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
unquote self-help. so philips one of the 17 stocks today, one hour trade here in europe that s in positive trade. the rest heavily weighted to the down side. this follows heavy losses on friday whene started to get worried about what was going on in spain. one hour into the trading session this is what we ve got. there are no sectors in positive territory. as far as the stoxx europe 600 is concerned. let s bring it up to speed with these indices. ftse 100 down 1.2. cac down 1.2. cac down 1.5. we ll show you the major banks around europe. thank you very much. deutsche down 3.3. bank of santana down 2.6. 600 basis points is the spread. we have been below the 1.14%. ten year spanish yields up. ten year are rising again. they are both higher than ten year irish debt. what s happening is we see these yields rising that s core yields are heading lower, treasury hit a fresh all time low over the course of the session. ten year treasuries 1.42%. we ve been lower than that. that s t
next week i m on vacation. it will be back to normal this time on monday. yes, this is true. and at some point i ll take a holiday. i don t think it s going to be any time soon. anyway, let s get on with it. we re going to continue our live coverage from madrid where the government has decided to back the debt of the country s ailing regions. and we ll head out to mumbai where better than expected numbers from tata consultancy services. the ceo will tell us how his company is managing under tough economic conditions. we ll get goldman sachs view on how the olympics will boost the uk economy. and we ll speak to the ceo of monix to find out how much the percentage of u.s. investors investing in asia has declined. the answer to that question and more in just under an hour. and we ll speak to a banking analyst in new york to preview, of course, those jpmorgan numbers. he says the stock is a buy at this level and expects today s report to provide closure and stability f
it s a great deal for shareholders. this provides industrial shareholder base for aegis, great combination, first communications group born in the digital age. i think it s great news for our shareholders and very good news for other stakeholders. thanks so much for joining the show. already, no time to settle in. let s bring an update. we have the iaea coming out with some comments saying that they see weaker economic growth suggesting a possible oil market ceiling. that could be some nasty supply surprises. look out for that. oil demand seen growing in 2013 but on an anemic economic recovery. the iaea says the fundamentals have eased in 2012, but opec output cut to 30 million barrels a day would have an impact on this situation as well. so, global oil demand at 90.9 million barrels a day in 2013 is the projection, 2013 the iaea sees global oil demand at 90.9 million barrels per day, oil demand growing by a million barrels a day in 2013 versus 2012. it suggests weak econ
barely start the show and breaking news rolling out from spain, so plenty of that coming up later on. perhaps the most interesting is how investors will react to this prospect subordinated debt will be written down. that sounds complex but it s an interesting element of this whole thing. we ll keep an eye on spanish, italian bond yields because we have mario monti talking about, we might need help, too. we ll keep checking on bonds as we go through the show because unsustainable levels. plenty coming up as we move throughout the next couple of hours. we re pleased you ve come to yoin us to run through this journey we are about to embark upon. i m getting a bit overexcited. still to come on today s show, as i try to calm down a little bit, we ll be speaking to senior strategist between the relationship between australia and china and what it means for the aussie/dollar, what he think investors should expect in terms of further losses. we ll preview the interest rate de