Pay out. Trying to head off a potential conflict later this month. A nuclear deal with western powers wont go through unless all sanctions are lifted. He is also calling for an end to all air strikes. Good morning everyone youre watching worldwide exchange. We have a jam packed show for you. We do. Well talk about the fed and fomc minutes although they didnt move the markets that much. We saw stocks between gains and losses. Treasury prices didnt move that much. Overall nothing new. It was a choppy session as you were indiana state kiting. Investors trying to get their head around when the fed will raise rates. Theyre putting a lot on the stronger dollar and seeing those as head winds. Especially if they want inflation up to their target of 2 . That seems to be unlikely in the near term tnchts other big story is the rally on the hang seng in the last couple of trading days. Its higher by 2. 7 currently but weve seen huge moves. Very high volatility there. Brokerage houses including china galaxy securities they held it in hong kong. At one stage in early trade it was higher by more than 6 . Its highest level since january of 2008. Sighting money flows from china as one of the reasons behind todays gain and weve seen these massive ones but the hang seng has always been lagging a little bit and this is what is moving the gains. Youre quite right. All of those reasons are contributing to the melt up we saw today. Extraordinary for the hang seng. We closed just off the highs but you mentioned the catch up with the shanghai yes it has lagged and there was the three daybreak since the market closed thursday and back online. Theres a lot of money being deployed to scoop up attractive asset there is in hong kong. The stocks at a 20 to 98 discount depending on what stock you look at. Its starting to narrow. Incredible turnover today. Record turnover in fact. It surpassed what we saw in 2007. Here in lies the risk. 2007 was the height of the china equity bubble. Is there a bubble thats going to pop in hong kong equities . We dont know but the chairman at the Hong Kong Stock Exchange warned that investors should tread carefully. We look as though were at bubble like proportions although valuations are still quite attractive. Especially for Mainland China equities that are not fully valued yet according to some. Lets wait and see. It will be a big test because we get indicators coming out of the mainland. Back to you. This is a big move in the hang seng index. Is this mostly retail participation driving stocks higher . Thats a big mystery. Thats what im trying to fathom out myself. Its a lot of mutual funds in the markets. Some believe its a lot of Retail Investment coming out of china. Also theres foreign institutions at work in this market since it has opened up. Its been an open market for quite sometime now as is the hong kong stock quite broadly. Still trying to get an angle on that. If its hot money in flows going into this market they could leave as quickly and that ally is the risk i think. Thank you so much for that report. Up 2. 7 . Lets also switch our attention to oil because were getting flashes from the Iranian Oil Minister that says they see china as a longterm partner in the oil industry and crude markets are still oversupplied. We have been seeing a lot of volatility over the past couple of days. Yesterday oil prices dipped by around 6 on concerns over a build in inventory in the u. S. Today the oil prices are moving higher. Wti crude at 51. 17. Up about 1. 5 . Brent crude at 56. 38. A gain of 1. 5 but the Iranian Oil Minister says crude markets are still oversupplied. We are one hour 15 into the trading session. Inching higher by a third of 1 . Were seeing auto stocks leading the charge today. We have strong data in terms of car registrations spreading as well. Also we are seeing the dax high by a third of 1 . Exports came in better than expected. Quite a bit of a rebound from the start of the year. Higher by 1. 5 . The ftse 100 higher by a similar one. Also want to show you the currency markets. The dollar getting a lift from the fomc minutes yesterday but also we had two fed president s speak about the possibility of a june rate hike so a lot of focus on the data points on the macro side euro dollar really range bound. Also eyes on the pound sterling. Its lower against the u. S. Dollar. No move expected on rates. What a move in yesterdays trading session. We saw a 7 drop almost for the price of crude and this is after we got the eia data showing that the stock build had been the highest in about 14 years and thats why we saw the biggest drop in two months for crude prices. Were seeing a little bit of buying back this morning, higher by 1. 4 . Brent crude also inching back up by 1. 5 . We are continuing to keep an eye on the story out of greece. We saw greece present their reforms list. Now were learning from a local newspaper that the euro zone deputy finance minister is giving them a six day deadline to revise their forms. Theyre giving greece six days to revise their reform list. Now speaking of greece reuters is reporting greece will pay the 450 million euro loan installment to the imf later today. This after the russian president confirmed greek Prime Minister did not ask moscow for Financial Aid during talks yesterday despite this, the leaders had discussed cooperation and confirmed russia could provide greece credits for large joint projects in the future. We talked about the option of creating joint enterprises. It wont do any harm to russian agriculture producers because they will be involved in this process but most importantly the best way is to stop this war of sanctions and Counter Measures from our side. Lets kick things off with greece. Its repaying the 450 Million Euros to the imf today. It has massive repayments. 9 billion euros. If no help is forth coming how will they manage to do that . Theres a deal in the coming months. We have been focussing a lot on the imf payment. Nobody knows the greek public finances at the moment. The next payment is in may. We need to see progress at the next euro group meeting. At this point consensus is a greek exist is a lot probability event but the question is are investors miscalculating grexit . It would be a new event which we havent really seen and it will open a lot of issues which were not completely understanding but theres so much to lose for both parties to not reach an agreement which is why most people have a baseline of some form of agreement. Remember what were discussing now is the extension of four months but what is behind is that greece needs a new package. A new bailout or follow up agreement whatever you want to call it. What probabilities do you assign to the possibility of a deal. Not just a match up but a sustainable one. We only put 10 . We put a high probability for kicking the can down the road which is basically an on going continuation of this drama or tragedy whatever you want to call it. But this could lead into something more sustainable. Youre going to stick around for the next 20 minutes. Well talk about germany as well coming up in a little bit. The senior european economist. Coming up on the show its nearly time for tee off at the 2015 masters but what does nikes latest brand say about tiger woods . We break down which players are most successful in putting a profit. Plus investors are not impressed with the sudden management shake up. Details coming up. Plus more women are climbing the corporate ladder but are firms doing enough to keep them there . We talk with helen, ceo of Newton Investment management in the next hour. Welcome back. Earnings beat forecasts but revenues fell shy of estimates. Most of the growth over the past year came from new businesses such as aluminum products for the auto and aerospace sectors. We revised our demand number for 2014 when we saw the numbers come out. We saw demand growth for aluminum of 9 in the hast year and we believe this demand growth is going to continue. We think that the growth is going to be another 6. 5 . That gives you an indication not only about the attractiveness of the end markets but also what how aluminum and others are covering this. Shares fell about 3 after the Company Reported a miss in revenue. Trading down by around 2 . Now lets switch over and get a check on shares of b. G. Group and shell after that me kba merger was announced yesterday. They upgraded this morning to hold from sell on the back of that deal. Bg down just fractionally on the day. Royal dutch shell trading flat. Lets take a look at the other top stocks moving in europe. Shares are getting a boost after eric oleson was appointed ceo of the company. The longterm executive that serves as executive Vice President at the company is set to take his post after its completed shy of just one or 2 . I did catch up with the cio of the Third Largest shareholder and he was the one initially opposed to the choice of the ceo and i asked whether the new co should come from cemented history. Not necessarily. It needs to be someone skilled at integrated businesses. The beauty of this deal is youre able to get better operating leverage out of your fixed asset base. The problem is too much capacity and driving down returns on those assets and what you need is someone that could go through the asset base and make sure that the most efficient assets are used. The best people are chosen to run those assets in a nonpolitical fashion as possible. So you need an intergrater and operator. That new choice. Moving on vivendi mixed a deal with a u. S. Hedge fund to increase payouts to investors heading off a conflict later this month. Theyll increase total shareholder returns to 7. 3 billion euros from 6. 8 billion. Shares high about 1. 4 . Last but not least u. S. Network equipment maker has recommended a bit of 3 billion swedish pounds. Shares rallying. The deal would boost the position in the long haul optical transport market. European car makers trading higher this morning lifting overall markets after data showed double digit growth for auto sales in spain, italy and portugal. Bmw higher by 1. 2 but fiat doing well by two. Senior injury penne economist and we have been seeing a rebound in auto sales over the last couple of months driven by the weaker euro but is this cyclical recovery sustainable . Thats a big question. Well for the Auto Industry of course the cheaper euro will help an awful lot. At the same time we have to remember that auto sectors tends to have a cyclical pattern and in europe thats due and will last for sometime. When it comes to recovery in europe we are seeing a very very strong upturn this spring but it will probably last for this year and in the medium material we are much more concerned that the longterm problems of europe have not been solved and we would see a return to fairly low points higher ten shl growth rates in europe. What do you think is the driving factor here . Theres a lot of positive factors being kitecited. Not to mention Lower Oil Prices. Yes. I think the labor market for us is key. A key factor for germany, why its doing so well and of course we have had a very good constellation of policies including the oil price. The qe programs. Theres no more fiscal austerity and germany is the country that stands to benefit the most so you can understand it. Theres always the concern that germany is too heavily relied on the export sector but even if they were to slow once again as we have seen at the start of the year that wouldnt be so bad because current accounts are what 8 of gdp . The rest of the world would be quite happy with the slow down. Thats clear and everyone has been calling for germany to be more reliant on domestic demand. I think what we do up until 2019 and throughout that period we see the strength coming from the domestic side in germany so its really consumption and its interestingly investment is following so when there is demand investment is actually coming back. People Holding Shares in germany that percentage is very small compared to the u. K. Or u. S. For example. So that means even though were seeing record high after record high for the germany equity markets, the germans are not benefitting from that. Theyre not seeing the same level of wealth effect that u. S. Investors or u. K. Investors would be seeing. Thats one of the reasons they feel a qe program will be less effective in the u. S. Or u. K. I dont think anyone thinks that the wealth effect will be massive but what is interesting already is to see that it seems to boost a bit better confidence when you see markets coming out. Lets talk about inflation because you say inflation should rise by 0. 4 . It is expected to stay broadly stable. Whats the driving factor . Is it just Lower Oil Prices . Its consumption. Oil prices will have an effect in the shortterm over one year but after that were seeing a bit higher wage growth and that will push the companies to also try to recooperate that by high prices. All right. Were going to leave it there. Thank you for joining us here on worldwide exchange. Moving on the french broadcaster says its been hit by a cyberattack that knocked out 11 Television Channels and its website. Frances Foreign Affairs minister says its an attack on a new scale. He tweeted that everything was being done to find the people behind the cyberattack and punish them. Lets talk tech. Samsung releases its latest rival to the iphone. The galaxy s6 tomorrow. They expect the new device to break shipping records following a string of positive reviews. The smartphone will go on sale in 20 countries with samsung hoping it will kick start a turnaround in earnings. Of course we have been talking about this all week. A lot of focus, excitement around the samsung s6. The question is will it do well . Will it be a game changer . Samsung has been losing market share to the likes of apple as well as chinese players over the past couple of months. Margins are very important here because their margins, they have dropped quite considerably compared to the haydays a couple of years ago. There were 15 back then and now they dropped quite a bit. Theres some analysts out there pretty optimistic that we can get those margins back up but it all depends on the attractiveness of the s6 edge. It has the big screen. Shouldnt be any screen envy should there . Had a big screen and also a curved screen. That will be interesting to see. Its the first curved screen to entder the market. Will it be enough to spur demand. Do you need a curved screen . Its so fun. What are you going to use it for . You will probably be able to see ticker symbols on it. Maybe the weather. Apparently if you turn it around and you want to see who is calling theres a color that shows you. If youre calling me it will be red. If my boss calls it will be blue. Is that good or bad. Ill know not to answer. Just kidding. The reviews are in for the apple watch ahead of the much anticipated presale release tomorrow. Analysts verdicts are are mixed with many reviews citing the large number of notifications as a problem. Others such as the New York Times and Jeffrey Fowler from the wall street journal say they have fallen in love with the apple watch. Apple stock was downgraded from a hold to a buy ahead of the device going on sale. Now the New York Times piece said theres very very steep learning curve attached to wearing the iwatch. Its not for everyone. Its really just for the geeks, the tech guys among us. Whereon. I think there is a learning curve associated to every apple product launched. People were hesitant about whether this computer tablet would be used but look at the type of sales they have seen since then. They established this new product category and since then weve seen the likes of amazon microsoft, blackberry all attempt to gain market share in this space but apple leading the charge there. Irs phone 2 it iphone 2 was very different than what was out there at the time. A lot of interest in the iphone. Record sales. And as the tech analyst, he has written and thats quoted in the New York Times piece too. The iwatch that would serve as a general purpose Remote Control for the real world. Its not really going to be a watch. This is an extension of everything we do with our iphones and the ipads anyway and you could apparently open the hotel door. You can call an uber you can do a lot with the iwatch the watch excuse me. You can preorder the watch and they are having an event. Strategic location. Theyre picking a high end retailer to launch their watch. Of course kind of their attempt to play a bigger role in the luxury market. So well see what demand is like. Well be there live. Its very expensive still. 350 is the cheapest one and it can go up to. 10,000 pounds. 10,000 pounds. 17,000 dollars. Wow. Apple at 125. 60. Well continue to talk tech but still to come on the show the indian Prime Minister lands in paris for his maiden European Visit as his government gets a boost from ratings agencyiesagencies. Find out more after this break. Chinese investors pour money across the poorder with brokerage stocks leading the way. European markets push higher after a strong batch of data boosts sentiment. German exports and imports beat expectations while auto sales confirm the recovery is in intact. Vivendi increases shareholder payouts. The french immediate dwra groupmedia group trying to fend off a conflict. A deal with western powers wont go through unless all are lifted. Theyre also calling for an end to air strikes. Lets get a look at asian markets because were seeing big moves there. The hang seng index hitting a 7 year high. The nikkei above the 20,000 mark. The mostly dovish minutes from the latest Federal Reserve helped them overcome the prices. Up 707 points. The nikkei up by three quarters of a percent just below the 20,000 mark. What are we seeing in europe on this thursday morning . Were higher across the board. Despite the mega merger being announced yesterday we did see the ftse 100 end the day lower but right now up by around. 4 . The german index we got a rebound in auto sales by 1. 1 . France and italy trading in positive territory. Oil clawing back some of yesterdays losses. We saw that 7 plunge for the price of crude. 56. 67. Another huge build in invento