missing chinese exports. -18.1%. put it on, it you takes the markets lower. >> for the moments, the european stocks opened lower. you have the latest from the ukraine. >> consolidating control and one of the things to look at his core. the ukraine is a large exporter of corn. people are piling into foreign because there are supply concerns. think that maybe farmers will want to hold onto their corn as a hedge against the following currency and other people say that they need cash and they are selling the corn right now. you see the price of corn come the and people say that

concerns are easing. >> will have more on that. and -- at the global independence conference. >> the conversation with the president of the philadelphia nitty-gritty on foreign -- forward guidance. the versus -- the purchases have to stop before you see rate hikes. the global unintended consequences of qe that we have gone through and guidance and forward guidance. that is an issue and he talked about being humble about knowing how to get guidance and what

goes forward. that is the conversation i had. leading with some of the headlines, officials must be a ware of what is going on and the unintended consequences. we will have more later. >> thank you so much. he warned that monetary policy should not be -- month -- incoming data. exchange and we will talk about that one. we are going to european equity markets. it is lower in europe through the morning and weeks fact a softer open in europe. down and the dax is down. out andtrade data is exports are looking for 7.5% growth. it comes in at -18.5%.

the number is muddied a little bit. the year on year comparable is not quite a comparable. nonetheless, a huge mess. three banks are looking for a negative number and people were not expecting it to be this bad. let me show you where this is playing out. they are heading for the biggest loss since last year and it is down again today. they are down by 1.36%. the concern in china is that they consume this and any concern will play out into a lower copper price. another move is that the aussie dollar is lower. the biggest export market is china and it is going to hurt. >> thank you. that is the latest.

bloomberg has more on the mission best missing airline. it is an incredible story because we do not know what has happened to the plane as of yet. what is the latest? francine, there is no sign of the aircraft and that is what ae transport minister said at news conference a couple of hours ago. civilizationby the authority of malaysia that no part of the plane has been found the oil spill samples are being examined to see if it was from the flight. there is frustration between the searchers and the family information -- members. 20.co miles and includes

six nations in the south, including indonesia, thailand, even the united states. we know that the fbi and ntsb are here to help in the investigation. i want to point out a discrepancy that has arisen. it was initially thought the plan lost contact two hours after takeoff. more recent reports indicate that it was one hour. the location where the plane lost contact is in question, whether in vietnam or in malaysia. lots of questions and few answers. >> what about the stolen passports? they could have been like to terrorism. passports, they

right, theyare --sed speculation that towards that. there is no concrete evidence that it was a terrorist attack. interpol came out with strong words to say that they need to check passports and names against the database. that would have suggested that something was amiss. at least one or two of these past words are under investigation and in the database of lost or missing passports. are we expecting more news conferences today? for are still searching parts and we have indication from officials when we can hear more? >> not quite. crashes and plane

incidents take a long time. 2009, and aircraft was flying over the atlantic and two weeks later, the mystery was solved when the black box indicated pilot error. experts that we talked to say that it will be a while before the puzzle is solved, francine. >> thank you for all of that. the very latest on the missing plane and we will have more news when we get it across the bloomberg terminal. take a look at what else is coming up. withp in china exports concerns about the second largest economy. the telecom wars heat up and we have vodafone and we keep it right here "on the move. .o we are just -- move

" we're just getting started we are back in two.

>> welcome back. in london, this is on the move. we are streaming on your phone,

tablet, and bloomberg.com. joining us is bill. great to have you. we had a interview. about notlking getting caught up in data. becomes whipped up. yet, you get the market watching it and everybody is expecting a week number because of extraordinary weather conditions. when we got the number, the bull market like gangbusters on it. >> it makes sense. you want to make sure if you are if fed that you print and they were cool about data, they do not know. --you have to look at data if you are going to get an idea of what the economy is doing,

you cannot take a single set of data and the market is trying to preempt that. when you are expecting a number, as we were and you get a stronger than expected number, it overreacts and i would not be surprised to see that this week. it will slow down. what's did you expect it to increase? increasing ands he reminded officials to be aware of too much loose policy. gun. difficult to jump the it feels like it could be a bit heavier. it would take too many creative affairs. easier to not cause from for the u.s. administration so

we will see a steady taper. run, we will see that. 7.5% andowth will be we have the default. would beid that they in control of the situation and the free market. exports are not looking good. >> is extraordinary in china. there are three ways that markets react. first is that china is destroyed and it is all over. china is a grown-up country and there is nothing to worry about. the third approach is to look at the details and figure out where the real opportunities are. >> it is trying to.

>> it is a transition economy and you have smokestack industries that support panel manufacturing that is oversupplied and overcapacity. you do not want to be invested in that. you want to be invested in new technologies that may have chances to do-- things with the environment. andle say that the numbers keeping the gdp at 7.5 is going to be a struggle. i think they are over reacting. i think they're missing the opportunity. >> they are exposed to commodities and old-style big exposedurers are being to china. is it time to cool off? >> they have been out of that story. they said that it is no longer

everythingimporting on the planet. it is a different story. ande talked about the u.s. we did you talk about your for just a second i want to get your take on where you should be putting your money right now. we know it is not doing too bad. a lot of companies are more expensive. >> it is a good and difficult question to answer. we have an equity rally already and u.s. stock markets are close to record levels last week. how much farther do they have to go? remains withcture growth and we have so many policy things going on now with global trade agreements that .ill eventually get signed

the underlying picture for the global economy is going to be .rowth the difficulty is where you invest in the global growth story. it has to be in sound policy and politics. there are many laces that lack thed politics and those are problems. what is going to happen in europe? the only thing that will create growth in europe is global growth that drive demand. >> i am an optimist. we are in a better place than we were and we are in a better place than we were in one year ago. that the market is going great and yields are under control. if you speak to ceos, they are cautious.

that thisot a concern is a house of cards? uncontrolledhave or ballooning growth. it is a cautious expansion. corporate are holding back on some of the spending decisions because they want to see how this develops. in the long-term, that results in a more steady long-term growth pattern. maybe not the growth that we saw in the early 2000's. a steady growth. we will see spending at some point. >> that if the opportunity and is that not the point where they are confident? >> that is the difficult one. howstors are going to say, much is the growth priced into the market?

when it comes to the corporate bond markets, it is easy to say that there is great demand for people hunting yields. we all know that interest rates go up and if you're a treasure that invest in hedge funds, you do not care about that because you want to see the assets and liabilities matched and that is one of the reasons that the bond market remains strong and why corporate are issuing to refund themselves. >> the bank of england is at pains to say that they will not raise rates until the end of the year. if you look at the numbers, it is difficult to see how they delay it. >> again, there isn't the pressure in the economy to justify raising rates and we look at the u.k. number this that wasit was 2.8%, not accomplished -- accompanied with inflation. they can be delayed and the

markets are the ones who anticipate higher rates. >> are they not right to do so? >> i think it will happen. anticipate ity and we may see bond yields start to rise. we will not see the bank of england act prematurely. >> what is your favorite play? >> my favorite play? india. >> you are going to say, are you mad? before or after elections? >> all of these emerging-market countries that are suffering now are failing in terms of policy and politics in india is actually getting the policy right and we are beginning to see improvement. i'm willing to bet on that. there are honest political problems coming and if you look at the bond yields, they are attractive. >> i will get you back in three months.

let's give you four or five months. i certainly will. you can count on that. great to have you. also coming up on on the move, the wars heat up and we talk about consolidation we

>> welcome back.

there are companies on the move. increasing stakes and holdings. they say they may consider a full takeover. they already own 59%. euros. billion that is according to -- vodafone has a offer later this week. the ipo will proceed as planned. exclusive talk to sell part of the network spectrum. 1.8 billion euros. they will address concerns. let's get more on the telecom companies and the telecom wars. .et's kick it off with sfr who has the upper hand? >> we see a takeover battle

between the two companies and the cable operator in france. deal is for them to sell a chunk of the network to iliad. they are merging and it is taking the number of mobile operators to three. they have come out and said that they are going to sell the network assets to iliad to make them stronger in the event of the number going down. this is positioning to get vivendi's attention to say that they can make it happen. >> will be successful in the efforts to get rid of what we are seeing? sfr has gone from being a cash cow to being seen as a big problem for them in the french

telecom market that is quite unstable and facing some of the same issues in other countries. iliad is an aggressive competitor with downward pressure on pricing. vivendi has three options for sfr and the original plan to spin off to shareholders. things look good for a company that has not had good news in the last few years. >> we will get a lot of mergers and acquisitions in the sector. what does this mean for the companies abroad? towe have vodafone trying acquire a spanish cable company as part of a trend of mobile operators buying assets at a fixed line . the is also interesting is large-scale european countries. most countries have a

full-service mobile operator and if you talk to people in the industry, most cannot get a stable number going forward. if that can be done in france and in germany, where telefonica ,nd kpmg are trying to merge certainly italy, the u.k., spain, other countries are working hard to see if they can go from four to three. >> the very latest on mergers and acquisition in the telecom sector. with a look at how the european markets are doing. we are seeing pressure and look at that. we have a reverse on the cac 40. iliad is one that we're watching and is gaining. this is a picture for the dax. it is down 0.3% and there is

pressure following a chinese data report that shows that exports slumped. u.s. futures are up. we are back into.

>> welcome back to "on the move." these are the bloomberg top headlines. from a unexpectedly fell year earlier for china. that is the biggest drop since 2000 nine. analysts were respecting a 7.5 -- were expecting a 7.5 increase. pro-russian forces advance in crimean peninsula.

the ukrainian prime minister will travel to washington this week as russians' vladimir putin defended the actions. continues for the missing malaysian jet that disappeared two days ago. the vietnamese forces have failed to find the debris they spotted yesterday. the flight was en route to beijing. let's get to manus cranny in paris. talked to charles plosser. what were his main messages? good numbers that we saw on friday. he does not look at one number.

he did say we should not be -- in terms of policy when it comes to moving on tapering. it would have been nice had we started at a faster pace. that is a hawkish statement. we are coming off of soft members when it comes to the wage numbers. wage rises not a great indicator of inflation. where does the federal reserve go in terms of their policy for forward guidance. unemployment rate picked up slightly and give a little bit of room to breathe. charles loss or was clear -- we need to get humble. >> we have to be a little bit humble about how much we can indicate how much we're going to behave in the future. things change and people change their minds and things happen. i would like us to move towards

a description of our reaction function. >> it was a long ranging conversation. --n we got to the issue of part of what i have been reading is that rate hikes will come through in 2015. could the fed go earlier? he was very clear, go through the taper first of all. we cannot send a wrong single -- signal. when came to the new normal of rates, and he said it was possibly a tab lower -- tad lower. getting back to the precrisis growth rate is going to be tough. >> you have great interviews today.

what are you going to try to get to them about? will it be the fed were also china? know what thet to thinking is in terms of .ecurities and ecb i covered the european central bank news conference last week, backing away from canceling the sterilization program. currency. mr. draghi himself talking about the hit that the value of the euro has had in terms of inflation. we will cover that conversation. the conversations about china's someone here had

talking about trading saying that data is not trustworthy. it is a tough call and has real implications in terms of the whole. >> thank you. we're are looking forward to that conversation. manus cranny live. let's turn our attention to the ukraine. russian forces have advanced. joining me now is ryan chilcote. a lot of people are saying this referendum is unconstitutional. >> they do not think so. they are consolidating their control over crimea. they are establishing supply lines. they captured a border crossing point which allows them to move whatever they want into crimea.

they're setting up their front. they are digging in, laying mines, setting up what will become a de facto border between ukraine proper and crimea. there are negotiations going on. the russians have this expression -- the dog barks but the caravan goes on. i think the russians are bent on moving forward and preparing for this referendum. the price of corn has been jumping quite a lot on ukraine. an example how the crisis is having a global impact, even now. there are some areas, corn being one of them, where appearing -- where it remains a big deal. will there be a supply

disruption? we saw the price climbing steadily and it has come off over the last couple of days. there is no disruption to supply at the moment. all of the ports are outside of this area where you have russian control. some thinking that perhaps some of the ukrainian farmers are holding onto corn. why sell into a market when the currency is falling? so later. coin, whyside of the we are seeing the selloff of the corn, it looks like some of these guys are having cash flow problems. they are selling off the corn out to get cash. interesting to watch. >> we will be following the story very closely. thank you, ryan chilcote. >> how would you like to download a movie in one second? we have that story next. ♪

>> welcome back. this is "on the move." latheredleaders have -- gathered for a meeting. manus cranny is with them. hey, francine. thank you for that. i am joined by the chief economist at strategic.

let's talk about central bank. theme is policy, protectionism, what is going on out there. are there a lot of tools left in the bag? >> there are effects we have to think about when we talk about tools. we have to look at the government. we have to try to break the tools apart. there's trading policy, regulatory policy. about just central banks alone, it looks like you are running out of tools to some extent. easinge quantitative policies that have been pursued

but look like they have hit the point of diminishing return. a lot of central banks have gone to forward guidance, but that is still to be seen in terms of the value. we have to think about the interaction effects between central bank and government, monetary policy and fiscal policy. maybe that will be the most important. >> do they need to join up more? >> if you think about implementation -- inflation expectations, you do not want to wreck really good to. you do not want a central bank -- have done a good job of anchoring expectations. have they done it too well? have we swung so far to one side that now we are at a point where you cannot give the economy a kick as you would like without getting -- >> inflation targets lower? >> there are is a lot of

research on this. the conclusion may be -- yet. you get some kick to the economy, but a minus two percent interest rate. we are in paris and the debate is european central banks lack of action, given last week's meeting. what do you think the europeans need to do? can they move towards a form of quantitative easing? is that what is necessary? tough, even ify it is necessary. the challenges they have a lot of power. you are a printing press in many cases. you can print money, but it is hard to take risks with it. one way to interpret and inflation mandate is you do not want a central bank printing money and taking risk with a. if you take the wrong risk, you

can wind up with too few goods. we have heard that we have had the head of the ecb say that abs needs regulation. is that the concern that they might take the wrongful arrest? risk inne needs to take the economy. it is possible that the problem too little there is risk taking. somebody needs to take risk to grow. the central bank would prefer the private sector. a government cannot take risk. euro -- it is not a policy tool, but draghi says it

has impacted. is it the biggest obstacle to growth? >> it is suggesting something is wrong. inflation andbout you have a currency that is strengthening, you have to look at that and say, what can we do. maybe you have to finish the stress tests and get more information. to joiningforward you later in the day. , risk managerler at strategas. we will get an opinion on terms of bailing in our bailing out of banks. that is one of the themes at the conference. >> i am a big fan. we always like to hear market

thoughts. rules, new cars, new drivers. we are going to put you in pole position with a look inside caterham. they are finding innovative ways to keep speed up in the costs down. >> formula one is about being quick, very quick. f1 may be at the back of the grid, it is accelerating. inelerating from nothing 2012 to a team of over 350 people. designers, mechanics, drivers. the man in charge of this has hadcated start up to be creative to get this team to the start line.

there is no way we can do that ourselves. we need to find the right supplier and partnership. partnership in formula one, we enjoy something already. if you look at people who are this, there is no way they can -- the product. true formula one, what we are doing, you're coming to our factory. if you think about 3-d printers, that is a huge buzz. [indiscernible]

we are willing to -- chief formula one. >> guy always gets really tough assignments. e" is coming up at the top of our. we will be talking about technology, china, and the missing a malaysia plane. >> it gets better this week. we are going to take you inside 7, a fastest one they have ever produced. we are also going to talk to the all of owns it plus how these businesses fit together. in terms of today, we have a great lineup. what is being made of the

evolving story in europe and how does it fit into a global context? that conversation with manus cranny coming up. we are going to be talking to your favorite, the former boss of the bundesbank. get weber, always great to what is going on in the world around him. >> really looking forward to those interviews. pulse,"son, with "the in about 12 minutes from now. tencent is seeking to build a stronger competitor to alibaba. unilever plant plans to open a manufacturing plant in ethiopia. it is the second biggest product maker and hopes to emulate expansion in vietnam.

google is releasing tools for software developers to make apps for wearable computers. the tools will be available in coming weeks. it wants to give developers a way to make any number of applications, even a jacket with sensors. in germanyogy fair is in full swing. hans nichols is monitoring that event. angela merkel and david cameron has spoken of the event. what do they say? want the u.k. to be part of the --. importance of the bringing the five g to europe soon. a download could be

cut to one second. this is a prize that researchers all over the world are going for. i am delighted to announce a new -- three world university -- world leading universities working hand-in-hand. that is something to be excited about. he also announced 45 million pounds to develop an internet of things. technology can talk to each other around people. focused on data privacy, protection, talk about that ability -- datability. and consumers, will what is the responsibility to protect data? i love this story.

we have talked to the ceo several times on bloomberg. they want to have mass produced merkel phones. they have arty sold a lot to the german government. they want to expand it. they're partnering with vodafone. you securely, i would have to be in germany, you would have to be in germany, and we would both have to shell out 2000 euros. four 2000 pounds, what you have to say on the phone better be worth it. stay with "on the move. no ♪ ♪

>> welcome back. for a recap on the biggest market movers, we check in with jonathan arrow. we have two interviews coming up. news, a little bit of telcos and a lot of china. thatina is the only thing anyone is talking about. you had a miss on the export number, looking for 7.5%.

a muddied number. lunar new year. the country shuts down for a number of days. it was in february this year. the comparables are not there. how much false invoicing had an impact on the numbers? knows hows and no one much those two things played into the number. talk to me a little bit about the telecom sector. it has a lot to do -- certainnts to sell assets to iliad. there is a spiderweb web of telecom deals going on. in europe.idation a lot of action in france. >> thank you so much.

stay with bloomberg tv. guy johnson and i are back for "the pulse." we will see you in a couple of minutes. ♪

japan expands less than estimated. with bank of france the former head of another bank, axel weber. malaysia airlines vanishes with hundreds onboard. goor