To open a little higher these equity markets are said to open a little higher than yesterday. Opening up by 0. 8 . A rundown. Web an article in the New York Times that says scheier has engaged with Goldman Sachs as part of their defense or any takeover offers. Having batted away for the moment. Bear that in mind. Caution. Bit of overall, you will wait for german confidence data. We expect levels to come in a little higher. Just rising at the moment. Later in the day, new home sales in the United States of america. Equities rising. Stocks iee particular am keeping an eye on. We have suggested to him. We have segenta. It has batted a way and offer. A takeover. It has fizzled out. Airbus. In the market for mature claims. That is the dreamliner. Airbus on the opportunity to renegotiate in terms of airplanes. Paribas up by 0. 5 . They might have to sell debt assets to meet the potential liability that will come from any fine levied by the Justice Department in the United States of america. A look at the exchange markets. We wait for the data. The fx screen. 136. Those are your ranges. From the central bank as a wall. The water currency that is a moving and has some momentum from the central brand as a wall. 1 from the centralbank as well. Isthe one currency that moving and has some momentum back to you. Chris the start of equity trading. Lets put up on the top things. David, a global strategist at j. P. Morgan. 1. 6lped oversee roughly trillion of assets. A little bit about m a. Good morning. Good to see you. Syrgenta trading all. A long line of companies being talked about as possibly the such as of you as coming to europe. Of u. S. Comic to europe. What you make of this trend . Actively you are investing . First of all, cash overseas has been a topic for years. I gravitateat m a if it creates positive synergies . Is it a value add thatll make the acquirer a Better Business . We are seeing you as companies trying to use the cash held abroad to pick up. Much more focus is the story. Unless about the geographic location of the firms. A guest totalking to talk about being ready for a note up in equities because of the belief in central banks. And all of the factors. The day we will see a meltdown . Are you convinced . We are overweight. I think volatility is low. Inflation is moderate and growth is getting better. With these three things in place , it means for a rising market i would not be surprised to see it pushing especially absent of geopolitical shock that make come out. since 2009 a you maintain optimism. Growth. Ngs we still see Earnings Growth and to provide the support to push higher. Europe is a hit of a different story that we need to see materialize a little more. In the u. S. , we are seeing solid earnings. You are talking about geopolitical tension and the u. S. Government could have further involvement in iraq. Involvement in iraq once again, wouldnt that be a geopolitical headwind that will be enough who would that be a geopolitical headwind that would be enough . I am more folks on the price of oil. More focused on the price of oil. That really hurts growth in the long run. I am more focus on the impact on the price of oil and the geopolitics. Case, what washe the and the last few trading sessions. Oil prices move higher. 105. Bit . S come down a little it has. People are realizing the south of iraq were oil is located is still ok. We are getting the oil out that we need. I expect the price to push higher. As long as refines are safe, we are ok. Are you concerned about lack of volatility, junk bonds or dollar indices or bonds broadly . I am not concerned. Volatility leads to higher volatility. In the current juncture, it is not as much of an issue. It supports the melt we were talking about. It should be good for equities. The david, thank you. More thoughts from him later on in the program. Here is what else is coming off. Andrew joins us fresh of the latest rounds of negotiations that could be a major deal with china. A conversation with the chief executive. This is president putin visits vienna to talk energy. Is the latest target as the u. S. Giant. And you canhe move follow me on twitter. We will take a short break. Past eight 00 in london. Seven minutes into equity trading session. Well have more on that. Just a little bit higher this morning. Well see what the other side of the short break. I am anna edwards. This is on the move. Here is a stop on the move. That is syngenta. Couldricultural business come back and have another pass at this particular company. It is up a by 6 . That is what people per familiar are telling bloomberg. Theansaction that could see u. S. Giant takeover the swiss arrival in a transaction that would allow the u. S. Company. The market is moving on that story. Class of move on and turn our attention east. Australia and china have been speaking and have a cooperation framework. Joining us from beijing is australias minister of trade. Thank you very much for joining us on on the move. I would like to star with your assessment on the chinese economy. China, a big trading partner for australia. Was mayor premier li pledging no hard landing for the chinese economy. What is your take . We just had our first economic dialogue with very senior members of the chinese government. They gave us a detailed assessment. Their assessment. , buts quite a frank one optimistic in a sense that they did not see any hard landing either and i think they feel that, they anticipate the problems they might have and they are able to overcome. You, of course, your australia,china and a lot of trade. What do you need a freetrade agreement . Well, china is our biggest export market. That is true for 123 other countries around the world. We are there seven the biggest export market. Size in terms of number of people. Especially the resource and energy side. We are looking for a freetrade agreement to give more breath to the relationship in terms of trade and death and take us to the next stage. The trade and resources and energy and into the next phase of agriculture, business services, and a wider relationship with china. Are you going to get this deal done in 2014 . What are the Sticking Point . Are both getting more and more confident we can complete it this year. I met with my counterpoint on june 7 and we did really identify what we call structural framework that would take us to an agreement by the end of the year. We talked through that again today with other senior members of the government and i think it is quite doable. There is a political will on both sides. , ire is certainly a need think china needs the services and we needed their investment amongst other things. Theres a great imperative for each of us. And hopefully, we can make it happen by the end of the year. Another trade agreement you are trying to nail down is the transpacific partnership. Update you of your expectations and the Australian Government regarding that one. I would say it is probably a bit percent80 5 in there. 80 85 there. Becomsee how the tpp can e concluded. [indiscernible] the politics but there is a window for the first half of next year and physically we will be there. The political will like inc. Is around. There is a lot of negotiation. I do see a pathway to conclusion and a window the first half of next year. Another subject. Australia hosts the g20. Do you anticipate having to put on . Ate change back the u. S. Might put pressure to put Climate Change act on on . It was never on the g20 agenda. It was a suggestion from the u. S. It would like to discuss. We would not stop anybody from discussing any issue of that matter. It is quite welcome. If it is raised by the u. S. Or any country. We have wanted this years focus to be on growth, sustainable Economic Growth driven by a monks other things a strong investment focus and infrastructure. Be the to us to priorities of g20 countries toer this date that seems us to be the priorities of g20 countries at this time. That has been the focus and we had a strong reaction supporting respondents to that being the principal focus of the g20. As i say, if people want to raise Climate Change or any matter, we certainly would not object to that. Thank you very much for joining us. Andrew robb joining us from beijing. Still with us in the studio, his opinion on some of those things. David, lets talk about the chinese growth story. The trade minister suggesting he was confident that premier league said the last week there will be a hard landing for the chinese. When i think about the chinese it cut me, it is somewhat engineered. The last thing they want is a hard landing. Think about the chinese economy, it is somewhat engineered. And somewhat tempered Going Forward. I am not sure they want to go to that extent any time and the near future. You are talking about emerging markets. What happens when we start to see the Federal Reserve preparing markets for change in the backdrop that has been very loose monetary, Economic Policy . Not seen interest rates. I think that taper tantrum gave a heads up. Someis going to happen at point in the future and be ready for it. We do see the fed continue its taper, complete its taper, we may see volatility in emerging markets but nothing that will derail the recovery. Elections taking place in emerging markets. We have that india so far. We have a number two come. If your expectation high . They are relatively high. They are so on love it is hard for them to get beat up anymore. We will see an improvement in the next few months and i expected them to finish higher. David, thank you for joining us. Up, a deal dies. Another u. S. Tries to go abroad. The deal after the break. Maintain many of the Group Elections i have. Many of the great relationships i have. It is a great country. Sustainability and i will stay close. A can call you whenever he wants to . Absolutely any time. And that was the 40 gm out going on his plans to hand over the company. Well bring you more of the exclusive interview later this morning. Lets bring you up to speed with companies on the mole. Regulators are said to be working to meet a deadline. They are fixing the price of chips used in smart cards. Regulators must make a decision. And they are fixing the chips used in smart cars. Eu case is arguing that has the gaps and evidence require further review. To be planning to keep their share in the upcoming an initial public offering. Several of the shareholders including one billionaire will also likely retain their holdings while being dilutive from the sale of a new shares. Rocket internet may be valued at 3 billion euros. Is syngentawatching it hasg off news that been considering a takeover. The now defunct a deal is the latest that you ask firms are looking to avoid tax by moving their headquarters abroad. Caroline hyde. What is the attraction for monsanto going after syngenta . We talked about the publicized trend of looking for a lower tax rate abroad. They want to create a juggernaut. A competitor of all competitors. Syngenta was the number one player in seeds for agriculture and it is a rival to them. It is also a key player. Maybe they wanted to great the biggest player out there. Of dowon the likes chemical in the u. S. Hefty 17 premium they were look to spend on syngenta, marginally, it was a tax incentive again. It is about getting over to switzerland which has an 18 versus 35 in the u. S. They can make huge savings if they change the headquarters. The deal fizzled out. Back in may, i understand. They could come back. The market speculating they could. Syngenta stock was up. Not only if there was a loophole with tax in the you that could be close but according to people familiar, it cannot go any further. Syngenta management was worried the United States could change the loophole. Also antitrust competition. The key number one player in the markets. You are going to get regulators looking at it closely. If we look at the tax of version, it is a trend. Trend. Aversion, it is a we had astrazeneca which did not go through. Sye chasing shyer. Theme. A medical pharmaceuticals have been hot on the tax aversion where you can save money. Will Congress Change in this . This is the big question. Theres been much speculation they are looking to shut it down the loop all as soon as 2015. Perhaps, some of the Key Companies making a bid for it are coming in smaller. Players have been created in the British Isles of by tax aversion theme. These Companies Already the cause of the loophole. The targets are running dry especially in pharmaceuticals area. Perrigo, these companies have moved forward and have been able to splash their tax by 8 . It is crucial, it is clear why that are so attractive. The question is if you get the regulators to sign off and if the loophole will be around that much longer . Well hear more from the United States government on this. Thank you, caroline hyde. Prime minister renzi is set to speak in rome. Would discuss the ambitious plans of the eu president. Welcome to on the move. I am anna edwards. We are 30 minutes into the trading day. How things are shaking off. A little stronger. Equity markets up higher. Up by 0. 2 . Lets dig deeper of what is moving the markets. Manus cranny. Lets check in first of all what syngenta. The volume being traded on the company is 343. The biggest oneday move since 2009. 134 of a normal days volume. Isremium will remain in play what the bank of america say. And will continue to see the momentum built in terms of the next out. Hrombogenics, this is a company that has developed an iv treatment for degenerative ey conditions. Eye that been trying to sell the company. That will look for a partner and in the United States of america. Here . What happens next the showas on yesterday and said give me a chance to really take this company to double digit growth. Give me the opportunity as ceo of the company to take it forward. The market said he can come back again. A third attempt has been batted off. Well see what happens with shire pharmaceuticals. Deked to you. Thank you very much. The number two official assay u. K. Treasury is dismissing talk of a housing bubble. Said it is localized and people should not get carried away. Aftermments come expectation bank of england stability would outline action to stop household from sinking a levels of debt that could reckon the economy. Ukraine and russia scuffle a cease fire. This cease fire extends to friday. The u. S. Said russia has sent thousands more troops into the ukraine border. Well prices are lower for a third day of missed speculation the iraqi production will not be disrupted by escalating violence while ministers are taking control of the refinery in the north and extending territory gains for the border, that not spread bottoms to the south which is home to nearly three quarters of the crude output. For more on the latest out of the rat lets out of iraq, lets bring in l. A. Lets bring in elliott gotkine. John kerry is on the ground for a second day. He is in a kurdish city. He is pushing for more inclusive Central Government. That seems to be a key involvement. Certainly, the main reason that while he has gone to the kurdish region in the north of iraq and meeting with kurdish leaders. And press upon them the best way to deflate support for this insurgency is by forming a more inclusive, Central Government that will govern the interest of all shiites and she is and kurds. And kurds and will be remaining the curse that you as condition is one that does not support or in favor of a breakaway and will remain the s u. S. The u condition is one that does not support in favor of a breakaway. The militants after a twoweek battle, they captured the oil refinery. The largest in the north of the country after the militants, the remaining soldiers will be busse d out. Another humiliating defeat for military. E iraqi why our investors not worried more . Latest reason why prices are lower today seems to iraqta coming out from an the organization saying iraq he exports not only have been interrupted but are approaching for oral exports. That is one reason. Talking about trade as emplacement and the as complacent in the assumption and will not rise higher in the wake of this insurgency. There were a series of attacks and escalations and the likes of bpx. That would be detrimental to exporters. Elliott gotkine, thank you. Lets switch gears. Prime minister renzi is speaking to a italian lawmakers on the plans for the eu presidency. Italy is set to take the reins for the 10 month tenure. On what raising plans to do, we editor. Ed by our what do we expect renzi to announce . I think we will listen to renzi talk about the broad theme that he has emphasized so far in minister. Hs as prime trying to find ways to promote growth in europe and boost employment, and find funds for investing. Is likelyhtly he to talk about a United States of europe. However, it is not exactly the best time to be putting forward this whenthemes like they eu convenes this week to try and find a president. There is still Division Within eu leaders. He is a pragmatist. He is likely to focus on reforms and italy as well. He will uses to talk about a domestic agenda as it goes forward with trying to reform institutions and in the way italy elects its leaders, for example. What about plans regarding austerity measures . Will he call for less austerity in the eurozone . I think so. We saw in his minisummit with the french leader mr. Aland agreementthey are in with the other leaders to try and find ways to promote the idea of more flexibility in interpreting the socalled stability pact. Not changing the boundaries and goals, but flying more flexibility in reaching the public debt and deficit targets Going Forward as they find measures to try and boost growth in europe which continues to lag for example the u. S. Growth in the past few months. About this idea he wants to follow the United States of europe . Has doneu know, he this before and some of his speeches and say it is one of his drinks he would like to see. Lets be honest. Its a very ambitious goal. I cannot believe mr. Cameron is going to be very excited and get on board on a project when he is making threats to pull out of out of the eu if they do