Third time in six months. It is raising limits of what thanks can pay savers. Both imports and exports fell last month. Investors appeared to like the move. Chinese stocks rose by the most in two weeks. Air forces across europe are grounding all Airbus Military transports after a crash. The airbus a400m crashed saturday minutes after a test flight. Four people were killed, those two others injured. A german magazine says one of the survivors told investigators the plane has multiple had multiple engine failures after takeoff. Shares are down almost 3 this morning. It may be a sign of saudi arabias frustration with u. S. Policy over iran. The new saudi king is skipping this weeks summit for persian gulf countries. A number of issues will prevent the king from attending. The saudis and other gulf countries are concerned with the u. S. Is being too accommodating toward iran. On mothers day, president obama called up some moms phoning several mothers who had written him recently. He ran into a bit of disbelief when he was telling one of them who he was. Hi, yes. President obama hey, this is barack obama. No way. President obama i decided on mothers day i should call up some letter writers moms to say thank you for being a great mom. That is amazing. Can you account for your movements yesterday . Tom it is killing me. Brendan, did you survive mothers day . Brendan vonnie made a jerky boys reference. I love that. I tom lets do a data check. We look at equities, currencies commodities. S p 500, 2100 with futures a little light. We look for new Economic Data to drive the markets. On to the next screen, if you would. The vix there is where we begin the week within 100 points of the daily close on the dow high. A little backup over the last 24 to 48 hours of trading area big news over the weekend in china. This is their target rate adjusted for inflation. Here is zero. The u. S. Is here, the known world is here. China is up here at 4 . Here is our massive accommodations over crisis rumor, they will react that remember they were way out front on accommodating. Brendan i found a prescient note friday by Deutsche Bank describing the peoples bank of china and how it operates. Too many insurance chasing too many objectives. When i look at this, i scratch my head. I cannot figure out what, why, and when. Deutsche banks theory is we are going to professionalize this. Tom we will talk throughout bloomberg surveillance on this. Part of attention with china is with greece, monday in may. Greece is front and center again. Nobody knows the true urgency and the immediacy for athens and berlin. Our Bloomberg News reporter tom mckenzie is in brussels and joins us. You have been to brussels 47 times. What is different on this monday. Many people might be saying that again but in this case greece faces some deadlines on debt repayment. Most people think they will make the newest payment but there are others coming up. One Million Euros in june, and in july and august, 1. 8 6 billion euros. This admin heartening tensions this amid heartening tensions. Hardening tensions. If the statement doesnt come through, the ecb may be forced to reduce emergency liquidity to brinks to greece banks. Brendan walk me through the difference between the payments that greece has coming up. The imf is next. Is that a more or less implement payment than the one due to the eu later on . Tom mckenzie it is a good question, brendan. It is a more important payment. The greeks want to make sure they are paying. There have been some in the government insert reza, who suggests they be we should default, that we are serious, sticking to the red lines when it comes to maintaining labor market reforms and maintaining some element of prosperity in greece and some element of a tear back amid the austerity message. The ecb, there are some in the greek government who say maybe we should default on that, but the imf is the senior creditor. They will get paid in all likelihood tomorrow. And then they have payments again in june and our divisions between the ecb and the imf on this and those tensions may come to the fotrre in the coming days and weeks. Brendan from my reading, they have a payment due to the imf, the they have a month to the imf to report it, then three months to look like it is in arrears. Is there any sense from where you are standing in brussels that they will try to run that out a little bit this extra month and next three months . Tom mckenzie the sense is they certainly will do that. That is what we have seen the last few months and years. This brinksmanship is going down to the line. They are going to do that. They are going to wait, it looks like, until the last moment because they can keep pushing back on this. The comes a port there comes a point when the end of these deals comes in june, the 7. 2 billion euros. The ecb will tighten the screws if there is any positivity out of this. A lot of big questions. Tom tom mckenzie is in brussels belgium, this morning. After the jobs report and surging equity markets, has the calculus changed for janet yellen . Jerry before the u. S. Economy, brendan has this great business week chart from years ago. Help me here brendan. What has changed . Brendan nothing has changed. Already two years ago when i was at business week, we were so tired of writing about it. There is an article in the economics section, an interview with jan us verify this tom but i am bored. When does this get fixed . The euro was a mistake to begin with. As many people have pointed out, sometimes a divorce is more painful than the marriage, so the marriage keeps going on. Lets call it quite two years ago when this was going up one other time. That is the euro is at 110 and not 140. Here is the irony of this. A strengthening euro is a risk to german Northern European exporters. Pershing pushing greece out strengthens the euro. It is easier to do now than it was several years ago. Tom the weekend was amazing. The consumption of mothers day a known of mothers day alone was enough to boost the economy. After the jobs report, the equity market friday was surreal to see that come on. What was the Oppenheimer Funds take, the synthesis of what we learned friday . What we learned friday is what was driving equity markets and the economy for what is now six years, pretty much this pretty good but we think this is going to be the longest cycle in history. So the cycle continues. There is no reason for Central Banks to interrupted. It is not great, but it is not producing excesses either. What we learned friday was more of the same. The market is light likes more percent, and that is what the market response was friday. Brendan our guests in the next hour will talk about budgets. One way to look at it in the u. S. Is that it has accidentally been good, that despite the dysfunction we write about, the state is ok. Jerry equity markets really like loose Monetary Policy and tight fiscal policy. Remember, we went through our own version of austerity in the u. S. Between 2000 and tom for oppenheimer phones for Oppenheimer Funds you have a Great International franchise there. What is the till that you are advising your pulled folio managers of international versus United States . Jerry we think there is a little bit of a rotation going on. Oppenheimer funds is focused on companies, not countries. There have been a couple of macro things that matter a lot in europe the weaker euro, easier Monetary Policy, and so forth, it has been a boost for some european companies. We think the great european multinationals and exporters get a boost from what happens. Tom brendan . Brendan i quotes jerry webman of opera tyner of Oppenheimer Funds. Coming up, we asked his china headed for a hard landing . There are hard landing a fish and ottos and soft lander us bsurveillance. Good morning. Tom good morning, everyone. Bloomberg surveillance. Im tom keene with Brendan Greeley. Here is vonnie quinn. Helicopters had to rescue people from flash flooding. A tornado injured 20 people and destroyed a number of homes. Jimmy carter is back home in georgia after falling ill during a south american trip. He was monitoring the election in he on a indian in guyana. The former is 90 years old. In golf, Rickie Fowler made an improbable comeback to win the players championship. He made this putt on the third hole for the title. He had been five shots behind the leader with six holes to play over the greatest finish in the tournaments 34year history. He was trying to send one back to his peers. There was a Sports Illustrated survey the said he was most overrated player, so that was one for the guys. Tom very good. Coming up on bloomberg surveillance, we will look forward to the united kingdom. Francine lacqua will move the story forward. Tony blair out this weekend, a little bit testy about labor, and a look ahead to 2016. This is on the politics of the moment. An interesting poll. Front and center, makes a column on the new year on the New York Times today, the saudi snub. Brendan . Brendan chinese shares rallied for the most in two weeks after the european the central bank made a cut. Both were cut by a quarter percentage point. We often turn to Michael Holland on china. Michael holland actually goes there. We have him on the phone right now. Michael, you say you expected this latest cut but not this soon. When were you expecting it . Michael rather than myself, the experts i listen to expected it. In another month or two. The numbers that came out over the weekend indicated continuing slowing of the economy over there. This was forecast well by the companies that we invest in for the past several quarters. First principles here the government at its base has no interest in seeing joblessness so what they do whenever it gets dicey, they have done things, as they have done in the last six months, to forestall the economy getting too slow. That has been the problem with hard landing aficionados. They have been talking about a hard landing in the last nine years, and it has not occurred. They still have real rates, so they have tools they can use in contrast to the rest of the world. Brendan michael do you agree with the Deutsche Bank report . They basically said too many tools chasing too many objectives. The bank of china is becoming more slowly a central bank then we think of it. Michael they are describing a set of facts, how you interpret them. It is a wonderful problem that they have tools. What does janet yellen have that she can do . What do the germans have left that they can go once you that they can do want to have negative Interest Rates yak up people should look at what they have done since 2008 and say that is not a bad playbook. They had a stimulus back in 2000 a were they took 5 of gdp and created jobs, created so much that they heated up the economy. Tom what is the best way for an american to invest in china . Michael probably find a good manager on the ground over there at the mutual fund. They can do it for a separate account. Tom second question that rangers or capitals, game seven . Michael rangers. What a game yesterday. Tom for those of you globally, we have on the east coast here a great hockey game coming up on tuesday. Brennan brendan we are sticking with this question this morning, our twitter question of the day. You heard michael talk about hard landing and soft landing. He believes china will take care of it. If you are a heartland or, let us know. Tweet us bsurveillance. Tom good morning, everyone. Bloomberg surveillance. Brendan greeley here this morning. Dow futures down 14. We will look at our morning mustread. It is a global an american story quality immigration and the hypocrisy handed out by too many. Inequality, immigration, and popper c. The inequality debate has focused so intensely on domestic inequality that the larger issue of Global Inequality has been overshadowed. Rich countries can make a difference. Brendan i have a trouble with that we of thinking because it is obviously right, there is gross inequality among countries. That is one of the things trade is supposed to do. It evens out those inequalities. The problem is that trades can also create inequality within a country. It is not enough to say people in india it will raise their salaries. Tom jerry webman is with the Oppenheimer Funds. Jerry it is a great point, but now it is very selective who it helps. It will help those of us who are a knowledgebased business that can trade globally. Obviously it will not help if i am a mass producer of something. So trade no one could argue that trade is not going to equalize or increase wealth all over the place because it will create some inefficiencies. But we also know that it does not make everybody richer and i think countries that want to remain stable and move ahead politically and be able to do the right things are going to have to find ways to compensate for that. Tom where are we on distrust, particularly the asians . Brendan there is not trust, that if we sign this trade deal with vietnam, for example, that those gains will be distributed equally. That trust is not there, and that is where you see the democrats not on board this with their own president. Jerry it has been the history. The Traditional Democratic constituency has not been helped mostly by expanding trade. Cost of living has gone down you could argue. It has not been good for People Living paycheck to paycheck but it creates real complication in the world. Brendan that is why the economists have to talk to politicians. We know that trade works. People make decisions based on the disruptions. Jerry government has got to play a role ins moving out in smoothing out those inefficiencies. I would argue that nafta seems successful. It has been successful. Mexico probably has a stronger, more stable government than it did 25 years ago. Economically nafta has to be a part of that. It is not a good thing for the u. S. To have a week partner across the border. Tom the week after the jobs report a little lighter on the Economic Data. Coming up, one of our most popular guests Richard Sharma of Morgan Stanley on the economy super cycle. Tom good morning, everyone. Bloomberg surveillance. Tom keene and Brendan Greeley getting your week started. Here are top headlines with vonnie quinn. Funny hoping to see some signs from greece from todays meeting in brussels. The government of Prime MinisterAlexis Tsipras expects the eurogroup to a knowledge that greece is moving in the right direction. Greece is running out of money. Tomorrow it has to pay 840 million to the imf. In moscow, russias president , Vladimir Putin and germanys chancellor Angela Merkel met for the First Time Since january, paying tribute to victims of world war ii. She urged Vladimir Putin to encourage prorussian rebels in ukraine to live up to the terms of the ceasefire. I appreciate the work of the organization for security and collaboration, and now we must do everything. I think the russian president has also influence on the separatists so that we will succeed in implementing at least a ceasefire and that the political processes will also start. Vonnie for his part, pollutantputin encouraged Angela Merkel to lift economic sections on russia. John kerry will visit russia to talk about the situation in ukraine. He will meet with Foreign Ministers tomorrow. The uaw is considering a plan to allow automakers to pay new bluecollar workers. The jobs would not pay much only 10 to 15 an hour. Entrylevel Assembly Workers make 19 an hour. The record drought in california is hitting starbucks. The company will no longer use water from the state for its water brand. Starbucks will move production to pennsylvania and look for a new supplier. In the nba playoffs, lebron james nailed a jump shot at the buzzer to give the kings and cavaliers the Cleveland Cavaliers a win over the chicago bulls. These can conference semifinals series is now tied at 22. Those are your top headlines. Tom it is the monday after a weekend of analysis of a pending paralysis. Britain confronts the union over the desire for independence by the english. David cameron must tread delicately as he turns to europe. Francine lacqua is still counting votes and joins us. What did you learn over the weekend . Coverage was great. Your coverage was great, and edwards in front of westminster. What did you take away from weekend reading . Francine this of course is the day after the night before, so at the weekend we start to have a lot of these leaders, the only real opposition left for the moment is labour, and we still heard from the other party leader. Were talking about referenda. We think at this moment anything can change and can change quickly. But we think of the moment the question of referendum, although the chances have increased, that is being put to rest at least for the moment. What she wants is much more power. Tom i am fascinated with the english one. Scotts, scotts, scotts is the conversation. What do the english one . Francine it is a democratic election. The fact of the matter is there is the united kingdom. Scotland is part of it. There was overwhelming not the majority, i would say almost wiped out because they want the Scottish National party to fight for themselves and fight to get more power to scotland. The english probably do not want to do with the skys but frankly they do not have a choice. With the scots but frankly they do not want have a choice. Brendan what is going to happen . Francine we heard from tony blair, who was putting a very, i would say, interesting point together, that labor has a problem now of