Great job done by mark barton today. That is on this index, the dax. You are looking at the best quarter since 2003, and equity index that has added 200 billion euros in value. You are looking at 25 out of 30 components of the dax over 10 . It really is a great synopsis of what has gone on in the dax this year. Bank of america merrill, 63 of Fund Managers favor the european market. That is very much evident in terms of what is going on. Dealmaking, banking, getting the deals done bartering as to who will run the company between the lafarge and holcim deal. Buying 6 billion euros worth of assets. It will make crh the number one player in cement in the united kingdom. What has albert got to do with u. K. Holdings . Holcim and lafarge, will they get the savings . 77. 25, 77. 30 for wholesome. Credit suisse, another day another scandal. What youve got there is, monte dei paschi is suing Credit Suisse for alleged unauthorized financial activity. I should say that banko leonardo is also included in this lawsuit. They are cooperating fully. Brady dougan went down 9. 7 million. That was his pay from the annual review. No major exposure to libor and fx. H m down from 370. Why, margins. This is the view that they are under pressure. Dsd march 15th, there was a suggestion of a deal by sabadell. Today, we have it. They are doing a deal. 332. 50 john. Lloyds should be at the bottom of your screen. Going up to 800. There we go. I speak, it happens. 800 Million Pounds in the coffer as a result of this deal. Jonathan manus cranny has that friday feeling. The ftse 100 a little bit higher. In germany, the dax higher by 70 points, approaching that 12,000 level once again. In brussels, maybe they havent got that friday feeling. Leaders urge greece to find a compromise. The clock ticks on how much longer greece can keep it selffunded. Tsipras meant with leaders as well as mario draghi in brussels last night. Lets get the latest from Caroline Connan in brussels. This ellis in athens, what exactly was agreed yesterday, if anything at all . Good morning, jon. It feels like it is february 20 all over again. Basically, we have to go back to the eurogroup meeting on february 20 and greece has to move forward a certain set of Structural Reforms that its creditors need to review, and agree on financial aid. Prime minister tsipras said they will manage to put the limitations back on track. So far, there is one thing really different than before. That is that the cash liquidity problem in athens is much more serious than before. State coffers are running dry. More payments need to be dispersed today. The next couple of weeks are going to be very challenging. A group of people said, we have liquidity until april. That needs to be addressed very quickly. Jonathan just to follow up, you are a markets man. You analyze the markets. You see the greek threeyear note. I asked the question maybe a little bit blase. Does it even matter anymore when they dont borrow at these kind of levels . vassilis the market is distorted to say the least. This is a very liquid market. I think the market is a bit complacent on really pricing in the problems that greece faces at the moment. These are rights that are not sustainable by any country, even for one month. Therefore, i think the problem lies elsewhere. The problem is not so much liquidity in athens as a political problem. Jonathan thank you for joining us this morning. That is our markets man in athens. Lets get the perspective from brussels. Caroline connan is standing by. What is the view from brussels . It is day two of the meeting of eu leaders. Is it another day of achieving very little . Caroline it may be, jon. There is a lot of frustration from eu leaders. Basically, one month after the eurogroup, they say all you need to do is implement these reforms that you agreed during the eurogroup exactly one month ago today. Greece was not even on the official agenda of eu leaders last night but greek Prime MinisterAlexis Tsipras requested a separate meeting with Angela Merkel and the french president , francois hollande. Angela merkel said at this meeting which finished around 3 00 a. M. Here in brussels that the greeks seem to be committed. Now we have to trust them. We have to take the face value of what they are saying. We saw that trust between greece and eu partners. Alexis tsipras said he was optimistic about the intention of the eu leaders to actually trust greece, which is the whole problem since the beginning. As you know, theres been a lot of tension, especially between germany and greece, blaming each other, accusing each other of a lack of action. Now as the irish Prime Minister put it, the goal is in greece. Jonathan thank you very much. Lets bring in Julian Chillingworth, chief Investment Officer at razz burns, where he oversees 20 Million Pounds in assets. Great to have you with us. If you went to sleep in january and woke up now, you probably didnt miss much. Is that fair to say in terms of greece . I think it is. My view all along was that we would go to the 23rd hour and 59th minute. It is interesting. I think the real problem list rests with the philosophical one. The greek coalition believe they have been elected to bring in change in greece. This is what has got to be got over. Jonathan there is a difference between now and 2012. The similarity is how european officials are dealing with this issue. Some are saying, we can deal with an exit in the short term. There is an actual debate going on. We have to ask the same question weve explored over the last month. Is that why they have even less leverage . Julian i think there is a considerable degree amongst eu officials, investors of, does it really matter if greece goes . Will it affect portugal and spain . That was always the debate before. Now, i think there is less turnaround on those issues. Jonathan i was talking about this in the bond market. The greeks threeyear yield heading back to 24 . At any other time, this would be ridiculous. No contagions seen in the rest of the market. You are sitting at your desk looking at the terminal. Do you really care . Julian unfortunately, very few people care about greek debt now. It is only the troika for the governments and the banks. It is more about the money for greece. That is continuing. A lot of money is leaving the country. Jonathan capital controls, is that something we may have to see . Julian it may well be the case. Jonathan Julian Chillingworth, stay with us. Up next, the day for deals. We have all the details on that 40 billion concrete deal. Those stocks right now trading higher the last time i looked. Tsb finds a suitor in spain. Sabadell will buy the u. K. Lender for 1. 7 billion pounds. More on those stories when on the move returns. Jonathan good morning and welcome back. Plenty of deals to talk about. Resurrecting that 40 billion deal, lafarge and holcim reached an agreement to salvage the merger that will create the worlds biggest cement company. The announcement comes after months of wrangling back and forth. That was over differences about management and financial terms. Theyve cleared that up. Caroline hyde with the details. Caroline it has been 11 months that this deal has been in the making. April 2014 was when they first announced it. 40 billion to create the worlds biggest cement maker. The biggest deal in europe since glencore. Theyve managed to get through those compromises. Key among them is a compromise about the finances. Basically holcim realize they were outperforming lafarge. Profit, sales why should every holcim shareholder get one lafarge share . Why should a lafarge share holder get one holcim . Holcim is a little sweeter than that. They sweetened the deal for holcim shareholders. For every 0. 9 holcim shares, you will get one lafarge. For every one lafarge, 0. 9 holcim. A sweet deal for holcim. Lafarge also there were problems about the chief executive taking the reins. It was bought that bruno lafont the man who smokes his cigars, choose gum, was taking the helm of the company. They didnt think perhaps he was the man for the job particularly to do with his costcutting record. Now, theyve brokered a different deal. Bruno lafont will be a cochairman. He will be taking that role with the current chairman of holcim. They come to the floor. Who will be ceo of the joint lafargeholcim team . It will be a lafarge player. Yet to be announced, but we understand a candidate has been agreed upon. Now, that is still left to play out. We want to know who will be helming this juggernaut of a cement maker. It is the biggest since 2012. There has been a battle. This is why theyve struggled to get through these hoops that theyve had to jump through. It seems that all m a really does come down to personalities. Finally, they managed to iron out their problems. One problem seems to have been whether bruno lafont could push through the cost cuts. The deal makes sense because they could save 1. 5 billion per year by joining forces. They also have to sell off assets. This is a key part of the deal. They have to sell off assets so that they can abide by competition laws. Who picks up those assets . Crh the irish Building Materials company. 6. 5 billion euros of assets. Yesterday, they agreed to buy those assets. They didnt even know if there was a deal done between lafarge and holcim. Even though crh already raised money to do that they already got 1. 6 billion euros in funds they had a plan b in check. This was a killer deal for crh expanding into new countries. Brazil, canada, philippines. Also upping their sales by 28 . Breathing a sigh of relief across the board. Jonathan caroline hyde, thank you very much. Bloomberg confirming what you were thinking. Holcimlafarge, the largest euro m a deal. We will be speaking to the lafarge ceo. You do not want to miss that. Another deal in focus this morning, it is from spain to hear in the u. K. Sabadell agreeing to buy Tsb Banking Group for 340 pence a share. Lets get out the charles over in madrid. First question i guess, why does sabadell want a piece of tsb . What is in it for them . Charles good morning. What is in it for sabadell is the big issue for Spanish Banks going forward, diversification. If you are a local spanish bank in spain over the last six or seven years, it has been a tough ride. Spanish economy has had a terrible time. The banks have struggled to make money. This is about that not happening again. They are seeking to diversify seeking to make this first big step outside the spanish market. Jonathan you say it is diversification. Can we be optimistic to say that it is the first sign of recovery in the spanish Banking Sector . Charles yes, i think there is some truth in that. The Spanish Banks are recovering. Especially in terms of asset quality. Things are getting better. The economy is starting to grow quite vigorously. There are still big issues for Spanish Banks in terms of profitability, with a low Interest Rate environment. You can see it in that light. Jonathan we talk about the opportunities for seven dell to diverse a five. What are the dangers of buying tsb . Charles i think the dangers are making this big lea;pp for a bank which is the fifth biggest bank in spain. It is a big leap to a new market. It is a very competitive market. Santander obviously very active in the u. K. It is a new step. It is a new departure for sabadell. It remains to be seen how they will pull it off. Jonathan another deal. Thank you very much charles oppenty,. Up next the uncertainty for markets. Which sectors are most at risk . Markets. Jonathan good morning and welcome back to on the move be a coit is time to talk about the u. K. Does the u. K. Place a disinflation or a boom or a bust . At in the fact that we are just weeks away from one of the most uncertain elections in a century. We asked where they used. K. Stocks are most at risk. Julian, you have got three different sectors. Thanks, utilities, and housing. Lets start with banks. You look at that tsp deal. Do you want to be in u. S. K. Banks right now given the election noises that both sides are making over the Banking Industry . Julian i think theres a huge amount of uncertainty. We remain very cautious around the whole sector. What i would say is that the deal is interesting on a mediumterm basis. I think the retail Banking Sector in the u. K. Could be interesting. You could get decent returns out of those areas of retail banking. But investment banking, i think, is going to be fraught with problems. I think regulators are going to be watching all the banks very closely throughout europe. Jonathan you talk about utility type returns. Lets talk about utilities. Weve got one side saying, we want to do something about affordable living costs. Is that mr. Miliband and labor getting to power . Julian we are nervous around the utility sector and have been looking to see whether we should continue to own some of these companies. What i would say is that i think both parties will be continuing to put pressure on the Utilities Sector to come up with a fair and balanced regime. I think the real problem is the companies themselves. They have reacted to politicians. They have taken out hedge positions. There is a slight irony there, trying to abide by the rules and not benefiting from the commodities pull back. Jonathan so Much Division as we had to election month. We expect that. A little bit of unity on one sector, the housing sector. Have you added to any positions ahead of the election . Julian not ahead of the election. We were positioned for House Builders. We think theyve done a great job in rebuilding their balance sheets. Theyve come back from a very tricky position. They are now building more houses. They are getting good returns. Margins 15 20 on building a new house. Great cash flow, so dividends coming for shareholders. Jonathan any names, julian . Julian taylor wimpey, they are all doing their bit to boost shareholder returns. Jonathan you can see the political tailwind for the House Builders. People are saying, it is boom and bust time again. House prices yesterday slow down a little bit. Rates are still at record lows. Are we facing a 2007 type scenario . Ceos dont want the high price growth either. They want a stable market. Julian i think thats right. The House Builders are aware of the sins of their fathers. They are being a lot more prudent with their distribution policy. I give you one watchword as well. When analysts transfer from talking about prices for House Builders to talking about peas you are near the top. We havent started talking about these yet. Jonathan Julian Chillingworth thank you for joining us. Coming up, the bank of england chief economist said the bank should be ready to cut rates if needed. We will be speaking to adam posen. Is this the beginning of the end for king dollar . High treason from hsbc. David bloom joins us after the break. As we head to the break, we leave you with the beginning of a Solar Eclipse, partial eclipse , that will cast a shadow over europe. It has a business angle. The moon will block about 80 of the suns light. What does that mean for solar panels . Jonathan good morning and welcome back to on the move. 30 minutes into the trading day. We are wrapping up the weakness this friday a little higher in london. The dax heading back to 12,000 points. 62 points higher. There are deals to talk about. Lets get to our stock stories with caroline hyde. Caroline top of the leaderboards are those that are winning out by the labargeholcim megadeal. Lafarge up almost 3. 5 this morning. It has been 11 months in the making. At last, they come to a compromise on management and the financial terms of the deal. Lafarge not getting quite as sweet a deal as holcim shareholders, but everyone relieved. Crh shareholders are pretty pleased as well. This stock up 3. 5 . They had six point 5 billion euros of assets they wanted to get their hands on. They were waiting for the deal to go through so they could start taking canada, brazil philippines. This will help drive crh going forward. Clearly a winwin when it comes to news shareholders. The biggest loser today is aerospace. Soviet aerospace down almost 9. 5 . The reason behind this earnings saw sales up two point 3 billion euros. The problem is with its seating. This is a company that makes equipment for aircraft. Airbus and boeing have been laying on the pressure saying you are giving us persistent delays when it comes to seats. The deliveries are disrupting their aircraft assembly. This has been far more costly for zodiac than expected. Sales doing pretty well. Down go the shares. Jonathan caroline hyde, thank you very much. Lets take you to the fx market. Is it the beginning of the end for king dollar . That is what our next guest things. It is high treason. David bloom, hsbc global head of currency strategy, joins us right here. David the picture should have been a bear. Jonathan it is able run and it is nearly over. Are you complaining about the graphics . Some are complaining about this call. David on may 22, 2013, bernanke talks about tapering. We turn dollar bullish. Eventually, the big bowl comes and charges. Now, the fed saying, we are raising rates. It is done. Im leaving something on the table. Ive had a great party. Im leaving a bit early. You want to stay until 2 00 in the morning and say, i did what . That is what will happen to you. We are at the beginning of the end. It is not the time to turn bullish. Most of the meat of the dollar bull run is down. Jonathan im the first one to break the charts. The chart that stood out to me is that when the fed hikes, we dont always see the dollar rally. I will ask you, are we going to see the same movie again . 1986 19 94, 1999 2004. David as soon as the fed raises rates, dollar doesnt perform well. The move into the tightening is brilliant for the dollar, as it has been historically. This is no exception. History tells us once the fed pulls the trigger, we are done. They are basically telling us they are going to raise rates. We are going to raise rates if we drop this word they are spoon feeding us. The last time i believed in forward guidance, it was called euros