Manus welcome to countdown. Anna welcome to the program. It has just gone 6 00 here in london. Lets get straight to these baking raking numbers. The fullyear profit at ryanair has missed aphis estimates. Ryanair fullyear net profit has come in at 1. 24 billion with investment of 1. 28 billion. The revenue number has come in at 6. 45 billion. Average fares are down by 1 with unit cost excluding fuel down by 2 . Their specter to give something of a cautious outlook. Some rehab headwinds facing this particular industry. The fullyear 2017 net incentives have been 1. 47 billion so it looks like ryanair is guiding the consensus number of little bit low. The company is saying 2 better looked year on year for the peak summer months. We will get a chance to talk about how the summer is looking for ryanair, what the impact has been in paris and brussels. Olearysl get mark thoughts on what happened to the egyptair flight. Theres a lot to talk to him about. The topline line fullyear profit just missing estimates a little bit and guiding the fullyear number for 2017 down a little bit. Manus we have breaking news. This is the deal everyone has been talking about. Monsanto forto buy 122 billion per share. Thats one of the most quickly important points, it will be a cash only offer. 62 billion. Nto at this is the deal that has been hotly contested by shareholders and some of the analysts. Monsanto will not come cheap and it may not be the best option for buyer shareholders. Thats what they said last week in terms of their response. Dollars friday. We cannot see how they will do this deal without a significant equity component. They are bucking the trend in terms of offering an allout cash offer of 122. Interesting to see what monsanto has to say. They said they might reject anything that does not make the 150 share mark. Ets get to the risk radar the big focus around the g7 in a fairly big topic of conversation this week. Lets get to rishaad salamat. Rishaad the u. S. Economy should be solid enough to merit American Interest rate increases this year. To sanl according francisco fed president John Williams who told fox news that theyve forced a balancing act against largely in current sing it encouraging it in the u. S. They will raise the rate sometime this year. Meeting with no agreement on how much crude to produce. Saudi arabias strategy to disturbing rivals by it record volumes. Sending a submarine to search for that egyptair black box flight recorders. Also there he is remain open and nothing has yet been proved. Cracked ons thursday. The french air accident investigator says they sent automatic messages from the cabin before it lost contact. Britain will be plunged into recession of its own making after the country votes for brexit according to dave karen and George Osborne. The controversial treasury analysis will be published today that says house prices would slide or inflation would jump in the event of a brexit. Austrias political divisions have been laidback. The Freedom Party and green partybacked candidate retired after sundays runoff. It will now be decided by the count of absentee ballots. After the Party Candidate failed to secure his firstround advantage. The big screen adaptation of the angry birds game which reveals topped thee so angry north American Box Office over the weekend. Angry birds raked in 39 Million Dollars taking the top spot from captain america civil war. Day withws 24 hours a more than 150 news bureaus around the world. You can find more stories more stories on the bloomberg. There is your top back to you guys. Manus that is all the answers i need, why the birds are angry. Haidi lun does there. We have circuits in japan, nervousness ahead of janet yellen. Could be a volatile week. A relatively angry market around this part of the world. Having said that we seen simply good gains coming through at this point. As you see it is waiting for signals out of the fed. We will be looking for indicators of whether the market should be repricing these expectations to a june july or september hike. We are of those session lows with the yen strengthening the little bit with some disappointment that g20 ministers did not manage to reach any sort of a currency on how to get Global Growth going forward. We also have a coming from australia weighing on the Energy Sector there refiners and some of the iron ore as well. It is actually a put a good picture. Volatility when it comes to the Mainland China stocks. Thats drowning some of the gains that we see in shanghai. Concerns that the chinese economy is still seen buying out of industrials. Tech stocks are also driving these gains were seeing. The biggest gain in eight months. And its just on one story. Apple. We had a report coming through from a newspaper suggesting that apple is putting in order for 78 million of the new iphones. Thats really driving the new gains were seeing. This is all we are watching in the tokyo session. Its weighing on consumer stocks and retail stocks. We had april cigarette sales coming through about 13. 5 weighing on that stock as well. Misscore also expected to its mediumterm targets. Haidi lun joining us there in hong kong. But stick with the asian story because japan exports fell for the second consecutive month as the yen strengthened. Now. E man joins us all this appears to underscore the growing challenges to Prime Minister of as efforts to revive growth in japan. More pressure for the Prime Minister. Heidi mentioned the strong yen now on the rise once again, despite the fact that after the g7 we did not see that much love or blessing coming out of the Worlds Largest developed nations on how japan can reactor recover or stoke any kind of growth for the economy. Seven months of july decline in japanese exports. It is worse than expected. We did see the effect of the earthquake that weighed on exports as well. There were some supply concerns or shipments that were restricted that month. We saw the shipments to the u. S. And china that fell. Rose to the eu. It is the strength of the yen that is the culprit here. It rose 5 in the month of april alone. And the job the trip the drop in oil prices that really dampened imports. The biggest drop we seen in seven years. Atding that trade surplus 7. 5 billion dollars, more than 2. 5 billion for what economists were expecting. The biggest surplus weve seen in over six years. As far as policy goes, what happens next . We had to make them easy little bit at the search recently. Of that on the handles has easement the pressure for policymakers with some economist thinking here and Bloomberg Intelligence that they can afford to positive for the moment. Also waiting for a potential rate hike come in from the fed which could lessen or stop some of the pressure from the yen strength as well. But it was worse than expected on many fronts. Anna the strength of the yen was the talk of the meeting of g7 finance ministers over the weekend. It was marked for some of the yearsest dissonance in between the u. S. And japan over Exchange Rate policy. The japanese finance minister had this to say afterwards. I made it clear that stability and Exchange Rates is important. Excess volatility and disorderly movements and currency will have adverse effects on economic and fiscal stability. David stubbs, the Global Market strategist at j. P. Morgan Asset Management. The none on the same page the, the u. S. And japan over whether what were seeing in currency markets is anything out of the ordinary and therefore requires intervention. I dont think they are in a place where its a slamdunk case. Its for what we think is the cold currency war where the Central Banks do things with rustic securities and allow private sectors to take the money aboard and issue currency down to turn it into a hot corns hot currency war. At the moment we are not in a place where the major countries in the world agree that the currency needs to be manipulative formally, but a lot of countries are looking for stability right now. We saw the effect in the u. S. And they know it cannot go much further. The japanese are learning not to lose that much export competitiveness with a high currency. The essence of this g7 was no communique and my take is a rather dysfunctional response. Canada and japan on one side, germany and the u. K. On the other side. There is no consensus in terms of how to move Global Growth forward. With that in mind, what is next in terms of policy response. Is it fiscal youd expect for the rest of the year . Seenthink we have already a big change in the fiscal starts in economies. Thats been an important part of europes better numbers. And this is not an Election Year. If you look at the federal government to have already started to spend a bit of money. This looming consumption tax hike could possibly be delayed. Piercing a bit of balance of policy. Job ofd a pretty good saving the day. It cannot do all the heavy lifting on its own. Imploring their elected colleagues in the finance ministries to support growth. Wehave seen that we believe believe that global equality will continue to grow. Interesting to see if they do delay that sales tax increase. When the Credit Rating agencies said they will be at risk if they dont do something to fill the gap. Where do you expect the currency to go. What about the cloud . Its asking the question of whether we will see a further bounce in the yen. Where you see the yen heading. Suggesting we could see a bounce. If youre approaching it from the bottom, now theres resistance. Something that will prevent arise in the security. Toleratehink it will the currency strengthening. Dont think thats possible. The tacit agreements perhaps behind closed doors to support them there. Just like in the euro against the dollar. You can tolerate that tightening. Because thats what it represents. A tightening in the financial conditions. With expectations of said policy driving changes and those expectations will build in coming months. Most currencies will be under pressure against the u. S. Dollar but only gradually because the fed cannot move more than once eric most twice this year. To david, the Global Market strategist at j. P. Morgan Asset Management. Manus later today we hear from three federal president s. From John Williams and Patrick Harker of philly. Tomorrow, the bank of england governor faces mps for the last time before the preeu referendum. Bloomberg customers can follow as a get theine go Rate Decision from the bank of canada on wednesday. On thursday, the g7 leader summits getting underway in japan and we round off the week with the first flashes of gdp from the United States. As you mentioned earlier, of his political divisions laid bare in the latest election. We will bring you the full details. Manus you looking at a rather dull day in hong kong. We are up one quarter of 1 on the hang seng index. There is a lot to digest this week. G7, yellen speaking. What will they do next . Rishaad a buyer is offering to buy monsanto offering 122 per share. It is an allcash bid. Ryanair forecasting Earnings Growth to slow this year even as the prophet jumped. If the Biggest Discount airline expecting rates to rise 13 this year after a 14 surge through to the end of march. This comes as a lower ticket prices to entice customers, customers who are wary of flying after terror attacks. Or going to be talking to the ryanair chief executive, Michael Oleary at 7 00 u. K. Time. Order. 3 billion the deal is for 100 aircraft. It was announced that barack obama is currently visiting the Southeast Asian companies. Are teaming up with a better of the inventor of segue to provide better access to wheelchairs. It uses two sets of powerful wheels to walk up and down stairs which allows disabled. Eople to stand facetoface that is your Bloomberg Business flash. Manus , lets refocus to europe. Lawmakers have approved additional austerity measures required to unlock more emergency loans from the euro area. Alexis tsipras says that belttightening reforms include cuts to social benefits for low income finishers pensioners. Ministersthe finance meeting tomorrow that will assess the compliance with the bailout program. Austrias political divisions have been laid bare with the antiimmigration Freedom Party and the green backed candidate were tied to become the countrys next president. It will now be decided by the count of absentee ballots today. After the Freedom Party candidate failed to press home his firstround advantage to secure a clear victory. Firstroundt the advantage, at the sense that they are tied at the moment, we do not know where the austrian vote will go. Whichever way this goes, this has been a really fascinating insight into the rise of the right and european politics because this is a party that has ties to other european parties within europe. To unite in the second stage and keep them out of the presidency. Weve seen the right policy across europe. Success, this is part of these economic editions that your finds himself in. Youve barely controlled depressions in part of the european periphery. Youve weak job growth and gdp growth even in poor countries. Extraordinary policies from the policymakers trying to keep the ship together. The currency or economic direction. Atill lead to the rise the moment we see the right probably in ascendancy. Manus at some of polemic and that we talk about the right and austria and the left in greece. But suppresses got to vote through the parliament. People are saying there needs to be a turnkey moment for greece. Do you think we will get debt relief this week . I personally doubt that it will come this week. Certainly in the form of down to nominal values, what the germans are so against. They believe they are letting greece off the hook. Potentially could see progress toward another right down in net present value terms where you have either the maturity of the debt below the Interest Rate or payments. Its not sustainable. It is dead money at this point. The political resistance to reduce the headline number is very great in the core creditors of europe. The situation as usual have to get worse before youll find a resolution that is applicable and acceptable on both sides but eventually be will get there. Also we will get those pmi numbers from many parts of the eurozone and the eurozone aggregate numbers later today. From j. P. With us morgan Asset Management this morning. He is set tor says power. Aired ones thats coming up next on countdown. Manus 6 it is 30 in london and 9 30 in dubai lets get the bloomberg first world news. Reporter this underscores the challenges to abes efforts to rebound economic growth. Drop estimated. Leaving 7. 53. 3 , billion. The American Economy should be solid enough to merit an Interest Rate increase this year. Caveentral bank will not to political pressure and refrain from tightening during a president ial election. Williams told fox news that there is encouraging data in the u. S. Fed officials will probably raise the Interest Rate sometime this year. An opportunity in doha last month. Opec is forced to go into another meeting without an agreement. Say the cartel will not set a target. Arabias strategy is to squeeze out rivals by pumping out record volumes. Iran has no plan to freeze the production until the second half of the year, or until the experts return to presanction levels. British company is approaching the vote for the brexit. Meanwhile, a controversial treasury analysis to be published today says gdp price slide, while inflation would jump. This will take place one month from today. Wall streets political ambitions have been laid bare. This will now be decided by the count of absentee ballots today after the Freedom Party candidate failed to secure a clear victory. Confirmedsuccessfully it is a challenger in a lowcost rockets. 1 5 scale model that smashed down in the bay. Global news 24 hours a day, powered by 2400 journalists in more than 150 news bureaus around the world. You can find more stories on the bloomberg at top. To you guys. Anna it is that simple. Thank you, rishaad. The benchmark index slumped between gains and losses. Offsetting gains in chinese and taiwanese shares. Nejra joins us now with an market update. Asianpacifice index fell for a fourth week last week. In fact, the fear it has been a pretty wild ride for investors in asian stocks. We have seen swings between gains and losses. You could the losses earlier, but now the index is up. 4 . It is a mixed picture because we can see gains in china, but losses in japan on a stronger yen. Air an is rising from the threeweek low versus the dollar, gaining against most of its developed market peers. There was a bit of a faceoff over the weekend between japan and the u. S. Of the question of intervention and yen selling to protect against a stronger yen. The yen is up my percent against the dollar this year is up 9 against the dollar this year. Japans trade surplus swelled to its biggest in six years. Exports fell for a seventh consecutive month in april. This highlights the challenges of a stronger yen in japan. We can also see a bit of a pullback in the dollar today. It is retreating against most of its major peers. We did get hawkish comments over the weekend about fed policy, but we can see this retreat over a run of three weekly gains. Is it just a pause, though, before a further rally . Sticking with currency markets, we are looking at the eurodollar and we are at 1. 12. The euro is holding its gain after yest