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 down. The cac is going to open up lower. London is down. 4 . We are going to see a negative start here
European banking and their struggles but a lot going on across the commodity space as well. I am stunned by the gloom among the pundits in the last few days. I honestly can say i have never seen it. Each of them has an interesting shade and color. We will have some optimistic push optimism to push against the gloom. Francine when you talk about gloom, i know in davos, any ceos were optimistic and there is a reshift. Lets get straight to the bloomberg first word news with vonnie quinn. Consumer prices in china keep rising although they are still below the governments target price. It is the Third Straight monthly increase. Food prices with a big reason. Investors want to know exactly what the and come and president does incoming president of the philippines will do. He was elected with 39 of the vote and campaigned on a platform of fighting crime. He has sustained Investor Confidence on an economy that grew an average of 6 a year in the last decade. North korea staged a massive parade.
Losses. Hillary clinton takes on president obama saying she does not support his transpacific trade pact as she outlines her plan to take on wall street if she becomes a democratic candidate. The story of the day. Lets check in on european lenders and they paired back their losses at the start of the session. This is because germanys largest bank stunned investors by announcing a record 6 billion euro loss and in an exercise in what theyre calling kitchen sinking we have him outlining a slew of charges and write downs that may cost the company its dividend for this year. Total charges could top 6. 2 billion euros and this goes back to a lot of missteps when it comes to corporate banking. Right. Most comes from a 5. 8 billion euro investment charge on the Investment Banking side and private client business as well. Bank also set aside more funds for Legal Provisions and a write down on chinas bank. Those factors all coming together to surprise the market and carolyn has more on that. An
Welcome to countdown. A warm welcome to you. Its just gone 6 00 a. M. Tech. Ng news in partneringsoundcloud and we will speak to some of the key people in this deal. Lets get back to some breaking news. We are hearing back from the forecastaising their from ¥1. 7 trillion to 2 trillion yen. It means this would be a prophet record they are now forecasting. This is the highest profit they would have ever made if they do manage to deliver on the oflyear net income forecast 2 trillion yen. An upgrade to the fullyear income forecast. We have the first half 2014 net but theoming in headline, raising the fullyear benefitorecast possibly from the weakness in the japanese currency. N joins us from hong kong to put some of these numbers in respective. Better than expected results. The positive results coming out of toyota because of cost cuts, because of a weaker yen, because of price increases. Especially with bank of japan easing monetary policy. The yen has dropped to seven months a sevenyea
Issued a profit warning on russia while ge cites sluggish Energy Markets for lowering its guidance. Analysts suggest the 1. 2 billion price tag is too high. But the ceo telling cnbc the deal will create a true winner in the imaging therapy space. Announcer youre watching worldwide exchange, bringing you Business News from around the globe. Its another volatile trading session for the russian ruble with the russian currency strengthening sharply versus the u. S. Dollar after the countrys finance Ministry Said it has started to sell foreign currency stocks. The ruble has lost over 20 versus the greenback on the week. Now, the micex, meanwhile, has fallen into the red after opening initially in the green. The msvi has warned it could reclassify russia to stand alone Market Status if its excluded from the emerging market index. There could be further pain on the way for russia. The white house says president obama is expected to sign into legislation further sanctions over russia over the