Porsche families stand at odds over ceo. And Hillary Clinton vows to champion Everyday Americans as she launches a president ial bid with a visit to iowa. Good morning, everyone. Its monday morning. How are you . I know. What a fantastic week. Its nice to be back. Fresh rejuvenated. It was not really good for chinese exports. They dropped 15 . The masstive drop it really causes a lot of people this morning to question once again the strength of this huge economy whether or not were going to have to see a slowdown coming from asia. Im not so sure. We know that chinese data is very erratic, it tends to be extremely volatile. For the first two months of the year chinese exports were up 15 . Were now seeing this big draw down . Is it because of the Chinese Lunar holiday, we dont know. What weve seen these triple arcogs. Were seeing Chinese Markets rallying today in anticipation of more stimulus. What difference is that going to make . I dont know is the answer. However t might be an element of time. You need to have the stimulus feed through. You need to have it properly go into the real chinese economy. We have the growth of 6 the discussion continues, its still a lot more than what were seeing in the west thats one of saving graces at the moment. Were talking a lot more about china here throughout the show today. Chinese markets though as carolyn was just saying shrugging off this sharp slowdown in the countrys exports. There are hopes we could be looking at more stimulus the bboc thought to be moving in that direction. Exports splumping by 15 in march. World bank is lowering its forecast for chinese growth. Were shand by eunice in beijing. How worry should we be about this bleep were seeing in the data . I think there are a lot of people who are worried about this data because normally this time of year we do see a surge in factory activity because the lunar holiday is over. There are plenty of distortions in the first two months of the year but things start to settle down a bit. Thats one of the reasons why. A lot of analysts believe were going to see a pick up about 10 or so for this month. That was one of the reasons why investors were taken by surprise and in combination the export figures not looking very good. Also the import figures fell as well and that was suggesting to many here that the demand for chinese goods really isnt holding up in the way that they thought. Its not only here at home but also overseas so there have been plenty of questions today as to what the growth is really going to look like and we have the First Quarter numbers coming out on wednesday and most people had expected to see a growth you know holden at about 7 or so. Now theres a lot of discussion about how you might not really meet that and that also just raising a lot of questions again just what the government is going to have to do about it. The World Bank Also has you had alluded to had cut its forecast for the year to now 7. 1 . A lot of that is because of their concerns about the vulnerabilities in the financial industry and chinas overall policies to maintain what they call sustainable growth. Thank you so much for that. Lets have a look at the reaction in the markets here in the u. K. Basic resources under pressure on the back of disappointing trade data. Down grades by citi group which was mining sector. Glencore also falling by 0. 4 . It seems prices falling to 40 a ton in 2016. That is quite a steep drop. Thats already fallen by 60 in one year. Lets cross over to japan. The nikkei has also dismissed flat data. Capital spending fell for the second straight month. That number did beat forecasts. Speaking after the japan data was released the governor said the countrys economy was recovering moderately and the scri would maintain his Stimulus Program as long as needed to hit its inflation market. Head to our website, cnbc. Com for all the details. You can get in touch with us i was tweeting a good morning to us all. You can get in touch either on email world wide at cnbc. Com. Its on screen for you now. You can find us at twitter. Lets have a look at the markets roughly one hour into the trading session. The stocks here up 600. Index off its session throw. We were somewhat weaker first thing this morning and but now were at the breakeven level. We closed out last week for record highs. We saw multiyear highs for some of the other indices as investors continue to buy european equities as a result of the ecb qe. Thats fallen a little bit. Lets have a look at the chips one by one. The dax this morning is flat. A little bit of pressure. We are seeing some green. In the currency markets, we are still seeing Dollar Strength coming through but its a little bit more muted compared to what we saw on friday. The dollar somewhat higher against the yen and were seeing a touch higher against the euro as well. That has 105. 62 over the last week. The dollar was high. 3 . The youre owe dollar that fell a whopping 3 1 2 . Lets see what the aussie dollar. In the commodity markets, we are seeing Prices Higher by 2. 6 despite the fact that were seeing some Dollar Strengths today. Last week brent was higher by 3. 5 . I guess this is the market scaling back their expectations for when iranian oil will actually come back to the markets. Lots to talk about this morning. Were very lucky to be in the good company of stephen mclo smith. Good morning, stephen. Good morning. Fresh start to the week. Fresh data. Fresh issues to talk about. Old issues to talk about. Like groes for an example. Whats your view of the world in general at jp morgan. We still feel constructive about equity markets. Europe in particular. The one thing you can absolutely guarantee is that the European Market doesnt really carry on its rising trajectory. Theres enough good news coming out of economy to give one faith to buy on any debts that occur and still comfortable for holding on. The rate of change in Southern Europe is improving. If you look at the news coming out of spain, thats been one of the stronger economies in the last 12 months. Pmis are indicating expansion. Credit numbers in spain are starting to look very attractive. Unemployment is coming down. Consumer confidence is rising. This is not just a story about a comparison to northern and Southern Europe. Yeartodate, the spanish market quite a bit behind only 12 , compared to where weve seen elsewhere. When you were investing in european equities, you have to think of a global picture. When you think about spain as an example, one of the best sales, 30 of sales. You have to look more generally at what are the indicators telling you about the direction of the economy as a whole. I think if you come back to the conversation we had about a month ago, we were talking about credit picture changing very significantly. And that continues. So the indication there is that demand for credit is picking up. Credit is starting to loosening, the credit stimulus is having an effect. Thats going to benefit not only the Banking Sector but also the households and corporates are able to borrow at attractive rate. Stephen, you say this is a second u car sea change. I question that. Much of the improvement weve seen all of that is predicted on ecb hem. Help. Whether its qe whether its credit measures thats been introduced what would the european economy and stock market look like if it werent for the ecb . I take issue with that. I think the change in equities has clearly been helped by the qe packet. If you looked last year what was going on with the european economy, last five years, theres been two credit crunches. You had the credit charge in 0809, which was global and in 12 you had a similar withdrawal from the banking system. That was a necessary prelude and a much easier credit background for banks in a sense that bank could be trusted to lend that they were adequately capitalized but were now seeing the benefits for that. Stephen, you are hear with us here the first hour of the show. Get in touch, find us at email, world wild on cnbc. Com or twitter. Carolyn cnbc. I forget everybodys twitter handles including my own. Moving on we were talking briefly about greece how we still need to chot more whats going on there because International Creditors are angry. They are going to be continuing Technical Work there in athens and brussels. They are working on a debt deal. It comes as greeces finance ministry has dismissed a report that youre ozone officials were shocked. The report says a greek representative atlas weeks talks asked where the money was at like a taxi driver. As a taxi driver what does that mean. Sna a greek taxi driver or german taxi driver . I dont know if theres a difference. Is there a difference . Coming up here on the show markets, will they end it in the gren while Jordan Spieth ended on the green. We take a look when the 20yearold texan went wiretowire to win the mat sters. And Mark Zuckerberg wants the world to be connected. Find out how president obama plans to do that later on in the show. Its more than a network and the cloud. Its reliable uptime. And multilayered security. Its how you stay connected to each other and to your customers. With centurylink you get advanced technology solutions, including an industry leading Broadband Network, and cloud and hosting services all with dedicated responsive support. With centurylink as your trusted Technology Partner youre free to focus on growing your business. Centurylink. Your link to whats next. Hi everybody, welcome back. You are still watching Worldwide Exchange. Were getting some flashes through on the wires from germany, they are confirming their 2015 targets of organic sales growing of 3 to 5 and an adjusted margin being confirmed at 16 . Shares reacting massively flat. They are going to be staying in russia and ukraine despite the continuing challenging environment there and the ceo saying they are going to be looking at considerable financial head room for further acquisition. Thats a possibility for this german group. Now, some top stocks to look at today, carolyn. One of them is easyjet, shares by 1. 6 . And Andrew Finley jumps from 4 to. 716 . Stewart bridges is leaving the london listed end insurance firm. And this is the story that made all the headlines over the weekend, hes lost confidence in the groups ceo martin winterkorn. It appears hes alone in his views. Well have more on that story in just about 30 minutes times. So do hang around for that. And staying with the german markets, our we the utility done by. 64 . A letter hads been sent to workers to cut administrative costs. Lets go out and get all the details from frankfurt. Does that also mean job cuts . Thats not clarified yet whether this means also more job cuts, but the attitude of the costcutting program is quite big. For now they are planning on saving roughly 1 1 2 billion euros until 2017 and the new number is inside rwe is 2 billion. Thats quite a huge number. So that means is roughly 30 of savings in individual units you were mentioning, administrative costs, but also other units will be affected. That most likely will not be possible without job costs, so what they are saying that the current outlook for the industry shows that the current costcutting program is not enough to put the company on reliable feet. Looking at the state of the industry the industry in this power plants are not really profitable here in germany because the government even though it was one of their biggest pledges when they formed the new government in 2013 has not managed to implement new Energy Policy in germany so far. With that back to you. Good seeing you this morning. Thank you very much. Well talk soon again. A key fed official is saying that theres less risk now than an unexpected setback could derail the u. S. Recovery once the fed starts raising rates. Reuters has been told that the central bank is looking at charting a normal path. To get his message across hes handing out tshirts with an arrow bussing out of a computer. Kind of like its the economy, stupid. What would you put on a tshirt . It depends on if im talking about the World EconomySomething Like kiwi anyone or remember the slowingen, milk anyone or got milk got kiwi . I should work in advertising. I know. I think thats brilliant. I think mine would be super simple like i love bernanke and on the back it would be say bernanke who . A tshirt . I would go with got euro. Got yellen. On the back ive got anyway. What would you put on a tshirt . A slogan to describe the World Economy . If you want to join the conversation on Worldwide Exchange get in touch with us by email, world wide c nns is on screen you. You can find it on twister twitter. The bank of england has defended governor mark harney that why hes socalled nondom hes not averting tax status. The boe says carney has not structured his affairs in order to avoid tax. The u. K. s Opposition Labor Party will unveil their fan test toe manifesto for the upcoming general election. Leader ed millibant will be presenting the strategy. Catherine is in manchester. The labor party looking awfully set to launch their manifesto. What do you think were going to hear . Reporter well i should probably clarify it before i Start Talking about what hes going to say. Just in case you think im already heading to the pub, where im actually am is on the old set of one of the u. K. s best known soap operas corps nation street. The u. K. Politics looks ever more like a big soap opera with people fighting. No ive made these pledges. Today what were look likely to hear hes going to be saying they are going to introduce a budget responsibility law. They are going to be responsible for spending. Continue to cut the deficit. Thats not Traditional Labor Party politics and mr. Milliban is open to quite a lot of attack on this front. He was working at the treasury during the previous labor party administration, had during which the conservative would say the deficit ballooned. Lets not forget, louisa this election is too close to call which is quite worrying for a lot of people on the markets at the moment. If you look at sterling and look at whats happening with the wealthier people in the u. K. Particularly those affected by the mark carney the nondom, and no less than four weeks to go. Ive always wondered carolyn, what kathryn, ive always wondered what coronation street is about and having lived here for some 15 years or so youve never watched it. I cant really follow it. They never move ahead in their story lines. Sts the same things happening all the time. Maybe its like politics. A lot of coronation street does seem to be based on is that kind of tradition of hard working, working class british families and those are the kind of people, i suppose, ed milliabn is trying to appeal to. The labor party is very worried about these northern constituencies up near manchester where i am. Thank you very much for that. I want to do a dramatic over to you. Thats how they do it in the soap operas. Theres lots of silence and looking out windows. Well talk a lot more about politics. Still to come on the show, Hillary Clinton announces that she will run for president using social media. She will now head to iowa in a van she calls scooby. Stephen, what do you make of the u. K. Economy at the moment . And what do you make of the choice that business has in the u. K. To either choose to go with labor or some policies that some say are quite of antibusiness or to go with conservatives where were going to have a referendum which might be uncertain for u. K. Business as well . U. K. Economy is doing fine at the moment. Both of the numbers were residesed numbers, so the economic recovery is intact and clearly in place. Unfortunately, well, fortunately, or unfortunately, business doesnt get a vote so this is down to people. And its extremely mixed and quite clear that not only are the s p 500 is a threat. The joempleing conclusion you reach is that at the moment Neither Party is going to get an overall majority so the launch of the manifesto i get is going to be very important in trying to gauge the overall direction where the campaign is going to take both parties in the on coming weeks. Is there any reason to be positive on u. K. Equities right now . I think in the short term one has to be slightly cautious simply because youve got the elect shouldnt is coming up. I think that the other point to make here is that with energy and materials, they both suffered a lot in the last six months, and youre starting to see value in that and i think the news last week of the gas deal is inl credibly important, what its telling you is that industry is finding those assets cheap even if investors dont yet. I wouldnt give up on it yet. Thank you very much for your time. Still to come here on Worldwide Exchange. Oil and gas stocks they have been hit by the downward trend in gas and oils. Well talk more about that and what these findings entail just after this. Theres no stopping the rally in china investors shrug off a sharp drop in exports amid expectations that beijing will further step in with further stimulus. The weak data however weighing on european equities. Mining stocks in particular feeling most of the pressure due to a number of down grades seen scroos the sector. And the porsche and another auto maker stands at odds over ceo. And Hillary Clinton vows to represent Everyday Americans as she heads to iowa. This is great. We were asking you to email through, to tweet through your slogans what you would put on a tshirt. Well read out some of your slogan ideas later on in the show. Theres some great suggestions. Ill have a tshirt of that please. European markets if you are just joining us good morning everybody. This is what were seeing so far. Were a little bit lower on most of our European Markets at