I cannot wait to get started. Like a racehorse this morning, coming back with a number. Thee find the position on holding in energy. They will produce the holding. Clarifying their decision because we are breaking issues on the anna dental deal. Anna the story we ran is the former french natural gas mama 77 owned by rwe. Also getting some numbers. 45. 8 billion. At 1adjusted net income billion and 1. 3 billion. The estimate had been 810. 8 million. Analysts looking for more detail on the strategy whether a that is different, cap what expenditure, on the subject of energy they are saying that they clarified they can cut energy to 51 . The oh 77 right now. Just to reiterate we have been reporting that it is said to be eyeing a bid. Manus 1. 4 billion worth, the split the rights are going to the one new every five existing. Price 42. 5. Finishing trading at 52. 5. The kind of discount youre looking at more than 10 euros. 42. 5 is where we are looking at in terms of the rights issue. The trading of a will be the 1520 ninth of march. 1. 4 billion euros worth of a rights issue for monday coming through. The fed meets today. The snow might have stopped Angela Merkel from getting to the United States. 17 inches on the ground in new york as we speak. It will not stop the Federal Reserve. 67. 65. Yields have arisen quite aggressively and we are now in an oversold position on the price and able position in terms of yield. This is the most sensitive to any move. A binary outcome, eight dovish hike or a hawkish fight. Lets look at the risk radar. This is a story coming through the overnight trading day. About where we go on debate ry, a dollaryen for you [inaudible] dollaryen plenty to deal with on the msci asia this morning. Fairly mixed, waiting. Chinese stocks increasing in hong kong. More analysis on that global stocks near record highs. About it just cannot get 150. Kittle at 122. 01. A potential scottish referendum. We can debate that through the next half hour. Barreltill below 50 per but a temporary hold for now to that losing streak. Juliette chinas economy started on a good footing as they gathered pace. For january and february declined 6. 3 from a year earlier ahead of expectations retail sales for the same poco missed estimates with a nine point side 9. 5 rise. A new estimate shows that 40 million americans could Lose Health Coverage by next year under the new gop obama proposal. President s doldrums of menstruation is been quick to challenge the estimate from the congressional budget office. Several Senate Republicans said the new analysis suggests the party may need to rethink its plan. The northeast of the new u. S. Has been hit by a winter storm, grounding flights and holding schools. Snow forecast for new york. Boston expect a heavy snowfall. The extreme weather has forced Angela Merkel to postpone her visits to the white house until friday. Global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries this is bloomberg. Not quite as interesting or probably more interesting, waiting for the fed. A little bit of mixed movements coming through asian equity markets. You are seeing the nikkei down. 1 . The first fall in four sessions as we see it strengthen. Elizabeth a downside coming through from Hong Kong Retail stock. Australia fairly flat. Have a look at the cost. Up by. 7 . This is a market that has been on a tear since we saw the impeachment being held on friday. Stocks in focus, toshiba a big one today. Some of its earlier losses now and the black on top of 1 . Down by as much as 7 . It did get an extension to report its earnings april 11. It continues to review shipping to a holding company. One of the frontrunners in the region, i report that looks like it has a hong kong buyer. Alibaba actually soars in hong kong. Around thetralbank globe this week, the boj in focus but it is interesting to averageneck a stock dropping. Even though were seeing japanese air rise, that shows we head of the boj. Manus the latest from market in hong kong. The Prime Ministers preparing to trigger brexit in the last week of mark march. Parliament passed legislation allowing the government to invoke article 50 anna of the treaty. House of commons overturned the house of lords to restrict her maneuver. She will start the process of getting permission for a second independent referendum next week. Joining us now, head of market strategy. Great to have you on the program. We face what could be an incredibly tense speed on many fronts. The latter part of next year in the First Quarter of 2019. That must loom large under the honor of u. K. Assets. The first part of this whole series was the vote and how the u. K. Economy would react. It has been very resilient and extremely positive. I think the fear of a farce negotiations punitive reactions has come down in the eyes of most people. Though theresa may is about to trigger article 50 there is a calm in the market. Even in the heart scenario corey is it that we dont think they will be a tough negotiation or that the markets have accepted that it could be a big part make sure of the heart of nature . Of the hard nature . Too much to lose and to much of a gamble. The antieuacing environment. Does not want to stress that more. Also important to point out. I hope that we do have the outcome that he suggests. Have a look at this. This is eurosterling. There is going to be many bumps and pumps through this. The heart of the brexit, you are deluded. [laughter] days wet about the dont know what the next two years going to be hardball. My solution is there is not much does this between here. I dont think we have seen the selloff in europe just yet. Went to the dutch elections and the french elections, there is some of Political Risk and the problem manus is that what saved sterling from my point which is that is a delusion . That is why in the new york dollar this is where it is. Theres a weight on the euro right now which is Political Risk and the way that europe is set up right now is that if one of these countries falls into the hands of the antieu sentiment, it is a game set match points. It is difficult to imagine france going into Marine Le Pen at 105ding a eurodollar and much longer. Really a strong weight of the Political Risk on the euro. Anna the pound dropping against the dollar and u. S. , down. 4 as well. [laughter] manus come on, youre killing me here. It is dropping. Analysis leads you to call it the longest currency of 2017. More thoughts. We think [laughter] sterling buy sterling if you look at the inflation outlook in the u. K. , going to really focus on the fact that it is high. That keep the expectations somewhat resilient. Think the trade negotiations between europe and britain will continue to do well and not be this punitive. Finally we think the rest in the euro will send capital back into the u. K. Manus and how to position yourself to a Bright Future as opposed to my version, if you are involved i think it would be significant manus im a journalist, not a traitor. This risk of a harder brexit would be significantly more than where we are right now. Here we are in the cusp of article 50 being triggered and barely getting up there. I think a lot has to do with monetary policy. Also i think it is the expectation. Manus i am not going to live this down. All i did was challenging thoughts. Anna that is what we are seeing now, certainly it is resilience during the press conference by necklaces surgeon. Manus have a look at eurosterling as well. Of. 4 . 87. 54 87. 54. Anna the former first minister of scotland that it 00 a. M. It u. K. Time. Coming up on the market open. Manus highlights for your day, 10 00 a. M. We get a survey out of germany. Seven point 7 30, the dutch are the final debate after the of tomorrows election. Fed meeting today ahead of tomorrows policy. China holds momentum as Investment Property and Industrial Production drive growth. The latest on the worlds secondlargest economy. Anna eight years after the banking crash and the nation lifting its capital control. Today we will bring you that story. The dutch decide on the eve of another key european election. Populism, Political Risk. This is bloomberg. Anna welcome back everyone. The hang seng is down by. 1 . A bit of a waiting move really in many markets. Not too much waitandsee going on right now. Manus keeping an eye on cable at the moment. There you go, down. 4 . Leslie from 6 00 a. M. From we started this conversation, waiting for theresa may to formally trigger brexit. She has the legal right now from parliament. Eurosterling getting knocked. Suggested she was ready to go for another independence referendum late 2018. Anna lets get the Bloomberg Business flash, heres juliette. Said to be weighing offer for the german renewable energy. According to people familiar with the matter, the former french monopoly speaking to advisors and not making a final decision about whether to succeed. Energy has a market value of 18. 6 billion euros. About 77 after splitting the company off last year. Client to comments. Toshiba considering the sale of a majority stake and its Westinghouse ElectricNuclear Operations as the company grapples with writedowns at the business. The conglomerate made the announcement as it delays the release of Third Quarter earnings still april 11. Westinghouse, could be written down by 6. 2 billion suspended the center of the most problems and may cost overruns on Nuclear Projects and related litigation. After waiting an outspoken foe dispense, its biggest champion has sold his entire stake as a loss and said he will leave the board. Lostns 2. 8 billion just on the chair that i would the end of 2016 with overall losses likely to be much higher. Citrix systems working with advisers to seek potential students. Sachs including private equity firms. Year and 30 in the last valuing the company at 13. 3 billion. Resident representatives did not immediately resolved response. That is your Bloomberg Business flash. About china. Talk Industrial Production climbed 3. 6 in january and february can bind for me gear earlier. That is about the estimates on the survey. Miskicking economist forecasts and Asset Investments include 8. 5 during the same boko. Helping untangling all of that data is malcolm scott. He leads our coverage of chinas economy for bloomberg news. Rates do had you on the program. Great to have you on the program. Any issue at the start story 17 . Malcolm lets get rid of retails first because there was some concern that the details show us that the overall retail not looking too bad. January, some tax benefits really ramped up purchases. An tax increase, that meant also sales of the start of the year fell by 1 . Pretty much all of the missed on the retail number is down to the one factor. Spirits coming back to the andomy, it has been citing citing last year as it went on. This year it seems to have come on again. Increase in private success. That is a good sign. Good to know there are live in china, the United States of america. What does mean for policy in china . A discussion about the reserve requirement that they might that back trim and thats back. Maybe even a tweak and rates. . What is your view certainly has plenty of tools. Finetune its policies by using these new tools. Rates on somethe of the purchase agreements. Incremental tightening. No big tightening yet. On the fiscal fronts, it looks like we may get further the support, the economy is wanting to grow 6. 5 or more this year. That probably still needs fiscal support. Plenty of firepower for that. Like the accommodation of continued fiscal support and continued increment tightening from the pboc. Thank you very much. The analysis of the china story for you market strategists still with us on did break europe. Your thoughts on the chinese story. 6. 5 , steady as she goes in terms of the data at the start of the year. Anchor relatively strong, and strong gdp. Having a resurgence in imports. Showing the investment momentum what we think overall the chinese economy is stable and improving. There are dark spots in china. The chinese authorities are ready to handle. An enormous amount of tools. Right now they are in the micro tuning positioning. And trumpget hairy starts a trade war. The ability to really step in on the fiscal side at 6. 5 . The 6. 5 ,port vicarious trade and people coming in. I want you have a look at this. 67. 60. This was on an live this morning thats really ramped up from january last year in terms of trade. The aussie dollar, never quite had the same kind of momentum behind it. I would like to belong quantity because commodities have come under pressure since the start of the year. The current Global Mission is increasing. If you go to the chart that you saw, the peso is gaining enormously. Telling us that the yield seeking behaviors coming back to the markets. I think the aussie have been pushed down because they were selling a low guilders and go back into the dollar. We saw ar that the whopping 38 improvement in imports. Whether the market likes it or not, aussie alongside with it. Anna what is the other thing that would lead you to believe to see in and to the predictions around the chinese currency . There is always going to be a segment that think the end of the world for china. Same way that there is a doomsday for the u. S. Iran are reading a paper in the early 90s where that was the u. S. Economy could never survive the twin deficits. Youre always going to find weakness in the chinese economy. To make a grown economy that will continue to do well. Manus thank you so much. This, going to check out 12155. The plan is getting smacked. Stocks are being triggered. They are not sure there is a huge amount of liquidity over at convictions. The latter is the issue. Down. 5 . Anna the pound against the euro, 114. 17 the nation drops all of its remaining capital and analysis in bloomberg. Manus this is a live shot of the emperors how is interview. Cant cut a break, struggling to get up over 1. 15. The Federal Reserve begins the twoday meeting. Guy johnson standing by to take us through the moves. Guy in some ways it should be incredibly quiet today. We are waiting for the fed, and that is the big move of the week in terms of the way the market will be set up. We all know exactly whats likely to happen, but nevertheless, it actually happening is important. Lets talk about where we are. The dollar is going absolutely nowhere, and i expect this is a result of the weather out in new york. Theas certainly taken meeting between the president and Angela Merkel out. Theres the pound, down by. 5 . On about whyter now for this referendum and what it will mean for scotland, the u. K. , and the rights scotland would enjoy it tried to rejoin the european union. Thats front and center, the british pound watched carefully. Heres whats happening with u. S. Futures, trying to get a gauge of where these markets are. May be too early to get a full price in on where they stand. But at the moment, it looks like u. S. Futures are pointing toward open, but notive a great deal of movement coming through in terms of the equity position. This is partly down to what is happening with the weather, with the fed. Those two factors combining to make everybody sit on the sidelines and not do very much. If you talk to people who talk to their clients, that is certainly the message coming back. The only thing i want to talk about at the moment is what is going on with the treasury market, particularly here. Lets take a look at this. Rsi is at the best of measures of their, but it is out there, but it is one. Weking at the five, it seems are getting up toward the kind of levels that are getting oversold. Back to you. Anna thank you. A new edition of daybreak is available on your mobile phone. Here are some of the top stories that have made it into todays edition. One step closer. That open door is the front cover story, Prime Minister theresa may moves britain a little closer to the exit from the european union, with Parliament Passing legislation last night allowing the government to invoke the brexit bill. People say she plans to announce the false start of the withdrawal in the final week of the month. Manus then we switch to china, the economy gained after old growth engines moved toward a batch of data showing the secondlargest economy is maintaining momentum. One analyst says the progrowth policies are going to be needing more of a boost in terms of getting consumption going. Anna and new yorks preparation for a winter storm. The east coast readies for a blizzard, with thousands of canceled flights, one of them that was supposed to take Angela Merkel across the atlantic. That meeting with President Trump has had to be postponed because of the weather. Manus the fed has already released the notice saying all federal agencies in d. C. Are open. The snow isnt going to stop the fed. Ce, iceland returning to the international market, the government announcing it will lift almost all of the remaining capital controls, full access to Global Capital markets. Anna that puts an end to an eightyear struggle to clean up after the 2008 acting collapse banking collapse. For more, lets bring in omar in reykjavik. Great to have you. Where will iceland go from here . Some signs that the economy is doing pretty nicely right now. It sure is. It will be interesting to follow the next few days for what will happen. Well see a lot of volatility in the krone, or possibly Treasury Bonds are going to be very volatile, and what traders are going to do. It will be an interesting time to follow. Manus do you think that the treasury is fully prepared for that kind of volatility . And what the market wants to know, is this complete removal of all caps on controls . Money free in money free out . A completely. There are some roadblocks. The gove