May be willing to short. A profitable trade that ends up with a negative consequence. The yields are rising nonetheless. You are right, european activities are coming down. We are close of the united kingdom. A shade lower in china. The index a little lower. Voices coming through from the americas. Cleveland saying all Federal Reserve meanings have the possibility of rate hikes on the table as did the president of San Francisco is saying anything could be in place. A really mixed, virtually unchanged paris a shade lower. You have moderately weaker volumes on the day. Interesting stocks. Adidas 73 dollars . 83. Trading higher. They said selling reebok. Adidas 73. 83. Siemens is down, a report they are selling three businesses. And on friday i covered a story in ours sources say according to there we go. Those disappointing pmi numbers. You can call it a marginal effect. The aussie dollar has had a bit of a flurry. The momentum there through april through may as the recovery. Not very well for rate cut tomorrow from the rba. The market is the least short. Aussie dollar down for the fourth day in a row. Jonathan thank you. Looking forward to the rba decision. Four days of the tens negotiations and no sign the country is any closer to a deal with its creditors as a 200 Million Euros repayment looms on wednesday. For all of the latest we are joined by marcus. It investors take for the investors take, a strategist at j. P. Morgan. Marcus, the results for preliminary agreement and it doesnt look like where anywhere near an agreement. Never mind a final agreement. What are your thoughts. Marcus another selfimposed deadline has gone by. They want to some level. Both have stressed the progress on the creditors side they talk about the process and perhaps translate that to satisfaction. They are still far apart. And on the greek side as well. A lot of optimism. They are close but at the same time red lines. Market reforms. For the greek government jonathan just to jump in a look at the data. Nowhere near a deal. And it has a real impact, do you can dan do you expect it to continue . Marcus benasson absolutely. Not just as long as the talks go on but the uncertainty. And also before the talk started. The Greek Economy starting to the track. Probably back in recession now. The lack of funding and the liquidity squeeze on two sides. The lack of money on the government and they have to make the debt payments and the Banking System on a tight leash. The government [indiscernible] whether they meet salary and pension and keep paying. They have to cut back on payments to suppliers. This will not effect in the real economy. The commission will release a forecast which will cut down on the 2. 5 growth this year. Many economists will say it kind of growth this year is good. Unemployment remain more then 25 of the workforce. A lot of people will talk about the market as being frozen. People talking about the uncertainty. Jonathan expecting more of the data. Thank you to marcus benasson Bloomberg News reported. I want to bring an global strategist at j. P. Morgan. Great to have you with us. Another selfimposed deadline. Political headlines tease you with the prospect of an agreement and then we do not get one. A lot about how a yen is sidelined. It does not seem to mean much. A lot about how young is former fox us has been sidelined. Guest at the moment, i can confirm there is no smoker on the eu solution. The clock is ticking like we know and the next 15 days will be the reshuffling of the repayment and it is definitely positioned and we hope the only thing we can do as the investor is common sense will wub, win, we have always with already lost was valuable time. I see a lot of intention. And we have to acknowledge and since the beginning of the year and we are nowhere near to the decision time in the next 15 days brief nobility of greece to finance is self through the option will aid over time in the next coming weeks. They will have two have funding to survive they will have to fund to survive to be able to pay the imf. Very crucial time. Jonathan it is a crucial time. The Market Reaction in europe seems to become completely distance the ties to these talks as they carry on and on. We told about the selfimposed deadlines. May 11, if we do not get a deal can they pay the imf back through this month . Vincent juvyns the question is if they can reign in cash by that time . To collect all of the cash from local institutions will be key to a lot of them to pay. A lot of local institutions last week to handover i its cash. It is very hard to have exacted data on the actual cash levels in agrees. We suppose we and up in a worse case end up in a worstcase scenario where the greek government is not able to accept what the creditor ask for them and they will be obliged to ask greek citizens whether they accept more austerity, get the cash or being what to survive in the next coming months. There was Interesting Data that came out of the surveys 2 weeks ago when greek citizens are asked about their booklet is to accept more austerity measures more sacrifice to send the euro. It is a major difference compared to the beginning of the year when theres report of mr. Tsipras was very high. I think the greek it is still a possibility to accept to suffer more austerity measures imposed by creditors and might end up with a positive outcome. Jonathan despite the surveys, i find them quite a fusing for was survey tell me they do not want austerity and another tell me they want to remain in euro and a third they do not want a referendum to decide between the 2. How do you break that deadline deadlock . Vincent juvyns coparent to the beginning of the year when it was a clearcut no i do say that an open window for at least there seems to be more openness then they were before. The fact you mentioned the conclusion you can draw from that are quite a mixed is a breakthrough compared to the beginning of the year into the question, do you want to send the eurozone . There is a clear answer of, yes. And a measure which agrees has to greece has to pick or elsewhere and we have a lot of success. When you look at spain, for example, a good example, we see the unemployment remains high. We had a growth figure last week and they grew by 0. 9 . This show to the greek people that reform pays over time. Spain, italy portugal are all examples of that. Sometimes painful measures in the shortterm can have effects in the longterm. I think on a certain level, the retirement age or median tax rate we can improve a lot in agrees. We have not budge in a higher measure in greece at the moment. With a higher retirement age at the moment. Is it such an important measure to take . I do not think so. The greek government should and could implement. I do see out of these surveys, a certain rapport for the measure. Jonathan you will stay with us. Coming up up on our show countdown to the pulse, three days away to the election. And china worsening. Will they get below the key 7 target rate . Mcdonalds, a turnaround on the menu . Why it may not be that easy. Join us in 2. Jonathan good morning and welcome back. I am jonathan ferro. This is on the move. 15 minutes into the trading session. The stoxx 600 up a little higher. European equities, the worst week last week so far this year. A stronger eurodollar. Down 0. 25 . The euro had a big week last week. The headlines last week. The 10 year up another basis point this morning. Eurozone bonds have had the worst month last month. An actual decline since december 2013. Yes, really. Brent crude a little higher up about 0. 1 for 60 bucks a barrel. Three days ago three days until election. The balls are putting the polls are putting labour and conservatives in net. David cameron and nick clegg are supposed to Start Coalition talks. Our reporter joins us with more. Talk about the potential coalition again. Is this common as a surprise to you . Reporter not at all. We had a nick clegg of this weekend talk about the Eu Referendum would not be a real red line. Coalition talks at this stage until we see the results are very unpredictable and it is really too soon to say what we might the. Jonathan labour has been adamant they will now form a formal coalition with the smp. Is that a problem . Svenja odonnell not really. Labour does not need a formal coalition. They already said they would back labour. The problem will calm at the later stage where if you have minority government voted in by the smp if they yard to negotiate with a party that will be the thirdlargest a you have sticking part. The snp might be and they can stand up. Jonathan things are getting crazy. When this came across twitter come i asked if it was a joke. Craps with the show the picture again. Are things and perhaps we can show the picture again. How has this been taken . Svenja odonnell i thought i had seen it all. I expect to wake up tomorrow is the nick clegg tech towing the manifesto on his chest. Cap towing tattooing on his chest. [indiscernible] jonathan will it have influence on how you vote . Svenja odonnell i hope not. Perhaps a little bit more profound. It has dominated the newspapers. Jonathan too smart for that. Svenja odonnell. Vincent juvyns global strategists is still with us. You are listening to some of the stuff about the election. Are you paying much attention to the election at the moment . Vincent juvyns nobody it is not on the front page of every newspaper. You see more on the backside of the newspapers especially the main ones. Greece is the biggest concern for european at the moment. What happens in the u. K. , the uks a big trade partner for europe and a growth engine. Really the u. K. From a Growth Prospect against [indiscernible] bring back u. K. On the sustainable growth. Still a lot of work to do. We do hope that we do not end up theres a lot of work to do. We would like to see improvement there and the u. K. And that is definitely a point of concern at the moment. Nothing major for europe at the moment. Jonathan the big surprise has been the lack off Market Reaction. Foreign investors buying a record amount of u. K. Guilds last month. People do not seem to be worried. Looking forward, should there be concern about sterling denominations . Vincent juvyns well, at the moment if you look at positioning, we are under waiting sterling assets into the u. K. Market. The uncertainty around the election will generate volatility and something we would like to take at this stage. We have higher conviction for other markets at the moment. A zero sum game. We have to put money. We at j. P. Morgan, we are short on the sterling and short generally speaking. Jonathan what would make you go over weight change your mind . Vincent juvyns i would say a clear majority and reducing the difficulty going forward. And also reducing the volatility. But i guess conservatives it is not a political opinion. A clear majority to be able to come to a reform. Reform is the magical world. Magical word. To be sure that what we see in the Global Economy in the u. K. , europe is sustainable and blossoms at some point. Jonathan Vincent Juvyns thank you for joining us. Coming up on the show, the slowdown continues. Will china ms. Of the growth target . Miss the growth target . Make domes with a comeback menu. Mcdonalds with a comeback menu. All of those stories and little bit later this morning. Jonathan good morning and welcome back to on the move. This is the same across europe. Ignore the ftse 100. This is how it closed on friday. It is closed today. It is a holiday. A lot of the periphery. The stoxx 600, biggest week of losses so far this year. In the bond market, a month of losses for the First Time Since december 2013. Yields in germany going up once again. 0. 3 8 is the yield on the 10 year. The fx market, the euro is taking a dive. The final reading of the pmi through the morning. I will take you to germany later. Looking at aussie dollar before the rba rate decision. Expectations heading for a fourth the day off losses. Up next on this show, we will shift stateside. Mcdonalds trying to put gold that the to the golden arches. It may not be that easy. More of their missteps. Jonathan good morning and welcome back to on the move. I am jonathan ferro. 30 minutes into the trading day. A picture of the markets. The ftse 100 is close for the bank holiday today. The stoxx 600 also lower. The ftse down. The market moves for you. Some of the top stories add to bloomberg. Australian regulator found no evidence of misconduct as it looks it to the dollar ahead of the centralbanks decision. The dollar rose ahead of the Monetary Policy announcement. The nets rba decision is tomorrow and the centralbank is expected to cut rates. A tie investors said he reach an agreement to buy stake in a Football Team from former italian minister berlusconi. The football champion would remain in the hands of berlusconi and his company. Isis supporters after borchard what it have thwarted what is said to be an attack in texas. Policeman shot and killed two gumen, it was at a cartoon expo. Police in garland, texas expected the car may have contained a bomb. Starting with chinas manufacturing miss. The pmi trailed efforts to forecast the policymakers could step up stimulus to support growth. Asian economic correspondent joins us from hong kong with a little bit more. What does it mean for chinas economy considering hsbc tells one thing at the pmi tells another . Reporter it is more bad news on chinas economy and adding to the readings we have had on the worlds biggest economy. There is a little bit of a diverse jets from the official raid last week. What we know is it is slowing and the Industrial Market is sluggish. Take it all together, this pmi index shows a soft firstquarter and soft start to the second half of the year. Jonathan the market looks at this with a rosecolored glasses. Well the bank of china take more steps to boost liquidity . What are the options . To raise the benchmark . Enda curran people say that is why China Stock Exchange is surging on the year now because the pboc the central bank will step in. They have cut the requirement ratio which is less a landing and more into the economy and they have tools at their disposal. Which is less bank lending and more into the economy and they have tools at their disposal. Most economists expect more. To encourage lending. Jonathan with the talk about growth target. Several percent target. Do you think it can be met. We have to talk about growth target. 7 target. And do you think it can be met . Vincent juvyns enda curran i do not think people are hanging there ha their hat on the target. The 70 target is under a little bit of a threat. More stimulus is the centralbank. And more the infrastructure side and more spending on building roads and public works. Trying to make up the 7 target. Jonathan Asian Correspondent enda curran. Lets check in where markets are trained. Stoxx 600 a touch lower than last time i looked. A ugly week last week. The worst for the stoxx 600 this year. The euro was stronger against the dollar. We hit 112. Z10 year, the yield surging last week, big moves. The 10 year come the yield surging last week, he moves. Up next mcdonalds trying to put gold back into the arches. It may not be that easy. More on the missteps after the break. Jonathan good morning and welcome back. I am jonathan ferro. It is time to talk about autos in germany. The Shareholders Meeting on tuesday in berlin. It will be the first one in more than a decade you it will not to be overseen by the former chairman. Our reporter in berlin joins us. Do you expect a new chairman to a but to be announced this week . Reporter no, it will be chaired by an interim chairman. He is a union leader and there will be two new Board Members at the meeting. Named to replace the wife after she resigned. Jonathan is there any significance here anymore of what he thinks . Naomi kresge i think it shows he is still trying to avoid, have a voice and make his influence and control. It remains to be seen how much influence that will be. I think the board has made it clear they want to go in one direction and will see if it has any impact. Jonathan we will keep an eye on that. It is tomorrow. Bloomberg reporter naomi kresge. Lets talk about what we wanted to talk about. Putting the shine back on the golden arches. A daunting task for mcdonalds new ceo. She was appointed chief executive in march inheriting the worst sell slump in more than a decade. He unveiled his plan to turn around the 19 billion fast food giant. It will be no easy feat. And the u. S. , sales dropped 2 . Stocks have underperformed. Dam dropped a number they have dropped a number of items to speed up service. It may require more than a menu. Some of mcdonalds biggest missteps. Reporter mcdonalds has a problem. People are eating less and less of their food. Sales and the u. S. Have to climb six quarters in a row. 4 of their biggest missteps in recent months. Mcdonalds has been adding lots of new items in an attempt to lure new customers. That menu is too big for some for its own good. They got rid of seven underperformed sandwiches. Even after that, the menu is 40 items fatter than 2007. As fast food workers in cities across the u. S. Clamor for a boost in their barely minimum wages, mcdonalds has taken the brunt of the pr quagmire. The company has said it will raise workers pay one dollar above local minimum wage in offer vacation benefits. Only as stores data they own directly. The changes will only affect 10 of domestic stores. Dish only as stores they own directly. Store owners are disgruntled. A recent survey found to the relationship between mcdonalds and franchise owners are the worst in over a decade. Opening up a mcdonalds requires an investment of 1 million or 2 million. To sell slumped main the franchises are making less the sales slumped mean the franchise are making less money. They are missing a big opportunity in a mobile. Taco bell and starbucks have shown what a good mobile app can do for sales. Customers ordering from taco bell revenue is higher 20 their regular orders. Mcdonalds is lacking behind but is expected to release a global app this summer. Jonathan we will bring you the unveiling of that plan later today. Right now, this is how stocks are trading this monday morning. The stoxxs hundred was lower and now higher. The dax is up. Last week, the biggest weekly losses in the stoxx 600, the equity benchmark. Bond yields are coming back a little bit. The yield on the german 10 year. Lets switch up another asset class. Commodities for you know, fx. Eurodollar down. Euro at 1. 11. Sterling is down by 0. 1 . Goldman sachs with a call pushing for a rate hike. This the Fourth Quarter of this year previously. Lets switch it up to the commodity story. Oil a little bit higher. Brent 66 a barrel. Copper is down. [indiscernible] after the pmi miss him more stimulus from the people bank of china. Berlusconi, how much he spent . Jonathan welcome back to on the move. A plethora of economic data. The final readings of pmi across much of europe. Italy european pit italy pmi better than the survey. A prior reading of 53. 3. You have to forgive me but because i quoted out copper. It is closed today. Mark barton is next to me. Mark an easy mistake. Three days to the election. We have tories 34 . It is in the internet. Could it is neck and neck. Could either party pull ahead . It looks unlikely. Jonathan it does not look like a. They are pulling for the more desperate measures. Putting it into the garden. In little bit weird. Mark the tories are pounding on it and jumping on it. Thats a first check. Daniella will be talking greece. We have had one deadline. How many have we had . Greece is pushing for a may agreement. The imf payment of this week on another next week. We are getting closer. An old friend of yours you like him. He is very bullish to modest bullish. What is the difference between very bullish and a modest bullish . Jonathan i love forward. We will talk about football in just a moment. Manchester united, not a secret. The weekend scores. What was that . Mark 3rd loss in a row, more than a decade. Goals to uggh. Jonathan heading into the worst a season since the 1990s. Mark what is going wrong . Jonathan weber the scottys selling they st berlusconi is selling a stake. Stop spending money. Thats what will talk about now. Former italian Prime Minister berlusconi. The buyer is a thai investor preheater berlusconi have reached a preliminary agreement. Lets get out to me line. Milan. We are joined by danny greenleaf. Talk to me about the deal. I am a supporter. I want somebody who has money. It is not clear this guy has much money to spend. Danny greenleaf no, it is not pretty at what we know after weeks and months after speculation and rumors, they are in exclusive talks. Representing a group of investors and there could be a private equity by the name of involved and they have investors in spanish soccer clubs but we do not have financial details. We do not know anything than the berlusconi said he wasnt people majority stake in these investors from asia that he wants to keep a majority stake in these investors from Asia Berlusconi said he wants to keep a majority and these people from asia want a piece. Continuing press speculation there could be a bother investors, arrival investors from possibly china and there could the other investors, rival investors from possibly china. We are waiting for details. Jonathan there used to be a time when we talked about football is pretty tyler. Things are changing. A piece of the milan club. Danny liefgreen you mentioned the man who use to own and sold last year. He has invested 70 in two inter in total [indiscernible] they are struggling to qualified. What to they are counting on is the popularity of in china. But as they are counting on is the popularity in china what they are counting on is the popularity in china. Unfortunately you know what the situation is with Big Investments in european football. So far, the last real family owned soccer club in italy that can support the level required. Jonathan danny liefgreen q1 for joining us. Keep it on asia. Hsbr reading of pmi was a miss. [indiscernible] its was not an ugly reading. It was not pretty. Doesnt have any [indiscernible] quakes the economy has not responded. Quakes the economy has not responded. Other measures as well. Extra fiscal spending. This reading is not good enough if you look at the employment index. It is not something the leadership will like to see. Jonathan talk to me about [indiscernible] does a paint a more negative picture . It hang a more negative picture . We like to look at new orders manus inventory. How many new orders mine is there i is a bit of excess. It could slow. Relfl reflected in the data. Other Asian Countries has weaker datea. Jonathan there seems to be a disconnect you mentioned the property markets. Should it be a big flashing red light . Of the authorities have been accommodating to this equity market. Only start to put the screws on which has greater concern. We have not really saying much in terms of them trying to tell it on the equity markets rally. One of the things is they do not necessarily have systemic indication. 2007, a similar rally and not impacted the system. A rally is not a big concern for the authorities and maybe a field goal. Vehicle. If you want to privatize we would rather do it into a strong market. Jonathan would you expect the next rate cut . The next several weeks. He cried. Sooner rather than later. Anybodys guess. Jonathan wrap up on the mode. Where markets are trading. Wrapping up on the move. The dax is pushing higher. Flash pmi. The final reading for pmi at 52. 1. Slightly better for germans. The euro trades at lowes this morning. A stronger euro was the story last week. A busy way. The end of the week the jets figure. Thats it for on the move. the end all the week the jobs figure. The end of the week the jobs figure. Mark to down to the wire. Three days before the general election. It is heating up. The new titans on greece said imf payments are undecided on key issue. And striking a deal. Silvio berlusconi, a stake in milan to a thai investor. Mark welcome to the pulse