Randgold in the first uptick of the day. The complexion is lower. Asia, making levels we havent seen since the year 2000. A couple of individual names. Some deals, Share Buybacks coming through. There is something good in the world when you get a takeover stock that opens up. Rexam, being taken over. The stock finished at 559. 5. Caroline hyde will take you through the details on that. Theres suggestion from the brokers that they may have antitrust issues. Nestle, one of the Biggest Food Companies in the world. Revenue missed the target of 5 . Caroline will take you through those numbers shortly. Swiss re, they are doing a buyback. Schneider doing a buyback as well netting himself 80 . They have restructuring charges in the united states. The dividend 4. 25 swiss franc. Theyve been doing a Share Buyback. The stock of 1. 12 . Rexam now up nearly 6 . Dividend is the story there. Youve seen a nice up left in nestle and rexam. The dollar it is going to be a dominant discussion. We had hans in from Morgan Stanley saying it will be down to what janet yellen says. Thats live data. She has the unemployment data. The threemonth data, the best set of employment in a in 17 years. In terms of whether she is patient and wants to stay lower for longer, a myriad of issues going on. The dollar is a little bit lower on a dovish fed which identifies the currency as a drag on the u. S. Story. This puppy is going higher. Back to you. Jonathan thank you very much. The ftse down by about 0. 3 . A little bit further from that alltime high. For now, the big news in greece. The European Central making life any easier for greece as the new government prepares to submit a loan extension request. The ecb gave greece a small increase in emergency funds. Theres a report from a german newspaper that we can also talk about. Lets get out to hans nichols. Where do you want to start . A busy 12 hours. Hans it is going to be perhaps even busier as this morning progresses. Here is what we know from the newspaper. The ecb may want greece to impose capital controls among but it is important to note that the imposition of capital controls can only come from that countrys central bank. Cyprus, about two years ago, it was part of a larger 10 billion euro bailout package. Thats when capital controls were imposed. By itself, the ecb cant force this on cyprus excuse me, on athens. What we will be looking for now is more confirmation, trying to figure out any splits in the ecb. Last night, it was pretty clear. There is a separate matter access to emergency liquidity funding. They increased it to 68. 3 billion euros. It was a marginal increase, just another 3. 3 billion euros in breathing space. Thats an indication the ecb is playing hardball. They are not going to provide greece a safety valve. Two developments out of athens yesterday evening. We had some positive news and comments from mr. Vara farkas. Heres what he said. The application will be written in such a way that it will satisfy the greek side and the president of the eurogroup. One way to read the delay that we have here because they were supposed to submit bids yesterday, is they are trying to find compromise. They are trying to find some way that everyone can be on the same page. However, and this is cutting against a deal when you look at the program that athens was talking about yesterday evening, mr. Zebras speaking to parliament, a couple things in there. The Budget Surplus down to 1. 5 versus 3 . That is acceptable to the eurogroup. But on privatization, they want to roll that back. The eurogroup once the privatization to continue. On labor market reforms, they are heading in different directions. It comes down on whether or not you can gloss over these terms on this proposal that we are expecting any hour now. Then you have to have some official approval. Jonathan i go back to some of the comments weve seen in the international sphere. You could say that greece only makes up 2 of euro zone gdp but the whole world is watching this. U. S. Treasury secretary jack lew sounding a warning for both sides in this debate. What did he have to say . Hans he warned varoufakis not to cut it too close. The implications could be disastrous. What is interesting to me about the lew comments is it is almost the other direction from what president obama sent a week ago when Angela Merkel was visiting. He seemed more sympathetic with the new greek government. Now you have lew pressuring them to go the other way, to have some sort of agreement with their creditors. It seems to me that lew has switched and it is an indication that everyone is getting nervous. Jonathan it seems that way. Hans and, thank you for joining us. Lets bring in the head of investments across bridge capital. Great to have you with us. Lets cut through some of the noise and talk about the things we do know. Emergency liquidity funding getting closer to the end of the month. No deal. Looks like they are coming out of the bailout package. What does it mean for the Banking Sector in greece . Guest they gave less than the increase and now capital control. I interpret this as ecb saying greece has to put more money to work. The target that greece has to meet is 3 primary surplus. They are at 1. 5 . You cannot meet primary surplus if your banks or your economy is not functioning well. In a matter of saying, greece has to put more money to work by putting capital control and others. Greek banks need the support. They were looking for 10 billion. They got only half of that. It means that the working environment for greek banks is difficult. It is going to be very challenging if you are a greek bank. Jonathan the ecb cant impose capital controls on greece. It is not clear that that is the recommendation. They are citing people in ecb circles. Theres going to be some interested parties to put the pressure on greece. Beyond the Banking Sector, the agreement or the likelihood of extension for the loan, a lot of people want to write the headline, greece is blinking. Thats not what is happening now, is it . Guest i feel there is a lot of posturing going on. I also believe that a deal is in the interest of both parties. I dont think any greek politician wants to be making a decision that greece goes out of the eurozone. Greece goes out of the eurozone only because greeks want to go out of the eurozone. I dont think anyone is going to say they will go out of the eurozone. Also remember that the things mr. Tsipras wants to do, those are one of the recommendations that the troika is making. I believe there will be a deal. Greece cannot get it easy. The ecb and germany are not backing down. Jonathan in terms of investments, you like a trade. What have you been doing in the background . Guest im not doing anything in greece. I think theres more a headline view. The portfolio is doing very well. I also recommended long eurodollar trade at 1. 10. Everyone is long dollar. As we saw in the currency minutes last night, the fed is not prepared to raise the rates so quickly. Im happy with that. Jonathan we will talk about the Federal Reserve after the break. Lets check in on some of our top stock stories. Centrica posted a fullyear loss of 1. 6 billion. The stock down by over 8 . Nestle on the move. Reported its lowest annual sales growth in five years. The stock does edge higher by about 0. 3 . We will speak to the ceo. During this show, we are watching swiss re. The company missed profit estimates and will buy up to one million swiss francs worth of shares. Later in this hour, we will speak to the swiss re cfo. A conversation with david call in about 20 minutes. Also, another earning story out of france. We speak with philip lazare. We will ask all about Cyber Security in a world of contactless money exchanges. Thats going to be fascinating. Next, we talk about a dovish Federal Reserve in the u. S. And what it means for markets. The ftse is just short of an alltime high. Stay with us. Jonathan welcome back. Here is how stocks are opening in london. The ftse flirting with alltime highs. The s p 500 on wall street breaking into record territory. Today, japan takes the headlines. The nikkei closes at a 15year high. Dovish fed minutes. Fed officials judge that Dollar Strength and uncertainty in greece have inclined them to keep rates near zero lower. If you didnt get through all those minutes, i dont blame you. Bloomberg has tracked the amount of words in the Federal Reserve minutes over the last number of months. We break through a thousand words. If you got bored reading that, i dont blame you. Lets bring in manish singh. The words, it does mean something. They are scared of their own shadow. They are really struggling to communicate what they want to get across to the market, to investors, to main street. Guest theres a lot of talk. The fed doesnt want to create a wave. They want to stay on the sidelines and keep watching what is happening. The statement was very clear, that the fed would rather risk inflation then start tightening. What if you look at this, almost 35 Central Banks have eased. By even staying where they are they are actually tightening. I would say it is not a bad minutes. According to my view, i still expect the fed will probably move in september. I dont expect more than 50 basis points increase. Jonathan big question, these comments, they predate that blowout jobs report from january. It paints the picture of a pretty solid labor market in the united states. Does that make a difference to you . Guest it does slightly in the sense that we have Congress Testimony next week of janet yellen. You will also have numbers from walmart which is a big earnings number. Im not saying that fed cannot raise in june, but theres a very small probability they will do it. What really surprised me, they talked about the timing of the rate increase moving the markets. The fed is worried about how the markets will react. It is interesting to hear they saycare so much. The strong dollar is also making the fed worried. Especially if the earnings are coming from abroad. I would still believe that it is positive, but im not so sure about it as a whole doing well. Jonathan two questions here. Is the market still more dovish than the fed would like it to be . And, is the fed encouraging that anyway . Guest i think the market is not as dovish. If you look at the 10year yield, they lost all of that. It is startling that people are talking about increasing the rate. [indiscernible] the market is really positioning and pricing in tightening, which is not happening now. Jonathan back to the labor market, u. S. Wage growth versus the Federal Reserve benchmark rate. It told us quite a decent story after the hike. Pretty tight. The last couple years, it starts to me nothing because rates go nowhere. What is that chart telling you right now . Guest earnings are a good indication of inflation. Why is fed going to raise rates . If you are not seeing any increase in hourly rate, then the fed doesnt move. The chart clearly shows that you might have some false moves. Then the fed doesnt want to be the one to move and cut back. I believe there should be [indiscernible] jonathan and you are sticking with september. Manish singh sticking with september. We will get minutes from the ecb a little later today. They will be coming out at 12 30 u. K. Time. For now, lets check in on centrica shares, down by almost 8 . Earnings collapse. Uncomfortable difficult trading conditions. We will talk about that company after this short break. Jonathan welcome back. Good morning. One stock in focus this morning, centrica, falling the most since 2008 after the company said it will slash its dividend. It posted a loss on slumping oil and gas prices. Lets bring in caroline hyde. Walk us through the big headlines coming out of centrica and what is really making life difficult for this company. Caroline double whammy of slumping oil prices and a rather too warm 2014, which meant we didnt need to rack on our heating quite as much. This is the biggest supplier of energy in the u. K. It owned british gas. Suddenly, we are seeing a net loss of one billion pounds. They are having today huge writedowns. Right down to the tune of 1. 4 billion pounds. Youve got Nymex Crude Oil slumping 51 as you see on your screen. This is a company in problems. They brought earnings per share down 28 . The gas prices, but also having to make big cuts not only to Capital Expenditures they are slashing that by 40 , they are also slashing their dividend by 30 . They say the final dividend will be rebasing by 30 . To add to that, theres a strategic review. This is a new chief executive taking over. Mr. Khan joining back in january from bp. Hes got so much on his plate. Is any of this going to get easier . I dont think so. Theyve got pressure. The political pressure is going to be ramping up i of the general elections. A lot of these big players, they want to see Falling Energy prices. That is what has been called on by the labour party, the conservative party the conservatives and liberal democrats wanting to see power prices lower. They all show they also want to investigate a competition probe that is going on into themselves and the other suppliers. So many headwinds. Now a strategic review. They have to keep our prices low and face a commission. No wonder shares are down 7. 5 . Jonathan thanks, caroline. Managed saying manish singh still with me. This is becoming a very, very politicized sector as we head into the general election on top of the fact that they are dealing with falling oil prices. There is pressure to pass on the price cuts to consumers. Is this a sector you want to be holding . Guest not in the u. K. This is a close election. It will be an election issue. Im not long u. K. Energy stocks. Im looking at u. S. Names. These are the Energy Stocks that im long. Jonathan i look at brent dropping again today. You are long some of the big u. S. Names. Warren buffett took a headline this week. What is he getting wrong . Jonathan guest what i would say is that they are putting costs either they are cutting down Capital Expenditures, cutting jobs, and i also believe that oil is pretty much at its bottom now. Lets not forget that shale oil is not going away. Shale oil is the biggest fallout of the u. S. Qe policy. I think that is a very interesting thing to remember in mind. Oil Services Companies will have to respond by keeping constant control. If you look at the Capital Expenditure of some of these companies, they are huge. Start cutting back on that. Jonathan just very quickly, oil, a huge wealth transfer across the world. It is hitting some energy companies. Here, it is pretty good for some of these emerging markets. Have you been buying any stocks out there . Guest yes, india has its budget plan next weekend. It is extremely wellpositioned. Energy is big in india. Indias economy is coming around to a positive. Jonathan long india. Conviction call from mannish thing. Thank you very much for joining us. Coming up, we speak to the cfo of swiss re after the reassurance giant cut its dividend. They did announce a sizable Share Buyback program as well. We will get the thoughts of the chief financial officer. Here is a picture of the equity markets in europe. It is about level. Look at the ftse, down by 0. 5 . Creeping away from that record high close back in 1999. We are getting further and further away. The dax coming down as well. Will greece go for a deal . Will they try to get an extension of the Loan Agreement . Can they reach a compromise . Thats the big question. The athexz Stock Exchange opens shortly. For now if you want to talk im on twitter. Jonathan welcome back. This is on the move. 30 minutes into your trading day in europe. This is what the markets are looking like. The ftse 100 down by 33 points. Creeping further away from that alltime high. The dax also coming lower down by 77 points. The nikkei in japan took the headlines overnight, closing at its highest level in 15 years. Lets get some stock stories to watch with caroline hyde. Caroline focusing on the key movers, a bit of m a in the air. Rexam if you are interested in tin cans, Beverage Cans being offered some 17 premium bible corp. In the united states. Currently trading up about 3 . Many people feeling there could be some concerns with antitrust reviews. Maybe they will have to sell off assets. At the moment, trading 4 higher for rexam. Many have called it up as much as 16 . Keep an eye on centrica, down 8 . The worst fall for this Company Since 2008. One billion pounds net loss Biggest Energy supplier in the United Kingdom hit with a double whammy. It is too warm and oil prices have slumped by half. Difficult situation for the new chief executive to be taking on at the moment. Lets look at nestle, just up about 0. 3 on the back of its numbers. The biggest food company. 67 brands. Who knew . But they have the slowest growth in five years. They are saying, 2015, we are going to get back to our numbers and margins are going to improve. The underlying numbers are being hit by the Foreign Exchange numbers. But the main numbers arent, of course. Back to you. Jonathan thank you very much. Theres three of the top corporate stories we are watching. One other is swiss re. They lower their dividend after fourthquarter profit fell on charges related to the restructuring of the u. S. Business. Joining us now, the swiss re insurance chief financial officer. Great to have you with us. Lets start with the earnings. Is this a shortterm blip given some of the charges related to the u. S. Restructuring . [no audio] it appears weve lost connection with david cole of swiss re insurance. Fourthquarter profit missing estimates. Well bring you back on the line when we can. Lets get a market check. The f and sock the athens Stock Exchange opening up. The ftse down in london. We are waiting to see whether we will break that alltime high. Theres the ase, up just over 1 . We will have to wait to find out. We will get out of hans nichol