Bloombergs European Headquarters in london. We are getting some breaking news in terms of pmi. Euro area figures pretty much as expected. Greek july manufacturing pmi falling to a record low of 30. 2. We were expecting a figure of 46. 9. 30. 2 is a record low but also very low indeed. Anything below 50 indicates retraction contraction. The Athens Stock Exchange has plunged this morning. We will have the latest from the greek capital in just a moment. First to manus, whos been taking a look at how the market has moved. Not a pretty sight. Manus the biggest oneday move on record on the ase in athens. Down over 21 at the open. Weve been closed for five weeks. The longest closure since 1970. We will go to hans nichols outside the exchange in a moment. You had two quarters of contraction. We are on the way to recession. National bank of greece down 30 . Within the first four minutes the price has crashed. What youve got here is a not necessarily that it saw a huge amount of volume, but the
The swiss number is beating expectations and also helping fuel risktaking on the equity side. Thes take a look at how euro was trading up 2 10 of a percent against the dollar. This is almost the haven trade of late, but overall it is still the fx short. Short on the euro and a the yen. Lets have a look at how this was number plate in. Suddenly we saw a swiss franc strengthen the euro, a growth rather than a recession, but it is coming off those lows. Where the reaction is shortlived is in commodities. We are at last on track for a gain in oil for the first time in 10 weeks. Yesterday 10 what a phenomenal move, the biggest rally in six years. Wti traded up in the u. S. , and a quick look ahead i know you love gdp data we have the u. K. Will it stick to its preliminary reading . 7 , basically flat. Jonathan the 50 here in london is putting together another day of gain. Lets get over to asia with Juliette Sally standing by in hong kong. What a week for shanghai stocks, finishing on a high
Quickly lets check on the boards because we are seeing its all about what janet yellen will say later on at harvard university. Index practically unchanged. They are waiting for chair yellen to speak. Streak. Pping a 7 day lets get straight to first word news. Major economies have strengthened the resilience to avoid falling into another crisis. Also says that Monetary Policy is not enough for spurring growth. Abe failed in his bid to have leaders warn of the risk of a after heonomic crisis presented documents indicating there was a danger of the world careering into the crisis on the crisis of the 2008 lehman shock. Out china asdged the worlds secondlargest supplier of external credit in a decade. Japan, the top creditor since 1991 remains in cold position. Stay with japan, Consumer Prices have dropped for a second months. Insumer prices fell 0. 3 april. The lack of growth will intensify pressure on the bank of japan to consider further monetary stimulus after governor kuroda disappoi
Bad loan charges mount. The biggest conference kicks off in barcelona and we will be speaking to the ceo of ford from the world congress. Dominating boris out in the story now making his mark last night. I guess that does make it harder for those who want to keep the u. K. In David Cameron. How is that in berlin . Hans they are waking up to the story now and in some of the papers they had british polling on what the likelihood of the brexit would be. Most of the conversation still dominate this refugee story but very much on the brexit in the financial press. Will chat all about this throughout the show. Let me take you to the bloomberg function and show me what you think and show you what we think is the fair value. This is the line to focus on here. It looks like we will get a positive open for european equities after a solid week last week, one of the best you see for european equities for quite some time but you have to remember that there were some negative views before that. Hans
Supplementary budget . Brazils Largest Party pulls away from Dilma Rousseffs coalition. Is impeachment all but certain . Good morning, hans. Front andnter center once again. There are a number of questions that surround that. Does yellen have control, and where are the hawks . Hans if she doesnt have control, the markets to. That seems to be an interesting flip of the script, and we should also talk about brazil. I thought you were going to make the suggestion that you and i host this show from the beach. We are here in the dreary months of march, but i suspect you have other highminded plans. Guy lets go. I think that is what we should be doing, get us going down there to brazil. I guess the second point in my mind about the fed brazilian beaches sound much more attractive lets talk about the fed. Page, and youfed look at the speakers over the next few days. Doves. E all for the next few days, the conversation is going to be dominated by the dubs. The doves. Its many days until we sta