anna: caroline hyde there on wpp. european central bank is becoming more aggressive in buying back assets. the move comes after criticism of a previous ecb program to increase lending in the region. hans nichols has more. what form does this increased aggression take? hans: aggression, i like it. we are never aggressive this early in the morning. the ecb is now reaching out directly to investors. before they were just going to the banks. it really marks a shift, they are going to investor holding companies. some great reporting out of our frank for bureau. it is really an attempt to bring back lending. the you look at it, part of problem is there isn't that much of this debt available. it makes sense for the ecb to fromoffers directly investors. this is way down from its peak in 2006. they are up to 55 billion euros right now, but for some perspective, in 2006 it was 255 billion euros. look at this program, how they are doing, it is a much smaller percentage of the covered bonds. coveredabout 10% of the bonds program.

manus: we will talk wpp -- wpp. the iphone battery. ♪ the only way to get better is to challenge yourself, and that's what we're doing at xfinity. we are challenging ourselves to improve every aspect of your experience. and this includes our commitment to being on time. every time. that's why if we're ever late for an appointment, we'll credit your account $20. it's our promise to you. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around. francine: welcome back to "the pulse" live from bloomberg's european headquarters in london. manus: here are the top headlines. after a volatility of trading, chinese stocks finished in negative territory. the markets were unconvinced by the people's bank of china's decision yesterday to cut interest rates for the fifth time since november. the shanghai composite has lost half its value since mid-june. francine: meanwhile, the odds on the fed rate rising in october are shortening. investors and trader

wpp gets a boost from madmen over in north america. the advertising giants, a: 40 u.k. time. opening up more in dublin -- we will bring you more on the story later. ♪ jonathan: good morning and welcome back, i'm jonathan ferro. let's bring you up to speed on bloomberg's top stories. an agreement in principle reforms for a merger. it would bring together one of the uk's leading high street bookies with the largest internet betting exchange. chinese stocks fell again today continuing a five-day falling straight. the shanghai composite closed by 1.5% down. it was an intense session for u.s. stocks yesterday, a 3% rally on the s&p, but it extended the s&p losing streak for six straight days, the longest since 2012. the index has lost more than 11%. volatility is rich through global markets, and people find themselves a difficult situations. the pboc eases rates and the fed must consider its own form of easing, delaying a rate hike. >> we could see more aftershocks from what we have just seen over the past 10 days, and those aftershocks can shake confidence. they can get people in

offsetting weakness in emerging markets at wpp. the ceo telling cnbc it's not a reason to write off it's prospects. >> it's in our interest that china continue to grow because it will be the driver of many industries like our own. >> the falling oil price continues to take it's toll on transocean. shares slump over 10% after they cut the dividend for the next two quarters. >>> hi, everybody. good morning, welcome to worldwide exchange. we have two hours together. we have a fantastic line-up of guests and we'll be getting a lot of thoughts and analysis on what is taking place at the moment. i'm not sure everybody knows but it's worth discussing the themes we're seeing. it does seem to be a day by day story. despite the fact that we saw the chinese coming through with the measures with regards to cutting rates and cutting their rrr yesterday we still saw a very, very volatile asian session and that feeding through into the u.s. as well. that volatility with the u.s. markets seeing substantial gains yesterday only then to drop into ne

offsets weakness seen in emerging markets at wpp. the chinese volatility is not a reason to write off it's prospec prospects. >>> welcome to the show. it's the trade out of asia, china in particular catching the eye of the bank. it will inject 140 billion yuan or $21 billion via short-term liquidity operation loans. this after the shanghai composite posted it's fifth consecutive session of declines despite yesterday's rate cut. as you can see down 1.3%. let's get the word from sri wrapping today's asian market trade for us. >> let me talk about this operation to inject 140 billion yuan via the slos. this is an attempt to avert a liquidity squeeze. remember the recent measures that we saw yesterday announced by beijing amount to some 650, i think between 650 and 750 billion yuan being pumped into the money markets in china a lot of people saying it's to offset the capital outflows as a result. so it seems to be a zero sum gain so this explains why beijing today in the last hour or two is attempting to top up the liquidity tank. it's a

martin sorrell began at age 10 at wpp shining shoes.do boards know how to properly value ceo's? martin: it is not a question about the board. the board's decision is made on a comparison basis. the whole thing about this sort of -- it is not mafia -- it is this group of people that operate in terms of consulting comparison, networks. that is the thing that people worry about. my view is the compensation should be tied to investment in the company. not options. you would not give -- the restricting stock is far that appeared but i believe, and our early plans -- interestingly, these plans have been mixed because institutions do not like the idea of us investing cash. the best way is to invest cash in a plan on which performance is -- brendan: that is a problem with the mortgage market for 10 years. getting in the game makes you more cautious. martin: where you have a separation of ownership and control is where you have problems. where you have management interest tied into the equity of the country -- of the company heavily in terms of

soros spoke after wpp posted rising earnings. and it has been outweighed by a strong performance of developed markets like the united states. a giant is in the making on the online gambling market. the two british base firms, patty power and bet fair are betting big is beautiful. they've agreed to merge and to create an annual revenue of more than 1 1/2 billion euros. it's the latest in the series of deals in the online gambling market, this as increased regulation and taxation have put the business under pressure. and home sharing has agreed to collect taxes on behalf of the companies. they will include a charge of 83 euro cents per person and per day on rental apartments in the french capital. they want airbnb to operate under the same provisions of parisian hotels. they have more than 50,000 visitors. finally in this business bulletin, could there be cease-fire on burger king and its arch rifle mcdonald's. the former has reached out to the latter regarding a peace offering in connection with the international day of peace on t