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bmw issues a bullish outlook. next up, u.s. auto sales out later today. welcome to today s program. eurozone, pmi, the last week of 44.1, come weaker than that this morning at 44. the german and french number were lower than the flash. spain came in slightly stronger. it s deep in contraction territory. employment index as well in spain contracting at fastest rate since 2009. the new orders index, 42.8. flash was 42.9 as well. manufacturing plummeting and german manufacturing very much caught up in that as well. pulling euro/dollar off the high. last week the high 1.33. frederick joining us from hsbc research. there s no loit at the end of the tunnel as far as europe is concerned. everybody is very excited about what the ecb may do tomorrow. will we likely be disappointed? we think expectations are a little high in terms of the ecb, and for that matter the federal reserve. it s difficult to see them deliver game-changing action at this point. the ecb probably waiting for