jon ferro hates to be called a davos virgin. >> but it is so funny.t remember what it was like the first time. >> ancient history. >> jon ferro can. find out his first impressions. find out where he thought the best networking places were. it is day one for davos 2015. ♪ >> so, welcome back. the world economic forum kicking off today. the sun is coming out. but what is this place like? >> we followed our reporter, jonathan ferro, around during his first visit to the world economic forum. >> here i am at the world economic or an in davos. it is my first time and i'm in good company. it is the first time for president hollande and prime minister renzi. i'm going to take you behind the scenes. come to davos, they said. rub shoulders with world leaders, billionaires, and central bankers. all i've met so far our security guards and freezing cold temperatures. now, i'm in the world-famous conference center. supposedly, this is where the magic happens and the deals get done. there he is. i can't see governor kuroda, i can't see jack ma, but what i can see ar

jon ferro and hans nichols are with us.olatility around the russia n ruble has that been priced in? >> people were expecting the move from standard & poor's to junk for the first time in a decade. a weaker off the back of it, today, a stronger ruble. the credit rating agency is an opinion and not a leading indicator. 68 rubles for a dollar, high inflation and a limited ability of a central bank to respond to a crisis that will head into 2015. >> the u.s. treasury secretary jacquelinek lew said that it's time for more sanctions against russia. is there appetite in europe, germany? >> yes. angela merkel has been leading the way. in some ways there was a switch among german business leaders may be four months ago. up to that point they were worried about sanctions. there was more escalation. it seems angela merkel has the business community behind her. companies like adidas do a lot of business in russia. siemens was hurt by russia exposure. looks like the german business community is behind merkel. >> i want to look at what i

jon ferro is in london. joining us, john thain. yes executive capabilities at rbc. it is the royal bank of canada. a weaker canadian dollar. a strong defense of canadian oil and "the journal" today. what does this mean for your shop? >> on average, pluses and minuses minimal, we think the oil price for u.s. economy, which is the economic leader in the world, is net positive. we think current price levels there is about $120 billion -- >> that go to -- >> of additional constraining power in consumers hands. >> there is the business sense. let's go to jonathan ferro in london. we're been going back and forth on correlations. when i see the russian ruble jump in the canadian dollar jump, what are you actually watching the london desk? >> i'm looking at the commodity markets. i'm not just looking at oil. you had the copper story in the last 12 months. the two words around here are bloomberg -- at bloomberg are yield evacuation evaporation. collapsing in the global story bond else from germany switzerland japan collapsing across the board. the big surprise this year for

. >> we are cutting into time with jon ferro and gluten-free beer in london. equities, bonds, currencies, commodities. futures have improved from where they were two hours ago. it is now ugly now negative 6 days away from the ecb momentous decision. oil cannot get a bit, yes, it is not a 44 dollar handle, but $45.56 on american oil gets your attention. the vicks above average, 24.56, euro yen shows weaker euro, stronger stronger yen and the ruble back above six he six dollars with important russian headlines about three hours ago -- about $66 with important russian headlines about three hours ago. this is inflation adjusted copper back to when no one was gluten-free. china boom again the headline when we go to pre-china, we go back to 1989. >> we are looking at demand as well. everything has been driven by the price of oil. that is a supply issue. when we pick out what is happening in the underlying commodities in the commodity index, i would say right about here is where family friends in argentina had problems maintaining the phone line because the copper ke

jon ferro. >> thing you very much. 1.12 on the euro. i've got tom keene sitting next to me.ble moves. >> very much eurocentric. we've seen some gyrations in asia in the last 24 hours. it is clearly about urodynamics. >> when i look at the bond markets and i see yields low and i look at the two-year negative in germany and france as well as you look back on the bond markets, have you ever seen anything like this? >> absolutely not. that headline yesterday, we will buy negative yields -- to see the concept of buying paper but to pay them to take it is surreal. >> i look at the ecb pushing down the euro, the bank of japan pushing down the yen. i go to america and i look at the federal reserve. do they keep tolerating a stronger dollar? >> that will be next month's debate. it is not 1995, but we are going to have many more conversations particularly with corporate officers, about dollar ramifications. over 50% of multinational s&p earnings in the united states come from abroad. >> we are going to leave it there. tom will have a series of interviews through the day. euro-dollar a

jon ferro will be on that show. he will speak with chris turner.o on parity to the dollar by the end of the year. >> good morning and welcome to "on the move," i am jonathan ferro here in the european headquarters. moments from the start of european trading. in a bloomberg exclusive, the greek finance minister says the company could stumble after the euro if they start an agreement with new creditors soon after this election. commodities crushed. wti crude drops to its lowest level in six years. another one bites the dust, the morrison ceo dalton phillips will exit the company after five years at the top. as the retailer reports their worst sales of the holiday season of all the supermarkets. looking at futures, appointing a little bit lower. u.s. futures down by .1% and dax futures up. >> it looks like we will give back a little bit of value this morning. no rate hikes in the united kingdom for the united states of america, equity markets are lower and prices of crude and rent are tumbling. ecb is threatening -- we have this ogre, we fund the brin

ferro is working on london. he is with us in davos. we will talk about what is happening in switzerland. jonul to catch up with you here in davos. i want to bring up a chart of deflation in europe. this is not a chart we see in the united states of america. is this good or bad deflation? >> when you strip out energy and food prices, we still have inflation in the eurozone. is it good or bad deflation? the problem is that the move predates the oil price move. it is a lack of demand. >> with the lack of demand it is a dominant germany. how dominant is it versus one year ago or four years ago? >> even more dominant, when it comes to monetary policy. isn't it amazing that some of the stories we have read over the last couple of days in the german press the ecb has briefed officials in germany? you would not have heard of this in the united states at the federal reserve. when they conduct monetary policy, they do it. the ecb almost need the german defense. >> how is this affecting london? i have not talked to one single person about that. what is london's effect? >> huge. the eurozone is our bigg

. >> jon ferro's trying to crash some parties. let's see if he's successful. >> it is party time.best to get you inside one. yes i'm taking these with me. the things i do for bloomberg tv. turn that music off. a couple parties tonight. one at the belvedere hotel another at a piano bar, and another at a hotel. i will do my best to get you into one. here we go. no invite,no entry. it is kind of being like 14 and trying to get into a pub. you know you look like harry potter but you try anyway. now for the belvedere. that's a no -- off to the piano bar. piano bar behind me, let's do this. hi, i'm not sure my name is on the list. jonathan ferro. thank you. look there. i'm off to find the bar. >> was it fun? were they talking qe. >> if i saw anyone in google glass, i would heckle them. hard to wear them myself. >> tonight, no glasses, let's see how far you get. >> we are not taking the cameras. >> in the meantime, all about the ecb. will the central bankers party? >> the decision is out shortly. we will cover it on bloomberg television. "surveillance" with tom keene from davos is next a

. >> i have to say, i miss jon ferro. we bonded in davos. i think the data check was really good.ar chairman yield is indicative of what we're seeing, the fed meeting. you so oil come down. yields across the board. we have the economist of the moment from morgan stanley, has really staked out the territory of saying janet yellen will be forced to wait, patients well into 2016. she will join us in the 7:00 hour with an opposing deal. neil daughter will join us. aggressively more optimistic. i think it sets up a great conversation on "bloomberg surveillance." one of the experts on mcdonald's at the top of the show, and we will look to the new ceo, the british ceo. we will get her terrific perspective on how chipotle has taken over the business. we're thrilled to have her with us. david from will join us on politics. it is a loaded show. >> thank you very much. coming up, more cash than growth. mark zuckerberg. the story behind the mobile strategy and how the company will find growth in the tech sector. stay with us for that conversation up next. ♪ >> good morning, welcome back. you