added to that, even. we have seen those subsidies going away, particularly in europe. have been even greater in countries like norway. but the suggestion is by the , time this thing gets out, they are going to -- they say they're going to ship in the last quarter of 2017, the last car they say they would ship in a quarter. with the last car with a bunch of deadlines, they only made 6 cars. full production, they say 2018. we look at all the competition that will be out there then. the audi q7. the bmw, mercedes. we have got a lot of cars that will be there to compete with them in the all electric space even before this thing is in full production. edward: i think that's why tesla is taking this unprecedented step of going ahead and collecting deposits before they have even shown the car. i think they want to create the perception that they will be the first to market with sort of a mass-market luxury car with 200 miles of range. and the reality is that there's going to be a lot of competition by the time they actually get to the market, even assuming they don't delay the actual launch

is a quick look at the day ahead. there is a slew of european date. we'll turn to europe, 45 minutes later, the eurozone as a whole and then the u.k.'s turn to file its performance. the big number of the united what , and that's exactly we're going to be talking about next, how many jobs did america add in march and what is the story with wage growth. that is coming up in a couple of minutes. ♪ ♪ . anna: welcome back, 1:17 in the afternoon if you're walking in hong kong. ings are murky, the markets, 6:17 in the morning here if london. the bloomberg business flash. >> walking away from the proposed takeover of starwood hotel. it clears the way for a purchase by marriott. they cited various market considerations for pulling its $14 million bid. shareholders are scheduled to vote on the offer next friday. esla c.e.o. has unveiled the x.l. 3. able electron he is dan and it's part of the company's master plan and there is a need to move into high volume production. apple has reshuffled its supply chain ahead of the release of its new iphone 7. the move is a boon to a dutch com

. the data is reasonable and quite robust. we have had this underperformance of europe relative to the u.s. -- we were banging that news drum yesterday. mohammed: overweight, underweight. that comes to under valuations. valuations in the u.s. are not as compelling as they are in the europe. -- as they are in europe. china'sp next, is fiscal and monetary stimulus finally kicking and? we will take a closer look at the pmi numbers from march and see if they really deliver a surprise. ♪ hans: welcome back. i am hans nichols in berlin. home retail group says it will unanimously represent sainsbury's takeover plans to shareholders. home retail is valued at approximately 1.4 billion pounds representing a premium of about 74% to the company's closing price on january the fourth, the day before its approach became public. the path to the deal was cleared when the south african retailer abandoned its pursuit of home retail last month. the route clears the way for a purchase by marriott which has been in the works since november. it cited various market considerations before pulling it's $1

look at monetary politics settings within europe, you can argue in a lot of other places, but the main aim has been to drive asset prices higher. did it work? absolutely. look at where bonds are across the board. the problem, and i think it is a big problem the ecb faces, is the one thing that has not happened they would have probably predicted would have happened would have bee na weaker currency. in fact, they have ended up with a currency now that after -- francine: thank you, madam yellen. not helping at all. >> we've had three separate policy moves. months onwe are 15 from the point we first introduced q.e., the currency was stronger. it continues to strengthen. francine: when you look at what mario draghi has done so far, the sheer size of q.e., as big as italian gdp. we tend to forget actu ally what that means. do we have any sense of the companies that would benefit the most? katie: i think it would be investment grade companies. we will have to see whether they'll start with the highest rated. at the moment, we cannot know. francine: euro what does he d need to do to get

pressures in europe. prices for factory goods in the euro area fell last month by the most since 2009. that underscores the problems facing the european central bank. they expands its bond buying program despite the threat of deflation. a three-week bidding war over starwood hotels appears to have come to an end. in a surprise move, a group led by china clears the way for marriott to buy starwood. they decided not to go through with the deal because what is called various market considerations. and elon musk's tesla motors is making a bid for the mass market. they unveiled its molds three. it's a $35,000 car that musk hopes will expand its customer base and lead to sustained profits. more than 115,000 fans placed nords stores for the model 3, and deliveries will begin next year. that's our bloomberg business flash, and somebody did tweet a picture of those lines at me, and they were long. tom: they were long? they're moving units and all that. francine, china, please. francine: yeah, talking about moving units, let's talk china. china's official factory gauge has unexpectedly jumped a

. futures little bit negative here in the u.s. on over in europe, 1.3%.y stocks 600, down almost 8% last quarter, switch on the board. global market being reduced to what feels like one big fat trade. stronger euro. score card and treasuries ahead payrolls. yields pushing higher by two bases point. crude prices down by 2.43%. the bottom one, bought to you by saudi arabia. love these little .ponsorship we will start getting money. justt to point blackberry cents a, loss of three share. let's get a check of the headlines. starting with saudi arabia is getting ready for the twilight oil age by creating the sovereign fund. themmed bin salman said fund will control more than $2 million. asset will be shared. at the nuclear summit in the focus will be on islamic state. president obama will try to efforts from again oh keep getting nuclearettin facilities. and new york are with the first states with the $15 minimum wage. approved in california the higher wage to take effect 2022.l by governor jerry brown approved the measure. cue mo,kumh deal.d similar john, wages is going to be a big focus tod

problem in europe that needs to be address by legislative initiatives, by fiscal policy. monetary policies have reached your limit. thated to stop pretending monetary policy can help the economy any further. period. pound --y corporate the eu buying corporate bond is not going to help anything. the demand is not there. betty: caroline, jump in. we got that manufacturing data out of china. once again, good news seems to be bad news because they are worried about more stimulus to come. but you make of the manufacturing numbers out of china? >> i think china is doing a great job. they are using fiscal policy and monetary policy tools. they are getting some decent results. the manufacturing numbers are pretty good. the chinese have stabilized the situation with monetary policy, but it is overlaid by very, very ande the displayed of fiscal initiatives moving the reform process in the right direction. the fact that the chinese wan is hanging in there at a relatively high level should be considered a positive because it is good for chinese consumers. what is good for chinese consumers is

playing a big factor in europe. we saw asia go lower, europe followed suit. this is your i met function. what is the worst performer? as was the oil go lower on that exclusive interview we have with saudi arabia saying they are not going to freeze unless the whole of opec to come including a rent. c, including of ope iran. at someve a quick look of the stocks we should be watching. an outlier, a riser today, we see it gaining, currently up 1.8% as we head into the close. cable beenider of bought out by vodafone. .edge funds are rising a great story being written by our colleagues in bloomberg news saying elliott management, the activist investor, buying up because they think it will force up more to buy it. have a look at the pound. talking about the volatility of the pound throughout last quarter. it goes lower once again. we are seeing it at -- the euro is gaining versus the pound. br4exit -- brexit nears. ray nico focus is on islamic state and president obama will try to rally international support for an effort to keep terror groups from getting nuclear materials as well as other we

europe. if you get a global pop in growth, that will create excitement. i still like the negative attitudes of most investors thinking this is an ongoing bear market trap. maybe we have to break out the new highs to convince everyone it's ok and then maybe we will run into trouble again. alix: let's put your theses together. betterly, slightly growth is going to help inflation in the u.s. but it has the potential to wind up hurting jobs and profitability and consumer spending and that is a risk for stocks, is that fair to say? >> yeah, i am all for real growth but one of the ways to get there is to keep inflation relatively modest, in my view. that requires that the fed start to re-normalize interest rates. i think we are probably growing 2.5%. we already have 2.5% core inflation. we may be close to 5% nominal gdp growth. there is no way that a sub 2% treasury and almost 0% short range is a sustainable economic environment. lend itself to ending this prematurely a must the fed starts to normalize interest rates. markalix: a pleasure to talk to. up, after last year's collective slu

getting closer to the closing of its acquisition of visa europe. bernstein says it will be a positive. mcdonald's rising. jpmorgan raising its price, talking about the change in structure of franchisees in asia that should increase free c cash flow. matt: and there is almost no movement in the dollar? youe: not right now, but if look over the course of the day you will see dramatic swings. it has a big spike up following the jobs report. then it comes back down. right now, if you just look at the snapshot in time it would not tell you the full story of the day. gold prices have remained pretty consistently lower. they are bouncing off the lows. down 1% following the jobs report. oil prices have a more to do with saudi arabia not being willing to freeze production unless all of opec does so and a ron -- iran says it will not until he goes back up to historical levels. lisa: matt is now done heckling julie. let's get a check on the first word news. >> please of michael me. -- heckle. scottsin governor walker taking the place last summer and he is not backing off his warmest use

yesterday. you won't take it off the table. what about europe? he said i'm not taking it off the table there either. you would have thought someone would have intervened and said we don't talk about the use of nuclear weapons. even kennedy was indirect. you don't say nuclear weapons as if it was a weapon where there are rules of engagement. you keep it quiet. why did you just say no comment? he said i'm not going to take it off the table even in europe. why isn't he being thrown behind the scenes like hillary clinton, you can always tell when she wins a debate when she is loaded and prepared. she has all the answers ready and you can tell they are formulated. he is trying to do it all on the spot. he is fairly gifted as the man on the stage. he relies on that ability to answer questions on the spot. quick on the uptake is one thing, but there are certain things you have to master before you can get on that stage. charlie: do we assume if he loses in wisconsin he cannot compile enough delegates necessary before cleveland? dowd: i think that is a safe assumption. it is hard for him to ge

asia's business of the. europe's -- bezos business away. the group has changed radically >> held link was raised in germany, but one day he knew he thailand. in he made the move in 1978 and took over 10 years later. harold is preparing to pass the torch to the next generation. his starter, caroline, is to be the successor. time for these i flyers to join us to tell us the grim truth. ♪ haslinda: thank you so much for being on high flyers. it has been a wonderful experience. thank you. harald: thank you so much. caroline: thank you. ♪ what do you think of those days >> one of the founders saw that many people got sick and couldn't get any help because there was no modern medicine. he contacted his friend where we are from and this friend was a pharmacist like my grandfather. he asked him to join. so they opened the first modern , medicine factory of thailand. then on, they started to do great things. one of the really great achievements is to build all of the canals. after that, they implemented the first telephone system between thailand and germany. haslinda: there is a picture o

in europe at the time of a brexit. reporter: i think that it has to do with greek politics. this transcript did not make us any wiser. the imf was always pro-greek debt relief, always pro-greek government cutting spending, rather than increasing taxes to the middle class as it keeps doing the past year and a half. i think the greek government goes on to anti-imf rhetoric, keeping government spending at current levels, together with the latest polling intentions. some of the voters from last september are dropping away from tsipras's party. the main opposition party has an eight percentage point lead. to nine people of 10 when asked to the government is handling things said they are at least disappointed. it is a bit of theatrics, but things could be worse if the greece keeps under this stance of anti-imf. anna: thank you. strategistrg fx joining us there from athens. manus still waiting to be sent on that assignment. kit is still with us in the studio. what do you make of this latest turmoil around the greek bailout story? evens been kept at bay, though it has been there all the

back to what it does best. intransigence from europe. we are half an hour away, less from the european open. let us update everyone on where we stand. what you will see this morning is a fairly anemic story. not much action in terms of price volatility this might. we have seen a fairly quiet session in asia. it looks like we will see a similar story here in europe at the get-go of trade in about 27 minutes time. hans: a risk off sentiment. the oil story is different. we have the interview with the saudi arabian deputy crown prince. brent is almost below $38, almost down more than 1%. topix is up in japan. it looks like dollar-yet, we are seeing much stronger dollar. all the weight -- skews me all the way down to 1.11. the 10 year, not trading. no one was really concerned about the jobs report. still seeing a rally in treasuries. let us move on to what we are seeing outside of business. leaks from a panama law firm that creates shell companies. individualsdwide have used banks and shadow companies to hide their france -- finances. least $2rt says at billion in transactions involve peopl

this. chris: the risk premium on europe has gone up. the big issue for europe at the moment, the big issue is currency. the currency has gone absolutely the wrong way. 113 -- 1.13 this morning. deteriorating, but we've got this major economic problem which is euro is back at the levels where at the past -- euro trade weighted early 2013. the ecb trying to jawbone it lower. talking about qe to get it down. they just got out of this got out their big bazooka -- got out their big zynga. -- their big bazooka. it doesn't look great for your. guy: you're not a fan of negative rates. we will talk about that. stay with the pulse as well. coming up, kuroda's monetary program. as the end closes off, it looks like japan is looking for a celebration relating back to the euro story. we're going to turn the spotlight on stimulus in spring. stay for the emerging markets, goldman sachs says the agency has maybe picked out. -- has peaked out. saudi arabia is $100 billion flat. .- $100 billion plan that is what we are talking about surrounding saudi arabia. a lot of politics. we will talk about that.

europe versus the united states is something. here is vonnie quinn. vonnie: our flights are scheduled to leave the brussels airport a day after it reopened. only three flights departed yesterday. the brussels airlines has flights scheduled to the u.s. and africa. he has of damage caused by the attack on march 22, they have 20% of their normal passenger load. linked to2 members the paris and brussels attacks are still at large. officials told the journal that many of the suspects have been involved in previous islamic state attacks. british prime minister david cameron is denying the referendum over eu membership is splitting his government. cameron accuses reporters of getting overexcited in their hunt for political division. his culture secretary argued increasing the minimum wage would drive up immigration and less the u.k. leaves the eu. azerbaijan has cleared a c-span -- a cease-fire after fighting azerbaijan says its forces have responded to provocations by armenia. are fighting a war over an area after the breakup of the soviet union. a new report says world leaders, c

500 futures up about the exploits. now futures up 33. a rally in the -- a rally in europe. switch at the board to much longer dollar story on most of the crosses this morning. dollar yen inching higher. euro sterling, brexit spread, we will talk about that in about 10 minutes. at inches away from that 80 pence level on friday. treasury yields up a basis point at 1.78%. let's get over to vonnie quinn for first world news. -- first word news. vonnie: more flights scheduled to leave the brussels airport a day after it reopened. only three flights the parted yesterday. flight schedule to the u.s. and africa today. because of the damage caused by the attack, the airport can handle less than 20% of its normal passenger load. investigators in europe say least what two members of the terrorist cell to the paris and brussels attacks are still at large. officials tell the journal that he of the suspects have been involved in previous islamic state plots. security services are on alert trying to prevent another attack. a new report says world leaders have used companies to hide their wealth.

the week in new york, and stocks are fluctuating at the highest levels of the year. in europe, stocks are rising for the first time in three days that confidence in the strengthening u.s. economy will help global growth. mark: a new report rocking global leaders from russia to argentina over allegations they used shell companies to hide billions of dollars. what is the chief executive of russia's dtd group telling bloomberg concerning the reports about vladimir putin's involvement. landing the arabia biggest economic shakeup since the founding of the kingdom. the deputy crown prince gives us his exclusive details of his $100to raise an additional billion a year to balance the budget and offset those declining oil prices. let's head straight to the market desk where julie hyman has some of the breaking economic numbers to start the day off. a little bit worse than expected. julie: i want to start with labor market conditions because they are we see a drop or a game with anticipated labor market conditions. that index is down 2.1%. the estimate was a gain of 1.5%. thes are walki

hour. here's what we are watching. stocks remain higher in europe. the stoxx 600 rebounding from the lowest level since february sixth. still not finding too much of a direction area gains in health care shares upsetting decline among consumer companies. betty: alaska airlines beating out jetblue to buy virgin america for $2.6 billion. latest in a wave of consolidation in the airline industry. mark: after months of negotiation, orange and stage push to buy the phone business of bouygues. what it means for the telecom industry. 90 minutes into the trading session. julie hyman has the latest. julie: we are seeing stocks pull back a little bit today. some disappointing economic data that we highlighted at 10:00 a.m. having to do with factory orders and stocks have gone to war their lows of this early session ever since with the nasdaq leading declines down 4/10 of 1%. if you take a look at the bloomberg we can see the groups that are doing the worst here. this pause comes after a rally we had seen and stocks that took them to positive for the year. it does look like it is at least a pau

u.s. and europe. he met with the you -- with the nato secretary general discussing the fight against islamic state and fighting in libya. also using the meeting to call attention to the migrant crisis stemming from the civil war in syria. held countings up not just eligible voters in a district. it could alter boundaries and effect the nation's latino population. it ruled texas districting map accounted for one person, one vote. california governor jerry brown signed a bill that will gradually raise the state's minimum wage to $15 an hour by 2022. it has become the highest minimal weight state in the nation. business groups say it could cost thousands of jobs. a new study on air travel qualities is more flights are arriving on time and airlines are losing, but traveler complaints jumped to its highest level since 2000. the top 3 -- top reasons for frustrations were cancellations and extra fees for things like checking baggage and changing reservations. dayal news 24 hours a powered by our.400 journalists in more than 150 news bureaus around the world. commodity markets closing in new

europe as well. >> europeans are looking at it and coordinating with the u.s. firnls and we saw recently they actually stopped their clock on this deal for the third time saying they are missing details. this has been fought from day one. they struggled to move this forward to present remedies. and the merger is ok signs -- it's not over until the fat lady sings. david: from my time in washington, i can only imagine haley burton has hired a lot of lobbyists. what is the compelling region for this merger to go through? >> they say it's by efficiencies and join forces with them and become a bigger competitor to the number one and pass on those savings to the customers. david: thanks, sarah. coming up on "bloomberg markets." here are the u.s. averages. dow half of a percent. 17,720. nasdaq down, 28 points. down. nd s&p and energy movers. oil down 3% and a cold snap in the u.s., boost natural gas. more coming up after the break. ♪ david: markets close in 10 minutes. julie has your market check. julie: we are closing near the lows for the session as we see this pause after the rall

going into this year everybody was talking about buy europe. divergence in europe was easing, and the us -- and the u.s. was tiedening. since then the u.s. has had a much better year, and other came down. >> the market didn't behave. >> everyone is citing the two- -year divisions. it means the dollar has more down side if they want to track each other. that sums up the stock movement at the end of the day. >> and creates more headaches for who will makers as well. after the break, why the easy credit in oil and gas companies should scare you. why is energy like housing in the 2000's? we will discuss. >> let's get to the news this afternoon. wisconsin voters head to the polls. cruz leads trullp by 10 percentage points. for the democrats, polls show sanders leading clinton. hackers have posted a data base online that contains the personal information of 50 million turkish citizens. it would have been one of the largest public leaks. the associated press was able to partially verify the authenticity of that leak. a man accused of illegally exporting technology to iran has been extradited

. president obama says nato remains the cornerstone of collective defense for the u.s. and europe. mr. obama met with the nato secretary to discuss fighting the islamic state and libya. texaspreme court upheld a law that counts everyone, not just eligible voters, in deciding districts. it could alter district bounties and affect the latino population. the court upholds that it applies for one person, one vote. these associated press has obtained a patent -- copy of the panel recommendation that calls for a class of operators that could fly over people. from bloomberg world headquarters, i am ramy inocencio. it is just after 6:30 p.m. a.m. inn new york, 8:30 sydney. i'm joined with paul allen with a look at the markets. call: while we expect to see -- paul: while we expect to see some declines on the nikkei, new zealand is the only up and open, and looking pretty good. up .2%. a busy day out of australia. trade data for the month of february. a narrowing deficit of $2.5 billion forecast. it is an improvement on the january figure of close to $3 billion. then, the big 1 -- in six hours

in the e.u. they say it's a potentially daths rouse undoing to europe's commitment to protect refugees. california and new york have enacted laws that will gradually raise the state minimum wages to $15, the highest in the u.s. president obama commended their actions and urged congress to raise the federal minimum wage, something the republican majority has refused to do. the changes will affect millions of people in the two states but business lobby groups warn that higher paychecks could cost jobs. and kenyan wildlife officials have begun preparations to burn more than 100 tons of ivory and rhino horns, the largest such destruction carried out. it will be in the later this month in an international summit on protecting the animals. several celebrities will be there to witness it. his is bloomberg news. heidi: reserve bank of australia is first out with its decision, expected to keep it unchanged. let's get a preview from gwen mcguire, a chief asia pacific economist. you don't see a change but watching out for the aussie dollar, they must be feeling pretty uncomfortable with

ramifications in europe and in the dynamics of the growth. and also in terms of the other members left behind. we have seen some of those other -- ifs starting to say the u.k. was able to renegotiate its membership, what about us? the dutch and the ukrainian reaction is a bit of a lightning rod. anna: the chief executive of credit suisse says he is confident about the banks compliance overtax issues. -- over tax issues. among hundreds of banks that referred clients to a law firm to set up shell companies. good to see you. it looks as if we have a problem getting to him as you can quite clearly see. a bit of a problem getting to him. a fascinating conversati. he touched on the panama papers suisse saiddit they did not want to comment on that. rishaad: 11 million pages which have been revealed by the international consortium of investigative journalist. the panama papers is reverberating throughout the world. it is something that the chief -- were they involved in illegal activities and panama? ? -- in panama? he denies there was any wrongdoing. accept vehicles if they serve legitim

europe. he is over in germany. the panama papers have the european banks in the spotlight. he says that he is confident in his lender's compliance. we will find out in under 30 minutes time. pfizer could be threatened by u.s. tax rules. is the inversion era over? what does the head of the imf have to say about greece and global growth? bloomberg will speak first two christine lagarde later this morning. by what was happening in the european banking center. we still do not know what the panama papers mean. zeb: we have not heard from the regulators. we are starting to hear from the banks. they have said they have done their due diligence. we have not heard from investigators. this mysterious thing with the banks could be the tip of the iceberg. it is not like panama is the biggest tax haven. it is one of many. and they are very clear confident in their compliance practices. given the history of all of these stories. we are going to find out how investors feel about their banks very shortly. it looks like we are heading to a negative start to the day in europe. european stocks are pulled

♪ guy: in the red here to europe stock markets fell and oil extends its decline one-month low as investors reset last month's rally in the riskier assets. such a banks beverage as india cuts rates to a five-year low. toreiterates his commitment just two more u.s. hikes this year. lagarde speaks as the path to a new imf loan for greece gross rockier. we talk bailout, brexit and global growth in a bloomberg first interview with christine lagarde. ♪ guy: welcome to the pulse. where live -- we are live here diane guy johnson did the reason why -- guy johnson. the reason why i am sitting here and christine isn't, she is getting ready to talk to imf director. risky assets have been rallying. that seems to be running out of road right now as you can see european equities certainly on the back foot this morning to take a look at around -- this morning. take a look around, the dax down 2.2%. the reason for that divergence is what is happening in some of the asset classes. i want to show you the banking sector. i want to show you what is happening with some of the big banks. we have seen

u.s. growth looks weaker than maybe six months with d we had obviously the markets in europe we had a ard start into the year. francine: are they seeing something that we have not seen in world growth yet? >> one has to understand that with markets so difficult to assess the real economy that basically psychologically, psychology sometimes takes lead but of course the situation in the european pinking was very tough in the beginning of the year and you can see the result he ecp has taken more measures than the -- anticipating so you know there's no smoke without fires. so -- francine: what does it feel like in the u.s.? when you look at the growth there seems nothing fundamentally wrong with it, but the -- well i mean i think that's one part of it. i also think that we really have to think of all these u.s. policies in place. so it really is a matter of psychology, and a way out of sit to normalize it more quickry and continue along the path that's not worked and you need to move forward. when the u.s. economy is moving and rapid declines, rates should be moving higher. we shouldn't b

red across equity markets. equity markets down in europe. 1.36% on the ftse 100 with a miners leading losses. s&p 500 futures negative. switch of the board to japan. dollar-yen, down by .9%. three years and a day since the kuroda experiment began. yields in germany. you have to go to two decimal places just to get one. to thesis points -- days where yields were around five basis points. wti down to $35.64. what is happening in the markets. stephanie: i want to give you a quick headline crossing twitter. really getting big and the content game, far fiat -- beyond 140 characters. they will be streaming thursday night games. is this the kind of business that yahoo! wanted to be in? david: facebook was in discussions with this and they decided not to do it. stephanie: yahoo! wanted to be in this and but for is a meyer is using a different strategy, needs to up their game, and they are trying to do it on the field thursday nights this falls. now we are going to send you to vonnie quinn. vonnie: donald trump faces his toughest test in the race for the presidential nomination. polls

february the 24th. the stoxx 600 is down by 1.9%. one of the big falls today. by 2.7 it is europe's biggest engineering company. it is one of these issues expressing preliminary interest in dealing with msn electrics, power networks division. or the network power division. that is according to people with massive shares down by 2.6 today. the valley is exiting its steel adventure. the braziliant is company. it is selling 27% stake in the brazilian steel mill venture. they go with their german partner. it is symbolic. price is part of the strategy to dispose of non-core assets to bolster the balance sheet. it is part of a trend of the likes of anglo-americans and trying to reduce debt shares down by 4.5% today. want to show you the euro. the big currency forecast when it comes to success was the german lender of lenders bank. the sterling will be hit. interestingly, it says the breakfast buffet it will wipe out the euros biggest quarterly gain against the dollar in five years. where really stands out is it says that the ref concern is the number one reason why single currency will fa

companies to funnel his wealth. alix: hedge funds ahead of europe's biggest a kind of me -- economy. scarlet: saudi arabia prepares for a post-oil economy. we begin with the penama papers. iceland's prime minister has resigned in the wake of allegations he used offshore shell companies to funnel wealth. regulators across europe look into the offshore activities of the biggest corporations. structuresaccept with legitimate basis. we don't engage in that. when there is a beneficial third-party winning seats, knowing who is a beneficial owner, we will not engage in business with that entity. we are very confident with our investments. alix: german factories dropped in productivity. german corporate month.nce grew last month thated last growth could slow in the second quarter. in saudi arabia, big changes are on the way for the country. the stock market, which is among the most closed in the world. the state plans to double the size of the stock market by adding dozens of companies and make it easier for foreigners to invest. the plan is to grow the market capitalization to match the si

. they're facing regulators in europe and brazil as well. they've been trying to make this work, weeks and -- we've seen halliburton trying to offload a bunch of assets. antitrust officials will be talking about the global reach. >> it is a huge deal. i will be at the conference. a lot of antitrust regulators and attorneys and analysts attend that conference. say very much because they will not say anything publicly that they have not already said publicly in a press release or otherwise. deal, but a decision to block a deal -- lisa: what does this mean going forward? everyone's been waiting for this wave of consolidation within the oil and gas industry. what does this mean for the potential acquisition and consolidations that everyone's been expecting? jennifer: i don't think it means very much. it is very sector specific. it depends on competition in a sector. in the areas where baker hughes and halliburton complete, there is a concentration problem. in other areas come in may be way the market is defined, it may -- there may be other concessions. ohat deal may be able to g forward.

frustration people have in europe. iceland, this is a country that had a major crisis and all of this austerity. whil -- so much to joeu weisenthal, cohost of what did you miss. of author of hidden wealth nations, we will talk more about the fallout of panama papers, something we will be following for some time. coming up, the close of trading is moments away. let's look at major averages. down 6% on the dow. the nasdaq is off 41%. s&p down .9%. the yen rallying with treasuries. the yen is the strongest in its 20 against the dollar since 14 at trades playing out as investors worry about the global economic outlook. ♪ carol: let's get back to julie hyman who has got your market check. julie: a down day back toward the lows of the session here. ,s we close out, the nats that leading losses as they have been all day. setting up for the worst losses in the about one month time. overall in the globe today. ticket event unusual trait. i want to get back to the challenge to the taxi version deals. out with new rules. we have a number of different countries. this is the high-profile example

u.s., in europe. we could say let's start from this well and try to find out who owns the wealth of the u.s. the u.s. equities, the u.s. bonds, let's try to find the official owner of the wealth and that would make a lot of change to financial transparency globally. alix: what is interesting is that we have seen efforts pretty much globally for this. 2010, congress passed the foreign account tax compliance as well has its own set of rules that the u.s. didn't join. why haven't these created traction? these policies are important and it is important to realize that a lot of progress has been made in the last evan, eight years. before the financial crisis there was no exchange of bank information to tax havens and tax authorities and now there is automatic exchange of ranking information. that is big progress. the problem is that not all banks and institutions and tax havens abide by the law. some of them find them unfortunately, very profitable to serve as tax evaders and criminals and so we just can't rely on their goodwill. tohave to find other ways create financial transparency an

put up an impenetrable border wall with mexico. charlie: walls are going up in europe of one kind of another. walls are going up in terms of political campaigning here about what trump wants to do. it is a worrisome idea that we are walling herself and. ourself in.ing you also see the rise of the hard right in response. there is a connective tissue. it is connected in the reaction to what is happening in global affairs and the global economy. as connected it is on the ideological front, because each pump is a messy project on his views. on his views. charlie: where is he not hard right? to reiterate sure on abortion. he is for exceptions. he is someone who does not champion those issues on the campaign trail. charlie: but he did not call abortion mortar -- murder, did he? bob: no. he is not really a social conservative at his core. charlie: does he see himself as reagan-like? bob: he sees himself as a granite leader. he sees himself as someone of reagan's stature. he handed out pictures of himself and reagan. charlie: is it your guess that he will not be the nominee? when donald t

companies and their operations in europe, many many parts of the world, a focus on where there are competitive tax rates in locations. is i going to be a theme? yes, it is. the oecd has a number of initiatives focus on this and helping governments to get to the right answer that taxes are paid where they are due. one, there is a strange amalgamation going on, illegal, taxs avoidance is legal, but now the two are melded together, wouldn't you say? keith: i think that's -- convextalk it topic we don't have time to get into. i think the focus is paying the taxes in the jurisdictions where you are supposed to, and that is the focus, operationalizing taxes and for filling tax obligations rather than thing that might've been a legacy. sorry to throw you that one of the end. thank you very much indeed. storiesickly look at making headlines around the world now. the philippines turning to the gaming industry to recover some of the millions channeled through can seniors and gambled by network of people. asking courts to return as much as possible. the junket operators says he was an interpr

with mexico. charlie: it is an interesting idea. walls are going up in europe of one kind of another. walls are going up in terms of political campaigning here about what trump wants to do. for me, it is a worrisome idea that we are walling ourselves in. robert: it you see it in europe with the rise of the hard right in response. there is a connective tissue. charlie: what is connective? robert: it is connective in the reaction to what is happening in global affairs and the global economy. i don't think it is as connected on the ideological front, because trump is a messy project on his views. he is hardline on his views. charlie: where is he not hard right? robert: he makes sure to reiterate on abortion. he is for exceptions. rape, interests, and the life of the mother. est, and the life of the mother. he is someone who does not champion those issues on the campaign trail. charlie: but he did not call abortion murder, did he? robert: no. he is not really a social conservative at his core. charlie: does he see himself as reagan-like? robert: he sees himself as a grand leader.

, shares are beating everything else in europe. global news 24 hours a day, powered by 2400 journalists in more than 150 views bureau's around the world. find more stories on the bloomberg at top . manus: thank you very much. let us get up to speed with the market. juliet saly is standing by. a little bit of a relief in oil markets, the mcsi getting an ever smaller game. i was looking at the nik ki. a fairlyeing tough time. juliette: lacking some conviction. we had some better gains about half an hour ago. but talking about that volatility, it has switched back into negative territory again. really adding to those losses we saw yesterday when the equities led the region lower, that five-week low. generally speaking, we are being boosted by the energy players here in hong kong. also in sydney, higher on the rebound in oil. there has been some good oil buying in korea and in southeast asian markets. what you see some weakness still coming through in china. survey coming through for mark. it was a better rating than what we saw in february. but there has been a bit of a swi

, what will happen in europe, and the picture is not pretty. how many more elements can we pile on before we actually just say, this is not worth getting involved with. wayne: it really starts from your expectations and your experience. if you have been part of the european landscape from a political watching perspective, your understanding of the slow grind of political change in structural reform and europe is well understood. froma are looking from it fratt perspective, you can be easily frustrated. people just kind of give up. they say, i just don't need or want that risk of owning european exposure. i do think there are some smart investors out there, whether they are in the u.s. or asia, taking advantage of some of the structural inefficiencies, the weakness we have seen both in terms of currency and sectors, and they have done really well by owning european exposures. if you strip all of that back and you take into account economic growth, if your expectations are weak, economic growth, be stellar, but if you think of it from a heart rate monitor perspective, european een ve

an estimate for 1.8% decline in a bloomberg survey. global trade forced factory in europe's largest economy to curve up right despite domestic demand. global news, 24 hours a day, powered by 2400 journalists in more than 150 news bureaus around the world. you can find more stores on the bloomberg at top . francine. francine: thank you so much, nejra cehic. ted cruz beating donald trump in wisconsin's primary boosting the odds of a contested republican convention. bernie sanders one over hillary clinton. joining us by phone is megan murphy. lossuch does tonight's company trumps cap to the nomination -- trump's path to the nomination. megan: by being stopped in --consin which we expected picking up only a handful of delegates in the final numbers. we see this "stop trump" really -- it makes us have to 1237 quite narrow from here. francine: what exactly what happened? we had donald trump and a lot of controversies recently. the arrest of his manager. is this a breakthrough for cruz or is it a setback for donald trump? megan: you can see it is a breakthrough for cruz. the numbers he

that, but of course u.s. elections at the end of the year, that's a big risk and europe alone, yes, we've got the referendum in the uk but it's a bit of a concern that it's a lead, too, that they are of political concern, and i ey we could look and we have seen movements towards far left and the far right. we've seen in. -- this is because of a this will come through in various selections as it has already done so, perhaps we can say in spanish and portuguese nd irish and others. fran: is it further east no matter or on the back of commodities? new ll, commoditys, 2007 zealand story and whether or not it's sustainable and what's going to happen with respect to china's yuan. if it doesn't, if it keeps going, then that commodity story isn't so good as perhaps it seems right now. tom: jane, thank you so much for visiting our floor. nice to have you in the studio. where's the bet right now? i don't understand that idea of a one-way bet or a sort of one-way bet. where is the street? where is the speculation right now? >> to be honest i don't know the answer to that story. when we look a

game and europe. you see wti on the screen up 2.8%. we are at a seven-day losing at 1.13.d the euro is let's go to vonnie quinn. have a republicans will contested presidential convention -- ted cruz succeeded over donald trump in the wisconsin primary. ted cruz calls this a turning point and says republicans now have a real choice. >> we are winning because we are uniting the republican party. hillary clinton, get ready. here we come. vonnie: donald trump is still on top. 143 delegates for john kasich. noovan -- donald trump made concessions beach, he issued a statement. meanwhile, bernie sanders is on a hot streak. he beat hillary clinton in wisconsin and taking 57% of the vote. now, he has is eyes on the next prize. the new york primary is april 19. -- helen clark will run for secretary general of the united nations. a woman has never held the job and now for women are running for the position. 2009, she has run the poverty eradication program. one annecticut women unprecedented fourth straight ncaa title. breanna stewart scored 24 points to win a record 11 titles. i am funny quinn.

, talkinge lagarde very about breakfast and europe to what is happening in brussels. >> i visited them before. and, i remember christine , he asked a lot of questions at the summit. one of the hot topics will be politics. with cecile richards coming. megyn kelly coming. it'll be interesting. betty: what you think of wisconsin? huge surprise. bernie sanders was expected to have a ton of money. he has won a rash of states. still, he has not caught up to hillary. it just shows that she will have to slug it out to the end. point thethat at some valley of experience will be understood. what we are seeing with bernie sanders is that he is appealing it cang people because be done. you cannot declare that we will give every kid -- kid free college. will break up the big banks, we're starting to ask him now, i feel badly with the daily news interview, how are you going to do it? betty: we are hearing those questions were trump as well. >> when these guys can turn off the hot air balloon and answer question, people start saying wait a minute, he starts sounding disorganized. clinton,w come

recognize those nonperforming loans. they have another europe nonperforming loan recognition and a knowledge meant to deal acknowledgment to deal with. tos cut interest rates a bit help the problem along, but much of it is out of his control. lisa: you were talking about the debt in india. government bonds have gained more than 3% this year. debt has donets quite well this year. you think investors are not considering adequately the risks that are still there? has been a relief rally in government debt, especially local currency. i'm at you are talking about local currency. that gain would be probably based on the recovery of this currencies against the dollar. the currency move in the credit move are characterized as relief rallies. their domestic debt issues in china, brazil and russia have to be dealt with. they cannot be dealt with effectively in any short-term period. you said india can be instructive to investors. spell it out for us. paul: india has such favorable demographics going forward. one in three people in the workforce next 20 years will be an indian resident. that

happening in europe to. too. john kerry: there is a move to the right. but you don't see people saying countries should go out and get nuclear weapons. you don't see the assault on nato. nato is very important to the effort to hold the migration at bay. things, when people see a potential nominee of a party starting to talk that way they get nervous. charlie: your relationship with the president. there have been great secretary of state president relationships. wasbaker and george bush the best he could hope for. henry kissinger and richard nixon and gerald ford. his foreign policy conceived at the state department or the white house? john kerry: it is always a combination. i have been watching that relationship for 28 years. i always knew that one of the first rules is don't get into startquabbles and don't fighting. you are there to serve the president. both of us. the national security advisor and the secretary of state. it makes sense to be a team. we are a good team. the entire team. everybody worked together. it is too early for retrospectives. thei will tell you president has gi

the fed, with its timing, and you have europe in its own situation. as the governor said right before -- in the prior package before i came on air, we are in uncharted waters, and i think the boj has no option but to intervene to continue to intervene it is so heavily invested. there is no turning around. rishaad: are you say intervening in the fx space and defending the yen? >> those were the reports that came through a few hours ago that the boj -- it wasn't there are rumors in the market that the boj has been looking to come in and intervene and stop that appreciation against the dollar. the boj really has a mandate from the large japanese corporate's to do all that it can. it has been intervening ever tince the yen was a lo stronger a few years ago. the last thing it wants to see is those trade gains eroded by a currency that appreciates again. the fed is the wildcard, because the fed is buying as much time as it can, delaying, pushing out, using the same tactics we saw in 2015 to buy more time to move, but to do it at their own pace and delay as much as possible. rishaad:

terms of europe. in terms of the em space, you have the rail story -- the real story. you can see cut a bit of a shift in terms of the complexion. how do you differentiate -- at the top of the show, we were talking about one of them being barnstorming. peter: we are looking for things that can apply, and see what the differential is in terms of expectations in the market. that is a big piece. generally, the political whetheres as well as they are exporters importers, commodities. all of that takes place. we do like the asian emerging markets more than, say, latin america and eastern europe. we think they are in a better position. manus: the whole thing is around china, really. there seems to be a split. cbs says 78.s 73, would you concur? peter: i think they need to put a cap on it. any type of economic recovery in australia, with a strong dollar, gets derailed relatively quickly. we have seen recently the decision, they have come out significantly more dovish than expected. they are already moving on that. if they start seeing the australian dollar moving up --nificantly, we do expec

whether or not europe will in -- europe will raise an investment story. it is difficult if you're sitting anywhere else in the world to look at europe and see the news spelling out at the moment. there is a little noise out at the moment. underneath that, is an economy that is slowly improving. it is making a more compelling case that -- compelling case then you are making a point for. julian: it is not one economy so consequently we do like the story. scandinavia, germany is still interesting. if you draw down into some of the mid-cap areas, there is some value to be found. i still remain quite cautious about southern europe. i think recovery will be slow. the domestic names in that market, quite a long haul. constantly, northern europe, yes. southern europe, no. has: one more breaking saying cpihe is would've been negative had it in 2015.for ecb policy that is good afraid listing -- that is peter frank listening to our show. i am going to use it for an argument on why we have been affected. why we haven't gone negative in terms of cpi. guy: he is saying inflation is still weak b

and what heard from the minutes yesterday. the europe 600 started -- and they are unchanged. the minute showing the policymakers won't rush to raise rates. this is a picture for gold. 1,229. we wanted to show you japanese yen, advancing to a 17 months high. brent crude 39.8. we had some stockpiles in the u.s. yesterday. oil. a note on the goldilocks number for oil is $35. dutch voters have rejected a treaty between the european union and ukraine by a margin of 221. the result of the referendum has exposed the extent of anti- e.u. sentiments. britain decides to leave the european union the outcomes are " potentially unknown" according to jamie dimon. he says even in the best case scenario, there would -- be years of uncertainty. a brazilian congressional report has recommended that impeachment proceedings against president rousseff move forward. the report found evidence she used illegal financing. seff says the charges are baseless and her supporters call the campaign against her and attempted coup. -- an attempted coup. you can find more stories on the bloomberg at top . fra