Greeces finance minister says they will not prioritize payments. The u. S. Steps up its strategy against isis as militants secure a key area but King Abdullah tells cnbc its business as usual in the region. The Iraqi Government with Coalition Forces are going to open the route this summer and thats a very strong market thats going to be reopened. Welcome to the show everyone. Weve got some numbers for you in the form of euro zone pmis for the month of may. Those are flash numbers for the manufacturing cite we have a print of 52. 3. Thats a little bit better than what was expected versus a print of 52 in the month of april. On the service side 53. 3 and that is a tad lower than forecast. Lets have a look at how the euro dollar is fairing. We are currently at 11144. The german number was a bit of a disappointment. The french number was before. And the overall composite number coming in at 53. 4. Fractionally lower than expected and the manufacturing was stronger. The services a little weaker. Well come back to instant reaction where agm is getting underway. Its expected to be a fairly heated meeting. Deustche bank reshifted the board overnight. They said the cochief executive officer of asia pacific will also leave. Well konltdcontinue to bring you flashes out of that agm. Its underway starting a couple of minutes ago. Lets get reaction to the pmis we broke to you a few minutes ago. Good morning to you. Thank you for joining us. Overall the pmi is still positive. Still above 50 but just a little below expectations overall. Yeah id say were seeing here the euro zone economy a little bit from what we saw in the First Quarter. But we shouldnt get too despondent. Were still seeing growth. Were still seeing growth in germany. Were still seeing the fastest growth in about 8 years outside the nations and were seeing france starting to show signs of stabilizing. Overall positive but not as positive as in previous months. Isnt it worrying for germany because were seeing pmis below expectations . France growing faster even though theyre still below 50 on the manufacturing side. Again, with germany for them because germany wants to see growth continuing but from the european perspective we have been hoping to see some of these other period countries catching up with germany. Were seeing some of those coming back strong. That could have a knock on effect elsewhere in the euro zone. We would hope we see that improve. The fact that its a broad based manufacturing and services with sex ports not doing as strongly again. Maybe a bit weak for germany. A bit disappointing for germany but again as long as other parts continue to pick up as well should be good. Rob, of course the euro had been super weak. It now recovered some of that strong. Of course its not strong at the moment. Will that start to impact the numbers as we look into the next set of figures . It could. At the moment the disappointing thing is when exports arent doing as well as what we would hope thats on the back of the weak euro. Now euro starts to rise again. We could see some of those things such as exports starting to slow even more so. Do these numbers at all account for a messy greek outcome . Not yet. We are seeing some reports from some of the german providers that theyre worried about economic uncertainties which could be recent change in legislation and also for grexit and other policy considerations. Youll stick around a little longer. How are the markets looking . Were a little bit soft as you can seement a little more red than green. Yesterday it was green than red. But lets remember its been pretty positive for european equities. And that really stemmed on tuesdays rally off the back of the ecb comments that suggested bond buying could be picked up a little bit because of the rise in bond yields over the last couple of months. Lets look at those individual forces and that tells the story of the weak because were offsetting a bit of the gains earlier in the week. The ftse 100 is up. It had been lagging throughout the rest of the week and then as you can see Continental Europe as a whole just below flat. Those pmis just below expectations but still relatively positive. Lets look at bond rates. They have selected a little bit this weak as well. The ten year in germany having been above 0. 7 last week and 0. 6 earlier this week. 1. 96 on the ten year in the u. K. Worth mentioning that the minutes from the mpc yesterday were relatively hawkish where as the minutes from the fed were a little bit dovish suggesting a june rate hike. Well discuss those in detail coming up on the show. A quick look at commodities, since mid march the oil prices enjoy a steady rally not steady volatile rally but nonetheless a rally. Those have continued because the focus is on geo politics. More developments later in the show in syria and iraq. Brent 65. 3 up 0. 4 . Whats coming up next. Well talk about David Letterman. He takes his final vow. The late night legend departs after 33 years on the job with an all star lineup on set. Were asking viewers who your dream guest would be. Get in touch. Have a think. A state of emergency for Santa Barbara county as crews scramble to clean up the Worst Oil Spill in decades. Well bring you the latest. Plus cvs reportedly nears a 12 billion deal for omi care. Details a head. Dont want to miss it. Well be back in two. Why do we do it . Why do we spend every waking moment, thinking about people . Why are we so committed to keeping you connected . Why combine performance with a conscience . Why innovate for a future without accidents . Why do any of it . Why do all of it . Because if it matters to you its everything to us. The xc60 crossover. From volvo. Lease the well equiped volvo xc60 today. Visit your local volvo showroom for details. Welcome back. Another key city has fallen to isis. Its been seized by the terrorist Group Falling intense fighting. They evacuated civilians towards strong holds in the west. Meanwhile the u. S. Is rethinking its strategy after iraqi troops lost the city of ramadi earlier this week. Washington will send 1,000 rockets to baghdad and step up the training of sunni tribal fighters. Hadley, that seems like a pretty significant shift on part of the u. S. It does indeed. It speaks more in terms of the shift in terms of Regional Policy over the year or so. Its what we saw with saudi arabia and the situation in yemen. Theyre happy to send weapons and give advice. And the Prime Minister the last time he was in washington he walked away pretty unhappy so he might be more optimistic now about the situation. I asked is jordan safe for investment . Were here at the dead sea. A thousand business men are gathering here. They want to reboot the economy and bring investors here. So i asked is the country safe and are we going to see an end to the crisis in iraq and syria . Take a listen. I think we have a history over many decades of jordan always being stable throughout the region whatever the crises are and you have to remember with everything thats going on around us jordan has done well. Weve had growth over 3 over the last couple of years. Were expecting 4 over the next 2 or 3. Our reserves in the central bank are the highest they have ever been and when we look at the region, you mention syria and iraq iraq has always been a very strong market for us and i believe that the Iraqi Government with the Coalition Forces are going to open the route between baghdad this summer. Thats again a very strong market thats going to be reopened so those are coming to look to invest in jordan its not just the traditional iraq market but we have the traditional market. We always looked beyond the region. Its not just looking at jordan. We have free trade agreements with the United States and with canada. Mexico is coming online. Its the americas that has been an area of interest. We have been very bullish about asia. So its india and because of the development of the seaport city theres now a new move to look at the horn of africa and how do we develop the east african countries . So again there are opportunities that are coming up and people are knocking on jordans door. In terms of the challenges here at home 20 of the population are refugees now and you also have a water crisis and youre dealing with the fact that youre a net energy importer. How are you tackling those problems . Definitely the challenge for 20 of our population being refugees we do get a lot of sport for the International Community. Most people dont understand that 85 of the refugees are actually outside so thats a burden on the economy. Almost 25 of the gdp is then a burden that we have to take care oppenheim looking after the refugees and that does create a bit more of a challenge. However, how do we offset that . We have to move quickly and thats why youre seeing a major investment in alternative energy. Serious challenges for the jordanian government. The king telling me that well do whatever it takes to ensure that the private sector has every opportunity they need here in jordan. Carolyn carolyn. At the same time theyre on the front line of the crisis stemming from isis advances. How are they dealing with that . Its incredible the capacity of this country to take in refugees refugees. This is the largest camp in jordan and its becoming semi permanent because as you said isis has made significant gains in syria. The people that we spoke to there were hopeful that at some point theyll be able to go home but at this point there doesnt seem to be any end in sight to the conflict in that country. Its really interesting, the human spirit can do amazing things. Essentially what we saw in the camp where everyone from syria were gathered together. They made a semipermanent town they were calling the market area. We met a family of bakers that brought their business from syria and reestablished themselves. They were very grateful to his majesty King Abdullah and the people for hosting them but they still want to go home. Thank you for that. Now four years after the death of bin laden were getting our closest look yet into his mind and book shelf. The u. S. Government released a batch of documents taken from his hide out in pakistan. It contained everything to classic books like the rise and fall of great powers. Some items have yet to be declassified with the office of the director of intelligence confirming they had a considerable quantity of pornography was also found among his possessions. Lets get back to the Deutsche Bank agm that is underway. He says the public image suffered immensely. No kidding really. Remember that 2. 5 billion settlement. Should be a very heated agm today as many advisory groups are urging shareholders not to vote for the exoneration of Deutsche Bank management. Shares did open with more power around. Shares not doing too much. Theyre still flat. Is it the public image they care about or the earnings in the roe. They do care about earnings. They do care about dividends and profits. Exactly. More headlines to come from that as and when they come out of that conference. Hewitt packard to unveil sweeping changes to its business in china. This includes its data network operations. Its affiliated with the university and will reportedly buy a controlling stake in the unit called h3c technologies. They calm under fire following revelations the u. S. Government secretly used their infrastructure to collect Sensitive Data abroad. Lets look at it in frankfurt. Just about flat. Lenovo is shy of expectations. It was weighed down by the 2. 9 billion dollars buyout of motorola. They said pc sales rose citing europe as a potential bright spot for the year ahead. Goldin group had more than 70 wiped off its share price over the last week. Golden financial and Golden Properties lost 22 billion in market cap with the company saying it wasnt aware of a reason for the share move. It follows a other50 plunge in yesterdays session. China stock at all time highs raising expectations that theyll step in with bolder measures to stimulate the economy. It fell below forecast to 49. 1. Still with us is rob dobson. This reading coming in slightly below expectations. Most importantly its still below 50. Three months in a row of manufacturing declining of being below 50. The stimulus measures are not really working. That seems to be the case. That would be something the Chinese Government are concerned about. We have seen Something Like six cuts in the last three months and these rntd managing to stimulate growth. Also what were seeing is more job losses in manufacturing and also exports not doing particularly well either. So a pretty weak set of numbers and stimulus measures rntd taking effect yet. If theyre not, what will . We have so many cuts more are expected when you listen to them but is that going to make a difference . Its difficult to say on that one. The big thing really hurting china is the slow down in the Global Economy is hitting their exports, effecting their manufacturers but the other thing we have been seeing in tandem is a greater slow down in the asia region. So basically its the country that does a lot of its trade with and what were seeing there is seeing a china having an impact onslowing those economies but conversely those economies demanding less in china which means theyll all slow simultaneously. I also want to quickly touch on the japanese manufacturing pmi yesterday. Theres a lot of discussion as to whether yesterdays gdp data was positive or not. The number itself was high but there was some inventories inside of there. Todays manufacturing pmi, was that better than expected. It came in. Gov 50. Around the 50. 9 mark and basically what were seeing is a moderate recovery in japan and suggests theyre still in the soft patch that weve seen on going since the sales tax rise about this time last year. So japan itself is also slowing and its seeing a impasse to china in terms of the jobs and growth figures. The big thing for japan as well is were seeing exports not doing as well. We see the Global Economy slowing and thats having a noticeable impact on global trade flows for asian economies. Thank you for joining us this morning. Rob dobson senior economist at market. Chances of a fed rate hike in june now appears slim following the release of the minutes from the fomc meeting. Officials were concerned about growth during the First Quarter and only a few thought the economy would show enough strength to justify a rate move. They had no good reason why Consumer Spending was so weak and most fed officials think the First Quarter slow down is transitory and there will be a moderate rebound in the second quarter. Wilf i looked at the note on the markets and on the fed minutes and they said they were as exciting as arsenals strike force 45 minutes later. We have failed to score at home for three games in a row. Thats bad. Thats even of than i could expect. The only interesting thing we can discuss later is the fact that they were quite dovish where as the mpc and bank of england were quite hawkish yesterday. I dont think they were. I dont think they told us anything. I think what they told us is what the market had already discounted. So dovishness maybe but that was baked into the cake and was the mpc hawkish yesterday . Im not so sure. It was still 90 but they were suggesting inflation would pick up by the end of the year which is a continuation that just bringing forward rate rise expectations but of course they were further apart. They were converging to expect late this year. I think the discussion were having right now is what the market is grappling with too. Theres really no consensus. Thats very true. Lets stick broadly with this topic. The republicans want to see a bit more of janet yellen on capital hill. They want the fed chair to testify twice a week sorry, twice a year until the central bank has a vice chairman in supervision in place. Thats before both panels on Monetary Policy. The Government Agency is admitting problems with its numbers and is promising changes over the next few months. In a statement to cnbc the bureau of Economic Analysis says its acquire of issues in the gdp data. Cnbc reported last month that First Quarter number versus been weaker than the other three quarters of the past 30 years theres several sources of trouble. The agency says it will make revisions by july 30th but only going back three years. David letterman says goodbye signing off wednesday night. I asked the host of the late show letterman is the long serving late night talk show host on the air for 33 years on both nbc and cbs. He was ushered into retirement wednesday night with big named stars including alec baldwin, bill murray and jerry seinfeld. He thanked his fans friends and coworkers. The last six weeks its been crazy. People have been saying lovely things about us and its really been over the top and i cant tell you how flattering embarrassing and gratifying it has all been. In light of o all of this praise merited or not, do me a favor and do me a favor, save a little for my funeral. Id appreciate it. Thats all ive got. The only thing have left to do for the last time on a television program, thank you and good night. What a legend there. Now if you had your own late night chat show who would be your ideal guest . Your ideal interview . Let us know. Our personal and handles are also on the screen. Probably some athlete. I dont know which one. I would want them to be honest and i dont want them to rehearse what they were going to say. Okay. Because with most of the actors they have thate script theyre going to deliver. I want someone genuine. If this is a chat show you want someone cool someone glamorous, and someone serious. Like me. I think id go for becks. Big football fan and glamorous side taylor swift. Yeah youre a big fan. But number one within the serious scope of things and id say her majesty the queen. Nobody has ever interviewed her. She experienced so much and it would be a fascinating interview to do but she also eluded everyone. Its probably either she doesnt do one now. Chances are slim youre going to ge