Lets check with caroline hyde. The markets are going to be looking at china. They are going to be looking at the United States as well. The chinese effect helping a little bit of green in the markets this one. Ftse up, spain getting a boost as well. The United States traded much higher. They have a bit of an influx, an appetite for risk on the back of the chinese news. Equivalent toan, 81 billion, is being pumped into the five biggest lenders. They are getting each 100 billion yuan. Instead of cutting the reserve ratio requirements, instead of cutting rates, this is an equivalent stimulus thomas so says goldman sachs. Worry about the chinese data . Spending over Retail Service have not been good. Investment has not been good. The central bank is reacting. I want to show you the reaction it had on commodities. Copper, look at how much did move. Up 1. 2 and continues to trade higher, up. 5 . We can also look at the oil market and the effect it had overnight. 2. 5 jump on the oil market. Is really getting impetus as we see china fueling up in terms of stimulus. We know the United States may be easing back on stimulus and we know that thebondbuying ends in october. What about forwardlooking guidance . Where we see the United StatesFederal Reserve on where they see growth, unemployment, the labor market indicators going for the next few months . Certainly we get a quarter ly projection. When we see Interest Rates start to pick up . That is the trillion dollar question that is on everyones lips. That comes at 7 00 p. M. Tonight. We get those particular meetings. Twoant to have a look in on stocks this morning. We are focused on scotland but we have immediate wants to look out for and on the back of some numbers. Down 3 . Ond it looks as if it is not selling in asia. Asia is weeks as credit suisse. We saw no growth for asia in richemont. What is good is the americas, but that does not seem to make up for the fact that asia is slowing down. That has unearthed investors. Unnerved investors. Watch out for the luxury investors. Up. 73 . S they are up point 8 10 of a percent. In the emerging markets, particularly in russia and china. Those concerns of frenzy weakness is easing for many of the analysts and they hope it has good results on the back of it. We see inditex shares up. 6 . Profit is down but that is largely due because of foreign currency weakness and they are managing to keep on selling those goods. Daily mail unchanged. We had expected the stock to fall because they are warning once again on their software, rmf Software Program that will be delayed. This is a media company. Seem to be stellar, a 5 over underlying basis and that is a concern about the software unit. A higher open across the eurozone. Dax is up by. 4 . Lets get some insight with the head of investment at cross pitch capital cross bridge capital. Good morning. I want to start with china. The peoples bank of china inject 81 billion of liquidity into chinas largest banks but do not tell anybody. Markets are happy. My question to you, should not we be concerned that chinas economy is slowing down that the chinese authorities are starting to loosen the stimulus button . These numbers are particularly of the market expecting. They have not done that. It is like a proxy for a cut. Seven point 5 growth is something china has pledged they will achieve. It is a preemptive measure to achieve that. Yes, there might be slowdown in china. If we look at the larger affect, how things are going and the fed is going to do, let us not is linkedt thechina to the eurozone as well. If we are thinking about hawkish, it should be put in the context. 7. 5 percent growth is something they want to stick to and they do not want to have dislocated property markets. They want to see the capital to fund. In a larger context, it may create a bubble, it may not. In the short term, it is a welcome move. Lets talk about the lets talk about the Federal Reserve. One line,ked about quantitative easing ends. What will we do . We have spent considerable time talking about the phrase. I think that Janet Yellens testimony indicated that even though it is far quicker and better, it narrows down to two objectives of the fed policy. It could rise sooner and faster. I think they will keep the phrase but they will condition with his paraphrasing, saying that things could get better and things will rise quicker. Be a hawkish sign but not a strong intent. It is to say that we are changing course and this is our. We will talk about what that means for the market after the break. Manish singh stays with us. Here is a stock that is lower. Richemont takes a hit. It is the worst start to the year since the global recession. Sales missed expectations but look at the asiapacific region. No growth at all. The dollarsterling up. 1 . That is down from the july highs. We are live in and a baroque to talk about the Scottish Independence vote takes place tomorrow. If you want to talk markets, you know where i am. This is on the move. We stream on everything, your phone, apple tv, amazon fire tv. Lets talk about scotland because it is probably the biggest story this week. Scotland votes on their future tomorrow. The three most recent polls show the gap between the two campaigns tightening. Lets go to edinburgh were anna edwards is following the storage he. Give me the latest updates. A goodspirited debate or are things getting ugly . This has been a goodspirited debate by all sides. Things have gotten more tense in the last couple of days. Admin will band, the later of bandlabor party ed milli was out in a shopping mall, and i would not say they turned violent, but there were some tensions, a little bit of jostling. He had to seek refuge in a hairdressers and make a quick exit. Speaking, things have been fairly, on the campaign trail. Lets get to the latest polls. There were three overnight. They all put the no campaign ahead, not by much. I 4 its points. 52 no, 48 yes. He now says that the no campaign is two Percentage Points ahead. Very tight on this last campaign of day of campaigning. He has the latest of International Figures and decides he wants to come down on the no side. He is worried about currency and about what would happen to the scottish economy if a yes vote came about and long, protracted negotiations had to take place. Everyone is talking about the currency. Another big debate throughout the last couple of months has been over oil reserves. How much north is left in the north sea how much oil is left in the north sea . Someone has a particular view on that debate. He built the would group up into an International Oil and gas services business. He released a report earlier this year which gave a ranged forecast for where he thought reserves would be and was angry that the snp had picked up on the upper end of his range and had gone with that in his campaigning materials. He was reluctant, but found it necessary to step back into the limelight and express his views about the state of the reserves. I caught up with him yesterday and asked him for an update on the reserves in the north sea. Not goteason i have involved is that there have been a lot of comments, frankly, that have based on one side or the other expressing a view. I guess that in two or three stories in the last couple of weeks, which i have taken strong exception to come which is why i came out again last week which is based on almost fantasy in terms of a potential area in the north sea that might produce reserves. You might as well say scotland is rich with coal. We are, but we cannot exploit it because it is not viable. There are comments coming from that side. What i wanted to say is i am not involved in either side. No political affiliation at all. What i want is the scottish public to make a decision based on Something Like reality. We cannot vote for an independent scotlandbased on things we hope or might happen in 30 years time because the next generation will be left to sort it out and that is not fair to them. He stresses the maturity of the north sea oilfields. The campaign would point to what they call underinvestment by the u. K. Government and a lack of incentive to invest in north sea oil. We will talk about these more as we go through the program. Ofs is one scottish version something we spend every day, a 10 pound no. I can use it. I can take it south of hadrians wall. Will this remain the case if there is a vote of independence . Commerceish chamber of that while they are trying to the main impartial, questions around the pound are key to what it means for scottish business. Looking forward to all of the news coming out of scotland in the next 48 hours. Lets get inside for what it means for your money in the market. Manish singh is still with us. The scotland question. I have been putting this question to a lot of people. Independent of the vote we get a change in u. K. Assets . Not really. I would say that what it means, if they go independent, they are going to diversify themselves in scotland if they do it. Theeduces the influence of United Kingdom as a whole in terms of higher debt, higher expenditures for both side of the economy. I dont think it changes the fundamentally. I am bullish on the u. K. Economy. To extend to managers on both side that have a client in england and 10 there, it changes for them. It is a worstcase scenario for scotland. It calls into question about where you want to incorporate your business, thinking they might as for another referendum but they said they would not ask for another one in a lifetime but how many trust the politicians saying that . The fundamental question for the market over the last several weeks is, they vote yes. What does it mean for guilt . I think they are going to rise. You might see a small number of selloffs. I would say that Interest Rates are rising as well. If the gdp ratio increases, which it will given that if scotland does not take part in the debt that the u. K. Holds, will have some impact. I would not be alarmed about it. Time, you will read them. Are you going to pay much attention to them or are you going to wait for the outcome of the vote . Outcome of the vote. I think the case is almost settle that you are not seeing a rate increase this year. Not because of overhang what of what is happening. Scotland, and the data has not been as positive as people thought. If they pushed him next quarter, i would look to see the vote. Im going to get stock specific. Stay with me. Inditex has been profit estimates and the company boosted online sales. Caroline hyde has been pouring over the numbers. Top line . Top line is it is a beach. That is why we saw the shares opened higher at the start of trading. It does seem to be managing to thatt the currency issues it can control its operating cost. Sales up 5 . Rough it be analyst estimates. There were down from the Previous Year but not as bad as they had been thought. Heardason profitability is because the reason you are theging home money from places it traded in, because the euro strengthened the first half of the year, there were getting less bang for the euro. Profit was down on currency abroad but they managed to impress with the fact that they control costs. The margin is currently 57. 6 of sales. This is a company that continues to six band expand a phenomenal amount. They already have 6800 stores. The plan is for another 500. They say they are on track for that. They are increasing in terms of their online presses. They are now in 20 markets online. We are seeing the light of h m having to invest big when it comes online. Inditex, biggest retailer in britain, continues to win out, continues to boost shares even though they are big in china and russia. What are we talking about in russia at the moment . Political instability . In china . Concerns about the economy. They are having to stimulate, 81 billion to stimulate that economy. How is his Company Still managing to expand and improve . It has such an amount of growth in those sorts of countries. It really is very impressive. For the outlook, it is going to get better because the euro is at last weakening. Mario draghi is relieved and retailers will be relieved as well, particularly when they have an International Footprint such as zara. Stock up by. 2 . Lets get a Quick Reaction from manish singh. You hold inditex. You like what youre hearing . I like very much what i am hearing. They have 40 coming from emerging markets and they are expanding and setting up new stores as well. What i like about inditex is that they are the price point. It is higher than i have seen him and that makes a lot of difference. We will talk you later on in the morning about alibaba. Up next on on the move, check out smiths group shares. Down by 4. 7 . We will talk to the man at the top, philip bowman. Will come back to on the move. Smiths Group Earnings came in lower than estimates, and down about 5 . The man at the top, philip bowman, chief executive. Revenue down 5 . Are you disappointed expecting this . The revenue of Constant Currency was flat. It was not a great performance, but two of our businesses are pressured by lack of government spending. That has been a challenge for us. Like a lot of other u. K. Based multinationals, we have an earning around 4 of our earning in sterling. The impact of strength of sterling and its subsequent decline made a significant difference. 45 of revenue in dollars last year. Do you like the chart of sterling belasco of months . Does that help the bottom line or does this work itself out . We have been through a period the past three or four years where Exchange Rates of the major currencies have been stable, and the extent of the swing wester was significant for it what has happened over the drivenuple of years was by the Scottish Referendum was helpful but it needs to be sustained to give us a benefit. Talk about your company. 100 years on the london stock exchange. It started out making wallets and clocks. When you came in 2007, it was a hugely diversified conglomerate. Everyone thought you might break it up. It has not happened. Is it going to happen . Immediately after i came, between the time i accepted the role and turned up, we had the collapse of northern iraq, the e of lehman brothers, the financial crisis and everything slow down. One of the impacts was quantitative easing and mar pension a major issue and we have legacy litigation in the u. S. In terms of us pessimists. In terms of this best this asbestos. If you look at the overall profitability compared with five years ago, we are significantly ahead. Better margins, better return on capital. There is no doubt whereas 10 years ago, a heavy dependence on government for your revenues was a great place to be. The last five years, it is anywhere but where you would want to be. Lets talk about the defense side of the busimness. You have seen heightened jim oh seen heightened geopolitical risk. After a difficult time on the defense side of the business, we are beginning to see signs of stability reemerge. I would not say it is a growth business, but i would not say it is going down as much as before. In terms of the detection business, which provides security equipment to airports, ports, and borders, the opportunities are there but government funding it is the government that generally buys this equipment remains constrained. Used to be the chief executive of scottish power. A scotland question what does it mean for your business . Itfor our business directly, has not a great degree of relevance because we have relatively little exposure in terms of people or revenue in scotland. I think though it is a much bigger issue because whether the yes vote or the no vote prevails, the reality is we will have a time of significant uncertainty and that tends to be bad for business. From that perspective, there is a challenge. I am an australian. I come from a federal system where we have both states and federal government and they Work Together sidebyside really well. My message would really be, that is a pretty good plan. It works in canada. It works in australia. Phillipp lahm and welcome back to on the move errico on the move. Dax up i. 5 . A busy day. England, the Federal Reserve decides later and the stimulus factoring into a higher market area higher market. Even though the rest of the market is green im going with the ache is losers. There were notable moves on the stoxx 600 this morning. Down eight. 5 . You know the one. Hasnt in media and interesting insurance product called rmf one. It has been delayed again. This is why the stock is being smacked this morning. They said they will take 5 Million Pounds of moorcroft for rmf one. This is about measuring your risk. ,f you are a Financial Company they are not pleasing investors. Ig group. You know theyre like. Is the beginning of the summer months, the may and june. We saw sales down 9 . Why . No one was trading. Very quiet. Close tovolatility historic lows. They lost 10 of active clients in australia and 8 in the United Kingdom. Fear, thesecottish referendum worries will help ig group in the second quarter. Meanwhile, ridgemont richemont down 3. 4 . The luxury sector because they have no growth in asia. Clearly concerned about richmont coming through. Very well but not enough to upset sales. These are fivemonth numbers. An odd. As they have their annual general meeting. The three big movers. The equity market is pushing higher. The three headlines. The grapple over scotlands future in the u. K. Enters its final day. Minister makes his final appeal today in an effort to claim a victory in the last 24 hours of the two year campaign. Roseean trop crop sales for the 12th consecutive month for the longest growth stretch on record. Other things help boost sales. Is finally recovering from last years two decade blow low. And ng to a over government official, they will funny funnel the money into the five against banks area and hasnt been announced. Talking to caroline now, airbus fourly delivered its first yesterday but there hasnt been a single new order for the doubledecker jet this year. We w