amid speculation the federal reserve will go with a rate hike. those are the things we are talking about for the next hour. so futures are down. dax futures are up by almost 20 points. we are looking at -- the open to caroline hyde. carolina by -- caroline: the 60th day of declines. greece could run out of cash by the end of the month. wednesday is when it they would start renegotiating. will they be able to strike a deal? it is dragging stocks lower. cac 40 up by 0.1%. interesting data from china. shares falling over there.

showing to the extent of the rest of the world not really piling in chinese commodities anymore. record stretch of the clients. 36 months. consumer prices are on the up a little bit. maybe more domestic demand. outside, they are showing the rest of the world is not up to scratch to the united states. you said it, it is all about dollars to rent. the euro's weakness. interesting move. bond buying still going. it is all about u.s. to read in anticipation of a rate hike -- stress in anticipation of a rate hike. interesting story with the kiwi. the new zealand dollar. all the related to a baby formula. risks threat to poisoning of baby milk.

new zealand is the number one derry supply in the world and dairy exporter, is reputation at risk. really affected the new zealand dollar. on the back of that news. a little look at how bonds are moving. we are seeing that yields screaming down. record lows for france, germany. look at that -- across the board down basis points. french are down three. italy down 4. spain a down three as well. we are seeing the impact of the bond buying hitting particular hard. we can see much more movement on the bonds. watch out. let's have a little look at some of the stocks we will be keeping an eye out. credit is up almost 9%. euphoria, it would seem that it

is getting a new chief executive. he has managed to ride out the financial crisis but lives in a bit of a battering -- but we have seen a bit of a battering. thiam is the new men at the helm. u.k. insurer up by 2.5%. a nice, tasty dividend. their payouts with fourth-quarter profits beat analysts. back to you, john. jonathan: the story of the morning. prudential ceo leaving the insurer to replace dugan of credit suisse, the second largest lender. let's check out the move in shares. trickling under his tenure.

a very different story under prudential. dugan has been under pressure as they have had to deal with investigation after investigation which has hurt earnings over and over again. credential is up by nearly 3%. credit suisse, 7.8%. right here, right now. big moves in the markets. i want to get out to hans nichols. hans, we have been talking about this for several years now. why now? hans: that is a great question. you will have to parole with the shareholders and the board of credit suisse why they made the move now. we have heard, at least prudential's side of the story, he left the company and great shape. the charts seem to bolster that account. the stock is up some massive amount over the past three years. when you look at what mr. thiam

said, they had a pretty good quarter. he said he is leaving on good terms and setting there is no better moment to leave then when you are on top and the company is is sound, fiscal shape. this is switzerland second largest bank. they will have a french national. a french national with quite an interesting pedigree. he was born in ivory coast. it was in the ministerial position before the 1990 coup and has his background as a managing consultant. he really focus on banks and the insurance side of things pretty in 2007, he went to -- and then went to credential. the big question for him at credit suisse, what is he going to do with commodities? is he going to slowly pare it back though way dugan has but not do a massive scale like some have been advocating for?

or is he going to double down and say this is an area where we can compete and this part is healthy and will be a profit center? what is he going to do a litigation front? yes, he is close to jack lew jack lew tried to get him to take the chief job at the world bank, the investment bank job. that fell through. the challenge for the problem with having good relations in washington and you have to have it all across washington and just having it at the treasury department is not going to quell any of their long-term litigation uncertainty. which of course is going to be weighing all shareholders' minds. jonathan: the market really can be brutal sometimes bring you have a stock up 7% in credit suisse. that doesn't say much about dugan's 10 year what is his legacy going to be?

hans: his legacy is going to be surviving. the job on news of his departure is probably not what he wants to hear. he stared at the bank through some difficult times. not just the financial, but the litigation and charges that came out. he did settle the 2.6 billion charge. they had to put it on their books. it has been a hit. the question is, how much of the litigation it did he clear up and how much more is there to be found and he leaves a relatively clean the book and a lot of the hits have been taken. his 10 may be viewed as successful. if there is a lot more for mr. thiam to clean up, dougan could go down is less as successful. jonathan: thank you for joining us. we are joined now by the investor's perspective. he helps oversee about four to

20 billion pounds in assets. -- 420 billion pounds in assets. what is thiam bringing to the table? guest: a good regulatory record and in financial services and through the most important relationships of any financial institution. so, i think that will be very helpful in getting out there and seeing the banking regulators and the parallel over the people and saying, right, let's get this company bedded down and clean up any previous messes. i am sure mr. thiam's first job is to wrap up anything that is still out there and he can look forward to how do i want credit

suisse to look five years from now? jonathan: how will it look five years from now? the wealth manager and investment bank and the parallels between insurers and wealth management and i struggle to see the parallels between thiam and insurance and investment bank? andrew lynch: the expectation will be credit suisse, the ubs model downsizing the investment bank. having investment bank services primarily to support and the wealth of the wealth management side of it and grow the wealth management side. if you look at terms in equity investment banking completely different free wealth management is a very high return, good return to shareholders. investment banking has been low returns. shareholders, people would be happy to see investment bank and

more capital into what the management. jonathan: the conversation as speculation in the last 24 hours dominated by credit suisse. let's talk about credential, the company the man is leaving behind. the suggestion he is leaving things in good shape area -- shape. andrew lynch: there are serious headwinds in the insurance sector. the evening or quantitative easing because long-term investment goes down and down and down. that makes it very hard for any life insurance to earn what do they have been promising to their investors. the biggest structural headwinds of this short sector over the next several years. he does leave credential in good shape. a good team there, so i wouldn't expect any way for it to fall apart now that he is moving on.

jonathan: to wrap up the conversation. dougan we could talk the by strategy and doing the opposite of what the ubs has done. we see the regulatory issues, the legal issues. the scale of this bank to survive the financial crisis arguably, the regulation the legal issues that has pushed this guy to leave this bank. is this the first of many to come? andrew lynch i think we'll see other managers moving on because the terms of the gains have been changing. i think you're absolutely right. if you look back in 2007 22015 he kept credit suisse alive through the biggest financial crisis. and maybe actually [indiscernible] and frankly, that is a pretty

good effort. so many banks went into the financial crisis with a too much debt, too many things on the balance sheet. and the list of banks that failed during the period is a long list and credit suisse is not on it. shareholders should be quite grateful. jonathan: andrew lynch will stay with us. we will move from one crisis to another. when will greece run out of cash? we will have more after this short break. ♪

jonathan: good morning and welcome back. almost 15 minutes and tell the open of trading. credential is one the biggest losers on the ftse 100. that ceo is exited in the coming the ceo of -- exiting and becoming the ceo of credit suisse. now to greece. pressure on the greece to open their books. let's go to our reporters. i want to go to you caroline what happened in brussels? the bar was low and we did not get much out of it. caroline: that is right. there was a lot of drama but not a lot of progression last night. the main thing they decided was

to start the technical discussion on the greek package of reform as soon as tomorrow here in brussels. some discussion will take place and will determine whether it agrees can receive or in -- greece or not can receive the charge they are to receive in march. that question on whether or when greece could run out of cash is on everybody's list last night. greece officials say it could be 1 2, 3 weeks, it is hard to tell. i spoke to a head last night and asked if he knew when greece could run out of cash. >> i do not know if and when it they run out of crash because i do not control the teal -- till.

we can only release further loans from the european funds if there is a full agreement of the total package and if they start implementing reforms. so far two weeks have on by ed neither of the two have happened in at the moment, we stand ready to work with them. caroline: according to the eurogroup head, the last two weeks have been a complete waste of time. of course, that is not the opinion of the greek finance pin mr. -- minister yanis varoufakis and he said there was a misunderstanding over the weekend. he said it was the first batch and there will be more reforms. back to you. jonathan: carolina connan thank you. now to nikos.

the big question as we go through the end of the month, how much money does the greek government have and how long will it last? nikos: it is hard to say as mr. jeroen dusselbloem explained. the tax revenue and of course, the deposits over the last few months and we have seen a run on deposits as -- and they are afraid of their savings will be denominated. it is worth reminding what has been happening in the last two weeks. last month, the greek government agreed to implement a set of reforms including pension ever refund, public-sector refund -- pensionary refund, public-sector refines and other overhauls. it was expected they would start

implementing. so they can start disbursing bailout funds which is the only lifeline keeping greece and is banks of float for you the government was busy drafting up another of mostly random measures which were unrelated to the promises made last month. your worst -- euro finance said this is not going anywhere and they said they are not going to be disbursing any funds until the greek government starts -- on his commitments. the greek government say they didn't waste -- the government didn't waste any time and will start delivering on its promises soon. and that work will start tomorrow. jonathan: nikos chrysoloras thank you. i want to bring back andrew lynch, a portfolio manager. keep it short and sweet, it

doesn't seem the finance ministers are in a rush to do a deal. one saying a discussion on the greece was a very short. is it a road to nowhere? andrew lynch: it is not a road to nowhere. typically banks are dependent on at the ecb and the liquidity funds. if that stopped, the banking system becomes liquid and probably insolvent very quickly. there are crunch points along the way that could be triggered very, very quickly. i think, both need to stop the posturing and try to get a deal done as quickly as possible. otherwise, you get to where accidents can happen. and it could be very serious. jonathan: we keep hearing a lot of noise.

the bond markets do not seem to care too much for various reasons we will discuss. andy, does it [indiscernible] andrew lynch: probably in the short term. greece cannot pay back in the amount of money that they currently have in debt. the burden this too high. -- is too high. as some greek restructuring does it need to be done. many of the other european countries at some point, bad debt -- call it a zero loan. jonathan: greece's problem is very much greece's problem. we will talk bonds. look at as a 30 year. record lows this morning. yields way below 1% on the german side. ♪

jonathan: good morning and welcome. qe program kicked off yesterday and the bond market likes it. yields in germany, austria inland now down below -- finland, now down below japan's. i want to bring back in andrew lynch. the negative yield club, andy. over in germany finland, quite

remarkable stuff. talk to me about bull flat nurse. andrew lynch: long-term yields fall very sharply and it would be normally -- it gets flatter. the curve is getting more and more like a pancake. very low yields right across the interest rate curve. in many countries now 5, 6, 70 year bonds, you cannot hold them. gender the bank is it the next leg of the qe -- jonathan: is if the next leg of the qe? keep going lower and lower? andrew lynch: at least in the short term. the question is at what point do investors flip them and turn away from deflation to worrying about potential for inflation

that has been created by all of the money printed? we will see that first in the very long-term bonds. only earning eight basis points to hold the german bonds 10 years. if it picks up 1%, you could lose money every year for 30 years. jonathan: the ecb -- at what point is it a bet against the ecb? andrew lynch: investors now almost on hold. they may be in "alice in wonderland." on the one hand, central banks say we want to create inflation. on the other hand, by bus to drive interest rates down. as some point, they become incompatible. jonathan: andrew lynch thank you for joining us. we's week 2 -- we speak to the

ceo of portugal's largest electrical company. join us into -- in 2. ♪

jonathan: good morning. welcome back to "on the move." i am jonathan ferro. 30 minutes into your trading day. the ftse 100 is down by 0.3%. the dax is up i-40 two points. so big stock mover today is over in switzerland. credit squeeze getting a new ceo, the presidential ceo. -- no big stock mover today is over in switzerland. credits weeks -- the big stock mover today is over in switzerland. -- credit suisse getting a new

ceo, the presidential ceo. the fx market, a story of a stronger dollar. can dollar reigns supreme? up against every major, single currency. euro no dollar. euro/dollar at 1.07. let's get the stock stored. carolina buying -- caroline: it is credit suisse up 7% as we speak. we are now trading at a the highest price since december. why? new chief executive coming over from prudential. he was there since 2009. prudential on the downside, falling the most since december. down 2.5%. they use of the men at the helm since 2009, the biggest insurer

in britain by market value. now, he turns his attention to the banking industry. credit suisse a bit of a new era. brady dougan has steered it. what has got him seems to be tarnished more with the secrecy accusations. another big mover. another insurance. one of the biggest gainers because profits are better than expected. fourth-quarter profit beat analysts'estimates -- analysts' estimates. jonathan: thank you. edp, largest electricity company. it plans a 10 year bond sale.

cool back to talk to this about. i am joined by the edp ceo antonio mexia. great to have you on the show. it is great to have companies like yours. are you seeing it? corporate finance, conditions are so much better, is that benefiting edp? antonio mexia: clearly. in 2010, it was around 10%. now we're talking about 1.1%. it improved by -- basis points in one week. particularly because of rewriting but also because of other qe by the central bank. clearly, an opportunity for companies. we hadve a significant.

jonathan: 10 year bonds sell planned for later this year. tell me something. what is later this year? is it better to give the way right here, right now? antonio mexia: 10 years, 155, probably it would be difficult to foresee. clearly, we will take advantage of this. it is slightly above 4 years. an opportunity to make it longer. probably in the next three months and will be launching the -- the deficit another 15 million. i think the reaction of the market today is interesting and of course, equity markets are falling. 5.6%. [indiscernible] longtime to attracted or regulated, it is quite

interesting. we have shown profits. in a challenging market, our approach 70% [indiscernible] 2% of our fleet is in the u.s. low risk, quite unique. let's say, help us to breathe clearly. jonathan: i want to keep no financing. with such a high dividend yield, a lot of companies in the u.s. by band -- buyback of stocks. is that something you are considering? antonio mexia: no. we want to go the direction into 2017, so not giving wrote messages. clear policy on clean energy and balance between growth and

leveraging. focusing on the balance sheet. just on the equity side. jonathan: talk to me about the energy sector. the collapse in the price of oil. when you see the price, a, how has the price of the end b -- and b what does it mean for edp ? antonio mexia: our exposure to the overall -- around 10%. it will have an impact mainly we believe it will have an impact on oil price. we have not seen it yet. we are talking about [indiscernible] also because there's a difference in europe from the rest of the u.s. i see also something going in

the opposite direction. the decision of the european commission and should follow. i clearly see more on the stable side. jonathan: when it comes to your capacity, high growth, average in investment i have of 1.5 billion euros does it change your plan for adding capacity? antonio mexia: no, we know exactly where we are and what to do. basically in portugal finishing the project. we are adding gigawatts. almost 1.5 with the chinese shareholder. and also 1.5 gigs in brazil.

clearly, the growth project by project, we are going to do. wind a lot. keeping the balance between the leveraging and growth. even if the market and we started from has changed a lot. we should not change the nature. [indiscernible] long-term investors and we should clearly stress the nature of the sector. jonathan: you mentioned japan. can you speak about that? what are the goals? antonio mexia: the partnership was critical when the markets were slow. competition between european companies china, and brazil.

the chinese won. also support in terms of deleveraging in wind farms. and we have created a joint venture, not only in brazil, but the bigger in brazil. we have been doing with them. but also eventually other emerging markets. typically, more muscle. jonathan: i want to talk about portuguese politics. the politics fascinated me. you look at friends, italy, spain a you see the merges of extreme political parties. i look at portugal and i do not see that. antonio mexia: portugal since the revolution, clearly, showing political maturity. we are -- we have experienced

these kind of parties a bow for the other was. the traditional parties, social democrats and socialists and people tend to believe the solution will be participation in european union, rebalancing the budgets and all of the situations. also believing in creating new opportunities. a rather common sense approach i believe, quite a wise -- quite wise and positive. jonathan: the final question for you. everybody is so bearish on your. -- on europe the equities, follow the qe plan and you make money. what are you excited about this year? antonio mexia: what i am excited is clearly better than expected.

energy demand and demand growing in portugal. i believe people are really getting out of the hole in europe. i see a generation i spent two hours in london. i really believe you have a change a generation that will bring new momentum in europe. jonathan: antonio mexia ceo of edp. he is optimistic about europe. optimistic about the apple watch? ♪

jonathan: good morning and welcome back. 44 minutes into the opening. let's bring up the bond. the german seven-year goes negative once again. where are we? there we are. basically the flat. record lows. the german's 30 year is down near a record low. negative yells at the front end so to speak. -- yields at the front end so to speak.

dollar strength the story in the fx markets. let's get to some of bloomberg's top stories. credit suisse is replacing its ceo, brady dougan will be replaced by mr. thiam the current ceo of presidential. dougan will step down in june. thiam has led credentials since 2000 nine. consumer prices in china rose faster than forecasted in february. the central bank stepped up monetary easing to boost growth. producer prices have dropped by nearly 5% a record stretch of declines. richard branson's virgin atlantic opposed to its first annual profit since 2011 following a two-year revival plan with u.s. delta airlines which bought a 49% stake in virgin atlantic revenue came in at 2.9 billion pounds.

two alkyl. tim cook took to the stage to unveil the details of the first product line -- and the out the watch. is it a game changer for the watch industry? swiss took a careful of enough and called it a fitness app, the high-end model is not going to -- a fitness app or -- is the question. the analyst there wrote about it. caroline: they are taking a series of enough. the $10,000 price tag, they will have to take it seriously. it is in the luxury realm. a calvin klein a model on state showing it off.

they are hitting the luxury market. -- onstage showing it off. is it worth that kind of money? you are looking at an addition. the cheaper version it starts at $349. you are buying a lump of gold. it is twice as much -- it is twice as strong as normal gold but it is the beauty. in terms of details, it goes on so april 10, -- sale april 10 for preorder. [indiscernible] she was helm at burberty. not only in apple store zumba high-end places. -- but in high-end apple -- but in

high-end places. this is squarely trying to hit the luxury market and fx. jonathan: now, you ask is it worth it? falls and batteries. if i have a watch -- caroline: tim cook try to talk a lot about it. 18 hours. you have to sleep at some point. they hope every time you go to bed, you would take it off. it has a power saving technique. say you have not charged overnight and maybe you were living large or working -- working all night. it will last you 72 hours. it it depends on how much you are using the device. that is where apple is trying to stake its claim. they said it will make you keep your phone in your pocket unlike the samsung galaxy where you are

using your galaxy a lot. you can read your notifications. your phone is in your pocket a lot more than usual. i like so the novelty apps. you can order uber and track it on a mini map. you can open your hotel door using it. the alarm device. you can even -- you will like it. american airlines flight, you will be able to see how far way. and it drives me crazy when at the gate is one-mile -- one million miles away. baggage claim will tell you which to go to. they have to get people wearing it and using get there realizing . jonathan: i think caroline hyde might be persuaded. coming up -- changes at the top.

brady dougan is out and is being replaced by prudential's ceo. credit suisse is up 7%. euro/dollar is at the big story in the fx market. dollar strength in the fx market. the bond market, more record lows. german bond down. the ecb is back with a big bond buying program. yields are going lower. we'll talk about this and more after the break. ♪

jonathan: good morning and welcome back to "on the move." i am jonathan ferro. credit suisse is the big story. they are replacing their ceo. they are replacing brady dougan with andrew lynch -- tidjane thiam the ceo of prudential. let's start with you. >> this is a surprise. dougan had been there a very long time. since 2007. few ceos since before the financial crisis. last year, the bank had a big settlement on tax evasion and from there how it damage is bank

and his leadership from there. as a big question he has been dealing with is what would the investment bank look like? ubs has cut back on its fist -- fixed income side and do and had resisted calls to do that. you see the share prices of ubs. -- and dougan had resisted calls to do that. that really became a concern. guy johnson: he is coming at a great time. he knows what the model looks like. and it ubs, figure out at the litigation. he will not have the same emotional attachment so he will be able to resolve it, i think, more easily. ed evans: he is the outsider. thiam does not have a background in investment banking.

he has worked in government and insurance and in asia. a big question, what does credit suisse do in asia? what does it mean now for the investment bank? jonathan: talking about credit suisse. not much talk about prudential. the insurer sector, for the insurance section it is going to be some problems here surely. ed evans: you have low yields. how do these companies invest and make payouts over time. tidjane thiam at prudential had a bridge that gap with business in asia and the u.k. business as well. and the shares have been really close to a record high. and if that was a strategy that was paying off for him at the time. jonathan: i want to get a feel for this. the financial crisis claimed the

head all brady dougan, was at the regulatory issues that claimed brady dougan's job or was it strategy? guy johnson: i think of was strategy. you look at the underperformance of the stop and he tried to do it in the way and it was a -- there was a compare and contrast. he didn't come out well on that. just the bank ed evans and got -- jonathan: ed evans and guy johnson. that is it for "on the move." "the pulse" up in 4 minutes time. it is not about equities market. euro/dollar, lower. and the german 10 year bond keeps going lower, lower. record lows.

the 30 year at a record low as well. if you want to talk about the markets i them on twitter. good luck for the rest of your day. ♪

guy: insurance premium. credit siu'suisse soars. francine: crash crunch. european finance ministers pressure the government. guy: we will be speaking to a key ally of angela merkel. time will tell. will apple's new watch live up to the hype?