Spotlight after the Central Bank Holds the market steady. They grab investors attention after they post the biggest weekly gain since early june. The german car maker speeds away from a long running probe into the failed take over of volkswagen in 2008. Welcome to the show. French gdp disappointing earlier coming in flat for the quarter. German gdp in line, a little below expectations. Italian gdp has just come in as well and that has disappointed too. The expectation year on year was for plus 0. 5 and has come in for the year but the expectation quarter on quarter was for plus 0. 3 and we have 0. 2 gdp. So a little disappointing. Not as disappointing as the french number earlier which was flat for the quarter against expectations of a 0. 2 expansion. Joining us now is the senior european economist. Good morning to you. We await the broader euro zone number in about an hour but so far what weve got from the likes of italy, germany, france, disappointing. Slightly disappointing. I wouldnt overexaggerate it. Remember we also have the spanish number a bit earlier which was 1 . Very strong. So overall for your area were still looking at. 3,. 4. So at the margin, given that weve had such disappointment, such macro head winds on the confidence side with greece is this not too bad result. I would mention that. What is a little bit concerning is that investment looks to be very weak and thats of course in this recovery, we had big head winds coming from oil and the qe program, no physical austerity this year so consumption is is doing okay but investment is the next factor that needs to come in to have a sustainable recovery. On that note, moodies has Interesting Research that shows that despite the recovery and Economic Policy companies are not investing in growth. Instead, theyre hoarding cash and buying back their own stocks. That could have major implications on wage growth. Longterm this is a big issue for europe because it effects potential growth really and if were going to have higher growth than lackluster we have growth at 1 at the moment. In a few years time well be head by demographic head winds as well so investment needs to come back. It needs to happen. Ecb has done what they can in terms of reducing fragmentation and Interest Rates so thats all good but there seems to be this lack confidence among companies. I guess my next question, what needs to happen them for businesses to spend more money on growth. Its a little bit interesting to look at individual countries here because spain, for instance, actually had quite a lot of reforms in the midst of the crisis. Labor market reforms. They had a fairly good investment going on at the moment. Germany has good consumption. Thats normally also been connected with good investment and italy of course did some reforms earlier this year. Thanks for now. Stick with us and well talk about greece next. Greek mps passed the third bailout deal with 222 votes to 64. It came after a tense all night debate during which Alexis Tsipras told lawmakers the option of a bridge loan would send greece back into crisis. Finance ministers must now prove the deal with reports suggesting the commission is still ready in case the package isnt ready in time. This comes as greek media reports suggest tsipras could call a confidence vote as soon as next week in response to an on going divide in his party. More than half of germans are opposed to a third bailout for greek the vast majority of governments dont believe the greek government will influence reforms. Despite big deadlines in greece and elsewhere this week it hasnt been front of the agenda given whats happened in china. Is this important . The fact that its past the Greek Parliament . Yes, of course. It is one further step. Its gdp numbers for q2. Those are are just temporary. So were looking at a significant recession coming up and the question is really do they have the political kind of and to get the reforms between Implementation Risk will be high and Political Risk if theres a new election. Thats Something Interesting to talk about. There was no financial contagion a month or two months ago when the greek crisis was at its peak. Were all saying it might be what happens to other countries like spain. Strong gdp numbers we were saying earlier today and it has elections coming up. Has that come too late to derail the antiausterity or do you think theyll do well in this election . They will probably to well anyway but the question is whether they do well enough to take power and lead the country into a completely different direction. I think the greek example is deterring many countries and i think that question at the moment is a little bit on the back burner for greece. Politically has the greek crisis created a divide in the euro zone that could have an impact on broader discussions around the economic recovery of the euro zone. I dont think for the recovery but longterm for sure in terms of do we have the right kind of institutions to deal with problems . How do we deal with it . Its very clear once we get to a point where we invest so much money into a country theres an sbugs into National Sovereignty which one would think is in the functioning Monetary Union that should be part of it. The whole aspect of fiscal union is still a discussion to be had. Do you know who is still finding his way into the discussions despite not being the finance minister . He said this bailout deal is december state prisoned to fall. This deal is not going to work. Is there any truth to his statements here . You can make any deal work if you really put your effort into it. Greece has a mountain to climb and its probably the hardest issue to solve. They have to find a solution. Senior european economist who sticks with us for our next chat. Switching focus for a second, turkey is facing a snap election in the coming months after talks on forming a Coalition Government collapsed late on thursday. The countrys Prime Minister said a fresh election may be the only option and urged parliament to call for a new vote as soon as possible. The lira weakened on the news. You can see the dollar gaining around. 4 against the turkish lira. But wilf how are markets looking. So far, slight disappointments, particularly from france in terms of euro zone gdp hasnt dampened markets in europe today which were looking at about. 5 of gains. The u. S. Yesterday was also up for most of the day although sold off late as oil did and finished flat. Lets look at the euro stoxx 50 and also gains there and now to see where thats playing out. Were looking at gains up about 0. 43 on the ftse 100 and its a broad based half a percent of gains to finish up the week. Overall, european equities still down this week. The likes of germany and france. Really suffering heavily tuesday and wednesday off the back of the chinese devaluations. Lets look at individual movers across europe. Swiss life up 2. 1 in the green after it reported a small profit in the first half. The company credits Commission Income for overcoming the strong swiss frank. Bp is down half a percent after they manipulated the Natural Gas Market in 2008 however the judge did not address the proposed fine or any other penalties of course. So no doubt weighing on bp. Porsche is up 2 after prosecutors dropped a market manipulation probe against members of the companies 2008 supervisory board. Whats next . Coming up on worldwide exchange, big news for big bird. Sesame street counts its blessing as hbo kermits its cash on five seasons of the show. Plus hope and rory. Rory mcilroy forgets his injury woes and gets through a tough opening round in wisconsin. More from the pga championship this hour. Plus all hail the king. Elvis presleys jacket from Viva Las Vegas is one auction sold at his graceland mansion. We run through the other big ticket items coming up. Markets are steady as we close out the week. They set a firmer rate for the currency after letting the yuan fall for three straight days. Sri is standing by in singapore for us. Good to see you. So subdued really across the asian markets. Really steep weekly loss in the asian markets. I want to highlight one big thing that is really pressuring the malaysian benchmark, the comp down by 1. 6 and thats oil at six year lows. So malaysia is a net exporter and thats really delivering quite a serious shock to the terms of trade and not just to the stock market but also to the currency as well. Ill show you what the asian currencies have been doing in a minute but lets just get back to the markets. One of the winners today is the indian market. Indian shares are outperforming broad region. Up by 2 . Its the pharmaceuticals and Banking Sector and technology and helping the export sector as well. Thats what the market is pricing in there. Lets get back to those currencies because it was an absolutely lousy day but lets face it, it has been for the past couple of months. Its been under pressure because of the higher rates environment. Strong dollar, fed normalization, slump in Commodity Prices. Mitt cal troubles as well. The devaluations story as well from beijing was just yet another dynamic thats been battering this currency and creating this perfect storm. So we were down by as much as 2. 5 for the ringgit against the dollar. Claw back as you can see there were up by 1. 8 on the dollar against the ringgit to still under pressure here. A similar story for the indonesia rupee given the trade shock by commodities. These are the currencies that you have to look out for and lets also not forget these have both been the worst performing currencies in asia so far this year. So it really comes down to the pace of this devaluations cycle. In china, see marks its going to be a little bit feddish and data dependent and lets also not forget that the chinese economy is not firing on all four cylinders so that suggests more devaluations to come. Back to you. Absolutely. But really interesting move in the indian market. The biggest one day gain in 7 months. Thats where you get uncorrelated returns. Especially expecting to cut rates again in september. Well see if that happens. For now, thank you so much. Switching focus, fires are still burning in the chinese city of tianjin. The death toll now stands at 50 from the blast that originated at a chemicals warehouse. Nbcs ian williams fired this report. Its a scene of utter devastation. Fire still burning, smoke still rising, more than 24 hours after this. New video shows the first blast light up the sky over tianjin followed by a far more powerful explosion. Captured on cell phone from a nearby Apartment Building until the photographer retreats in terror. Among the american eyewitnesses, english teacher. There were shockwaves. Thing people thought was a earthquake. Buildings collapsed and torn apart. Hundred of cars incinerated. Shipping containers scattered. Broken glass and debris everywhere. The death toll is now past 50. Dozens are still missing. A thousand firefighters responded to the blaze. At least 12 died. Hospitals are overwhelmed with the injured. Hundreds of them. They were desperate for medical care but beds were in short supply. The cause of the blast is unknown. It happened at a company that stored hazardous chemicals. Including sodium cyanide raising fears of an on going toxic threat. Chinese officials marked off the blast area but the damage extends well beyond. This office block was hit with the full force of the blast. But were about a mile or mile and a half from the explosion. All 94 buses were destroyed. The ghostly buildings from beyond have been abandoned. Too dangerous. A local clock frozen in time. Marking a deadly moment this busy port city will never forget. Lets switch focus and talk about oil prices and have a quick look at how theyre trading today. They did sell off quite sharply in the afternoon of u. S. Trade yesterday having sort of stabilize for the first the two previous days. Were looking at 49. 09 on brent. Its down a quarter of a percent today. Wti, below 42. 41. 97. Its down 0. 6 today. Also bring you some flashes coming out from the rosneft ceo. They will increase production at their existing fields. Of course another sign that its taking much, much Lower Oil Prices to see people cut supply even at 42 for wti. They decided not to cut and theyll be increasing production at their existing fields. Speaking of oil, famed investor and author of the bloom, doom, and gloom report spoke to cnbc earlier today and shared his outlook for oil and Commodity Prices. Its partly demand and partly supply and obviously the supplies in the u. S. Have gone up substantially. The Iraqi Oil Production is up substantially but in other countries Oil Production is actually down. So the supply didnt really kill the oil price. In my view, its the slow down in demand that came largely out of china and other emerging economies. You have to understand china is the largest Trading Company of a very large number of companies and Raw Materials from africa, asia, and sells its goods into these markets. If Commodity Prices go down, say brazil, and china buys less from brazil then the brazilian economy retracks and can buy less goods from china. Its a vicious circle on the down side. Another very soft week for oil prices. How much of that this week is down to financial factors that we had a strong u. S. Dollar as opposed to the fundamentals of the market. Its a combination of things. Were looking at china a different light now coming out of the summer which has been a bit of a surprise. Suggests that maybe there is more real weakness in the Global Demand story than we thought before. Were still treating very much the story as a supply issue mainly and from the european perspective which i cover, the fact that we are not so the recovery were having in europe is more domestic demand lead than expert lead. In that sense it benefits consumers and thats been the story since the beginning of the year which leads to lower inflation. Its bad for the ecb but its very useful for real disposable incomes which have risen quite strongly everywhere so we believe in the consumptionled recovery in europe. But the ecb Meeting Minutes suggest theres a growing number of inkags that were seeing a turning point when it comes to the inflation picture. Earlier this year the concern was europe was entering this japanesestyle inflationary trap but we have come off the lows. Now were expecting 0. 2 here in july. Are you expecting a meaningful change Going Forward in the inflation picture . We believe in the same story. We have passed the low point for core inflation so we should see an up tick Going Forward. Despite the drop in oil prices. It will effect the headline inflation again and ecb is clear theyll be looking through temporary influences on headline inflation Going Forward because we know that it will come back at the end of the year because year on Year Comparison on inflation drops out. But the ecb is keen to make sure that that doesnt lead to expectations. That they would cut the program prematurely. So theyd run their course. We think still the inflation picture is to weak theyll have to do more qe so continue beyond september 16th. Another factor, now investors are trying to understand the move by the pboc to devalue the currency or let the currency weaken as some would say, what it means for oil prices because a weaker yuan makes commodities more expensive. Yeah. True. I think the key issue is to understand domestic demand in china. Is it weaker than what we think . Or what official numbers say. And one has to be a little bit careful with the devaluations because especially against the euro. We had a massive appreciation of the yuan over the last year so the latest move is quite small. The other thing is if you look at trade linkages its small. Europe exports 5 of total exports to china. So that link is not so strong. The issue is whether it has repercussions on the rest of the emerging markets, on the u. S. And having a bigger impact on Global Demand. Thats the big question. How that will impact the broader global landscape. Thank you for joining us on worldwide exchange. Now moving on, can a passion for food turn into money making business . Alice caught up with one of londons top food bloggers to find out. Blogging may have become mainstream due to teenagers using it to detail their at aly lives but people make a living out of it. We visit one of londons best known food bloggers to find out how he made the jump from finance to fine dining. The blog was the catalyst for me to leave investment banking. The blog brings me income indirectly in the sense that i host super club and its because my blog that people find me. So i have been commissioned to write articles that i wouldnt have normally done. I have a lot of contact with prs and brands. Companies contact me wanting me to write about their product or that restaurant. I have just been to an event where i know that someone paid a blogger 2,000 pounds for an article. Just to write a review. The blogger got away with it and she was a very popular blogger. This chap was talking to me and said well we did get a lot of feedback and response. Of course comes the cookbook. Im having my first book published in october and i was really touched to be asked to write a book. I think a lot of bloggers are the bloggers who cook are going down that route because for publishers it works well. You have someone who can write and who can cook and who already has a following. So its a winwin situation. Fancy a career change, here are his top tips to start a blog. You need to write about something that you are passionate about. Period that you dont mind spending hours and hours learning about it and writing about it. Its a parttime job really. Not full time. And also depends how much you blog. I do it on average two to three posts a week but you need to love writing. If you resent hav