Relocating out of catalonia. Will this be enough to get the catalans to back down . The pound extends is a drop. To sterling upside right now . We will find out in just a moment. Less than half an hour to go before european trading starts. To be a day about waiting for payroll numbers to come out later on. What is happening with the ibex . Yesterday up 2. 5 . Today it will be down 0. 6. There are some expectations that monday morning we will get news from the catalan authorities. We will see how people will see how people hedge their bets going into the weekend. Anything could change in the situation. You can see the move on the spanish ibex up 2. 51 . You are seeing rate cut expectation coming in. That is taking the shine off of the aussie dollar. Today is about two things. One is the payroll story and how asymmetric the response could be around that. The other is what is happening with the pound. The political story is being dominated by mays future. First word news update with julie