take a look at the stoxx 600.y nine stocks finished the session higher today. 14 stocks, to be fair. german bonds arising. the euro, one of the haven currencies along with the yen. finishing off with the index that has been hammered the most today, the athens stock exchange. down by seven point 87%. banks are getting hit. .87%. coming up, is it any surprise that the best european stocks are up tied to the best-performing commodities? i have a chart showing you how well read gold has been doing. ♪ brendan: time for our global battle of the charts. some oftake a look at the most telling charts of the day, what they mean for investors. you can access these on the bloomberg. first, joe weisenthal has returned from what looked like a food tour of hong kong. anothertalking about great place to travel, greece. not so good from a financial market perspective, the markets are getting demolished. as you can see from this long-term chart, you have to go back to 1990 four the last time greek stocks were at this level. people

look at the stoxx 600. we were down for most of the day.ear gauge, the european , the longest run since october last year. nestle is one of the big followers, you know the company, the big food company. it makes it cap and -- it makes makes kit kat and nescafe. investors who have been inspecting a share buyback and the news put further pressure on paul volcker to find new areas of growth as he enters the home stretch of his tenure as chief executive. we did have some big gainers france and klm -- it is europe's best-performing stock today. it announced its first annual operating profit since 2010, beating estimates. costs fell and terrorist attacks failed to hold back fourth-quarter profits as well. air france finishing the day, up by 11%. camera just said he is battling for britain. what does that do to the sterling? mark: this is a great shot. it is implied volatility and tells you about investor expectations for volatility and the pound-euro exchange rate. this is the chart going back to 2011 and you can see the volatility gauge has rise

the selloff has wiped 30% off the stoxx banking index this year alone. out showed no signs of updating earlier. pointing the finger at central banks in negative rate strategies. don't blame the fed, said janet yellen. there is nothing magical about the present rates. they could go lower. when people start to switch massively into cash, we haven't gotten to that point yet. each central bank in each particular country or region assesses whether the benefits of that are higher than the cost. if that is the case, low interest rates should remain. >> in light of the experience of european countries and others that have gone to negative rates, we are looking at them again. we would want to be prepared in the event that we needed to add accommodation. we haven't finished that evaluation. we need to consider the u.s. anditutional context whether they would work well here. >> so far, at least in this economy, these things worked the way one would expect. at this level, that doesn't seem to be an issue. in terms of impact from the monetary policy side, generally s

mark: the biggest drop for the stoxx 600 in two weeks.d by every single industry group on the stoxx 600. basic resources, autos, banks, oil and gas. airbus profit rose less than estimate. sterling is the story of the week, the day. that is the european close. ♪ scarlet: good afternoon. : new home sales tumble falling at the fastest pace in four years. we will look at what is behind the slide. examines itset sales goals. lew'swater jack expectations for the g7. scarlet: we need to look at today's activities. need to go over to julie hyman. julie: we are seeing a bounce in stocks from the lows of the sessions here

between gains and losses on the stoxx 600. do game, it will be the first gain in february after falling for six consecutive days. this is the chart going back to 2014. earlier today, we fell to the lowest level since october, 2014. deutsche bank is a bright spot today. it wasn't yesterday. 9% yesterday. they're up by 5%. it reassured investors and employees it does have enough money to repay its debts. down 7% yesterday. lowest level since 1989. investors fleeing riskier assets such as greece as concerns about the bailout as well. will that unravel? i tell you what has been unraveling today -- the japanese stock market. one of the few asian stock markets that is trading today. since june, 2013. 5.4%. the rising yen hurting shares of automakers, toyota and mazda. i want to show you the eyn. this is dollar against all its major peers. the yen is the best-performing currency today. very quickly let show you how it is faring over the year. the yen is the best-performing currency. by4.4%. it seems that mr. kuroda cannot get the eyy

the stoxx 600 is 1.6% lower. declining for a third consecutive day.his is one of the rare days where the stoxx 600 and oil are actually moving in opposite directions. crude oil rebounding from it's almost 11% today decline. every industry group is declining on the stoxx 600 today. credit risk is increasing. the cost of insuring european corporate debt is rising. the market i tracked europe's --ex -- on investment grade surpassed 100 basis points for the first time since october 2013. that is psychologically important. let's talk about some of the big individual movements. ins is the big m&a story the region. look at the syngenta intraday share price. the swiss pesticide maker was up 7%. now it is up 2.7%. kim china has tabled -- cam china has tabled -- speaking to aaron kirtchfeld in about 20 minutes times. swatch. shares are down 1%. they were down 5% earlier. analysts questioning whether it can reach its sales goal for the year. we have bank of america and merrill lynch saying retailers have too many unsold watches in their inventory. demand is weak

marco rising for the third day for the industry groups for the stoxx 600. all 19 are trading higher. even oil and gas which is diverging from the price of oil which is declining today. excluding the advance. the banks industry up by 3.8%. topix, what a gain. biggest gain since 2008. this is the intraday chart. this is after the gauge sank last week, plunging by 13%, the most since 2008. heavily oversold. it is rebounding today. three industry groups rose today. we have the economy in japan contracting greater than forecast, 1.4% in the fourth quarter because of the weakness in private consumption the data confirming that japan is struggling to break free from the cycle of expansion and contraction after three years of

lloyds is in the white, vis-a-vis the stoxx 600.eir shares have slightly over performed versus the stoxx 600 banking index, which is down more than it has been your today. lloyds coming out with the goods in terms of dividends, a 2.25 dividend, even though they are setting aside another 2.1 billion pounds when it comes to ppi. claims this sold payment production, but nevertheless, capital guidance has impressed when it comes to lloyds pretax profit. we are seeing a pickup -- expect them to pop. we are also expecting bp to drive higher, releasing not as bad as it could have been. remember, this is the first real analysis the watchdog has done on the digital market in a decade, and they awant bt to opn up their network, to be easier for rivals to get broadband into homes, but they are not saying to sell off openreach, and that is crucial. lastly, zodiac -- another profit warning for this company. watch this stock tumble 15%. guy: i think we would have known that would have happened. if you listen to airbus, problems on the ramp-up of

for the week, the stoxx 600 is up by 4.2%.ple of big movers, europe's biggest insurer missed analyst estimates for fourth-quarter profits because it claims from natural catastrophes. shares down by 1.7%. grappling industry with stricter regulatory requirements, low interest rates that hurt their investment income, and subdue prices in some other markets. this is the owner of gucci .5%.hing lower, down by it reported fourth-quarter sales that beat estimates by 8%. the gucci brand showing signs of life sales for gucci rising 4.8%, the strongest in three years. gucci, interestingly, accounts for two thirds of profits. the company has been trying to boost its magic on to the creative director. .e has been in his position and looks like his magic is beginning to show. there was no magic in a share price today. shares bite -- shares down by .5%. brendan: you have to look into the state of the uk's government finances to what does that mean for george osborne and his red briefcase? mark: not everyone's cup of tea. for someone like ou

. ♪ guy: let's talk about the stoxx need to be watching. key: pimco one of itst managers -- overall profit did miss when you dig into these numbers. it rose 60%. analysts -- rose 16%. analysts wanted more. they wanted a bigger boost in the dividend. 7.30 seven cents this is a great dividend yield but it did not live up to where analysts hope it to rise to. they are claiming natural catastrophes. this is a company that is grappling with low interest rates. have grappling with the regulations. they are grappling with those outflows from pimco. that is starting to slow. have a look at alianza on the open. profit up some 6%. showing a loss for a fourth straight year. 12 million euro losses. their splashing the cash. they're trying to get content. they are going into the channel be in and france. splashing on acquisitions as well. -- onn eye on the vendee the vendee. carolyn group so important. gucci is about 35% of their revenue. two thirds of their profit. gucci turning around. we're seeing sales up a percent. -- sales up 8%. guy: we are four

saw onns we stall o friday in the stoxx 600 came after the lowest level since 2013.nalysts are pretty bullish on europe's equity marked as they see a rebound of 23% from friday's close on average speed and of the year. a lot of that will be down for more stimulus from the ecb. we have mario draghi speaking in an hours time. he will be speaking before european parliament lawmakers 3:00 p.m. brussels time. the euro down 7/10 of a percent against the dollar ahead of that speech. this will be the trade to watch what he is speaking. investors are looking for clues inthe next policy move march. this will really be a test of his power today to move markets and see whether he can move this euro. draghi and his colleagues have been grappling with a stronger euro. it is the second-best performer against the dollar this year after the yen, up 3% against the dollar this year, but weaker at the moment. we have seen risk appetite in the stock market. another bit of evidence is that money is moving out of gold, the state haven that investors have been buying so far this year with a

euro stoxx 600 gaining. the banks gaining 3.5%, led by deutsche bank rising 10% after the german bank is considering buying back some of its debt. i want to show you the yen. the yen is so strong it may need more policy action from either the government or certainly from governor kuroda. let's get to breaking news out of italy. figures.ome in terms of some of the data, yesterday it was a little bit disappointing in germany. today, industrial output in italy falling to 0.7% month on month. it is worse than expected. this is the situation we will keep a close eye on. let's get to first word news. anti-establishment candidate, donald trump and bernie sanders have claimed injuries in the new hampshire primaries. sanders one easily over hillary clinton, meaning the democrats could be heading for a long and competitive nomination fight. a crowded gop field with john kasich in second place. fivean sachs has abandoned of its six recommended top trades for the year. the bank was wrong on the dollar. yields on italian

that is sending the stoxx 600 up like 2.8%.opean stocks heading for the best two a surge since 2011, optimism is sweeping through european equities, carmakers rebounding. this is president's day so u.s. incks and bonds are closed. the ft, the years on crisis may look less frightening than the original but it is worse in others. the bond yields are not quite as high as they were. banks have lower levels of leverage. andrew bosomworth is still with us as is marvin barth. have yields and europe dropped to low and what does it mean for pimco's strategy? andrew: given the inflation levels, the outlook for inflation, what the ecb is doing, i would not conclude that yields have fallen to low. as far as the periphery is concerned, i think it is a relatively safe position in terms of the yield one can get there versus core country bonds. that is a long-standing position we have been running. we stick to that position. i would view the widening we have seen in recent days and weeks marvin opportunity than a reason to hit the panic button

china andmbers out of the stoxx at a three-week high on the composite. the earlier gain is up here in hong kong. and this mirrors what we are seeing and a nice rally with investors not buying into the risk adverse and a big move in oil having a huge impact on the oil producers and we saw the chinese majors in some cases and we can take a look at how they are trading. there, you see it. higher fromove galaxy entertainment and you saw it up with china in a healthy advance. it was down early in the week and it is down again. the shares are under a bit of pressure. this outlook has been positive optimistically -- optimistically read the stimulus and we are seeing shares rebounding with 7000 jobs last month. that was unexpected and had an impact. we are seeing the commodity stories playing through with 14% in that session. commodities a focus of investors and we are watching emerging-market currencies that have been big performers in the past 24 hours. the regional benchmark is up and over 2%. >> thank you. the u.k. minister faces his counterpart and it is on

we are four hours into the european equity trading session, and the stoxx 600 is up for a second day.uropean stocks looking at europe's equity benchmark heading for their biggest two-day gain since 2011. up as much as 6% over two days for today. they're up over 3% at the moment. thanks are still the worst performers this year on the stock 600. but they are some of the best performers today, along with carmakers. what's driving this optimism ha?ns: coming up on "bloomberg ? it has the biggest rally since 2013. 8.4 trillion dollars wiped from global equities this year, taking the stock 600 down as much a 17% from an april high on friday. but despite the route, strategists are still largely bullish on the stoxx 600, they are projecting a rebound on average of 23% from friday's close through the end of the year, all signs of an approving -- and improving economy. euro, this will be the currency to watch what we hear from mario draghi later today. at 3:00 p.m. brussels time, 2:00 p.m. uta time -- u.k. time. he will be speaking in front of lawmakers in the european parliament. it will be a

the best performer on the day for the stoxx 600.rench retailer that has been under stress recently. this is an area of shortselling. a company betting that this company has been us -- under estimating its overall debt load. to be able to cut that mammoth debt load they currently have. keep an eye on casino as they get rid of one of their big stake sales in thailand. they are selling off that to cut their debt. imagination tech. this is falling some 10% this morning. on the downward trajectory. it is a chip related that. they are being hurt because there is a slowdown in the number of smartphones we are buying. the is a great function on bloomberg, supply chain analysis. royalties are going down because -- are chip companies not buying them anymore. getoelectronics come revenue of 8%. feeling the pain of what is a slowdown in the chip market. imagination tech says goodbye to its chief executive as well today. the world largest mining conference is starting in cape town today. it has been a tough year for commodity suppliers. they hav

. >>> plus, the group casino trading at the top of the stoxx 600.ll the details on that in just a few minute. >> a bit later on. things to do in the city of denver when you've won the super bowl. the broncos cause a huge upset in california. that whole story coming up. ♪ if you have moderate to severe ulcerative colitis or crohn's, and your symptoms have left you with the same view, it may be time for a different perspective. if other treatments haven't worked well enough, ask your doctor about entyvio, the only biologic developed and approved just for uc and crohn's. entyvio works by focusing right in the gi-tract to help control damaging inflammation and is clinically proven to begin helping many patients achieve both symptom relief as well as remission. infusion and serious allergic reactions can happen during or after treatment. entyvio may increase risk of infection, which can be serious. while not reported with entyvio, pml, a rare, serious brain infection caused by a virus may be possible. tell your doctor if you have an infection, experience

one of the best performers on the stoxx 600 did as his peugeot just stoxx 600. peugeot.starting to pay a dividend in line with the industry. earning its first since 2011. that is what is heading higher. heading lower? auto trader. the private equity company .hey're selling at 23% stake that stock with the value of $1.2 billion. that represents most of a pax's holding. worst performer on the stoxx 600 today. guy: barratt developments continues to enjoy a boom in -- shares up slightly, but how much longer can this last? where the smart money investors can make? good morning. the bulk of the business coming out and saying that is very cover meant -- that is very confident. see at least until june. concerns go a bit further out. continue labor cost inflation. also cuts in moderation. costs go up and prices go down. higher -- on house prices is not that they fog. of --rts slow because stretch to us. guy: it is been a stretch to us. start to sense this is jack oh ver charlie: we were worried about valuation back then. rising cost inflation. some of those things haven't happene

the stoxx 600 down 3%. i want to show you deutsche bank, also commerzbank.e getting a little bit of concern out there. we are trying to get to the bottom of it. we seem to have a lot of regulators saying credit demand doesn't compensate for low interest rates. this is interesting to be put into context. let's get to the bloomberg first word news. vonnie: the un security council is promising to retaliate against north korea for launching a long-range rocket. north korea is celebrating. there was a fireworks celebration in pyongyang today. says this is a test of ballistic missile technology. meanwhile, the u.s. and south korea will have talks about deploying a missile defense system. the president of turkey is signaling the country is prepared to join the war in syria if needed. turkeynt erdogan said shouldn't repeat the same mistake it made when it turned down a u.s. request to join the coalition against saddam hussein. finlandnce minister of is urging the european union to keep its borders open while it tries to resolve the crisis. another dispute between in

so far this year, stoxx 600 down by 10%.ve seen 950 billion euros wiped off the market value so far this year. today is the day the ftse 100 opens up. today the cac 40 is also opening up as we build back some of those losses. yesterday the banks were feeling the most pain down some 3%. we're seeing today volatility on the backs of those earnings. riddick's are not taking a pretty picture. at 53 when it comes to brent. clearly we are seeing such moves in the back of the asset classes as oil continues on its topsy-turvy ride. we are seeing a bit of selling off in the pounds. will you get changes to the inflation outlook or the growth getook? we are unlikely to any change. all 40 when economists not sing a change to the u.k. in terms of interest rates. better than expected yesterday down a quarter of a percentage point. meanwhile, the euro is losing some of its gain from yesterday. the dollar selling off is what is driving oil higher today. let's have a look at some of the stocks that we want to watch. look at how credits we's

group on the stoxx 600 gaining, and the stoxx 600 basic resources index is in the bull market.you very much. oet's go from minus tw mobile. over to you, caroline. caroline: nice, guy. i'm joined by one of the biggest chipmakers in the world. thank you for joining us. >> thank you for having us. caroline: you are in everything -- auto, mobile, connected devices. how worried should we be about the so-called saturation, the so-called slowdown we are seeing in the hiring of the mobile sector? >> i think we have all realized that the high-end smartphones aren't growing at the same rate. the key is the killer applications, the functionality. we think some areas like mobile wallet, which makes our life easier, is an opportunity to continue to seek growth in the smartphone area. we think the opportunity to have that security comes along with the convenience of the mobile wallet. it's really the key that we are focused on trying to provide. caroline: we have facebook and mark zuckerberg, a call to arms yesterday. hey are trying to push forward connectivity, 5g. where are you in the 5g s

the stoxx 600 rallied and went down.hina setting the tone, cutting .he yuan reference rate that added to the economic indicators signaling a deepening slowdown. continuing to shun the microphone -- microscope on various earnings report. s. php is seeking to protect its -- from thet and price of commodities. this is a good potential m&a deal of the day. nfc chairs jumping as much as 20%. the biggest leap in two decades. one decade, excuse me. it is in merger talks with , which would ag create one of the biggest companies in the world. there has been talk of this before. a surprise for your loss today. in year 7% as the decline now. that was the biggest drop in three years. it's reported as a surprise for your loss. -- four-year loss. vonnie: the british pound is still holding over $1.41. what did mark carney have to say? mark: he was testifying before various lawmakers. acknowledged the uncertainty. he basically spoke about the uncertainty over the upcoming referendum. he acknowledged it is waiting on the pound. this is t

why are they saying that the stoxx 50 will job 10%?n: not seeing much optimism this morning. we rolled over, financials this morning, banks down by 1.24%. the rally in deutsche bank up as much as 5%, now just 9/10 of 1%. guy: of the market clearly is still focused on the spread issue, still worried about what is happening. caroline: and where is oil? that connection is edging a little bit off at the moment. jonathan: jeff curry of goldman sachs is coming up next. he joins us in just a couple minutes. we are 26 minutes of the session, equities a little bit lower, down by 131%. -- one third of 1%. ♪ jon: welcome back, i'm jonathan ferro and this is "on the move." we opened higher, the greek not last long. deutsche bank coming out and saying they cannot pay their debt. i don't know if that put more nurse into the market. guy: coming into the year -- the new year, we focused on oil. if oil went up, equity markets went up. now we are focusing on the banks. we have changed the narrative in terms of what is leading the market by the nose. jon

structure 500 -- stoxx 600 is gaining 1.6%. i want to show you crude oil, getting 2.6%. great entry coming up. he has been the oil minister of algeria. he was opec resident back and that's opec president. he joins us live from washington, dc. we continue the conversation on the pound. goldman sachs pricing in a decline of 20%. a lot of economists are saying no matter what happens, the pound will continue to tumble, whether the u.k. leaves are not. we are back in two. ♪ francine: sterling suffers its biggest fall since 2010. battle begins. cameron makes his case to stay in the eu. the largest bank posts a fourth quarter loss primarily due to bad loans to energy companies. , i would notlondon have predicted that. tom:

at the stoxx 600. been up, we've been down and it looks like we are going whichse a little bit low means we have not had again in february -- four consecutive days of decline. this is the big corporate story of the day. credit suisse -- i've brought up the chart from 1990 through 2016. why is that. credit suisse announced its biggest quarterly loss since 2008 and shares have sunk by 12% , now at the lowest level since 1992. provisions for litigation and a drop in trading atthe securities loose -- securities. it has been a big week for oil reserves and shell actually matched estimates today. we had earnings fall by 44%. it is the smallest decline out of all the biggest oil majors who reported so far. shares at likes of bp have been/-- they are struggling. it is a real headache. the mere fact that matched expectations set its shares up i 6%. betty: it was expected the bank of england would hold on their interest rates, but there is a change in the view of where we might get other move on interest rates.

the third biggest declines of 2016 for the stoxx 2600 earnings.s well as these declining oil prices. let's get straight to those earnings because a couple of the big companies in europe. reported disappointing earnings bp is the big recliner in london. shares are down by 9%, biggest drop since june 2010. the horizon disaster. what is fascinating -- fascinating about today's earnings, the four-year net loss of $6.5 billion was double the loss of 2010 when bp took charge cost link tollion the disaster. today, fourth-quarter profits greater than estimated because of the decline in the price of crude, profit has been low and year on year for six consecutive quarters as oil prices tumbled. we will have the cheese -- chief executive a little later. story wasbig earnings switzerland big lender, ubs, down by 8%, biggest drop since august. rose -- syngenta rose thanks to a chat game. big drop in wealth management earnings and investment banking profit as well. we also have sound from the ubs ceo as well. betty: we will play that, later. ubs was not the onl

the stoxx 600 was looking at its biggest weekly gain in four years.e were looking at our biggest weekly gain in one year, and now we're looking at its --inst weekly gain that the since october last year. the stoxx 600 is still up today -- of this week, excuse me, by 4.2%. not gettingwe are ahead for the biggest weekly gain in four years. every industry group is declining today. i want to point out the back spread. ec said that five lenders under its supervision missed a key capital ratio in 2015. sterling volatility continues to rise as david cameron tries to leadersdeal with his eu in brussels. the meeting is extended for a second day. this is sterling volatility against the euro and implied volatility has risen since 2011. yield curvegerman from one year to 30 years. the 10 year yield is falling today and it has fallen for five consecutive weeks, which by the way, is the longest losing winning -- losing streak. brendan: all right, mark, we are heading towards the european close. before you head off to your estate in scotland, what we have planned? :

this is the industry group on the stoxx 600. all 19 rising today.orget, last week it had its best week in over a year. since the lows of february 11, this index has rebounded by 9%. this is the story of the day, he boris johnson, a day never believed where he could move the currency so much. this shows how currencies are moving against sterling today. some of these gains you would think would be one month gains. but they are one day gains, and it is all 31 currencies, which of course is coming against the pound. his supportn puts behind the leave campaign. and there is prime minister david cameron trying to sell the callingstruck with his -- with his colleagues. >> thank you so much. we will be keeping an eye on the prime minister's statement before the close. markets, wet u.s. have the latest from the mastec or we're looking at two tech stocks in particular. >> the company could reach out to potential bidders as early as today. is exploring board strategic alternatives. some participants could be verizon, at&t, or tpg. after is a meyer is under mon

mark: we saw the stoxx 600 soar by 6% over two trading sessions.e have run out of steam, run out of gas after the news from russia and saudi arabia. excuse the pun. maybe investors expected more. 6%. these are the big movers. the comeback kid. earlier in the session, the miners sank as much as a percent. 1% speeding up plans to put out materials with better demands such as diamond, copper, and it's raising woodcut to junk yesterday. it is the first london major minor to suffer that distinction. it wants to cut the debt to 10 billion just over 12 billion. it will be a hard time to do that given the ongoing slide in its raw materials. since have jumped by 70% january the 20th. do not ignore the fact they are down by 17% in the last 12 months. up by 8.6% today, one of your's best performers. biggest power company and europe's biggest power company, announcing plans to cut costs. it wants to generate enough cash bycut dividends payments 2018. essentially, it has been borrowing money to pay dividends. it wants to change that by 2018. shares up. brendan:

the stoxx 600 was the second most volatile. you start to see some of that volatility is off just before the devaluation in october but it is climbing once again. the stoxx 600, which is europe in orange, moving up. the s&p 500 in light blue also moving up. and of course with volatility comes bigger price swings, and there you go. what about the high-yield markets? the worst two-day selloff since 2011. you can see this unbelievable correlation, the highest correlation we have seen since 2013. the closer you into getting 20, the more the assets end up moving in tandem. a two dollar decline or 5% decline in oil does have significant ramifications for other asset classes. scarlet: you can see all these charts and more on twitter. alix: are guest is it cheap investments -- a chief investment strategist terry oil and stocks used to move and opposite directions. now they move in lockstep. what has changed to bring about this new correlation? fears aboutiously the global economy. the u.s. economy is more interconnected with the global

the stoxx 600 has fallen below 30 12 times this year.an atord, the height of the financial crisis in 2008. the priced earnings estimate is eight and that is cheaper than the broader market by 40%. that is almost a record. buy.: buy, buy, matt: i have more of a function than a chart. what we are showing you hear is, if you put in any index or any kind of industry group, it will show you improving sectors, leading sectors, weakening, and lagging. the energy index is lagging but headed towards improving. the same is true with basic materials. financials are fairly weak. weakening, headed towards losses really industrial and tech stocks. betty: a very cold chart. mark, i'm going to give it to matt miller because you do not realize how many charts that has prepared to battle you. he had like five or six. i feel guilty because we are like four and one. betty: you have been keeping track? matt: we are competitive. mark: it was more of a weather report than a chart. it looked like he was doing the weather. i love miller. matt: love you too, budd

the stoxx 600 banks are in positive territory. the stoxx 600 is flat after being negative.xt, the prospects for emerging markets. fed tightening looks unlikely in the short-term. ♪ guy: let's go to business flash. mark: apple has rejected a court order to help investigators unlocking iphone. in a letter published on apple's website tim cook said the fbi was seeking a new version of apple's operating system that would circumvent security features and give law enforcement access to private data. he called the order a dangerous precedent and a chilling attack on civil liberties. nestle reported the smallest gain in six years. at company's forecast growth a similar pace this year after 2015 total organic sales rose 4.2%. sales reached 88.8 alien swiss franc's missing -- billion swiss francs missing expectations. vodafone plans to raise two point 9 million pounds. securities will have maturities of 80 months or three years. the bonds will be convertible stock,dfafone representing 5% of the company's share capital. guy: thanks very much, indeed just what we get to talking about e

as we kick off the week in europe, down more than 2% on the 600, their stoxx broader index.he dax down 2.5%. the foot is down 2, and the cac is down 2.5 as well. the broaderat index. we saw a turned down in oil, and that may have faded that that may have affected the intraday trade of the stoxx 600 as well. it has been down throughout the entire morning. it has been a rough day, a rough year for europe as well. if you look at the major indices, you will see they have been down hard this year, 13% for the stoxx 600, and the dax is the biggest loser, down 16%. you can take a look at the euro-dollar. the euro is up 2% or 3% for the year. now it is down about one third of 1%, 1.17. i heard a staff this morning sovereign bonds are showing a negative yield right now. the german two-year giving you a negative yield as well. let's take a look at the banks. you can see deutsche bank and credit suisse trading down premarket, and they have had a rough year as well. deutsche bank, there is no doubt that they need to be focused on deleveraging than raising capital. stephanie: let's break

not so good for nestle and the lot -- not a bad day for the stoxx 600.h day of gains and five. brendan: we are heading for the european close, at the end of which i will humiliate you are what will happen to that humiliation? mark: i am excited about that. i'm excited about having our man ride in brussels and the british prime minister david cameron with to thrash out a deal his fellow eu leaders are we will speak to the labor menu -- member of parliament, the former labor business spokesperson, who will be joining us. we cannot wait to talk to him. patrick spencer will chat about the s&p rebound. battle of the charts, greeley versus barton, that is the big one. it is london fashion week starting to morrow. from not just a label, look it up on the internet, a fascinating company p or he says the fashion industry needs to be shaken up. he calls it complacent, and i am looking forward to our conversation with him. a big our coming up. the european close in a matter of minutes. will headhank you we to the markets desk where julie hyman is never complacent.

stoxx 600 fully to the lowest level since december in 2014.re seeing quite a lot of pressure on the commodity stocks after the anglo american ceo saying he doesn't see the rout coming to an end. he is expecting a tough year. oil prices could stay low for his long as 10 years, according to the world's biggest oil trader, speaking exclusively to ryan chilcote in a very rare interview. the vitol ceo says a slowing china economy will act as a cap on any price rally. >> this situation where we have too much supply, the balances do not look like they are timing out yet. we're still seeing bills in the u.s. i don't think we can say the price has bottomed out. ryan: if you have to put your money on a number, which hopefully you don't, the brent price at the end of the air would be what? >> $40. you can come back and kill me because i'm sure all the wrong. ryan: [laughter] [laughter] so you don't see a sharp rebound in prices. why not? >> i know oil majors don't believe this -- there's so much stock built up in the world, and i think we just believe it

the stoxx 600 is 1.6% lower. declining for a third consecutive day.f the rare days where the stoxx 600 and oil are actually moving in oppose

stoxx 600 down 0.2%. the shanghai composite was led lower by a lot of the financial and industrial companies. after the central bank in china weakened the yuan. the pound declining. crude slumping. let's get on to the second board. rick off mo -- risk off moved. the pound had to do with brexit. i want to show you two stocks that reported earnings. cutting its dividend. standard chartered down 3.7%. better than just about 10 minutes ago. let's get straight to the bloomberg first word news. nejra: bhp billiton has made a larger than expected cut to its for the, lowering payout for the first time in 15 years. as the world biggest mining company seeks to protect its credit rating amid a price collapse. share price has fallen 40% over 12 months. david cameron's campaign to keep britain in the european union has been given a boost. 36 leaders of the u.k.'s 100 figures companies have signed a letter -- biggest company have signed a letter that says staying in would be best for the economy. that came after the pr

the stoxx 600 has taken a battering down almost to 2012 levels.i talked about doing what it takes to save the euro. deutsche bank said they were down as much as 10% after this announcement, but stocks surged 2%. they said they had enough money to cover 2016 in tier one coupons, which are due in april. they said in 2017, to have enough for 4.3 billion dollars. all of that is contingent upon their not being more headwind costs. they are up by more than 50% just this year. look at the cost of insuring deutsche bank debt compared to the cost that other banks are facing. everyone is up, but known as quite as high as deutsche bank. is,s: the burning question will deutsche bank have to raise capital? hans: he has ruled that out on several locations. in 2012, you saw u.s. banks that needed to raise capital. right now the line from deutsche bank is that they don't need it. we will see how much longer that holds out or whether or not there is a question of markets overshooting. there might be a correction to the correction. hans.thanks you, pete fitzgerald

it is a green day for the stoxx 600, but a volatile day.atch up with all the business news. >> thanks very much. toyota has raised its earnings forecast and profited record for japanese companies. sales of toyota's rav-4 and lexus luxury cars are soaring. analysts forecast the largest automaker will make about $26 billion in profit in the year ending in march. also, in germany, it may be a sign a global slowdown is hurting europe's largest economy. factory orders fell more than expected in december. orders were down .7%. that comes after an increase back in november. and shares of linkedin are getting hammered in premarket trading. the professional networking site has lost a third of its value since yesterday's forecast. linkedin predicted a year of full revenue growth. and that is the bloomberg business flash. tom: it begins our movers here on linkedin. such a help at evercore, he minces no words. he takes ebitda growth down the income statement from 43% down to 23%. that is shocking. he's adamant that is facebook, google and amazon and aw

caroline: the leader of the pack on the stoxx 600 is syngenta, the swiss agricultural company risingot more? chemchinam offer from does not seem to be lighting up the investors right now. it would be the biggest cash payment from a chinese company. this is the best day for lvmh by sixn over a year, up point 2%. it managed to show off strong profit, despite the weakness in china. they managed a 16% uptake and profit with a 5% of take in sales. all are doing very well on the fashion front and the u.s. this managed to offset the side,ss for the booze when cognac is not doing so well. umoy is downfort 8.5%. day sinceeir worst 2009 for the power company in finland. overall, fourth-quarter sales and operating profits are not where they were expected to be. guy: let's get back to the pharmaceutical sector. fourth-quarter profit earnings missed estimates. welcome the company's ceo. stoppedet trade just aggressively this morning. was that an overreaction? >> the market decides what the market wants to do. i have seen a big focus on fourth-quarter numbers, but you should not reacd much into qu

. >>> now, a relief rally is in for rolls-royce shares surging to the top of the stoxx 600. now, this happening despite underlying full year pretax profits falling year on year to 1.4 billion pounds. now, still in the auto sector, renault has reported a 49% jump in net profit in 2015 as improving sales boosted the carmaker's bottom line. renault has increased its dividend significantly despite taking a hit from its russian joint venture from nissan. >>> still to come up here on "street signs." first on krn, we'll be speaking to the former prime minister of italy and what about timing this is. we'll be talking about hallenges still facing the. >>> and putting your money where your mouth is. how jamie dimon is defy b b fears. after this break. fç now here is a sneak preview. >> if germany should find themselves in any financial difficulty in the coming months, stand behind them? >> we always stand behind all of our colleagues, but this is a highly unlikely scenario. it's hard to find time to keep up on my shows. that's why i switched from u-verse to xfinity. now i can download

we're up by just over 1.5% on the stoxx europe 600. we had a big old seesaw session yesterday. also not ignoring the fact even if we are looking at a rally like this, the stoxx europe 600 is in bear territory itself. let's show you some of those main european equity marks as we're talking about them. the ftse up shy of 1%. xetra dax up 1.5%. the ftse mib higher by almost 4%. we've had the industrial output rising by just over 1% in italy. on top of that, also buying back into some of the banks that otherwise had been sold off on capital worries. let's move on and show you some of the other bigger movers out there. the vix, you might have noted yesterday, we saw significant levels being hit. the vix now higher by more than 45% year to date. so pretty significant jump in the vix. the volatility index on a weekly basis. so over the past couple sessions, higher by around 25%. hitting a high of 28.31. for this week alone, just since the beginning of trade on monday, we're higher by right around 13%. we'll be talking more about this and what this indicates, how much nervousness reall

looking at the stoxx 600, it is heading for its biggest two day gain in 2011.e are of over 3% at the moment. although banks have some of the best performance today -- that some of the worst performers, they have some of today.t perf performance a lot of analysts saying this as investors are expecting more stimulus from the european central bank. speaking of the ecb, mary drug use due to start speaking any minute in brussels before lawmakers at the european parliament. we have been seeing a weaker euro ahead of that doesn't 7/10 of a percent against the dollar here. one of the challenges has been a stronger euro because that is the second-best performer this , withgainst the dollar the japanese yen of 3% against the dollar. his mario draghi going to be able to push this trade with just his words today? also, the euro has been weakening against the highland -- against the town, down 5/10 of a percent. euro sterling, six months implied volatility, that is near and highest level since 2011. this is a just about mario draghi, it is also because of the concern about

stoxx just go to the 600, if you take a look at the five-year charts, it tells you quite an interesting thing. that is we are in an interesting little channel that has been there for quite some time. we going to go all the way back down there? charles:we could -- we could, that is right possible. it seems to me that the implied to growth and what the market is saying is now down to 2%. some of the bank valuations are almost implying very diluted earnings for a long period of time for some banks. to overshoottend on the downside. that would be a long way to fall. does lookous chart like a rolling over top pattern we have seen. that is the one-year chart, it could be less than that. that does look like a rolling over pattern. it is difficult to see where we would stop. the dozens into much support until we get back. exactly. guy: thank you very much indeed. next, we will speak to the ceo and asking him what he sees for the year ahead. that is a bloomberg first, next. ♪ 44 minutese back, past the hour. caroline: fourth-quarter profits missed estimates. , thee investment bank fell deputy ce

the stoxx hundred up by 200.28%. oil a little bit later on.eresting is you have broken that link between brent and equity markets. equity markets on the upside brent is on the downside. -- equity markets on the upside. brent is on the downside. mckay 225.for the -- the upside for the nikkei 225. stimulus to come through for the boj. draghi is going to be talking later on. now that we have seen the latest move from the pboc, is that a call for action from mario draghi? is he going to surprise the market today? we're going to talk to josie. to talk draghi -- next we are going to talk draghi. ♪ guy: welcome back. top of the hour, you're watching on the move. it is turning out to be a pretty decent start for the week. let's break the market down to a further level. let's find out which stocks on the move with caroline hyde. caroline: i have a few notable movers. it is the financials that people are keeping an eye on. , you're outals performers. given that most eaten out stocks. -- the most beaten out stocks. the reason the italian bank was being d

shares in standard charter have dropped to the bottom of the stoxx 600. the em focus bank saw underlying profit before tax slumping by a whopping 84%. that's amid a sharp rise in loan impairments. this is what would be the lender's worst result since 1998. standard charter confirmed it will not pay out a final dividend, and it won't reward most of its senior staff either for the 2015 performance. so overall, you're looking at a $4 billion charge on them having to write down the value of their loans, a $1.5 billion loss in total. maybe, even with bill winters, who took over just this past year, describing 2015 as very poor. maybe one of the bigger surprises was just how poor areas like the indian market fared, the commodity related slump, how much of an impact that's had. >> absolutely. so much of this was expected when we talk about negative earnings performance. we know this is a bank very much in the midst of a turnaround under bill winters. i think the real threat here, if market conditions continue to deteriorate, what that means for profits and wethe

the stoxx 600 is up, but barely.tlt question this point -- which emerging-market countries are the riskiest? corporate leverage is one way to look at it. let's join caroline hyde for the chart that matters. caroline: is is interesting on a day where we are worrying about nigeria in terms of the selloff impact on oil. also china's manufacturing is once again in focus, but there is a great chart coming from mark whitehouse. maybe it is india we should be more worried about. maybe it is brazil. unsurprisingly, brazil is leading the chart, but corporate leverage -- the amount companies for eachwing dollar -- brazil is where we should be most concerned. they have the most abou amount f leverage. you've got continued weakening, but it is also across the board with the emerging markets having the most in more than a decade. you have to keep on going down until you find china and turkey. maybe we are starting to worry about the wrong types of countries. if you're borrowing from a corporate perspective, brazil $1.61 of top at

down from 4%, this is the biggest waiting on the stoxx 600 and europe from a valuation.ng the smallest annual sales gain in six years for nestle. the maker of kit kat, 4.2% increase. not living up to their own expectations. there hurt by asia demand being weaker. plus some product recalls in india. overall, there is a prices will be more difficult going forward. that will hold back sales the same degree in 2016. meanwhile, oil down from 15% earlier. this is a company that really can't catch a break. now, i problem with their vessel , they're floating production storage. this is known as an spf of. it could be issues with the turret. many people are worrying about that at the moment. guy: pekka rinne much, just a reminder that dutch shell if you want the production of a bloomberg psk after zeneca all going ex dividend on the market. oil climbing for a second day. let's get more on the oil market. where join up in the london office. oil continuing to climb. is that justified in reality by what we're seeing on the ground between these countries? >> i don't think the balance

kx is down, but nothing like europe. 600 up.: the stoxx guest, jamesn our bevan. we need to talk about the turmoil. is some bargain hunting out there. the drop in equities has been so strong and fast, what are people worried about? the markets are crazy because they are not looking at the fundamental. partially right. we are seeing disappointing earnings numbers from the companies and that is upsetting investors. there is the risk of contagion from the emerging economies. i do not agree that negative interest rates are good for consumption. i think they are corrosive for the global financial system and will lead to a reduction in credit. that is a concern. i would conclude equities --. japan, it has been markets.5 weeks in the are realizing this might not be a good idea for the banks. i think the doj's experiment was interesting. you do something normally powerful and it is drowned in the fact that the market is assessed with one thing, what is going to be the stance of the six months.ext there's nothing you can do in tokyo and frankfurt that will upset this uncer