Kinds. You can have mallard ducks. There are different flavors of ducks. Corporate said bskyb. Corporate and bskyb. A lot of moving parts. They added 74,000 subscribers. To find competition for bt. Defying analyst. They did have a little bit of profit erosion cuts costs are up. That hurt revenues. As you can see, investors very happy right there, because there were a lot of analysts that were saying for the first time in 15 years, since they basically got in the paytv game, we were going to see a drop in sky tv viewers, and we did not. Bskyb gaining five percent in todays trading session. One of the few stocks that is open. Hans, you are following m a and prints and sprints possible bid for tmobile. They are talking to bankers and want to get their financing lined up to take over tmobile u. S. They need Regulatory Approval. The it if the fcc and in u. S. Department of justice. We will break that down in 10 minutes. Hans, thank you. I am looking forward to that conversation. Manus, we have the fed to watch out for, although it did not give as much news. We are watching for bskyb and m a and lloyds, as well. This is one of the biggest mortgage lenders in the United Kingdom, getting ready to go to ask for permission to start paying dividends. That is a very unique event in a british quasinationalize banks. Costs are down. What you are earning in lending is doing better. They areg line, running a simple, low risk business. They must be absolutely having a hoedown at treasury this morning to see a line like that, quasinationalized bank. What else are we watching . The chinese data, the pmi missed. Go behind the headline numbers and you begin to see export numbers under pressure. All the regions missing targets. The imf deal was well flagged but it will come down to the u. S. Data later on today. Jobless claims, personal spending. Along with that, you have the sim dat the ism data. Lets look at the stocks that are trading. Lloyds beats on profitability up 22 . Looking for permission to begin paying dividends in the second half of 2014. Looking at that. Bskyb up 3. 64 , coming off the top of its range. New subscribers is what is driving the numbers. 1 8th, is the ftse 100. The rest of europe on vacation today. National day. There are the u. S. Teachers. A raft of data coming out of the United States. The jobless numbers. Record yesterday. Personal spending. What is the Consumer Spending . Purchase Managers Index expected later on. Is the technology over and done with . On nasdaq futures at the moment. There was an interesting move in currency markets as we ran up to the official opening time. The dollar drop is continuing the overall move. Dramatic overore two days. What you did see was a little bit of a pop in the euro. I will show you one day view, because i think it makes for slightly more interesting reading. Popping higher. This 1. 39 seems to be important. I think they want to take it up to 1. 40. What to traders want to do . They want to test the mettle and the resilience or the inertia. There is the word. Manus cranny with the latest on the markets. A reminder, a lot of the indices are closed. The ftse is gaining. 2 . One of the few ones open in europe. Joining us for the next halfhour with market perspectives on the big themes of the month, the global chief 345stor where he oversees billion euros in investment. Thank you for coming in. Is there too much complacency on the markets . We are worried about china and a little bit worried about deflation. The fed is the smoothest transition. We are worried about russia, and yet, the markets are brushing everything off. That is right. That is not so much complacency. People are concerned about a lot of things. There are a lot of headwinds out there. Simply, we have seen the Central Banks have maneuvered the markets into believing there is a put out there. Every pullback is seen as an opportunity. What happens with the ecb . With the ecb, we arrived at what the limit of the Central Banks can do. Japan is aggressive. The fed has been aggressive. The ecb has a japanese problem. Thats right. They would like inflation to be higher. Theyd like growth to be higher. We heard earlier on the show the eurozone is putting up the pressure on the euro. So i think there is a conundrum there. I think the markets are doing what they did three or four years ago with the pressure on the sovereign spreads. They are almost willing, the ecb, to act. What is your best bet for the next couple quarters . I thi nnk i was to remain log risk assets. That can be obviously equities. We have been talking about dividends for years. We still feel that is the best bet for the next couple of quarters, but also longerterm. I also think, and i think i was on the show last time when we had a bit of a crisis in the emerging market. We think there is a lot of value there in that market. These currencies, according to our and the imfs valuations, are undervalued. The question needs to be asked why are some of these emerging market sovereigns trading six times higher than the ecb sovereigns . Last time you mentioned mexican. The fact that you need to country pick. I will ask you that after this break. He stays with us. Heres a look at what else is coming up on on the move. Wishful thinking. Italys finance minister tells us an exquisite interview that he welcomes a softer euro, but does not see depreciation on the horizon. Sprint lines of financing for the mega deal of extremes. Will regulators let it happen . And we look at lloyds making a comeback. Welcome back. Im Francine Lacqua in london. Streamingn the move, online, on your phone on apple tv on on amazon fire tv. This is a stock on the move. It is bskyb. Our reporter Ryan Chilcote is on top of that story. Gaining 4 . A reminder that there are a lot of indices closed in todays trading session. Some ofpressing with the figures, especially in terms of advertising revenue advancing gaining four adds, 6. 6 as there have been more tv subscriptions. That is one of the biggest gainers today. On to m a, sprint is said to be planning a bid for tmobile after meeting with banks to look into financing. Lets get more from our International Correspondent hans nichols in berlin. Hans, talks was a little bit about timing. How far along are they and when might we see a deal . Well, we might see a deal announced or formal bid in june or july, francine. What they want to do is make sure they have the financing. This is sprint executives backed by softbank. Sprint. S owns 80 of they want to make sure they have the financing lined up so if they get Regulatory Approval than they can do the deal rather quickly. These are sprint executives, they met with six banks. Remember all of the subject to huge regulatory hurdles. At t tried to by the u. S. Arm of tmobile. Tmobile is the fourthlargest carrier in the state. It is owned by Deutsche Telekom in germany. It is a separate company in the states. When at t try to buy it. Wall street thought it would go through. It was price in. And the regulator said no. Softbank need to get Regulatory Approval. The need to make the case this will not harm consumers. It will give consumers more options. So hans, who might run the company . John leger. The leading candidate. He is the current ceo and president of tmobile usa. He is the leading candidate. Deutsche telekom and softbank are talking about potential names. This is not a done deal. John leger a colorful figure. We have colors of him p ictures of him crashing and at t consumer electronic show. If hes head of this new company, maybe he can get into mclemore parties by by himself. You see him with the pink tshirt. Hans nichols with the very latest possible merger. Still with us for more of his views on the markets, the global seed Investment Officer global Investment Officer. Before the break, we were talking about what you like in the markets. You are quite keen on risk assets. And you mentioned emerging markets. Lets talk about m a. Is this a sign that we have more synergy or is there a sign that there is a lot more optimism. That real ceos see real value and want to put their cash in . You are absolutely right. What we are seeing currently, across all sectors, we are seeing increased interest in m a. Were seeing it inth the pharma and there is liquidity in the markets. Driven by the Central Bank Policy framework. We are seeing record share bu ybacks. And the financing conditions for m a activity are perfect. The other part of the story, and that is what we see in the earnings numbers over the past 18 months, topline growth in todays financially repressed world is still very hard to come by. That is why companies are trying to take the shortcut via m a. Focusing their operations. That is the main motivation between the siemens intervention in the ge takeover battle is to become bigger and more significant, possibly dominant players and shedding other parts of noncore businesses. That is the thinking behind buyers discussions around their nonfarm businesses. Pharma businesses. Yesterday i caught up with the italian finance minister. We talked about the strength of the euro. He is concerned that it is unlikely we will see a weaker euro. I would really welcome a softer euro, a bit lower euro. But this is different than the Exchange Dynamics in the shortterm. Minister padoan do you see it happening . Of course you would. What is happened in the european periphery is what everybody, three or four years ago when the euro crisis was at its highest, said cannot happen. They have internally devalued. That is nominal price pressure downward pressure on wages. What weve seen is that there has been a reduction in disparity of the differential of competitiveness between germany and the core countries and the periphery. The peripheral countries would like some relief. That is where the weaker euro comes in. In the short term it will be difficult for the euro to weka aken. And the ecb, of all of the Central Banks, despite all of their loose monetary policy, are still not as aggressive in terms of quantitative easing as the bank of japan and the fed continues to be. Therefore, i think the markets are willing, the ecb, are willing, can do they more . If the Growth Continues to be less than the u. S. , then they could we can the weaken the euro. There is not political consensus around the. That is a dangerous game. I need to see inflation fall even lower so that even within germany, and some of the core countries, it moves in favor of the north. It is interesting because the finance minister were saying he is worried that because the markets are doing pretty well there is a little bit of complacency amongst politicians to push through the reforms. That is always going to be the risk. We are seeing it with japan. Concerns arising there. We are also seeing it in italy. China. This is the big unknown. How much attention should we pay to china . Does that make a difference if it is growing at 6. 5 or 7. 5 . Everybody is assuming these figures are not completely true but there seems to be a elite politicians have the situation in hand. That is our starting condition as well. China is copied between a rock and the hard plate. Tothe one hand, they do need grow the economy in the region of seven percent or eight percent. On the other hand, the tools they give themselves to achieve that also stoke issues in the property and banking sectors. That is where the somewhat weaker run in the renminmi comes in. We think they are on the right track. So you are not worried about it. Are you looking out for certain signs that it may actually turn . Clearly, if the bank is situation worsens, thats obviously a key sign. We are very, very much in favor of the reforms the current leadership is putting in place to reform the shape of the economy to rebalance towards the consumer sector. That is something were looking at carefully. Thank you so much for not. Andreas utterman. He stays with us and we will talk about emerging markets next. Coming up, lloyds delivers a profits boost. But how close is the government to selling its stake . Welcome back to on the move. Im Francine Lacqua in london. Here are some companies on the move. Sony posted a net loss 18 larger than forecast on additional costs for its pc and disc making businesses. Its net loss will be 1. 3 billion compared with a projection in the very. In february. It is struggling to come up with new hits as demand for tvs has declined. Acquiringans on channel five. Viacomm will announce the deal with is earnings before the u. S. Market opens today. Owning channel five would further its International Expansion by offering another English Speaking outlet for its u. S. Programming. Bayer is one step closer to winning works mercks consumer business. According to people familiar with the negotiations, merck may fetch more than 14 billion for the sale. In the second Federal Reserve meeting under new chairs janet yellen, the senate the central bank voted to keep trimming the asset purchases. Theultiple probably hit Snooze Button yesterday around about the time the fed decision came out. Most people probably hit the Snooze Button. No press conference. Another taper of 10 billion trade nobody changes to the statement despite the dismal gdp number yesterday. They are overlooking the first quarter. They are chirping the weakness to weather and looking for a strong rebound this quarter they are attributing the weakness to whether. To weather. It is tomorrows labor market data and focus. Letter we expecting for the next meeting . What are we expecting for the next meeting . It would also have forecast. I am looking at the staffing issue at the Federal Reserve. It is meant to have seven governors. Right now it has four. As jeremy stein leaves, we are set to be left with three. New governors have not been confirmed by the senate. The vote for that has not even been scheduled. This means a couple of things for policy. One, icad, kick the forecast because steins forecast will drop out of the legislation. Which could give the impression the fed has changed its view. Thetwo, and may magnify view of regional fed president. We know fisher does not need much encouragement to get haw kish. Thank you so much. Jonathan ferro with the latest on the fed. Still with us for a few final thoughts is andreas utterman. Billion euros46 of assets. Give me a sense of the impact on the fed on emerging markets. They are is still value to be made. There is still value to be made. The impact is clear. It is on the fund flows throughout 2013. Dsd in february, 2014, fun being withdrawn from emerging markets. Emerging risk markets, equities and bonds, theyre relatively illiquid. It will have an disproportionate impact. That is an opportunity in my mind, given that there is longterm value there. Better growth than any ecb world. It is better than the gdp ratios. That story will go on and on. As we said before, i prefer the debt to the equity assets. One has to be careful. The Eastern European crisis is showing that one needs to be relatively discerning there, but in asia and latin america there are significant differences between markets. We like poland and indonesia, mexico and brazil. I was going to ask you about brazil, because there seems to be so Much Negative news coming on the country at the moment because there is so much focus on the world cup. Is it a buying opportunity . Investors are getting nervous. It probably is. It would not be my top choice but it probably is because so much is priced in in terms of the yield you are getting. You need to have a substantial depreciation and doubledigit terms for you to lose the advance yield differential. You like poland, despite the fact that we are seeing the russiaukraine standoff . If there is any disruption that is an opportunity because i do not think that nato is going to drop poland. Thank you so much for coming on today. Andreas utterman. Now, as we had to break, the italian finance minister padoan says he would welcome a softer level of the euro but does not see strong depreciation on the horizon. We will bring you that interview coming up next. In the meantime, follow me on twitter. Welcome back to on the move. Im Francine Lacqua here in london. Now, we are 30 minutes into the trading day. Most european markets are closed for made it but the ftse is trading. You can see the ftse gaining. 4 . Weve seen a drop on precious metals. So that is giving a little bit of a boost to some of the other stocks. Also watch out for bskyb, one of the top gainers. Crannyranny manus is it the touchscreen. Lets check in with vodafone. At t may bid for directv. Not allowed to bid for vodafone. Salamander energy based in Southeast Asia but they have a few definite offers. They are thinking about selling some assets. Stock up 12 . Lloyds doing quite nicely. And margins drop improve. Manus cranny with some of the three top stocks we are watching. Bergsrds bloom top headlines. Chinas pmi came in at 50. 4 . The reading underscores weakness in the worlds economy from exports to construction. While numbers above 50 signal expansion. The International Monetary fund has approved a 17 billion loan for ukraine that will extend over two years. That will help ukraines shortterm budget needs and open the country up for further aid. Imf managing director Christine Lagarde says now is the time to act to keep ukraine from sinking further. We believe that ukraine has an opportunity to seize the moment, to break away from previous practices, both from a fiscal, from a monetary and from a governance point of view. Now, the fed says it will continue to scale back stimulus as the u. S. Economy continues to recover. The central bank is on track to end its asset purchases by the end of this year. It reiterated that Interest Rates will link will remain close to zero. Italys finance minister told us in an interview that challenges remain for the still fragile european economy. When it comes to mario draghi, padoan is in ful