christine lagarde will not support -- payday. the final jobs report for the united kingdom ahead of election day is due. some of the things we are watching. i know some of you are screaming it to the wages. as i said, we have futures lower across the board. let us get your market open. caroline hyde? caroline: first, a weekly drop. currently we are opening up flat in the u.k.. greece reeling front and center. taking profit for the last couple of days. 2% across germany. locking in those profits.

up 20%. as we get into this, the area of volatility. greece potentially not making the debt repayment. maybe a little bit of nerves creeping in. we wait for germany's open. italy down by 2%'s -- 2/10 of a percent. that is check-in on how the foreign costs are going. rising today. currently up. 12 point 25%. -- 12.75%. more than 28%. remember the short-term debt is what shows up. the fear factor building in. to your debt, more than 28%.

the height of concerns of the debt crisis. clearly, people getting worried about what is happening in greece. money going into u.s. debt. money going into germany. just seven points from the critical zero level. will germany go negative. u.k., we have got the data coming out of the united kingdom. unemployment, 5.6%. will we see jobless claims. 29,000 is the estimate. let us have a look at what we are seeing on the dollar. we are seeing a bit of a pickup in the u.s.. over the week, we have seen downward trends in the u.s.. coming behind estimates. industrial production, making

people reassess when they think foreign costs will rise. pushing it back to september. economists we survey think it will be september -- think it will be september. euro, yen having their best week in about a month. it is up 1.5% against the dollar. the data stacked. letters have a quick look at some of the stocks. nestle, let us have a look. weakness in china and u.s.. europe is growing. biggest maker of bottled water. syngenta ag up by 3.26%.

-- down by 3%. unchanged in terms of last year. $4 billion is what they pull in. banca monte posse, take a look at this. jon: caroline hyde, thank you. another morning of losses and store. grexit >> -- grexit risk. the annual spring meetings of the ims are well under -- imf are well underway. with gang -- wolfgang schaeuble says he cannot put greek interest above global stability area >> we will not take the risk to endanger the stability

of the global economy. jon: meanwhile, varoufakis took a different view. >> we have the right to be heard. we have the right to challenge the logic. ? who -- jon: who wants to challenge him? would christine lagarde support a payment? >> we have never had an advanced economy asking for a delayed payment. i would not support it. ? -- jon: i would say that is a no. everyone looking out for their own interest. the problem is they seem to conflict. that is get out to athens. because krista larson joins us. are we getting any closer to an

agreement between greece and creditors? if i am listening to the noise coming out of washington, it does not look like either side is getting closer. >> greases prime minister desk greece's prime minister says that even though there are points of disagreement the prevailing view among professionals -- among officials is we are moving a way from a deal rather than closer. let me give you a couple of examples. creditors say greases desk greece possible pension system is not sustainable. the government has decided to reinstate christmas bonuses for pensioners. also creditors say greece possible labor market -- while the government in athens has said it will reinstate

compulsory collective bargaining and raise minimum wage. there are serious disagreements. they are not scheduled to reach a deal until the end of next week. jon: it seems like one man's reform measure is another man's -- and looks like they're not going to solve that one anytime soon. how much time does greece half before running out of cash? we have been talking about that for a month. >> that is a tricky question. it depends on the cash flow and tax revenue. greece has already run out of cash as of last month. it has been staying afloat by using class reserve -- using cash reserves.

local governments municipalities. money is not for the financial ministers to spend. a recycling of cash cannot go on forever. standard & poor's expects that available bumpers will be exhausted sometime in may. greece will have to pay about 750 million euros to the imf. jon: thank you for joining us. bloombergs athens bureau chief. right now we are joined by -- i do not want to get into the political noise here it on to talk about getting -- about moving forward. what about the in between?

the referendum? >> i think multiple options. politicians always take the path of least resistance, as long as you are going to get reelected. maybe the path for greek government will be to agree given that they are in a position where they are week. their electorate will turn against them. maybe the option will be for no agreement to take place. greek is taking the hot potato onto the public and saying can we vote on these particular measures? if we do not agree then we have to close our borders. we have to exit the eurozone.

jon: they try to sort this mess out. what about the other right in the financial sector? could the financial sector be the straw that breaks the camel's back? >> clearly the financial sector is bankrupt anyway. the only reason it is kept afloat is its internal funding mechanism with. any minute. i do not think the financial sector -- they've raked in 25 billion in the last couple of months. i think the straw that will break the camel will be the inability of the greek government -- the greek government to pay. jon: the market, the classic

risk off from 2012. is that a taste of change perhaps? >> wobbly in a way -- probably in a way. market dispense have been drunk from mario draghi's kool-aid. there has been alcohol in it. i think the hangover can be difficult. one of the hank that's one of the consequences of what is going on in greece is you have a lot of negative yields. that has created a bubble situation from fixed income assets. what am i holding? is this something of value? is this currency gain?

maybe the tide is going to recede. i am concerned. people waking up and realizing that he may be getting ahead of himself. jon: we will talk about that bull market. coming up, payday in the u k. we take a look at the final days before the election. guess who is about to come america's best paid ceo? he is under 40 and was paid to educating million dollars. -- and was paid $280 million.

jon: good morning. welcome back. i'm jonathan ferro live from the city of london. a little bit later this morning. the last reading of u.k. unemployment before we go to the polls. we had a big debate last night. bloomberg politics anchor joins us for a little bit more. anna, the highlights? perhaps the highlight was there was someone absent. anna: good morning, john. david cameron -- no david cameron, no nick clegg. you get different reasons for that.

there was an opposition leaders debate. that did include ed miliband of the labour party. he has the most chance of becoming a prime minister. the focus was the relationship between miliband and nicola sturgeon. how closely with they want to work together? they labour party has ruled out a coalition with the s and p -- the snp. the door has been open for some type of cooperation. >> tell me is it the case you would rather see david cameron go back then work with thesn snp. [applause] >> the difference is i thought

tori all my life. unlike the snp.. we end up with a live them. you fought labor all your life. >> we fought to take david cameron off. do not turn your back on it. anna: the willingness, the aim, the goal to kick david cameron out of downey street. he did not hear much about the long-term economic plan and the economy. jericho i did catch -- jon: i did catch some of it. there is an unemployment number out today. the estimate is 5.6%.

that should be a number that matches. that should be numbered that pushes the polls toward david cameron. it hasn't. why not? >> what matters is not how many people are unemployed but how is their income compared to the actual cost of living. i am talking about actual retail price. what is clear in the last few quarters, before then -- actual real wages have been stuck. in an environment where most consumer spending has been people going to the computers and checking if their house has appreciated. what we are perceiving as pretty

good numbers for the economy for the real story. anna: that is certainly not the line that you hear from the labour party. the numbers may say one thing. it may say that growth is really strong. the unemployment number has been coming down. there are more people in jobs. does it feel like that in the streets? to some extent, the labour party has managed to undermine that argument. zero hours contract talked about a great deal in this election. and what -- to what extent is that and ask -- a distraction. today ed miliband is on this working conditions agenda talking about wanting to ban internships.

jon: is this a reality? more since, there cutting hq jobs. other people say this is low-end jobs. some people would say i want an unpaid internship. anna: you can do it for four weeks under miliband's plan. >> it is true you're going to lower the bar so that people are getting -- which drives future earnings. the key for investment is to try and step back and avoid the

dangers areas of the market. jon: it comes down to wages and affordable living. anna: that is the battleground that we see. we started out with the conservatives. on the other side, the labour party saying they are working for better conditions and wages. we have seen these parties stepping into the middle ground, going after each other. conservatives talking about health care spending. when you had at bowl talking about the need for fiscal responsibility. it is getting a little bit different as we head toward the election. ? think you for joining us -- jon: ticky for joining us. we'll talk about europe's favorite acting class after the break.

>> the new reality could be the new mediocre could be governors of central banks do not see the risk that we have on the horizon. the new reality could look a lot better today and tomorrow, if they address those areas. jon: the new mediocre. negative fielding bonds. check out the portion of eurozone that carries a negative

yield. this chart coming. in april, the german one year yield the yield twice of that today. on to bring in the ceo of london capital for final thoughts. this keeps getting more ridiculous. the picture in front of me is saying yes it is ridiculous. it goes even lower. what are your thoughts? >> it is dangerous. jon: in what way? >> the first is it takes -- a creates bubbles. it makes bonds expensive. it makes distinctions between quality and not quality learned. it makes the difference in yields between junk bonds.

this is really small. the room to maneuver and error is very small. it punishes. it makes borrowers feel a false sense of calm. i can still pay my house and car. and as a country, i can still go on and pay. it creates the day of reckoning a lot more scary. at the same time, feeling it is in the past. jon: is it a phenomenon that is going to stay for a while? >> for many years. our kids will feel -- will deal with the consequences. the times of too much debt and too little growth. thank you for -- jon: thank you

for joining us. if you want to bet on a greek exit from the euro. we'll talk greece, a little bit more after the break. ♪

jon: hello and welcome back. am jonathan ferro. we are 30 minutes into the session here. about a third of a 1%. some gains across europe now. a little bit of risk speeding into the markets. it is a little bit different. i will get to that. now i want to get to those stock stories. >> we have perrier. get cap -- kit kat.

first-quarter revenue growth -- price increases of setting weak sales and the united states. some signs of improvement in europe. that comes as it faces a sluggish chinese market. the world's biggest makers of bearing -- by 800 million euros. it upset flat organic growth in the first three months. that is a myth. the company is in the midst of cutting 1500 jobs. taking into account a stagnant market. shares down by 2.6% today.

the world's biggest maker of chemicals, chief executive says he is taking a cautious stance. he fine-tunes production plans for the crop. as kb 4% lower today. nestle is now up. jon: let us take it back to greece. varoufakis is an d.c.. he says greece is ready to compromise but not his ideals. >> we will compromise. in order to come to a speedy agreement. we are not going to be compromised. jon: as payments lumen may.

he thinks time is working against greece as it faces mounting liquidity measures. >> good morning. jon: imf prepayment, no deal insight? >> frankie speaking if any country faces a repayment, they are granted a 30 day grace. . at the same time, what is important, because a lot of people have been asking questions, within that 30 day. since no formal default has been declared but what is instinct -- but what is interesting, it

indicates there the es fs may consider a default formally declared in the imf. however it may -- which means it is obliged to do that. jon: the greek debt timeline, i was looking at april 24. now it looks like may 11. may 12 there it is a sizable imf loan repayment. when you try to figure out what is going on in greece can you figure out how much money is left? >> and term of how much money is left, i think it is a fair point that we have not really any news leaking out. on the back of it. let me say as far as data

initially we had the 24th of april now may 11. the matter is going to drag on. my problem is we are not left with any technicalities to be finalized. we still have -- labor markets have not agreed to go ahead what creditors are going to do. jon: back in 2012, the market was a simple story. not so straightforward now. what is the story with the euro? >> i think there are good reasons why. the euro is shrugging off what is happening. it is euro stocks as well. in 2012, or fro stress in greece were going in the same way.

they were both exploding. right now, the three major differences. first of all, you have the biggest junket of greece's debt being helped by the market. secondly, you have ecb's qe. you have a very determined draghi. thirdly, data out of the eurozone is surprisingly on the upside. jon: the bar is so low. do you think things will improve for the rest of the year? >> let me say the following -- i know a lot of people would know that. if you look at manufacturing surveys, it is the direction you care about. it is worth pointing out, the eurozone manufacturing is higher

than the u.s. is right now. my whole argument has been eurozone responds with a bigger lag to low oil prices. what we are seeing is an increase in confidence, because of higher consumer firepower. jon: what we are also seeing as a reaction to the ecb's qe is ridiculously low bond deals. i was sitting down with my producer and we looked at the german one year. last year it was 0.7%. the big story last year when the euro, the flood into european assets. what does that mean for the euro? >> first of all, let me take a big picture. a lot of it has happened. at the end of the day, everything has a price. as far as i'm concerned, a lot

can be solved in the price. fixed income flows are typically very much hitched. the volatility of the bond returns are lower than the voluntary -- volatility of the -- it does not make much sense not to curb the biggest bulge -- the biggest bulk. what has been playing out is flows into european equities. so far things have been hedged at a higher level because of qe expectations. as we go down the road, as data continues to improve. you have a slowdown in the u.s. i do not think it makes sense for longtime equity investors. -- longtime equity investors to

run high currency hedge ratios. jahnke if i do not want exposure as a traitor -- jon: if i do not want exposure as a trader, wehre do where do i go for that? >> what has been playing is the structural slowdown in china. every balance of the economy away from investment. i do not like currencies that are very sensitive and exposed to the chinese and industrial cycle. i do like countries -- i do like currencies that are sold on fundamentals. one of the countries where inflation is running close to target. at the same time, it is close to the oil price.

it has been showing signs of stabilization. i like relative by you trades. -- i like relative value trades. jon: of next, the fight for the steering will over bmw. europe's biggest automaker. we'll have details after the break. ♪

jon: good morning and welcome back. where are we in the markets 30 minutes in? across the map on the periphery, the affects in spain gains up 4%. right here in frank for it, the dax. we go higher by 0.05% the most in the bond market are fascinating. check this out, the shanghai over 12 months told hundred and 5%. heading for six weeks of gain. if you think this is instinct you need to look at what is going on in germany. the ceo making an appearance before the leadership committee overnight. fighting for his job. that comes amidst a power struggle.

more from berlin. chris, i am looking at -- i am instant in this bmw story. chris: it was a showdown meeting. there was into court and the german peace. there was the labor council. it was all of the power players at volkswagen. we have not heard any outcome. we are expecting a statement later. we'll see what happens. it remains intense. jon: how secure is the ceos position? it seems the board was backing him at one point. now that seems that is in doubt. chris: a lot of the power players rallied -- after

comments that appeared in the magazine last friday. they called in question's been decorous position. at the end of the day, he has a contract and he needs the boards support -- he needs the board's support. they have been working so closely together for years. this rift is a major blow. it appears he is willing to sacrifice his confidant in order to get a long-term management succession plan in place. he is going all in on this strategy. he is a powerful player, it is

hard -- you cannot push him out. where's into corn is expendable. the friendship is under pressure. it will be difficult to remain on the job -- it will be difficult for both of them to remain in volkswagen given way things are. jon: things for joining us. he is over in berlin. we'll bring you an update later this morning. to the biggest food maker. they beat estimates this morning. here to break down the numbers is ryan. >> basically, what people look at when they look at the companies, organic sales growth here it -- sales growth. they came in at 4.4%.

not the 5% target that the company has. nonetheless, the ceo says he thinks by the end of the year they can get around 5%. that is the story. china is the problem, john. sales contracted by -- their products in addition to the slowdown are not appealing to young people as much -- as much as they need them to be. not to say they cannot get them back on track. upgrade their coffee and chocolate offers by the end of the year. jon: the swiss franc is the elephant in the room. >> if you take 4.4% sales growth that is pretty good. however, when they translate that back into the swiss franc's

after the strengthening, they end up with nothing. the cost of translating that -- their earnings outside of switzerland -- is 4.5%. they do not produce a lot in switzerland itself. they have a lot of are indeed there. -- they have a lot of are in the there. obviously, the frank is hitting them. so far, the company has not done -- with operations they have in switzerland? jon: thank you very much. big stock this morning. up next, you want to talk big money? the best paid executive in the usa. his paycheck has the numbers 2 8 and 0.

jon: good morning and welcome back. let us bring you up to speed. schlumberger will eliminate jobs. this is added onto the jobs lost in january. u.s. bank, citigroup and goldman sachs have their biggest earnings of the year. meanwhile,: sacks -- goldman

sachs. wikileaks published over 200,000 documents. this information was posted by hackers last year. it is searchable and online archives. the highest-paid ceo in town is in the united states. the founder of camera maker, go pro. what is behind this huge number? >> a relatively small market capitalization. we are not including some of the large publicly traded organizations. he is only 39 years old founded the company go pro back in 2004.

not everyone out skiing uses these things. he is now being paid more than apple executives. he has been granted stock units to the tune of 4.5 million here it -- 4.5 million. now we understand -- he could get more than that. he is getting perks and the like. this man is raking it in. this guy is a special osborne or. -- a special entrepreneur. jon: now the list, there is a female fighting for the cause of equality. she is flying solo. >> if you look at the amount she

is awarded, she is in the top 10. as a rant is the best paid executive at apple. she is higher paid then the chief executive. i guess they have to pay her a lot to little her away. i am pleased that she is flying the flag for women. two women are going to be leapfrogging at the top. he and he faced investor backlash for how much he was being paid. : suki facing backlash.

as you can see, he was number one. j in levine is spring leaf. this is due to pre-ipo. martin franklin bicycle playing cards. he is one of the best paid in the u.s.. larry ellison also doing pretty well. jon: caroline hyde, thank you very much. that is it for on the move. the pulse is coming up on the top of the area. we are joined by francine lacqua for ats. -- by francine lacqua for a bit of a tease. francine: what you'll be talking about, it is all about unemployment in the u k. the unemployment figures before

the election. what kind of impact does that have on electoral morale? that is what we want to find out. we have the secretary stating work in tensions. we have been talking about the election. how come the -- how come the tories are neck and -- how come the tories are neck in neck? jon: that is from the data we will be watching live today. francine lacqua will bring you those numbers at 9:30 u.k. time. the unemployment numbers have dropped to 5.6%. and 1:30 p.m. london time we are awaiting inflation data from the u.s.. the stock 600 is heading for a

week of losses. i'm on twitter @ferrotv. have an awesome weekend. ♪

francine: no special treatment for grace. christine lagarde says she won't support the country with a debt payment. battle for number 10. we get the final jobs data before the u.k. elections. and, the death of tv dinners. nestle suffers from weak sales of frozen food in the u.s. welcome to "the pulse" live from bloomberg's european headquarters in london. i'm francine lacqua.