geoffrey yu sticking around for us.xt, greeks pass a new set of reforms in the hopes of securing more funds from the eurozone. we're going to athens next. ♪ welcome back. let's take a look at the numbers around europe. dax now down 0.8%. bayer, we will get the number in a moment. the cac is down 0.9% as well. matt? matt: take a look at bayer shares right now, just getting down about 3% on the back of that monsanto bid. the biggest bid ever by a german company. if it was carried through, the biggest deal ever by a german company. guy: ok. another small technical problem seems to be plaguing us. something about german microphones. let's get the bloomberg first word news. here is haslinda amin. fellnda: japan's exports for a seventh consecutive month in april as the yen strengthened. it underscores the challenges to prime minister shinzo abe's efforts for growth. overseas shipments declined in april, worse than the 9.9% drop estimated by economists. imports fell 23%, leaving a surplus of $7.5 million. britain will be plung

thank you very much, geoffrey yu, and david, it's been a pleasure. >>> we'll show you the u.s. futures. we are four-and-a-half hours from the u.s. market open. here in europe, keeping in mind the slighter lower trade given it's a holiday for many of you out there. we'll see you tomorrow. have a lovely day. >>> good morning. a new call on crude. long-time bear goldman sachs is changing its tune on the commodities. the details straight ahead. >>> new this morning, apple ceo tim cook arrives in china on which many are calling a charmed offensive. a live report from beijing coming up. >>> your money, your vote. donald trump weighs into the brexit debate. we'll tell you what the presidential nominee means for the uk and u.s. relations with britain if he's elected. you're watching "worldwide exchange" on cnbc.

posen joins us on set today to we continue with ubs wealth management geoffrey yu.thing devolves down to this experiment of negative interest rates. you and professor rogoff had a lovely debate about negative interest rates. what is the key distinction viewers need to know about whether negative rates will work? dr. posen: the key distinction is twofold. first, is it a big economy with a lot of -- tom: japan, u.s., not denmark? dr. posen: not singapore, not switzerland, where the capital flows are not a big story. the second thing to think about negative rates is how credible is it that you can go a long way? we try to rationalize what governor kuroda did last week at the bank of japan, not doing anything. that people start worrying you can only go so far with things. tom: let's look at thing so far. let's bring up the two year negative rate in germany, leading the way in open economy. we're not near record lows but we are lower for longer. right now. yu what is the chronic nature of negative rates mean for our global financial system? geoffrey: right now it is just