Sanctions against moscow despite reported push back from the greek government. Russias finance minister says cnbc his country could consider giving Financial Aid. You cant ignore some of the countries that raised this issue. Prices for the euro zone due in the next hour. European markets on the flat line ahead of that data. Flying west and snapping up a 10 stake of iag as they look to strengthen commercial ties. Youre watching Worldwide Exchange. Bringing you Business News from around the globe. Welcome to the show. Breaking news from italy, some long awaited positive news. Inflation has fallen. December jobless to 12. 9 . Thats the lowest since august. Novembers reading was 13. 4 . 0. 5 for the month of december has come to 12. 9 . Lets look at the youth number. Italys december youth Unemployment Rate falling to 42 . So not as big of a drop as some were expethctexpecting. Youth unemployment which has been a big concern for italy and one of the reasons for implementing the labor market reform. Falling to 42 for the month of december. Up a little bit off the back of the news. 2 for europe as a whole. The big data in an hours time which is the broader inflation print. It is expected to weaken to. 5 . The russian rouble is moving lower against the dollar with over two hours to go before the Central Bank Decision. Russias first deputy Prime Minister said both the government and central bank should pressure banks to lend more in order to boost growth. Meanwhile, russian finance minister said life goes on despite western sanctions. It came before they agreed to extend sanctions against moscow despite reported push backs from the greeks. Jeff has the latest. Its an interesting story. There were those that thought sanctions would be increased but ultimately i think this was a little bit of a pull back and what we had was a plan to extend existing sanctions rather than to put any individuals or businesses on the sanctions list. The government here clearly still unhappy though with that announce announcement and theres an issue as to how unified the eu is on the position of sanctions now and what role the new greek government is playing in dividing those who would see sanctions racheted up. So i asked if the greeks decide theyre going to turn their back on some of the support and they come to you and ask for money, how would you respond . Lets have a listen to the conversation. Translator i think this is a pragmatic approach. There are politician and there are business men. And this always effects Economic Growth employment social stability in our countries. We have always advocated for the lifting up of sanctions and some of of the countries that felt the negative effects of these sanctions that felt their sales in russia or experts in russia have been reduced significantly. In this situation business always lose and sanctions is a political instrument. Not really correlated with the economic situation. Those that feel these effects will always be losing in the situation. The greeks feel they have also suffered as a result of western economic policies so i guess they look at the situation youre in and feel some sympathy with you as well. Do you feel favorably now to the fact that the greeks are, or seem to be adding their voice to perhaps slowing down the sanctions support or reversing it . Do you welcome the support of the greeks . Translator well its not only greece but a whole series of countries including eu countries are against sanctions and i think their position is right and economically justified. Everybody will benefit from lifting of sanctions because for the reasons that i just mentioned, for employment the trade, exports of goods, and revenues, had there been no sanctions we would have all been better off. Do you interpret this though as now there is some division actually in brussels and there isnt a unified approach to russia anymore . What i do welcome is that all voices must be heard and you cant ignore some of the countries that raise this issue. Of course you can influence them. You can literally force them to prolong sanctions but these questions will always be raised. Always will be someone against the sanctions governed and guided by economic principles but the big question here is whether they will be heard or whether they will be forced to act in a certain manner. I think that one should be valued, as i said by the pragmatic approach. Can you imagine a situation where if athens asked you for Financial Support you would be willing to give Financial Aid to the greek government over the next few months . Well we can imagine any situation but if such petition is submitted to the russian government we will consider it but well take into account all the factors of our bilateral relationship to russia and greece. So thats all i can say. If it is submitted we will consider it. So lets just pick up off the back of that. So the russian government it appears is willing to listen to overtures from athens if they should be interested in raising finance but this is an economy that lost 200 billion last year. That was the impact of the Falling Oil Price and the sanctions and of course there was also an outflow of capital. So are they in a position really to provide financing of a significant size to the athens government . Well that was a question that i put to the head of the bank russias Second Largest Bank and the question for him, you have been taking state aid at a time when russia needs the money. Should the government really consider giving money to the greeks. Theres some in the budget he might have allocated. I dont know. Im grateful for the government which allocates quite Adequate Funding for the Banking Sector and thats good. Whether russian government has some other spare money for support of other economies thats not a question to me. So lets set aside that story for the moment. The Russian Central Bank is on the clock. Just a little over an hour to go now until we get the Interest Rate decision. Economists saying they dont expect to move today but theres plenty of voices saying without Interest Rates coming down soon this economy is still going to struggle to deliver anything that looks like growth in 2015. Back to you. Thank you very much for that. As you say, 10 30 london time that Central Bank Decision. Also 10 00 london time. Ahead of the Big Decisions markets muted today. Were flat on the stoxx 600. Thats yesterday after two days of declines. A slight bounce back up just under. 5 . Thats softened over the last hour. The ftse 100 is down. 2 today. Otherwise as i said at the top its muted. Germany above flat. And the russian index, surprisingly flat despite that Central Bank Decision coming as we said in about an hour and 15 minutes time. Lets look at bond rates. The big story in europe was that greek bond deals spiked very sharply on the fact that clearly the new government is pushing back on terms. In particular the news yesterday was pulling away from privatizations that had been included in the initial bailout terms and that is putting on increased expectations that we might see more severe withdrawals from the bailout terms. The three year this morning is at 15 . Very sharp moves in the short end yesterday. Increasing fears of debt default. Score europe still very low. This week we havent seen much further yield compression following the moves last thursday and the u. S. Did tick up the yields slightly yet yesterday. But were at 1. 3 . The move relatively muted. The euro has come off that 111 handle it touched last week. 113 at the moment. The u. S. Dollar strengthening today against the yen which hasnt been the path of 2015 and a quick glance at the rouble as well. Up. 85, 69. 4. Oil did bounce a little bit yesterday which allowed u. S. Stocks to rally. Its up a little bit today. Wti crude at 44. 8. Brent at 49. 3 up. 3 . Lets check in on markets in asia. Sri is standing by in singapore. As ever sri over to you. Thanks for that wilfred. Well the markets giving to some selling pressure. Nikkei 225 doing its most to really try to recoop some of the heavy losses we saw yesterday. The market was down by well over 1 . So struggling a little bit toward the close but. 4 gain at the settlement. The big story is going to be china. On sunday we will get the official pmi number for the month of january. The economists are expecting something of a rebound. But once again theyre under pressure and its because of this official probe into margin trading that has continued to plague the financials and brokerages. Down by 1. 6 . Some pressure with the hang seng as well. I want to talk about the indian market. We have seen record highs for this benchmark. Gift back today. Heavy selling down by 1. 6 . That disappointed and hurt the financials and Broader Market as well. Next week will be critical. The move is cautious ahead of the 4th quarter gdp print over the u. S. But next week is going to be absolutely critical. The big question in my mind and the minds of many is whether the reserve bank of australia is going to be the latest one that joins the devaluation party. Remember the aussie dollar got smoked yesterday on the back of the speculation and we got the reserve bank of india meeting next week as well. Remember that surprise rate cut. Doubt they all follow up on that but the big question is how is that forward looking guidance going to be. Yeah of course india a net oil importer. They have been able to import from Lower Oil Price which is has inflation coming down a lot. Sri, thank you for that. Coming up on Worldwide Exchange from a hot dog car to wall street, shake shack prices its ipo above expectations we digest that story and tell you what to expect. And uber continues to disrupt the Consumer Tech space. Well speak to excel partners, a cnbc exclusive straight off the back of a multimillion investment. Well find out more in the next hour. Plus were just two days away from the greatest show on earth and im not talking about katy perrys halftime show. Were live in phoenix as the Super Bowl Weekend kicks off. Welcome back. German inflation turned a negative for the First Time Since 2009 with Consumer Prices dropping by half a per cent in january. The fall was driven by Lower Oil Prices and cheaper food. Spain has fallen further into deflation with Consumer Prices at minus 1. 5 year over year. Its due at 11 00. Routers is forecasting falling prices across the block. Further deflation for the euro zone. Were joined by michael, head of european fixed income at Blackrock Asset management. A pleasure to have you on. Its supposed to be the strong man of europe but clearly even germany has to come to the euro zone deflationary crisis. Thats true. On one hand its driven by oil price which is will impact everybody in the euro zone but in some way that new number even in public german opinion justifies the recent actions. So they might not be that spad about that money and i think the policies in place. You think Going Forward investors will be less critical of disappointing data because the ecb is putting an accommodative policy in place. On one side you can argue that way but maybe less so than before. Before they were saying okay every weak data point contributes to the likelyhood of ecb delivery. Now i dont think theyll change the size in a way. So you can say positive news is positive news and not the other way around. Most people seeing the ecb action last week positively. What needs to follow it to create lasting growth . Good question. Obviously the policy action in itself will not turn around things alone but we at blackrock are relatively optimistic because if you look at the influence you now have a multitude of impact which is are turning positive so you have a much weaker currency. Much less tightening. People are discussing more flexibility. You have weak oil prices. You have super low yields. You have to examine qe and equity markets a bit sideways this week but overall very strong as well. Theres indeed a good chance especially second half growth will be stronger. Lets talk about the moves in greek bond yields this week because i noticed in your notes youre quite positive on certain european economies. Is greece included in that package . No i was not specifically talking about greece. Greece is still a very special case. Its the only country where we have debt restructuring so i think they are in the case that they had by far the toughest economic downturn. By far the toughest turn around and if you compare the turn around in that primary deficit, its one of the most successful turn arounds ever in history but it would be just a shame if the move to reform would get lost here. Where do you stand on that debate . Have they started to turn the corner . You say the right to maintain this course of action is just about working . Yeah i think on the talk in euro zone many people have been critical about that approach. Help against conditions. I would call it help against constructive reform. If you look at many countries its working surprisingly well. Relative to what some critics were predicting. I would say the same for greece. Many people talk to the high debt number and say this is clearly unsustainable and maybe over 10 or 20 years it is but they are paying such cheap Interest Rates. Just 2. 5 of gdp Interest Rates so in the next five years it doesnt actually matter how it is. It matters what they pay and if they do a sensible reform. To me that answers probably one day we need to talk about some Debt Forgiveness but that doesnt necessarily need to be here and i would argue the european side wants to see more progress and reforms. We just got a tweet in do you expect the spread to widen between the greek tenure and ger man bund Going Forward . Well its almost irrelevant. I think on a medium horizon greek bonds are probably cheap here. But theres a lot in the near term. What is it . 13 on the five year . Amazing. Thank you for your time. Lets have a look in on some of the days biggest individual movers. Net profit and sales beat expectations in the fought quarter. Sales of its diabetes drugs helped offset reimbursement losses in the u. S. It also maintained its four year guidance. Caixabank net earnings in 2014. Full year revenues came in before forecasts. Lending income for bad loans also ticked higher during the period. Its up 3 this morning. Meanwhile Spains Bankia has state controlled earnings. Its off 1. 8 . And bt group with a stronger than expecked net profit in the quarter helped by Strong Demand for internet broadband but they were just shy of forecasts. Off 2. 2 and were joined on set to talk more about the reasons for that. They have a good Third Quarter boosted by their consumer division. I. E. Football. Thats done very well. Fourth consecutive quarter of growth. Broadband is doing well. Profits are up 13 , the issue i think and it depends on how you slice and dice it is the company we always knew of a giant Pension Fund Deficit is now saying its ballooned from 3. 9 billion to 7 billion. The good news is its reached an agreement with trustees. Thats positive and gives stability and over the long run its going to be paying the same amount of money back to its pension fund trustees. We know what the situation is. If you lead the letter to investors you will know in an environment where qe keeps being pumped out, if you have cash or if you invested in them or whatever youre better off putting that money under your mattress. Its a negative situation. Stock is down about 2 . Another story we have been watching this morning, iag shares reversed gains made after Qatar Airways announced it would acquire a 10 stake in the owner of British Airways. Iag in separate negotiations to acquire the irish carrier. Lets look at how the stocks are reforming today. Down about 1. 5 in todays trade. In some ways highlighting a stronger link between middle east carriers and the European Aviation space. Look we know that qatar is on a buying spree not seen in the likes of any other country any other division. They snapped up the deal to buy song bird. Thats all of canary basically, the city of london and we have seeing that across the spectrum. In terms of airlines if you are not consolidating you really face some very heavy headwinds because even when you get the edging right the cost of capital is so high in airline which is is why you are seeing the lights of British Airways and different carriers have sharing programs and this is a continuation of that but we saw from the chief executive very aggressive, very ambitious man. He said today there could be more. So you never know what is around the corner. Theres only so much they can buy. They limit foreign rules to a minority space. Only so much they can put to work here. Thank you for the latest on that story. Still to come were one hour away from the Russian Central Bank decision. Were joined for a preview live from moscow where he has been speaking exclusively to the countrys finance minister. Thats straight after this break. The rouble continues to fall against the dollar as Russias Central Bank is set to keep rates at a ten year high. The policy is causing problems for the economy. Im not a supporter of high Interest Rate