headlines today from around the globe, in europe, stocks rebound snapping a two day losing streak, but worry over spanish debt yields remain. >> and in asia, shanghai markets rally. nonfinancial stocks lead the gains following premiere wen's push to get more money into private firms. >> but focusing on the friday jobs report, one more chance to position themselves before the long holiday weekend.

so welcome to today's edition of "worldwide exchange." of course we've got jackie joining us a little later. and don't for get, its eye also bank of england rate decision today. no change is expected, but we'll get industrial orders in this morning. will we get further evidence that the country has potentially escaped going into recession. pmi data suggests that won't be happening. we'll talk about that. also today jamie dimon has released his annual letter to shareholders. find out what he had to say about jpmorgan and how much he was compensated for it. also, yes, we'll weigh the odds before the u.s. masters golf gets under way today. is it the match up between woods and mci wilroy.

and we'll take a look at cocoa prices for your easter basket. it's all about what's going on as far as the markets are concerned. let's start off with chris even today. and we had the chinese pmi data. >> we do. we have the private survey which showed strong services pmi data in march with business confidence hitting an 11 month high. so that was a positive for the china markets which came back from a three day public holiday to trade to the up side. nonbanking financials got a boost after premier comments. we saw investors taking profits off the table. reduced hope he ises of lack of stimulus from the fed taking money away from exporters. hsbc down on concerns about the funding ticketities happening in the eurozone. nikkei 225 is off 0.5%. that funding difficulties from

the eurozone also hurting sentiment. four week low drifting further and further away to the key 10,000 level. all toe make is coming under pressure. kospi off 0.5%. australian market -- kospi up 0.5%, beg your pardon, and australian market up 0.3%. chinese data helping to ease some of the losses in this particular market, but still ending down 0.3%. so for the last trading day of the week ahead of the long easter weekend, a little bit of a mixed picture here. >> today is friday, what would be thursday. how good is that. after two days of heavy losses, you can see we're weighted to the up side around about 7:2 at the moment on the back of pretty he have have i selling particularly yesterday. ftse 100 down 2.3%, 134 points lower. up five out of the last 11

sessions. just 14 points higher at the moment. xetra dax down 3.8% last two days, 2.8% the losses yesterday. just up 40 points half a% higher this morning. crack 40 would be down over 4% in the last two trading sessions. but the point is wife rebounded from those two days of heavy selling. debt yields will give you the best idea of sentiment. spanish debt yields 5.68%. spread between that and bunds, you you can see we're about 370 basis points. again, haven't seen those up to 400 yesterday and that's the highest since november last year. italy yields higher 5.3%. and we'll keep our eyes on gilts. no change expected from the bank of england today. as far as the euro is concerned,

euro-dollar yesterday during the session 1.3107 is where we got. a little bit higher than that at the moment. sentiment turning sour against the euro. dollar-yen slightly lower 82.23. aussie dollar rebounding from the lows that we hit on wednesday. china pmi helping that back up. 12er link dollar, we hit 1.60 after the manufacturing pmis. we haven't been able to hold that against the dollar. >> ross, let's talk more about china and the data. we have the country's nonmanufacturing sector expanding again in manch, but business confidence hitting an 11 month high. hsbc private data also showed a slight moderation last month. implying a continued need for pro-growth policy.

overall, there is optimism about the company's outlook for the year and believe china's policymakers are doing must have to steer the economy off a hard landing. >> head of credit strategy at hoids bank wi lloyds bank with us for the first hour. good to see you. how is china playing into investors' thoughts at the moment? >> in europe at least, not in a huge way. why is that? the story hasn't changed dramatically in china. the growth story certainly over the last year hasn't panned out. the stimulus measures you were talking about, i don't think the europeans are terribly focused upon that. why is that? what they're really focused on is stimulus measures in the eurozone, draghi's next move. i don't think there's a huge correlation between growth measures in beijing and the european markets.

>> next move from draghi is no move, isn't it? one could argue here that whether you're looking at the u.s. or anywhere, we've had market's helped by a liquidity rush and maybe what we're seeing now is the benefits of that liquidity rush starting to peter out. >> my sense is that we're right on the threshold right now. the market is at critical levels. if we manage to recover from these levels, then i think you're right, the previous measures taken by draghi will be sufficient. if we cross these levels and the market weakens from here, the next step will be to test him and to see what his game plan would be at the next stage of the crisis. so we don't know the answer to that question, but we'll find out soon enough in the next week. >> it's interesting you say eurozone will play a are more important role in determining market sentiment. does that mean if nothing comes out of the eurozone, markets will be held hostage?

>> i think what we've seen if you look pack over the last few weeks is a gradual decoupling between what's happening in the u.s. markets and what's happening in the eurozone. asia has gone its open separate way. it's a nice policy making process and its impact is now much more the domestic story rather than an international story. so i'm not so sure the eurozone will impact asia. >> and how would you play that domestic story? >> right now i'm in wait and see mode. i want to see what the u.s. payroll number looks like because that will have some bearing on our perception of growth in the eurozone. not a huge bearing, but given we're at such critical finely balanced levels, and the liquidity is quite low, that's probably the next focus. once we get past friday, i think then we have to look very, very closely to find out if the market recovers from here, then i think we're back in kind of a

bullish phase and i think that's probably the trajectory coming in on past until late in the year. certainly the next couple of months, french elections -- >> stefane will talk about the french elections. and i want to get your view mean while on how much further of a backup in yields in spain do we get? we hit the low in yields. i think we got to, what, 4.6% late january. how much higher do yields go before it starts causing real angst? >> my sense for investors over the last couple of weeks is that many have been taking chips off the table, so i think we're already will. however, the impact on the markets december spat t markets despite the fact

liquidity has low, there's a lot of support between where we are right now than 6%. ? clearly we're now getting the real price transparency here. spain has nearly raised 50% of issuance on the government debt. we clearly had a lot of recycling of ltro money into the debt. now what we're getting is just a real sense of actually how investors -- risk premium investors attach spanish debt post ltro. >> i don't think we have that price transparency. we can only on guess, but the amount of funds from the previous l chlt ros that may have been deployed i suspect is not anywhere near 100%. i suspect there's a lot more yet to be deployed. so there's been a lot of news flow. and markets have rallied a long

way over the first quarter. investors have taken a lot of profits as a result and that's why we need to distinguish between what looks like a normal correction and what could look a lot more ugly. we probably don't have price transparency. >> all right. good to have you on. plenty of other news, as well, christine. >> let's give you some of the big stories. they're just not digging. workers at australian coal mines are planning another work stoppage. the union says they're planning to halt work for two days starting april 12. the announcement comes just days after 3500 workers ended a week long strike over working conditions and job benefits. bhp coal production for mines have taken a hit this year due to heavy rains and work stoppages. ross. meanwhile jpmorgan is here. jamie dimon says profits were good but it would have been much

better if it weren't for mortgage related losses. in his annual letter, he says the losses could persist for a while, but will be less severe. earnings should grow over time and notes new regulations are a time consuming and costly problem and there's still a fair amount of public hostility towards the banking industry. on a personal level, 2011 was a great year for dime mondon beca made $23 million. the highest compensation for a u.s. bank ceo for the second straight year. meanwhile james gorman has been talking with moodys trying to stave off a downgrade. the move could hurt will the company's plans to buy the rest of smith barney. they were put on review in february. company could see its rating cut to two levels above junk status. very briefly, bank credit, what's going on? >> i think we're sort of in a hiatus right now. we're waiting for further

information. the information we've had are recently ynk gives us any clear tendency. the interesting thing to look out for is the index of bank equity. certainly in the eurozone, it's trading in a very narrow range and looked like the market had kind of focused elsewhere. what i've seen -- >> they have more holdings. all right. we'll take a short break. our nestst next guest says cocoa prices will be pushed lower. so are we in for an us a tear he's it ter? french foreign

promising to take a hard line with the eu on immigration and trade should sarkozy be reelected. and said sarkozy will give a new direction. stefane is in paris eyeing up what's going on and this comes in the polls suggest that he'll

have a much better first round than we might have thought just a few weeks ago. >> according to the latest survey, sarkozy will get 30% of the votes. but still he would be defeated by the social lists in the second round of the election. sarkozy will get 46% of votes. sarkozy will unveil the details of his economic program. so far he has made a couple of announcements and we don't know how much it will cost and how he will finance the economic program. we are expecting a package of 150 billion euros over the next five years. 75 bell i don't know euros in savings and 14 billion in terms of cost reduction for instance sarkozy will cap the spending increase for the ministries at

0.4% per year on average. less than the socialist who is offering 1%. in terms of additional revenue, most has already been announced. we know sarkozy wants to increase the v.a.t. from 5.5 about respect to 7%. we know also that he's going to tap large companies, offering to increase corporate tax and create a new tax for very large companies. he's also going to reduce the number of tax loopholes. also likely to confirm that he wants to balance the french budget in 2016. one point on which his party is the growth forecast, 2% at least in 2014. ross. >> stefane, thanks for that. alan, you just said a moment ago you were worried about the french election. what's worrying you?

>> i think what concerns me is that it will be difficult to implement the program. he essentially wants to up wind a lot of sarkozy's reforms and that's hard for the markets to stomach. so on one hand we have a catalyst for the markets to get ske concerns, on the other hand, we have fundamentals that should cause the market to be agitated. fundamentals are that france has quite a bit of debt to issue this year. if he goes ahead with additional axes on life insurance companies, they could become forced sellers of o.a.t.s. well, how then does france finance itself if its own government is engineering a policy which whether make it more difficult. so one of the key issues at the moment is there are policies that would put the government in a worse situation. >> always difference between what people say they're going to

do and the reality when they get into power. >> you're right. but this strategy could be implemented and the seeds of his demise will sort of be sewn six months ahead. that's where the market should get concerns. >> all right. we'll come back to that. christine, of course i didn't send you an easter egg because someone told me you didn't really like chocolate. >> is that person is a liar. complete liar. completely. i have to have a word with that person. speaking of eggs, 10,000 easter eggs, no, that's not the amount that ross has hid willen around his garden for his easter hunt. it's the number of eggs adorning an apple tree in germany ahead of celebrations this weekend.ga. it's the number of eggs adorning an apple tree in germany ahead of celebrations this weekend. the attraction draws hundreds of visitors each year.

wow. >> i'm not quite sure the religious significance of easter eggs and the resurrection of jesus christ, but anyway, like many of the christmas pass sets, we've managed to combine a number of different things. but quite an impressive tree. >> yeah,s. i also don't know -- bunnies, what has that got to do with easter? nothing, right? >> except that it happens in spring. >> they're cute. the kids love them. >> that's exactly it. and of course you can't have chocolate eggs without cocoa. woe company prices have fallen around 30% in the past 12 months. next guest says they'll even edge lower this year because of weak global demand. joining us is keith flurry. keith, thanks so much for joining us. what's weighing on the cocoa market? >> there are a couple of really bearish impacts. one of them of course is the supply.

in the 2010/11 season, we realized a 400,000 ton surplus, largest surplus ever. and in 11/12, we might also realize a small surplus. all of that supply means that the stocks and inventories are growing and that's weighing on the prices. >> what's happening on the demand side? >> demand remains pretty good. demand for cocoa butter which is used for chocolate is modest because that demand is generally focused in europe and united states. but cocoa powder demand which is used for cereals, ice cream and other cocoa-based products is very strong and a lot of that demand is asia and emerging markets. we expect that demand to increase. >> it's true, we all love chocolate here in asia. but has the uncertainties in the eurozone and u.s. crimped demand for chocolate? >> it hasn't as of yet.

we saw in 2008 that cocoa demand was extremely reduced due to the crisis. they reduced sizes and people started to consume less. but from the base from 2008, we've seen steady flgradual increases and we think it will continue. >> if cocoa prices are done, then why are easter egg prices up in the stores? i don't get the relation here. >> you have to remember that the price of cocoa makes up a very small percentage of your final easter egg price. there's the price of rent, labor, sugar, milk, all these other byproducts. cocoa prices as far as candy bars go can range miles per hour from just 5% to 10% of that final price. >> if you have sort of mediumly of-they're not terribly bullish

about cocoa from the sound of things. what is the came mod i that you would be most optimistic about some take a 12 month view. >> when i take a step back, i think there are a lot of bearish short term and medium term impacts with the supply as well as the concerns of the ivory coast government pre-selling the 2012/13 crop which might mean we're double hedging at the moment. but i see longer term bullish impacts and a potentially longer term bullish correction of prices. we've seen prices in the last four seasons average about $2800 a ton and currently in new york at just over $2,000. that means that the farm gate price is also very low meaning that we might see a supply disruption in the next season and that is very conducive for prices moving forward. >> all right. keith, good to see you. thanks for that. have a great easter.

alan, so much of what's going on with mansion markets has been predicated on a sustained recovery in the u.s. we've seen weaker asian economies, weaker european economies, of course. whether's your view about whether the u.s. recovery has been partly built on liquidity injections from the fed and unseasonally warm weather? ? >> i think the sense the markets have is that the policy making process was much more aggressive and swift than anything the european policymakers have tried. they took rapid action with the banks, and that's clearly not the case with the ecb who have never really implemented qe

directly. so the reason why the market is encouraged by the uts, they're seen as the market leader in terms of policy making flame work. the first one to go down and the first to come up. >> dove you have to take a vien what happens to the dollar in. >> i don't think for us in the eurozone the dollar is of huge importance. again, we were focused upon the u.s. as you said earlier,ic stronger u.s. data has in part supported the rally, but i think draghi's ltro policy has been much more effect i have. i think the dollar euro rate is a function of the l chlt ro rather than the other way around. >> all right. still to come, the pipe piece of data for the bank of england releases its latest rate decision. are will industrial production follow the trend.

in europe, stocks rebound snapping a two day losing streak, but investors continue to worry about the peripheral.

spanish debt yields remain at 2012 highs. >> and in asia, shanghai market rallies. nonfinancial is to bes lead the gains following a push to get more money into private firms. >> investors focusing on the count done to friday's jobs report. getting one left chance to position themselves before the long holiday weekend. bank of england meeting today to decide on rates. no change expected. uk manufacturing output down 1% on the month. that is disappointing. it was as far as to be flat. it contracted 1.4%.

it was forecast up 0.2 and minus 0.2 #% on the year so a bit of divergence between manufacturing output and industrial production figures. let's get analysis. jeffrey, it's been a weak of strong data on the pmis and we get a mixed bag from industrial protection and manufacturing. >> and that's opposite from what we've seen in recent moves. i suppose energy was due for a rebound. but the decline in manufacturing

is way off the scale of anybody's expectations. >> sterling-dollar down at the session lows. where does that leave us with the economy? because the pmis this week better than expected and they suggest the economy has grown. how can you translate pmi data into hard sort of gdp numbers? >> there isn't a very good correlation between any much the pmis on a monthly or quarterly basis and the gdp mums. they capture the trend and the trend since last october when the world felt as if it was falling apart has been very strong. so i think that is telling us that things in the economy are improving.

>> i'd be interesting to see whether they vote again. do you expect they'll keep voting for that bearing the data or not? >> i suspect they will at least for this month. we've move into may which is a more important month next time and they'll update their forecasts. i expect that the the center of gravity on the mpc is going to shift a little bit in the coming months. data is beginning to be worrying. food price inflation rising. energy price inflation obviously is. petro prices. and i think they might have to have a little rethink about that a. >> jeffrey, what about high oil prices, how big is factor is that? >> it's very important in the uk. we've seen just over the last month or so a big rise in pet

tral prices. somewhat artificial. but even before that, prices were at record levels. pet tral prices are there. >> markets are getting agitated clearly about spain. the economic data deteriorates further, markets are more agitated about it, is there the risk that will just rebound on to the uk and if so, by how much some? >> i think i'll ignore the second half of your question, but it's difficult for the uk economy to do well when europe is such a big drag. we have over a long period of time reoriented our export markets. germfully used to be the single biggest export market and thousand of course it's america.

so it will be very difficult for us to have a decent recovery, but i think in those pmis that we've been seeing, there is something of a disconnect already emerging between the uk and europe. and i think the outlook for domestic demand particularly from the consumer side, about if inflation does continue to come down, i think we'll see a stronger consumer, as well. >> what does this mean for the need for sterling some it's falling a little bit against the dollar after the industrial output data. >> you need a currency strategist to get involved in those small movements, but on a

competitive basis, we're in about a right place and certainly no bar to our exports to america. >> jeffrey, thank you very much for your insights. good talking to you. >> always good to have jeffrey on. talks much sense which you don't find many of. bank of england, we are going to take that right decision. 12:00 london i'm. that will be here on the european channel. we are hitting session lows for stocks. weakening again as we go through european trade. advances at the moment only just about being yut paoutpaced by a about 3:2, but the picture is changing. we are down on the session low after two days of heavy losses

of course. yesterday down 2.3%. just gone negative. and manufacturing number out of the uk maybe not helping. xetra dax up six. it's been down nearly 4% in the last two sessions. yields got a bit of a boost after the weaker data on the manufacturing side. and we are seeing spanish yields still up near the year high, around 5.7% and spreads widening out between bunds and spainish, yet euro dollar 1.3125. aussie dollar got a bit of a perk up from the china hsbc services pmi earlier this morning, we hit 102.43

yesterday. weakening once again. sterling back below 1.60 post manufacturing data. how has asia faired? >> well, asia holooking a littl mixed. but coming back from a three day public holiday reacting of course to what's happening with comments about breaking up the banking sector. but mostly because of strong services pmi data. hang seng because of the long weekend aing a little money off the and i believe down 1%. we had of course a lack of stimulus coming from the fed taking away some of the exporters. elsewhere nikkei 225 up 0.5% drifting further away from the key 10,000 level. eurozone funding difficulties also hurt willing the japanese market. kospi up 1 0.5%, automakers

leading the way higher. so overall a mixed picture. greater china markets, first chance to react to premier's pledge to break up bank monopoly. >> that's right. major financials rae acted by losing ground in today's trade. they suffered particularly big losses in hong kong which weighed on the hang seng index. while many market watchers apare proved the pledge to steer more funds toward the private sector, breaking big banks influence may be easier said than done. the big four banks have strong ties with local politicians which is making difficult to implement reforms. and furthermore, most think the premier has a lackluster record on delivering in his promises.

but china's leaders have reached a condition census and china's economic growth slow down of course may be giving beijing very little choice. economists have been warning medium and private sized businesses and informal lending now poses a threat to the nation's financial stability. back to you. >> let's get some discussion now and analysis from emanuel daniel. good l. >> people didn't stop to ask the position of the new care man. he's banking policy stance is not clear yet. i think there are beginning of

policy and also reacting to public sentiment. it's just two weeks from the time of the last announcement from public results of the banks. and ten of the best top banks have done very well. they've done well. results shared from us, it moves from 30% to 40% and above. so the man on the street is feeling the pinch in that the banks are starting to affect them with fees and might be to the fact that interest rates are sort of controlled in china. the banks are trying to move away from net interest margins, move towards more fees an advisory type income. and this set of good results has caused a lot of public opinion to be affected. on the policy front, when you think about it, china all right

has policy to mclending to the sme sector and so on. and also some of its city city commercial banks are not owned directly by large con flom rats. so china has the mechanism to take this forward. the thing is on the other side of the equation, you need the big banks for capital investments. >> is there a notion in place that the big state owned banks are reluctant to lent to ss? >> the big banks even if they wanted to to it tee employ the mechanism to land to the small business owner is very difficult because this is a country with 20,000 branches. this is a country where the branchs in the large city centers, the branch alone is larger than the national bank in

many other country. and there's a lack of capital markets. so obviously they have a problem being sensitive to the man on the street. and for a long time, informal financing had grown over a period of time. come to a point where it is a plil problem right now and small businesses are saying why is it the big banks keep lending not to us about sflp but is breaking up the monopoly going to be the answer to get will help to lend to the smaller sized enterprises? >> this is not going to happen. can did not happen in japan, korea, and as long as china is interested in being global player especially on large infrastructure, this is obviously not going to happen. the big banks have to respond, regulator has to respond. and until we see these two responses, we can't pre-judge

what the actual road map will be for the big banks. but what is actually already happening is the structure from the ground up, the building of the lending to small businesses and so on. and i guess he needed to make that statement to say the days in which you assume that a lot of this will business is coming to an end, which is fine, they've already fact it tored that into their business models. >> and gear up for more competition. okay. thank you so much for dropping by. over in japan, we're focusing on techs. there are talks to launch a joint takeover offer according to a nikkei report. let's go live it duke i don't it for the details.

>> yes, toshiba and hynix to team up in the second month to compete with micro he can knowledge whitech nonwho is seen as the frontrunner in the race. toshiba's man is to take a joint roll through a 50/50 buyout with hynix and secure supply of chips for small phone terminals. toshiba now only produces flash memory type chips. it is unclear whether hynix will join them, but if it does, it's likely to become the biggest rival for micron. that's all from nikkei business report. back to you. >> thank you very much for that. over in south korea, efforts are in place to give the country's small and medium sized companies more opportunities to

grow. let's go live to seoul. >> christine, this is called korea new exchange and suggests it's a new exchange created just for small and medium sized companies. this in a bid to help them raise capital without having to resort to bank borrowing. it will be the third exchange after the kospi and country's financial regulator says it will make requirements easier for smaller players. for example, companies with a minimum revenue of $4.4 million and equity capital of $1.3 million can list, which is a third of what's required. only professional investors can invest on the new exchange. they will encourage pension funds to take part. but critics say it could hurt to lure fresh investors in to its market and they should be

looking at supporting the junior exchange instead. fse says it will be up and running sometime this year. >> thank you very much for that. have a great weekend. just keep an eye on this story, christine. flow on betwetwo pipes has been stopped. there was a blast in one of the pipelines overnight. oil flows stopped on both of those. second one for security reasons. plenty is ticking a little bit higher. we'll see how long those output -- it's fears about supply disruptions. some of the other stories we're following today, facebook is closing the door on one chapter and getting ready to right a new one. the final private sale of facebook shales priced at s sa

4 abo $43.50. there is a freeze on anymore secondary market action as it gets set for its ipo. >> and the latest reality show, silicon valley. reports suggest bravo, the available channel opened by our parent nbc universal, is teaming up with mark zuckerberg's sister to create a show about the center of the tech universe. it will feature young entrepreneurs and could debut later this year. i presume the cost of the show is wildly overvalued, but who knows. >> what is interesting, when i was a child, used to watch dallas and the oil business. and now the tech business. how it's all changed. >> all sweaters and overneck

shirts. still to come, google unveils its virtual really i glasses. but where will this wearable commuter hold traction in the market and would you want to walk around wearing -- that looks like it would give me a headache.

you can see on our quote we're at 5.7% on the spanish yields. actually more importantly, it's the high since the first ltro back in the december. there we go. they'll try and push these things a little higher. >> it's clear that the markets want to understand what will his neb move be. seems he was lulled into a false sense of security that two policies implemented would have calmed the markets in-can definitely. clearly what's his next strategy. >> he's presented his budget.

it can't be a surprise it's also happening in the same week that he's presented his budget. people are clearly looking at this and thinking this is incredibly austere, although he has revised up the gdp ratios and the targets for that. the markets are struggling because the ltros look like they're a band aid and they last for three years and that's good news. however, we don't understand how spain will return to growth on a sustainable basis within the time span of the ltros so the underlying problem has not been taken away. therefore a very critical juncture. >> and 6% you think is where things change big time. good to see you. thanks for joining us.

have a great easter. still another whole hour of great programming to go. and jackie now joins us from the united states, as well, with chris even. hello. >> good morning, guys. happy early weekend to everybody, as well, and happy easter weekend coming up. excited for that. meantime, interesting story here. google wants to help you see the world in a whole new light. the company has unveiled a prototype of a high tech glasses that could ekt connect people toefrg you need on the internet. even directions from google maps. they're still being tested, but google put a mock demo video up on youtube of what you might experience. >> oh, man, really?

sweet. remind me to buy tickets for tonight. where's the music section? >> so you're just living in an augmented reality where you have all of these things at your fingertips. i don't know if i want to live in an augmented reality. >> i work in an august theed reality every day. so i don't know -- the thing is what i could do is i could get you to wear the glasses and you could go and live my life and i could just lie in a vegetable at a time at home and you could get things for me. maybe that's what we do. >> i wouldn't wear the glasses for you because i think they're

a little nerdy looking, as well. >> that's what i was figuring. christine could probably design some real designer style. >> i want a pair of glasses to held me track down the elusive ceos. >> also really interesting with will is that the the same developers that are developing the self drive car right now are working on these glasses, as well. so i think in the next pew year, we're going to see some big changes in how we live our lives. >> self-drive car. i'm not sure about that either. let's just remind you where we are. seeing the session lows for european stocks after heavy losses yesterday. we bounced up this morning. how down a quarter percent across the board. this is spanish yields have just hit the highest levels since the

first ltro back in december. jackie. >> better than expected job mums in the u.s., those will be of course on the focus. we saw private sector doing well and that bodes well for tomorrow's crucial nonfarm payroll data. we'll talk labor and market trends coming up next. keep your e-mails and tweets coming in and we'll put your questions to our guests. [ male announcer ] this is lawn ranger -- eden prairie, minnesota. in here, the landscaping business grows with snow. to keep big winter jobs on track, at&t provided a mobile solution that lets everyone from field workers to accounting, initiate, bill, and track work in real time. you can't live under a dome in minnesota, that's why there's guys like me.

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headlines from around the globe this morning, here in the united states, investors are focused on on the count down to friday's jobs report as they get one last chance today to position themselves before the long holiday weekend. >> state drop in uk industrial production, gilts up ahead of the decision on monetary policy. and in asia, shanghai markets rallies on its first trading near the second quarter. nonfinancial stocks lead the gains following the push to get more money into private firms.

>> you're watching worldwide exchange. great to have you with us this morning. let's take a look at the u.s. futures. last day of trading during this week of course before the easter holiday. we didn't have clear direction before, but now it does lack hike we are starting to set up to a lower market open. if the markets were to open now, dow jones would be lower by 20 points, nasdaq lower by 6 and the s&p 500 low are by nearly 3. of course this after stocks logged their worst drop in a month in terms of some of the days that we've seen, trading days. really seeing a lot of global economic concerns. of course what we heard from the fed the other day and worries about what's going on in the eurozone, as well. interesting to note dow and s&p had their second worst day of the year. >> two hours in to trading day, we have turned around.

first thing this morning, trying to bounce off heavy losses from yesterday. we are down again, ibex down, not quite at the session low, but also impacted pie this chart. currently yielding 5.76%. effectively spanish yields are now back at the level that they were before at the time of the first ltro back in december. you can see the impact. we've hit the low at this point, 4.6%, so we're up about 111 basis points off the yield low that we hit at the beginning of january. 6% is a mark when investors are will seriously start to get concerned again, jackie.

>> and of course watching those yields closely because they did have an impact on our markets yesterday. meantime a better than expected rise in jobs growth will provide some hope ahead of the nonfarm payrolls number due out tomorrow. economists are existing 203,000 jobs to be added to the economy, slightly down on february's 227,000. but with a jobless rate remaining steady at 8.3%. joining us to talk more about it now is our guest host for the next hour, the ceo of simply hire. great to have you on the program. thank you so much for joining us this morning. let's talk about some of the private sector number that we saw yesterday. a little encouragement, but analysts are expecting the 8.3% unemployment rate to hold steady. what is your take on these numbers? >> i think we're seeing a lot of great signs the economy is recovering. remember we're coming off six months of the best job growth

that we've seen in a couple of years. in addition to that is correct you're seeing unemployment actually at a three year low. so even though it's high, it is lower than we've seen in a long time. and might be to that, unemployment claims are at a two year low. so the recovery that we're seeing is really very broad, so i think we'll see a good report and it's not surprising that the public sector report showing there's good gains about. >> a lot of investors looking at different data points because they're wondering about the long term trend that we're seeing here. are we in fact on an upward sort of revival in the united states and are some of the signs that we're seeing indications that there really is fundamental growth and we're on the right track to a recovery. and i think that's why everyone is so focused on this number. if for some reason the number doesn't come in as analysts are expecting and there is some glitch and say the unemployment rate was to rise, for example, even by a little bit of an uptick, how do you think the markets with a react to that? >> the markets i think certainly would have a negative reaction to that. but remember, there's a lot

going into this unemployment rate. whun y when you see hope, you'll see more and more workers come back, they'll want to start looking for jobs again. you'll see part-time workers that will want full-time jobs. and all of these will impact the unemployment rate. so from simply hire.com's perspective, what we're seeing is that the number of job openings is rising. and that's a strong sign because that means that down the road we'll see hiring. >> and that's positive although 5% isn't a huge increase in terms of the jobs openings. in terms what have we're seeing people being employed, is the number decreasing and we're seeing the unemployment rate going down because people have stopped looking for work out of frustration? >> there's certainly a combination of things causing the unemployment number to shift. but we're seeing positive signs across the board. if you just take a longer it

term perspective, so far this year, we've added 200,000 jobs each month and we're expecting a gain of about 2 million jobs this year. so about 175,000 jobs a month. last year, we gained about 136,000 jobs every month. year before that, we only gained 78,000 jobs a month. that kind of a recovery, that kind of strength is i think what will ultimately get the unemployment rate to go down. but that will take some time. >> and bottom line, just to recap, we are seeing positive trends that are indicating that the growth is coming back in the united states and i think that's what the investors want to see. so we'll be watching that number. you'll stay with us for the rest of the hour. took markets may be closed tomorrow, but "squawk box" will have special coverage of the march u.s. jobs report, tune in for pre-and post report analysis with joe, becky and andrew tomorrow from 7:00 to 9:30 a.m. and still to come on the show, after an eventful couple of years, tiger woods begins his

bid for a fifth masters win. we'll discuss the odds for the key contenders coming up next.

french auctions, three of

the four maturities and three of those, yields are higher than in previous auctions. kind of perth tent looking at spanish yields heading higher, but it is worth pointing out those moves are pretty much in line with expectations. sold pretty much near the 8.5 maximum. so despite disappointing spanish auction, french auction in line with expectations. so let's now tell you where we sit ahead of the u.s. trading day. jackie. >> yeah, let's take a look at the futures and see how we're setting up for trade on wall street. we didn't have clear direction before, but does look like the market will open lower. dow by 17, nasdaq lower by 5 and the s&p 500 lower by 2. of course stocks logging their worst drop in a month yesterday on global economic concerns generally. of course some concerns after the fed minutes came out this week and worries over the

eurozone and those spanish auctions. we saw nine of the ten s&p large sectors in the red. dow laggards ibm, mcdonald's and chevron. >> we hit the session low half an hour or so ago. now we're pretty even. advances just being shaded by declines, but not booch much. so fairly flat as far as the indices are concerned. after two days of heavy selling. looking ahead of course to the bank of england making rate decision today. no change expected. xetra dax down a point. cac 40 down six. ibex in spain down 44 points. and it's really spain that investors are keeping their eyes on. spanish ten year yields 5.74%. highest we've been at since the

ltro was introduced back in september. spanish yields got done to 4.6% in late january. italians are also being pushed higher on this 5.4% with that we were well below the 5.4% level. gilts got a boost after manufacturing came in much weaker than expected. last bit of data after a week has been goaeeen destroy day it. we're getting close to 400 basis points. again, that's the kind of spread that we haven't seen between spain and germany since november last year. all of that just again weighing on euro-dollar. yesterday we hit a session low of 1.3107. dollar-yen is contained around the 82 level. aussie dollar got a bit of a boost after china services pmi came in. slipped back down to 10288. we got down to the the low of

1.0243, as well. sterling-dollar weaker against the dollar. >> mixed session for the last trading day before the long easter week he said. shanghai market coming back from a public higher moving higher 1.7%. on the private survey which you talked about, nonservices pmi day it take. a little stronger than expected and that's helping the market move higher. profit taking going on, so pulling back ahead. nikkei 225 down, opens of being dented on the lack of stimulus from the fed. that's pulling down some of the exporters if this particular market. elsewhere the kospi up o0.5%. australian market down 0.3% and new zealand down 0.4%. soed session for me. that's it for me, but have a

great long easter weekend. >> you, too, christine. and a great weekend to you, as well, christine. meantime, nike has beaten reebok over naming rights for tim tebow. patricia has all the details. >> good morning. well, the details are as follows. basically reebok already did lose the exclusive rights to distribute the apparel with any kind of national football league logos on them. they lost that quite a bit and i think that's why they're up 1.6% as we speak. however, there was a little bit of a window between tebow actually leaving one team and joining the new york jets and the day that the other company

basically could start distributing, nike could start distributing the logo t-shirts and jerseys. now, this ten day period, reebok continued to sell jerseys with the logos and that's what the injunction called for. it's not about the money because the actual loss for rebecome would be only about $500,000. it's about the brand association. 's bow is one of the most popular living athletes in the u.s. it's a huge money puller, a huge sales promoter. and in that sense of course, it was a big deal for nike to get the exclusive rights for football league for the next five years. they paid about $1.1 billion in order to get that, so it really can it need to have that shift away from reebok to nike as soon as possible. >> all right. thanks very much for that,

patricia. quick reminder, of course. it is the time of year when dozens of men battle for a chance to wear a green jacket. u.s. masters gets under way about in augusta later today. big news around this tournament is tiger woods is back and among the favorites despite only one recent win. heavy rain could impact the outcome. nigel, media manager, i look at your prices. tiger woods the favorite 6 to 1. do you take tiger or the field? >> i'd take the field. one win in bay hill doesn't make up for a season. >> but his putting is back. >> that's the key. but if you look at him, if there was a term horses for courses, he's tied in augusta. worst finish is seventh. so i think he has the credentials to do it and if he's in the lead, he's never won a

major coming from behind, so first round is so important. >> we talked it was wet which means you have to hit the ball high and long. that is rory mcilroy down to a tee. >> he's been mr. consistent this season. the trouble with rory is how he's just one shot clear of over ten holes last season and ended up finishing 15th. he's been virtually friendless. in other guys the favorite, he's been friendless. luke donald has a slight injury concern. the interesting market for this is all the big prices. key begga keegan gladly at 16:1. >> miss first major, he won. >> he's the american equivalent of rory mcilroy, he's 25-year-old, very consistent. at 33:1 to win the tournament, he's been a decent back person.

as well as a big outsider, bo van pelt, as well as bubba walt so watson. but the money has all been tiger woods. i think pundits are looking for more big price american home grown talent has dominated. >> europeans have three out of the top four world placings. >> they win every ryder cup. something about the master, they don't seem to do it. >> we saw two holes in one briefly yesterday in the par 3 tournament. we saw one in practice. what's the odds on a hole in one? >> five of the last six years, there's been a hole in one. book makers are making a slight odd. i think that should be heavy odds on. so if you're looking for a novel i putt, something to keep you occupied of the whole tournament, could you get about

a 4:5 this there is one. hole in one definitely the better tournament. >> i have a sneaky feel about phil this year. don't know why. thanks very much for that. that's all i'm doing this weekend, jackie. and it's great. having masters on easter sunday is fantastic because you stay up late in the uk and watch it. you don't have to go to work the next morning. it is perfect. >> absolutely. well, i'll definitely have it on in the background, abobut you c fill me in on the high completes. coming up next, some of the best things in life often come in small packages. we'll profile a fast growing start up company delivering buzz and revenue.

you're taking a live shot there of times square early in the morning as would i ge're get for trade on wall street. meantime lets get you a look at how the markets are likely to open on wall street. the dow could be lower by 34, nasdaq lower by 10 and the s&p 500 lower by about 4 1/2. and switching gears to an

interesting story, we're looking at a company called birch box, its built its business by focusing on life's little luxuries. they send out samples of beauty products including many hard to find brands to customers who sign up for a monthly subscription. customers have grown to more than 100,000 and joining us now is the co-founder of birch box. thank you so much for joining us. let's talk about having a start up in this business environment. obviously a tough time to launch a business. but you're doing quite well. so talk to me about some of the challenges you face and how you're getting through them. >> yes, things are going really well. it's exciting to see that customers are loving the product. one of the biggest challenges is just really dealing with the fact that it's growing so quickly. so it's taken us aback. our expectations were that we would grow steady, but really right now, we're dealing with a

large business, hiring people and figuring out what's going to be next for us. >> and at least when i think about beauty products, i would say they're recession proof because a girl needs them for matter what economy we're living in. tell me about the product, first of all, how much is to sign up and what do they get every month? >> so it's $10 a month. and will they'll get a box like this about pink one and it's four to five deluxe beauty samples across categories. hair, skin, makeup. and the whole idea is that it helps you discover products that you're going to love. it's deluxe samples. and you go online and we hahave editors and you will of that content is paired. so you can purchase everything that you love. it's hard to discover beauty products. will there are thousands of products. brands are spending to get your attention. >> and you're making it easy for

the consumer. oftentimes when i do get samples, i find i go to buy the product and it's very expensive that they're trying to push on me. what are some of the price ranges of the products? >> it's a big range. from an $18 lip gloss to, yes, over $100 in skin care. but we know what you like. we know who you are. we have a little bit of information about you. and we know even what your splurge category is. if you're willing to sprurnlg on skin care, we know that and we know it's great to give that you expensive product. >> so may box might contain something different than what my friend's box contains. >> exactly. it's a customized experience. customers are demanding and we're able to use things like the web to learn more about them and then create these even offline experiences that are tailored to them so when they're trying the product, we know it works. if you have color treated hair, you'll get something from somebody who might be a mom on

the go. >> everybody is trying to digitally promote their products as well. >> the way birch box got the first boost was from social media. youtube specifically. because the beauty community is quite savvy online and they create a lot of content. a blogger created a video and now thousands are made every month and that user generated content is a huge reason we've been able to grow so quickly and we don't market the service. it's our users marketing for us. >> and we were talking jobs before. when you look at some of these start up companies emerging, is that adding to the hiring picture, as well? >> absolutely. you've seen small businesses be the engine of the economy and when you look at silicon valley itself, we're see hiring surge 15% over the next two years. so the challenges that you have scaling the business, that is classically what this is about and i was curious what kind of challenges you're facing. >> we have 60 employees

designing and organization and realizing that what's most important is that you're creating a place where you're developing that talent and acknowledging the fact that we are bringing in people who are highly ambitious and we want to be there to help them rise to the occasion. >> and start ups certainly the back ben in some sense of this country where we want entrepreneurs to flourish and give back. so good luck to you. thank you so much for joining us. and coming up next on the show, we've got a lot more to come on oil prices and how they are the bain of everyone's lives, but one airline is mulling over a drastic new measure to fight them. we'll discuss delta air's latest move after the break.

headlines today, in the united states, investors are focused on the countdown to friday's jobs report as they get one last chance today to position themselves before the long holiday weekend. >> sterling sent lower ahead of the bank of england's decision on eights. >> and u.s. markets set for a

subdued open. concerns with europe's debt problems still weighing on equities this morning. >> ahead of the u.s. open, european markets rebounding. ftse 100 off a third. been down five out of the last seven sessions. this has spanish yields again this morning have started heading higher. we are now at 5.79%, we haven't seen those since before the ltro in december. more importantly, the spreads now as well between spanish bonds. haven't seen that spread since

november last year. basically the sugar rush seems to have worn off. >> and negative sentiment is trickling over here in the markets. we're looking at futures lower than they were even before if the markets were to open now, the dow would be lower by 40, nasdaq by 10 1/2 and s&p 500 lower by five and change. yesterday we saw the dow lose 125 points. stocks logging their worst drop in a month we have the dow and s&p logging their second worst day of the year. and we did see the vix up 5%.

>> good to see you here, michael. thanks for joining us. michael, let's get your thoughts here. yields in spain heading higher. clearly equity markets have had a pretty punishing couple of iq? >> it's somewhat troubling to see what's going on in spain because it was anticipated and now confirmed, but on the equities side, i'm not surprised. it wasn't just a one way as cent higher globally. a lot of it earnings induced. but right now i think what the market is perceiving itself as seeing is that correction that was anticipated but it might be a little bet longer term than originally thought as far as the correction. but my belief is that everything will be antiquated through the fl nonfarm payroll number coming up

and from there the market makes either next jump right back. so i'm not necessarily bullish on that number, but i don't think it will be as troubling to keep the ascent going. >> obviously if yields go up, that will upset investors from that perspective, but most of the moves have also been credit indicated on a sustained u.s. recovery. which is predicated on continued sort of modest job creation. >> right. >> so does that story stay intact? >> absolutely. i think you'll start seeing this 1400 level foundation. it will be a good level of support. and in particular on the commodities side, i'm really keeping an eye on gold because every time you've seen an abrupt pull back like we saw yesterday, investors are really keeping an eye on some of these levels and it gets really attractive if you see that pull back.

>>. >> i think the seminole question is when we'll see the acceleration in the u.s. economy and that's really what you're referring to here. so i'm curious when you think that acceleration is going to come. >> second quarter has always been a level in the market from a geography stand point that ends up being rather solid. a lot of people like to say sell in may and go away, but i'm taking just the other side of that because this market has been correcting for all the right reasons and all of a sudden you've seen this foundation come in here. and it's not just the ability to watch how the fed comes in to play where rates are going to be, but it's really the growth story and i think again we've been seeing this number -- >> so you think we'll correct -- sorry, but you think we might correct from mere until may and then may will become a buying unit? >> i think we'll setting ourselves up for a huge head

fake. i'm bullish for the first time in quite a while. and i really think what the market is doing is it's presented indicating fundamentally for all the right reasons why we're here and again, it's going to be coming out in this number tomorrow. regardless if the markets are somewhat open or not, i wouldn't be surprised if we see as expected to be really bullish. >> "squawk box" guys just to take that number, just to remind everybody, although the rest of the world will be having a holiday, they'll be doing it you c can, jackie. >> exactly. and cnbc has heard rumors that a major u.s. airline is looking to reduce its rising fuel costs in a very unusual way. kate kelly has the story. >> what i'm hearing is that delta is seriously considering purchasing a refinery, which would be a first stars we know for a major airline. the refinery in question is located in tra located in traynor,

pennsylvania. and the dealoco phillips. jet fuel is about 36% of their costs according to their 2011 financials. and if crude continues its wild ride and continues to go higher as some believe it will be airlines are going to be right in the middle of this firestorm and they're looking for innovative ways to save money. so dell a in this case would avoid outsourcing the refining process, they would get their own crude, possibly from a domestic source like the becaak shale formation, and they would refine themselves and hope to lock in lower costs by doing that. but it's not a done deal yet. the delta board is supportive of it urks but there's still final details that need to be hammered out. the two companies have declined to comment, although conoco confirms the refinery is for sale and the bidding deadline has been extended to the end of

may. >> michael, i want to come to you on this. some would say perhaps that desperate times are calling for desperate measures. another camp would say the kind of oil prices that we're seeing, they're just forcing enknow vague, this could be fantastic for the industry. what's your take on on a story like this? >> normally you'll tell yourself what were they thinking of years ago that they didn't implement earlier. there's a lot of analysts that have been off the airline sector for just that reason, yet fuel. it's a great hedging instrument. it's taking the bull by the horns and really keting off the head wiof the beast which is dictating how you make your money. and i don't want to just say that this is a company getting in to an area that they know nothing about. what do they really know about refining. this is something that they deal with on a daily, quarterly, yearly basis for quite some time. and it makes all the sense in the world. the only problem i had with it is the timing because seems as though you're jumping in here at

the highs as far as what the product loss, but if we continue to set higher, i think will is long jefr due. >> and in some ways we pin able to take this kind of a move as an indication on what they think about oil prices. a lot of geopolitical risk there, but i want to talk about the larger trends. >> you can say there might be risk and there will be a reduction in but what you're talking about is a recession that has pain incredibly long and deep. and when that happen, xht i on the other side of it is very different. so to me, it's natural that you would see moves where there's a bit of a different shape, if up, the job creation is going to happen in different areas than you would have seen before. and symptoms might reduce jobs in one area, but they'll be created in another. >> i like this krd. i've decided i'm going to go out

and buy myself a petrol station so i have security of supply. it's the same idea, right? own your own gas station. >> you want to shake the world up, everyone talked about that every one or two dollars that went into that lottery, if you start pooling retail money, think of what you could do there. the whole neighborhood pitches in and we own petrol. >> own your local gas station. right? community gas stations. >> cnbc induced. >> and we could watch it on social channels. jackie, we're in a whole new paradigm right now. >> i can just see you with your google glasses on at your petrol station managing things there. >> i don't know if there's a fire risk wearing those google glasses around -- i don't know. might set off some sparks or whatever. >> it's a good point. meantime, better than expected job numbers here in the u.s. we saw private sector doing well and boding well for tomorrow's

crucial nonfarm payroll day it take. we'll talk labor and market trends next.

welcome back. better than expected rise in u.s. private sector jobs growth will provide some hope ahead of the march nonfarm payrolls

number due out tomorrow at 8:30 a.m. eastern time. according to dow jones, economists expect 203,000 jobs to be added to the economy, slightly down on february's 227,000. but with the jobless rate remaining steady at 8.3%. joining us to talk more about it is economics professor at the university of maryland. peter, great to have you with us. i was reading your notes. you're looking for that 200,000 number to come in in line with moderate growth. nothing spectacular. but interesting to note, you said, that to see the unemployment rate come down to 6% over the next three years, we need 360,000 jobs a month, a really, really big differential there. so even if this number is kind of in line, what is it really saying about the broader economy? >> the economy is growing, but not at the kind of pace it should coming out of such a deep recession. we had 3% in the fourth quarter. for the year only 1.7%. and economists expect things will be slower this year from the fourth quarter.

maybe about 2.5%, 2.4% for the first quarter and not much change after that. the economy simply isn't accelerate being. higher oil prices an important reason. >> and this is an election year, so every time we have a monthly jobs report, very, very important numbers for president obama. and so far many people have been saying it's a tough economy out there, yes, but he is manage to go create growth and to spur hiring. we're seeing that unemployment rate come down, so they're taking that as a positive sign. if we stay at these 8.3 levels, what does that do in tirms of his chances for re-election some is. >> depends on the price of gasoline. the two most important figures for will him are the the unemployment rate and the price of gasoline. if gasoline is up above $5 a gallon and the unemployment rate is not coming down, romney can shift focus from the things that have hurt him on immigration and birth control and those kinds of things to the economy. and he's got a shot.

if unemployment is coming down and the price of glass stays about wheres it is, i think mr. obama is reelected. >> question for you here. historically we've come out of these scenarios with growth at 6% or higher. do you see anywhere we get that kind of spike maybe two, three quarters down the road where all of a sudden these numbers consistently start toout perform and then all of a sudden you have the momentum to get you to that level? >> we have a lot of structural problems that remain unresolved that caused the great recession. we still have major problems in banking. one of the reasons the fed is so involved is because securitization and conventional mortgages and other loans is not in place. we have the huge trade deficit with china and oil. $600 billion combined which is an enormous negative stimulus to the economy. unless we start developing dramatically more domestic oil and gas, which we could do if we drilled offshore, and if we did something about the trade deficit with china, until we do

those things, we won't have demand. but even with that is correct i'm very disturbed by the state of bank being, the inability of small and medium sized businesses to get loans. homeowners to get conventional mortgages. those are important drivers. the restructuring of banking has not been helpful to them. also i'm very skeptical that obamacare will control costs. so most economists see only moderate growth baked in the cake for a long time and i think these are the structure all reasons why. >> you talk about everybody's focusing on energy. and i've just been talking about it here in the studios, as well. how much of a long term game changer is natural gas and shale gas? people are talking about 100 years of supply here. u.s. could become the second biggest natural gas producer after russia. >> it's difficult to export, though it can be exported. and it's very difficult to use in your car.

you can use it for fleet vehicles. but the bottom line on energy in america is we import 8 million barrels of oil and gasoline. we can conserve on the gasoline side, but we really need oil much more than natural gas right now. and the president's policies and making it much more difficult to drill offshore have been a major impediment to the economy responding to $100 a barrel. at $100 a barrel, we probably could be producing another 4 million barrels a day. not immediately, but over a period of three or four years. that would cut oil imports in half. it would be an enormous stimulus to the economy and it would provide us with a level of independence that we have not enjoyed in a very long time. >> going back to the discussion about the unemployment rate, based on the job growth that we are seeing, what is your view of when the unemployment rate will start to come down? >> well, it has started to come

down largely because more because people have left the labor force than because we have created jobs. so we need about 140,000 jobs a month to stay even with population growth. 200,000 you would think would start to drag it down. last month we started to have some people return to the labor force. for the first time in a long time, participation rate went up. and what i see happening is in this moderately improving labor market, people start to return to the labor force. you got a the lot of adults who have sat down. as they get up again, that makes the number that we have to hit to pull down unemployment more like 250,000 which is about where we are. so we're kind of in n. neutral. >> all right. we'll have to leave it there. thank you so much for joining us on the plarogram. stock markets may be closed tomorrow for good friday, but

"squawk box" whether have special coverage of the march u.s. jobs report with joe, becky and andrew. that's tomorrow from 7:00 to 9:30 a.m. eastern time. >> and keep your eye on the snb. the euro has just fallen below the 120, got to 11919, a seven month low. swiss national bank came in and said we'll have a floor of 120 on the franc against the euro. so looking a that the very closely. >> and still to come on the show, we'll look at the trading day ahead on wall street. plus wheat prices gone down more than 30% over the past year. so are grain prices due for a rebound?

sfwha. wheat prices under pressure, soybeans in the opposite direction. you follow commodities. we've had unseasonably warm weather. what will that do for the wheat crop and soybean crops? >> a lot of people have been plowing in from the long he said to look at wheat because they felt this was well university done and formally fundamentally induced. but for the same reason, you're starting to see right now what could be a cross of two different commodities products going in different directions.

when you don't get the moisture and there was a lot of alarming scenarios will. a lot of the speculation in the midwest was that subsidies would start rolling in because farmers are going out to inchmemplement. so long wheat. >> we continue to decline and get deeper into the red here. if you take a look at the boards, if the markets were to open now, dow would be lower by nearly 62, nasdaq by 15 and s&p 500 lower by nearly 9. weak sentiment in europe and asia. taking a look ahead, one economic report out today, weekly job last claims out a 8:30 a.m. forecast to rise by 1,000 to a total of 360,000. also retailers are reporting march same store sales today,

total sales forecast to rise 3.4 respe let's go ahead and kick it off with you as we're looking forth to retail sales numbers. when you look at the overall hiring picture, things do seem to be picking up in retail. are the retailers hiring and helping the jobs picture at all? >> there's definitely restrength in the retail sector. and while the growth rate doesn't quite match what we saw late last year, i think you are seeing as we come out of seasonal hiring areas of retail like home improvement and others where there is a degree of hiring. so i think real strength and i think we'll see that continue over the course of the year. just not quite what we saw last year. >> and i just want to bring michael in on this, as as well, for a quick final thought on the jobs number that we're expecting tomorrow. your thoughts in terms of unemployment rate and bradley wh broadly what it means for the economy. >> it would be normal to sell in to. i'm look back for a major

correction if there is a disappointment and then get a heck of a value to start coming back in long. and i think there it's only one way you can have risk in this it number here and that's if it disappoints. a lot of belief in the market strictly is right now as expected is good news and a good position politically to start looking for. >> all right. and we'll have to leave it there. we'll wrap it up for this thursday. thank you both for being here. and that wraps it up for us. i'm jackie deangelis here in the united states. >> i'm ross westgate in europe. plenty more to come. we have bank of england coverage for those viewers in europe. but right now, "squawk box" and the country down to the start of u.s. trade. whatever happen, i hope it's a profitsable day for you.

another day, another economic test or two. and items all building up to tomorrow's jobs report. it is thursday, april 5th, masters thursday. 2012. "squawk box" begins right now. good morning, everybody. welcome to "squawk box." i'm becky quek aloick along wit kernen and andrew ross sorkin. we'll get weekly job last claims. first time