Luxury brand moves in on the contemporary art world, we speak to the ceo. Mark hello, welcome back to countdown, i mark barton. Also coming up on todays show the business of sports. England cricket player needs protective equipment. Questions about the decision to leave out Kevin Patterson from the series. Caroline lets bring you uptodate on the Market Movement or if the u. S. Dollar is headed for its sixth weekly loss. The Federal Reserve will delay raising Interest Rates. Oil pared its rally after nine weeks of gains, futures are sliding as the price of opec and american shale drillers is set to increase later. Chinese stocks are sliding since the Central Bank Cuts and Interest Rate at the beginning of the week. Lets get to shery ahn and hong kong. Sherry good morning anna chinese stocks are falling by the most in a week. The shanghai composite is down one and a half percent. We are seeing increasing concerns about a liquidity tie up in china. We have a number of ipos here not to mention concerns over Economic Growth. Holding onto gains of half a percent. Asian marks markets are a bit mixed this morning. They are swinging between positive and negative territory. There is a Strong Performance out of the u. S. With the s p 500 closing at a record of 1 . Microsoft and apple leading. Some markets in asia are losing ground throughout the morning. Korea is down half a percent, after the central bank past the key rate study at 1. 75 . Singapore is trading flat. There is a Property Value or Property Company has profits drop. The nikkei gaining 7 10 of a percent. They do not think further action by the boj is needed currently right now. The bank will continue easing until that 2 inflation target is achieved. We had data out of japan this morning showing that ppi fell into negative territory in april, following a 2. 1 . That was in line with estimates. I will take you to some of the biggest movers in japan. Today we had dentsu gaining. Rising 20 . Mequon, plunging more than 12 . That is after they slashed their threeyear profit target. Showa shell down 5 . That is despite raising profit forecast at 41 . Investors not so convinced. Anna shery ahn in hong kong. Manus netflix is in talks with a Chinese Media company. It almost his 6 billion. The answer is in the headline 6 billion market and 2 billion people wanting to look at videos. Caroline the growth is exponential. This is why china is so attracted. Why would the maker of house of cards want to get into the Biggest Country in the world . It is the biggest with 1. 4 billion people. It is expected to triple in the next three years. Thats market evaluation is expected to triple. They could be up to 14 billion by 2018. The discussions are ongoing with a number of Companies Currently in the country. Watts to media is one of them. Netflix we know whats global domination. They want to be global by 2016. Earlier this week, chief continent content officer was saying they intend to try to figure out china and how to get there. Broadcasting and media in general, very regulated in china. Does that have a bearing on how they choose to execute the strategy . Caroline that is why they have to go in with a partner. We intend to go in with a partner, in fact they cannot without. It is essential, china controls the licensing. There are seven companies that have a license to broadcast television over the internet in china. One of them is last to wasu. They want licenses across the board. We are not just a tv consuming company in the u k, neither is china. They want to get into mobile phones and computers. You name it, they want a license. Mark censorship of contents how will they tackle that . Caroline i dont think they have figured that out. The regulations are stringent on chinese authorities when it comes to content. Since april, if you want to show madman and simpsons. A cannot show entire episodes until all of them have shown. Until the season has ended, you are not allowed to broadcast. They are coming down more quickly. Episodes need to be handed in. They need to check for violence sexual offensive issues in it. The Ruling Communist Party could say no. That is going to be some thing to navigate. House of cards is brilliant. A few episodes may be deemed offensive to the Ruling Communist Party. Anna a lot of navigating to do. Manus in the words of frank underwood, democracy is so overrated. Lets turn our attention to greece, the officials continue to negotiate today with the imf and the euro creditors. The latest round of talks started yesterday. This week greece made a payment of 750 million euros. It had to dip into the imf reserves to do so. The nation also slips back into recession. Varoufakis says yesterday he wishes his country had never joined the eurozone. A varoufakis make no mistake, this is not the statement that i wanted. I wish we had never entered this monetary unit. I think deep down all Member States of the eurozone would agree with us now. It was badly constructed. Once youre in, you do not get out with a kiss that without a catastrophe. Manus imf director and the ecb president spoke at a panel at the imf headquarters where draghi defended his qe program. Draghi faced with unprecedented decisions, the ucb ecb has gone through a. To deliver its mandate. These measures have delivered to be potent, more so than people anticipated. We increase confidence and economic prospects to capitalize on todays extremely accommodating finance committees. Mark barack obama promised leaders of the persian gulf that the u. S. Would come to their defense in the case of any external attacks. That was at a meeting at camp david. He also said any deal with iraq would prevent it from giving getting a bomb. Elliott has more. Have gulf leaders concerns been eased . Elliott it is hard to know what more they couldve expected. They were not expecting any ironclad treaty of mutual defense or anything. Given that was not going to be on the cards, it is hard to know what more they couldve expected. President obama was there to tell them he had their back and he would help them deal with issues. There was also john kerry, treasury secretary, and total chief all there to try to do it inform americans and the gulf our allies, but also to tell them and show them they will enable these countries to deal with the Islamic Republic themselves. President obama the key purpose of our partners is to make sure they can deal with iran politically dramatically, from a position of strength. Elliott in practical terms that means more weapons. The difficulties in that part of the world are further of were further underlined yesterday. When a singapore flagged vessel had allegedly caused the damage to an iranian oil rig. This is the third time i ran has aggressively tailed a ship in those waters off the gulf. Things could get a little bit worse or more harry the next week, or may 20. An iranian vessel is planning to dock in yemen to deliver humanitarian aid. It is being blocked by the saudis at the moment. That could result in friction at friction. Things could get more concerning in the persian gulf. Mark Congress Passed legislation that would review any final nuclear deal with iran . Elliott this is the Iran Nuclear Agreement review act. We talked it passed by a wide margin in the house. It will now go back to president barack obama. It means that if and when secretary john kerry reach a final agreement with iran and their Nuclear Program at midnight on june 30, it will go to congress to be reviewed. They will have 30 days in which to review any final agreements with iran over the Nuclear Program. They will either say yes or no. Mark elliott, thank you. And girl top stories on bloomberg. David cameron is set to meet Nicola Sturgeon in scotland today following his election victory last week. The u. K. Leader will underline his commitment to pushing the scotland beltre parliament. It would make government in edinburgh responsible for 60 of spending. The nato minister discussed the organizations response to russian russias attitude towards neighbors. A video emerged of some of the western alliance swaying and belting out lyrics to lionel richie. Barclays maybe find for Interest Rate rigging. They say it u. S. Prosecutors will stop short of a deep guilty plea. Israeli Prime Minister began his fourth term in Office Without naming a foreign minister. He opened a latenight session with a acknowledgment that his government needs additional members to thrive. Pimco says it will close three active stock mutual funds and focus on investment strategy. The chief executive officer will leave and the company has no plans for a replacement. You can get more on the stories at bloomberg. Com. Mark coming up, growth in europe, could the economy be stunted by a global slowdown . We will talk about that after the break. Manus our next guest says significant Global Growth is affecting everyone. The. 4 figure outperformed the u. S. And the u. K. For the first time in a number of years, your concern is the composition, the breakdown of the individual country. That is right. If you look at the slugger of extra cash eurozone consumers have had over the past couple of quarters,. 4 percentage is disappointing. We were looking for. 6 or. 7. Although we have not had the full composition, it looks like slow exports, particularly in germany. That is part of the reason gdp fell short of first quarter. Anna the Global Economy is the Global Economy, that structural changes in the eurozone, that is in the control of some of these governments. Should we read something more positive into this . Tom it was. We need we seem to be the bearer of more bad news. If you look at what is happening in france and you look at the sectors growing in the past few months, it is the sectors most heavily reliant on cheap energy. The Old Industrial sectors have been rebounding robustly. That hardly speaks of sustainable recovery among energy prices. We think that is less sustainable in france than we had hoped. Manus the sustainability of the recovery of the eurozone. Are you comforted as a economist by what draghi said yesterday in washington that qe would be implanted in full. Does that balance your concern . Tom we think that is a key reason why the euro has sunk. It is appreciated it little bit in the last month, the euro is fundamentally at weaker levels than it was six or eight months ago. The promise of full implantation of qe is the key assumption of that respect. It is good that he reminded markets that that will be the case. That underpins the euro icon current levels looking ahead. That will be key to export prospects to the second half of the year. Manus the periphery of europe is export dependent . Tom the key for german exports into emerging markets, in particular with japan. 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 two years the turnaround in business investment, these are positive messages. Some of the countries in the eurozone need to take a look at what spains government has done. Companies in france and italy might have more optimistic prospects about investment and job creation. Anna we are seeing the jobless figures come down in spain. Tom the Unemployment Rate has come down by 2 . Wages are not going to rise for quite a while because there is slack in the labor market. Households seeing their job prospects improve, they are worrying less about job security because unemployment is going in the right direction. That is positive. That is something that should be more keenly understood. Mark varoufakis said he wishes they had the track mark, and not mean he wants that. Tom it is a bit like when you asked him for directions, he said i would not start from here. Mark will he get his the little message . Might he get the drachma . Tom we saw they made their imf repayment earlier. The Debt Repayment is becoming more onerous. We are running into the. Of the year were greece runs a cash deficit. Figures will become more difficult before easier. There is going to need to be an agreement with new net financing if greece will remain. Anna are they moving at a unbelievable slow pace . We saw overnight that the greek government is dropping objections to the asset sales by external creditors. They are Still Holding firm on pension changes. Is there some sign of progress . Tom these things happen at a almost glacial pace. It is politically difficult for them to reverse pledges. It is clear that the greek population as a whole once to remain in the eurozone. I think that is the key test by which they will be judged. Manus when you follow some of the economic things that happen here in the u. K. There is this hiatus in terms of what is going to happen industry is not delaying at the moment. As we wait for the grexit referendum, it will have substantial impact, wouldnt you agree . Tom we think whether or not the u. K. Stays within the eu is a question for u. K. Voters. Mark carney is right, what businesses want to see is certainty. In that context, it is possible the conversation between the u. K. Governments and partners is starting. In addition, it is difficult to see this question would have gone away had the outcome the different. In fact it could of been an extended area of greater uncertainty culminating possibly in the next election with a more stark and divided electorate. Mark where are we in terms of inflation rp. Cutting growth forecasts. Middle of next year is where the market is . Tom the key reason why the bank of england cut its growth forecast does seem to be an increasing sense of realism. Growth will be slower largely because we are entering a. Of slow growth. We will get back to capacity about the same time. Mark thank you. Manus join us on twitter. I am going to do did you picks digi picks. Well talk more about that later. Still to come on countdown, the luxury giant product prada, he says they have seen a renaissance of luxury goods, that is a conversation you do not want to miss after this very short break. Back in 2. We live in a pick and choose world choose choose choose. But at bedtime . Why settle for this . Enter sleep number. Dont miss the memorial day special Edition Mattress with sleepiq technology. Sleepiq tells you how well you slept and what adjustments you can make. You like the bed soft. Hes more hardcore. So your sleep goes from good to great to wow now we can all choose amazing sleep, only at a sleep number store. Save 500 on the memorial day special Edition Mattress with sleepiq technology. Know better sleep with sleep number. Welcome back to countdown. Lets check a on the dollar. Week five of the decline. We are flat now, down 1 8. This is the fifth the week of declines, the longest losing streak on the dollar since october 2013 a. Theres only one other currency doing worse than this stand is the new Zealand Dollar. June 5 is possibly the next potential day for a bit of fireworks in the dollar sentiment according to bnp paribas. The consumer comfort outlook is the lowest since march. The forwardlooking review of how the economy looks in the u. S. From the Bloomberg ConsumerConfidence Index is at a fivemonth low. The dollar is absolutely on a momentum undeniable. Its on the downside. Check out the malaysian ringgit. It has overall been strengthening, as you can see, over the past 30 days. Then momentum continues. Better than market expected and the estimate was 5. 5 percent, dollardime. That complex, if its not the new Zealand Dollar the aussie dollar, the malaysian ringgit, keep an eye on the pound. We are back to flat 157. 74. I sent this out on twitter. This is your next bus stop for dollarsterling, 1. 5815. The last time it best that level was back on september 9 and the last time it managed to burst through that level it went on to rally a further 10 . 1. 58 115, mark. Mark netflix is in talks with a Chinese Media company backed by jack ma as it tries to break into the online video market. Netflix has held discussions with companies about forming a partnership in the Internet Television network aiming to be nearly global by the end of 2016. A purported buyout of Cosmetics Firm avon sending the Cosmetics Company share on a rise after it turned out to be a hoax. The filing was ptg Capital Partners sing it was offering to buy avon for 18. 75 per share, three times what it was trading the day before. Toshiba risks losing its place in the nikkei stock index as