This is the most exposed economy. The slowdown, as we know, is all currency. Guy a proxy on the dollar taking a hammering of late. Helping out the gdp story slowdown, this is happening another story. You wonder what it would be like. But the aussie dollar versus the u. S. Dollar. We hit that down here, a fairly significant moment there. We popped up above the line now. But nevertheless, weakness continuing to be the scene. Running through the currency, i want to show you what happened. You talked about the late turnaround in shanghai yesterday. Stocks around the world got absolutely hammered. Today, we are bouncing back. Positive a much more session, this is the dow jones and the s p 500. They will open up a little bit stronger on the dow average, 1. 4 . We will understand the european session in a bit. The what is historically worst month of the year for trading. September is the worst month. And we saw those markets down more than 2 nearly 3 at some stages. Technology, oil, banks all of those maple sectors falling. Picking up on the weakness in china news, we will talk later the program how they are saying structural changes, the cut down on giftgiving by the chinese authorities. Guy and we will talk about abs olut vodka. A little early for a bloody is behind that. He will join us at a 30 a. M. U. K. Time to talk about a business. Anna we will see him later again. And we will hear from the oil minister from iran. We have conversations, and it seems they want their market share back. That could make difficult lives for opec. Guy i later around for shanghai. What else is going on . Lets go to juliet to find out. Juliet guy, things have been turning around. We saw the shanghai composite open at 5 . Two hours 1 , still for the military commemoration. Funding can stabilize this market, china wanting to put its best face on for these events. We are seeing the turnarounds in hong kong, as well. The index now up half of 1 . The enterprise index, those would be the mainland shares owned by foreign investors, they hit a 17month low. South korea also high, japan has been a standup today. We have comments coming through the japanese economy minister saying this is not what we saw in 1997 or in 2008, when Lehman Brothers collapsed. There has been positivity coming through, particularly some of the healthcare stocks coming back in japan today, as well. Australia looking better than it was earlier in the session, we are still seeing weakness from the commodity price. And of course the gdp figure as you mentioned, this is when the number came through. We saw that dip below 70 for the first time in six years. Previous just before the market opened, it could be resistance. Sent u. S. That 70 level, and the aussie dollar is higher in the afternoon session. But we will be watching what happens in china very closely in the last couple of hours of trade. Ahead of that twoday holiday. Anna juliet there in hong kong. Lets focus on austria. The economy expanded last quarter and only have to paste that was forecasted. They show a meager 0. 2 growth popped up why government and Household Spending. While they saw a slowdown on exports. Paul allen is in sydney, he has more on the data. Paul, we heard that the china story was disappointing. How disappointing are the results . Paul they were very disappointing. Afterwards,r spoke and he did his best to put a positive spin on it. It is difficult to do so. T2 is half of the wha market was exciting. Back in 2011 was the first time quarter ofeported a contraction. This is the weakest quarter since then. And it gives as an annualized figure of 2 . This was in the bank of australias range of expectation. But they were accused of a pessimistic government. Is definitely a commodity story you are seeing there, both in price and volume. We saw that foreshadowed with the account blowout to 19 billion. As you say, it couldve been a lot worse. Publicsector consumption was up, milley thanks to the government ordering. Speaking,ard joe putting a brave face on it. Saying we are not in a recession like the canadian. That seem to be the silver lining. Can australia get around the problem, that is this weakening demand from china. Drew went on to say he thinks australia is wellpositioned to deal with any weakness in china. And again, he is taking a very careful approach. But he is not legally wrong, either. Thes true that most of exports go to china. And the price of oil has been coming off heavily. But in the meantime, joe said the growth of the Service Industry has been encouraging. It was worth 60 billion at the end of 2014, and has now outstripped iron ore as an export in terms of value. And as the Australian Dollar falls, other sectors such as tourism and education pickup. So joe not completely wrong when he talks about the optimism. But in the context of todays disappointing figures, it does look a lot like spend there. Guy thank you very much, andy. Paul allen joining us from sydney. Belowthe oil rig as did 45 a barrel. But that has not derailed irans plan. Elliott has more. Good morning to you. In the exclusive interview, the oil minister talked about an Million Barrels a day. Elliott that is right. He wants to boost oil production, no matter what the cost is. He feels that the Oil Market Share was stolen away by the sanctions that it has been under for the past two years. And once in market share back. And once it back fast. We are planning to increase production to half a Million Barrels a day. After four months, we plan to increase it another half a Million Barrels. Out at iran is pumping Million Barrels a day. If you do the math, that makes 3. 9 billion barrels. Quotame context, opecs for the cartel is 30 million a day. It is pumping above that, and there are concerns that any additional production coming from iran would put further downward pressure on prices. Guy we saw these comments that opec wants to have talks to generate a fair price for the price of oil. It would be interesting to see how far that goes. How much of that is internal or external. Wanted iran have to say about the subject . Elliott the oil minister responding to some speculation that drove that biggest threeday rally in 25 years in prices. Speculation that opec would begin to cooperate with nonmember cartel. To coordinating with others. But they will not be dictated to. And they will not wait for others to make a move on oil prices. Whether they decide to cut or otherwise. And iran as we say was already pumping out 2. 9 Million Barrels a day. The output is increasing at a faster pace, and as soon as those sanctions are lifted and the signs from the u. S. Congress seem to be that it is headed in that direction, then the plan to ramp up production will happen as fast as possible. Guy thank you very much. Joining us from tel aviv. Anna coming up, the rocket launch from kazakhstan is headed to the International Space station. On board are a threeman crew and 20 lego figures. More on that later in the show. Guy we will talk china and tough times in the u. S. Market with a chief financial officer. Joining us later on. Gets a newxt, google look. We will show you the search giants new logo and why they feel they need a facelift. Guy that is a twitter question. Should google be rebranding . Let us know what you think. Join us on twitter. We will see you in a moment. guyjohnsontv and annaedwardsnews. Guy it is 6 14 in london. These are the stories you need to know this morning. Grew australias economy at have to pay forecasted. It marked a slowdown for the first three months, when gdp extended by 0. 9 . A slowdown in exports to keep trading partner china weighed on australias economy. The governments Household Spending is helping to keep the number above zero. Barrel, theow the government fought out today, and the biggest independent oil player says it will remain below 40 for the next year. Tesco is said to be nearing an agreement to sell its south korean unit four 6 billion, including debt. A group led by certain partners one exclusive rights, that is according to people with knowledge of the deal. It is koreas Largest Overseas market and more than 6 million customers a week. In terms of market updates, we also see the Asian Session turning around. Shanghai is beginning to fade. Anna just as a look that the markets woodhead towards positive territory, they tended to do that. Guy there has been speculation that maybe some involvement by authorities in forcing that. Anna we are heading to parades marking the end of world war ii, and that has led that speculation. Just as things are positive, we see the shanghai composite down. Things are a little choppy again. Decided to alter its iconic logo. Why is doing this, lets find out. Caroline hyde is here with more. Give us a history, why theyre doing this. Caroline this is the biggest change since 1999, when it cleaned up the logo. The 14 colors. Sayingt that is actually is the color of the same. But what is changing is the font, it is sands serif. To keep the font size simpler, they can be there for scaleddown to smaller sizes. Bandwidther connection. It can save and fit on your smart watch, mobile device, theyre changing to adapt. Not only as a search engine, but all of the progress. Byebye the little icon, hello capital g in colors. That is something that can ring through the various apps and products that they give us, as ittle colorful dots that move around. That is maybe showing you how to use google, even if you are using a colorful work phone. They want you to use it when youre typing, but also when you are speaking. The reason they are changing is to make it easier to use, lower bandwidth when they ask for broadband in india. It is growing nationally, but scaling down to smaller devices. Anna how do they get to this . Caroline i am told a lot of money. Hundreds of people involved, as well. They call it a sprint tech jargon for very intense work. They kicked off earlier in new york, the brought in hundreds of designers to start capitalizing this sort of change. It was a weeklong sprint they say. Interestingly, a came just after their major restructuring as a corporation. Member, they now have a Parent Company out of it. The new logo is rather similar to out for that. So you are making a Parent Company, and one that we will interact with on a daily races, far more intimate and seamless. And i think generally this is going to be what hundreds of as not theiree first change in 17 years, serving other last. It is her most major change since 1999. The new way you are using google, all of the various apps and devices, and being able to used in lower bandwidth. Guy leaders of europes tops banks are gathering in frankfurt for the banks in transition conference. The event which will last for a couple of days will focus on changes within the banking industry. There have been plenty. Hans nichols is here to runs us through. Well, guy, banks in transition would be one way to translate. There is a sense of great transition, how they make the bridge to digitization, sort of figuring out what what to do with regulated. The german finance minister has written introductory remarks welcoming everyone here. All of these bankers coming from holiday, here is what theyre learning, he is talking about greater integration with the n. Rket unio is talking about concerns with shadow banking, which he says is a force of the overall system. He is warning of old risk, we know what they are. High debt payments, but we are talking about new risks millie the effects and what will happen with this low Interest Rate environment. What that will do to bank profitability. There is a great deal of queasiness. Your about Angela Merkel talk about there was no guarantee to the industrial engine of germany would make the transition if they do not have a strong digital component. The digitization is a key component here. We have some great interviews coming up. It is a full schedule speaking your. We will have the outgoing coo of deutsche bank, how they made the transition. They talk the conversation here. We also have axl weber. He will be speaking with mr. And what youre really saying here is a partnership. You are seeing a lot of the regulators, at least a lot of the officials from the government, try to ease the transition for banks. Keeping them competitive but also keeping them solvent. Guy, i know this looks like a boring conference from behind me. It will be full with german bankers back from holiday discussing what is next. Discussing how they will return to profitability and help the German Economy grow for the rest of this year and next year, and figuring out china. Guy great stuff, thank you very much. Look forward to it. Hans nichols joining us in frankfurt. Anna i think he is talking himself. Not that he wears makeup, of course. We are in a week when central banking is the focus. Our next guest seems to think that the dollar will continue. Good morning, hans. Lets talk about your view on the dollar. You think that the bull market is not yet done. We are presenting this mid2012 should be some in like 50 . And so we have already more than aboutt is not undervaluation as it used to be. It is now about return differentials. Capacity, youhis have too much debt and emerging markets. That culmination is going to lead to a deleveraging in that place. Firmou have relative expectations on returns in the United States and in core economies. This return divergence is going to leave the capital showing. Outflowss the capital out of the emerging markets, but you have the question from where does the inflow come 10 years ago . That came out of dollars. So the repopulation into the dollar is alive and kicking. And i think that will continue. Now there will be of course traders in the trend. And that means within the uptrend here, cups and down. You have to think about what will happen the next few days. We have two key events, number one we have the European Central bank. Number two is the payroll reform. I think the European Central bank will consider what is happening to the euro. But does not, i can predict that under those circumstances a goes on autopilot. It moves higher because of commercial demand, which is quite strong because of the trade surplus in the current economy. Purposes,nding emerging markets our problematic. On the payroll report from friday, i think it will be positive for risk. If you look to the payroll report as increasing the risk,hood of the negative and next year the central bank would not have exited with a decisive voice trying to reduce. Under those circumstances, here at dollar could go up. That actually means you need to diverge between the commodity blocks. It was below 70, and there is ies that could be supported. Guy this is a correlation between the dollar and the eu Interest Rate. You have been alluding to that. It happens thursday. You talk about policy looking forward, is that what we should be focusing on . Is it about interestrate differential . What are the mechanics of this . Hans they are part of the story, but the most important thing you have to consider is a trade surplus. The trade surplus in europe is increasing, it is now beyond 2 . On that point, you have commercial needs to buy euros what are the circumstance. So you need to buy euros. And you need to have flows which need to overwhelm the commercial by need to get down. That is where the Interest Rate differential comes down, as the swap differential comes in. It tells you that there is no charm, that you will see the euro being used for funding purposes. Under those circumstances, it goes up. Therefore, it is relevant. But it is one of the factors. Anna is the fed worried about the Dollar Strength against the euro . Or is it weighted against the currencies, you have been suggested they might not tells the same thing as the year goes on. Hans i think theyre looking on the broader index. That actually supports my view. So we need to look into how we are saying that there is going to be Dollar Strength. But we have the fed saying they would not be ambitious. A year ago, they were saying it is going to be mark. Mark became june, june become september. We are now closer to what Morgan Stanley thinks. It is always going to be in december. We stick to that view. They are hiking rates. But it will be relative part to the Interest Rate. Anna thank you very much. Hans whitaker. Guy netflix tries his hand in asia. That story when we come back. Anna welcome back. Have passed 6 00 in london. Have to paste forecasted, it marks a slowdown for the first three months when gdp expanded by 0. 9 . A slowdown in exports with china of course weighing on australias economy. Isre Government Spending helping to get the number above zero. Anna china stocks rose towards the end of the trading day. Loss, that islier most recent trading i should say. Shanghai composite is down around half a percent in the special today. It is the biggest rebound in six years. You may not think these things matter, but they do. Sameatures the watercolors, but the original thought has changed. It was designed for a single desktop browser. It is meant to now work across mobile devices and of course watches. The redesign follows an even bigger shift in the Corporate Structure. With a new Parent Company taking the name alphabet. Netflix launches in japan. At the start of an ambitious plan to reach a wider audience in asia, the success of far has been coming of a phenomenon. Most of its users are from the United States. Caroline hyde has the details. Japan has been a tough nut to crack. What are the prospects for netflix in japan . Caroline it is trying to take on the new market. But it is interesting that the first foray into asia using japan is a sounding board of how to get into the likes of china, a much bigger market. But they are launching in japan today overall. The instructor resorting there. I have access to broadband in most of the homes when you look across japan. More broadband houses than any other market, apart from the