For the biggest business stories. Hopes of a european Mega Exchange between london and frankfurt are fading fast. The London Stock Exchange says the regulatory hurdles are too high. Nokie hopes to revive its flagging the classic 3310. Well get a hands on preview from the mobile World Congress in barcelona. Welcome to World Business report. Im sally bundock. In a minute, well look at the potential collapse of the merger between the London Stock Exchange and deutsche. But first the clock is ticking, with speculation mounting the uk Prime Minister may trigger article 50 on the countrys departure from the European Union in early march. Since the referendum, there have been Major Concerns in london it could lose its position as europes financial capital. But one of germanys most senior central bankers tells us why he believes the city will retain its crown. At present, britain benefits from so called Passporting Rights which allow uk based banks free access to the European Union. The City O
£1. 6bn last year but does the buying the brand still make a difference . Ill meet a farmer from malawi to find out. In sport, Manchester United snatch victory from southampton in the efl cup final. The 3 2 win sanose mourinho become the first united manager to win a trophy in his first season with the club. And carol has the weather. Good morning. A day of sunshine and showers and be showers will be a sundry with hail and possible sleet and snow. Wherever you worry it will be windy. More details later in the programme. be windy. More details later in the programme. Wherever you are. Are. Good morning. First, our main story. The Oscars Ceremony has ended in confusion, after the wrong film was declared best picture. In a farcical ending, la la land was announced as the winner, before the award eventually went to moonlight. We were here at work. Extraordinary scenes as everybody tried to work it out. Whos at the vanity fair after show party which all the stars attend. There will be only
Sailing into stormy waters. More territorial tension between hanoi and beijing as china launches naval drills. Sovereignty their is being violated. You can follow me on twitter. Dont forget to include the hashtag trending business. China and hong kong markets get underway in 30 minutes time. Singapore, taiwan, and my later have come online. Lets go to david. David we are looking at declines in the early hours of asian trade. It is hard to not figure out what the next catalyst will be that drives equity to the upside. Volume is dry. The u. S. Was closed overnight. The jobs data is coming out. Equity markets, which have enjoyed a fiveday run are having a bit of a blowback right now. The rba trade numbers and retail sales are due out in 30 minute time. Asia looks like this. Down. 33 . These are the mining stocks. Going the opposite way for obvious reading is obvious reasons. Have a look at silver. Have a look at gold. Platinum also. Silver touch 21 yesterday and this is where we are havin
Australia, 1. 95 , a record low. The yields coming down further, market fear driving this lower, according to the senior strategists. It moved back into safety, really more pronounced when you look at the currency markets. If you had to pick dollar or yen, it would be the yen. If you had to pick the dollar and yen against anything else, you would pick both. Past 102 thised morning. What a difference. Before i go, have a look at this, pushing up. We are looking at more weakness in the renminbi. Just a key data point at want to mention. We saw the private survey in services, improvement in june. In other words, more optimists than pessimists. Yvonne david, thank you. Australias trade deficit was that it had expected it may, coming in at 2. 2 billion aud, the equivalent of 1. 7 billion usd. Rba sets the the cash rate later today with no change expected. For more, lets get to paul allen in sydney. Paul, the economists were pretty much unanimous on no cut, but its a different story for augu