selling at a 90% value to stay alive. the first bit of news. goldman sachs put out a news. tois a positive and that led a pop in the share price in johannesburg. at their earnings, pretax loss of $3.25 billion. year on year. a widening on the laws. operating loss over $2 billion. revenue on 3.2 billion which is more they had in the fiscal year going into this. taking get more money but given the platinum price and world's third-largest platinum producer, making less money. another update on production saying in the past year, there produced several hundred 51,000 ounces of platinum. the most since 2007. -- 751,000 ounces of platinum. what they said about what did it would do in the coming year. 700 and it is year. a bit of a reduction. little bit out. the problem is with all of the platinum producers is in the market is not what it was 10 years ago. in this sense you have recycling adding more and more to the etf's in addition to the that are backed by the asset and makes it difficult for the producers to control the price. manus: ryan chilcote, thank you. an update on bhp, the ceo is bhpn

euro being one dollar by christmas, according to goldman sachs. forgive me, you cannot base a whole and you factoring industrial services industry on mariota draghi getting the currency lower. absolutelym to be lacks to that. the long-term medicine has to be structural reform -- matthew: the long-term medicine has to be structural reform. if you look across europe, there are some junkies are you have seen an improvement in regulation. labor performed or revelatory seductions. in spain you have seen some pretty important labor reforms as well. this needs to happen in concert with short-term benefits of ecb. data, if you look at the april it was a record. thatcovered 50% from nemesis. -- we recovered 15% from that nemesis. if you look in the dax chart, the momentum is clear. i want to pick up on one of the comments, the saltiness within france. with european abroad exposure. a interestinge is jack reed in terms of a global investor. the level of the dollar and euro . there is no question it's at the move into the euro has had a dramatic impact on the dax. there --ck to germany, nearly hal

miss my conversation with goldman sachs. as we go to the european equity market, commodities are still front and center. the slump on producers in asia yesterday. european stocks impacted. they dropped with the biggest slide in more than a week. what will we see today? a look at the european equities across the board. ftse 100 slid best pretty -- pretty flat at the moment. still waiting for the dax to open. well comeeaker as down by two tests of what percent. those commodities are still putting pressure on the stoxx here in europe. speaking of which, let's take a quick check of these. starting with the oil price come both wti and rent are rebounding there. wti is above $42 a barrel. that could be off of the back of the comments from saudi arabia. they are committed to working with opec members and other producers to stabilize the crude market. you are come at three tons of a percent. copper and nickel were hit most earlier this morning. let's take a quick check of the stocks moving today. bhp billiton, the world's biggest mining company drop to a 10 year low in sydney trading. do

a bit higher. manus: you have just played poker with goldman's. you have raised them. i like your style. .92 in 2016? >> i don't think so. we are in an election year in the u.s.. that has to factor into the path that the fed uses to normalize. that does not mean that they and 2016,e rates that's a more likely mean that by the time they get to june, they will step aside and let the elections run. manus: it was great to have you with me this morning. you can come back the next time you are in london. that is bob michael. up next, sowing the seeds for the future. we have the latest with what is going on in china and syngenta. the stock is literally on the move. ♪ manus: i am manus cranny and this is "on the move." yill the chinese company bu syngenta? this stock is rocking. 11%.ened up will they do the deal? reporter: for the moment, syngenta has rejected the current offer. people that it was too low and it talks about regulator hry hurdles as well. at abouted syngenta $42 billion. earlier this year, they rejected a $47 billion bid. the two sides, syngenta and chem china, are still

shift into stocks and they will get into private equity funds. they need the support of goldman sachs and others who have joined this company to manage the assets. jon: i want to bring back in one from like rocks. -- from black rock. the cultural significance of this, 10 years in the making. it is important. >> i think so. as russell was saying, it is important that it opens to a premium. jon: unlike rome ll. really not sure this sets off the shareholder culture. going back to the 1980's with british telecom, you have the same kind of narrative. 10 years later, and has not set off the shareholders. in japan, they have introduced this. it is a combination of having interesting things to invest in. culturally, they are encouraged to go to the equity, they have the comfort that it is backed by the government, that is the cultural story. to me what is interesting is the flow story. it cannot lend in the traditional way, is that going to change? >> we have already seen this. it changed its allocation about a year ago. it has become a buyer of domestic equities. years, having no sellers, yo