this is the spread of the wideand germany -- how does that trading get given the policy?e limits to how wide that can get? how do those things fits together? michael: if you look at those charts, many people of asked me in the past if there is a spike, is the u.s. not terribly cheap? really, because i'm one side b of the apology -- policy divergence. -- because on one side we have the policy divergence. i would argue that threat is probably around, i would not say they're good fundamental reasons which explain that. anna: thank you, the head of fixed income. guy: a busy day, but the stilted, from banks, particular could stocks ahead to watch. it is a market of stocks today, a lot of corporate news to digest. ♪ anna: welcome back. here the stories you need to know this morning. guy: the bank of japan kept policy unchanged. he said the inflation target could be hit on the second half of 2016. it will be interesting to see what the fed does next. anna: airbus said profits rose. they also approved a one billion euro share buyback and will increase production. there are inquir