we are joined by jonathan ferro. jonathan: three things to watch. you are actually going to buy now that you have announced quantitative easing. the forecast, the inflation forecast. how low do you see inflation? it could be as far out as 2017. that could give you an indication how far the program could last. then they are going to talk about greece. they are going to talk about reintroducing the waiver as collateral. will they do that? when will they do that? guy: things are really heating up in cyprus. jonathan: in more than one way. the sun is out, the jacket is off. by the time the news conference starts, i would imagine that the tie and the shirt will be off as well. the beach is about 30 minutes that way. guy: i'm not sure if i'm cool with the idea of the shirt coming off. that may be a step too far. [laughter] that is what is coming up next. thank you very much indeed. "surveillance" is coming up next. we will be taking the press conference live and in full at 1:30 u.k. time. francine: keep it right here on bloomberg tv. tom keene is up next.

i am jonathan ferro.his is "on the move." some of the top stock stories. sales of sainsbury have missed estimates. the retailer reported a fifth straight quarter of sales declines. sales dropped to less than estimated. peoples seem to like when things are less bad. autos are up. auto sales raising several percent for the month of february. i want to look at stocks. the china equities surge continues. the shanghai prices not seen before the financial crisis off 2008. the index has climbed over 70% in 12 months. the dax taking the headlines. european qe, look at this. north of 12,000 points, the first time ever. conclude tomorrow, the federal reserve meeting, will they derail the rally? karen olney at ubs is still with us. karen the fed meeting, will they derail? you look at the u.s. surprise index versus the eurozone economic surprise index. who is hiking the rates here? europe seems to be beating a low bar and u.s. the high bar. karen olney: that is it exactly the high and low are. u.s. has had profit cyc

jonathan ferro i am. -- i am jonathan ferro. some stock movers.&m shares up after it beat estimates. 15% higher in local currency. holcim in focus. they said they are willing to revisit -- they point out no other aspects of the deal will be reconsidered. the stocks of each on the perspective companies trading lower. standard life reports it may raise its stake in indian partners to 90%. it is trading lower by 16%. you may have heard this year's europe election is the most uncertain in generations. a labor government needs to get in bed with s&p? this weekend, he offered to support the tories if they hold a referendum on britain's membership in the eu. what does it mean for anybody investing in the u.k.? let's give that to joseph oughourlian. given the political situation in southern europe that is where you are invested. are you worried about here in the u.k.? joseph oughourlian: everybody is worried about southern european politics and i would be more word by u.k. politics. not because it looks more if but because people are not paying that much

i am jonathan ferro. getting breaking data out of germany.man manufacturing pmi comes in at 52.4. better than a survey of 51.5. likewise for services pmi. 51.3. better than the previous month and above the survey. looking at the compositors. better than the survey at 53.1 in the previous month as well. let's check in all euros dollar for you. -- euro/dollar for you. it is up 0.3 percent on at day. as for equities, dax rallying from a morning of losses. the cac up by 0.2 5%. out to germany with hans nichols. these numbers, not bad. hans: not a bad for germany compared to france and was we talked about in january and february, the virgin economies. beat on both the services. -- diverging economies. what we got from france and you saw manufacturing pick up slightly but below the crucial 50% which is a signal of expansion. a similar story with of the services coming down a bit. services are up above the 50 level and their composite was it great. german manufacturing composite number above 55. let's wait and see how the euro digests all of this. i

i'm jonathan ferro. 30 minutes into your trading day.is how things are shaping up in friday's trading session this morning. equities on a little bit of a rebound. the dax is up by 76 points. the cac about 20 pints. losses on the ftse 100 but gains across much of the eurozone. euro dollar a little bit of weakness. 108.21 as i'm looking at the terminal screen how the. let's look at some of these indexes. caroline: i'm look at the top performer today. it is all about a main insulin drug. it could be in the u.s. by the turn of the year. it is going to be reapplying to the u.s. regulators. there is more data analysis on risks this drug may have in terms of cardiovascular risks risks to your heart. the drug is a step closer to approval. it was rejected once but it really could dominate in terms of sales for novo nordisk. swatch saying look, our sales are looking pretty rosy. we see full-year revenue growth at the top of our estimate. on the downside, it is all about oil. so volatile. we see oil prices move, so too do the stocks related to oil

jonathan ferro reports. china struggles. we speak about the linkage of the chinese economy the fragile market, and the government in beijing. deadly serious business. the federal reserve is comedy central brought to you by janet yellen. good morning. this is "bloomberg surveillance." it is thursday. i'm tom keene. joining me, olivia sterns. brendan greeley is on sabbatical. olivia: the lowest economic growth target in 15 years from china. they want the economy to grow 7%. china is facing a number of headwinds. they want to make the economy more efficient. >> we need to develop twin engines to drive development. popular entrepreneurship and innovation and increased supplies of public goods and services. this will ensure that we will adjust without weakening momentum and will underpin with greater quality. olivia: in the past, premier li has said that lower growth is tolerable as long as jobs are created. the u.s. ambassador in south korea is recovering after being slashed in the face by a north korean sympathizer. there was b

i am jonathan ferro. credit suisse is the big story. they are replacing their ceo.replacing brady dougan with andrew lynch -- tidjane thiam the ceo of prudential. let's start with you. >> this is a surprise. dougan had been there a very long time. since 2007. few ceos since before the financial crisis. last year, the bank had a big settlement on tax evasion and from there how it damage is bank and his leadership from there. as a big question he has been dealing with is what would the investment bank look like? ubs has cut back on its fist -- fixed income side and do and had resisted calls to do that. you see the share prices of ubs. -- and dougan had resisted calls to do that. that really became a concern. guy johnson: he is coming at a great time. he knows what the model looks like. and it ubs, figure out at the litigation. he will not have the same emotional attachment so he will be able to resolve it, i think, more easily. ed evans: he is the outsider. thiam does not have a background in investment banking. he has worked in government and insurance and in asia. a

i am jonathan ferro. 30 minutes into your trading day. this is how the session is shaping up.ay off a losses. the dax is down. the ftse 100 dropped below 7000 points up by 0.3%. what a run we have had for european equities. some losses and. story sprint lets it gets of them with a mark barton. mark: trading over 2%. the biggest shareholder agreement to sell to chemchina that will lead to a 7.7 billion euro for this carmaker. pirelli is valued at 7.1 billion euros and is below the share on friday. jumping to the highest level since early 2000. on thursday, emerged in papers that camfin. pirelli is up by 3%. another stop moving is bi llfinger. moving to the downside. yesterday, it announced a statement saying it is probing allegations of bribery linked to its brazilian unit. payments from the brazilian unit may have been made to unspecified public officials and employees of state companies in connection with orders. the company has carried out an inquiry and said it has been substantiated. investigations are not completed. it is unclear to who and what amount. lvmh, 3% lower tod

he spoke with jonathan ferro in frankfurt yesterday. they spoke about the bond buying program. >> one has to be aware that on the other hand, for the central bank there is an inherent risk of future losses if we buy at negative yields. so, basically, because one would like to avoid this kind of future losses by buying into long opportunities. francine: jonathan joins us now with the latest. it is a great interview. he was trying to warn the markets. jonathan: in a way. you are guaranteeing a loss for the ecb if you are going to hold negative holding debt securities through to maturity. they have not decided how to manage that risk yet. maybe you can avoid negative by buying longer maturities. the big issue 50% of the debt in finland almost half of the debt in germany with a negative yield. the ecb have got to try to manage this risk. that is difficult to do. francine: was he surprised? he is linking it to inflation. jonathan: exactly. you compare this to the fed with the ecb. the fed wanted yields to go lower. the ecb, yields are alread

that will be a topic of conversation between jonathan ferro and the man at the head of the swiss national he is going to be talking to jon ferro a little later on today. we will bring you that interview. in the meantime, let's get a look at the stocks that are on the move. caroline. caroline: i'm looking at the leaderboard. keep an eye on per rally. up 3.5%. the reason that it is rising is on the back of some italian press saying maybe there will be new investors. it would be along with one of the biggest investors, the chairman ofp pirelli along with unicredit as well. there will be a restriction -- a reconstruction. the italian newspaper says they may be delisted after a bit. keep an eye on that particular stock. meanwhile gold coming off of its highs today. it was droning higher yesterday and it is pushing up. fresnillo, a big silver minor but also a gold miner, is up almost 3.5%. the reason is that the federal reserve is pushing back potentially any timescale and the rate of rises we will see in interest rates. fresnillo and any sort of mining stocks are looking pretty rosy this morni

i'm jonathan ferro in london. moments away from the start of european trading. morning brief. a world of easing. south korea's central bank drops its key interest rate in a fight to contain lowflation and stimulate growth. the race to the bottom continues. china stocks jump to a six-week high. the chinese central bank is said to tell some banks in china to cut deposit rates. euro freefall. not quite. the single currency dropped below $1.05 for the first time since january 2013 before bouncing back to $1.06. dollar weakness is the story this morning. i'm going to bring you that exclusive interview with ewald nowotny later on in the show. have a listen to what he's got to say about negative yields. for now, it is about equities. futures a little bit lower. down by four points. the dax pretty much dead flat. let's get the caroline hyde. caroline: let's check in. 12 seconds into the open and we are looking at stocks to gain a little bit. the ftse up 0.2%. france falling a little bit. the stoxx 600 7.5 year high. that is where we closed yesterday. there is room to go

jonathan ferro. jonathan: we will talk after the break. looking at equity markets. the dax up.germany. retail sales really strong out of germany for january, up 2.9% month on month. we were looking for less than .5%. ftse stronger, up .2%. in london, pmi north of 60, 60.1, really strong. decent data not just for the euros and but for the u.k. ftse 100 held back by barclays numbers. provisions dragging down barclays and makes up 2% of the ftse. bond market is the same story. yields go lower, equities go higher and we see yields lower. austria did something special. auction five-year debt in the primary markets for the first time with a negative yield. in secondary markets, austrian debt five years with a negative yield. forget germany, everyone is doing it. 10 year italy meets spain. 1.34% on the italian 10 year. pretty much the same on the spanish 10 year. the start of the year, the spread was 25 basis points. why? spanish politics. and little bit more stable in italy when you compare politics. fx market 17 central banks eased monetary policy this year. the headline, the aussie

i'm jonathan ferro in london. european equities starting the day near a record high.arting the day near record lows. let's get set to wrap up the trading week. here's your morning brief. stocks surge. the stoxx 600 has rallied 17% this year, leaving the index just 1% short of an all-time high. greece in crisis. the eu pushes greece to make more reforms. leaders meet again in brussels. time is running out. and a morning of dealmaking. the $40 billion merger is back on. holcim and lafarge salvage a deal. they are three things we will be watching this morning. i'm looking at futures markets a little bit higher. manus cranny is joining us for our friday market open. manus: you sound very excited. that is because we are 1% away from an all-time high on european equities. it is only march. goldman says they are not the only ones to be shy of this move. the best since 2009. denmark, portugal, and germany, all up more than 20%. go to bloomberg.com and go to the bart chart

mario draghi is in cyprus and so is jonathan ferro. john, you are out and about this morning, what will be your key focus? >> i have to apologize because i seem to get the good gigs and you get put on a bridge in zurich and i get sent to the beach. mario draghi bringing the governing council down to cyprus. things are better in the eurozone. you strip out these ugly german factory orders, the pmi's are firming up and retail sales have picked up as well and qe has already been announced. today we want the color, what does this plan really look like? what are you going to buy? duration. do you really what to buy that six-year debt? the news conference will be dominated the questions on the qe plan but the ecb has a pivotal role to play between the nation of greece and their creditors and i don't think mario draghi will be able to complete that press conference without a series of questions on greece and the situations in athens right now. >> jon it has taken two years for the banking sector -- it collapsed inside and they were bail outs

i'm jonathan ferro and this is "on the move." see how things are shaping up for the european equity market. it is a blanket of red. the dax off by 0.6%. the ftse 100 down by 0.5%. some losses this morning. let's check in on our top stock stories with caroline hyde. caroline: i'm focusing on a couple of the big laggards this morning. we were at seven-year highs on the ftse. today, we turned lower. the biggest faller is oci nv. it is selling off its construction unit. they are being listed in dubai and egypt. this is a fertilizer producer owned by an egyptian billionaire. he's separating off the construction area to be listed in dubai. down goes oci as that change comes through its overall strategy in the way this company is put together. lafarge down by 2.3%. lafarge is a cement maker in the midst of a deal with olson -- with holcim . the deal terms may be changed. many feel that lafarge's terms are a little too favorable for it. we could see them change. analysts think overall, the deal will get concluded. perhaps not much of a w

jonathan ferro in cyprus as the ecb meets. in the hands of "on the modeve>' ♪ >> very good morning and welcome to "on the move or co i am manus cranny. -- "on the move" i am manus cranny. the ecb convenes in crisis for the first time since the crucial qe announcement. we wait for the latest on mario draghi's trillion dollar war against deflation. and the six-year anniversary of a record low rate, will governor mark carney file for divorce? that is the question. 7% is the goal for 2015, but is that too ambitious as the nation faces the headwind. and abbvie will by the pharmaceutical $421 billion. much more to come on that story. euro stoxx 50 up 1.5%. the german factory orders did little to quell the market. let's get to caroline. >> 20 seconds in, how is equity markets shipping up? we are tentatively higher ahead the ecb, the bank of england named its central bank frenzy today and economy frenzy.

tom: this is between iceland and scotland on the way to the jonathan ferro islands. olivia: you know what that is called? a waning gibbous. tom: astronomy with olivia! we will move on to something we know about. after the yellen fireworks, markets are dropping markets adjust to the fed. to an economy that suggests subdued revenue and earnings growth. thomas lee is cofounder and head of research at fun strap. he is able -- he is able -- he is a bull. thomas: it is a minority position right now. tom: what are the new walls of worry from the last time you were darkening our dork? -- our door? what is the fear your clients have? thomas: if there is a chart people do not like, one is the dollar, it looks very parabolic. and then it is oil because it is continuing to be weak. in their minds, two of these happening like once is like [laughter] a solar eclipse. olivia: you came out in december, your year and target to 3.25, -- 23.25, a 15% depreciation. a love that was on capex. does the decline in oil change that? thomas: we will get some sense in a couple weeks when q1 com

i am jonathan ferro. we are moments away from the start of the european trading session.g off a 10 week winning streak. the ftse 100 starting off above 7000 points for the first time ever. berlin showdown. the greek prime minister takes to berlin to meet with angela merkel and the greek government is running out of time and money. former french sarkozy wins the first round of local elections. and a whisper from an all-time high, stoxx 600, starts 0.4% from a record high. three of the things we are watching this morning. i am excited for the market open. i know someone else, caroline hyde. caroline: just a few moments, are we complacent? that's what people are talking about. a ticking time bomb in greece is what a capita group is saying. eric nilsson calling it ended game stop. they could slip out of the eurozone into chaos if they do not make a u-turn. meanwhile, stocks opening pretty much flat. ftse pretty much flat, 0.25%. last week, we close at values that take the global equities to highs. $68.4 trillion is the value of global stock

i am jonathan ferro. minutes away from the start on european trading. more records broken.2,004 -- 12,000 points for the first time ever. japan's low inflation. the bank of japan's kuroda could not reluctant possibility that inflation can go below 0%. the shanghai composite close at the highest level since 2008. extending the world of beating. it surged over 70% in the past 12 months. another monster valuation. internet startup interest, $11 billion, double the company's valuation 10 months ago. the three things we will be watching. euro stocks future data flat. dax is up the nine point sprint let's get over to manus cranny. a very special day for the irish manus cranny. manus: a hint of green on the equity markets. excuse the pun. set the tone in the dax. pretty big expectation number. really saying gets ready to lurch into the european markets they have structurally changed th

bloomberg's own jonathan ferro. the break, we will ask a member of germany's bundesbank whether he thinks quantitative easing will. work stephanie: and why arby's sales are rising while mcdonald's are not. ♪ stephanie: let's get you up to date on the top headlines. the winner of the multibillion-dollar fight is abby. the drugmaker has agreed to spend 21 billion box to you by pharmacyclics. they ousted johnson & johnson at the last minute. it is a pill that avoids some side effects of chemotherapy. and china has not set and economic growth target this low in 15 years. the chinese premier says he wants the economy to grow 6.7%, down from last year's goal of 7%. china is facing headwinds. he is trying to rein in another problem that the country faces. >> our tough stance on corruption is here to stay. our tolerance for corruption is zero and anyone dealing with corruption be dealt with seriously. we will see to it that any instance of corruption should the seriously punished. stephanie: last year china's economy grew a

i am jonathan ferro. eurozone equity markets stronger euro, weaker equity markets session.the theme of the day yesterday. another fresh record high on the ftse 100. today's session as straight to your morning brief. china slow down. the gauge of manufacturing missing estimates dropping to an 11 month low. the rally in equities come to a standstill. global low inflation. expected to drop to 0.1%. the least since it began in 1989. dropping below 0% later this year. and downsizing. deutsche bank second to be looking at shrinking is trading business as it reviews options to boost profitability. and of course, we will bring you much more of the exclusive interview with billionaire george soros later. he said there's a 50% chance of a greek exiting the euro. the berlin showdown. someday heat and negotiations between germany and greece. nothing substantial from the other side. futures lower across much of europe. dax up by another 50.3 of a lot of data through the morning. i will break it down. the morning open with manus cranny. manus: rising to 7%. with the making game after gam

jonathan ferro is on his way to cyprus, as we speak. let's look at some of the other movements. euro yen is finally moving. euro sterling. this is what francine lacqua looks at every morning. further sterling strength versus the euro. down at the bottom, 111.24. this is the spread. this is great. this is the five-year 30. good feeling ugly here is that fed induced sweetness and the curve. i don't hear many people signaling recession down here but this has sobered up the economists. >> i think the thing we are all trying to figure out. is this no hope for the future? or is this secular stagnation? >> they instituted a steep yield curve and the great distortion. debt. >> the other thing to look out is see how narrow this is? this is janet yellen, mario draghi, and the rest. thanks to john herman for that. i will still from anyone. i will steal from brendan greeley anytime i can. i try to do it every morning. what we try to do in washington is steal from mr. cook. this most important case will center around today's arguments before the supreme court. peter cook brings his wisdom an

i'm jonathan ferro. minutes away from the start of european trading this monday morning.ng brief. qe kicks off. the european central bank begins buying bonds at a rate of 60 billion euros a month. the purchases will continue until at least september 2016. referendum risk. eurozone finance ministers meet in brussels. greek ministers float the prospect of a referendum if there reforms are rejected. japan lifts out of recession. readings show gdp expanding at 1.5% in the fourth quarter, much less than the 2.2% estimated as companies in japan unexpectedly cut investment. and a bittersweet anniversary. six years ago today marks the start of the u.s. equity bull market as u.s. stocks comes off losses. they are three of the things i'm watching this monday morning. futures pointing a little bit lower. dax futures off by 46 points. are we set for a lower open? let's get your market open with caroline hyde. caroline: just 20 seconds in, let's see how we are opening up. v-day for the ecb, bond buying begins. europe and the u.s. so stark and their contrast to what is going on. we ope

implementation of the money policy includes the bond buying plan -- betty: ok, looks like we just lost jonathan ferrobut it seems like most of the questions were answered on the qe program by the ecb. back to mcdonald's could you just heard about the downgrade by piper jaffray. shares are dropping in the early morning trade as the fast food giant and ounces it is working with supplies to stop selling chicken raised by human antibiotics. this is steve easterbrook's first move -- one of his first moves in an attempt to turn around the golden arches. he took the reins this week and is attracting customers with healthier options. mcdonald's will offer low-fat milk, milk from cows that are not treated with artificial growth hormones. going to be cleaner, more organic. julie hyman with me on this. it sounds like they are going into the zeitgeist of america, that they want fewer, organic, healthy food. will this help the bottom line? julie: that is very unclear. mcdonald's has not given any clarity as to who is going to pay for any changes in the sourcing of its chicken or milk, for that matter. i talked to

i am jonathan ferro. the start of european trading and let's get straight to your morning a brief. anthony jenkins takes his first bonus as ceo. annexed or 750 million pounds for the settlement of the global probe into manipulation of fx markets. the australian center break does nothing. -- central bank does nothing. they keep rates on hold. and of course, record high. the s&p 500 and dow jones closed at all time highs. it took 16 years for the nasdaq to close above 5000 points and 1% of a record-breaking level. the things to talk about later but now, the future markets a little higher in london. the taxes up about 17 points. lets get women who always covers the opening for us, manus cranny. >> a government bonds rising this morning. collapse in portugal they hit record lows around the periphery of europe. this morning a 10 year government bond in a germany goes negative. mark carney and friends of treasury select committee in spain talking about greece needing a bailout and the ecb will they reinstate li

i am jonathan ferro. we are moments away from european trading.credit squeeze. the ceo heads to the exit. the presidential ceo gets the call up. greek crash crunch. finance ministers mount pressure on greece tell followthrough. concerts at growth that the nation could run out of cash and by the end of the month. the dollar index climbs to a new high. amid speculation the federal reserve will go with a rate hike. those are the things we are talking about for the next hour. so futures are down. dax futures are up by almost 20 points. we are looking at -- the open to caroline hyde. carolina by -- caroline: the 60th day of declines. greece could run out of cash by the end of the month. wednesday is when it they would start renegotiating. will they be able to strike a deal? it is dragging stocks lower. cac 40 up by 0.1%. interesting data from china. shares falling over there.

jonathan ferro moments away from the start of european trading.ady to act. the chinese premier pledges to take action if economic growth slows too much. where is potent? -- where is potent -- where is putin? the russian president is scheduled to make his first appearance since march 5. cash running dry. greece is to make a payment to the international monetary fund today. they are risking a cash crunchah later this month. ead of the equity mark -- i had of the equity markets. a stellar run for the germany benchmark. a higher open. let's get to manus cranny. manus: seven-year highs from the equity mark. indeed you are right. it was up over 4% and traded -- this morning, china. what is next for china? a reserve requirement lower? premier keqiang in for an we have lots of room to assist. back to european equities. the debate what happened with the dollar and that your role. we saw a 12 year low trade overnight in the asian marke

i'm jonathan ferro. real euro weakness kicking in in the last hour.t firmer as well. dax futures up around 80 points. ahead of the open, let's get straight to your morning grief brief. grinding to a halt. inflation comes in at zero%. japanese retail sales come in below estimate. the government has until monday to submit a list of reforms to secure more bailouts. saudi arabia pledges to continue strikes for as long as necessary. futures a little bit higher as we go into the open. over the next hour, the president to have bundesbank and mark carney also speaking. i'll bring you to highlights. for now, manus cranny at your market hope. manus: it is really aggressive back-to-back declines on the stoxx 600. a couple of things that just caught my eye. deposits are at a 10-year low in greece. in february deposits dropped by 5%. 23 billion euros were pulled out of greek banks. you are reaching that break

i'm jonathan ferro at bloomberg's european headquarters in london.utes away from the start of european trading. a very busy week. nikkei 19,000. japan's nikkei 225 closed above 19,000 points for the first time since 2000. the index and the week with a fifth straight week of gains. bank of england governor mark carney says the u.k. faces challenges for week european demand and a strong pound. and, great prime minister alexis tsipras meets european commissioner juncker over in brussels today. the verbal sparring continues to heat up. and we are looking ahead to the russian central bank decision. we are counting down. is another rate cut coming? our survey says yes. i'm looking at the futures markets. euro stoxx 60 futures up. dax futures up 52 points. let's get the caroline hyde for your market open. caroline: we are likely to end the week on a high note. this will be your sixth straight week of gains on the stoxx 600. ftse up. similar moves and france. this is the longest winning streak for european stocks since june. all of this on the back of ecb ac

ferro is back. they have got the chairman of lloyd's of london. that up next onon "on the move ." ♪ jonathan and welcome to "on the move." we are moments away from the start of european trading. a choppy 24 hours to the equity markets. the nasdaq taking a beating down the most since april. that has followed to two -- through tot the asian session. let's go straight to your morning brief. saudi arabia and its allies lost airs writes on rebel targets and yemen. -- launches air strikes. wti heads for its biggest week of gain since 2009. brent climbs 5.7% this morning. greek breathing space. the ecb makes more than one billion euros of extra funding available to lenders. can the country avoid a financial meltdown? those are some of the things we are watching. a look at the futures market getting absolutely -- euro stoxx 50 futures up i 1$. dax futures lower by 170 points. features indicating a lower market open. manus: we have got mario draghi speaking later on today. new jobs. uk retail sales will be out later on. politics and growth are the two key. issues. geopolitical issues in the gulf regi