170 million and has gone into greece. That has gone from being 20 short to just under 2 . It is almost as short on greece as it is for the rest of the indices. I want to see whether they are making any movements at the moment. Keep in ion lufthansa. The insurers make it a 300 million decision. The stock market is going back a little bit. Copenhagen is up and portugal was up on the quarter. The dax was up on the quarter and spain has a deal coming out today and what is happening is we have the auto part maker going after the deal and some individual Industry Groups i think, are flagging and it was consumer goods seeing some of the biggest moves in the quarter. You are looking at the performance of 35 or 36 . These are just some of the names. The deal is driving a little bit of enthusiasm. It was the chemicals. We know that. They are saying the business is the led. It is bucking the european trend. It is 2. 8 billion. This is the copper producer and they have denied they are in talks with the canadian minor. They have one of the biggest copper producers and it would be a renaissance or a rejuvenation within the mining industry. He is in the mood for big deals. It is too expensive for me. Getting together, it would keep 50 of the company and it is down 4 . Thank you. Lets bring it back. This is shaping up to be the best quarter since 2009. Eight of them are european. Lets get the investor take on the equity markets. We are joined by a Global Market strategy. The best quarterly advance since 2009. How far is this . It is the early season that will start. We will have to answer the question. We believe there is upside. If you look it is the economic asus basis and the best level of surprise. There was an average level on the expensive side and we see it the leverage. So it is better than at right. It is beating estimates the most. Do you want to see positives . We believe in the moment and the environment with lower financing costs for companies. In an environment where growth is picking up in europe European Companies generate half of the revenues and it should take a share of momentum. Logically, we should see momentum and yes, we get some support from that. If there is an asset of inflation affect, have we seen it in part . Is there more . Is that a fundamental that is pushing up valuations . On the liquidity side, it has inflated the equity market. We see the companys at the moment. And we see Companies Taking money to buy the old stock and do mergers and acquisitions. This is going to support equity markets going forward. This is thanks to what the ecb is doing at the moment. So many people have called and have had to rethink and everything. We have to be careful. The valuation stitcher is the valuations stretches the bond market. In the shortterm europe goes even lower and we face a scarcity. They are speaking of tightening and shrinking his balance sheet. The support for fixed income markets and they may run to the exit door. There are not enough bonds on the market. We face a scarcity of bonds on the market and it will support. We see it speaking ofup. We look at it at j. P. Morgan. They are trying to shrink the debt level and we have the issuance. It was more than one trillion compared to 3 trillion. We will go further in the next section. The Prime Minister vows no surrender to creditors. He is running out of options. That is coming up next. We await unemployment figures. We will have a reading in the u k and eurozone unemployment. We bring you that data throughout the morning. On the move is back in two minutes. Anna welcome back. In london. This is on the move. The Prime Minister told the parliament that he is trying to stop the bleeding in the country. He sent a list of reforms for european creditors. April could be the cruelest month. Lets get to the development in athens. Trying to find some support. The lawmakers were opposition lawmakers and found plenty to fault. It was a noisy and confrontational session that lasted until athens time. The greek government has to respond and there are reform proposals with people we spoke to. They were unimpressed with the lack of detail and specificity. There was a lack of technical and budgetary rigor applied to some proposals and they have to seek an on rebel compromise. Where does this go . We have been talking about more detail since they were elected. We started in 2009 and we will make it to 2016 for everyone a compromise has to be found. If not, if the situation begins to unravel and the membership is questioned and done in, it would be a drastic failure for europe and i do not think it is anything anybody would want to tolerate. Have they considered other lenders and sources of money . There are mischief makers and, he gave an interview. He will be and russia next week. One of his first acts was to question the russian sanctions in january over the ukraine. Cyprus tried the game and they got trouble and bitterness. Thank you for joining us. We are back with from j. P. Morgan. Lets pick up on greece. Where do you focus your concerns around the greek situation . What are you protecting assets against . We are looking for a european solution. It is risk within the eurozone and he is keen to stay within the euro. It would be dramatic to have a grexit. This would be more manageable then a few years ago. There is no such thing as the periphery. We see improvement elsewhere and we do see reform. Were looking at the growing economy. The Systemic Risk is less important. The future of europe would be very dramatic. We do hope common sense will triumph and we hope he will big knowledge acknowledge the way forward and we are doing the same. It is a reform in all countries. Risk should ignore this is good for greece. The Athens Stock Exchange is down. It is a positive trend in the First Quarter. It is help for the greek market. Is that how things would play out if they were compromised . We have seen that in the past week and it is a greek asset. From my perspective, i feel it is a binary outcome and investing in europe diversification is key. We see the economic momentum strengthening and we like the periphery with fixed income. You mention places where reforms are taking place in recent days. Do you think the Prime Minister still has a mandate to carry out reforms that the government is trying to put through . I think we see a connection. They won the election and the democratic. We had the National Fund front and the clear alternative to the national front. I feel that they are strengthening position in and we do not expect a cabinet reshuffle. We have to ignore knowledge to acknowledge the responsibility that is tax cuts in exchange for job creation and we see a few sectors three spot in sectors responding. We have to give more flexibility and there is a measure about to come. We should provide images. We see it rising again. Anna good to get your thoughts. Thank you for joining us from j. P. Morgan. We talk kingfisher after the results. They plan store closures and worn of the difficult. Anna welcome back. You are watching on the move. I am anna edwards. Kingfisher reported results for the first time. The new ceo took over and she has a lot on her plate. Stagnant sales and a deal that has unraveled. Caroline hyde joins us with more. It was a sizable deal that unraveled. The third biggest rival they had in france. Kingfisher wanted to tie them together. In particular, how would they . They worried this would lead to a number of closures. They felt it would jeopardize the interests. It breeds a side of relief and france was a challenge. Look at the challenge. Taking the helm, ian cheshire. She faces a sluggish Housing Market. She knows the market intimately. The purchases are lower. The sluggish france in the Housing Markets. The likes of barclays are under pressure and you look at the numbers on the weakness in the euro hurting the bottom line being brought back and inserted. That weakness is not changing anytime soon. In terms of currency headwind, and we saw the hit. Interesting, we see the chief executives making sharp decisions and closing the underperforming european stores. The wider reorganization is still to come. We have seen it the ceo and the shares are up. The profits are in line. The capital returns. Anna were taking a short break. We are going out to discuss the issue of tax havens as the campaign gets into full swing. Stay tuned. Around here, were all about fast. Thats why xfinity is perfect for me. With millions of wifi hotspots all over the place including one right here at the shop now we can stream all things fast and furious. Youve done it again, carlos with the fastest inhome wifi and millions of hotspots xfinity is perfect for people who love fast. Dont miss furious 7 in theaters april 3rd. Anna welcome back. We are 30 minutes into the trading day. Lets see how things are shaping up across the equity markets. They are up by a touch. They are down a fraction and european stocks looked to be heading to the best firstquarter gains since 1998. The best firstquarter gains since 1998. If we deliver the performance by the end of the day, it is a 30. It is 8 30. Caroline kingfisher is near the top of the leaderboard and having the best day for a year since 2014. It is up more than 4 . This is a company that is feeling strain in france with the brand slowing the Housing Market and the Home Improvement company is getting money back to investors. They are getting a dividend that was expected and sales are falling because of currency weakness. It was growth in the United Kingdom and there was a little bit of m a in the air. Teck resources we understand they are exploring a merger for one of the largest copper producer. They have said, we are not in negotiations and it seems they have been chatting on the back of that. There is a little on the downside and off by 6 . The reasoning is out of the hands really. They had shares sold life air fax financial. They sold half of their stakes in ireland. The canadian insurer saved the lender from state ownership and share prices have risen. They are selling shares at 37. 3 eurosent. Eurocent. It is upping your supply. Anna thank you very much. The focus is a small set of islands that are the Channel Islands between france and britain that are governed by independent fiscal and Legal Systems that allow favorable tax codes for firms. There is one where 40 of gdp comes from financial services. We are joined by andrew whitaker. Thank you for coming to talk to us. For those of us not following this closely. What you do place into the campaign and you have been in conversation with the current government in london and the labour party has made other pledges as to what they intend to do. Bring us up to speed. Andrew . Andrew he has been cleared the Channel Islands are not tax havens. We are signed up with the treaties and there is not that much to do, to be perfectly honest. Anna labor says they will label you as a tax haven. What are they asking for . Andrew the conversation has been on the labour party and we have signed the agreements with the conversation that is ongoing. Swe are applying and the conversation is confused. They are. What about the owners on companies focused on making sure it is publicly available and businesses are domiciled in the channel island. Is that something they will have to go along with . Andrew they are compliant with the regulations and the most regulated jurisdiction. It is a good place to do business. It is investment into real assets and it is unnecessary for people to come and do business. Law and tax regimes are set up to do business. People use us because of the facilities available and the skills available. It is important for the economy. The companies and jobs through funds are important for the economy and add value. You send a come to you for those reasons. They probably also come for the 0 vat and other areas. Fundamentally, it comes down to whether it is ok to be competitive on tax as a philosophical idea and you have come to your conclusions on that sometime ago. Andrew well, to generate business, you have to do do it. If a company decided to not use the Channel Islands, they would use others. They are well regulated and aid the city of london. It makes perfect sense to keep this controlled and well regulated. Keep investment coming in to the eu and the u. K. A lot of investment is from around the world and these are not Companies Investing in the u. K. They are Global Investors and you have to have a structure and a facility to allow investors to come in collectively and the Channel Islands are well regulated. They use the pound sterling and it is an attractive proposition. It attracts High Net Worth jobs for the city of london. Anna the business as a whole is jobs in the city of london. The companies are investing in assets and many of the companies are private equity owners and have a private equity backing. It is a way of financing the business. If you are looking for expansion and looking to create growth you book a private equity to help you. It is a source of financing. You go our own money in the same way. It is a core business and it allows you to expand your business. That is key. Without it, the city would not have a stable and legal control platform to allow investments into the u. K. It can be from driving to hide in networks. From high networks. It gives figures with backup to the government showing the value of the islands. Anna let me ask you about what you said earlier. You have the request made by the Government Regarding transparency and ownership. What about other territories . Is there confusion about the topic on this . Are some being less compliant with requests than others . Andrew the Channel Islands are a different legal perspective for overseas territories and that is a closeknit relationship and we have a very different legal relationship. We are signatories to the convention and it is different to other territories that i cannot comment on. Thank you. We will pick up on the theme later in the politics show at 11 00 here in london. We had to break and a picture of the markets. European stocks are heading to a best First Quarters gain since 1998. The best quarterly advanced since 2009. This is the picture across the market. We head into the trading session. On the move is back in two minutes. Anna welcome back. This is on the move. Turning to the opposition. The minister pleaded with that. We want a new agreement there will be a restructuring of the debt. No country can safely come out to the markets and this is a sour truth. He went on to reject Unconditional Surrender and called for the honorable compromise. The next guest things honorable compromise is possible. His compromise still possible. Nothing is impossible. That was the remarks with debt restructuring. I think it was a restructuring of the debt. It is somewhat further. There is a quick quote pro quid pro quo. They are willing to give something. What are they getting in return . No member forced out. It is conflicting principles and not looking like a club they should leave. I do not have the answer for that. Were losing to what merkel is saying. We expect a sixpack and it ruins the line the europeans are taking. Keeping greece in the euro as time goes by. There is no provision for a referendum and it is elections that and determine that determine it. There is not going to be a new one and merkel said she is going to reject the public pressure for the time being. Clearly an investor focus. The economic factor up has not started since the end of last year. It has been on the rise. What about the underlying economic picture for europe . You pointed out Economic Growth has been there for a while. There are a few things that profoundly changed. A number of tailwinds support the european economy and there is a real level. The countries have a backdrop. We get down to 1. 05 and, is that off of the cards . You apply a few measures and it is too weak already. That does not mean we do not see it for a while. It is difficult to say why we should be pushing lower. It is a greek calamity. The levels are lower and we see things heading out. Anna in normal language, and that mean you are investing in equity markets . Where is the bullishness in the eurozone . We have to differentiate. I cannot become too bullish on the basis points. We are constructive and have a spread to attach to it. There is compression to come in corporate markets. We see a lot of issuance and demand for yield pickup that will perform. A differentiation in the bond market needs to be made. Will the economy be strong with the tailwind . We see the First Quarter of this year and it seems to be continuing. Anna can you see the yield at less than 0 . What we have seen is the second part of last year and there was a drop in inflation. That changed the bond yields and you see it going further down. The Inflation Expectations started dropping and it was a bad scenario. Thank you very much. Coming up on the program, no deal yet. We will give you the details after the break. Anna welcome back. It is the final day of talks and the minister is returning to switzerland to take part in the negotiations. He said he would only come back if there is a deal. What is the latest . It is the return and this is some thinking he would come back. It can be seen optimistically. In terms of this issue the main Sticking Point is the issue of sanctions. They want sanctions scrapped immediately. The world powers seem to be inclined. It relates to the amount of research and development. It is the negotiations taking place and the deadline is going to go down to the wire. Another consequence. If they do the deal there is the prospect of lower oil prices. A happy crisis consequence. It has exported that world and they are restricted on who they consult. We could well see oil prices come down a little bit when iran plays its part again in the market. It is the holder of the secondbiggest gas reserves in the world. It gets infrastructure up to speed and ship makers have been hoarding iran has been a hoarding barrels. It is a shortterm impact that represents half of the Global Production of oil. Thank you very much. We head to the program and this just came through. The Unemployment Rate for the month of march and we have seen a bigger drop than expected. We will leave it there. We leave you with the team that put together the polls. We will see you later. Francine not satisfied creditors as greeces cash dwindle. Tricky issues to be resolved how secretary of state john kerry describes the hurdles to reach a nuclear deal with iran. Luxury merger. The aunt holly and destiny of italian the italian rival. Francine welcome to the pulse. I am francine lacqua