Good morning, everybody. This is bloomberg daybreak europe. We will get into the big picture story in a moment. Breaking news. We are waiting for the Banking Sector to wake up with bnp numbers. Numbers coming through. Lets talk about what they have got to say this morning. They have decided to accelerate the pace of investment. Fourthquarter net interest income. That is ahead of the estimate of 6. 27. They have increased their mortgage volume income. This is a bank that is very exposed to the swedish Housing Market, of course. The impact of the slowdown we have seen in this Housing Market for this business is crucial. We have seen the biggest slump since the financial crisis, even as the economy has been growing faster than average for europe. Saying they see signs that pressure is easing on this Housing Market. Headlinerucial, the coming through. Manus we are officially in a correction. Falls by 2 from the high point. I said to you in the headline that the asian markets were careening
R what could be the perfect economic storm. Were in for nasty weather. To me sis is a francis just how nasty. What do you think . Business spending on fixed expenses, fixed costs down 1. 3 . They are not willing to buy buildings, take on higher represent, not buying computers or equipment because they dont believe the demand is coming. They are not making any bigger investment. Thats what we need to lift the economy is that investment, and the fact its declining . Wow, thats really a bad sign. Neil scott, a Better Future indicator . What so many ceos are saying im preparing for the worst just in case. Suspect that a more telling future . Yeah, look at Consumer Spending numbers. The positive note is it increased, but guess what . Its down from the First Quarter and down from last year so youre right, the businesses look at the dollars from the wallets saying, hey, they are not flying out of there. If you look the the investment numbers, convicting to gdp last year and the year prior, wh