The canadian winds and fires seem to ebb. Everybody is concerned about the output and the supply glut. But now, oil is back up. 4 . Peso. S the philippine it is currently higher, versus the u. S. Dollar after we saw the antiestablishment winner in the pack when it comes to the next president and the philippines. Of course, lets get to our bloomberg first world. Reporter thanks Credit Suisse has recorded a second consecutive loss. Of 302ported a net loss million swiss francs. Have predicted a loss of 344 million francs. That comes after a to motorist comes after a tumultuous start to the year. Chinas Consumer Prices continue to rise at a healthy pace in april, but still below the target rate of the government. The inflation gain of 2. 3 was driven by good prices, giving the pboc reason to hold back on another rate reduction. Meanwhile, the Producer Price index narrowed more than expected last month. Fighting poverty will be his top priority as he claims victory in the philippines. His platform included a zero tolerance approach to crime and corruption. His failed to damage appeal, capturing about 34 of the vote. Global news 24 hours a day, powered by 2400 journalists in more than 150 news bureaus around the world. You can find more stories on the bloomberg at top. Thank you very much indeed. Qualities to the space. A trading frenzy in china. Daily turnover on chinas futures market has jumped to the equivalent of 183 billion. Investors are starting to pull back a little bit after authorities introduced trading curves. Lets get the details now with alexander, who joins us out of singapore. Right. Er yes, that is you are seeing the market is losing some of that froth in china that had amassed over the past couple months. As you said, over march and april Trading Volume jumped to a peak of 280 billion in a single day across the three chines e commodity exchanges. Rally divorced from reality. Speculation about chinese Economic Stabilization and boostside reforms had speculations that there would be some constraints on supplies of raw materials. By its and turned into an allout trading frenzy, money pouring into commodities. Quellgulator has moved to speculation over the rate fees and rate margins. The margins the volumes are half of what they were at the start. Caroline this seems to be coming from the retail investor. This area seems to be piling ina out of the market. Alexander you dont have the same degree of reporting on positions as you do for example , in u. S. Commodities markets. The by looking at trading hours, you can estimate that the average contract in china, the average commodities contract was held for the matter of a few hours. The is compared for about 40 hours with wti or nymex. These are shortterm investors coming in and out of the market in a single day, leaving the market at the end of the day. So yes, it is shortterm speculation. Morgan stanley thinks about 60 or 6 of the money is speculative, as opposed to hedging, for example. Guy alexander, thank you very m uch indeed. An amazing roller coaster for the Mining Sector and some of these commodities there in singapore. Let me see if i c can show you what is going on with the mining stocks down under. They have taken quite a beating. An of these stocks trade on the ftse exchange. As a result, we have bhp down nearly 3. 5 . They firmed a little bit down to the close. Lets bring in the head of investments. Bhp stock down today. It looks like the store it in china, in terms of the Commodity Prices turning south aggressively, are we heading back to january lows . I would say it is quite possible. We have seen a decent rally, which is why we saw that number delivered from china that was dumb a not as bad. Have alarger picture, we supply side issue. People are not demanding money. So if you come back with the see thing, you are going to not much growth happen. Then you will see miners and Everything Else with lower value. Dont see a cyclical output in mining stocks. Caroline manish, do you feel we will see more chinese stimulus . Good morning. Today, prices were showing a little bit of stabilization. I think cpi actually picked up. Where do you sit on the future of china . I said the inflation number was encouraging, at the sense that it came in at 2. 6 , the same as last month and lower than what people were expecting. We wil sl see what the pboc does. The second point about bpi, we had seen that ease a bit. That takes into account that china will not be overly concerned about deflation. It leaves the door open for them to have stimulus, or have more monetary policies. I would be positive on that front. But again, if you look at the last meeting they had last friday, that says a lot about their decision. They want to ensure fiscal prudence as well. I think china will continue to see growth. So, there is a chance they will be more stimulus. Guy manish will stay with us. Up next eastyjet posted a loss. Usolyn mccal will be with and we discussed the possible impact of brexit on european travel. Guy welcome back. 41 minutes after the hour. 19 minutes until the market opens. Easyjet posted a loss of 24 Million Pounds. The loss is a little bit less than was expected. Easyjets chief executive is carolyn mccall, who joins us now. Dividendsu raising when life looks as tough as it does right now . Carolyn mccall good question. I think we have done a very rigorous Balance Sheet review. We do that on an annual basis and we have enough cash to do this. We would not be raising our ordinary dividend to 50 if we did not believe any longterm success of this airline. It really does underline the confidence we have in our growth prospects, ongoing. We can do this. It is the right thing for now. We have returned over one billion pounds to shareholders since 2011. We have done a couple specials a now raised it to 50 . It is the right thing to do. Guy capacity, lets talk a little bit about that. I look at you, i look at rynair. The amount of capacity in europe right now is eye watering. How you cope with this, and keep yields up . The capacityll environment is being driven by the airlines. Easyjet is growing at 7 to 8 a year. We believe that is the right amount of growth to take advantage of the opportunities we have. We are growing still organically, but there is still a lot to do. We still only have 9 of european of the european market. So, there is a lot more space for us to grow and we are doing that in a very organic way. You know, you are right. It is a very tough environment. But it is not capacity that is making it tough. Yes, it is a little bit higher, but it is not completely out of sync. If you look at our 24 Million Pounds of losses as this year, we are coming in about the same of last year at 5 Million Pounds in profit. Brussels, we and have been able to do very well in the first half. And that shows our customers like us. We are doing the right things for our customers. We are very focused on our passengers, but also we have a very resilient Business Model. It is the Business Model really in arlines that make the difference in europe. We are about profitable growth and strong returns to shareholders. Caroline but your revenue has fallen in the first half. The revenue per seat, that is. Will discontinue into the second half of the year . In somemccall sense, this is a reflection of the tragic events in brussels. This would be the same for all airlines. Prices are about 6 lower for us, which is great news to consumers. That is a combination of slightly more capacity in the market regarding the fuels. That benefits the passengers. Fact also an effect of the that the man goes down whenever you have a big event, or events we have seen that are external. You suppressed demand. Demand does not come back immediately. It takes quite a long time to come back. Caroline is a coming back . Is it coming back . Carolyn mccall we did nearly a 90 load factor for this year, which was the same last year when we did not have those external events. Your point is absolutely right, though. It is the pricing. You have to stimulate the demand for passengers to come back and fly. Of course, they want to return to normality as well. It is the pricing that consumers will really benefit from this summer. Guy how does it work, carolyn . With every attack, does the effect become bigger . Or is it the same . We have had two fairly big terrorist events in recent memory. How does the dynamic work when you look at how Consumer Behavior develops after it. Was a bigger after the first one . Does it depend on the type of attack . I am just find it get a sense of how it is modeled. Carolyn mccall it is a very difficult thing to completely model. What you can say for sure is, regardless of the terrorist event, demand always comes back. People return to normality. People do start flying again. And we have seen that with both of the tragic events that have happened this year. And i think that is what we have seen in the past. We have seen that post every big event that has happened. You see that it takes a little bit of time. People are a little bit more cautious when they start flying again. I would say the volumes there no w what is not the same as last year is the pricing. Guy you think pricing would go up in the event of a brexit. Talk to me again about how that would affect demand. Carolyn mccall well, the point there really is because of european deregulation, we have the freedom to fly across europe without any restrictions. It is very easy, very simple. There is no administrative complexity around that. So, fairs have actually gone down because that gave birth to the low fed airlines regulation, that the regulation. That deregulation routes have gone up about 80 , which is very important. Europe has opened up. Places where people never thought they would be able to fly to, now they are able to do that. Nice for passengers to be a part of that aviation agreement. That has brought fairs down. We believe that certainty and stability is very important to aviation and it has brought a lot of consumer benefits. And we just based our view on that. We absolutely recognize that people of different views about the issue of europe. Caroline carolyn mccall, chief executive of easyjet, wonderful to speak with you today. Keeping it here. We will be speaking to the emmeretts chief executive. Do stay tuned. Guy eight minutes to the market open. Move. Watching countdowon the reporter were seeing a bit of a mixed picture across asia today. Investors in japan had something to smile about with the nikkei up about 2 today, rising the most in a couple weeks. We are talking about a week or aker yen helping that. Also, a similar story for the korean currency, which is one of the biggest losers today. Gaining. 8 , as those investors are getting a boost. Risinglippine peso is march. Ost since duterte claimed victory in the president ial race. We have only a few minutes left in the shanghai composite before the close there. It is currently down. 2 and that is of course, after inflation data came in line with estimates. The hang seng remains unchanged at the moment, but chinese stocks in hong kong are now headed for their longest losing streak this year, down. 1 . But we saw a decline of more than 1 earlier today. That is but we are seeing across markets in asia. Caroline thank you very much. Seven Straight Days of losses on that hong kong enterprise. Lets have a look at what we are building up to with the european open. The biggest steelmaker in europe, and based right here in germany, it looks like a good fall at the open. It said, they would see 1. 4 billion euros. The estimate was previously 1. 6 billion euros. Clearly, the glut coming from china, in terms of steel pushing down on the overall environment is hurting the environment, hurting the biggest steelmaker there, which is thyssenkrupp. Investors could push this stock higher 1 to to presen 2 . We are also seeing the fact that the capital is looking better than previously estimated and the costs are coming down, guy. Guy lets pick up on that point. Manish, you still with us, sitting patiently through our programming this morning. Reason why you would even consider purchasing this. Because it is so cheap . For do you think then it could be a value trap . Have a concern about a big downside, but i dont see a big upside. It could be a trap. Also, look at where we are looking. What worries me about some of , they have to sell off. Second, if you look at the eu perspective on recovery, there is going to be a bail out. That is the cost of doing banking in europe. ,hen you dont have gdp growth it does not make you very positive about the open banks. And it is all about csots. All about costs. All the open banks have to control costs. To be theseems metric by which the market is judging it. I think yes, the is were the focus is. Masinish is going to stay with us. This morning it looks like a fairly positive scenario. London looks like it will open. 5 . Be aax look like it will standout, but it looks like we will see a fairly positive performance. If you want to follow along at home, just click the futures box. The market open, next. [ soft music ] e. T. Phone home. When you find something you love, you can never get enough of it. Change the way you experience tv with xfinity x1. Shoah, ha ha. Ew artist. Show me top male artist. My whole belieber fan group. Its not a competition, but if it was i won. Xfinity x1 lets you access the greatest library of Billboard Music awards moments, simply by using your voice. The Billboard Music awards, live sunday may 22nd, 8 5 pacific, only on abc. Guy good morning and welcome. You are watching on the move, right here in london alongside Caroline Hyde in berlin. We are moments away from the start of european trading, and carolyn has the morning brief. Caroline its cut, cut, cut. Credit suisse is restructuring its restructuring as exhilarating as restructuring. It says q2 is looking tough. Easyjet revenue comes in below estimates. The lowcost carrier is wellplaced to grow this year, they say. And miners in a hole down under. Shares of slide in sydney as futures drop a crush asia. Across asia. Are we heading back to the january low . Lets check it out where the futures are trading ahead of the market open. Were in the green across the got five seconds until the market open keep an eye on steelmakers, downgrading its forecast for profitability. Looks like it could see a bump in Credit Suisse. We saw that bank posting a smaller loss than expected, and those cost cuts in the banking unit are starting to help. Very change has the breakdown. Nejra thanks, caroline. We saw european stocks gain yesterday, shrugging off that data from china. Were seeing gains again today; the stoxx 600 up 3 10 of 1 , ftse u 6 10 of 1 p, looks like the dax moving higher as well. So much Corporate News to get through today; lets go straight to it. We start of course with Credit Suisse. What we saw here was a second consecutive quarterly loss; it has been a tunnel to a start to the year for the ceo, which prompted him to deepen cost cuts at the security business. This loss that we saw here did actually beat, because it was a loss of 302 million swiss francs predictions. Ts Credit Suisse actually moving higher, because that number was a beat. Ing as well looks like it is moving higher, up almost 1. 5 . It is a firstquarter profit declined 29 ; this is all glowing regulatory expenses and weakness in its Financial Market division. The net income, although it dropped to 1. 2 6 billion euros, was a beat. Perhaps where we are seeing that move higher. Uenech, it cut its fouryear profit target. This was previously in the range billion to 2. 8 billion. Ensures have been coming under pressure because of low Interest Rates. Lets switch of the board and look at germanys biggest steelmaker. It has cut its profit forecast because the industry has been having to contend with a glut brought on by record chinese exports of steel, but the fiscal Second Quarter profit did Beat Estimates. Still waiting for that to open. Lets move on to nokia, down 1. 6 as revenue missed estimates in its first Quarterly Report as a combined company. It was hurt by phone carriers cutting spending. Finally and briefly, easyjets first half loss is at a pretax loss of 24 Million Pounds, but analysts had expected a bigger loss, which is perhaps why we are seeing the stock move higher. Guy . Guy thank you. Nejra. Interesting stuff this morning. The miners in london are higher, despite been getting pummeled in australia trading. One of the big standout stories this morning, Credit Suisse posting a lost, the ceo telling Francine Lacqua that the banks difficulties are likely to persist in the costcutting will continue. Here is speaking about the volatility he sees ahead. There was a time in january, february where there was very much. March was better. April was better than march. May had some positive signs. Its always difficult when you are in that position. We still remain cautious, because it feels fragile. Sentiment feels fragile. Francine less than what you were expecting . Reluctant to make a prediction. I am hoping that the market has enough liquidity. We have to see. Francine what would be easier to make money would it be easier to make money . Not necessarily. There is clearly an improvement from january, february. It seems like the ipo pipeline is strong, the same pipeline is quite strong there are spots where we see strength, but there are also areas where we see volatility around global growth, growth in china, u. S. Numbers. Francine on the job cuts 6000 job cuts this year. Euro target . That was the target. We have done 3500. At the end of the First Quarter. We had the target of 1. 4 billion from 2015 of net savings. We believe we have already done more than half. Were confident we will be the target before the end of the year. Alwayssent topic, im sorry to have to talk about job losses, but it is a price we have to pay to create the platform we want for the future. We dont believe in the boom and bust model we have great years an