Despite the guilty plea. It assures shareholders that it has enough cash to pay the fine. Former french president Nicolas Sarkozy, is he paying for questions over allegations over misuse of power. The ukrainian president calls for a ceasefire against the pro russian rebels. Display youre watching worldwide exchange, bringing you Business News from around the globe. A warm welcome. We had european pmis out this morning. Weve now got the complete eurozone manufacturing pmi coming in at 51. 8. The forecast 51. 9, so pretty much in line with expectations. Giving you a brder picture there. So just a slight softening there as far as the pmi readings are concerned. A quick recap, german manufacturing growing at its weakest rates in six months. Weve had the french Manufacturing Activity shrinking this time at the fastest pace in six months. But the spanish activity was a stand out performer dproeg at the fastest pace in seven years. This is the broader picture that weve got. We were expecting to see a bit of optimism. Italy still staying above that 50 level. It came down to 53. 2 in may to 48. 2. The eye tall yaps mentioning the fact that its still staying above that 50 level. Lets get to daniel from morgan stanley. Just confirming some of the divergence we see between the likes of france and germany, and improvement for spain, too, which is quite what youre seeing. Yes. This is encouraging when it comes to southern europe. To support the notion of growth towards the reformist economies in the region. We are more positive than the consensus and ireland, as well, is our own medium sized economy in the region that has to be doing more reforms than average. And now this seems to be showing. I think spain in particular is likely to outperform this year and next when it comes to gdp growth. Is it consistent what a 0. 3 , 0. 4 gdp growth in the eurozone in the Second Quarter . Thats right. The number as a whole has consisted with a growth rate around 0. 3 . And in particular also in the second half of the year. What we have seen from the larger countries, its some sort of moderation, the growth momentum. On the other side, the plan at the moment seems to be underperforming even that with pace of the Economic Growth in the region. How have you incorporated Mario Draghis stimulus efforts last month into your numbers as we push through the second half of this year, if tall . No, i think it is very early days. Obviously, both measures end up being implemented yet. The first of these liquidity operations will be carried out in september. Theres been a minor asset on sentiment and in Exchange Rates and in bond market. But that has been also relatively small for now. What i think is that this measure seems to go in the right direct. They appear to be able to provide a stimulus. Especially in the southern European Countries from spain to italy. So its helpful at this stage, but its not been implemented yet. And its likely to take three or four quarters. You mentioned earlier that its not about the divergent growth between the core European Countries. Its about reformist and not reformists. If you go back, you were mentioning there as far as italy is concerned. How do you feel about the italian situation right now . Well, i think italy is behind the curve relative to this group of reformists, the smaller ones, like spain, portugal and ireland. What we have seen is a shape for the better. The Prime Minister from Economic Policy agenda. I think its a step in the right direction and if it is implemented, this is likely to change the near Term Economic outlook that may be having beneficial effects in the longer term. It started to put in place some cyclical measures, like payment of government arrears. They should contribute to stabilize the cycles. And italy also is trying to put in place some reform. The bulk of them have yet to be implemented. We will be watching and assessing the real economy is precisely this degree of implementation. Id say up to now, spain looks ahead and italy looks behind when it comes to Structural Reforms in particular. Thanks. Chinas official pmi rising in june to a sixmonth high. Thats compared to the pmi reading for the country which shows the first expansion in six months. They were at 50. 7, it was lower than the flash estimate of 50. 8. Well be talking about that a little later on in the show. The flood of economic information continues today with the ism manufacturing numbers. We get the reading on the private Sector Employment with the u. S. Edp data. We have janet yellen also due to speak later in the day, too. On thursday, the ecb makes for the First Time SinceMario Draghis unprecedented move into negative rates. The jobs numbers released a day early thanks to the july fourth holiday. Find out why some analysts are expecting a drop from the main numbers. And one year on, the bank of Englands Mark Carney sees his First Anniversary in the hot seat. But is there really that much to celebrate . And is japans abe getting the latest reading with a full nat analysis with a Tankan Survey. Welcome to yesterdays trading sessions were equally split between the gainers and the losers up 0. 3 on the stoxx europe 600 this morning. Lets take a look at the individual performances for these xhkts right now. Continuing to watch whats going on as far as bnp. Lets have a look at some of the top stocks were keeping an eye on in todays trading session. Ocado down 4. 9 despite profit in the first half of the year. Products supplied by the market posted a 16 surge on sales putting the firm on track for its first annual pretax profit. Shares in the firm were up some 24 over the last year. So a bit of consolidation it seems. Bilfinger down just shy of 14 in early trade after issuing a profit warning. The company says German Wind Energy provided at no charge is preventing the construction of new car plants in poland right now. Lets take a quick check on the Foreign Exchange rate this morning, too. Euro dollar, 1. 3690. Yesterday seeing a bit of a stabilization in dollar yen from the selloff were seeing in previous sessions. Taking good news from that Tankan Survey about future investment Going Forward. In particular, aussie dollar, gains up 0. 25 . The rba meeting overnight holding rates unchanged. I think investors were expecting a pushback and they didnt get it. Now, as i mentioned earlier, bnp very much in the spotlight still. Its one of the biggest advancers in europe this morning as investors welcomed the conclusions to the u. S. Sanctions violations row. The bank pleaded guilty paying a records fine of nearly 9 billion. In a Conference Call this morning, the ceo said the bank regrets its activities and assured investors they would not be adversary affected. The 9 billion thats walking out the door today is your money. We do these cases over and over again and shareholders money walks out the door. Until shareholders demand from their boards that those boards choose leader who understand what it means to create a healthy culture of compliance, the money will keep walking out the door, well have to keep doing this work. In paris to give us the latest, stephane, to what extent is the rally were seeing today relief . Yes, so it is, because the bank announced this morning that it will not scrap its dividend. The bank also explained that there was no rush to raise more capital. Is that compatible, realistic . Were going to discuss these announcements made this morning. Thank you for being with us. First of all, the bank announced this morning that it will not drop its dividend. Is this relief for the shareholders . For sure. This komps for us as a surprise. For the sure, its good for investors and its a way to ensure that they have a conservancy and will be able to contribute to this mess. In our estimates, it will have 0. 10 by tend of this year. But that it is, i have to say bnb is to imagine that it was correct or just this guidance Going Forward. If the situation is owed at 10 , which is the income guidance, this means for that generation there is no need to raise additional capital. But Going Forward, we have to issue some capital. Bnp has to plead guilty in the United States. Thats important for its image. Yes, it is. On one side, you have to know that some investors in the United States have not the right to what we has been in activities. And for sure, we think that this will affect bnp on acquiring new customers. There has been a compilation of the license in the United States, which for sure is not the case. So at the end of the day, the whole impact will be only on meaning that in acquiring and making this. What about other european banks and specifically other french banks . We know Societe Generale set aside some money, but given the size of the settlement, do you think it will put much more in site . Again, this is a difficult question to answer. What i can say is that we switch from having also shock on the regular side to having shock right now on the litigation side. It is clear that banks will have to put more money aside to be with litigation. We know Credit Agricole and are in some investigation with regard to the u. S. Government. For sure they come out with some kind of fine, also. For the time being, it is very difficult to decide and we also know that there are some other litigation pending. Thank you very much for being with us. Thank you for your comments this morning. For now, i sent it back to you in london, julia. Thank you so much, stephane. Well catch it with you later in the show. Still to come, concerns over some of the nations lenders after a run of the bank. Well be taking a closer look right after the break. Stay with us. Chinas pmi rose to a sixmonth high. Sri, if we look at the details, manufacturing jobs are still being shared and this is a marked slowdown in export orders. Are we right to still be worried by these numbers . I think you are right to be cautious, julia. I can a lot of economists are saying the same thing. We need to see more of the same to see some real conviction in this yes. But the worlds second largest economy is stabilizing. You can probably put that down to the impact of the targeting easing measures, the mini stimulus measure thats weve seen from beijing over the past year or so. They are starting to have an effect on the broader economy and were seeing that in the data in the pmis now. I want to draw attention to the private forecasters numbers, as well. Hsbc did confirm in large part what the official data manufacturing was telling us. Despite the fact that the hsbc number, 50. 7 was lower than the flash estimate of 50. 8. Let me say this. You have to be cautious about the trajectory of the chinese economy because there are still a number of stress points, still a number of challenges that we have to contend with. Yes, the economy is on the mend, but we are not out of the woods especially when you consider the softness in the Housing Market and the problems that the Banking Industry still continue supposed for the Banking System, the risk of default, etcetera. So broadly, a lot of economists are telling us that were going to see and expect to see more stimulus measures, more incremental easing this quarter in the Third Quarter to keep the economy on an even keel. Back to you, julia. Thank you so much, sri. Maybe we dig into the property sector later on in the show. We will bring that to you. For now, bulgarias concerns over the central lender has eased. The European Commission approved a credit line of 1 is. 7 billion euros for the company. A bank run which led to the lender being nationalized. Authorities blame an organized attempt to destabilize the countrys financial system. Peter, economist at nomura joins us now from london. Can we quickly clear something up . I believe that introduction is quite misleading. This isnt money coming from the European Commission, is it . This is about money theyre signing off on from the Bulgarian Government. Exactly. This is money the Bulgarian Government agreed on sunday to provide to the Banking System which requires european signoff because theyre providing money inside their own country. Its not a classic bound for payment from the European Commission or what we saw for instance around the European Commission. Providing in the periphery. Is the currency board at risk . This is very unpredictable. Ive never experienced this, the oligarch getting back at each other to try and destalize a Banking System. They highlight a very serious problem that bulgaria has around the forces in the economy. For now, this largely covers a large amount of the hole that exists in the Banking System. So for the moment, theres never been pressure of households trying to convert deposits into euros, all banks trying to draw money out from this intervention. To create that from happening, we would see greater risk from the board. Could you put the numbers on this for me . If i look at the mpls, it looks quite terrifying. But you yourself say even in the worst case scenario, the whole in the sector is only 2. 6 billion euros. So it seems very manageable. Absolutely. Assistance is about 2 , 3 of gdp. So its not insubstantial in terms of the size of the economy, but bulgaria is lucky. It has very low debt level. So there is the ability the absorb this at least for now domestically. I think we have to realize we have three months prosecute the election. Ongoing protests have been happening there now since the middle on of last year. So this is basically a short run, certainly, but a much greater stability in the political scene. So you talk about the political vacuum that weve got right now, the construction, the strange elements that seem to be the Banking System right now. Does it makes sense that bulgaria can raise tenyear debt to 2. 95 . It just compares all the European Countries on the ground and doesnt look at credit and fundamentals. But i think its a classic example of the market running away from itself. Weve seen that a lot talking to investors. Investors dont want to be investing in these types of countries because of the inflows theyre receiving and because of the rally theyre seeing in periphery debt. I think thats storing up across the eastern countries, especially countries like bulgaria that have additional problems. This is definitely stirring up issues for the future. Peter, thank you. Ukraine president ends the ceasefire with separatists. Both sides have accused each other of violating the troous. Now, in corporate news, french cosmetics giant loreal settled over deceptive skin care ads. The ads they ran was instantly improved skin quality. Under the settlement, loreal is barred from making claims have have not been backed up by scientific proof. Its a shame. I was hoping that would be working for me. Life after death . On tv at least. Yahoo is picking up on shows of community. The sitcom about a study group at Community College have a cultlike following but have few ratings. The company has been expanding its video content as it tries to compete with the likes of netflix, amazon and hulu. What we want to note today is what kind of change do you want to bring back . Join is in the conversation here on worldwide exchange, get in touch with us at email, via twitter or direct to me. I think we had a vote for gossip girl, the production talent here. That was just the boys. I dont know about the girls. Still to come on the show, are europeans about the hang up on charge as a new kicks in . Some say this is just the start. Stay tuned. We needed 30 new hires for our call center. Im spending too much time hiring and not enough time in my kitchen. [ female announcer ] need to hire fast . Go to ziprecruiter. Com and post your job to over 30 of the webs leading job boards with a single click; then simply select the best candidates from one easy to review list. You put up one post and the next day you have all these candidates. Makes my job a lot easier. [ female announcer ] over 100,000 businesses have already used zip recruiter and now you can use zip recruiter for free at a special site for tv viewers; go to ziprecruiter. Com offer2. At a special site for tv viewers; its all about latency. About speeds and feeds. Its all about how fast does it run. I often sit with enterprises who ask me about how Mission Critical and hows the performance of the cloud. And i tell them, if you can make gamers happy, you can make anybody happy. Speed is made with the ibm cloud. Divergence in European Manufacturing growth eases in june as momentum slows in germany as far as italy and spain sees activity accelerate. This is the latest data out of china showing manufacturing at a sixmonth high. We will keep our license. Bnp paribas shares rally after the lender will be able to continue operations in the u. S. Despite the guilty sanctions plea. Leaders assure shareholders it has enough cash to pay the record fines. And comeback ambitions, Nicolas Sarkozy is being questioned over misuse of power. Frances government saying he is subject