Donald trump and Hillary Clinton when their new york primaries allowing them to reassert control over their fight for the president ial countdown. Hans, this is your neck of the woods. You know so much about the u. S. You are looking at the bond move in japan. Negative yields across the early maturity. The 40 year now hans the negative yields story across asia is a big story people look at japan here to take a look at some of these numbers. We have 5 billion 5. 171 in terms of negative rates. A remarkable amount of offerings out there. This is the story of how much further negative you can go. This is what we will be watching as we listen for mario draghi. Aroline a phenomenal move ecb moving up for tomorrow here today, a lackluster day if youre looking at trading. The futures, signaling a down day for most of europe. We go down. 5 . The euro stoxx 50, we could see a. 4 . This after phenomenal sales in china. We are down 3. 5 of the shanghai composite. It seems to be the pboc hinting that maybe it is time to . Orbit corporateme to tackle debt. It could be a down day in the united states. Day. Could be a down we are seeing oil fall off. They could have something to do with the situation in kuwait. Down below wti down below 40. We see a stronger again this morning. In terms of silver, look at where that is. It is basically flat now. I am going to send it back to you. You are going to give me some news. Caroline i certainly am. Donald trump is reasserting his status as republican front runner after a big win. He built his Business Empire there and urging businesses to vote saying his main opponent ted cruz does not like new york. Hillary clinton scored an equally big win. She was expected to do well in new york having been elected twice as senator. The city of london should expect its preeminent role in the if brazil leaves the european union. Thats if britain leads the european union. If britain leaves the european union. Leaving the eu would diminish that. The justice secretary says if the british vote to leave the eu, the reaction from people would cause it to change beyond recognition. Something potentially even more exciting. He democratic liberation if we were to leave, we will have in the words of a former british Prime Minister saved our country bow our exertion by our exertion. Caroline global news, 24 hours a day, powered by 2400 journalists in more than 150 news bureaus around the world. You can find more stories at top. Lets take it to asia where we are having so much reaction in chinese stocks. Down 4 . The biggest fall in seven weeks. We are coming off the initial lows, down 3 on the shanghai composite. Yvonne man standing by. Take us through this market action. It seems to be a rather late night. The discussion of the jesse, the economists discussion of the pboc, the economists. Yvonne we had this we strain on policy. We had this restraint on policy. We are seeing the stoxx taking a tanking here. The worst drop we have seen in months. That the january plunge we saw could be coming back into play. There is nothing that is triggered it. This is what it looks like throughout the session. We started things off pretty strong. As we headed into lunch break, falling into a cliff. We are now below that key level of 3000. Down close to 3 . We see the sector wise what is driving down the benchmark. All sectors in the red. It is technology as well as health care down. Much what could trigger this. This is after we saw Goldman Sachs also raise their forecasts for 2016 in china. Goldman sachs at 6. 6 . We saw that 6. 7 figure last week. Hong kong we have seen Holding Around those losses at 1 . Rsi als, the 14 day the 15 rally from that february rose to a softer pretty soon. Japan, the only exception. They are seeing gains. Kuroda saying there is no limit to qe. He thinks slow rates can continue on. Mitsubishi. On we are waiting for that briefing after these improper fuel economy tests. We are getting more details from zip from the Japan Ministry saying it involves the many cars cars. Mini the tests were related to data on higher. That briefing coming up in a couple of hours. Shares plunging 15 . The biggest drop in 12 years. Aroline 12 years, Caroline Caroline keeping an eye on all of those miners. Yvonne, great stuff. Joining us to dig into the news, guest in london is pau pau morillaginer we have a tugofwar starting in china where good news is bad news. Starting to see some sort of sign of light in the economy. Now we are worried about them pulling away stimulus. Pau the stainless seems to be working. Last year and in february concerns about the chinese having to devalue the yuan would be the worst news for everybody. The issue is the growth relative pick up has to take place very much supply driven stimulus. The credit before cycle has been postponed. The cycle is still coming. The issue that has been related the market ultimately it is not going to be the solution. Hans if we are in the situation and where we were a year ago, does that mean we have weathered the storm in china . We can start seeing german exports starting to pick up . Pau i think so. Inevitably there will be an impact. It might take three to six months for this to transmit into the trade cycle. That is a good news. Good news for those Companies Across the world that have the ability to export in china. Ou saw the data pickup trade data picking up. That will be good news for those have exports to china. The word of caution is the cycle which is the main issue for chinese Domestic Companies has something that will have to be dealt with. The shortterm concerns have gone away. Caroline we are seeing a down day being signaled. Very intertwined with what is happening in the oil market good how long before we can see a disentangling between the equity. Arket market how long before we can start to see a disentangling between the equity market . Pau the potential for devaluation. It is a part of the same issue. It is a structural issue. You will see some attempts with some policymakers to break it. You are not going to be up to escape. Caroline you are in the goldman cap . Well see a weaker dollar Going Forward . Pau i am not sure which cant i would be. I struggle to think that this Time Next Year we are going to see a weaker dollar at this current level. We will see a year differential layout. Differential play out. The dollar should be stronger this Time Next Year. Caroline i am looking for to digging into the earnings season with you. With us. Ying join us on Bloomberg Television exclusively later this morning, mervyn king. We will speak to him about the future of the u. K. Economy. Hat is that 9 00 amtek time up next that is 9 00 u. K. Time. Businesstlook for the and the International Risk factors. That is next. Hans good morning. This is hans nichols p s. A. P. Showed its firstquarter sales rose less than analysts expected. T had quote high visibility joining us now is luca mooch its luca moog. He joins us for an exclusive interview. Thank you for joining us. Give us a sense on why you are so confident about the visibility moving forward to the rest of the year. Luka thanks for having me. Y simpleer is relativel here at we exited 2015 on a very high note. Simple. We exited 2015 on a very high note. That growth has continued in the cloud is this. We grew our q1 business there. We have every expectation it will continue on the back of our strong in terms of our premise license business, it had a slower start. More or less only in the u. S. As well as latin america, europe and asiapacific were strong. In the americas, we see the number of deals that slipped at beennd of q1 have either side or on a close pass to be side early in q2. Our solution portfolio is richer than ever. Our business suite is enjoying very high interest from customers. We had more than 500 additional customers in q1 a long with many more to come for the rest of the year. We are confident even though we ,ee that is a part of the world the brazil situation, there will be continued volatility. Enterprise global has been strong across emerging markets which gives us confidence in achieving our outlook. Hans is brazil the biggest challenge in latin america . When we talk about volatility, it could be a downward trend in the economy there. Luka brazil is a special story. I would not put all of latin america in the same basket. You know what is going on with the pending impeachment against president bruce of president brucerousseff. This country is in a difficult place. We have seen that we have had ups and downs in our portfolios. Overall there was a negative investment sentiment. I would not say that for the rest of latin america. We had good performance in countries like chile. Brazil is supposed to be the Big Powerhouse of this region. When you look at other emerging markets, we had a very decent performance. China grew in double digits. Russia came back to double digit growth again. Overall i would say i am not too worried about the Global Economic situation. Brazil being an exception. Caroline i want to give your debts on to get your perspective. Alibaba clout alibaba cloud. What are you seeing in terms of the economy in china . Is india picking up . Quarters, both in q4 2015 as well as q1, we have been able to pose very nice growth in china. China is very interesting in the sense that the propensity to migrate solutions into a cloud is growing at a very fast pace. Chinese customers wanted to have it their way, so they rely on data that are built in country. We are partnering with a joint venture with the subsidiary of china telecom. We operate our success factor on Human Capital management. We are adding a partnership with. Libaba to expand our footprint this is an interesting market for us, not only at the very but acrossprises hundreds of thousands of fastgrowing midsized enterprises. Cloudill benefit from solutions that are delivered in country and with partners that have necessary expertise to operate data centers and partner with us here at partner with us. A very robust cloud operation. China has become one of our top markets in a very shortterm period of time. Were only beginning to scratch the surface. Signs in china should be getting pacedifficult in the fast and the fastpaced growth should slowdown. Look for opportunities to increase efficiency and s. A. P. Is delivering the solutions to help. That is why i believe will above the momentum in china. Caroline will he start to make acquisitions will you start to make acquisitions in china . Luka we have taken a clear. Tance towards acquisitions the acquisition which was our largest acquisition. We have an extremely rich portfolio and do not see the need for any largescale acquisitions in the first year of future in the foreseeable future. We always tried to fill nieces niches. Fill that was never a story of using m a for geographical expansion. I would rule out geographical expansion play in terms of our solution capabilities. We have the broadest solution portfolio that you can find. There are still smaller spaces that we might think about ling through some nice niche. I do not see any largescale m a on the horizon. We have nicely progress on the part already. Already down to a 3. 2 billion euros in liquidity. We are very successful in paying back our debt and getting back to our shareholders in terms of increased dividends. That will continue to be a priority for us. Many thanks for joining us. I heard a pretty clear indication that you may be snacking at the m a line. We will keep that in line in mind. Minutes away from the open of european markets. Up next, we will continue to conversation with pau morillaginer. That is going to continue. Caroline it is 7 53 in london. A beautiful morning out there for the city of london. Not so beautiful on the ftse 100. The arm holdings traded could rise 1 to 2 after its First Quarter sales beat analyst estimates. Now a guest in london. Pau morillaginer. Give us a sense of earnings so far. Weve only had 70 companies in the u. S. Unbalanced, we are seeing them beat overall. Is this because expeditions have been so low . Pau it is all about managing expectations. The party sucks and it turned out to be better than expected, you can be very happy. This is what is happening. Scrambling to reduce expectations. 10 lower levels this time. Probably you will beat expectations. The best picture still remains challenging. You are seeing a tugofwar, lower Profit Margins which could affect a earnings. It is all about Pricing Power. This is the time to look at what present power to companies have in this type of environment. The companies that have the and keep thosein Profit Margins relatively stable. As we get more visibility on whether the consumer is able to withstand higher rates, you might venture into other areas with more excitement. Over the next couple of quarters it is about bringing it back to home. And having more visibility even at the expense of growth rates. Caroline great to have you. Pau morillaginer with us for the next 10 minutes. Coming up, the market open. Coming up next. Caroline good morning and welcome to on the move. I am Caroline Hyde. Berlin. Hols is in where moments away from the start of european trading. A down day and it all seems to be back. Auto going lower. China going lower. Hans chineses stocks tumble. Economic outlook. Be estimates. The company says Macro Economic uncertainty remains. We will be speaking to the ceo and 10 minutes time. Ending the losing streak. And allowing the front runners to reassert control over their fight for the president ial nominating nomination. Lets take a look at what is happening we see it looks like everyone is negative except for the dax. It is pointing up less than 1 . That is what we are watching. Lets head over to nejra cehic. So much happening in the markets today as you were saying. Declines in china. We saw gains in japan. What is been happening in the 40 yearnd market bond yield has fallen to a record low. All of the countrys bonds yielding below 4 at the moment. A lot to talk about. Lets take a look at the open. Were getting signals in the future market that we could see a lower open. Stocks are followingor the first time this week. 2 . 100 down cac 40 up by. 4 . This could be we are seeing commodities cut off the highs we saw yesterday. The bloomberg had its biggest down after wti kuwaiti workers ended their strike. The strike that has been supporting over the last couple of days. We want to highlight the best performing metal on the bloomberg commodity index. It is up by. 2 right now. It is unable market, up more than 20 from a recent low. There are some signs that the bullet run the bull run has for silver. They are in fact the most bullish ever. Caroline. Caroline lets begin lets big in. Outperforminge telecommute occasions on the downside. It is energy, often by. 5 . Oil trading lower as the kuwaiti strike is coming to an end. If youre digging into enter individual movers, keep an eye on heineken. Volume is beating forecasts. Booze to be of buying into today. Pau morillaginer, it is a down day on the stoxx at the moment. Give us a sense of what is the geopolitical risk are just risks are. Risks are. Political uncertainty, from the u. K. And europe. The extreme right might be the winner of the first round. There is going to be a lot of ingredients for volatility combined with the worst quarter in net earnings for the u. S. And the Global Financial crisis. You have japan doing its thing with lowering rates even further on. It is going to be an interesting quarter. The big picture is we are an unprecedented times. Mobile gdp governed by Central Banks. That is unprecedented. The message is, theres a reason why negative rates are here. The credit transmission mechanism is not working. Theres going to be something that the Central Banks will do. But in the very short term, until that happens, investors should realize that in times of stress like the one we have today, these particular industries should have the onto a consumer and have the Pricing Power to deliver net earnings even if the growth rates are not very stimulating. The issue is that you might make earnings downgrades in other cyclical sectors. Weve seen heineken policy you mentioned consumers. Do you see them as one monolithic group or does the german consumer feel that much more confident than the french or italian or spanish consumer . Absolutely right. Huge difference. Ive been recently in spain and still the morale is not that high. The worst is over, but it doesnt mean that the skies will be clear. German consumers will continue ofenjoy a pretty sweet spot labor costs which havent really fallen to the extent that any other consumer has to withstand. Competitiveness for these companies is still quite high. I think we will see a twospeed situation whereby some of the core Consumer Base continues to the pretty confident despite all the things going on, whereas the referee in italy, spain, portugal, very much on a wait and see stance which will continue to depress private demand. Hans are there any events on the calendar that you are looking to turn that around . Is it going to view the vote in the u. K. On the 23rd . Aswe have a twospeed europe far as we can see down the horizon . It is going to get even worse. , summertime, the weather is going to improve, more talk about immigration, a lot more pressure in terms of immigration as the weather improves, that is a breeding ,round for extreme parties whether the extreme left in spring in spain or extreme right in rants. In france. Unfortunately, i dont think were going to see any meaningful advance towards more integration. The ecb desperately trying to pull at whatever strings they have on it this in cohesiveness. Expecting stimulus further down the line . Yes. Probably what they are going to say is, we are not going to do much now, because we quite a lot last time, but very much, the ecb will want to give guidance to the market that they are ready to do whatever it takes. We perceive europe to be the next japan in five to 10 years time. Wantine certainly dont that yield. Thank you for coming on. Next, one of the best performers on the stoxx 600 this morning. Firstquarter sales coming in better than expected despite economic uncertainty. The chip designer chief executive joins us next. Hans welcome back to on the move. I am hans nichols in berlin. Lets get the Bloomberg News with yvonne man. Yvonne donald trump has reasserted his status as republican frontrunner. Anduilt his Business Empire has been urging his supporters to vote, saying his main opponent, ted cruz, doesnt like new york or new yorkers. Hillary clinton scored a win over Bernie Sanders in the democratic race. She was suspected to do well in new york. Sanders had won seven of the last eight contests. The city of london should expect a preeminent role in the Financial System to fade in britain leaves the european union, so says the governor of the bank of england. He told the house of lords that membership buttresses londons dominance of the International Banking landscape and leaving the eu would probably diminish that. The u. K. Justice secretary says that a british vote to leave the eu would spark a reaction among people across europe that would force the bloc to change beyond recognition. Britain voting to leave would be the beginning of something potentially more exciting, the democratic liberation of the whole continent. If we vote to leave, we will have in the words of a former british Prime Minister saved our country by our exertions. Yvonne global news 24 hours a day powered i our 2400 journalists in more than 150 news bureaus around the world. Caroline thank you very much indeed. Lets talk a bit of tech. Arm Holdings Trading higher today after reporting sales that beat analyst estimates. They are up 22 in british pound terms. The company says they see fullyear revenue in line despite economic uncertainties remaining. For more, we are joined by the chief executive, simon segars. Interesting we are hearing of the areas of growth for you at the moment. It seems to be about servers, internet of things. How much slowdown are we seeing in the pc or smartphone area . Simon for us, small clients is still a big market. The growth rates we saw last year were what we expected. The groceries we are predicting this year are what we expect. Probably about 6 , 7 growth in smart own handset units. That is on track with what we been forecasting for some time. We are making sure weve got the right products, making sure we engage with the right customers. And then we are investing to grow share in other markets, networking, servers, internet of things. Last year, we announced a step up of investment in those markets. We are pleased with progress of our. Caroline goldman saying they see room for the rates to increase. Can you give us an idea of where you see royalties picking up for 2017 . Simon we try and forecast that in time. The split between the various price points, the technology, we estimate that is going to drive 15 growth in royalties from the mobile segment alone. Then we have opportunities out and of that. What is going to happen is in the hands of consumers. That try and cast forecast that to any degree of accuracy. We look at where the analysts are. The headline number. We are comfortable with that for the rest of our year. Hans hans nichols in berlin. If i can shift the conversation back to the consumer, you were saying a lot of that is out of your control. What effect do you think the prospect of a brexit is having on Consumer Spending and your bottom line . Simon it is one of those factors that into macroeconomic uncertainty. You were talking earlier about the bank of China Reducing stimulus. Grexit is having that he weakening and the effect of weakening sterling. Whether businesses invest in capital, infrastructure, that can effect what happens to our royalties in the shortterm. We dont obsess much about the shortterm. We need to think about that in the context of how the market views our company. When we are much more focused on is investing for the long run. What happens to the share price today, in the next weeks, months, not really something i spend a lot of time thinking about more worrying about. What is important is we get our investments right and engage in the long term. Give us a tour of the world. Where do you see growth and where do you see weakness . In terms of market . Hans yes. In markets. Simon again, we are Licensing Technology into Semiconductor Companies are selling their products to oems who are selling into markets. We are quite distanced from that. We have seen large growth in china over the last few years. That is just one of the markets. Our daytoday business focus is on our direct Customer Base and they tend to be the companys building the chips. Where they are geographically is different from the markets they are serving. Caroline talk to me about the people building the chips. Mixed mixed shares pictures. They are buying and licensing your products. Then you have 12,000 jobs going. Where do you see the landscape when it comes to the chip market . Simon there are some fundamental that remain no matter what the market is doing. The Semiconductor Industry is investing to develop technology, to make transistors smaller, more power efficient. That is why Companies Like asml are selling their equipment to chip manufacturers. You then got people designing chips themselves, thinking about where the market is going itself. Weve seen a shift from pcs and desktops toward mobile devices. We are seeing big investment in network infrastructure. Many companies are shifting themselves to be aligned for those growth opportunities. That is something we are involved in as well. The investments we are making are in those new growth areas. This is all part of the overall trend, the overall evolution of the market. Slowdown, newer markets emerge. Resources get shifted from one into the other. Underlying this all is the ability to manufacture and create more advanced process technology. Caroline youve been investing in more are in the to support d. E r are you investing less in the Brexit Threat . Simon that isnt something we are thinking we should invest more here or there. What we are looking at is the global skill base. We are concerned about, would brexit make it harder for us to bring people to the u. K. . That is the biggest thing for us. The ability to do that freely is big for us. Caroline would you have to start hiring locally within france or germany if we did exit that you . Simon potentially that is something you would consider. Where are the people with the skills we need . That is why we have Design Centers in the u. S. , in the u. K. , some smaller Design Centers across europe, france, india, growing in china. We are trying to be close to our customers and close to the people we want to hire. Caroline how do you feel about Silicon Valley . You can also get a sense of the tech hubs in london and berlin where hans is. Is it frothy . Where coming to a stage theres a little bit of over exuberance . Simon we are seeing a change of sentiment around some areas. The Cyber Security space has been really hot. That is cooling down a bit. I think innovation is really strong right now. The cost of innovation has come down. I see that as a positive trend. Caroline we will see where that trend continues. Thank you very much indeed. Simon segars, chief executive of armor holdings. Heineken heading higher on estimates beating volumes and ab inbev moves closer to meeting its record sab miller takeover. We look at what is brewing in the beer market. That is next. Caroline welcome back to on the move, a sunny filled day in london. Im Caroline Hyde based here. Ftse 100 down 0. 4 . Stoxx 600, every group is falling today. Oil and gas falling the most. It all goes lower as kuwait labor force seems to be going back to work. Dax down by 0. 4 . Cac 40 also lower. Insurance banks, some of the worst performance. Some of the consumer that Goods Companies might bee consumers feeling a little tipsy. Heineken shares are trading higher. This morning, the Company Reported estimates beating beer shipments. Joining us from a silver Bloomberg Intelligence unit is fox consumer analyst duncan. Take us through these revenues. Analysts were only expecting 2 . How did they get it wrong . Good morning. I think it is only volumes theyve reported this morning. Theyve done well in every region. Slightly Better Weather in europe has helped, but also early easter and some good trade over the new year in asia has driven this performance. All so why dont we just rerun, take a look at the weather forecast, see whether or not it is drinking weather, and factor that into our analysis on sales and get a better number . Is it all weatherdriven . Know, q1 is quite a light quarter. If you do that, it might give you a false impression. Over the summer months, it might be quite useful. It certainly is a good start to the year. In chinese or vietnam new year, it is difficult to see in london how that is going. Certainly, whether helps. Caroline breaking news from you coast oil company. It seems to be an ongoing saga. , a dutch court overturning a 50 billion award to shareholders. From thethe ruling russian legal team is now overturned. They quashed the final arbitration awards to shareholders. 50 billion not going to those shareholders it would seem. But lets get back to beer, hans. Hans we need to ask our guest about here. What do heinekens numbers mean in terms of the proposed ab inbev takeover . Are we any closer to resolution . Certainly on the resolution, abi have done everything they can to get this through the regulators. Willconfirmed that asahi grolsch peroni and brands in europe. They did a deal in south africa as well with regulators in terms of giving money towards employment practices. I think theyve done everything they can to get the regulators to sign off on this deal. Hans duncan fox, thank you for joining us this morning. Up next, the bestperforming sector of the year. We break down the outlook for the mining sector. That is coming up next. Caroline welcome back to on the move. Every single industry number is up. Oil falling lower, amid all the oil majors. The dax is pretty flat today. Keep an eye on some of the Tech Companies that have been reporting. We have seen heineken outperform on the cac 40, up by 0. 4 . Never change, over to you. Nejra nejra cehic, over to you. Nejra we have talked already about this, it is one of the biggest gainers on the stock 600. Beer shipments that led more than analysts estimated. Heineken generates nearly two thirds of its earnings from emerging markets, but it also reiterated guidance that it anticipate stronger sales and profit this year, despite a slowdown. All of that is adding up to a positive picture, driving the stock higher today. And we have abb. It has been grappling with some emerging market weakness. It has said that First Quarter emergingll amid slowly markets and weakened demand from the oil and gas industry. The number was a beat. Also, the company has been making management changes, and costs andd to cut begin a strategic review. Finally, one of the worst performers today, damn holding. It has said that net outflows , as3. 1 billion francs market turbulence prompted investors to avoid risk. Management fell 7 , and the Company Expects performance fees to fall from the first half a year earlier as market instability continues. Caroline thank you very much indeed. Keep an eye on volkswagen as well. Lets check in on the bestperforming sector so far this year. I have a great visual. It is none other than the miners. It is up 25 . This is your gr are function grr function. You can see how much the sector has outperformed. Im glad to say that we can no dig into this much more. We will be speaking speaking to none other than an investment report. Green inrtain see some the street. You pull out these wonderful notes. When you put one out last year it led to significant selloff. But the market has rallied a little bit of the far but you feel the gloom is lifting . We do. The sector has healed itself to a large extent. If cut their dividends down a lot to say themselves and heal themselves. We do think that maybe things have gone too far in valuations, too far. How much of china is a player in all of this. Going back to ivan glasson berg, he said that no one has a read on china. Have you . I wish that we had. I think this rally really came i think,e blue fundamentally, the chinese themselves are very cautious going into this year. They did not restock price at the chinese new year, and they now have. It is a much improved picture, plus the improved fundamentals themselves. Hans when you look at the potential for consolidation in the mining industry, where do you see the potential and how likely do you think that we will see some thing major in the rest of 2016 . I think that we will see some consolidation, although the rally has put off the imperative for consolidation. A lot of the miners feel better about themselves, and are aobably less likely to see m that we would. This will be an improved year for m a. M a we wouldaring have seen had Commodity Prices not improved . Moreu think it will be healthy or direct fuel . I think it will be healthy. It will be for the benefit of those that pick it up. I think it is good and it will further improve Company Balance sheets. Stockne digging into the 600, there are a few in the red, but not many that we know. Is there anywhere that you would be looking to buy into. Is or any region that are looking still attractive or is it, wait, hold out . When is the buying opportunity yet to come . Cannot discuss it directly, but overall there are companies that we still see as being undervalued. They are high quality, wellrun companies, with strong balance sheets. If the sector does turn down again, beware that the selling may go away. Safe toit is still stick with the stalwarts rather than the highly leveraged stocks. Caroline those ones that have done their work. Has enough of the debt paydown happened . Have all the chief executives got their plans in the right place or is there still more work to do . I think there is still more work to do. We are not out of the woods yet. This sector has really boosted balance sheets, but maybe not enough in some cases. Beoline if we were going to looking at the issues to come, would we expect more to come . A lot of the companies, particularly anglo and others are adamant that they will not do anything to dilute shareholders. That has proved to be the right trade. I dont think so. Unless things worsen, we are unlikely to see rights issues at this stage. Hans it strikes me here in germany, where we spent a lot of time thinking china, it drives the conversation, but does not try the fundamentals. Shouldoutside of china, we be looking to get insight and visibility on what will be happening with the miners for the rest of the year . I think that the miners themselves are the bless best place to look. We have rio tinto still warning very strongly. They did not take the decision to cut their dividends, as much as they have, lightly. That is the place to look where the ceos are saying. Verynk that the future much still hangs around what china does. Caroline it is always great to be able to dig deep into phenomenal research. I advise many of you to go find the mining set you put out today. Hans thank you for that. Up next, clinton and trump win big in the new york primaries. What do these victories mean for the race for the white house . We will break that down, coming up next. Hans lets get to the Bloomberg Business flash. Here is yvonne man. Yvonne Mitsubishi Motors fell the most in more than a decade after the country said they will host hold a briefing about the improper handling of fuel economy tests. Shares tested more than 15 lower. The transport ministry told bloomberg by phone that the automaker improperly handled fuel economy data involving its minicars in japan. The mitsubishi spokesman said that it cannot comment further before the briefing scheduled for 9 00 a. M. , u. K. Time. Asml has forecast sales that topped analyst predictions. This comes as they ramp up capacity and invest in new machinery. Analysts had estimated 1. 6 5 billion euros. 1. 65 billion euros. Beat estimates, topping expectations by 1. 5 . Investors are turning their focus to yahoo s sales process. Those familiar with the matter others wereand among the first round of holdings for the core internet businesses. Intel is cutting 11 of its workforce as pc shipment heads for the eight Straight Year of decline. It comes as intels which is its focus to higher growth areas including chips for data centers and internet connected devices. Projectsays that sales tipping to 5. 4 billion, about 5 below analyst estimates. Caroline just minutes ago, a District Court in the hague rulingo overturn a against russias once biggest oil company. Ryan chilcote joins us now. Give us the context. It is a very con convoluted and needs context kind of story. What does it actually mean . Ryan this is a victory for russia and what has already been a protected protracted legal beattle. The exception of russia theat it gives higher ground. This has been a real thorn in russias side. Really damaging to its reputation, how it is perceived by investors that an International Court would say, not only did you steal the company, but you own them 50 billion. Until they lose again. The legal battles will continue. They can say, we were always right and this court has just found that. Hans i will not ask you about the dutch legal appeals process, though i suspect you know something about that, but how do you see this ruling affecting other Russian Companies . Ryan the interesting thing is, it is not as if the former owners of yukos were ever going to get to 50 billion. What they have been doing is playing this cat and mouse game with the russians, who decided they would not pay the 50 billion, by freezing their assets in various countries. Theyn the last while, froze about one billion dollars worth of assets in france that statesd to the russian program. Insia can be less concerned the shortterm about these former owners freezing their assets outside russia where they can legally get there hands on them. The only thing is, perversely, there are some people arguing that the legal argument the russians used to win today in this court was that, we dont owe this 50 billion because this company was essentially stolen off the state in a rigged option. A lot of people are saying, what is different about that action from all the other options during the privatization process in the 1990s, and what does that say about russias view and the validity of all of these private companies that emerged in that process . A bit of a doubleedged sword, but in the short term they are probably breathing a little bit easier that they can get at their money anywhere outside of russia. Hans we will be coming back to you for all of the implications of that ruling, as it affects other companies throughout the year and the quarter. Bank of England Governor Mark carney has warned of the negative effects for the city of london if britain were to leave the european union. Speaking before the house of lords committee, mr. Carney defended the boes analysis of the issue saying it did not amount to political influence. Accepting and reporting major risks does not mean becoming involved in politics, rather it would be political to suppress important judgments which relate directly to the banks remits, and which influence our policy actions. Hans speaking on this same subject, the u. K. Secretary pointed out why he feels the u. K. Should leave the european union. He said that quitting the eu would allow the u. K. To pursue a more beneficial immigration policy, as well as giving hope to the rest of europe. For europe, britain leaving will be the beginning of something more exciting. The democratic liberation of the whole continent. If we were to leave, we will have, in the words of a former Prime Minister, save your country by exertion and unified by example. Caroline donald trump has reasserted his status as republican frontrunner. Hillary clinton scored an equally big win over Bernie Sanders. Sanders had won seven of the last eight contests. Hans, talk to me. What are the main takeaways . Are we now full on waiting our time until the trump, clinton faceoff . Hans think we have to wait until the inventions. I think it is pretty clear that we will have a contested convention on the republican side. It is difficult to see mathematically, even though donald trump says ted cruz is having a hard time, which he does, but mathematically how trump will have the requisite number of delegates before that convention in ohio. On the democratic side, you can start to see the endgame, and you saw this when you heard from Hillary Clinton directly address the Bernie Sanders supporters, saying it is time to bring the country together or the party together. That is hillarys challenge. How does she take some of the energy from the Sanders Campaign and harness that for her own . Sec. Clinton of all the people who supported senator sanders, i believe there is much more that unites us than divides us. [applause] caroline, you hear the cheering . That is the cheering from hillary supporters. Is that sameis, corecheered in the real from the burners Bernie Sanders supporters . We know there will be a gap on the republican side, at how big will the Enthusiasm Gap be on the democratic side . That is something double be looking for throughout the next couple weeks and months. Caroline fascinating to me was the problems in brooklyn counting the votes. When does that happen . Hans that happens with regularity. The challenge with counting votes, and with disputed votes, always seems to be a reoccurring problem. It is a challenge with federalism in the states. You have different systems in different precincts, it is so arcane. You actually get to use the word byzantine in its proper context. It is difficult to do. Caroline, you look at us into the trading day. You know more about the markets. I may have the edge on politics. Caroline you definitely have the edge on politics, german and american for that note. It is 50 minutes into the trading day. Up next, an exclusive interview with the former bank of england governor mervyn king. Now, oil and gas companys are feeling the pain. Caroline welcome back to on the move. Lets get a check on what you can expect for the day ahead. At noon, we get a Rate Decision from turkey. We get earnings from cocacola. Also, barack obama begins his visit to the gulf and to europe, starting in saudi arabia. Richard jones is with us, as is Jonathan Ferro, joining us back home for a short amount of time. What is taking your fancy . Oil down once again as obama goes to saudi arabia. Market. Ould say the jgb alltime lows. As we go to the boj meeting at the end of the month, my question would be, have they lost control of asset prices . Dollaryen was a run 118 when they put rates was around 118 when they put rates into negative territory. Asset prices have not responded in the way that they would hope outside the bond market. And their equity markets moving against them as well. Can you imagine owning a 30 year bond at 0. 4 . It beggars belief, but that is where we are. This is after, i think, already fairly aggressive action from the boj. Im not sure that this is going entirely to plan, but they seem set on this path. Perhaps the ecb tomorrow prepares us for more easing. We have some pricing by the end of the year, another 10 basis points in deposit rates. They have gone down this path. I think investors expect them to continue. We are not sure what the effect is. Hans we have a new report out boj goldman saying further easing going from june, they are moving that up to april. You know the banks really well. Do you suspect other banks will make similar calls . Jon whether they do or dont is beside the point. It is whether it would be effective. When you have yields this low more,y, even if they do they are pushing on a string. And having the effect in the bond market, the fx market isnt responding and the equity market isnt responding either. Maybe they follow it up by buying more ets. I dont know what difference it will make. At this point, do more, but can you make a difference . Caroline it was great to have Jonathan Ferro back. Bloombergs Richard Jones as well, joining us. 108. 91. Still at the pulse is coming up next. Francine the global rally fades. China stocks drop the most since february. European shares opened lower. Donald trump and Hillary Clinton continuing a victory to tighten their grip on the party nomination. The bank of england governor says leaving the eu we have an interview with his intercessor with his predecessor. Francine welcome to the pulse live