For lease. Indian inflation shoots up in july thanks to higher food costs and the softer rupee making the job a stimulating for growth all that much harder. And 120 people are dead and 5,000 injured as police crack down on supporters of the post president Mohamed Morsi turns violent. Welcome to a brandnew edition of worldwide exchange. Very busy day for these european markets. We get Second Quarter gdp, but also the boe mpc minutes and uk jobless numbers. The eurozone economy is expected to emerge from recession in the Second Quarter. Thats according to estimates of the flash gdp figure to just about an hour from now. The 17 asian bloc is forecast to grow by 0. 2 , ending six straight quarters of contractions. Now, the gains have really been driven by europes largest economy, germany, which posted this very robust 0. 7 jump in gdp from the previous quarter. This is the largest expansion in more than a year, which came in just above forecasts of 0. 6 . I also want to show you, just a couple of the strong underlying indicators for the German Economy. Manufacturing pmi, that has been above the boom bustline of 50 to 50. 3. We know that industrial output and production numbers have been very strong. That is up by 2. 4 . The debt to gdp ratio that is relatively limited, relatively benign at 81. 2 . And the Unemployment Rate, well, who wouldnt want to have this kind of an Unemployment Rate of 5. 4 . Now, the French Economy is looking a little bit different. Now, the french gdp did come in better than expected for the Second Quarter. It came in at 0. 5 . That is versus expectations of around 0. 2 . Thats the sharpest rise since the beginning of 2011. If we look at some of the other indicators for france, i mean, they just havent been as strong. Pmi still below the 50 line. Unemployment is still relatively elevated. So certainly lagging. And certainly still has investors concerned about the twotier speed we are seeing in europe. Robert quinn is the chief European Equity strategist at snp iq. Good morning. What do you think of the numbers we have gotten so far, germany versus france . Roughly where the market has been pricing. In fact if you look at the market impressions of that, its already been priced in. Thats an interesting point. European markets this morning largely unmoved by the data. Euro dollar sitting at 132. 60. Pretty much flat on the day. Has all the good news about the eurozone been priced in already . I think in the short term, i think thats the case. August is always a fun trading month anyway. But if you look at yesterday, the zew survey was very positive. The market inched higher. We had a nice run. Now kind of a pretaper highs, you know fiveyear highs, and i think youre hitting some resistance levels in the stoxx 600. Interesting survey out by the bank of America Merrill lynch. Global investors the most bullish on eurozone stocks. Most bullish since 2002. From evaluation perspective, yes, i get that. Looking very attractive both in terms of uk stocks and eurozone stocks. Are the fundamentals are they actually justifying this positioning on part of investors . I would slightly change your intro to say on normalized evaluation perspective, this is less of a compelling case. I think the difference for you why is that . Other regions always trade at slightly different levels. The difference is in the u. S. , youre trading on peek margins and high earnings. In europe, youre trading on return on equity levels around 450 basis points lower. Theyre trading on profitability levels. Q2 earnings season wasnt particularly great and on sales, it gives you the hope in demands. I would definitely be structured positive on european equities. The risk reward balance is slightly different. We have seen a big pickup in the macro indicators in europe, but still see the earnings creeping slightly lower. You probably need to get to pmis around 52. You see the contraction take off, then you start seeing a big pickup in european equities. We should be getting more earnings upgrades after this specific earnings season, after the runup in Economic Data, right . Should, but occasionally a lag. The big thing is on the conference calls, results on q2, about the tone and conference of the management they give afterwards in the q a sessions and that picked up dramatically. You havent seen the pickup in earnings just yet. Q3 will be the first Quarterly Earnings season youll see an acceleration in that. Robert, thank you for those initial comments. Well spend much more time talking to you about your equity strategy and about all other topics this morning. Robert quinn, chief European Equity strategist at snp capital iq. In uk, all eyes on the jobless numbers after the bank of england said it would peg Interest Rates to the Unemployment Rate. At 10 30, we get the minutes from the Central Banks last policy meeting which will indicate just how many policymakers support the use of such Forward Guidance. If you have any questions for myself, robert, or any other guests that you do see on the program, please do send in your emails to worldwide cnbc. Com. Heres a look at european markets. About one hour into the trading day. Now, you would expect with better than expected gdp prints coming out of germany and france, you would see a move higher in European Equity markets, but that is not the fact. Initially, yes, we did see a positive reaction right at the start of trading, but ever since we have been losing steam, have been losing some of that positive momentum. The stoxx europe 600 is down by a third of 1 . Keep in mind, european markets are at a 2 1 2 month high. Maybe this is a little profit taking or as robert suggested a lot of the good news may have already been priced in. Ftse 100 is a bit of an underperformer, down by a third of 1 . Xetra dax holding up relatively well, down by 12 points. The ftse mib in italy off by 28 points. And the ibex 35 in spain also seeing a little bit of weakness. Now, in terms of the individual stocks that were looking out for today. A bit of news flow on barclays because barclays finance director chris lucas is to step down, six months ahead of his scheduled retirement. Now, this is because the 52yearolds deteriorating health and the bank has named current Financial Controller peter estlin as acting cfo. Barclays stock up by a third of 1 . Portugal telecom is down significantly. Shares off by some 5 even though the company has beat Market Expectations for its Second Quarter net profit. The numbers were given a boost by the sale of a stake in marco telco ctm. Has to be a couple of other factors at play here. We want to show you the german listing of apple shares up by 5 . Obviously this stock is in focus after carl icahn revealed on twitter yesterday he had amassed a, quote, large position in the stock. Reports suggest the stake could be as worth as much as 1 billion. Well talk much more about this specific story throughout the next two hours. Last but not least, shares in germany off by a whopping 5. 3 , this is as the u. S. Business continues to be a drag on finance after the european closed yesterday. The Company Posted a quarterly net loss of 362 million euros, down from a profit of 109 million last year. Lots of stuff going on in the bond markets, where we did see some heavy selling pressure for core paper yesterday. And a spike in yields. Now, the tenyear bund yield at 1. 89 . Now, this is after we got the zew index yesterday, which was stronger than expected. We also get a 4 billion euro tenyear bund auction at 10 35. Well be breaking that for you. Also, big spike in treasury yields. 2. 7 is where were currently. Now, this is in part because we got the core retail sales number which was stronger than expected. And that leads the market to believe, yes, we are going to be seeing tapering as early as september. And tenyear gilt yields, back below the 2. 6 level, currently at 2. 59 , highest level in two years. This came after the zew index, but also because the market is expecting rates to rise earlier than expected. Maybe even 2015. Of course, we get the boe minutes in less than 30 minutes time. And last, but not least, a look at the currency, dollar yen unchanged after some significant boost over the last couple of trading sessions, currently changing hands at 98. 20. Euro dollar, not a huge boost from the eurozone gdp numbers, currently trading at 1. 3263. Lets check in on the markets, in asia, li sixuan is in singapore. Good afternoon to you. Thank you, carolin. A quiet day of trade in asia. Japan hogged the top spot with the nikkei 225 reversing earlier losses to end higher by 1. 3 . A weaker currency and strong u. S. Data helped sentiment. China pulled back a bit after three days of gains at the shanghai composite, both eased about. 2 . But chinese automakers put in gear today outperforming the broader markets, after probing gold shops, pharmaceuticals, milk powdermakers, beijing cracked down on price fixing to foreign automakers to collect data on prices of cars at home and abroad to see if there is a huge gap. According to local media, the price tags of some important luxury cars are three times more expensive than the broad, even after beijing slashed import duties. And on the back of these antimonopoly probes against imported cars and Solid Earnings report in recent sessions, local carmakers got a strong boost. Earnings news also very much in focus in australia. Commonwealth bank of australia saw some profit booking after posting a record profit. Both better than expected earnings and dividend. The stock shed over 1 in todays trade. Meanwhile, Contracting Group layton holdings tumbled almost 6 after posting disappointing earnings. Back to you. Sixuan, thank you very much for that. No Market Action in hong kong today. Its Stock Exchange closed both trading sessions today due to the typhoon utor. More than 200 flights were delayed and schools and banks were shut down. Utor is set to slam into the southern mainland later on today. Egyptian state tv is reporting that police have broken up a protest camp. Local media says 120 people have been killed and 5,000 injured. With more on the story, yousuf joins us from cairo. Yousuf, just how accurate do you believe those numbers actually are . Do we have any confirmation whatsoever . Well, carolin, it is important to note we have two major sources for the casualty figures. So the one hand you have the sources from the government and from Ambulance Services from their end, which are currently going with five People Killed and 52 injured. And then on the other hand, you have the Muslim Brotherhood, and supporters of the ousted president Mohamed Morsi who have been in the two protest locations, they have their own sources, their own field hospitals, theyre going with a much higher number, talking about 350 people that have been killed, and some 5,000 or so injured. Be very cautious with these numbers. Probably the next few hours, next 24 hours or something, much more clarity about really happened. What is clear is the smaller of the two protest camps just over there in the back ground, two kilometers or so from here, that has been cleared from protesters. There was an exchange of fire, this happened early dawn and Police Forces moved in. We saw the use of tear gas, stones were thrown, and then the Egyptian State television brandished some of the weaponry they claim they discovered in the square, including automatic weapons and molotov cocktails. The clashes are still ongoing in the much larger square, they have cordoned off a lot of the routes to the square as well. Just have to see how long this drags on. This is a developing story and we also get a bit of a feel on how investors are seeing all of this. For the past week, the market was up 7 and the market will be trading in the next few minutes. Then well get their reaction about what was really perhaps unexpected because the Security Forces until just yesterday seemed to be reluctant to move in and there was a lot of discussion about the ramifications of such a decision, both domestically and in terms of relations with a lot of important partners around the world. Yousuf, thank you for that. Y yousuf gamal eldin. Carl icahns bite of the apple sent shares soaring. Why did the billionaire investor actually say on his call with ceo tim cook. We discuss at 11 40 cet. Has the eurozone managed to crawl out of recession . We break the gdp numbers expected to show a return to growth after six quarters of declines. Tune in at 11 00 cet. Las vegas might be known as the home of the shotgun wedding, but conference giants south by southwest is using the city to build lasting relationships between investors and entrepreneurs. We discuss with web entrepreneur jack hittery at 11 30 cet. From Bernie Madoff to enron, Financial Crimes have been stealing the headlines for years. Has the Global Economic crisis made things even worse . We discuss at 10 45 cet. Indias latest inflation figures arent helping the countrys efforts to revive the economy as the headline number blows past estimates. We check in on what this means for the rupee. Were live in mumbai next. [ agent smith ] ive Found Software that intrigues me. It appears its an agent of good. [ agent smith ] ge software connects patients to nurses to the right machines while dramatically reducing waiting time. [ telephone ringing ] now a waiting room is just a room. [ static warbles ] time to have new experiences with a familiar keyboard. To update our status without opening an app. To have all our messages in one place. To browse. And share. Faster than ever. Its time to do everything better than before. The new blackberry q10. Its time. Carl icahn takes a break from his battle with michael dell to focus on yet another tech company. Apple had its second best day of the year, up 5 , thats after icahn tweeted tuesday afternoon hes bought a, quote, sizable stake in the iphonemaker and had a friendly chat with ceo tim cook about increasing stock buybacks. Now, our question to you, today, is following a big activist investor like carl icahn a small Investment Strategy . If you want to join the conversation here on worldwide exchange, get in touch with us, you know how, by email at worldwide cnbc. Com. Or via twitter, cnbcwex, or direct to me carolincnbc. Robert quinn is still with us. Robert, what is your response to this question . What do you follow a call by an activist investor like icahn . Would you do that . I think it depends what your investment style. Tim cook had a difficult time since taking over from steve jobs and apple has been pretty badly performing more recently. For the last 12 months, tim cook has been taking on a Hedge Fund Investor and largely to do with increasing economic shareholder distributions. So if youre a great investor, you probably want to see an activist shareholder take part. I think it is a resolution. Another one is these guys do shake up the boards. Yeah, thank you so much for that, robert. It all depends on whether were going to be seeing more cash being returned to shareholders in terms of Share Buybacks. Robert quinn there, chief European Equity strategist at snp capital iq. Indias latest inflation figures arent helping the countrys efforts to revive the economy. Headline inflation picked up to 5. 8 in july, blowing past estimates. Food prices were pushed higher by supply disruptions and import costs surged due to the weak rupee. Some economists say they may be forced to higher grades despite the need to have more growth. Joining us is sajeed. What is the spike in the wpi just temporary because we saw food Price Inflation surge because of the massive rain. Yeah. Well, some of it is temporary and some of it is not. Youre right that food prices have gone up in particular vegetable prices for the second month very sharply. With a strong monsoon, at some point the hope is that food inflation will begin to abate. I think thats the good news. The bad news is that what we also saw this month was a pretty significant pass through from the sharp exchange in depreciation over the last three months. Core inflation picked up, fuel inflation picked up. Commodity inflation picked up. That process could continue for the coming months as well. And will depend on how the currency evolves. At some point, what youre seeing playing out in india is the stagflationary impact in the short run from a sharp currency shark, where inflation pressures pick up and also drags Growth Prospects down. The rbi has been trying everything it seems to limit the declines of the rupee, just recently siphoning off excess liquidity from the system. It doesnt, though, seem to be enough. What else could it possibly do . Well, i think its hard to adjudicate the measures as yet because we dont know what the counterfactual would have been. We dont know where the currency would have been trading if these measures were not in place. I think there is a sense that at some point currency weakness expectations got completely unhinged. We went into a vicious selffulfilling spiral and these measures were meant to anchor that. What i will say is that there are some indications that they may have worked. If you look at equity flows into india, they have been positive in the month of august and they were sharply negative in the previous two months. I think for the time being, the hope is the cent