Welcome to the program, everybody. This is countdown, live from london. Just at 6 00 in the morning here in london. Let us get to breaking news this morning. We have a lot earnings coming through, starting with the business that is syngenta. In the process of becoming acquired by the stateowned at 43 billion. In the meantime, they have given us an update. Performance is resilient in a challenging marketplace. They are giving a sales number for the First Quarter, 3. 74 billion, just ahead that was estimated by the market. There has been a host of mergers and acquisitions, dow chemical trying to merge with the rival dupont as well. A lot of talk about on the m a, and whether the deal with china will go through. Trading through the offering price, we saw traders talking about only a 35 chance of this deal actually being done. Concerns ingulation the u. S. Particularly around this kind of industry, seem to be a concern for some watching the sector. Let us move on. We have a lot of news coming from the technology space. We have u. S. Earnings of course over the past couple of days. Reporting numbers now, this is the largest europes Largest Semiconductor equipment maker. What clues are they giving us about the pace that customers will ramp up the capacity or invest in new machinery, that is always key with asml. 1. 7 billion euros is the First Quarter, in line with the estimate of 1. 6 5 billion. In terms of the things theyre talking about this morning, Gross Margins come in at 42. 6 . That is exactly in line with the 42. 6 . , which was the net profit is 198 million euros, ahead of the 184 million. The business includes names such as intel, samsung, see you do of how thefeel chip sector is doing when you look at that company. A business that is touting systems,ltraviolet trying to upgrade to new versions of the technology. That is syngenta and aslm. Those are the big ones at the moment. Let us talk a little bit about the Broader Market picture. We mentioned the headlines seeing weakness in the Chinese Market, and after today, you will see the chinese stock market falling as a result of some of the comments we have had from the pcob. Talking about how they will Pay Attention to heading off macro risk, as well as supporting growth. Does that signal a slightly different emphasis on the business . 40. 02. P going ahead back to work after the strike. And the silver price is at 17. 1356. A by 2 , and silver is now in bull market. An interesting story coming through on commodities. We are just getting breaking news from sap as well. ,e heard from the business numbers back on april 8. That was the revenue and topline numbers if you like. There are now giving us more detail, slower than expected start to the year. Which no doubt will be a focus for investors. They are reiterating the 2016 forecast, though. And as i say, we did hear some of those numbers little bit early on this year. They are seeing 2016 sales on track, after a sluggish start to the year. Previously, they blamed political and economic instability in latin america, particularly brazil. That has not been going anywhere fast. With a view for these earning releases, bloomberg tv will have an exclusive interview with saps ceo. That is at 7 40 a. M. U. K. Time. A lot of earnings wrapped up, let us get the first word news. Rish joins us from hong kong. Rish good morning. The city of london should play a preeminent role, if britain leaves the European Union. That is according to governor of the bank of england, mark carney. Dominating the landscape, and leaving the eu would probably diminish that. They have fallen to a record low, meaning they now yield less than 0. 4 . Negative rates are seeing positive yields into longer native debt. But at the end of the day, governor kuroda says he does nothing easing has reached the limit. China says the bank is signaling appetite for adding monetary stimulus. That is after evidence in growth, the third wave of the upgraded forecast by private economist. Meanwhile, and now takes Chinese Companies a record 192 days to collect payments for goods or services. That is up from 125 days five years ago. , they will nots be able to pay the debt. The fbi has admitted it collected data. Came as a bureau official appeared before a government official. The fbi dropped the claim against apple over an encrypted iphone used by one of the San Bernardino shooters. That has been a legal standoff over access to a drug dealers phone. They had asked for phone to encryption, but it was denied. Global news 24 hours a day powered by 2400 journalists in more than 150 bureaus around the world. You can find more data at the top. Anna . Lets check in on asia, if im man is standing by. Yvonne . Vonne that is right. We have a bit of ground here in the afternoon session, to these benchmarks turning negative in the afternoon session. The shanghai stocks, take a look in that. Down by about 1. 4 is the hang seng. Now that we have seen a little bit of a pickup in terms of the data outlook. Take a look at how the shanghai composite has performed in the past month and a half. We see the month of march, rebounding some 12 . And now analysts are speculative is waning forest mainland equities after that rebound that we saw. And still back below that 3000 level at 29. 4 on the shanghai composite. Over in the region we have seen up 4 10 of 1 on the commodity rally overnight. That is sending the oil producers, holding on to the gains. It has been kind of the sign. We finally saw solid ground in the afternoon session, 4 10 of 1 . We did get comments coming from governor kuroda late morning, talking about he sees no technical limit for asset purchases. Low rates will go on for now. And he sees more scope for negative Interest Rate easing brady also rejected the idea of helicopter money, as well. Can stills the boj buy bonds for years. Speaking of bond we did talk about the 40 year japanese yield going to a record low. Now 0. 31 . You want to show you here on the touchscreen, we can show you why this is happening. We saw the 10 year yield go negative, and we are seeing 0. 1 on the 10 year yield right now. We see investors piling into these longer dated debt, just to find some type of positive yield. Not take a look at japan, they will yield you less than 0. 4 . So we will continue to watch those today. But really, these bond markets, really debunking the kind of speculation here that there is an imminent collapse in the debt market in japan. If you are shorting them, that is why you call them the widowmaker tray. Anna fascinating to see all of those going below 0. 4 . Is looking fork new ideas, pointing out, as you rightly did, that Milton Friedmans helicopter money came back. We will talk about that. Let us move on to the political scene. Donald trump and Henry Clinton have won their new york state president ial primaries. Ending losing streaks for both campaigns. Began after his projected victory, donald trump ruled out rival ted cruz taking out the nomination. Mr. Trump we do not have much of her race anymore, based on what i am seeing on television. Senator cruz is just about mathematically eliminated. More votes millions than senator cruz, millions and millions more votes than governor kasich. Anna megan murphy has more. Great to have you on the program. Trump is saying there is not much competition. He is close the nomination . Is definitely closer than he has been anytime before tonight. And he is correct in saying that mathematically, there is no path ahead for ted cruz or governor john kasich. To secure the republican nomination outright over him. The only hope is to try and heal away delegates from him. From getting the 1237 he needs to secure the nomination outright before we have a convention in july. But while his path is still tough to get back, it became a lot easier with his big win last night. Anna and what is the journey from here then . For trump and for clinton . Megan four donald trump, he will look ahead to next tuesday, where we have another significant number of races. He has big leads in most of them, as though she. On her side though, i mean we have already seen Bernie Sanders a little bit of confusion among his team whether or not there in this race. They want to assess the campaign . They really have no mathematical chance of beating her to get the nomination. And there is already some talk among some of the time has come for him to think about his message, how he wants to go for the Democratic Party that has been very fractured between the two of them during this race. Anna megan, thanks very much for covering that for us. Washington bureau chief, megan murphy. Joining us now, christian schulz. Great to have you on the program. Let us start with the u. S. Then. What is at stake for europe . To what extent does this really factor in on the european rater, the election taking place in the u. S. At the moment . Christian to be honest, not very much yet. So much uncertainty about these elections, that uncertainty itself is i guess some sort of atk to the u. S. Economy, least at the beginning of the year and last year. It was not really growing much in terms of exports. A bit of a drag. We do expect things to normalize somewhat about the rest of the year. So that europe should be doing little bit better out of exports in the u. S. But the political situation over there is clearly something we are watching. Something we are trying to understand. It looks like a Clinton Presidency is sort of the best case that we work from. But there are some new wildcards in this campaign that we have to be prepared for anything really. Anna we know enough about the policies of any candidates yet at this point . Is trade, migration of the same . Christian in particular, trade negotiations going on, obviously a bit of a longterm topic in itself. And that is certainly something that we have to concerned about because am both sides, there seemed to be some concern in the u. S. About this. We more generally, i think are more focused on what the fed is doing. And to me, it looks like it is pretty independent of what is going on in washington. That getsyou someone excited about what it could deliver for the european economy, for the Global Growth story . Christian yes. The biggest trading boxes in the world negotiating lower tariffs, more integration and more open trade in services. That is very exciting. It could boost growth significantly over a long period of time. And for europe itself, it would strengthen the interest for more liberalizing reforms. Even within europe, the share that you could give is very important. Anna where is the risk on the u. S. Growth story right now are . . I have a chart our colleagues a Bloomberg Intelligence have produced, fourth order downgrades by economists. Expectations are really the norm. In this case, 20142015, and into 2017, looking at the path of the forecast, they fall quite consistently. Economists are not an optimistic they have to revise the thoughts down. How optimistic are you about the u. S. . Christian it is always quarter one, always winter, very often has some to do with it is not so much disruptions. And it seems that that is very difficult to gauge the u. S. Economy. Clearly, again this year, a year where forecasts have come down already, as they have in the past, given that the starting point was already in previous years, that is reassuring. The important gauges such as a labor market are still not showing any signs of weakness. So i think the underlying path of recovery in the u. S. Is still very much impact. Anna thank you very much. Christian stays with us. Here is what lies ahead for you today in the markets. Both sides of the Brexit Debate are likely to jump on the u. K. Unemployment figures may come out at 9 30 u. K. Time. And then at noon, a Rate Decision from turkey. The first from the new Central Bank Governor in that country. At the same time, on the other side of the atlantic, it will be mba Mortgage Applications into the Housing Market. And three hours later, home sales data from america. Obaman the u. S. , barack s saudi arabia. He will be in this part of the world later on. Mark carney warns lawmakers about the city of londons future if the u. K. Votes to leave the eu. Anna welcome back. 1 00 in minutes past hong kong. The hang seng down 1. 3 . Chinese markets under pressure in the Asian Session. Let us get the Bloomberg Business flash. The turnaround plan atting estimates, coming in 159 million. Off by expectations. Investors now turning to yahoos sale process. Theprivate equity firm, first round of bidding for the core internet business. Intel cutting 11 of its workforce, as personal computer and shipments fall. Which is the focus to the highgrowth areas, including chip for data centers and internet connected devices. To have a look at what is going on in the Second Quarter sales, 13. 5 billion, about 5 below estimates. Goldman sachs, jpmorgan, Morgan Stanley all claim to be the best dealmaker in the First Quarter of this year. The intent is to market themselves as number one, rarely stronger than 2016. They are advising on takeovers, holding up relatively well in the trump in underwriting stocks. Back to you in london. Anna theyre in hong kong. Let us move on. The ceo says there is no upside to the u. K. Leaving the eu. Speaking to manus cranny, Michael Oleary talks about what a vote to leave could mean for Great Britains relationship. You vote to leave, and i hope that you will not, do information from the french, germans, competitor nations. It would not make it easy to get back in. It would take far longer than two years to renegotiate reentrance and to the single marketplace. And Great Britain is going to be manifestly worse off. Anna bank of england governor worried abouts negative Interest Rate, calling the brexit the most significant midterm domestic risk to find a possibility. Speaking from the Lords Economic Affairs committee, he defended the analysis of a potential exit, saying that it did not amount to political influence. Risk reporting major does not mean becoming involved in politics. Rather, it would be political to suppress important judgments that relate directly to the banks, and which influence our policy anna factions. Day, speaking at an event in london, he said it would allow the u. K. To pursue a better beneficial immigration policy. As well as giving hope the rest of europe. Britain voting to leave would be something potentially even more exciting. The democratic liberation of an entire continent. If we were to leave, we will have come in the words of a former british prime minister, saved by example. Carneysnwhile, mark comments are not the only one being closely watched. Mario draghi take center stage tomorrow, where the central bank meets for a policy decision. It may prove to be a rocky ride on the markets during the update. Assets, double the christian is still with us. From your perspective, you are focusing in on what the ecb is going to do, or rather not do but say is probably more to the point. What i was just saying there about volatility, christian, some great analysis that our bloomberg colleagues have done. They talk about the stock swings during these meetings, which have increased. They have become wilder. Wilder versus other macro news event. Does that make sense to you . Yet another symbol of the power that lies with Central Banks at the moment . Christian indeed, just the reflection of the importance for global markets. And the ecb in particular, what we have seen in march, pulling so many different triggers. After purchases, various Interest Rates, technicalities of purchase program, that in the course of this press conference, you have a series of up and down vote street surprises which the markets reacted. Not just the importance of the central bank in the decisions of a take, but the shared amount, and preferred the case for the ecb which could cause volatility. Anna i say that youll be listening to what they do rather than what they say, because expectations are very low as to what they will actually do. Because they did so much last time, and a recent survey of economists by bloomberg suggested september will be the next date for big action. Does that tiein with your thinking . Christian we agree. This meeting, very little new information. If anything, things look perhaps slightly better in terms of the outlook. So the urgency to do more is probably reduced at this meeting. The june meeting, we do get new forecast. That could be a trigger. That they will reflect the march easing announcement, so they should reflect something by september. We get to the stage where the Quantitative Easing Program only has six months to run. So it might be time to announce an extension. And we have the first holds role a cheap for your lending copper has negative Interest Rate. If that disappoints, perhaps they will sweeten it a little bit by cutting the main rate over the coming meetings. More by we will know september. A crisis or two in the meantime. There is been quite a bit of criticism of the european Central Banks, even covertly by wolfgang and others. Do you see that point of tension as something that will have a material impact, or has it always been there in the background, is rumbling on . We still have 20112012 in the back of our minds. Whenever germany and the ecb were not singing from the same and marketstensions reacted nervously. When they did agree on something, the fiscal and banking union, then it cannot. It is the two at loggerheads, that is not good news. Germany does not really have the leverage over the ecb, because there are no countries knocking on the door for bailouts at the moment. So i do not think it will have mu