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Draining liquidity. We understand from our sources. Looking at the nikkei there. As you can see, dollar yen. Traders got fed up trying to short the euro. They have switched the gun point back to probably higher statistical hit. Which is the yen. We are pacing the yen touching levels up around the yearend cause. It is around 125. Youre at a 12year low. The longest winning streak since 199. What happens in asia what is driving europe . Is it the potential for a grexit or a default in greece . Is that contained . Brinkman ship is dangerous. We have g. D. P. Numbers in the united kingdom. Eurozone confidence numbers later on in the day. The question you to ask yourself is will they reach any kind of marks and spencers in the u. K. Kingfisher popped up there in the top three stocks on the u. K. Opening sweep. Lets look at that. King fisher in line. 150 million pounds. Stock up 1. 8 . B. P. Down. The price target trading at 453 at the moment. 526. 5. The headwinds have abated but not disappeared. A report yesterday, only 52 of global exchange. Is that more building up . 562. 5 might keep the market tidier. 562. 5. Down. 6 . Sell is the rating on that. Lets look at the yen. You thought that youre running out of momentum. This is over past 24 months you can see the move that you have. The dollar rising. Yen down by over 20 . Rising value of the dollar. God bless janet yellen. Last friday she just took a bomb and threw it into the middle of it and said were ready to go on these rates. It is just a question of timing. Just hit that sell button. 123. 168 where we are. The yen has fallen again. Commonwealth bank of australia, 128 by tend of the quarter. Jonathan let me bring you up to speed on some of the data this morning. Right out of spain coming in at 4 yearonyear. The survey was 2. 6 . Decent beat there. The quarterly number pretty much in line. 0. 9 . Yearonyear g. D. P. Figure. A revision 2. 7 . The number there. Decent data out of spain. Plep of data later. 9 30 u. K. Time. Geelt a time reading of u. K. G. D. P. As well. Eurozone Consumer Confidence time. Later today, 1 30 p. M. , u. S. Initial jobless claims. The action not in europe. Not in the u. S. Not that asia. Stocks plunge 6. 5 . Is the rally over . The the shanghai drops another 6. 5 today. Maybe it is not. Look at that move over the last year. A stunning annual run. More than 125 . When do these stocks meet gravity . Is it now . Lets ask richard frost in hong kong. First of all, great to have you here. The big question, the beginning of the end . Maybe not, right . As you mentioned even in china occasionally have to work. And after the rally we have seen even by the standards of china, 15 in just a matter of days, we have this huge selling into the close. At the start of day, we were even ready for it to break through 5,000 for the First Time Since 2008. The index was up. There seems to be an accumulation of factors behind todays move. Joining liquidity for the first time in a number of weeks. Brokerages. Margin trading. Leverage has been a big factor behind this. This rally the first time in chinas history. Probably the highest levels in the world. Put all of those together wand evaluations so high at some point had to crack. That happened today. The concern is that you know, the government has decided it is time to cool things down a little bit. We have seen huge numbers of stocks rising by the 10 limit every day. Most stocks falling by the maximum. We would expect to see more selling tomorrow. Jonathan when you go back to the end of last year and the beginning of last year the big concern were onshore defaults. A bottle maker in china for cocacola said it wont make a full bond payment that is due today. What are the implications of this default . I dont think it has come as a surprise. This company what has been going on there. There have been record amounts which companies are going to have to repay coming this year. Companies have been raising a record amount of money through selling shares, secondary shares on the market. The issue with this company a special status company. We have prevented it from raising capital in equities. That didnt stop its shares from rising some 126 this year before they the shares. Other companies probably wont have this issue because they have been able to raise funds. This company wasnt. It shows the problems that companies are having in terms of actual earnings. Stripping out to impact of the stock market. The impact on cocacola and pepsi co is not expected to be sizable. This is one of a number of companies that make bottles for it but it is real estate mind they are a the economic and earnings picture of china is a relatively bleak one despite this huge optimism until today in china and now when you ask is this the beginning of the end for chinas stock market . I dont think anyone can prepare to say at the moment. Well see what happens over the next couple of days. There is a big flood of i. P. O. S up. Once that is over, maybe well see this money coming back into stocks. 6,000 could be where we end up. Manus it is such a stereotypical journalist question. Just to try and wrap this up into one though the federal reserve. The market pulls back a little bit. You have those moment where is they starts talking up q. E. 4 q. E. 5 q. E. 6. Does the peoples bank of china step in if this kind of thing continued . I think they would definitely be prepared to. Another thing that happened is that the Sovereign Wealth Fund in china actually trimmed its stakes in some of the biggest banks in china. Another signal they are trying to cool things. I think they would be happy to see things calm down a little bit. We know government is keen to see this. Talking up this market they would not want to see this reversed and continue to fall from here. Jonathan great to have you with us this morning. Richard frost in hong kong. Im pleased to say we can get to the investments now. Were joined by the Global Market strategist at jpmorgan chase. David, great to have you with us. If i saw the stoxx 600 down 6. 5 i would think they would hike the rates and the greek exit and it is almost the end of the world. It is the shanghai that has had an epic rally. A healthy one . I think so. It is very encouraging to see authorities doing something to calm things down. Brokers doing something on the margin side. Im sure most equities would be very happy to see this is the beginning of the end of this enormous rally. A lot of them went into this. Very slightly. Underweight to china. Underperforming their benchmark. It is uncomfortable. If it continues you get this you get the effect where responsible considerate experienced members are forced to chase this market. Nobody wants that. Jonathan this run has been going on for about 12 months. The brokerages have tight pped up lending. They are on the hook far lot of cash that is in this market. If if it goes wrong, they are in trouble. Im sure to some extent it has propped up the chinese economy. I think it is not connected to the economy in the traditional way that we maybe learned in our textbooks. A good economy leads the good earnings and a good stock market. We have seen some easing. I think it has done more to help the market. As your correspondent said, a massive routed might be a slight concern to policy makers. This is not healthy. It has nothing to do with the economy and lets calm it down a little bit. Jonathan these are the same ones that let the Property Market get out of control. Is the equity market just a new Property Market . Absolutely. These reports people switching out of property. Moving it in to the stock market in that manner. In general, the Property Market in most economys is more important. One would hope there is a stock value there. There are some signs that the market has turned a little bit. One hopes you can find stability on the stock side. Jonathan moving from china to japan. Chinese stocks plunging. Dollar yen versus the nikkei over the last five years. No not really. I think there is a lot more going on in japan than just the yen now. Lets deal with the yen first. It was oversold after that huge rally that you see and that huge fall in 2012 and again in 2014. The coalition correlation i think people are concentrate tongue wider story. The huge cash pile that Japanese Companies have on their balance sheets. About 40 of market cap if im not mistaken. That could drive enormous dividends and buybacks in the future. Jonathan a lot of these guys pushed out of the bond market by the bank of japan. You can see more of that on the back on the other hand this year. If im a Retail Investor and i want a piece of this market what do i do . Buy where the pound has you take the currency out of it and try and play the pure local currency improvement in japanese equities. That has been a position of ours for the last few years. It remains that case. The yen is going that much lower. Obviously we see it moving now. We have talked about the level of 140 potentially. I still like the fundamental s of Japanese Corporate earnings. Buy the index. Jonathan buy the it is my view. Jonathan david is going to stay with us. Coming up in the show, were arrive in dresden. Live in dresden. The stressed banking msm more on greece and russias ailing Financial Sectors and the fifa fiasco continues. More details on some of the allegations of World Football authority. Those stories and more throughout the morning. Good morning. Jonathan hello and welcome back. Im Jonathan Ferro. European stocks climbing to a onemonth high. A little bit of a pullback. Well get to the greece question in just a minute. I want do bring you up to speed on some of the top stories. The has in tack topped all time highs. The 1. 5 jump came after the worst day for u. S. Snocks three weeks just the day before. Jamie dimon is calling certain shareholders lazy. Jpmorgans c. E. O. Came out swinging. He said if you vote that way, you are irresponsible and probably are not a very good investor visa said it will reassess its sponsorship of fifa. It joins a growing list of companies. Last week visa told fifa it has grave concerns about reports of abuses of Migrant Workers building stadiums for world cup. From g7 nations descrenged on dresden again today there are a million things to talk about. Greece of course is stealing spotlight. It looks like something might have been lost in translation. Greece and government Officials Say they are near a deal with creditors. Germany says not so. There is one man that can make sense of this for us. Hans nichols. Hans, is anyone saying were close to a deal . Hans not in part because the greeks are not here. Mr. Vary rare is varoufakis is in touch with some of his counterparts. We just saw mario draghi go in madam lagarde. I asked her for an update on greece. I was met with nothing but a smile. We had the finance minister saying it was up to the greeks to put pen to paper and start writing things down. We heard from schauble. He said negotiations between the three institutions and the greek government still havent come very far. He is always a bit surprised. That raises the prospect of some sort of default. It is a defulet the i. M. F. Clearly. There are issues which can impact of course their domestic situation. They could run out of money domesticically. That would create its own social and political repercussions. These are very serious issues. Thats why were taking them seriously. Hans i leave you only with a smile from lagarde. She did speak to german media this morning on a morning magazine program. She said it takes two to tango in terms of a deal. Were hearing more from the americans. I spoke to former treasury secretary Larry Summers yesterday. He said stairing into the abyss my force both sides to compromise. With good spirit on both sides and looking into the real abyss that it would be for greece if this doesnt work out and this terribly risky situation that it would be for europe if this doesnt work out i am hopeful that Common Ground will be found. Hans jonathan that is where we are this morning as the Stock Exchange starts to open. Nothing but pessimism in dresden. A little bit of optimism in athens. It hasnt been echoed here. Getting a better readout. If there is any reason for optimism or whether or not the talk is going to shift to contagion and what you can do to contain it. Jonathan what is the time like at this meeting . Greece wasnt meant to be on the agenda. I see people like Larry Summers there. I am sure he is a nice guy. He is not a finance minister. It is not typical of a g7 meeting is it . Hans yeah. It is a bifurcated meeting. We have conversation taking place on structural researches. There is a lot of currency talk here. You have that side of things and then you the sideline conversation. The sideline conversation is going to be dominated by greece. One side isnt here and both sides seem pretty far apart. Jonathan . Jonathan thanks very much for joining us. Were joined now by the Global Market strategist at jpmorgan Asset Management. Ive been told again and again that greece really doesnt matter to markets and then get this headline yesterday that says this thr might be a deal. Greece is putting the brakes on something. Sure. There is a certain amount of safe haven flows into core bond markets in europe. Absolutely. I think there is a slight dampening of sentiment into equity markets. I think there is plenty of things to bounce on the other side about european equities now. This comes down to a couple of things especially with greece. I think were many weeks away from the pinch point here. There are many games that can be played. They have for charters of depth. Jonathan the canadian finance minister is calling the repayment schedule lumpy. Im sure that is only a few days away. It is an obvious thing for them to do. I think this issue about whether to default means exit is not clarified. For me it doesnt seem that one follows the other. It is really focused on what happens with the e. C. B. How much support they continue to provide. What kind of capital controls can be involved. If you think of it. If it is just a default, does it have the catastrophic fallout amongst the other markets . Four months and no progress seemingly. The crurble issues pension and labor reforms. The level of the surplus. The fiscal gap. Isnt that everything . There is an awful lot that is still uncertain, sure. I think there are some real issues the greece needs to deal with. The pensions. The sums just dont add up a few years out. You can understand why the greeks are arguing. Look at the labor market for example. This may not be the best thing to do. You can understand given what greece has already done, a huge amount of reform. A massive amount of austerity. To not even halfway i think varoufakis said it has gone 745 povet way. 75 of the way. Sure there has to be a compromise from both sides. Jonathan you the g. D. P. Figures in spain this morning. That is not doing with to help the greeks cause. Is the best way maybe not to bundle those payments for the i. M. F. And to go into arrears . Certainly. I think the greeks are using the threat of you know what can happen if they default and lever. As an effective bargaining tool. We are seeing a genuine recovery in part s of europe. There is a lot of excitement there. It would be an awful shame to blow it now. The Greek Economy is not looking good at all. Whatever sum were supposed to add up, were not getting it. It shows that the debt is not sustainable. Something that is to be done. Jonathan thank you very much for joining us this morning. We head to the break, here is a picture of the markets for you. Decent rally yesterday. A lot of people saying there was optimism around the greek deal. The dax off. 55 points traveling south. The ftse also lower. Switch out the boards. Look at the currency plays. Up next, well continue a discussion about greece. Banks under disstress. Earnings week. More on what the Financial Sector is telling us about the nations economy and the plight of the greek government. 6 [beeping] ooo come on everybody, i think this is my grandson. [lip syncing] little girl you look so lonesome oh my goodness. I see you are feeling blue come on over to my place hey girl were having a party happy birthday, grandma well be swinging dancing and singing baby come on over tonight [baseball crowd noise] [x1 chime] [crowd cheers] oh i cant believe it [cheering] hi, grandma jonathan good morning and welcome back. Im Jonathan Ferro a p at bloombergs European Headquarters in london. About 30 minutes into the trading session. The dax decent rally yesterday across most of europe. The stoxx 600 declining to a onemonth high. European markets looking boring compared to whats happening in asia. You the dollar yen story rising to a 2002 high. The nikkei, that rally goes on and on an on. The best gain since 1988. It is china that really has the focus. Brokerages tightening lending. Margin lending. The shanghai dropping 6. 5 . In isolation, it looks like a lot but of course you need the big one year chart to sell that story. I want to lift the lid on some of these indexes and get straight to the top moves with caroline hyde. Caroline kingfisher up 3 . Big in the u. K. P. M. You know the big chain but also large exposure in france as well. The female chief taking the helm. People liking what she is doing at the company. Of course this is all about home improvements. Retailing. The u. K. , it has been particularly good for them at the moment. Better than expected sales. They have been closing stores. Up 15 in terms of sales. It was better than had been expected. Meanwhile france remains soft. Down. 2 . People lying the new strategy at kingfisher. A key performer on the stoxx 600. Sports direct. Up 3 . Did you know they were getting into gyms . They have a new gym and they are saying this is going to be their focus. They invite their employees and partners. They all gather together. They are hosting that today and informing the market and some of the news they are going to be giving to their own employees. Pretax profit and earnings per share looks to be ahead of expectations. Closing some of their bigger stores. Lower interest charges. They say they continue to invest in their larger form u. K. City stores. Their combined gym concept, that is going to be growing. Five pounds per month membership. Not cheap. Meantime, tate and lyle. People not like what their numbers are posting. They say this is a very challenging year for the group. Why then is not improving . Why are they going to see a similar profit next year when this year was a challenge one. Next year they will see structural change. Why is profit remaining flat . That is a question investors are trying to digest at the moment. Back to you. Jonathan sports direct, how much did you sigh the membership was for a gym . Caroline five pounds a month. Jonathan i was thinking im not in. Maybe im in for five pounds a month. Lets switch from the stock movers to the greek banks. They are poised to report sustained losses. A First Quarter loss of 69 Million Euros yesterday. Deposits shank. Joining us now to talk about greek banks and a lot more, the managing director. He said without a government deal, with the eurozone, all of those banks could go down. Great to have you with us. Lets talk about the Bank Earnings first. I have a quote from you, perez bank. Earnings not a disaster. If it is a loss, deposits down 15 on the quarter. Nonperforming loan ratio at 38 . Not a disaster . Well, of course in relative terms. Looking at the loss, 69 million. That is a figure that still sort of you know, within eyesight of breaking even. Of course youre correct there is a nonperforming loan ratio is extremely high. It shows how strongly the greek bank story is tied into the negotiations between greece and the creditors. Jonathan for some brave people there was a trade to make here. That trade was if you believe the greeks stay in, maybe there is a trade to make there. You say without a deal all greek banks go down. Is it really about just getting a deal to survive . Doesnt it really come down to the e. C. B. . I think the e. C. B. Will follow any deal that is made. It has been very clear over the last weeks and month that the e. C. B. Of course every now and then tightens the screws a little bit. Talks about the emergency funding and liquidity facilities for the banks which is one of the main issues that they can tighten and put pressure on. But at the end of the day, the e. C. B. Has been and i expect will continue to provide liquidity to greek banks as long as negotiations are going on on a political level and for the support deal for greece. Jonathan jpmorgan Asset Management on a little bit before you. We were talking about the i. M. F. Payments tranches that couple next month. There is an option to roll them all into one. June 19 buys a little bit of extra time. Theoretically if, greece falls into arrears with the i. M. F. What does the e. C. B. Do with emergency liquidity provided to these greek banks . First of all there is not necessarily a need to actually disclose whether payments have been made or not. We might not necessarily even find out exactly. I would still expect even if negotiations are not finalized by the 19th whatever date whatever payment date they come in between that the e. C. B. Will not pull the plug. It would be completely outrageous effectively if the e. C. B. Basically shuts down the greek Banking System and basically, you know, all the effort and negotiations that have been going on over a few days here and there. I would not expect that to happen really. Jonathan im interested in how this cascades through the financial system. Once upon a time officials didnt think letting layman in do much to the Banking System in u. S. Or at least not as much damage it did do. A lot over the greek debt is now in the official sector. If these banks go down what is the effect . . By now there should not really be a massive of course psychological follow and effect, there is some exposure still . The Banking System but i think, all the other European Countries have certainly made big efforts in the last few years to sort of reduce the exposures. Think about all the french banks. They have sold subsidiaries. Banks have exchanged and sold off exposures. I would not expect any bank outside of greece to get into major difficulty. I think there is also the e. C. B. In the background in a situation like that, they are already in the market buying bonds every month. They can maybe front load some q. E. Activity and really you know flood the market with even more liquidity. I would not expect it to be a systemic event which by the way i think also has weakened really the hand over the greek government as a bargaining position because i mean, you know they have threat on the leave. Without any major damage. They can inflict elsewhere. The others will not really be too worried. Jonathan there is this big firewall the e. C. B. And the other banks should be ok. . N that sense there is probably not much of a risk premium in some of these share prices. Not a concern for you at all otto . Well, i think the concern for me would be more on the psychological that the question, well with the follow on events, if greece does not get a deal, then next question of course, does it mean it has to effectively exit the euro you know, maybe not. Maybe yes. There is debates about that. But then, if one country would leave the euro, of course you the follow on question, does it mean next time there is a country getting into difficulty. Etc. Of course there will at least for sometime put pressure on whoever the next weakest links are. Jonathan stay with us. Were going to talk about disstressed Financial Sectors. Russia having some difficulties of course with a lot of sanctions to deal with. Russian lenders spare bank out with results a few moments ago. First quarter profit fell to 21. 6 billion rubles. It was higher than estimated. Ryan chilcote joins us now. Give us the details p. Ryan maybe it is a bit of that. It is in the sense of provision went from 77 billion rubles to 115 billion rubles. Return on equity has gone from 15 to 6 . It is a beat. The expectation was around 30 billion rubles. That beat the expectation clover to 22 billion. What that is not is you know better than last year. It is obviously down from 73 billion last year. What it also is a loss. Thats what we seau russias second largest bank. They actually lost money in the First Quarter. So that is a positive for them that they are making money and they are making more money than what analysts expected. This stock really a proxy for the russian economy. It will be interesting to see what happens to the share price today and how people read this. They really are a bellwether, a barometer of whats going on in the street in russia. They continue to deal with the problem of provisions because of bad loans also the high cost of money. You know, Interest Rates in russia double digits being charged by the central bank. That is obviously putting pressure on banks. Jonathan ryan chilcote. Thank you very much. Lets bring in our guest, otto. You the greek situation and the russian situation. Which sector is the least ugliest . I think the russian Banking Sector is a very complicated one. There is a very big difference between spare bank and some of the smaller players in that market. If you think maybe with the big banks i would actually see the russians in a better position. Jonathan why is that . A few reasons. First of all, spare bank at least made a profit despite all the in exchange rates, oil price, the economy, etc. , in russia. That is certainly one positive. If you compare it to the greeks the metrics are better. The franchise is very, very strong. The greek banks in comparison, they are entirely dependent on the e. C. B. Emergency funding. It is not really a longterm sustainable situation. You mentioned earlier nonperforming loans. 38 . That is not really a longterm sustainable situation. Maybe if, the government, you know, moves on and gets a support deal maybe they can start working on nonperforming loans. Maybe they can start bringing in Foreign Investors again to help work out various situations etc. Certainly huge channels in greece russia i think you know, more basically the story of the oil price in my view. Jonathan still to come on program, still kicking off in zurich. Live in switzerland to get the latest on the scandal engulfing fifa. Stay tuned for that. Were back in two. Jonathan hello and welcome back. It is a story which has dominated the news for the last 24 hours. The fifa scandal. Yesterday u. S. Prosecutors unsealed an indictment charging 14 people as well as guilty pleas by four others that detail rampant corruption dating back to 1991. The dependents are alleged to have paid more than 150 million in bribes and kickbacks. Lets get more with our bloomberg team. Mark barton in europe. First for you in europe. There is an event to be happening tomorrow. Is it still happening . Mark it is astonishing. It is hard to know where to begin because most of these allegations center on soccer officials from the americas. It is alleged in the zimet released yesterday. It is alleged indictment released yesterday. It is alleged they solicitted bribes from marketing chiefs who wants contracts for regional soccer. This went on for a 24year period. This is where the 150 million figure comes from. What is almost as astonishing is one set of soccer leaders was ousted for corruption the new set that comes in essentially takes on the same behavior despite pledging to clean up. They immediately solicit bribes. The man that has been cited during this is jeffrey webb. The body that oversees soccer in north america. He is a potential successor. This is incredible. No one states this more clearly. The u. S. Attorney general loretta lynch. They were expected to uphold the rules that keep soccer honest and to protect the integrity of the games. Instead they corrupted the business of worldwide soccer to serve their interests and to enrich themselves. Mark i havent gone into suitcases containing stacks of 10,000 notes. I will save that for the next hour. Jonathan i would love that. If you want to bring one back for me. Mark barton. I know youll bring us more this fifa scandal. The big question yesterday was of course first fifa and then second, the sponsors. What is the impact of this on fifas corporate sponsors . Have these sponsors like adidas mcdonalds, the Credit Card Company visa hyundai motor, cocacola. Big house hold brand names. They pay tens of millions of u. S. Dollars every year to be part of this every fouryear extravaganza, the world cup. What you have seen as we have reported already these allegations of corruption and bribery have been swirling around fifa for a very long time and the sponsors have usually more or less fallen in line or issued some tepid statements. Youre starting to see some words from some of these sponsors. Visa saying profound disappointment. European soccer is part of the companys brand identity. They are saying we expect our partners to have very high ethical standards. We need under transparency. Bit by bit youre seeing tougher words from these sponsors. Jonathan great to have you on the show this morning. I know Francine Lacqua will be talking about this subject throughout the pulse. I want to bring you some breaking news. A referendum on the e. U. Membership is possible in 2016. A group of officials including the bank of england wanted a little bit more clarity on the timing of that e. U. Referendum. It could be possible in 2016. Well bring you more details on that throughout morning. As when he had to breaking here is a picture of the markets for you. The optimism around greece was it misplaced . The cac 40 in paris up by. 6. The shanghai com. Look at that move. 6. 5 lower this morning. Through the day. Big move on the shanghai comp. Well wrap up these markets and tell you everything you need to watch out for. Were back in two. Jonathan good morning and welcome back to on the move. Some breaking news i want to update you on. This morning a big crash on chinese stocks. Down 6. 5 . On the year, a huge rally. We have a reminder of some of the risks on some of these chinese companies. One of them, hanergy. You had a big runup. You ever about to get a big decline. We get headline. The regulator has formal investigations carried out into hanergy. They dismissed report s of a probe into the company as pure rumor. Now were finding out it is not pure rumor. Well bring you more on that throughout the morning. Were joined by Francine Lacqua. Francine. Busy in asia. Where do you start . Francine im going to take an overview. What are the finance ministers going to talk about . Fifa . Probably. Will you talk about shanghai . Yes. Transparency and e. C. B. . Were going to look at it in a light slightly different way in that you have 15 of the most powerful people in the world in dress deand well look through their eyes at the top stories. Jonathan you have been to a lot of these event. Greece not on the agenda. Big picture items. Larry summers turning up. Francine they get so much flak. They say you dont actually do anything. However it is the facetoface. Sitting down on a monday. It is like a tu tomorrow meeting. What are tutorial meeting. It is not on the official jonathan if only we were on the corridors. Coming up a little bit later for you for the market points, the data later at 9 30 u. K. Time. Then eurozone Consumer Confidence. Then u. S. Initial jobless claims. 56 minutes into the session, equities pushing back a little bit. Euro dollar needs to hold here or else. The quiet day. 106. 50 is the next target. Im on twitter at ferro tv. Good luck for the rest of your day. A Beautiful Day in london town. Francine fifa fallout. The French Foreign minister calls for the president ial vote to be delayed. G7 in germany. Finance ministers meet. The feds begins with a 12 year low. The british Prime Minister begins a European Tour to rally support for eu performs. Welcome to the pulse live in london. Now, lots to talk about today on the sh

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