deutsche bank. we have had earnings. up aancine, wrapping conference call. he will not rule in or out any capital increases. a great deal of reporting over the week, the past week they have to were inspired billion in a new shares. revenues were down, profit was the dow. it was a beat on the numbers. would take a closer look. -- profits were down. -- we will take a closer look. months, back to microsoft. with the purchase of the phones or units. nokia have announced that rajeev suri will be taking the helm. much of a surprise. ofheads a unit that has 90% nokia sales. they'll resume and dividends. money going back to shareholders which is 3 billion euros. a cut in their debt by 2 billion euros. what they were looking at right now. peugeot att that of the open. we are also watching electronics. the european semiconductor. little bit more narrow than analysts had predicted. later this hour, we will speak to the chief executive. his first interview of the day. down some 2%. with had a lot of earnings. we are looking at of the russian sanctions. >> geopolitics will be number one. a lot of people coming sanctions. markets are really struggling. it was about activity. today it will be about the data. u.s. gdp comes out. today we get u.k. gdp. we'll look at the markets. we have higher markets. up by 0.4%. spain and italy driving. we are in full swing right now. only 44% of the companies on the stoxx 600 against the s&p 500 in the u.s.. 74% have beaten. not a great earnings season. i want to look at euro/dollar. it has been driving higher. we get to the breakdown for cpi through the morning. you see that move. a little shift down. it is the inflation data right now. 1:00 p.m. u.k.at time. the headline number four germany. mario draghi said the qe was not imminent. it does not seem that way. .65 pushing higher. we are looking for nine percent of the quarter. it will be the best quarter since 2010. the bank of england, there'll .5%. does it take before somebody at the bank of england comes out? much.nk you so the latest on the markets and the british pound. a portfolio manager at sturgeon $190al where he oversees million in assets. great to have him on the program. give me a wide sense of the sanctions. these could've been a lot stronger. they have not been. the markets are taking them and stride. will a common point where they are pricing it wrong? to make sure russia could do the right thing. so far, it does not work. we have to keep in mind which is it is a very important sanction. see the other companies into europe and what to the relationship is. exxon, a lot of companies have shares in russia. we still do not know what will be the consequence. probably, the biggest u.s. sanction. >> you are right. if they have relation with all of the major oil companies, what does it mean for your strategy in terms of how you pick your stocks? would you stay away from anything that russia, also possibly russian bonds or away from oil majors? >> the ukrainian and exposure, we made profit- very quickly. i think right now, the ruble could be weaker. .7.h the see it breaking 36 news, russia is putting up bond issue after a bond issue. nevertheless, the bond yield, you have a 10 year ruble yield at 9%. your relative headwind. theme you arehing seeing. kind of slowing down. it seems to be worse than expected figures coming out of the states. ecb and british pound arising. is it one thing that concerns you more than the other? weright now and the sector are looking at the most interesting is the large emt company. geopolitical for the market. we see the supplied and the data. producing aabia is high level of oil. we would not be up to produce much more. it is still a concern. stucknow, the ecb is lower than the five-year average. price at large companies should be able to benefit. we have seen large companies, not very good results. all in all, it might benefit. they are a big supplier of gas for europe. i think the company is not trading high. >> all right, thank you. stays with us so what else is coming up. the counter offer. the board may decide how to edge out of ge. trying times for bp. getting hit by sanctions. meet the man who is filling elon musk's shoes. ♪ >> i am francine lacqua. this is "on the move." start, french eot, said it is offering stocks to investors. you can see stock on the back of percent.ower, nine it is a stock offering after theirg stakes with partner. one of the biggest market movers today aware of the stocks that is waiting on the most. bp released earnings this morning calm the first quarter a very solid start -- calling the first quarter a very solid start. ryan chilcote joins us. and adown the news special the positive one. >> of the interesting thing is their earnings came in line with expectations. $3.1 billion which is exactly what investors were expecting. sometimes they liked a bit of certainty and predictability especially when it comes to bp. up the dividend. they only raised it 0.25%. still, it was unexpected and welcome. those are probably the two big reasons for the shares being up today. gets itsd -- bp production from russia. we had a round of sanctions and stop these are tough individuals. sechin is in the crosshairs. >> if this is an interesting one. it was bp in an uncomfortable spot. itself aware bp has a 20% stake has not been sanctioned as you put that point out. but to the ceo has. , itonly do they have 0.5% has a board seat. bob dudley sits on the bp board. it's a bit awkward you have a u.s. citizen on the board of a company overseeing a ceo that has been sanctioned by the united states. can he even go to the board meetings or sit next to sechin or talk to him? these are the questions i expect bp will be asking their lawyers. they put out a statement said they are reviewing the statement by the treasury department. they remained as they said committed to the long-term investments in a russia. they would have to be. they have this 20% stake in rosneft. and not just financial interest. they are interested in the deals that rosneft does. officer, equity holders get to share in the profits from them. >> tell us about sechin himself. guy.very interesting a big personality. very comfortable. back in the cold war days, he was on the front lines in some of the biggest hotspots in the cold war down in mozambique and angola right alongside cuban fighters. and the 1990's, he was in st. petersburg when now president putin was deputy mayor. then.working for him that he came to the kremlin at was deputy chief of staff for putin and deputy prime minister. he became chairman in 2004. the government decide it is not go for officials to be chair men. maybe i should not just a ceo of rosneft because it is the world's largest public we traded oil company. >> thank you so much. still with us for his views on the market is yannick naud. we talked a little bit about oil a you were saying, some of the companies have taken profit. you had an interview with the ceo today. anything else or are you waiting for more details? it is difficult at the moment to see how these sections will affect. now, you have got to be a big element. large investment in russia. nevertheless, even before the sanctions, after the exploration , it has been trouble for quite some time. or whatever it is in russia. we have more and more trouble in finding the oil. anyway, even without the sanctions, exploration and russia -- in russia. >> we were talking but it is difficult to price in because the sanctions have the model of trying to deter brush up. some say they are little bit wimpy. when they actually start. what does it mean for emerging markets as a whole? we look at ukraine as a country struggling to grow and feed their citizens. >> more and more sanctions, at one point it will be such a big station it will prevent investors from investing in a russia. -- such a big sanctioned it will prevent investors from and plus -- investing in russia. do you crave is even more -- the ukraine, even more sanctions. it is difficult in those markets. so far, we have to have a bigger position. using the market, i think china looks surprisingly upside. saying they will -- [indiscernible] 7% or 7.5%? the beginningat of march it was several .5%. i think we -- 7.5%. i think we have a chance of quantitative easing. nevertheless, they know it will be difficult to achieve it. is moreway which construction. aware of the challenge. china, it is in very attractive. market isk the significant in china. >> thank you stop i want to ask about corporate stories and next. -- thank you. -- i went to as you brought corporate stories next. hans nichols will break down the story. what have we heard from torture? -- deutsche? bad, will do the good, the and the unknown. let's start with the good. they were not nearly as bad as people were expecting. people were expecting big profit losses. they were not as bad. the bad news is a cfa capital problem. on that conference call, they talked about how standards are getting stricter. he did not say if they would have new share offerings. there were reports they would be bringing $5 billion in new money to meet the new standards. overall, here's the unknown particle stop they do not know was a little caught -- here's the unknown part. know what the litigation cost will be. they expect litigation costs because of scandals that are ongoing and have not reached a conclusion. overall, the stock is up. estimates were pretty miserable. people were expecting miserable numbers. these are not so miserable. they are not not so visible numbers. only marginally good. that'll be our new rule. good, bad, and to the unknown. >> i am in. hans nichols on the latest from deutsche bank. the good, the bad, and the unknown. applicable to all of their earnings. any unknown you are watching? investing, we're looking at financial starts. when asset capital going very quickly. the bond. we did a lot of work and trying to value most of them bond. every bond today issue is different. you have to go really deep into it. expensive and people were buying it. they sumt pricing, value. the asset class will grow because banks need it. >> thank you so much. yannick naud of sturgeon capital. names a new chief. the man taking over for stephen e lawful. -- eloph. ♪ >> welcome to "on the move." i am francine lacqua. here are some companies on the move. one of the biggest losers in the stoxx 600. carmakersecond-largest closinging -- after stakes. peugeot is expanding outside of europe. decided the bid. the german industrial giant has sent to counter an offer from general electric. the chief executive of both the siemens and e.g. met with the french president yesterday. -- ge met with the president yesterday. ose in the first quarter beating as thomas. norway's bigs energy company was helped by the u.s. two other companies we are watching our nokia and some some. it beat estimates. -- and samsung. -- it beat estimates. caroline hyde is here with the breakdown. let's look at nokia. who is the new man in charge? >> and the winner is -- rajeev suri. know why it ist surprising us. of the largest units. 90% of sales. the board has confidence in him. he has to be reviving growth for nokia. it's all about equipment. stations, mobile broadband. they want to be a player. technology. they want it to the forefront. l.ving to use outdated materia how do they do that would have ericsson and huawei offer just as good equipment and cheaper price? >> his very ambition. returning money to shareholders. >> we are talking 3 billion euros. doing buybacks. also, cut the debt. they are reducing debt by 2 billion euros as well stop big plans for new korea. >> samsung beat earnings. but the biggest smart phone maker in the world. beating analyst's summit. not only a high-end galaxy phone, they go across the board. every price point. tealing market share in india and china. slightly cheaper devices. also tablets as a wall. million tablets and of phones shipped in the first quarter. its displays, chips, televisions with our chips in a. 82% increase in profitability. chips, displays, televisions. chips, 82% in profitability. >> thank you. a slow crawl back to profit. stay on chief executive to see the recovery through? what ask him next. you can follow me on twitter. -- we will ask him next. all of that and much more coming up "on the move." ♪ >> welcome to "on the move." i am francine lacqua. minutes into the trading day, let's see how things are shaping all. the markets. we are seeing a little green across the board. shares are actually rising within the u.s. indices futures. u.s. federal reserve begins a two-day policy meeting. that we have gdp. a little bit of interpretation of earnings. our european business isrespondent, caroline hyde, after the touchscreen. >> lester with one the biggest gainers. nokia. we were talking about it. -- let's start with one of the biggest gainers. be cutting debt. they are up 6%. peugeot down by 7%. selling shares. they will be sown closed to 2 billion euros. they are selling at a discount. , --ou have separate shares 7 shares, they are half price. transports, the people who operate the light railway, dnr, one of the key routes was down 18%. a lot of outsourcing. they have key issues over there. might have to cut and therefore your target. and sell shares as well. the biggest faller. >> caroline, thank you. these are the top headlines. russian deputy foreign minister said the new u.s. sanctions against some officials and 70 companies will not go unanswered. the targets included the chief , sechin. of rosneft draghi is said to have told german lawmakers that a quantitative easing program is not imminent. draghing to an official, said central-bank is ready to start a qe program if needed but it is relatively unlikely for now. church prime minster issued the first intelligent -- turkey prime minister issued the first -- he made the comments to charlie rose. he does not recognize it as genocide. because it is such a genocide had been the case, wouldn't there have been armenians living in the country? we have citizens who are transports and armenians who are here in our country. we do not exclude them. >> you can watch the four interview tonight on "charlie rose" at 10:00 p.m. london time. turning to one of our top corporate stores. stmic shares are lower. they reported a loss. better than expected. quarter --est draped it is the 10th straight quarter in the red. the chief executive. thank you for joining us here. things a sense of how are going. it assumes you are confident that europe is stepping up. we saw the losses narrow a touch. businessthe electronic , to lead major activities. one is industrial activities. in those segments we see a strong momentum. course, it is very different. if you look at some of the major customers, we see strong momentum in terms of applications and products and technology. also see release smoke -- strong export activity. moving to industrial, very different. we see the true distribution. , a very poor to indicator -- a very important indicator of our customers. year over year, it was in double digits. the distributors on our progress. encouraged. we are encouraged by this positive trend in europe. do you actually believe the european market will be a lot better? >> i think so. the view we have today. as i have said, leaving very much by automotive and electronics. leaving very much by automotive and electronics. electronic components for applications is much stronger. we see it. indicators we have at least 2 major segments that are positive. talking about the fastest-growing businesses it you have been focusing all. huge that by industrials and cars and smart phones. it seems to be disappointment and smart phones for the industry -- in smartphones for the industry. is it something you are targeting as the next big thing in tech? wearable technology. things will not be able to live without that we do not know yet. >> first of all, the first thing weeed to mention it is decide to get out of the digital part of smart phones. it makes it easier. yuko -- you know, considerations. break out of the venture. today, we are not any longer in the business of the digital products. we have manyhat, peripheral products. could gophone that from management to certain microcontrollers and security. we see a trend for what is important for us is the penetration of the customer base. and what is important is what is happening in china. for us, much less important. digital.t we have several products with applications. and the penetration of the customers. and make sure, not on the high-end but the new branch of smart phones. >> anything you are excited about in wearable technology? anything you would like to be a part of? >> could you repeat it? technical audio is not great. i am talking about wearable tech >> absolutely. wearable is a new sector. s where itof the area is very strong. oneelieve that the number market for a number of applications. very important. we are looking at three key ingredients. number one, the sisters. the very low-power control. -- number one, the sensors. number three, conductivity. you need to connect the wearable to the car. the super integration is that you integrate this technology in one single package. this is a promising area. very strong. it is a good fit of was we have in terms of technology and products. sensors and conductivity a very low-power control is the >> were to have you on the program. desk was great to have you on the program. great to have you on the program. carlo bozotti. a battle for siemens. their board may decide today. we bring in david tweed from berlin. out theactually find details about what siemens plans to do? >> first of all, the board will be meeting sometime today. we have not been able to pinpoint when the supervisory board is meeting. they said it will certainly find out a determination. it'll be later today. not exactly sure. it'll be quite an interesting meeting. isn you look at it, siemens having to come up with -- given offer onis ge, put its the table. it is coming at an interesting time given the fact that joe kaiser is finishing the strategy review which is aimed at making siemens more profitable. margins. the results we get next wednesday. forhey are obliged to bid be for a company that have lower margins than siemens. that said, very interested to see if they proposed. --mens may be able underperforming trade union to alstom. you have the interest of the german units. the german unions are welker presented on the siemens board. style weertainly are have siemens. we have ge. is it possible to see which of the suitors have the best chance of winning? >> according to the people would've been speaking with on board, they are savoring the bid from ge. if you ge comes in and buys the energy equipment from alstom, that lisa with the t -- and that leaves them with the trains unit and a wad of cash. that could also be one of the reason they are favoring a potential bid from ge. plus the fact, there are fewer areas of industrial. david, thank you so much. david tweed with the latest on this battle for alstom. these talks, at the same deal -- time with megadeals in pharma. we spoke to stephen schwarzman and los angeles. his take of the flurry of m&a action. >> there are so many very high-priced businesses that make no money. and we have lived it is a movie before. and it ended badly. usually what happens in markets around the world, you get superhigh valuation are you getting very high-value way should based on revenues and no profits. eventually, there is a correction. >> we are bring you more of the interview and in the next hour of "the poles." -- "the pulse." we are back in a couple of minutes. ♪ >> u.k. is expecting to be the fastest-growing economy and the g7. we'll get the indication of how it is holding up with numbers, out later this morning. man is crazy as with ours but -- manus cranny is with our special guest. manus? [no audio] >> friend saying, we have -- francine, the noise and production. we will have a conversation about commercial property. at 4:00 -- he joins me. such an influential. quite an interesting conversation. confidence,and confidence to invest, take steps . what did you see in terms of confidence and business and consumer? not just in london but outside of london? london, higher levels of business confidence especially over the last 6-12 months. in central london, we are seeing levels over the past year increased by 11%. that is more like 15%. of course, supply is now beginning to react. over the last nine months, expect completion. since 2006, it has gone from 6 million to -- [indiscernible] that number -- we expect that number to increase. voice above that the jackhammer. -- this is thet debate after the policy committee level. do yous of confidence, rent out the two major names around the u.k.? what is the confidence level outside of the u.k.? >> exposure outside its retail part, and for the most that has been robust. although, it is clear the u.k. has far too many shops are generally. for the most part, they are not in the right place or the right size. across most of our portfolio which is at the prime end of the market and we can now see, a period where we expect there to forwardial growth going in the next three years. >> talk to me about the international level of demand you are seeing. is it that still a very, very strong element you are seeing? >> certainly and the capital markets. the u.k. remains a very popular ways to invest money. professionald market. there is confidence. and we should not forget the commercial market. we have world-class buildings which would not to be there. we have been able to attract. and in the occupational market, this is similar. if you look at retelling, -- retailing, that is a globalized market. we have an international customer base. that has been pretty resilient to the downturn. at the moment, we have no vacancies. >> great to get your perspective on the u.k. market. director of investments and asset management. that continued. did very well on the back of the jackhammer. >> you both did. e" is, god. guy johnson joins me now. the uk's gdp figures. as that we have great conversations going on. >> we do. so much going on. lots to talk about. dr. carney is making comments to the press talking about the u.k. recovery. we'll get analysis on both the number and the comments in the second half of the first hour. the russian story front and center. everybody is talking about it. will continue the conversation. looking at it through the eyes of bp. with a couple of analysts. one of the guys to talk about that story. we will have a take on that. we will talk about, a russian link as well stop the ceo of christie's. a great conversation. not only what is big international, superrich investors are spending their money on. stephen murphy will give his take. what is happening with the eastern european and russian markets. we'll take it digital. that'll be a fairly broad brush conversation. a lot going on. a packed show. the christie's interview will be fascinated and analysis of the gdp numbers, got in a couple of hours. back to you. >> thank you. noma has to break, been voted the best restaurant in the world. published by a magazine. it regains the number one spot. italy's restaurant came in at number three followed by 11 madison park. and a restaurant in london took the number five spot. ♪ >> welcome back. in light of the gdp reading, we are focused on a british business. leather goods market. y offers an alternative to high-end designers. our reporter. >> it is one of our best selling bags. >> designer and retailer and founder, mr. ellison is nothing if not hands on. rey, makes loveser -- makes luxurious leather bags. it has been labeled affordable luxury. >> it is about the quality. it is about how well it is supported here. >> it all started in 1980. a young grandma decided he wanted to set out on his own. decided we wanted to set out on his own. but we borrowed 500 pounds. rock and rolloor royalty among its clients. it opened a flagship store in the luxury shopping mesko, regent street. >> we have taxidermy. bones. things like that. bugs. i am a frustrated naturalist. >> osprey banks on this british roots. it allies and the ability to think globally. the ability to think globally. >> we do designs and made the products with our own hands in england. through 2014, actually we make very little in the u.k. and ourselves. we manufacture a whole array of products. he can no longer do it himself. osprey is growing up and for that he needs help. people who work with us. part of the same team. we are a big family working together. tv.tay with bloomberg guy johnson and i are back. "the pulse" is next. our exclusive interview with the ceo of christie's. you can follow all of us on twitter. i am back in 2. ♪ . . . >> russian risk. business is just -- jeopardized. >> delivering despite a difficult trade environment and beating estimates. >> u.k. gdp is out as our. mark carney says he is optimistic about the rig coverage. -- recovery. good morning. welcome. you are watching the pulse. i am guy johnson. >> coming up,

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