Israel and hamas agree to an unconstitutional unconditional 72 hour ceasefire. Welcome to countdown. From frances secondbiggest bank. It looks like secondquarter earnings have beaten estimates. Thanks to a 7. 8 decline in provisions. Net income rising. It is the highest quarterly. Evel since mid2010 stocks return on equity, which is a key measure of infitability, reaching 8. 8 the Second Quarter, up from 8. 8 from 8. 4 a year earlier. A returnis to receive of at least 10 by 2016. This comes a day after the biggest bank posted a four points read billion euro quarterly loss yesterday after the record penalty for doing business with sudan and other lacks like listed listed by the United States. Caroline joins us from paris. This is one of the most exposed banks to russia. Yes, the numbers are better than expected. They had a 24 decline in provisions for risky loans. They did take 200 million euro litigationor known risks. They have a big retail presence. Of rosebank. I asked what exactly was their exposure to russia and the onact sanctions would have the business. The current uncertainties and geopolitical issues would have probably a macroeconomic impact. The expectation is zero growth, a flat situation. This will have an impact on nation and risk. What is the actual impact on russian sanctions . What is your total exposure . Total exposure represent three percent of balance sheet. The Group Exposure to our russian subsidiary represent 5 billion euros. Euros have 13. 5 billion of outstanding loans. Increased but we also retained loans during this time. It is essentially the same thing. How will you make sure you respect sanctions . Is it ethical . Our first target is to comply with our new obligation in respect of the new decisions from the authorities. Filteredlows can be from the operational scheme. Add thet is to just list of counterparts so it is not an operational difficulty. Participated in the deal. What kind of impact are you going to see now that these companies are blacklisted . The corporate counterpart you wereoned was bridge loans 25 banks from all parts of the world were participating. We were one of the 25 banks. Under these conditions it couldnt have been very good. You are right. The russianink situation will have a bigger impact on Eastern Europe where you are very present and even western europe . If the situation impacts zero growth in russia, we dont think there will be general. Thequestion is how long tension will last. Its difficult to say. Because it is in the interest of all the stakeholders we dont expect this will last very long. Globally speaking. The global World Economy will have a significant. The impactlling me of the russian sanctions will be limited. They still have about 14 billion euros of outstanding loans in russia. The loans ind russia by about five percent in the Second Quarter, but you have to bear in mind it is two percent of their total benchmark. Another day, another Energy Company with ties to russia falters. Lets talk about russian manufacturing data. Got the pmi data indicating manufacturing expanded despite the fact people expected a decline. No sign of sanctions yet. We will see if that is sustainable. Actor exxon mobil. Exxon mobil saying their production fell close to six percent year on year. That is a big problem. You saw the share price really react to that. Counters supposed to this production. This is really the achilles heel of all the big oil producers. We are interested because it is teaming up with the biggest publicly traded oil producer by volume they are moving on this which is billed as the most important of 2014. They are hoping there is a lot of oil. You have that you banning some the eu banning some. They had positive news maybe there shares would it have fallen so much. It is fascinating russia is increasing manufacturing. Production in ukraine picked up in the Second Quarter as well. Understanding a little more what happened on the Video Conference between the big french, german, and italian leaders. They were on that Conference Call last week. We learned they are going to pressure the world bank to cut funding for russia. That is money russia can kiss goodbye and terms of project funding. Seen curtailing of russia. Is the biggest monthly decline since 2012. Their bank is the biggest decline are amongst banks worldwide with a market cap of over 25 billion today. Thanks. Between israel and militants in the gaza strip has come into effect. Talks aimed at a more permanent truce in cairo. Elliott, good morning. Will this stick or not . After the death of more than 1400 palestinians and 1600 israelis you certainly hope so. They have crumbled. They have come apart after a few hours. This time around might be different. It has become very clear. Thisarties have agreed to 72 hour truce. That doesnt necessarily mean it is going to last that long. There are many ways it could crumble. Israel can still carry out operations for those tunnels behind its lines. What happens if israel discovers a tunnel inside its lines which extends underground. Can israel destroy that . If it does is hamas going to see that as a breach of a ceasefire . Meanwhile, talks on obtaining some sort of permanent truce between the parties are going to be taking place in cairo. The u. S. Will be there. Egypt will be there. The israelis and palestinian authorities and hamas. Groups consider hamas a terrorist organization him will not be sitting at the same table as hamas. Will have to act as gobetweens. Hamas wants the siege lifted. It wants the free flow of goods to israel and egypt and control over its fishing area. Israel wants to destroy the tunnels and demilitarization of gaza. Are those reconcilable . We will have to see how those talks arrest. Elliott, thanks. Lets talk chinese economy. Chinas pmi data is at a twoyear high. Hsbc at a high. It was a beat on the official statistics. It certainly was. It appears the chinese economy is gaining momentum as policymakers and the government are trying to maintain their official growth target of seven and a half percent. If you take a look at the official numbers, we had 51. 7. That did eat estimates. It was up from june. It did beat estimates. It appears to be gaining stimulusand targeted policies are taking hold. We have seen in some areas of china they are easing housing restrictions and trying to get the Housing Market to have a bit more steam. In other areas they are maintaining restrictions to make sure you dont see bubbles forming. That has been the key in this process to stroke some growth. Together to at least show the economy is maintaining momentum to make sure we do see a pickup in the manufacturing sector. We didnt see a rally in asia because of it. Not a huge Market Impact. In australia the ozzy dollar has not moved, nor has the chinese yuan. Watch as china continues to give clearer pictures of its economy. Warm breezes flowing from u. S. And china. And a play for tmobile. Should sprint be worried . We will follow that story next. Time for todays company news. Loreal missed estimates in the Second Quarter. Revenue increased 4. 1 . Analysts read it did 4. 4 predicted 4. 4 . This comes as maybelline remained sluggish in the United States. Financialanded by the regulator. The lender could not prove the debt assets deserve a lower risk rating. The bank has been ordered to raise their assets by close to 500 million dollars. Microsoft loses its challenge to a u. S. Government search warrant. Ordered toeen release emails as part of a drug investigation. Welcome back to countdown. Goldman sachs is concerned a selloff of government bonds could lead to a temporary selloff in equity. It. Acranny is all over bit of nerves in the market yesterday. Lost threeindex has quarters of a trillion. The reaction was a subdued reaction. Stop down 42 . If you put more capital in a bank that was less than transparent in terms of what it is doing. U. S. Equities futures are trading higher. Real kneejerk reaction yesterday. 500, lets have a look at u. S. Equities. They are higher. I read the same story. Theynt see the same line. Posted gains or losses of more than one percent three times in the past two weeks. They didnt have any variants like that in the previous 62 days. At European Equity forces, london down nearly one percent. Is it an opportunity to buy . The average dip in s p and norican equity has lasted more than one and a half days in 2014. That is the shortest turnaround. You almost prove your point. Almost. Its a bit early. They see it as, would you buy the dips . We have never seen shortterm dips like this last so short a time since 2009. The s p 500 has not had a 10 correction in the last 33 months. Many people are saying this is profit taking. They are looking for an excuse to sell. Earnings are not looking that ready yesterday. Earnings did not stack up yesterday. Adidas worried the exposure to russia is a critical issue. God bless goldman sachs. They are always ahead of the pack. This comes after they raised their target. Global equities and ball mark it will retreat. Selloff. Brief one and a half days . It is a shortterm health warning. Stocks to neutral for the next three months. Lushterm they are indeed a. They are overweight. Corporate credit they have gone to underweight. Thats a view. About howspan warning valuations stand at the moment. One interesting thing for me is oil. The fifth day. The biggest monthly decline for two years. Inventories at a fourmonth high. I am not saying it is all down to demand. Arounde huge issues leakage from opec. Me is a much bigger warning bell on global markets. Move on. E got to 6 21 here in london. Tmobile gets another bidder, complementing plans for sprint. Can it win the u. S. Prize . Stay with us. It is 6 24 in london. Looks as though the french mobile company has eyes on taking on the u. S. Market. More with the bid for tmobile. This is quite intriguing. If i could sing i would worst into Frank Sinatra my way. The billionaire owner owns the right to my way. He is doing it his way. He completely disrupted it. Started a price war. He is now eyeing a Company Three times the size. Just over 50 . I am offering you 33. Is alreadynd sprint trying to buy up for 40 a share. Ideally, you want to bidders. What is interesting is how much . Oes Deutsche Telekom want out it except slightly cheaper prices . , we do nottors say want three players. If sprint buys that you are taking it down to three. They may not need to offer as many because of regulatory issues. Which could last a year. It could all take a little bit quicker. Suddenly the onus is on soft day to start bidding quicker to push this through. Weve got about of years a lot of years. Who wrote it . Anka. See you after the break. Welcome back to countdown. I am mark barton. Lets check it off with the dollar. Day. Is jobs they three weeks of gains for the dollar. The dollar isf showing. Over the last 30 days, you begin to see the momentum picking up. Yen lower. Lets check on the Canadian Dollar. If you think of the growth great, rate within canada, and within the u. S. , 4 , you begin to understand the difference beginning to open up. This is the third day where you are seen declines in the Canadian Dollar. Breaking some important levels. The 100 day moving average. It is all about dollar trades today. Back to you. These are the top headlines. A 72 hour ceasefire has started in ghana. Gaza. Violence areng the tentatively set aider today. Later today. The fighting left more than 1400 palestinians dead. Leaked gascaused by in taiwans second largest city killed 22. Policeman and fighters are among the dead. Expandedanufacturing at the fastest pace in more than two years. Pmi came in at 51. 7 . After over a century in italy, fiat will be incorporated with chrysler. Enlisted in new york and l isted in new york. They are hoping the merger will help them compete with the heavyweights of the auto industry. They are meeting in turin to approve the merger. They have to get two thirds of the vote. Some proxy advisers have said they dont think it is a good thing, but it is going to happen. A differenceake because it would make it more come kitted to do this nicely more, kitted to do it nicely. Licated to do it nicely. It is a sad day. Cofounded it in 1899. A gentleman from another town had been around and talking about horseless carriages. He said, i want in on that. Outlet for his manufacturing itch. On1906, took it to the mean stock asked milan stock exchange. Expands after that. Owner becomes the richest man in italy. Controlling 5 of italys gdp. 2003, he hands the reins over to the current owner. The do with chrysler. Do the deal with chrysler. They think they can catch up with gm and ford. Hopefully this will allow fiat to grow. The fiat 500 is on every street corner. Apparently they do special editions. They have done a special issue edition. Im not so sure gethe master plan is to americans to buy fiat 500s and europeans to buy jeeps. Billion Investment Plan he wants to boost deliveries by 2018. Expectations they missed expectations on wednesday. They do not have a big presence in china or latin america. He has never ruled out the idea of more mergers and consolidations. Years. End of 115 they will keep a lot of the plants. Fighting in gaza has not put investors off Israeli Technology companies. Company raised almost 1 billion, making it the largest ipo of an israeli copy in the test company in the u. S. Of an Israeli Company in the u. S. The price means mobile eye making it the biggest ever ipo of an Israeli Company and the u. S. That the biggest ever israeli ipo. That was a Company Called oil refineries. Certainly impressive when you just 20 the profit was million dollars. Its technology is in more than 3 million vehicles made by templar, is lot and bmw made by tesla and bmw. It will sound an alarm if you are driving and in some cases automatically brick the car brake the car. In the future they expect to have Driverless Cars with mobile eye technology. This is not the only company. Already has more Companies Listed in the u. S. Than any other country in the world. Five have come along this week to list. Mobileye is the most prominent. The others are biotech committees. Why they are doing it is because of valuations. A six year bull run on the nasdaq. The fed chairman talking about stretched valuations of biotech companies. Ipos off to get the the ground while they can. If they do not sell their shares now, they might not get their chance. A record week for israeli ipos. Amazing we think of what is going on in the country. Fundinge is not only new european startups for commercial purposes, but giving grants to charities as well. What is in it for the tech giant . I was at an event last night. Cool impact challenge. Google impact challenge cofounderimmy wales, of wikipedia. 10 different charities coming forward with Charities Technology developments. Give money too four key winners. How do you stop them reoffending . A really fascinating one. From the institute of the blind. It helps the visually impaired to see again to form an image. Fascinating things from the Royal Botanic Gardens in kew. Using a microphone to hear mosquitoes and map where they are. How to phase out malaria. Amazing technologies being developed. I had a chat with jimmy wales about why now is the time for technology to be a force for good. A lot of the injuries were looking at how they can engage eight broader community. Peertopeer help. I think there is a long way to go in society. We can use the communications medium for more than just cat photos. We can help each other. It is a new concept for google. They came up with the idea in the u. K. Last year. They are expanding and they are now in india, brazil, austria. San francisco. Perhaps japan will be next. What will what is in it for google . There wasnt that much media at the event. It does seem to be this general desire to give money back. Also learn from these charities. They are coming up with fascinating products. 22t if you are able to catch all these ways of helping you with innovate . I dont think it is purely from the warmth of their hearts. I spoke to matt britton who said it is his also about being creative. When we build our own products for day to day use, it is a bald about scale. How do you get this into the hands of millions or billions organizations . They are all thinking about changing peoples lives. This is jones said, harder than my actual job. He said, charities have to be businesses. They sponsored out for good. App for good. Will you be buying the mosquito app . It is good knowing there is one near you. What do you do . You run. It is aneducational educational tool. Bloodquitoes only feed once they copulate. They generally feed on education vegetation. Only eat blood once they have copulated. Ok. The to come, what is behind me 29 jump in earnings. We will speak to the chief executive after the break. Welcome back to countdown, this is bloomberg television. Results. Urned and in results. Is more than 40 Million Euros above what analysts were expecting. Themore, we are joined by chief executive laurent mignon live from parents harris. Paris. Revenue atod out was the Corporate Investment bank. It rose by 17 . When you compare that performance to your u. S. Peers, you are outperforming your u. S. Peers. How are you managing this . The fixedformance of income business has been very good during this quarter. It is true that the european fixed income business has been better than the u. S. Business. That explains part of it. Also, the team has been good. We have been in ranking. We had an active debt Capital Market activity, which explained the good result. Do you think that artie percent increase this that 30 y percent that increase is sustainable . On the longterm, it is not. It is true that the Second Quarter of last year was a slightly poor quarter. If you look on the first half, fixeddoubledigit Growth Income revenue. It explained that it is a trend. Other big division is savings which includes asset management. Net inflows were 8. 4 billion euros. Where are the flows coming from . Who are your customers right now . A large part of our business is in the u. S. 60 80 managing globally euros. 880 billion comes fromof that the Distribution Platform in the u. S. 70have net inflows of billion since the first of january. A record. It compares to the 13 billion we had for the fouryear full year of 2013. It goes within our equity funds. Also to our alternative credit fund, which is doing very well also. I must ask you about russia. What is the impact of sanctions on russian Financial Institutions . Is there any impact on natixis or not . Reduce theusly will business we do with russian customers. We have to take that into account and we have. The impact on the russian economy will depend how long the sanctions last. For the time being, it is hard to say. If it does last, it will have some impact on the banks. Also on the global russian economy. Eventually, on the clients. Can you give us a figure . What does russia representing your business . It is a small part. We are not very active. We dont have a Sustainable Bank there. We have small representation in russia. Nevertheless, we have some longstanding clients in the energy business. With whom we do business for years and years. For the time being, we have but that activity on hold. We are looking carefully to the situation. Allhen we think of france, the attention seems to be on bfp after the record recent fine. You face litigation risks right now . We have no investigation ongoing with any authorities currently. Ok. Could you get into a situation like bmp . Have you been improving your Compliance Department in the weight of the affair . We have been working very hard on that. I think that today, we have put in place a process and control system that are in line with what is expected. We are obviously not the same size as bmp. For our size, we agree have the appropriate system. Thank you for joining us. The chiefgnon, executive officer of natixis. Secondquarter profit rose 29 . Virus is, the ebola sweeping across west africa. We will discuss this story and more next. I am ryan chilcote. We are in our from the start of the start up of european trading. I am joined by mark and caroline. Lets start with ebola. It is something that is taking on there are now two countries in africa declaring states of emergency. Sierra leone and africa. African leaders in the affected countries are meeting in guinea. They are no longer going to a summit in washington. More than 700 lives lost. The Health Services are overwhelmed. They need international help. Listen to a fascinating radio report it was from a scientist in america. They have been looking at how to tackle ebola. The field they are making progress in certain ways. They have made breakthroughs but only for monkeys. He says the problem is there is no incentive for Drug Companies to make them at the moment. Oo few people are hit by the surrender this disease. Drug Companies Need some sort of incentive. It is her and us what is happening in africa. England won a cricket match. You can say that again. You might say, what . So . They have not won a match for almost a year. The year ago, they beat australia. That was 11 matches ago. Since then, they lost in australia. This summer, they lost to sri lanka and india. Runs. Hrashed india by 266 you had the parttime spinner he was brought on for his batting skills. He did very well. A terrible year. He has lots of runs. Does this restore your confidence in the team . We are back. This is slightly funny but not really. A serious story about how one theian soldier it is in times he may have revealed Russian Troops were in the ukraine. He took selfies on his phone that put him inside the conflict zone. Russia says they have no soldiers but his Instagram Account says otherwise. Stock slide across the world. Secondbiggest bank posts an increase. The chief executive says they do not expect a huge impact from russian sanctions. We dont think this will last very long. The impacts on economies will not be so significant. Makes iliad takes an offer that complicates sprint. And a 72 hour humanitarian ceasefire in israel. Welcome back to countdown, i am mark barton joined by Caroline Hyde and ryan chilcote. Results. Aiting first, lets talk to manus. A big move in equity markets. Caused by a number of reasons. The beginning of a chill whole new second half of the year. Whether was the Portuguese Bank being instructed to raise more capital. Argentina saying they had defaulted. Standard poors may disagree. European equity futures are opening. My issue this morning is the European Equity futures. People were complaining about a lack of volatility. Down 0. 3 . Lets move it on and look at the u. S. Equity futures. They are higher. We have not seen this kind of buttility of more than 1 , we have had it three times in the past two weeks. That is hectic compared to the previous 62 days where there was no movement above and beyond 1 . Volumes were about 30 higher yesterday. You, if you are a ed trader a daytrader. Manager, ann asset investor, you look whether it is one days event or a bigger move. If you like data and if you like bloomberg, it is all about data. Historically, and this is not a technically, it has proven to be quite successful. Ip or drope depth d has lasted no more than 1. 5 days. It is shortlived. That is what i was saying. The s p has not posted declines of more than three days at any time during this year. Retracement ofa more than 10 in the last 33 months. If you like statistics, in theory u. S. Equity futures are higher. You have job reports today. Volatility is back. Here is a prime example. You have the two biggest economies in the world starting to post better data. China manufacturing, strongest in two years. You have the u. S. Picking up, with concern they will be rainy in stimulus raining in stimulus. Reining in stimulus. They do not stick to the rules. They dont even bother discuss it with the rest of opec. That is what is known. What you are seeing is demand. Oil is dying. E of under 100. Jobs. To 30. That is what you are looking for. The longest stretch of gain since 1997. The fed downgraded what they is. K he the rate the Unemployment Rate estimated to be 6. 1 . Is a function of the me sheen. Of the machine. Nine metrics and six are at prerecession levels. Iag has reported results. 380 million 380 Million Euros. Up from 245 same time last year. They are sticking to their 500 million euro guidance. They want to make this year, more Million Euros than they did last year. Lufthansa cap theres. Cap theres. Theirs. Billion by the end of next and next year. The other interesting thing is iberia. They turned a profit last quarter. Not a lot of money. 35 billionit was a euro loss. Of the low cost your airlines. Versus 27 million forprofits. Easterooks like the holidays were not bad. Costcutting continues. They laid off a couple thousand people in spain to bring about these results. A bit of corporate news. Lets fly to asia. Chinas july manufacturing data, pmi, read stay twoyear high. That is the official beta of course. Of course. Us. Or us. Ak it down fp the point is the government appears on track to maintain the 7. 5 growth level. It shows the stimulus effort in beijing, that beijing has issued across the country, appears to be working. These are targeted efforts such as raining reining in the Property Market. Vectors into this significantly. Increases in Manufacturing Activity may not be enough to counter the bump in property. There is a concern that we may see further declines in the Property Market. The Property Market in china is huge. Manufacturing also huge. Todays reports suggest second gdp continues to gain momentum. The lingering concern are the Property Market slump. They want to maintain inappropriate level of credit and appropriate level of credit. Thank you very much. Live from hong kong, we will talk more about chinese data. A the last few hours, threeday ceasefire between israel and militants in the gaza strip has come into effect. Talks are taking place in cairo. Elliott gotkine is in tel aviv. To think this one will stick . It has been just over an hour. It has stuck so far. As is the norm for these kinds of situations. The fighting reach state prison reached ched 80 oh a climax. Will it stick . Than 1400 palestinian deaths and 60 israelis being killed, you would hope so. There have been a number of humanitarian ceasefires and they crumbled after a few hours. This time may be different. We have some clarity from hamas saying, yes, they agree. Israel saying it agrees to the deal, too. Everyone is clear on this. There has been ambiguity in previous ones as well. A bit more clarity. At the same time, a bit of ambiguity in the terms of the deal. Both sides saying if they are attacked, they will respond. John kerry saying israel can still carry out defensive operations for the tunnels behind lines. What happens if there is a tunnel in gaza . Can they destroy that without breaching the ceasefire . We dont know. For now, it is holding up. Talks of truce taking place in cairo. How are they likely to go . Gingerly. You will have representatives from hamas and the u. S. And israel. Mediated by the u. S. And of the issue is israel the u. S. Consider hamas a terrorist organization and therefore will not sit at a table with them. The palace during the egyptinian authority and will have to act as gobetweens. They want to lift the siege of gaza. And also more control over its fishing areas. Israel wants to destroy the tunnels and have the demilitarization of the gaza strip. What if hamas agrees to do militarize and israel agrees to lift the siege . Unfortunately, not so simple even a Neither Party trusts the other. Given that Neither Party trusts the other. Hamas has not recognized israels right to exist. But if the ceasefire holds, there will be an opportunity to reach some kind of more permanent deal. That does not bring us back here in a couple years time. Elliott gotkine. Energy day, another company. Ryan is here to tell us everything about exxon mobile. The russian stock market opened. It is down the by euro. 8 . By 9. 8 . 0. 8 . Banks, the biggest decline there to date. There are bank bear bank. Exxon mobil. Fell by 6 . Output shares fell 4 . We care about it because for 25 allion committee it is 425 billion company. They are teamed with russias largest oil producer. Which is in the hot seat. One of the problems is bea was talking about banning or has is talkings the eu about banning or has banned technology for oil reduction. Production . It shows you the kinds of exposure these companies have to russia as they look for a way to solve their problems. There we go. Stay with us. Later in the hour, we will have boss of and abbas uropes leading media companies. She is fascinating to read she will give us an inside view of what is going on inside. How they are dealing with sanctions. 7 30, coming up during the growth story behind the pmi data in china. And the u. S. Jobs report. Stay with us. Welcome back. This is countdown. China is enjoying the ride, at least for now. The countrys my data coming in stronger. P. M. I data coming in stronger. Gabriel, good morning. Pmi data rose at the fastest years. Two will the pickup in manufacturing counteracted the property slump . Can to ask an easy one it will help. There is a property bubble of some kind. One day disguising there will be a chinese banking crisis. It is one of Donald Rumsfelds known unknowns. The pickup in manufacturing will economykeep the growing. They may achieve the 7. 5 growth target. It is good news . The flip side is, given the choice between moving on and implementing economic reform, which would mean a slowdown in growth, or filling of the punch bowl, they filled up the punch bowl. Perhaps that was because there was opposition to reform. That is one of the factors behind thend i corruption campaign. The longer you dont change the economy, the further you head into a deadend. Two keyave the economies, United States and china, showing great guns. You have geopolitical risks weighing on the market. Buoyant about the relatively good data . Or should we worry about stimulus on the west side . Back inwe see a reining terms of jumping on assets . I think we should on the thinking this is good news. With the u. S. , there is a risk the fed, because it is dovish, will hold off normalizing Monetary Policy. There may be a bit of an inflation problem. This is a year or two ahead of time. Right now, the u. S. Is doing very well. Questions over china and everywhere. There is a lot of money sloshing around it that needs to be invested. A lot of search for yield and so on. Fixed income, realistically speaking, cannot be thought of as attractive to read that means a lot of money going into equities. Some froth. I dont think we are seeing unsustainable bubbles in any way. Job list . I have the initial claims. Nonfarme one hand, payrolls is a useless number. It tells us what happened the last month on the bases of what companies thought would happen two months ago. It is a lagging indicator. It is a hit and miss number guess ityou manage to right, you are a genius. If you fail, you are an idiot. It is revised twice. It may turn out you were a genius retrospectively. We have to time, recognize this is the number that has has the longest run of being the biggest market mover. Much more so than any other. That has been intensified because of the federal reserve, and for that matter, the bank of england. They are paying more attention to labor market developments. That is a lagging indicator. What is the number that matters . What is your favorite number . My favorite number is always broad money developments. I look at rod money. Broad money. Which by the way is doing very well in the u. S. Holding a promise of more trend rate growth. Thank you for joining us. Gabriel stein. London. H us, 7 21 in 39 minutes away from the equity session. Welcome back to countdown, i am mark barton. Gabriel stein is still with us. Eurozone manufacturing data should show 51. 9. Inflation zone, 0. 4 . Data should ben another wakeup call for the ecb indicating although there is a recovery, and it would be silly it is not, otherwise, Strong Enough to close the negative out put gap. To bring Capacity Utilization and line. Theres plenty of slack in the economy. Therefore, the inflationary pressures continue. In ecb, after what they did june, they went around telling the world privately and then publicly, we did as little as we could because we were hoping the u. S. Economy would recover and that would weaken the euro and we will not have to do anything. I get the impression there was a slight change beginning there. That the july inflation number does is increase pressure on them to actually do more than they have done. Potentially qe . What about Asset Backed Securities . Many feel they will never bring in the market is so small. You have to create the market. They might do that, but ultimately it depends if you have qe, what do you buy . Dubai assets that belong to the Banking System . Then the impact is minimal. Theassets that belong to nonbank private sector. Gabriel, thank you for joining us. We will speakf to the chief executive of russias independent broadcaster on the impact of sanctions and the weaker ruble. Not your to come, traditional superheroes. Im not talking about caroline and ryan. Guardians of the galaxy. , i amome to countdown mark barton. Lets go over to menace for an fx check. Approvey, what does it disapprove if you get the number right what does it prove if you get the number right . The Unemployment Rate is 1. 1 . Look at that, inching higher. Where is the dollar trade going to play out . Read, thething i have biggest bang for your buck is the end. Yen. The yen is falling. Dollar is rising. That is going to be here critical level. Keep an eye on that. The Canadian Dollar. That also caught my eye. It is inching ever so slightly at the moment. Day three of the kleins. Let declines. Analysts are taking the growth u. S. N canada and in the 4 in the u. S. A divergence between the two. You look as if you have broken through the 200 and 100 day average. Looks like the Canadian Dollar could go lower, according to the analysts. Numbers, a 4 se growth number. A big leg up. It is all most is that the markets cannot rally on good news. Volatility is back. Thanks, manus. These are the top headlines. A 72 hour ceasefire started in gaza this morning. Talks on ending the violence are 10 to delay set for cairo later. Set in cairoively later. Chinas manufacturing expanded at the fastest pace and more than two years. The pmi came in at more than 51 . The official level also came in at the same level. Is south africa ready for a further rates raise . Bloomberg africa has been speaking to the industry Interest Rates will go up. Perspective ona the challenges that the economy is facing. Authorities have done a really good job of managing Monetary Policy. For consumers, there are a lot of things to think about into the future. That interview will be this weekend on bloomberg. Dont miss it. Unlike batmann or superman, chances are you will not be for money with the movies hero familiar with the movies cairo. Hero. I am star lord. Who whio . Star lord. Forget it. Talk about the guardians of the galaxy. Stille, good morning to you. Ella, good morning to you. Why not five stars . It is very good. I think it will surprise a lot of people. Like many people, i was not familiar with guardians of the galaxy. Comic firstwn published in 1969. It was rebooted in recent years. It was picked up it was going to be a new franchise. Another one in the works. All part of the marvel universe. Phase two. We are on phase two. Which was iron man three. They are very popular, arent they . People forget with iron man. It was not a hugely ball known wellknown comic book. Robert downey junior was not on the a list. Brand thatvel is the will sell this over the opening weekend. Open wordofmouth. I guess it doesnt matter if the heroes are well known. For the kids, they are new anyway. It is only be dumb parents the dump areas that would celebrate seeing superheroes on the silver screen. Definitely. This is perhaps the most kid released. Hey have grownups love it, too. It has a host modern that postmodern wink wink sense of humor. Is a well shot . Well acted . It is all of those things. I think chris pratt will be huge after this. The main superhero. He is playing the main guy. Im quite a superhero. He is reminiscent of Harrison Ford as han solo. It has echoes of that kind of vibe. It will be one for the kids. With it being the school holidays, it is no coincidence. Where does it fit into the pantheon of marvel films . Hulk, thepe, avengers. What is your favorite . Still the ironman series. Not quite as good as that for me. But i am not a kid. I think if i was a kid watching this, i would be deliriously happy to be spending my afternoon with this film. What other comic books are going to be rebooted . Is this going to be a story that runs and runs . Ians ofbenefit of guard the galaxy is they do have so many characters. Strange. Is dr. Another captain america film. Are we in danger of overdosing on superhero films, do you think . Warner bros. Has the batman, superman film coming out. Justice league as well. Are we going to be joining in superheroes . There is a basic formula that is being used throughout these films. The mix of humor and bringing superheroes back down to earth. With warners, it is a different tact. They are bringing them down with dark psychology. Those things are continuing to work for them. It is working really well. They are making hundreds of millions of dollars. Probably in the billions of dollars by now. What did you think about the wonder woman outfit . It caused a bit of a stir. Like the warrior princess. The wonder woman of the 1990s. Kitsch like that kind of 60s, 70s look. More gold. Blue and gold. Touch i will try to pioneer thunder cats as well. You have sold it to me. If you had said one star, i would have watched it. Tella, film critic. Firing sanctions at inking sectors. Banking sectors. We are joined by yuliana slashcheva, the boss of ctc media. The biggest free to air broadcaster in the country. Thank you for joining us. You just had earnings out yesterday. Listed on the new york stock exchange. Slightly missed expectations. One of the issues what the audience has gotten smaller. Why is that . You have entertainment channels. They are not up for entertainment now . Given what is going on in ukraine . Thank you, ryan. Hopefully we can bring her back. Can you hear me now . Go ahead. Please go ahead. The first half of the year in russia has been dominated by a number of political and social economic events. Which is the most monetized what i mean when i think about in the Third Quarter of this year, we should attract a lot of attention of viewers. Happenings followed all the entertainment especially when you look at the ukrainian situation, you will understand that the they aree the most people with families who take responsibility for themselves. Their jobs. The workforce. They are suffering most of all, a motion way, between what is happening between russia and ukraine. From russia being attacked from outside by the sanctions and information more which is taking place. Lets go to the sanctions and a second. There is a lot to discuss their. There. Staying with content. I know youre channels are not broadcasting ukraine. You do sell a lot of contents to ukraine. I wanted to ask you how russian content is going down in ukraine, given the way her the war. Russian content is not being sold to ukraine. [no audio] that is a shame. Maybe we can get her back. Very interesting. Its interesting that ctc media gives you an insight in how the conflict is changing. And what it means for business. You heard her saying nobody wants to watch the entertainment channel. Figure out howto ukrainian their content is going on in ukraine. Also hopefully we can get her back. Very interesting company. The lien and a half Market Company 1. 5 billion market cap. The biggest shareholder in her company has been sanctioned not just in the u. S. But in europe as well. Have you run a company where one of the owners has been sanctioned . Or the great russian shows. Was the government of firen riends . i dont watch them. Unfortunately. After the break. Thanks, brian. Ryan. The end of italian institution. Wife yet is headed to the new is to why fiat is has the new york stock exchange. Welcome back. Lets take a look at the top corporate stories. What are these titles . Itle, she michael shouldshmitle. Disruptive. Been the biggest french mobile company down 5 . They are looking to throw 15 million across the atlantic. Looking to get in on key global tmobile u. S. Per weoffering 40 are likely to see the usa, i dont want for mobile companies in the hole four mobile companies in the whole of the u. S. We want to keep for players. Four players. But tmobile, they would have more competition. They are offering less. A midpoint might win the day. To 37,ey bump it up which is less than the rumored offer, they could still win the day. It would be easier to get through with regulators. Are they desperate . They do want to get out of the u. S. It depends how much they are willing to sacrifice in terms of numbers to get the deal done. Quickly, we have got other it was rumored that iliad would buy another company. I will be watching iag shares. 5 , beat earnings for the Second Quarter. 380 Million Euros up from last year. They are sticking to their target. Theythink he will make think they will make 500 Million Euros more than last year. Everybody likes it on a Company Meets their targets. Say they air france will not meet their target. Air france has been the best performer among the three stocks. It will be interesting to see what that means coming into today. You certainly are right when you say investors are happy when a Company Needs targets. Adidis said they would not and shares fell 15 . The first trading day of the month. What will be driving trading. Welcome back, i am mark barton. Eight minutes away from the start of the European Equity session. We are here to discuss the big macro themes. You are not being fair to gabriel. He is says he says in nonfarm payroll is a mean list and meaningless number. He wants to start a fight. He said it is meaningless. Itbecause the reason was, is because you are talking numbers from the air and they are revised two times later. The,000 0 longest stretch of gains since 1999. Six months. Noisyis a knees he data point. The line that stands out is the underutilization of labor resources. You have to look elsewhere to wages. Wage growth will be the big number today. It was 0. 2 . Cpihich was in line with. Janet yellen once it higher wants uit higher. Does take longer for the market to digest the fed might be earlier . If that is the case, todays job number is a big deal. Tell us about the dashboard. There are nine indicators she looks at. The one i would look at most is the longterm unemployed. The percentage over unemployed which is around one third. It was under 20 before the financial crisis. That points to structural unemployment. My question is, is it the job of Monetary Policy to dress this or the government . Jenny on may have to think about that. That janet yellen may have to think about that. That may have to bring you back to the story of the full employment estimate is between 5. 1 and 5. 5 . Googles surgery brennan executive has been on saying you can order a copy via mobile phone. We are going to need less service employees. Less skilled. Therefore saying, we should have a shorter working week. Written likes the job sharing idea. Branson likes the job sharing idea. The are concerned about this. If less people are working, less of them will buy products. Manus, markets, give us an overview. Yesterday was a down day. It was. Down 2 . That doesnt mean it will be down for long. On the u. S. Side. The u. S. Markets. Downside doesnt last very long. 1. 5 days on average. Aboutwill note today argentinian debt. Exciting. On the move is next. Stay tuned. We will see you a nice and early on monday. Have a good weekend. Welcome. Everyone is still talking about yesterday. We will talk ahead to the key events that come today. A big job stay. Jobs day. Those tough days in the equity markets typically are shortlived. Today you find out whether the biggest Market Impact number has bank for your buck. It my way. Those lyrics are on by the french billionaire in france. He is doing it his way. Putting the pressure on sprint. Not to someone with a pretty good name. Thank you. Nearly eighte rose percent. Frances secondlargest bank is one of the most exposed to russia