With the dollar and the euro. It could be interesting positioning and worth talking about. Bullish bets 18 of the major commodities on the bloomberg index. Dropped by 35 . Bullish bet by 35 on the commodities. Lets check in. Nymex down. So much a Storage Space and you run out especially in oklahoma. Storage tanks flowing and almost white the rate in norm at almost twice the rate it normally does. Krugman is down 1 . Crude is down 1 . Brent is down. Gold traders run away at a pretty fast pace. Reduce on the gold market. Gold in a little bit of a bind nymex and brent trading lower. Premier keqiangs comments about getting involved in the chinese market. Black rock saying dont be cruel. Get ready for an 8 drop as a the 70 level according to black rock. The dollar is down by 0. 4 . Taking a breather. Wait to see if janet yellen and the fomc is prepared to remove the word patient. Dollar strength, 2 beige book reports so far this year. Dollar strength was mentioned six times. Youre not seen that number of references to strong dollar in almost 15 years. He said does have international. Jenna that bank it is fed week in europe. Jonathan it is fed week in europe. Qe working. Qe apparently will not work for your or at least not for greece. That is the message from the finance minister yanis varoufakis. The country continues to wrangle with creditors as a pays down another charge of debt to the imf today. Hans nichols has the details. Hans good morning. Mr. Varoufakis things quantitative easing is giving us nothing but an equitable and it could be unsustainable. Varoufakis contrast mr. s comments contrast mr. Varoufakiss comments a he wants an investment led were covered in what he likes to call the merkel plan. Contrast what he was saying with what mr. Pier carlo padoan was saying. He talked about the importance of quantitative easing and what it is doing to drive down the euro and greater strength in exports. On greeces ability to pay debt, mr. Pier carlo padoan seemed to be suggesting there could be bumps down the road. Pier carlo padoan im fully confident the solution will be found. The greek government has Popular Support which in some stage may clash with requests from europe. I am confident a compromise will be found in the interest of both. Hans greece has a payment due today. 588 million euros. On friday another 350 million two. They need to roll over about 1. 5 billion euros in shortterm debt. That could be the biggest question. Who will buy the debt . Will the ecb put pressure on them not to stop up . Mr. Varoufakis speaking to german broadcaster, in an interview aired last night and he referred to greeces liquidity problem as insignificant and they would not have a problem meeting their shortterm obligations. We have big payments are due and they get bigger as the mother goes on. Jonathan big redemptions. Hans nichols from berlin. Thank you very much. Equity bulls on sustainable seems to be the word from yanis varoufakis. Portugal has surged around 20 . Is it sustainable . Lets give the question to joseph. He has overseen 1. 5 billion. The majority of the exposure in Southern Europe. Great to have you with you. The dax surgeon. Not unsustainable. You did have longer to go. Why . Joseph i do not think it is sustainable at all. We are in the first inning. Probably a long bull market. You have a fantastic cocktail of good news and that incredibly positive for continental europe. You have the euro that has gone down from 140 and that is very good news particularly for Southern Europe and the German Economy is more set for a stronger currency and qe and that is a very powerful cocktail of good news for this market. Jonathan how short are the tailwinds . How shortlived are the facts . Joseph oughourlian it it depends how long the prices will stay where they are. It looks like the crisis will stay low or at least not rebound greatly in the coming months judging from the supply out of the u. S. The euro, i guess everyone is to bearish on the euro. I do not see it rebounding strongly with all of the qe. I think you see the effects will be gradual this year and next year. It will have an effect on gdp and even greater effect on companies earnings. This is the first time in five years that continental european earnings are going to rise in perhaps double digits. Jonathan whiffs in a big move in and we have seen a big move and some of these markets. Is it buy the dibs . Joseph oughourlian i think the playbook isnt the united states. What is happening in europe is probably going to be shorter. I think the playbook is the united states. Reaction stronger, more powerful than announced by the fed. Undervaluation of european and people say the playbook. They have seen it play out in the u. S. Jonathan i want to talk by italy. The ftse has been on an incredible run. You have been in this country since 1998. You have seen growth flatlined. Why is that going to change in italy anytime soon . Joseph oughourlian the performance of the other Italian Economy has been nothing short of again, the same sort of cocktail of news and positive macro developments which are greatly helping the Italian Economy. Youre probably the best Italian Government we have had in a generation. For 20 years, the government was doing nothing for the economy. Making no performance. The renzi government has implemented and voted in a number of key reforms. No one is getting any credit for it. Jonathan when the do i see it have a Business Impact . When i go, i see every branch in every town and talking about consolidation. When is it going to start to have an impact . Joseph oughourlian you are right. Reforms take a bit of time in macro. It doesnt wait for the effects to play is self out. And consolidation of Banking Sector, an important point. They desperately need to consolidate. A major credit crunch, qe will not work out currently unless the Banking Sector is back in place and can start lending. Jonathan you are hopeful they will do it . Joseph oughourlian i think so. I think they will do it in the coming months. The effect of qe is incredibly powerful. The lowest it has ever been. The incentive for banks is quite strong to start lending again. Jonathan stay with us. After the break, we will talk about political risk. London house prices. We take a look if the upcoming vote has investors spooked. The ftse 100 is a little higher. You have big moves and standard life. We talk about that after the break. Jonathan good morning. Jonathan ferro i am. I am Jonathan Ferro. Some stock movers. H m shares up after it beat estimates. 15 higher in local currency. Holcim in focus. They said they are willing to revisit they point out no other aspects of the deal will be reconsidered. The stocks of each on the Perspective Companies trading lower. Standard life reports it may raise its stake in indian partners to 90 . It is trading lower by 16 . You may have heard this years europe election is the most uncertain in generations. A labor government needs to get in bed with s p . This weekend, he offered to support the tories if they hold a referendum on britains membership in the eu. What does it mean for anybody investing in the u. K. . Lets give that to joseph oughourlian. Given the political situation in Southern Europe that is where you are invested. Are you worried about here in the u. K. . Joseph oughourlian everybody is worried about Southern European politics and i would be more word by u. K. Politics. Not because it looks more if but because people are not paying that much attention. I cannot see a positive scenario. Jonathan how do you invest around that . How does it play out . Is it a sterling story . Not clear to me how it plays out. Joseph oughourlian sterling is the obvious short, if you will. I would stay on equities and financials. We do not know who is going to win those elections. The Eu Referendum could create a lot of uncertainty in markets and out right labor victory with smp would be devastating for u. K. Financials. Jonathan if you look at the referenda we could have that is if he has enough seats to make that power play. On the continent, you are experienced a enough, are they worried about london . Joseph oughourlian they are to some extent. Not a big headline grabbing news. People in the government are worried if the u. K. Leaves, it is not good news for the eu in general. Jonathan i want to bring the conversation to the eurozone. Democracy was apparently the risk for this year. Has the message been to syriza it doesnt mean you will get much from us . Joseph oughourlian the way greece will be dealt with will be key and the message that will be sent to the greek will be very important in terms of credibility. I think if the greeks were to exit, the Monetary Union and they were faced with the consequences of that, it would be dramatic for the Greek Economy but not a bad day for the rest of europe. It would show that you have to abide by the rules and you cannot promise anything to your people. And it would send a strong message to the parties in italy and spain and in france. Instead of saying, we can beat the euro and we will be better. Jonathan it would take a strong message and a lot of guts to make it happen. I was told last week the consequences would be great. Is greece left the eurozone could we think there will be no contagion . Joseph oughourlian i do not think there will be any contagion at all. If you look at Southern Europe despite the greek crisis despite all of the headlines and despite a widening it has been resistant. The markets are saying, we do not care about greece anymore. That is the problem the greek government is having. The whole case was if we leave there will be contagion. But there will not be. Jonathan was you are saying is issue not be any credit risk . Joseph oughourlian ecb is so powerful that [indiscernible] any credit risk from the spread. I do not think the bonds are particularly attractive. Jonathan Amber Capital founder, joseph oughourlian. He is invested in years making big gains. We will bring you the budget in full on wednesday. A special Daily Program looking as a key issues and the runup of the election. That is weekdays 11 00 a. M. U. K. Time starting this wednesday. We speak to a car parts manufacturer behind the land rover. We check out the stop. It is up by over 35 . We will speak to the ceo of vael\leo after the break. Jonathan good morning and welcome back to on the move. We have seen the impact of equity markets. Valeo the october parts maker october parts maker. Plenty of cars around half of its revenue comes from europe and the company is growing. Joining us is the companys ceo. Jack, great to have you with us. It is easy to make a trade in europe. You lose conviction. It gets done. For business, you build a factory a you have made a commitment. Are you positive about the real economy . Jack we have customers everywhere in the world. We have plans in europe for china and the American Market and we are committed to europe to grow as long as our market is growing. Our market is growing but not as fast as in the u. S. To stop the Global Market will grow more with gdp. We are growing much faster because our innovation allows us to grow much faster. If you take an example here, we are round 9 in europe. The difference is all of the innovation well brought into the european market. We are committed to the european market. We are breaking a lot of innovation. Jonathan we will talk about products in all moment. In terms of diversification, a weaker euro does it make much of a difference to your company . Jacques aschenbroich not much. As i told you, intercontinental products a protection for us. When the euro is strong [indiscernible] now it is weaker. Jonathan take advantage of the funding conditions . Jacques aschenbroich of course where to make an acquisition. We are committed to the growth. We are not excluding acquisition. Our growth is around 8 , 9 a year. What we will say later today, we think we are the technology to keep on growing at 8 a year which is a long growth jonathan is that what you are excited about, the technology . Jacques aschenbroich where we are in with fuel, where we are investing a lot. And driving, a combination of the car and driving and a human machine interface. Drivers has to get used to the car being driven by its self. Has to be comfortable with a car moving by itself. Not here in london, but going to show business how far the driver can get in a driven car. Jonathan in terms of the stop the stock is up 35 . I know you have diversified. Is this a move about qe in the ecb or reflected of the fundamentals of your company . Jacques aschenbroich the fundamentals of the company. As we have looked as it has moved over the years, it has been 35 . And our longterm prospects because it increased last year and as much as our investors are having real confidence in our growth story. Jonathan they are confident. I am sure Jacques Aschenbroich is confident, the ceo and chairman of valeo. We will talk russia. Where is putin . Speculation about Vladimir Putin amounts, he is set to make an appearance. More about that after the break. Jonathan good morning and welcome back to on the move to 30 minutes into your trading day. It a picture of the markets in europe. The ftse 100 up 0. 3 . The dax up by 87 points. The stoxx 600 at the highest level since july 2007. The moves in crude and eurodollar worth speaking about as well. Eurodollar touching a 12year low overnight. Shanghai hitting an august 2009 hi. Premier li said he is ready to act. There is the move in nymex. There you see the move in the shanghai overnight. Eurodollar comes back by 0. 4 . A stronger euro this morning. Mark barton over at the touchscreen. Holes in ones to change the terms of its deal with lafarge. Lafarge, the french company, has said today it is willing to consider revising the Share Exchange rates in that deal. Holci is prompting some investorsm to say that the Swiss Company should call for a bigger stake in the new entity. Both shares lower. Lafarge is performing worse, down by 4 . H m, you know the company. The number two clothing retailer in europe. Shares up by 2 . February sales increased 15 . We were anticipating a gain of 12. 6 . The shares hit a record 365 Swedish Krona. That was on march 2. We are not far from there. About 16 Swedish Krona shy. Siemens, shares of by 1. 5 . The german industrial giant signed a 10 billion euro deal with memorandum for understanding with egypt to help expand its electricity network. Those deals were signed at an economic conference over the weekend in a resort. That resort conference boosting investment to help revive the economy. Lafarge lower, h m up. Jonathan mark barton, thank you very much. A busy week for all things russia. Today, eu Foreign Ministers meet to discuss that fragile truce in ukraine. This wednesday marks the First Anniversary of the annexation of crimea. The world has one question. Where is putin . The russian president has not been seen since march 5. The internet a lot with speculation and rumor. If you believe any of that, the russian president has either been overthrown, has been with a lover, or has been struck down with a bout of flu. Joining us to break through the noise is leonid. Great to have you with us. Where is putin and what is the significance of the fact that he hasnt been seen since march 5 . Guest nobody really knows where he is. He is supposed to resurface today in st. Petersburg. The president of kurdistan has flown there. I expect putin to show up. Hes not likely to stand of the president of kurdistan especially their. Where hes been for the last 10 days is a mystery. You pick the rumors that you want to believe. I guess the issue is, everybody gets worried when putin goes missing for a day or two, which means hes basically concentrated all the power in russia in his hands which is not a nice arrangement. Jonathan do you really think that is the significance of this . Is this just a western media hype story or something really being felt on the streets of moscow . Leonid well most ordinary russians are not really worried about putin. The journalists and the political establishment are in turmoil. It is very uncomfortable not to see him every day as people have gotten used to. He hasnt been gone for so long from public view since 2003. This is an unusually long absence. For people who care about you know, how russia is run about the political side of things they are a bit worried. Jonathan just to wrap things up, youve got eu Foreign Ministers meeting today. Where are we in terms of the relationship with the eu, the u. S. , with russia . Are things set to get worse before they get better . Leonid well, right now, the truce in ukraine is pretty much holding. Theres been more achieved then after the first truce was agreed in september. There has been a pullback of heavy your very of heavy weaponry from both sides. There are hopeful signs. Actually, i think things are getting better. We are still pretty far off from the lifting of sanctions against russia, because basically, you know besides need to see the true successful. Im pretty optimistic that so far it has been Holding Better than the previous ceasefire. Jonathan thank you very much for joining us this morning. Lets keep the conversation on russia. Our next guest thinks the russian ruble could be one of the few currencies to hold up against the u. S. Dollar this morning, this year rather. Tom leviton joins us chief rate strategist at spur bank joining us from moscow. Bullish on the ruble. What is the logic behind that . Tom i think being bullish on the ruble may be stretching it. What we are trying to say is that with a bounce in the u. S. Dollar through the course of this year, it is going to take a strong local story to see a local currency hold up against that strengthening u. S. Dollar. The russian ruble, i wouldnt say it is a strong domestic story. What i would say is that