We have also got the overall number at 108. 6. That was forecast at 108. 4. Thats the Business Sentiment index and the Business Expectations. Lets have a look for that has come in at 103. 5. The forecast was 104. 4. So lets just have a look. Overall the expectations just below forecast the Business Sentiment and Current Conditions just ahead of forecasts. Of course this follows yesterdays pmi where germanys came in at 41. 9 down from 52. 8. So mixed set of data coming out of germany over the last couple of days. We saw the euro dollar there bouncing in fact in todays session. Lets get a comment. He is chief economist. Good morning to you. So slight contrast to yesterdays data but still mixed this morning. This ifo sentiment. A bit mixed but not very much. If you look at it the key thing is that Current Conditions have improved a lot and then of course expectations where people are asked whether it can get much better than what the currency is are no longer as stellar as they used to be. That doesnt mean that expectations are being scaled down. Its just that you think having had the improvement of last month its not going to get that much better. In other words germany is doing fine but this is sort of as good as it gets. Its not going to get much better but if youre growing at the pace germany is growing, thats good enough. Some is with the pmi yesterday which fell below the previous reading but still above 50. Yes. All in all. We have to say the acceleration phase is probably over. Germany has likely reached that state. So expectation it would get ever better, better and better. Thats not coming true. So were probably revising up forecasts for germany. One other further thing on the pmi, though i suppose particularly the Manufacturing Index with the euro so weak should it have been a bit better . Do we need to see greater effects of quantitative easing now to think its definitely working . We should see better manufacturing pmi again in coming months. Manufacturing is the sector which is very sensitive to swings in global mood. So some of the less stellar data out of china, some of the recent data out of the u. S. As well as this never ending discussion about greece may have had a bit of an impact there. But i do expect that the Global Outlook seen from a german or european perspective will continue to brighten again with the hope of the currency staying very competitive. Thank you very much as ever. Well have to leave it there. We have breaking news on hsbc. But thank you for joining us. Lets bring you these latest flashes on hsbc. They have said they have started to work to look where the best place is for their headquaters. Of course current headquaters, londons canary wharf where i was filming yesterday. Theyre saying its too soon to say how long the process will take. Shares climbed 2. 6 on the announcement that theyre looking at relocating their headquaters headquaters. Lets get straight out to Catherine Boyle who joins us outside londons headquaters. Its interesting if youre being bothered by things like the bank levey in the u. K. And what is increased government interference you might want to relocate to china which is not known for having the government stay out of Companies Business but it looks as though the speculation that hsbc is looking at this move for months now and they have finally confirmed it. The obvious piece a lot of people will be talking about and relocating to a new city is hong kong but there are other options in asia where hsbc has a substantial presence. Singapore is another one thats been mentioned too and of course theres always new york but it also has substantial operations but the heart of the company has always been between asia and london. So it will be interesting to see what management can say in this. This news coming out two hours before an annual general meeting at which management is set to come underattack. Its quite interesting that its coming out now that management know theyll be facing tough questions and they may want to turn the news agenda around to focussing on something that could potentially be a positive story and potentially add a little bit more. Add potential good benefits to their top line. Thank you for that. A very interesting move in those share prices given that it hasnt kicked off proper yet. What does that move and Everything Else mean for European Equity markets . Well, as you can see a little bit more green than red at the start of trade today. The broader stoxx 60 index is up. 2 . A little move around the open and a little around the german ifo sentiment data but all in all its a rebound from the weakness we saw yesterday. That weakness stemming from france and germany given the pmis we also mentioned just five minutes ago but this week in general has been similar to last week. Its been traeding water. A little volatility around the margin. Its following Strong Performance year to date and, indeed, quarter to date for european equities. As you can see, a little bit of a bounce across the board. Yesterday was a little soft as i said. Ftse 100 up. 3 . France up a little more than that. Italy leading the way up. 9 . Lets look at bond rates. They continue to tell the story of policy diver jens across the world. The ten year pushing close again. When does that imply rates will go up . Probably sometime around june or september. September generally what people are saying at the moment. Germany at. 16 . The u. K. Has Seen Movement after the bank of england minutes suggested that raise rises are once again more likely than any rate cut but expectations pushed for that rate rise over the next month or two into next year. Greece remains elevated. Lets look at the euro. A little bit volatile this week. Its recovered significantly. Some distance in the past as we look at things now. Pushing 109 up. 5 today. The u. S. Dollar losing a little ground. Aussie dollar up. 78 and the pound rallied since the bank of england minutes but of course the trend over the last month or two has been one of sterling weakness against the dollar and that of course slightly referring to the election. Lets have a look at asian market which is have been overall strong today. This paints a mixed picture but in general they have been strong particularly following that record high for the nasdaq in the u. S. Yesterday. Shanghai is giving up. 5 but of course it continues to be the amazing story in asia. Its up some 40 since early marchand that rally just seems like it wont stop. Although its given up. 5 today. Lets just mention the u. S. Markets as well. Taking a look at them the nasdaq closed at its highest level in 15 years. Well above the 5,000 mark and surpassing levels last seen at the height of the. Com bubble. As investors eyed a slew of earnings analysts attribute the gains to higher oil, weaker dollar, and low volatility. The s p 500 also hit a new high before falling back while the dow is within 1. 3 of its own record high. Now seema mody is among a very excited Tech Community at the next web conference in amsterdam. Seema, 5,000. Your favorite number. It is it my favorite number. Im just a little livid. The fact that i wasnt able to be in the studio. I do all of this research on 50 day moving averages bullish trends on the nasdaq. Its worth nothing because im never there when the nasdaq hits new highs. You get to experience it in the studio. Its a milestone for the tech heavy index. Its a good gauge of valuations of whether we are perhaps in a bubble. I know i use that word often but that is a concern. Last night i was at a Network Drinks event and i was speaking to fred dustin a partner at excel partners who you and i have interviewed before and talking to him about valuations and he is telling me it is getting scary out there in terms of what entrepreneurs are commanding in terms of valuations. So listen, we look at the nasdaq. Its obviously which houses a lot of the Big Tech Companies but even in the private market it does have an impact. Were working through all the possible scenarios. First of all, this is not like a traditional drawing as we know. Most of the drawings i steer by distance. They need to be autonomous. They need to be able to find their way to the customer autonomously and be able to come back. So thats number one. To take of course and next to that and safety of course is most important. Were working through all the scenarios and all the things to make sure the drawings are safe. How do you manage the delivery process to ensure these drones arent hacked. Well we have a long history in insecurity. It will protect our infrastructure. Ten years from now do we see amazon drones flying all over the place. Who knows. Might be. Definitely it is our intention to drive the time to delivery. We do half an hour off your order. By whatever means. Drones is one of the ways were experimenting in innovation. Its a clear and obvious one. Theres many other different ways were experimenting as well and there may be other surprises in stock there for you. We rolled that sound a bit too early but that was the cto of amazon speaking to me in an exclusive interview about the opportunities in drones but the main focus is amazons cloud opportunity. The company reporting earnings last night beating expectations and the main focus on cloud revenue, it broke out cloud revenue for the first time in history and we found that aws is a 5 billion opportunity. I was speaking to analyst at morning star and they say over the next three years aws could be a 15 to 20 billion opportunity for amazon Going Forward. So a lot of focus on the cloud. It will be interesting to see if amazon shares continue to push the nasdaq to new highs. Indeed seema. I think breaking out the aws erngs earnings is a big story for the markets. But overall the story is the same. The sales rising. Earnings negative. Loads of projects theyre working on and people wondering whether theyre spreading themselves too thin. What do you think . Listen you have to keep the end game in sight. Eye on the prize. Overall the Company Continues to show that while theyre making a lot of investments theyre seeing results. They also saw a significance rise in q1 2015 revenue for aws. Theyre showing that the investment is being put into place and it does have results, if you will. But of course that will be an on going concern. The amount of investment that amazon is making and how thats impacting profitability. We should point out cloud is a highly competitive space with the likes of google and microsoft competing and trying to get a piece of the cloud pie. Coming up ill be speaking to a variety of different investors and start ups about what they have to say about the cloud. Also be speaking to uber about their expansion plans in europe. Evernote as well including a couple of other guests coming from the next web conference in amsterdam. Were back in two minutes. Stay with us. The Home Appliance maker issued a profit earning earlier in april citing weakness in north america. This bounced back from the lower share price it moved last month. Well be speaking to the companys ceo on a first on cnbc interview within an hours time. This is thanks to strength in european auto sectors. The french car maker raised its full year forecast for european demand and the market taking that well. Now theyre basically flat. Sales did beat expectations and they reported growth across all regions theyre on track to meet targets of 4 like for like growth but flat overall. Hsbc is up 2. 6 as we have been reporting in the last few minutes. Its launching an immediate review into whether it should move its headquaters outside of the United Kingdom. Catherine joins us outside their headquaters headquaters. Thanks wilfred. Im joined by a shareholder thats been a thorn in managements side. What do you want to hear from the chairman today . His resignation. I want him to resign. Im fed up with his lying and cheating Share Holders and providing false and misleading information. But while he has the support of the big institutional shareholders theres only so much small Share Holders like yourself can do. We can expose their criminal and illegal acts. The big shareholders hide behind blank screens to turn around remove directors responsible for the illegal and criminal activities of this bank. Do you think the announcement today hsbc is considering relocating its headquaters. Is that something that might change your view of Home Management screwing the company . No they have threatened this before. No Descent Society can afford either the principles of this board of directors or hsbc if they want to leave our country and put thousands of people out of work then let the politicians come out and truthfully and honestly say they will turn around and do a criminal investigation into the bank. They talk about its to do with costs and Everything Else. Part of it is. But what country can they go to in the world where they have not committed illegal and criminal acts. But even if as you say theres in countries where hsbcs activity has come under question surely for the big institutional shareholders what really matters is whether the board are continuing to deliver profits and pay out dividends. Let us look on it. Since they were forced to actually clean up their act and stop committing criminal and illegal acts around the world profits have fallen by 29 in the last two years. Is that because they cant do any more illegal laundering of drug cartel money or illegal transfers with iran which totalled over 16 billion . Mr. Flint asks the world to believe that he knew nothing about this in the 17 years as finance director. If we are to believe him, hes negligent. Well, thank you very much for your time. He is one of the leaders of a Class Action Lawsuit against hsbc in the u. S. Thank you for that. A very interesting perspective. Lets stick with the banks. They agreed to pay a record 2. 5 billion to u. S. And u. K. Authorities to settle allegations that it manipulated liable rights. Annetta has the story. Well, thank you very much. Its a record fine for them and also the biggest fine of a single bank and thats because they did not cooperate very close closely with the authorities and mislead the u. K. Authority by saying they dont have a special report from the german regulator which they actually were assumed to be passed on to the u. K. Regulator. So its not the best picture theyre actually painting of themselves so now we have that record. Its off the table for them. Its more than we had previously anticipated and also the bank was guiding you us when it comes to the legal charge but more importantly actually is todays Advisory Board meeting when the super shape of the bank will be discussed and most likely also decided. Most likely were heading into a situation where theyll be a lot leaner. Probably have to die vest and more of that during the course of the next week. Back to you. Thank you. Now when sport and art combine. Brazilian legend pele was in london yesterday to promote an exhibition celebrating his upcoming 75th birthday and sporting achievements. I sat down with the brazilian legend and began by asking him if he had a favorite player among the current drop. No doubt. The players less and less and it was messi and ronaldo. Now we have neymar. Good player too but no big one. No big favorite. Were here in london and theres a lot of great english players but the english team always seems to underperform. What do you think is the problem with the england team . Its difficult to say because we always point the english teem as the best team the team thats supposed to win the tournament and then they have problems. Its difficult to understand that but no doubt is the strong most difficult league in the world, you know . Yeah. The best player youll see all the brazilian players now in europe. They had a lot of players in england. The best player here. But the english team the National Team doesnt have a lot to give one step more until the world cup. And pele my final question were coming up to a watershed moment for World Football with the fifa elections. Do you think its time for a change at the top . The problem is its not easy to change. There has to be a reason for that and this moment i think in my point of view no reason to change. What an absolute legend an an honor to have sat with him there. Sticking with sport, ticket prices for boxings biggest fight in years are reaching super bowl levels on the secondary market. The average asking retail price for the may 2nd bout between Floyd Mayweather and pacquiao are shy of 11,000. Thats higher than the super bowl and tops any boxing match in the past five years. The most expensive seat 5th row ring side is priced at 77,000. Wow. Well thats got us thinking here on Worldwide Exchange as we head into the summer peak sports season, if you could attend any one sporting event regardless of price or Ticket Availability what would it be . Get in touch with us by email worldwide at cnbc. Com or via twitter at cnbcwex. My personal handle on the screen wilfredfrost. I have to say it would be a soccer World Cup Final with england in it but given thats never going to happen im going to keep thinking to see if i can come up with something else. Get your tweets and emails in to me so we can discuss it. The greatest sporting event you would attend if price and availability wasnt an issue. An independent review says u. K. Debt could be 90 Million Pounds higher under a labor government. Thats coming up here on Worldwide Exchange. Dont go away. Ion kids everyday in our country lack access to healthy food. For the first time American Kids are slated to live a shorter life span than their parents. Its a problem that we can turn around and change. Revolution foods is a company we started to provide