then it is over to germany at 8:30 a.m. and figures for the eurozone at 9 a.m. anna: coming up, the fed. stay with us on "countdown." ♪ mark: the federal reserve says it is unlikely to raise interest rates in june while leaving open the option of tightening later. let's discuss this and other key economic news with our guest who is a chief economist. good morning. june seems to be off the cards. does that make september the favorite? philip: we think september is the favor. -- favorite. june has been off the cards for a while. in the words of several fed reserve officials, the economic situation is murky. we haven't really emerged for them to start heartening -- tightening. we have had a couple of signs of economic activity, nothing that convincing. on the plus side, we have had better news from housing. sales have disappointed. with any luck we'll have enough clarity. anna: what is the weakness in consumer driven parts of the economy? what do you put that down to? are they emotionally scarred from the financial crisis? is the consumer a different beast? phili

starting to see exposure to germany and spain. we don't just want our mobile phones from one company. we want our tv and internet and homeland lines as well. it looks as though the company is turning the corner. they have the intention to grow their dividend per share and that is going to be music to investors' ears. the revenue creeping up 10%. >> it is a return to growth. let's get our attention now back on to greece. is it about to seal a deal? could it be safe from bankruptcy their leaders say they are inches away from an agreement to unlock bail-out funds. varoufakis spoke a lot today. we have heard a lot of this before from varoufakis. hans: it was a remarkable interview. he talked about a referendum. he backed away from this idea of a referendum. he said it would be unfair to greek people and said it is a binary choice. >> if there is referendumming it would be on the euro. i think it would be unfair for greek citizens to have to face such a dilemma and have to answer with a yes or no. hans: there had been a bit of talk abo

the ecb president mario draghi of germany. in france greece's is due to make a 200 million euro interest charge to the imf tomorrow. luxury eyewear maker reported earnings that beat estimates. sales were up 20%, helped by the strong euro tail wind. stay tuned for the exclusive interview with the chief executive later. department of justice is joining ofan investigation from 2012. the probe relates to the last meeting between officials and a global advisor whose reports on details is at the center of the investigation. the total return fund is the largest non-mutal fond following two years. pimco suffered $110 billion from outflows since the longtime manager bill gross left in september 26. you can find more on that story at bloomberg.com/europe. caroline: none other than bill gross is trending on twitter. you can join us on the conversation on twitter. it is also on apple tv as well. give us some of your thoughts. some of the things that are trending today. new guinea also trending after having another earthquake. the fourth e

here in germany, you are hearing an emergency consensus. wolfgang schauble talked about how the blame was squarely with the greeks. if greece wants to compromise if citrus -- tsipras wants to cut a deal, it is up to the greeks. the germans do not want to go any further. varoufakis seemed to be blaming greece -- germans for their overly-generous pension system. it does not look like there will be any give him the imf will either. caroline: clearly, varoufakis is talking tough it what about tsi pras? does he have the mandate to get this through? hans: a status check on how they have done recently, a big, long meeting. remember, syriza has a 12-vote margin in the 300-seat parliament. the vote was to say, do you want to default on payments or stay true to our principles and not compromise? the vote failed by a count of 95-75. that means there are 75 within the greek parliament that do not want to compromise the principles, even if it means defaulting to the imf. this is going to be center stage at the finance ministers meeting that takes place

you're looking at yields in germany now it .68%. that is nearly 12 times what they were three weeks ago. anna: you're looking at a live shot of the city of london. equity markets are due to open up in 11 minutes' time. a little sluggish at the start of equity trade. down by .4 of 1%. more on what is driving the markets when we come back. ♪ anna: welcome back. equities set to start trading in a few minutes time. caroline is here. through-line: it could be down but overall it was a beat when you look at profitability. in more than 150 markets. the fourth biggest brewer. they are still feeling the pressure in russia. there up -- they have a new chief executive taking the reins. it is official. a dutch-belgian combination. they confirmed they are in preliminary talks. there is -- there may not be a result but they are exploring the opportunity to combine together and have more than 6000 stores. it would be having one he 5 billion euros worth of company value if you add the two together. this is a company that could start building pres

he doesn't need to focus on germany. just as well, because the ruling body in europe doesn't like sepp blatter. sepp blatter focuses on the smaller nations, the cayman islands. these nations have thousands of inhabitants. brazil has 200 million. that's why bladder has focused on this nomination. that's why blatter is favorite to win today. the ruling body in europe said it should boycott the election. it said the election should be suspended. they decided they would take this opportunity to force change from within. caroline: all about tactics. you've spoken to a number of high-ranking officials. give us a sense of the mood in zurich. manus: we -- mark: we've spoken to a lot of officials. we've spoken to the head of the italian football association german, dutch, barbados, palestine. we tried to get as much sound for you as possible. it is shock and horror after the indictment by the u.s. department of justice. some of the allegations are absolutely astonishing. bags in paris hotels stashed with $10,000 piles. here's wha

the question is, public opinion in germany. some within her own party no that public opinion is turning around. mark: let's talk elections. the u.k. variety. it took many by surprise. the pound had its biggest daily gain. volatility falling on friday. 44% drop. hence, what does this mean as we approach the next big event? the eu referendum. whether it is one year or two years away. have: -->> guest: when you look into movements in currencies over a. of one or two months, i it is dominated by money markets. this applies especially in the case of sterling. the flows are moving in the right direction. it has been week for several quarters. guild flows have been weaker. the money market is holding up sterling. the money market depends on consumption in the country. that does not look too bad. when you look at what is now happening in the housing market, or what is now going to happen in the business indicator whether this relief affect will come through economic policies. will it stay more business friendly. it will create a lift i

germany has no energy. in the beginning of march we made this a good suite. we exited all of the exporters. >> we are to take a short break. what do you think of banks? it is a bright and beautiful day out there. futures in london indicated up. the rest of europe coming to unchanged. futures have indicated slightly higher across an equity benchmark. stay with us. ♪ >> thanks for joining us. a lot of italian banks have already outperformed the industry. >> if you look at italian banks, they are trading on 0.9 times. the economy is just turning around. i think the banks will go to low double digits. they should be trading at a significant premium. >> you are talking about emerging markets as things that will come back. talk us through it. >> we're hearing that emerging markets have done terribly for years in a row. they are clearly uncrowded. a lot of them have left emerging markets over two years. they are an interesting area to be an. we like china. we like india. as an asset class it is for all these reasons. >> can emerging markets cope with such a move?

germany's dax, 88%. those gains are dwarfed by 158% increase for denmark's copenhagen 20 index europe's best performer over this five-year period. the world's best performing index since may 7, 2010 venezuela's stock market index page it soared a mind-boggling 8891%. greece's asc slumped 51% in that time. cyprus, the worst performer down 92%. this is the bloomberg sovereign bond index. it is a gauge of u.k. government bonds. may 7, 2010 -- since then, that index is up by 36%. that beats the u.s. treasury market, up by 18%. it beats of the eurozone's sovereign bar -- bond market. germany's sovereign bond market is up by 26% in the same period. the european bond markets, which have outperformed the u.k., are spain portugal, italy with a 44% gain, and ireland with a 72% return. let's finish with currencies. let's look at the pound against the dollar since may 7, 2010. in that period sterling has risen by 2.5% against the dollar and i looked at all the major currencies in the world. there are not many curren

germany is key for so much of the rest of the eurozone. mark: are you buying into this reflation story that is being painted by some to explain what is going on in the bond markets? tom: i am skeptical. if you look at the core inflation readings over the past few months they have been stable in the eurozone. .6, .7%. that is the same level they were at a year or two ago when people were talking about inflation fear. i am not sure that there is a real reflation story going on. anna: people are looking at oil prices and saying inflation is happening. tom: in oil prices, energy costs. fundamentally the pricing power that households have and the labor market and negotiation wages, that does not seem to be recovering. manus: i saw an article government assesses over deficit reduction. governments that obsessed with physical rectitude is a bigger problem. would you agree with that? we are all dying or hoping that the euro tanks, not a great scenario. tom: if you look at what countries are doing in the eurozone, spain over the past few years ago

mark: breaking news out of germany. it seems as if the figure is 3%. in line with the earlier estimate after the economy expanded 7% -- 0.7%. consumption rose as a sign of confidence. private consumption advanced 0.6%. trade was the drag on growth. confirming that may 13 estimate. while the slowdown -- the bank says the economic expansion will continue. a gauge of business confidence will be published a little later this month. it is forecast to remain close to a 10 month high even as every momentum in manufacturing signals the economy is not immune to risks from weaker global trade. the economy expanding in line with the earlier estimate. manus: a couple of lines we broke earlier about greece. they are very close to signing a deal with her creditors. there are a couple more but i think are bringing to our viewers attention. a government spokesman says they will not compromise on labor reforms or pensions. these are the red lines. the greeks had said they would reach a deal with their creditors by the end of may, but they say they will not compromise o

so a cayman island is as important as germany or brazil so awarding funds to those as well often and shores -- the incumbent is beneficial. beneficial to presidential voting. caroline: we will see if it does affect that residential election. yvonne man is in hong kong with a look at the asian markets. give us a sense -- been picking up the negative data. reporter: we did see a second date -- day of losses here and china. getting close to that 5000 mark. 2/10 of a percent right now. they're losing down the 6/10 of a percent right now, there are concerns of these ipos coming up in china. about two dozen happening from now that could be freezing some money out of these existing equities and we saw brokerages and tightening of rules on margin lending. at one point we saw sticks -- six stocks fall and four stocks rose. the u.s. data is looking much more positive than what we saw in the first quarter, everything from housing, manufacturing to consumer confidence higher than market expectations and talking about this outlook for the rate rise could be more likely now. the vice chairman of t

what is clear is that france and germany would like to referendum to happen earlier. cameron would like to have this going. you have the momentum going. it is going to dominate his term until it happens. there is also the issue of uncertainty for business. everyone wants to get this out of the way. the french and the germans have elections in 2017 and they don't want europe to become one of the talking points. manus: the timeline from an economic investment point of view you worry that the investment will drop in the u.k.? >> it will definitely be something that will be pushed back until you get a clearer indication of what's happening. there is going to be investment but it is not going to grow as quickly as we would like it to. manus: senior global economist at standard charted. always great to have you bright and early. caroline: you can join in on the conversation and follow manus cranny at manus cranny. i'm at caroline hyde tv. keep posting your thoughts about what's happening. four countries, the tour, two days. manus: coming up we'll talk property reported earn

or in germany. you have to deal with all those markets which makes it difficult to have a unique strategy with all the markets. mark: how do you counter that? >> i think the best strategy is that you have to adopt a flexible market strategy, so to be able to change your strategy from the u.s. market and from european markets -- otherwise you are facing multiple problems in those markets. mark: data and cyber security risks are the fourth category areas when it comes to data hacking and cyber terrorism, our telecoms companies doing a good job at coping with those threats? >> i think the last year or something we have seen some spectacular cases where you can see the impact of incidents. i think they are not quite prepared for that so they need to invest more in that and it is expensive for them to invest. there are a lot of things they will need to do to taste this risk and they are not yet where they should be. mark: are they in they should be when comes to maintaining data privacy? >> i think it is

airbus has filed a criminal complaint that germany helped the u.s. spy on them. the company also demanded clarification over whether the german intelligence agency was part of an information gathering operation. the sony office will more than quadruple to $2.7 billion. that is 20% less than was projected. they're trying to shake off their disappointment to investors. it is a considerable risk from fx fluctuation. mark: "countdown" continues, stay with us. we are the top of the hour here in london. ♪ mark: chinese manufacturing to just the economy is stabilizing. manus: monsanto is said to approach another company about a $31 billion takeover. mark: he says he is confident about the bailout, but faces obstacles from the eu and within his own party. manus: tesla unveils its battery for homes, businesses, and utilities. mark: welcome back to "countdown." fight night. the fight in las vegas is expected to be the most in boxing history with estimates of up to $409 in revenue. manny pacquiao -- $400 million in revenue. manny pacquiao said he was not afraid to be the