Complicate things. Welcome to countdown. Anna we have some breaking news coming out. Bill on the comments yesterday evening. Charles evans said the feds have will depend on the economic outlook. Channeling janet yellen carry too early to tell if inflation rebound is sustained. This is the chicago fed president evans who has said that two rate hike this year will be appropriate. Duck killing what he said yesterday the market is very much mistaken if it thinks we are just going to get the one hike this year. This Charles Evans latest comment. Anna those concerned about whether inflation rebound is going to be sustained echoing what we have heard from some of the other more dovish comments we had last week. Worried aboutas whether inflation would be sustained. Compounded with retreating oil prices. Where oil goes, stocks follow. We were wondering if that link would break down. It seems it has been reinstated by the session. Asian stocks hitting a fiveweek low. Index is justld beginning to come across. The resurgent rally we had in the price of rally drove the emerging marts. Rba left their rates unchanged. Saidwiss National Bank negative rates are key to further easing. If negative rates negative rates are indispensable. They are talking about their experience with negative rates. Such a longe had experience with negative rates. Of us bring up the charts the Australian Dollar to show you the impact. The Australian Dollar we saw it before the announcement falling. There was a lot of talk about whether the rba would change its rhetoric around it but it seems the market when they saw the rba say that aussie dollar appreciation could complicate economic adjustment, it went higher. Manus it jumped 13 . The currency is now Strong Enough for the central bank to become worried about its overvaluation. What else is on the radar risk . Dollaryen. Japanese equities are weaker. On dollaryen. Sizable news. Risk aversion trend. Exhibited by the gold prices. Manus keep an eye on that dollaryen because it is up. 83 . Does the young care about what kuroda says anymore . Bloombergus get the first word news. Toldha credit suite has Bloomberg Television that the Global Financial system is safer thanks to banks raising capital and deleveraging. He said it is a great time to invest in the region and he is confident in china in the medium and longterm. Trend toes is on double profitability. Soon asy approve as this month a plan to make it easier for banks to convert that into equity according to a person with knowledge of the matter. They say the government may allow conversions of as much as wan. Trillion thousands of icelanders have taken to the streets to express their anger against the government after documents were linked in a Panama Papers scandal suggesting the Prime Minister allegedly benefited from offshore investment accounts in tax havens. Police erected barricades around the parliament to protect lawmakers from protesters. Earlier, Opposition Mps put forward a motion of noconfidence and called on the Prime Minister to resign. To double thelans size of its stock market which is among the most closed in the world by adding dozens of companies and making it easierf. Attract privately owned firms hoping it will boost the market. This is according to the Capital Market authority, the countrys regulator. The next three months will be all about the loony. Buyer says not only will the Brexit Debate way on the pound it will also wipe out the euros biggest quarterly advance in five years. Bill gross was warned and acknowledged that he would lose his bonus if he quit the fund before the Third Quarter of 2014. The companies response came in a court filing challenging his allegations that he was forced out. He is suing for 200 million. If there is a settlement, it will be donated to charity. News 24 hours a day powered by our 2400 journalists in more than 100 news bureaus around the world. You can find more stories on top. Manus the chinese are back. Little bit of pressure. chinese and hong kong markets coming back online after the Public Holiday yesterday. Look at the convergence between the shanghai and the hang seng which is down 1. 4 . Very much what we are seeing across the rest of the region. Directory trajectory. Index isnal benchmark holding at a fiveweek low. A different story in shanghai, coming after the lunch break and adding to the morning gains. The state listed companies are dumping by the 10 daily limit. Saying that it has been quite cyclical and they are seeing some upsides to the a shares. You can see the selling coming through elsewhere particularly in japan. The nikkei two to five down by two point 2 as the yen appreciates to an 18 month high against the dollar. E players and you were talking about the aussie the aussie dollar before. There was a spike. , its strengthlar is one of the governors concerns and we have seen the aussie tick . 76ve the 70 sent level. Sticking with that part of the world. Evans, he has again expressed his view that to who will be appropriate this year. Anna he was speaking in hong kong. He said it is too early to tell if the u. S. Inflation rebound will be sustained. And a shallow rate hike path is needed given the risks. Fxemy stretch is head of strategy. Good morning. I believe it will be appropriate to make two more rate hikes and follow a gradual path of rate increases thereafter. What you make of these comments . Jeremy relatively appropriate. There he much in line of what we are thinking. I think it ties into the assumption that we are talking about a gradual progressive rate path. We saw one hike last year, two hikes this year. Continuing that theme is the Global Environment remains on track. It makes sense. That is still going to be relevant. I think we have seen dollar longs trimmed aggressively over the course of the last three months and if we see markets coming back to realizing that earlyd could inflate as as june, it provides impetus for the dollar. Manus people were saying that Janet Yellens speech last week was a game changer. Here we go again. Mr. Evans saying get ready for two. , the selloff we overn in the dollar the past three months, we are down 4. 2 . Toigroup says it is too soon buy into this downdraft. Is it too soon for you . Jeremy patients he is required. We may need to wait until the april fed decision. And further confirmation that june is on the table. I think there is an element of patients in that context. There are still other opportunities in some of those dollar crosses, sterling is an interesting one. There is a case to be made for some degree of patients but it is going to be a scenario that will play out over the next three months. Anna the fed is concerned about the Global Outlook because they reference the globe when they make their statements. What do you think they make up the next environment . Barclays is suggesting that negative rates in japan was limiting the feds ability to increase. To jeremy the landscape has changed dramatically because of the preponderance of negative rates. , we talk about Monetary Policy differentials in the context of japan and ecb. They are moving further into negative rates adding to the difficulties that the Federal Reserve has. In terms of Global Conditions, it almost feels like a bit of a fig leaf for the fed for the fed. It does seem to be the case that janet yellen is moving away from being a pragmatist and is still concerned about moving rates too early to soon. She is using Global Conditions as we saw last autumn in the wake of the equity market she is using those conditions as a fig leaf to provide justification for doing nothing. Manus ethically for justification. One other story we have this fig leaf for justification. One other story were following this is the number one threat. They are convinced that the euro is potentially set for a much bigger fall if we on the 24th of joan and we have 24th of june and we have voted. There will be a enormous ramifications of which most of us cannot accurately quantify. Was also dizzy one of its largest members of voting to leave the regime it does have ramifications in europe and in the dynamics of the growth. And also in terms of the other members left behind. We have seen some of those other ifs starting to say the u. K. Was able to renegotiate its membership, what about us . The dutch and the ukrainian reaction is a bit of a lightning rod. Anna the chief executive of Credit Suisse says he is confident about the banks compliance overtax issues. Over tax issues. Among hundreds of banks that referred clients to a law firm to set up shell companies. Good to see you. It looks as if we have a problem getting to him as you can quite clearly see. A bit of a problem getting to him. A fascinating conversati. He touched on the Panama Papers suisse saiddit they did not want to comment on that. Rishaad 11 million pages which have been revealed by the International Consortium of investigative journalist. The Panama Papers is reverberating throughout the world. It is something that the chief were they involved in illegal activities and panama . . In panama . He denies there was any wrongdoing. Accept vehicles if they serve legitimate purposes. Every client has to certify they are compliant. Structure we a insist on knowing who is the beneficial owner. We are very confident in our practices. Ad wide ranging interview. We were talking about headcounts. Seeing hundreds or thousands of e sincet by credit suiss he took the helm. One part of the world where they are increasing is in asia. Theyre building their Wealth Management business in china. Japan is very strong in that field. Trading losses that we have seen and is liquid positions he says it would have no material impact. Has changed over the last five years dramatically and people are talking about where is the next financial crisis going to come from. He says lenders are in a better position than they were before. Financial situation is in a stronger place. The Global Financial system feels safer. There is now more debate about centralbank policy and would and what Christine Lagarde described as the cyclical nature of policies. Rishaad manus the ever pressing fortion, are they planning brexit orsupporting a how it will impact business. Has he given us an answer . Aad manus, wiggling he said they had no contingency plans that they were prepared to reveal but there are contingency plans. He is very much in the camp of staying because he sees britains future as more secure. That is one of the reasons he says britain should remain within the european union. Whichned the open letter had been signed by most of the ftse 100 companies. Manus good to see you. The day ahead an hour,just under there is a factory orders data from germany. At the same time, we get the numbers a slew of pmi including from russia, germany, france, and the eurozone as well as the u. K. At 8 30 a. M. , Christine Lagarde presents her agenda for the imf meeting. Will be in speech it frankfurt. In the german finance minister is a speech on the future of the eu. Anna stay tuned. Will be speaking to Christine Lagarde in her first meeting of the day. If you are just getting seated at your desk, let us get you up to speed. Allergan shares plunge in late trading after the u. S. Treasury Department Announces rules that would limit the ability of American Companies to avoid avoid paying taxes by issuing debt to their foreign parent. Allergan is run run new jersey but has a legal domicile in dublin. It agreed to merge with pfizer in a 150 billion deal that would give rise are in for an address and a lower tax rate. In extended fell trading after the company missed its sales estimate. It shipped fewer than 15,000 vehicles last quarter. Tesla says that was mainly because of parts shortages and hubris in adding too much technology. The Company Reaffirms plans to deliver 80,00090,000 vehicles this year. Disneys chief operating officer stags is stepping down modeling plans at the company. He was widely seen as the air to the current ceo bob i bob bob eichner. Shares fell after the news. Anna the canadian government planned promised to spend 1. 2 billion to develop green energy but the Natural Resources canada wouldests continue Oil Exploration in the mediumterm. The job is to convene the premiers summit talk about our National Objectives and determine the best mechanism to get there jointly. Manus jeremy stretch is still with us. What a time to have a canadian representative in the bloomberg studio. When we talk about canada and australia and the relief rally that has been for these commoditybased economies, it is been an interesting run for march. The oil rally is cap doubt by the new of what we see cap ped out why the new ones is. Nuances. Canada is not just an oil related economy. Direct relationship in gdp is less than 10 . In terms of the oil rebound, we have moved too far too quickly. We had seen some sure covering and now it looks like we are seeing shorts the rebuilt. Having said that, it april historically does tend to be a month where canada performs very well. Be the case that if we do is dollar canada going higher, it has to beat history to do so. Have been paring shorts aggressively. We could be in a scenario that there is an opportunity to find a slightly cheaper Canadian Dollar. About those loosing of the pursestrings . December, then bank of canada was talking about opening the door to potential break and canada. In the context of canada would have been a further drag. Because of the fiscal expansion, it hask of Canada Limited the downsize of the Canadian Dollar as well. The bank of canada would like to see the Canadian Dollar proving to be a little cheaper. We will see that over the course of the next three months. Dollar canada reversing from the past appreciation. Manus the centralbank implemented negative rates. Further easing is possible. Negative Interest Rates are indispensable. If you talk about sweden and is slightly it different motivation in terms of the negative rate position versus the others that are battling with negative rates. How low can they go . Right tooure distinguish between sweden, switzerland and the others. Easy to lump everyone in because they have rates below zero. There are different reasons. They have taken some extreme action. Weve seen that in the reflection of market movements. They are reminding the market that they are there in the currency does not appreciate to significantly. We continue to see action in the fx markets. The smb would say we still can do more. Manus they will have to trump this verbal intervention. I am tired of listening to jordan. 75. How low does he have to push it to defend his position . Manus josh jeremy talk is cheap. We are on a path of diminishing returns. Reaction you have to be more aggressive. If the as and be really wanted materially change the game i dont think that justification is in place at this time. He is hoping that is not going to be an appropriate door or strategy. Anna Australian Dollar. No change this morning. Markets were wondering whether the central bank would say anything about the strength of the currency, that beta bit of a head when and they did Say Something about that but looking at where the Australian Dollar spiked in the results of that, what did you make of those comments . Jeremy we are seeing a significant appreciation since those february lows. It was almost inevitable that the bank could not ignore that. They have given the market what it wanted. To see aould like cheaper aussie. They would like to see the fed doing some of the heavy lifting for them. Anna thank you very much. We will stick with the rate story when we come back. Manus we will talk about india. The expectations are for a cat. We will bring you those details right here on countdown. Anna welcome back. Getting details of the indias Central Banks rate decision. Cutting their benchmark rate. Manus this is the critical line. This is a theme we have listened to from our team in india. Talking about the cut potentially but also the facilitation of being more accommodative. That is the critical point on the rupee. Little Immediate Reaction there in terms of the rupee. Anna we previously heard from the Indian Government committing to Fiscal Consolidation. Liquidity is a crucial factor here as well. We are looking out for any comments there. Something of an issue of late. We will get some analysis on that in a short while. That is get the bloomberg first word news. Banks says reserve the aussie dollar appreciation could complicate economic adjustment. That came as it held on interestrate for an 11th month. Yossi was the strongest performer among a group of 10 currencies soaring more than 7 . Credit suisse ceo has told Bloomberg Television that the Global Financial system feels they for thanks to banks raising capital and deleveraging. He says it is a great time to invest in the region and he is confident in china in the medium