine: welcome to "the pulse ." i am francine lacqua. over the

guy: ryan chilcote joins us more -- with more. : according to "the wall street journal," he has just arrived in sochi. there is a very good joke. the secretary of state going to customers is asked for his name. he says "john kerry." he is asked occupation. he says, "yes, it is, stop lying." a joke to the annexation of ukraine. first talks since the ukraine conflict began. the reason there has been no talks and the relationship has been so frosty is because of ukraine. u.s. officials telling us they are concerned another offensive is in the cards. the russian backed rebels could push to the south or even to the north. so, concern remains. but what john kerry wants to do is to other things. one, he wants to talk about syria. of course, russia is assad's closest ally. if they are going to make progress in finding peace in syria, they need the russians. finally, and most important they need russia's help with iran. we have got that end of june deadline to get a deal with iran between the united states, its allies, including Àrussia and

guy: let's head to downing street, ryan chilcote is there. ryan: yes, whether or not the prime minister party is an outright majority in parliament it is absolutely clear that he will remain prime minister of this country. he will remain here at 10 downing street. he arrived a short while ago. that is a symbolic move. he is in charge. obviously be conservative party delighted. some will say we told you so. i think i'll is all of the conservative are surprised at how well the dead. -- did. they did far better than they did in 2010. they will come back with more than mandate then in a good 30 years. taking a look at ed miliband, a huge defeat for the labour party. will hear from miliband throughout the day talking more about that. will he conceived leadership of his party. some are suggesting that is something you should do. we have heard from nick clegg, he said it was a painful and cruel night for his party. will he conceived leadership? we know he will be speaking about leadership and his party later. when he spoke after winning, he was heckl

pimm: ryan chilcote in london.ing up on the bloomberg market day, nouriel roubini says he expects greece to find pots of money. will have more insights from the famed economist. and the flood of original content being created is called the golden era of tv. but is it proving to be too many choices? costco wholesale, the largest u.s. wholesale chain reporting earnings that topped analysts estimates, but the dollar hurt sales. g7 finance ministers are meeting in dresden, germany today. greece is not on the official agenda but it is a big topic. greek officials say they want a bailout deal done by sunday but the two sides remain fall apart -- remain far apart. is in dresden. why can't they reach a deal? hans: they're are so far apart on the issues. we got a little more from the international lottery fun, offering a carrot and a stick. -- international monetary fund. is if they do these things, they could potentially have some debt relief. that would involve a third rail out package. into thet that conversations taking

for the latest, let's go to ryan chilcote in london.give you the lay of the land here in the equity markets. it is a sea of green, or we should say landmass of green. in greece in particular, on fire, a 3.5% today. but not alone. the ftse off over 2% as well. greed tends to be very volatile -- greece tends to be very volatile. nearly as interesting as that is what we are watching in the corporate area, and in particular the airline injury -- industry. permissionticular from the government of ireland giving permission to buy that airline. both companies are up as a result. and the french telecom company that wanted to buy time warner cable, but the founder of the company today said they simply were not prepared to do that. was down, but a pullback from the very broad equities market rally. and finally, i want to show you the currencies. this is a dollar strength story. the pound going down with that. almost the same story for the euro. rally little bit of a because there is some optimism to do that maybe the greeks will be able to pull o

ryan chilcote joins us now. give us the details p. ryan: maybe it is a bit of that.on went from 77 billion rubles to 115 billion rubles. return on equity has gone from 15% to 6%. it is a beat. the expectation was around 30 billion rubles. that beat the expectation clover to 22 billion. what that is not is you know better than last year. it is obviously down from 73 billion last year. what it also is a loss. that's what we seau russia's second largest bank. they actually lost money in the first quarter. so that is a positive for them that they are making money and they are making more money than what analysts expected. this stock really a proxy for the russian economy. it will be interesting to see what happens to the share price today and how people read this. they really are a bellwether, a barometer of what's going on in the street in russia. they continue to deal with the problem of provisions because of bad loans also the high cost of money. you know, interest rates in russia double digits being charged by the central bank. that is obviously putting pressure on b

ryan chilcote joins us now. ryan: the country is macedonia.e story in a nutshell is we've had a good amount of unrest over the last month. over the last week, we've seen protests, violence that preceded that, a lot of turmoil. the russians say what is going on in macedonia is the west trying to foment a revolution. because the government, the prime minister in macedonia, is for, among other things, a pipeline. this is something i discussed yesterday with russia's ambassador to the eu. >> the pattern of events and the pattern of statements coming from both the opposition inside the country and those from neighboring countries, and those from other countries further outside, they create a picture which is quite sinister, and quite resembleant of what happened in ukraine last year or in a number of other countries who became the venues for so-called revolutions. i can admit that macedonia is not void of corruption. that is probably in the the case. but this doesn't make the country unique in the balkans, or in the broader geographical context. bu

let's bring in rising -- ryan chilcote for more. -breaking week and then some comments about the future. i don't think he's going to leave the job. ryan: he is a really avid sleepwalker, so maybe. the number to watch today is 6683. that is what the price of brent would have to get to. we are $.50 shy of that in order to have this 10th week of record gains. you watch the oil market, there are signs that this glut of oil that we've seen in the united states is starting to ease. that is what is driving the price of oil up. we got the inventory numbers on wednesday. crude supplies in the united states falling for a third week straight. that is the biggest consecutive decline since september. what has been going on for most of the time is, crude supplies have been going up. they are 100 million barrels a day over there average. still the most about they've had in 85 years. the number to watch today is the number from baker hughes. we get that at noon central time, 1:00 p.m. eastern, 6:00 p.m. in london, so you can't go to the pub. well, y

ryan chilcote sat down with him yesterday for an exclusive interview. hink that russia europe and america have a great potential to be very close friends but i think that we have a very rough legacy which refrains from going to travel and being good friends. ryan: you set the soviet union was a superpower and should be treated like a superpower. >> we didn't forget that 100 years ago there was a revolution in russia, which changed everything. since that time the relations between russia and the other worlds have changed and it has been very difficult. it has given a taste. what i think -- we need some kind of challenge to overcome together which will help us to become closer friends. i think we all find something really important -- unfortunately, i think -- ryan: you mean like afghanistan -- when the united states wanted to fight afghanistan through russia. >> for example. america and russia were best friends the next day after september 11 when putin came on air and said we are with america. that was a really friendly handshake. it has been broken sinc

ryan chilcote spoke to him about russia's future after vladimir putin.dimir potanin: who is and only leader of the country. there are no rivals there. not a single politician of even on the same side. that is even comparable. maybe ok for putin because he me something about growing younger people who can continue with to leave russia. i think it is a part of his job to -- a successor. the idea -- i believe in a competition. i believe in leadership and competition. in order to find a leader, let people compete in order to understand who is really more efficient and a strong leader. that is what i think we need in russia. and the business politics and sports and everywhere, we need more competition. first the bank ryan -- francine: ryan joins us. ryan: what is quite extraordinary there is you year vladimir potanin talking about what is next after vladimir putin. what is clear from the interview is his a big supporter of vladimir putin. it might be surprising and would be surprising if he said anything different. as they just played hockey together earlier

ryan chilcote bloomberg. >> join us on twitter.re you jump in and join the conversation. >> trending today, still over that fight we have seen with mayweather and pacquaio. more on that after the break. ♪ >> isis supporters -- a claim comes after police shot two gunmen were a cartoon exhibition was being held. they started shooting at security officers. police in texas suspected the car may have contained a bomb. >> markets closed in the u k and in japan. european markets are open. >> a conference begins in new york today. david einhorn is amongst one of the speakers. bloomberg will be live. >> saudi arabia is to open its stock market to foreigners from june 15, giving investors direct access in the middle east. joining us now in saudi arabia is our guest. wonderful to have you on the program. give us a sense of what this good unleashed for that markets. the moment it looks only about 1% of investment is from foreign investors. how they could it become? >> it could become quite big. we expect that over the next five years. it could

francine: thank you so much, ryan chilcote.ing up, we will have a new guest to talk about fifa and where to go from there. it will be very interesting to see how they deal with this fallout and see if it alienates customers they have. let us bring some pictures from the opening of parliament. this is very crucial. we hope that all the ceremonial pomp, if you will, that we want to know what the queen is talking about it this has been drafted by david cameron. we are hoping to find some news on the referendum like a tax cut, for example, for low earners and the extension of right to buy. that is what we are expecting and that is what the prime minister has promised in his election. we will bring those live pictures from the great british ceremony about to start. and that speech by the queen start in four minutes from now. in the meantime, here are bloomberg's top headlines. reynolds turkey does -- purchase has won approval from u.s. antitrust officials on the condition that they company will sell. the company will sell about nine

ryan chilcote is there. ryan: tom hayes arrived with his wife about 45 minutes ago.ber looking, 35 years old. he was first arrested three years ago, that is when the fraud squad in this come -- country started investigating. when he got here he went directly into the courthouse. as is his chance to defend himself. libor as you know is the rate at which banks lend to each other. it is set at about 11:00 every morning by a panel of banks. it is an important set of reference points for the market. $315 trillion of loans and securities are priced at least in part on the back of libor. the indictment, which we have been through many times lists eight counts against mr. hayes including conspiracy to defraud investors. his counterpart, the prosecutors allege that he effectively was trying to move libor for his own economic interests against there's. this went back as far as 2006 when he was a traitor at ubs and then at citigroup in 2009. mr. hayes appeared in court two years ago after he was arrested. he pled not guilty. he was then released and has been on bail ever since.

now ryan chilcote joins us. what is behind the move? >> we are flirting with yesterday's highs and let me give you a little perspective oil has risen from a low this year and it has risen 46%. it is up to where we are today and it is still down 40% from june 19. and it is the department of energy and we will get it at 10:30 a.m. with the data coming out of d.c.. this is what is interesting, the estimate we have is the data is going to show crude stockpile continuing to increase and close in half a billion barrels of oil in the united states. yesterday, a statement came from the petroleum institute on a voluntary basis and they showed the stockpile actually declined. it is not authoritative. one other forward indicator you want to look at is the risk of the united states, telling you about the shale revolution. that is down more than 50% is the beginning of the year, a dramatic decline in the number in the united states and its adjust to you that we will see less coming out of the u.s. and texas in the future. we have also gotten some co

. ♪ ryan chilcote: what began in crimea is now playing out in eastern ukraine.is utter destruction. i mean, i have been in demolition sites, war zones. i have never seen anything like this. but the outcome here is far less certain. we are going to stay low because we just heard a burst of gunfire. war has returned to europe. right on the outskirts of donetsk, and as you can hear, there is a significant battle underway. it is west versus east. and it is slav versus slav. we have come to the front lines and gone into the mines.

ryan chilcote sat down with him in an exclusive interview. ld we be surprised that some russians have been getting richer even as the country thanks to sanctions has been getting poorer? ryan: i think it is a bit surprising. if you listen to the treasury it was basically about how the sanctions were ruining the economy. you have to keep in mind, they are in exporter. he owns 30% of the company, with $10 billion right now, and the fundamentals look good. nickel demand from china is really high, and you have tesla electric carmakers, hybrid car makers, they need batteries. batteries need high-end nickel. that helps him. then, the devaluation of the ruble perhaps a bit surprisingly, has helped them. because they sell nickel and palladium in dollars. vladimir potanin thinks the results of the sanctions have been mixed, but he thinks the worst of the sanctions are pretty much behind him. have a listen. mr. potanin: in my opinion, nobody wants more sanctions. i don't think we will be able russia and the countries that implement sanctions, to leave t

let's go to london and ryan chilcote. ryan: let me give you the lay of the land. mostly read.already a short while ago. pullve seen the u.k. through. portugal as well coming out just above -- up on the day. some corporate movers in the retail sector. international is the best mover today. they will have better sales than originally thought. kingfisher is the biggest retailer -- diy retailer in europe. isional bank of greece greece's biggest bank. we heard the ecb talking about in the euro zone. as a result of those negotiations going on forever. you can see that right there with that stock. you see the euro held its own today. not be said for the pound, which was down just a tad. we had a surgeon dollar strength. -- a surge in dollar strength. economists were looking for 0.4 -- they punished the pound as a result. >> certain conditions were not met according to a hong kong stock exchange filing. the deal had been worth $1.2 billion. those conditions included a restructuring of debt and resolving business he regularly is. bondholders could not agree on a deal. they were china's

. ♪ ♪ ryan chilcote: what began in crimea is now playing out in eastern ukraine. destruction. i mean, i have been in demolition sites, war zones. i have never seen anything like this. but the outcome here is far less certain. we are going to stay low because we just heard a burst of gunfire. war has returned to europe. right on the outskirts of donetsk, and as you can hear, there is a pretty significant battle underway. it is west versus east. and it is slav versus slav. we have come to the front lines -- journalisti! journ.

we will go to ryan chilcote in london. ryan: you much a sea of red with the exception of poland. just turned red. nothing good there. greece is still in trouble, down 1.5%. that sellsompany food and clothes. a low-cost clothing retailer. the more you buy, the more you need. the stock is up almost 3%. a double upgrade from the banks. an italian media company. shareholders continuing to punish the stock. we talked about this yesterday. stock was down by 7%. greeks are pulling their money out of the banks. since this great government came to power they have pulled out of nearly a fifth of all of their money in the banks. no good news there. one more political story. day isto show you the 30 very interesting. all of that certainty on the pound. it is nearly gone. julie, over to you with a look on the u.s. market. the julie: if you take a look at what is going on with averages, declines across the board. some economic data was a little bit disappointing. a contraction that had been anticipated by .onfidence in terms of what we are seeing, there's a push and pull in the market. energy

ryan chilcote is live. d of conspiring with other bankers to effectively manipulate libor, to rig libor rates. the indictment includes eight counts going back to allegations that he did this as far back as 2006 and right up through 2010. the first one was at ubs, then at citigroup. his name is tom hays, he is 35 years old. he was charged about three years ago, but today is his first day in court, and the trial began about 2.5 hours ago. it has been interesting so far. brendan: ryan, banks just paid 4 billion pounds in fines for manipulating the foreign exchange market. now we are moving back to libor, an earlier allegation for which they also paid fines. what is the future of unraveling the human trials? if we are looking at this guy on trial, is anyone else going on trial as well, any more actual human beings? ryan: yes many, in fact, are supposed to go on trial. we cannot talk about all of it because of restrictions on reporting. we cannot run afoul of contempt of court in the u.k. they are specific about

ryan chilcote is in london. tell us about the trial. ryan: good morning, francine.wife a couple of hours ago. the trial has begun. the jurors are inside. the prosecutor is effectively reading out the charges. there are eight of them. all of them have to do with accusations that mr. hayes conspired with others inside and outside of the bank to defraud counterparties in the trades he was engaged in, by manipulating libor. that is with the jurors are being told right now. if he is found guilty in this trial that could take a good 10-12 weeks, he could be looking at as many as 10 years in prison . he has pleaded not guilty. clearly over the last couple of hours, we are seeing this trial get underway very quickly. the jury selection went quickly and it looks like the trial has now begun. francine. francine: the banks played close to -- paid close to 4 billion -- $4 billion in fines to deal with the rigging. tell us the puzzle. where does this fit in? ryan: the libor fines were very significant. the banks have paid out more than $9 billion in fines. it is not like legacy

ryan chilcote is here. tell us all about the stall we have seen in the oil prices. erday, you were paying attention to u.s. inventories. the expectation going into them was that we were going to learn that the oil stockpiles in the u.s. had risen by 1.5 million barrels. actually, they fell for the first time in 17 weeks. supply falls. the price should go up. in fact, we got a price drop. the price fell 2.5% over the next five hours and continued. it is still down a couple percent from where it settled after people reacting to that. that is because that is not the only thing people are paying attention to when they are buying and selling oil. they are paying attention to this resurgence of activity from the shale producers. guy: they are back. ryan: they are back. we spend a lot of time on all of the shows talking about how $60 per barrel was going to kill them. they spent 10 months cost-cutting. there was this one guy, this big russian oil executive, who said that the strongest ones will be back. he said this will be the cleanup of dot com. it appears to be that way.

anna edwards tries to educate us with ryan chilcote. anna: let me break it down. of the party leaders are not on the ballot paper. i get to vote for whoever want to be my local member of parliament. ryan: what does that have to do with prime minister? in the states we vote directly for the president and we vote for our local representatives in a totally different election. anna: we do things differently. we have been doing this for more than 700 years. ryan: because you did such a good job designing the system in the first place. no taxation without representation. we had to go to war with you to get our say. anna: back to the subject. there are 660 mps. we vote with first past the post. you need the most votes. ryan: we do that in the states as well. what is all the talk about the prime minister's needing a majority vote? anna: that is the next step. the parties want to get a majority of the seats, at least 326 out of 650 in parliament. it is not enough just to get more than the others. ryan: that's just like in the u.s. what if one party fails to get enough mps t

jon: ryan chilcote, the man who will be at that opec meeting in a month. get to some of these top stories. prices in china dropped last month. china eased mortgage policy and down payment requirements for homebuyers at the end of march. it started back in september. the chicago president repeated his call to hold interest rate and zero until early next year. speaking of stockholm he said inflation is too far below the fed's goals. >> on this forecast and the rest of the outlook i think the committee should refrain from raising the federal funding rate until there is much greater confidence that inflation one or two years ahead will be at our 2% inflation target. i see no compelling reason to be and a hurry to tighten financial conditions until then. jon: not really coming as much of a surprise to anyone in the market this morning. 100,000 jobs could be lost at whitehall as the u.k. chancellor seeks to balance the books. george osborne targeting 10 billion pounds of cuts. the asking prices for london homes found the most in -- how they would impose a so-cal

i know ryan chilcote is looking at them right now. : airlines lose money because not that many fly. the bigger issue is the company saying that they lost less money this year than last year and less money than they thought they were going to lose. what is the reason for that? they are down 50% since this time last year and they have saved 200 million euros on the fuel bills last year. investors are not exactly jumping up and down. take a look at the legacy issues continuing and the low-cost service we just heard. they say pressure will continue and the downsize risk has increased. you have the labor dispute and they have been involved for a good year. you have the german wings disaster. it did not have a huge effect on the bottom line. labor is the reason the company suspended dividends and paid close to a quarter trillion in euros last year and 32 this year. he has been a ceo for a year and he has to get it right, lowering the costs. if he gets that right he has a chance of really making a legacy for himself. obviously, this is an air

ryan chilcote joins us with more on this story. ryan what happened?ly what this is profit aside this is a revenue issue. an issue with revenue the future. if you look at the first quarter, the company generated about as much revenue as investors expected. you look at this quarter, how much the company is bringing in right now, it is falling short in terms of a the expectations. not wildly short. the expectation was in the second quarter they took in $18.7 million. furthering that theme, they changed their full-year guidance. that spooked investors. this is not a company that has trouble monetizing its business model generating rev nusme the issue here is it is not going to be generating as far as we know based on yesterday's conversation with the company, it is not going to be generating as much money as investors thought it would. the expectations are pretty big. they obviously got very punished for that. francine: ryan, what is going on inside the company? ryan: i spent last seven hours reading a lot about linkedin. the business model is job listing

to meet with president clinton for the first -- our russia expert ryan chilcote joins us now for morenot expecting champagne or these guys to smoke cigars, but at least he is going. brian: it is important for a couple of reasons. there are officials inside the administration who still think there could be a big push by russian backed rebels and the worst is not behind us. secondly because there are a lot of other bilateral issues in this area that need to be discussed. one of them is yemen, another is syria and and his biggest partner or biggest ally is russia and finally, iran. if the united states and its allies along with russia want to get a deal with iran by the end of june bring a run back into the oil market than they need the russians on board. after we had that tentative deal in switzerland about a month ago, putin cannot exit now we will sell antiaircraft. that cut the u.s. off guard. they want putin on their side particularly when it comes to the process of removing sanctions. lasting united states once is for the u.s. to go rogue and to go into the market before western eu

ryan chilcote has followed this front and center, including important conversations with lavrov of russiatable will the room be in sochi? ryan: ryan: it'll be awkward, but this is important not only to the russians but also to the u.s. secretary of state. they want to talk about ukraine but they want to talk about syria, iran as well, places where they really need the russians to be on board to make a difference. tom: ok they are going to state their sites. you expect any kind of agreement , understanding, shared believed to come out of this meeting, or is it a photo on with some tough language? ryan: you know, i do not think we will get all of the detail out of the meeting. i think there will not be in agreement on the ukraine. the u.s. remains even now concerned that we are not at the end of the story in ukraine. that the russian-backed rebels could be planning a new offensive, they carry out a new offensive. the hope is they can make some progress with iran and maybe syria. you know, the russians being assad's biggest allies. that is really important because your member the s-300 sales

ryan chilcote joins us for more. break down the numbers for us. not pretty across the board. an: this is basically a revenue issue. if you look at the rounders -- the numbers for revenue, the company said that it expects to make a little bit less than what analysts were estimating. the company, going forward pretty much brought back its forecast for the entire year. it is not really an issue of not making money, it is just not making as much as investors thought. that was enough to cost the company about $7 billion worth of its market cap. jonathan: the strength of the dollar has been the big theme for the quarter. investors look at companies like apple. the dollar hit them as well, but they delivered. ryan: it was one of the issues that was pointed out by the cfo. 39% of their revenue comes from outside the united states. the dollar fell by 6.2 percent. it is going to be a factor. does that explain the mess in terms of not living up to analyst expectations? i'm not sure. it doesn't take a brain surgeon to figure out what 6.2% is going to cost on revenues. but it was a factor

ryan chilcote is there for us. good morning to you. details on the trial please.rial begins in a few hours. really tom hayes first chance to depend himself. three years after the -- n the u.k. began investigating to the alleged manipulation of libor. three years after mr. hayes was arrested. you know what libor is. it is the rate that banks report that sit on a panel that they are able to lend to one another at -- they reported it about 11:00 in the morning every day. the indictment alleged that mr. hayes along with a group of other traders conspired to do fraud. there are counterparties for their own benefit. for his own benefit. just real estate minder $350 trillion of loans and securities are at least partyly valued according to libor. this is a really big deal. of course the allegations, the counts themselves go back all the way to 2006 when mr. hayes -- at u.b.s. -- in 2009 he went to citigroup after getting a $3 million signing bonus. the trial begins today. it ought to be very interesting. it is expected to last 10-12 weeks. generally with these cases it is

ryan chilcote joins us for more. the visit, whenever you get a western leader meeting with putin, we asked the question for what does it mean? ryan: anytime she meets with putin, it is important to pay attention. the answer is her trip doesn't mean there will be any relaxation of the sanctions. she went on sunday and did not go during the victory parade on saturday. she did it to send a message for you yes, we want to remember the russians killed and our responsibility as germany for that. but no, i will know when is a military parade as celebrate militarization of russian and what russia has done in ukraine. you know, it is been three months since at the 2 have met for you if you look to hurt us often, you would been disappointed. take a listen. angela merkel: the criminal elite -- illegal annexation of crimea has led to a serious setback for this cooperation between russia and germany. we see this as violation of the fundamentals other common european peace framework. ryan: she does not minutes her words. criminal

ryan chilcote has more from london. >> let me give you the lay of the land.can see, a sea of red. cac down by 2.4%. continued weakness in greece. take a look at the corporate movers today. interesting stuff in the retail sector. retailer whoritish also sells clothes. the stock is up. the banks gave it a double upgrade. really good for them. mediaset, and italian media company, shareholders continuing to punish them. finally, national bank of greece. of course, greece's largest bank. we learned depositors contained to pull money out of the bank. 1/5 of all the money in greek banks has in taken out of the banks since the government in power right now took office. take a look at the british pound. down over 30 days. this right here is when we had the election, all of this euphoria. then we have the certainty of the election, and now it is all gone. a quick update on the euro. continued weakness in the long run. that is the story here in europe. betty: thank you. in asia, new numbers in japan show an economy stuck in neutral, raising concerns about whether the co

it is time to get you caught up on all the market action around the world. ,et's head out to ryan chilcoteoins us from london. ryan: let me give you the lay of the land here in europe. european equity markets are all green, as you can see. greece is up 3.5%. that is the same story in italy. the ftse is up, it is a good day for europe when it comes to equity. perhaps even more interesting is individual stocks when it comes to the airline industry. let me show you that there. iag, the biggest or per story of the day in the last 24 hours, iag learned from the government of ireland they could either stake in aer lingus, and irish airline. both companies benefiting on the acrobat news. companyay here, this has been punished by investors for losing out on the opportunity to buy a stake in time warner cable. ,oving onto commodities here currencies, the pound, interesting day, starting up with a lot of strength and a huge bound of dollar strength sending the pound down, and it was the same story for the euro up in there, but then the same story right, a huge bound sending it down from a preliminar

here is ryan chilcote from london. >> equity markets, as you can see, it is a land mass of green.on fire, up 3.5%, 2% ftse is also of more than . of course, greece tends to be very volatile, but nonetheless, a strong performance. cac was up. we are also watching the corporate space, in particular the airline industry. ba. the parent company of they have gotten permission from the government of ireland to buy their stake in that country. shares in both companies are up as a result. the frenchtice, telecom company that wanted to buy time warner. the founder of the company today said they recently not prepared to do that. they were down in trading but pulled back at the last minute on the back of a broad rally here in the equities market. finally, and quickly, i want to show you the currencies. this is a dollar strength story. almost the same story with the euro. crashed with the dollar strength, and then went on a little bit of a rally because there is some optimism today that maybe the greeks will be able to pull off a deal with the creditors. betty: in asia, a chinese ipo takes of

let's start with ryan chilcote from london with how the european market ended the week.continued weakness in grace as well. we're pointing out. take a look at some of the corporate movers. interesting stuff particularly in the retail center. a britishthis is retailer that not only sells food but also clothes. the stock is up because the banks gave it a double upgrade. really good for ab foods. sky walked away from a deal with mediaset. we are taking the story back to greece. what we learned today, depositors continue to pull their money out of the banks in that country. 1/5 of all the money in the banks in greece has disappeared or been removed from the banks since the government that is in power right now took office. the britishat pound. the pound is down over 30 days. this right here is where we had an election. we had all this euphoria that we -- after the certainty of the election but it is gone now. just going to give you one ick update on the euro. the euro continued to show weakness in the long run and that is the story here in europe. core prices in april rose 3

i want to start in europe with ryan chilcote in london. see it is a sea of red. not so good today.hat we've seen in the past, it could be worse, down about 1% on average across europe. corporate movers, based on earnings, sports direct said that their profits are going to be better than previously thought. kingfisher is the biggest diy retailer in all of europe and they beat on like for like sales. not so good for national bank of greece. we heard from the ecb which said they will not raise the ceiling for ela funding. .o more money right now no more emergency liquidity from the european central bank. hl was holding its own. it is just south. much more pronounced downhill ride is what the pound has seen today. the reason for that, we got revised first-quarter gdp data. the originaly as data was, .3% growth in the first quarter. economists were looking for .4%. that is the story in europe. julie: take a look at the u.s.. we have some selling going on today in u.s. stocks. this after a whipped couple of sessions are we had stocks down sharply on tuesday. of sharply yesterday and now

ryan chilcote, you have got the details. plus i'm not sure i have magical answers.ure anybody does. >> you have been speaking to key experts. it is going to be volatile. >> if you trade oil, it is 10:30 on wall street. we learned that the stockpiles for the first time actually fell. the expectation was they were going to grow and they fell. we are only talking about a fall of about 1%. still half a billion barrels of oil. the price actually went up. the price went down. it is still down by 3.3%. i think that tells us what we can expect with oil prices. the idea was price would plummet and it levels out at a lower price. some people are still calling it a price but not leveling out necessarily. they have been talking about a w shaped recovery for the oil price. effectively, what they are saying now is with the oil price where it is, we are feeling better than we thought. five or six months ago everybody was talking about $60. they are finding daily laid off all these people. they are prepared to reenter. >> that is the point. >> they can move quickly. we are right in

ryan chilcote bloomberg, minsk. mark: putting the shine back into the golden arches.meback plan. that is next. ♪ mark: putting the shine back on the golden arches. that is the daunting task for mcdonald's new ceo. he was appointed chief executive in march, inheriting the worst sell slump in more than a decade. easterbrook unveils his plan to turn around the $19 billion fast food giant. it will not be easy. in the u.s., sales dropped 2%. the stuff have under performed the s&p 500. the chain has dropped a number of items to speed up service. it may require more than a menu. it may be more than a new menu. bloomberg looks at some of mcdonald's biggest missteps. reporter: mcdonald's has a problem. people are eating less and less of their food. same-store sales in the u.s. have dropped six quarters in a row. 4 of their biggest missteps in recent months. mcdonald's has been adding lots of new items in an attempt to lure new customers. the problem is that made you is to big for its own good. the company got rid of seven underperforming sandwiches. even after that, the menu i

ryan chilcote joins us. did merkel's visit to moscow suggest an easing? n: she made a point of showing up on the 10th and laying a wreath at the memorial to soviet soldiers as opposed to showing up on victory day which is a way of saying, we recognize that we have a responsibility to remember what happened during world war ii, germany's role and how russia suffered as a result of it, but i will not be celebrating the militarization of russia and i will not be appearing in front of thousands of russian troops. the chinese leader did on the ninth. it has been three months -- it had been three months since she had been to moscow prior to that. angela merkel: the criminal and illegal annexation of crimea and the military conflict in eastern ukraine has led to a serious setback for this cooperation between russia and germany. serious because we see this as a violation of the fundamental european peace framework. ryan: calling something that another leader does as illegal and criminal in front of his domestic audience is pretty serious talk. she did not mince wo

ryan chilcote joins us now with more on the numbers. eren't expecting very much out of these figures. a boith a surprise. break it down. mark: you're going -- ryan: you're going to hear a lot of beats. they beat in terms of the amount of sales they had last year and what investors were expecting of them for the first quarter of this year. so not bad. part of that was the products that they are selling. the x 5 doing particularly well, sales up 30%. doing really well in the united states. they have a factory there in south carolina. that helps them -- shelters them if you will from the euro's decline. the mini up 28%. the coupe doubled. i think a surprise for investors is that the company stuck to its forecast saying that it is going to be a record year for sales. that in terms of pretax profit, they expect that to rise by between 8% and 10% this year. and sorry -- their margin they expect to rise and remain between 8% and 10%. it came in for the first quarter at 9.5%. pretax sales which is the metric that the industry follows, they expec