ceo sir martin sorrell, thank you. mr. sorrell: a pleasure. love to keep him longer, but he called me naughty. we have to end it. david: please stay forever. matt: futures are up with crude nearing $30 a barrel. here to discuss the next move is john brady joining us from the cme. you why we do not see more of a rally on these talks. i mean, for months, we had rumors the saudi's would talk to the russians, venezuelans would talk to the iranians. now we have it and they are making deals. why don't we see oil moving past $30? mr. brady: the market understands making a deal is one thing and enforcing a deal is on the thing. you have warring factions. they are essentially at war in syria, and iran and iraq have incentives to break any deal in the future in terms of production. getting a deal is one thing, but with the market is suggesting here with the week rally is that forcing the deal will be a much different story. matt: what will we see as far as actual reduction cuts, or are we --production cuts, or are we going to see that, because so far we

martin sorrell joins us from barcelona.on, the mayor of london -- martin: i'm not only fighting with you, i am fighting with the crowd. i know you'reow, brave, but this is an important topic. boris wants the u.k. to leave the eu. ac stoppable? yes.n: he sees this as a political opportunity. he has some concerns about britain in the eu the agenda is clear. the latest polls show about one third of the country is in favor of staying in. one third want to go out. the other third down now. if you look at the data, most of that third 2000 know feel uninformed and lack information. the nine-week campaign which is limited to 7 million pounds or $10 million on each side will be critical. i expect the vote to be quite close. it is an opportunity for those who believe in the future of written being in europe to express the case is a logical and coherent way. i think it is about trade, it is about employment, jobs, security . i think it will be a stronger, safer britain. frankly, the people who say they want to come out don't know. it

. >>> sir martin sorrell tells us about the big ad game. "squawk box" begins right now. >>> live from the beating heart of business, new york city. this is "squawk box." >>> i'm sorry. welcome back to "squawk box" here on cnbc. first in business worldwide. i'm joe kernen along with rebecca quick and andrew ross sorkin. new data out of china showing that the country's factory sector contracted, six straight months. this was january's reading. official manufacturing pmi coming in at 49.4. and you can take this -- that number to the bank from china. it was slightly short of estimates. chinese stocks closed lower on the news but less than 2% is not -- with what we've seen recently, not that big a deal. 26 or so. which is like two-year -- close to the lows before the big runup. most other major indexes across asia finished higher. getting a boost from the decision friday to adopt negative rates. do we go with indexes or indices. >> i say indices. when i said it people didn't know what i was talking about. >> they used to beat it into our heads.

coming up, sir martin sorrell -- we could go for two hours or three hours. can we do that? hours with sir martin sorrell? that would be a good idea. this is bloomberg "surveillance." good morning. ♪ ♪ financial new york city is paying attention to minnesota. is the president of the minneapolis said. -- minneapolis fed. we look at two big to fail new york city. london, i am tom keene in new york. the markets are churning, that is a good time to speak to erik nielsen of unicredit. he was in that they can and then of the crisis, saying forget about it, they will do better. the green is the regression of the good times in europe. there is banking, deutsche bank, and a bank in italy that is struggling. gdp is not all that bad in europe. why are you guys feeling miserable? erik: i wonder myself. on a serious note, i think a lot because ofimism is the politics of europe. we have the refugee crisis, and there is no clear solution. there are some countries on the onepheral of europe, but if had a sober look at the data, the gdp numbers, the per capita gdp numbers, which is what matt

vonnie: that was martin sorrell of wpp. other ceos weighed in as well.ld next guest says the risk is overstated entirely. patrick armstrong's chief investment officer of -- what is your base case? >> we think england stays in. the media is talking about the risks of brexit. you have 25 percent of the population who wants to lead, 25% who wants to stay in the middle ground is where the battle will be fought. you do not have a clear voice yet. vonnie: you don't consider boris johnson to be a clear voice on the opposite side of david cameron? >> david cameron has had his hands behind his back he goes he has not been able to say these are the benefits because he has to negotiate with the rest of europe. now that he's got that come i think we will get something much more articulate and clear. in europe.l stay sayinge have seven $1.20. if the vote goes the way of the leave campaign, how much further could the pound fall against the dollar? with thed not disagree consensus. you will see a significant selloff. at $1.55.e things you are creating jobs, you see a m

martin sorrell is joining us this hour in terms of markets.n impact when you see a troubled market? putting the economy aside, does not dictate sentiments on terms of what they will do, how to allocate money? >> it has had an effect since 2010-2011. i would say since 2011, most of our clients have been running their business and the ex-dictation the world by gdp growth is tepid or moderate. clearly, greater concerns about the low economic growth will make it more concerned. geopolitical issues we haven't touched on in the middle east, iran or whatever it happens to be, obviously impact thinking as well. i think broadly on the business council, but always fascinates me is the business council for gdp growth in the last three or four years has always been below the market. goldman, imf. maria: they are on the frontline. >> exactly. as they go through the year, the forecast comes down. usually we kick off and come down over the last three or four years. it is embedded into the psyche. corporate consciousness was changed by 2000. it has changed th

alix: that was wpp ceo martin sorrell. for stocks after being beaten down last week., the s&p was at a 22 month low. within the indices, it was about the battered stocks coming back. big banks up by 10% over the past three trading sessions. big oil also up. you have individual names like freeport mac ran, copper and gold launching a big rally. it does have a big short interest. of totalerest up 22% shares outstanding. you cannot rule out any kind of short covering when it comes to this rally. amazon also having its best streak since october, five straight days of growth. money rotated out of those momentum stocks, now coming back in. oil prices leading the way with a rally at 6%. goldman sachs and other banks have come out saying the freeze on oil output will not be enough to curtail the global glut. what is the next step in tackling those record low oil prices? ♪ alix: welcome back to bloomberg markets. yesterday's agreement between russia and saudi arabia to freeze oil production was an historic move but it is not all smooth sailing from here. iran's oil minister an