Hurrah . Or do you say, it is the slowest quarterly growth since 2009 . Greater minds than mine will have an opinion on that. Should china do more question mark should china do more . Sales will come out later on in the day. Hat will drive the market we have the huge breaking story. In accident in russia, his private jet having a collision during take off. We will cover that story in its totality to the show. Who will take over . Continuity, that man had about whether of the oil and gas bellwether of the oil and gas industries. The character that he is. Look. Have a revenue in line, dividend beat, they will invest half a billion pounds in organic growth. The markets are lower. The numbers on your gamache investment causing a little bit the numbers are lower on the organic investment a little bit. Like for like sales missed revenue. Pharmacy diverge their business by the end of the year. They are guiding at the lower end of the original guidance they gave to the markets. They said they would grow 45 and they are leaning toward the lower end, 3 . It is expensive, paint. These boys are doing well. A really good set of numbers. Mark barton had a conversation with the ceo. Thisupee is gaining morning, the dollar is down. Keep an eye on that. I might leave it there. Government bonds have been stocks by the most in two years this month. Stocks down 4 . I am much more interested in you having to act noble. Dont get him started on the kitchen, whatever you do. A very busy morning for us this morning. A small amount, 345 billion euros in assets. Great to have you here. Morning,umber this 7. 3 , chinese gdp. We want more moderate growth out of china. That is what the authorities want and that is what they are attempting to engineer. They are pulling back on the fiscal side and attempting to improve the quality of the growth. Isthe same time, the cbo see it is a very difficult task they have to do, but we all want the same thing. There seems to be this great balancing act. We have had this explosion in debt since 2008. To they have the willingness to pull back . Do they have the stomach to go forward with those kinds of reforms . They do want to moderate pace of acceleration. We will concede we will continue to see the slightly confusing picture. It is not a big difference. Overallimportant is the trajectory. Time and it is a very difficult position. I think we can see at the local , which is where the real focus of concern has been, we have seen increased control of the budget. That will hold back on their ability to borrow and invest. Over time, that will prove more stable. They have to sort out the existing debt levels. For someone that overseas all of these assets, do i pull back on the luxury good makers exposed to the chinese theme right now . Seen the worste of it as far as the luxury goods are concerned. The corruption crackdown, we have seen the highest profile officials being removed. It will not come back in a hurry. This has been a very significant campaign. Whole travel, casinos will take some time. We will talk more to Lucy Mcdonald after the break about her investments. Remember the ceo who was killed in a tragic plane as plane accident in moscow. 63yearold spent 40 years at europes secondbiggest oil company. He oversaw the biggest expansion of oil reserves in total in 15 years. Vladimir putin has says he is shocked by the death. It is a huge loss for the Business World. Welcome back. I am Jonathan Ferro from the city of london. Lets talk about apple. Investors gave apple shares a boost an extended trading last night. They smashed through analyst estimates for the fourth quarter. It all thanks to it is all thanks to iphone. A 60 gain from a year ago. Ryan chilcote joins us now with more. Some big numbers. It was a solid beat. Earnings for the last quarter were 8. 5 billion. It is also a beat in terms of the estimate, the expectation was for earnings per share two comen two common to in at 1. 30. Part of that is the iphone 6 and part of that is the six plus. They were on sale for eight days before the last quarter ended. Some really strong numbers from the iphone 6. That helps apples margin as well. 38 grossrting a margin. That is a little bit better down the street. , macer place they did well sales. Who says that personal computers no longer have a place in peoples homes . Those sales up 21 . Intel reporting that pc sales were up by about 20 . A bit of a surprising trend. One disappointing part of the earnings was the ipad sales. Analysts were expecting for them to soul sell 13 million of them, but they sold 12 million. It is just a speed bump because they have their new ipads coming out very soon. Part of the christmas season. The number one item in terms of tech in america, the number one item people want, tablets. Cook is hoping they will want the ipad as opposed to the other tablets. Does the new bigger iphone cannibalize some of those ipad sales . We have to talk about one company that designs the chips in these products. The question mark over royalties growth. Upbeat in terms of earnings a beat in terms of earnings per share, adjusted earnings, that is welcome news. This is a company that provides the design for chips that go into smartphones. Designs and 95 of the smartphones out there in the world and we saw a slowing of smartphone sales in the developed world in the first half of the year. That directly affected the sales of their designs or royalties they get from the chipmakers to put their chips into the phones themselves. The biggest news from the company was that he expects revenue to pick up. One of the reasons for that, we see 4g coming online. The Biggest Telecom operator in china has 750 million subscribers. They just got 4g. A lot of people that have phones are expected to upgrade their phones so they work faster and do better with 4g. Morningk is up this after yesterday falling almost 3 on concerns about what these earnings might hold. Lets get some perspective from an investor. Lucy, lets talk about apple. Beat after beat after beat after beat. So much optimism around this company. Why isnt it being priced in . It is still in the recovery phase. The question at that stage was, can they keep producing and still does it have the sales mojo to do that question mark will be able to maintain its margins . Produce thethey can goods. They have also managed to hold the margins. As far as the big concerns, sales have been pushed to one side for the moment. Very strong momentum over the next six months. Beyond that, those questions will arise again. You do have to be more creative than average when youre looking at a consumer hardware company. How much should you value the shortterm relative to the mediumterm . It does not look dangerous compared to some other things. If i am buying at just over 100 a share, am i dying and my buying into the prospect of more buybacks . You have the support from the buybacks and from the shortterm momentum in earnings. If you look at what carl icahn is saying, he saying it could be three times higher. It all comes down to what you expect the future to be. Momentontained at the and supported by the existing strength of the business. Beyond that, you do need to be more creative. I have not spoken to you in a couple of weeks. We have seen valuations come down to a more attractive level. Moreisk inequities is much in equities now much more attractive. We are far from being risk on because there is still a lot of uncertainty. We are still seeing what the oil prices are doing. We havent got that big boost from liquidity. At the beginning of the year, not expecting a banner year for equities. We have seen some correction. It makes sense to be a bit more positive. Where are you putting the money to work right now . Some of the oil stocks. Some of the industrials. They have also seen some fullback. Selective. G very are you concerned about where oil is right now . Good 18 be the bottom line could 18 be the bottom line . Nobody really thought this is going to happen. If you take where we are at this stocksnd some of these which offer production i had ahead, youre looking at a lot cheaper valuations. Diplomatic, cautious, lisa mcdonald, thank you very much. Lucy mcdonald, to a very much. Thank you very much. Arm Beat Estimates for the Third Quarter and shares are high this morning. Stay with us. Ftse down by about 15 points. Welcome back. Were live from the city of london. Declined for has the first time in three years, falling 14 percent. They spent more on logistics after a fire in a warehouse disrupted operations. There must about two thirds of their value. Fullyear growth at the lower end of their ranks. It lags behind asia and lags in america. The company confirmed in july that it is spinning off its pharmaceutical unit by the end of the year. And shire are terminating their deal. Abbvie says it will pay them a breakup fee of a cold 1. 6 billion. The Company Announced a 5 billion Share Buyback and 17 increase for their quarterly dividends. One of our top stories this morning, the tragic death of christophe de margerie. He died along with three crew members when the companys private lane and struck a snow plow on the runway in moscow. The driver of the snow mobile was drunk. Figure. Uite a this one is a big loss for the Business World . It is. He was very charismatic, jerry respective of the old industry very respective of the old industry. Ceos andhiskey with being friendly and chatting about geopolitics. The last time i saw him was a couple of weeks ago in paris. He was joking but i did not interview them this time because he was talking about the future of electric cars. Quite an interesting subject. We are getting a lot of reaction this morning from politicians and from the oil sector. It was aaying largerthanlife character. France has lost a great leader who gave life to french industry, a representative of french industry involved. This tragic accident happened in moscow. Christophe de margerie was a frequent visitor to russia. He certainly was not a stranger there. He traveled a lot to russia despite the ukraine conflict, according to several media reports, he was in russia anight he could see was russian government meeting on foreign investment. Take, russias largest independent gas producer. Christophe de margerie was saying that despite the sunshine, the group would continue walking on the massive project to tap natural gas reserves. You very much. The total board will meet today without delay. Who will succeed christophe de margerie . Higher london, we are after opening a little bit lower. The dax in frankfurt, 26 points. Welcome back to on the move. Im Jonathan Ferro at Bloomberg Europe headquarters. This is what the equity market looks like now. Ftse 100 opened a little bit lower. We are now just a little bit higher. The dax 16 points higher by 0. 2 . Spreads on the periphery starting to come back out. A little bit of a reversal. Something to keep on eye on. Three stocks to watch. A bit of a headache, perhaps. Own 2. 35 . Lysol clearance. Cleaners. Slower markets in brazil and india. That seems to be where analysts are concerned about the business. They said back in the summer they would be selling off their Pharmaceuticals Unit and will do that by the end of the year. Asos up 13 . They suffered a fire in one of their storage facilities. The stock moved very nicely despite the fact that it was the first annual drop in profits in three years. It is still above estimates. William hill up by 1. 8 . You can do all sorts of things on your phone. The stock up 1. 8 . Mobile gaming revenues increased more than 100 in the most recent period. They expect their fullyear operating profit to be towards the top end of the guidance range. Some of the sporting results went their way. They had a strong toned the world cup. Jon, back to you. Thank you. Here are the top headlines at bloomberg. Chinese g. D. P. Data beat analyst estimates this morning coming in at 7. 3 yearonyear. It is the slowest level of growth in china for five years on the quarter. Chinese Industrial Production grew 8 in september. Also ahead of estimates. The cost for a probe into benchmark rigging could reach 41 million. Deutsche bank is said to be the most impacted with a fine of 6. 5 billion. Barclays and u. B. S. Face potential fines of 4 billion as authorities across the globe crack down on allegations. Mark carney, governor of bank of england it is a central bag had to shut down the system that handles 575 billion pounds of daily payments. The mechanism was suspended at 6 00 a. M. Yesterday and remained offline for hours. They will investigate the cause of this disruption. Now of course we covered apples big beat after the close of trading yesterday. Whose ll talk about the designs power apples products, that is is arm. Their Third Quarter earnings beat. Joining us for more on his companys results, simon. Great to have you here. The shares up. A nice picture for you. Im going to try to turn things around. What have we got this morning . 9 royalties growth. The c. F. O. Talking about getting back to 15 . When are we going to get there . We anticipated the second half being strong thearn first half. Royalties are 11 yearonyear. Getting back to the levels we expected right at the stoofert year. Based on what is going on in the industry and what licensees are saying and in their results, we are confident that is coming through. If people do not buy our products, that impacts our royalties. That appears to be coming back to normal rights now. The results overnight for example they talked about inventory levels being normal which is an encouraging sign. Has the rollout of 4 g not been as quick as you anticipated . It was going to take some time. There is a lot of infrastructure to put in place. You need devices and consumers to upgrade to the new devices. When we talked about licensing, we talked about licensing growth. That is pretty strong. Are you happy with whats happening on the licensing side of things . Yeah. We signed 423 licenses in the quarter. That is a lot. When you look at the types of licenses that were signed, there were seven for our latest eneration. There were many licenses for our devices and there will new commerce. Im pleased with the results we have had. Lets look at china. China mobile taking on the iphone 6. How important is that now . What is really important now is generally there is a choice of product out there in the market. Different people want different types of devices and it is great that we have very High Performance device and new innovation at the high end but also at the low end. We saw the launch of a 35 smart phone. That is allowing people to get access to this technology who could afford it. Lets talk about the high end. Iphone 6 megaweak in the last quarter. Massive numbers from apple in the last 24 hours. Is that going to continue to support the business for arm . Our technology is used in a wide range of markets. It is great to see the iphone 6 be so successful. That is fantastic but we look at progress across the whole business. Were seeing new innovations of the high end mobile. We saw Hewlett Packard launch a line of service. Were seeing innovation going on in small microcontrol device. There is excitement on multiple fronts. Lets talk about the internet. It seems like blue sky thinking. Is this starting to move across actually pretty much very, very close to the point where this is going to be a substantial it is as a technology, it is not going to be something that is going to be so obvious to consumers as their favorite smart phone. A lot of these an gations are going to be in infrastructure. You wont see and frankly you shouldnt have to see. It is starting to happen. Were seeing it in many more devices. A billion of the three billion chips that our customers sold in the last quarter were in microcontrolled device. It simplifies creating a connection between server and the the so were seeing innovation on multiple fronts. Ny of our partners bring products to the market. Someone that is in the know, would respond to one word, privacy. Is that still a big concern for you . Are we making any headway on that subject . I think there is a lot that we can do and need to do. Prive sigh for us is about controlling who has access to your data. It is important that we get that right. We have done some work on proposing. Were trying to propose a framework for how that should work. Were talking to governments about that because it is an important issue. 9 growth. They have talked about getting back to 15 . Do we see the 15 number in the back on the other hand this year . Well have to see. It is based on shipments from our commerce. We have absolutely no control over that. What is important is we keep ino vating on our products. Thank you very much. Simon segars. Thank you very much for joining us. Stocks open lower and we had a bit of a turnaround in the last few minutes. The dax up almost 30 . 1 3 of 1 . Arm holdings, we are 2 higher. Move smufe back in a moment. Stay with us. Welcome back to on the move. Im Jonathan Ferro in london. Here are our top company stories today. Margerie, the total c. E. O. Died in a plane crash in moscow. He was on his way back to paris. S. Toyota owners are being advised to keep passengers out of the front seat until the air bags are repaired. They attempted to reach at least 4. 7 million motorists with potentially faulty air bags. Apple beat stims coming in at over estimates coming in at over 42 billion. Sales to have ipad disappointed, though, falling 10 . They are boosted by the bigger screen iphone. Lets stay with tech now and get more insight from james white. Im happy to have him here. He is a principle at borledeton capital. James, great to have you here. Im looking at the iphone. These are ridiculous numbers. When you look at iphone inc. , forget about the rest of apple. Any problems on the horizon here or is it smooth sailing for the next 12 months . It is an i incredible achievement when you can ship roducts like that. There are questions around the phone 6 against iphone 6 plus. I think the real questions will be around the other parts of the ecosystem. What will happen with the i path pad, the apple watch and the i. O. S. System as a whole. Lets talk about the ipad. The estimate was 13 million. Down 13 from a year ago. You put the question to tim ook, he slaps it away. Did that last quarter as well. Is this a worry for apple . These numbers dont include the new range of ipads. They may think they have an ace in the whole with christmas coming up. To be honest with you, the release of the iphone 6 means phablet, phone tablet combination. To be honest with you, i think it is a little early to know which direction the market is going to go. Apple pay. So much talk and excitement about apple pay. This isnt going to be a blockbuster profit stream for them, is it . It is about another thing this wont be is the bank killer. This is not a bank killer. This is just the with the credit card. I might be sitting here thinking great. Another vessel for my credit card. Is that the story . Were investing a lot in the payment space. To really make a significant revenue, you need to be a huge scale. In a few years this is not going to hit the bottom line. It is also not going to be a direct competitor really. What they really are doing here with apple pay is going to be another reason for me it is a consumer to use the phone and keep the phone at the central experience. There was a great blog post yesterday about the ability to use apple pay. Companies will be building more stuff at the iphone platform which keeps the phone front and center. Where are you putting your money . Were incredibly excited about what is going on in europe at the moment. We have been looking at the banks. We have seen an unbundling of these services. Currency transfers. Personal wealth asset management. Loans and equity raising. Were seeing companies tackle that out of europe in every space. In the currency markets, personal wealth management, going cardless, payments. These are all things taking on the big banks and winning. Here is my question. Apple are doing the payments business. Why arent vodafone and why isnt at t getting into this business . They are good to go. Roll it out. Why wont that happen . The payments industry requires so many different players onboard. It is on the back end. Discussions between banks and the rails, transfering money between banks and obviously government. As a result, you need someone who can control and that entire ecosystem. Ou need to be a company to scale for an toll do that. They dont have the scale or the full floomple do that. Final question. You helping manage 2. 3 billion in committed capital. Most of us at home dont have that kind of money. Should i be putting it in the guys developing the Privacy Technology . Everyone can take a portfolio view. We dont want to overweight anyone. We look for companies that allow you to take smaller bits. You can invest 50 pounds in any kind company. Even you may be able to have investments in those places. 50 quid is all i have got. Thank you very much. That is almost it for on the move but the pulse is coming up at the top of the hour. Guy johnson joins me now. Were talking about china. Numbers we have seen since 2009. Also the day the land rover is going to launch its first plant in the country. Were going to go to china and talk to the exeand get a sense of why they need to be there, what it brings to the company. The fact that they are investing in china, where next for the business . Well talk about all of that but in the context to have Bigger Picture of whats happening in china. Ebola remains front and center for whole Global Community and obviously the investment base. Were going the talk to the boss of eurostar. Were going to talk about ebola and local carriers and the capacity they are putting on. Well talk about the comments from john lewis. Were going to talk about the fact that the British Government is selling a stake in the business. Is he cool with that . What is his take . What does it mean for his business Going Forward knew the British Government is not interested in holding a stake in the company. Were going to talk about connected cities back to what you have been talking about. Payment systems. Connective cities. Is that a Business Opportunity or is it a massive Security Threat and something we need to worry about down the road. A packed couple of hours coming up. First were going to take you to china. Really looking forward to that conversation. Looking forward to that as well, as we head to a break on move, one stock on the move is asos. Look at that move on asos stock. Declining for first time in three years. What is the story . Well be back to tell you. Welcome back to on the move. Im Jonathan Ferro live from the city of london. Asos shares have been hard in 2014. Before today the stock lost 2 3 of its value. Todays number revealed the loss that we were expecting. Charles allen joins us now with more. Lets talk about this stock first. This is a stock for the brave. Down 60something percent for year. Is the bottom line just the news wasnt that bad this morning . Could have been worse . There was nothing unexpected. All of the things we knew were confirmed. So loss in china just under 9 million. Profits expected to be flat yearonyear. All of these things were known. There were a couple of things put in place about future sales growth. The chief operating officer. Also the sort of sales numbers. One final thing. We had a couple retailers warn about the september sales slowdown. Asos didnt do that, which by implication maybe that they were ok. Can we talk about the weather . Well, it has affected people. It has been above average warm in western europe through most of september and october. We knew that it was warmer. If you dont warn about it, by implication, your sales have been ok. Are they more resilient to changes in the weather or for that matter no change in the weather as we get a longer summer or milder winter . Why are asos more resilient . Not necessarily. Mail order retailers have suffered. Maybe it is the fact that they have a more youthful, more fashionforward people who are just aiming to buy fashion no matter what. Just quick lism distribution costs are are asos going to be able to control them . Well, this is one of the big questions. Marketing and distribution. Youre looking for new customers. It is scaleable. Maybe not as scaleable as one may have hoped. You just have to keep building new warehouses and they do cost money to run. China vem, very quick loin china. Broadly speaking, they have moved on to which may be actually a good move to sort of in keeping the recruitment costs under control. Thank you very much, charles allen. A stock for the brave. Asos up 15 this morning. Down 63 on the year. As we head to break, a picture of the markets this morning. Lower on the ftse 100. Now we are higher, 55 minutes into trade. Up by. 3 . 0. 6 higher. German yields stayed lower this morning. Italian yields up a couple of basis points. A little bit of diverge fans in e bond divergeance in the bond market. If you want to talk markets, follow me on twitter. Engage with me. Im at ferro tv. The pulse is coming up in two minutes. Equities higher here in london. Driving hard in china. Were going to talk to land rover about its First Factory in the country as beijing delivers its weakest Economic Data since 2009. The apple c. E. O. Tim cook is expecting record holiday sales avenue they sold more than 39 million iphones this quarter. Tragedy for total. The c. E. O. Died in a plane crash in moscow