okay. welcome to the program. plenty to get through at the top. we did say two days ago we said there was no expectation this summit may be long because the only way was up. maybe we would exceed them. people are getting some clarity on this overnight and the wee hours of the morning. now we have a chance. the question this morning is it anything more than an utter relief there wasn t complete break down and discord. it does seem, though, italy scored two victories over germany last night. that was almost as extraordinary as what happened potentially at the eu summit. eu leaders have made a break through on measures stabilize the bloc. cash from the regions permanent bailout fund will be used to help recapitalize countries. officials indicated any loans used to recapitalize spanish banks meanwhile will be given senior status. both the esm and esff can buy the debt. mario monti hailed it as an achievement. translator: countries that would like to take advantage o
a very warm welcome it to today s edition of wo worldwide exchange. three days of losses for european stocks. we tried to buck that trade now as we re an hour into the session. we re only doing it just around about five to four advancers outpaced declinesers. so not big gains. the ftse 100 down some 3% in the last three days. right now it s just up 0.2%. xetra dax down, just up for the cac. ibex down heavily yesterday. currently just up 0.6%. the focus, of course, on another bailout for the fifth eurozone country, cypress. potentially asking for some aid. and the moody s downgrades as well of 28 banks. let s show you some of those banks currently trading at the moment. what is of interest. biggest ones are actually higher. up 1.4% despite a downgrade from moody s it is rated higher than the sovereign nation of spain. bankia down. on the bond markets we focus in on spain again today. we have seen italian and spanish yields higher. spanish yields 6.69%. we re in green today wh
expectations looking forward 97.3 in june. slightly light compared to consensus forecast of 99.8. we should just mention the zew survey earlier was negative. conditions in the u.s. sharply negative. this in some ways by only falling slightly below expectations is somewhere a positive. i think that too. current conditions again slightly better than anticipated. the forward looking ones are the weak ones. james bevin is with us for the full hour. chief investment officer from ccla investment management. hi, james. how closely are you watching the data at the moment? very closely. an awful lot going on. you can t keep your eyes off the data, can you. fascinating. what s your impression of this particular survey? everybody is thinking that short term sentiment surveys are very significant. the real issue is mrs. merkel holding out big treaty changes. i think the latter. i think she s playing a long game. there s lots of room. why? done she know this will potentially h
welcome to the program the first batch of data out this morning from the eurozone showing a composite pmi reading of 46. a little bit higher than forecast versus 45.5 reading. the composite pmi takes manufacturing and service activity across the eurozone into account. while the reading is stronger than expected its still below the 50 level that indicates expansion. with us for more chris williamson chief economist at market. on the line from singapore is roman scott. chris, to you first. the eurozone data follows the china pmi reading that was much weaker than expected. what jumps out to you from these reports? what jumps out, everything seems to be turning down. we have an upturn in france and that s the only sign of life. so, generally everything is looking weak and when you look at the forward looking indicators they are looking poor. so business expectations in the service sector about a year ahead in germany a record in the whole history of the survey. in the eurozone
releases results three days early. hi, everybody, good morning. welcome. you are indeed watching worldwide exchange . we re very pleased to have you with us for the next two hours. what we ve just heard is pretty important from the spanish authorities namely that they are delaying the findings of the audit report until september. they need more time. by looks of things markets coming off on the back of this particular news. we re higher by 0.3%. so we ll have to wait until september for that. we got a couple more weeks to go. the ftse 100 higher. the ibex 35. remember when we spoke late last night it was down close to 3%, we re flat lining on the back of pretty big loss we saw in equity markets for spanish equity markets yesterday in particular. now, the bond be market still very much in focus. today it s all about a t bill auction. you would assume it s not good news for people to invest in spain if we look at this audit process being pushed out to september. the 10 year