Lets go to the nasdaq. Thats the heart of this a boolean in markets. Ebulliance in markets. The nasdaq breaking the new record. It took 15 years to get there. Its training around 28 times its earnings. The multiple in 2000 was 190. Its a different beast. The components are going to raise dividends. Some other news, banks are in focus. All in an effort to raise capital. Youre going to get new asset managers. Unicredit will get a quarter of a percent. She will focus more deeply on what she is doing and raise those assets away. Oil pretax profit to zero 5 million. That beat the estimate. Electrolux beat estimates. North america i was surprised. In europe the margins are improving. The Cost Saving Program is working. Astrazeneca also had their set of numbers today. That came in at 1. 0 eight cents per share. They are sticking to their forecast. Those are the kinds of stocks we are keeping an ion. Eye on. The question is where does the dollar go next. We will leave it there. Thats it for me. Go home. Enjoy your weekend. The ftse 100 up a third of 1 . The big focus, it eurozone finance chief and central bankers are meeting this morning, where greece is topping the agenda with cash running out and no sign of a deal. Will creditors start turning the screws . Greek Prime Minister tsipras has urged merkel for a deal before the end of april. Do you get the same sense of urgency from the ground . The bar is pretty low once again. The bar is low, but you are hearing all the finance ministers have gone into this meeting. It is pessimism followed by frustration. There isnt a lot of optimism that you are going to get a deal today. Pretty much every minister has downplayed expectations. The position part is important. Listen to how he puts it when he seems to think the pressure is really on greece. The deadline is more important for the greek side than the eurogroup. Its a matter of urgency to get Financial Support to make sure there is enough money available to keep the government running. That is a eurogroup leader that did not necessarily feel he is being forced to negotiate forced to give in to greek demand. At the same time, frustration seems to be bubbling open that more has been made. This is the nittygritty happening with reforms. They were supposed to have a final list submitted in april that appears to be blown. At best they are going to get an update from mr. Varoufakis, who was conspicuously quiet and had no comment when he walked past the cameras earlier. Jonathan this has been dominated by a problem that was very much greases problem. If we had a problem it is that you can have a default without an and said. Is that gaining more traction . Without an exit. Bloomberg did pulling of economists. Economists think there is a 40 probability you could have i missed payment, but it is a 30 probability on whether or not that translates into a default. The difference comes from a question of liquidity. No one knows how long greece can go. Will they be able to make those payments to the imf . Another thing is when you look at will greece impose capital controls, a broad range. The median answer, 50 probability that capital controls will come to greece. No one really knows, do they . We are joined by the head of global Asset Allocation at barclays. Great to have you with us. I see no one knows because a couple weeks ago we were told it really matters. Then, it is it doesnt really matter. What is your take on the meeting . Whats we dont that we are going to get much out of this. Policy makers have already said this. You still have some time. We have pushed it back to the may 11 meeting. Who knows . Jonathan these are political deadlines. The real deadline is when they run out of any. What we do have is a series of dates. May 11 is important. They have got to pay money back to the imf. Are they the dates you are looking for right now . Were in a calendar where we are beginning to run out of time. The truth is you can get on the phone and solve this problem. You dont need to have these summits to do it. It is the Payment Dates that matter most. A fourth month of discussion. What is the problem . The chief said my impression is you had a pretty that needs to change. A program has been in place. The government from greece is saying something different. Jonathan it is just about the consensus. You speak to your clients on a daily basis. They call you up and are worried. Then they say there is nothing to worry about. If people are more comfortable with the situation, why is the market still trading over the situation . My concern is the investors i speak to will say it doesnt matter. From what i see, the market is already there. The risk is it already matters a little or a lot. I think thats why you see the gyration. People want to think this european recovery is what the trade is. Jonathan the investors you speak to come are they getting braver . I havent sense that. Where they are brave is they are willing to stay in spanish and italian debt at tight spreads in germany despite the fact they believe there may be a default in greece. Jonathan would you use the word brave . I would say yes. There is a difference between a bad stock and zero risk. If you look at peripheral debt it is basically pricing and zero risk. Thats probably not the case if you have a proper default in greece. Jonathan we are going to talk about u. S. Equities. The nasdaq reaches new record highs, taking more than a decade to mend post bubble wounds. We will tell you what they are missing. Traders behaving badly. High intrigue on the trading floor. Stay with us. Jonathan welcome back. In the tech world they erase trillions of dollars from u. S. Markets. Yesterday it closed at an alltime high. Things have changed just a little bit. Three of the five Biggest Companies reported earnings. We had amazon and google. All of them traded higher on the backs of impressive earnings. With google it was a bit of a mess. People are saying, lets drive this forward. 14 billion if you strip out what they passed to their partners. This stuff was three and a half percent up. Its all about mobile and more videos. We are seeing the amount is diminishing slightly. That is because of youtube, but mobile has great omentum. This is where they are trying to integrate. This is a Company Always trying to better is self. It came slightly shy of estimates, but the new projects the improving search all of that could drive it forward. Not a single cell recommendation. Lets look at the others. Microsoft, this is number two when it comes into how many they managed to get into sales. 22 billion for the last quarter. They rose 6 . For this company its all about Cloud Computing. Its all about reorienting. They want to be able to use microsoft. Whether you are on apple, google, android, you want to be using their products. We are spending more on servers. That is driving growth. The only downside is the pc market. People dont want microsoft in stores on their pcb their pcs. It is all about doubling growth on Cloud Computing for seven straight quarters. Lets get to amazon. Lets get to the company that got the most in sales. It was a huge 22. 7 billion. We saw amazon at 8 after hours. They are shifting to cloud as well. What they managed to do is when netflix is growing, so is amazon, because it provides data centers. They are just starting to ramp up. An interesting bet was made by the chief executive. A net loss. He is spending the same amount. The reason is he is still investing. He wants more Media Contact to make us addicts. Tens of millions use amazon prime. He wants it to be hundreds of millions. Jim mccormick is still with us. Lets get back to the nasdaq alltime highs. We have a discussion about what the index looked like, and we say it is much more stable. This is the contribution of some of the Biggest Companies on the nasdaq over the last 12 months. What you see is a corridor. 23 percent. Incredible. Whats your view on that . It underscores how much the nasdaq story has changed. In the late 90s and 2000 it was all about Small Companies that become Big Companies and the ones that have won have become the underlying part of the market. Some of these companies its hard to think of them as tech companies. Tech is at the center of product, but they are Consumer Discretionary stocks. Its all about the strength of the consumer as well. I look back at 2000. It is 25 24 times earnings. In 2000 you struggle to find the companies to do the calculation. Is that a big challenge for you . The nasdaq is a classic story that people had the right idea. Internet amtech was going to change things. Now we are in the mature stage where these are companies that do have earnings. 24 times. Is that too high . I dont know. It looks ok. Jim i think tech is a good story in an environment. A lot of these are about Consumer Discretionary. Take tends to be much less impacted by a strong dollar. The margins are so high that a dollar going up doesnt mean much to these companies. In terms of the word record highs, we can get excited about it. We had 27 of them on the dax so far this year. Does it really mean anything, the term record high . Does it have value to people . They say, i need to step back and take money off the table . I think it has value. To be able to say the dax is at a record high, i think its getting people more and more involved in the market. If you look at flows into equity over the last five or six years, it has been quite light. This hasnt been a market that had full participation. It has been called the most unloved bull market in history. When you look at what is happening in europe and the United States over the last five years, this great old market and what is starting to happen in japan, if i had to make you pick, which would you be picking . We have europe and japan are very different stories. Europe is about a good cycle starting to take hold. It is about a longterm secular change that makes it more interesting. We will talk about japan after the break. The central bankers throw everything they have got at jumpstarting economies across the globe. There is one thing they might be missing. Details are next. Lets get up to speed. Comcast is said to be walking away from it takeover. The deal was about 14 months ago and will be worth 45 billion. Many credit unicredit agreed to merge assets. The lenders will each control one third of the new business, while u. S. Buyout firms will own the rest. Profits of astrazeneca fell after they took a slice of revenue. Sales of the bestselling products are also down as patents expire. Central bankers around the world are providing limited liquidity and support. Maybe they dont have a policy lever to address. Jim is still with us. He has been crunching the numbers. Demographics and what it means for savings. What are we going to see in the next 10 or 20 years . I think if you look at the trend, we have had a large portion of the population and the age group of 40 265. They start preparing for retirement. They have the income. That age group is now starting to retire. Were looking at an environment where savings have been growing faster than gdp for years, and that is going to start changing quickly. Jonathan what is remarkable is political and institutional levels dont get much traction. You can print money. You cant print people. Thats a big problem in japan. Are there any positive demographic trends . Jim the positive trends are the responses. Japan is an interesting story where its demographic challenges are monumental, but if you look at the last few years you had a labor force that starts to go up. Labor force participation is actually rising. If you look at japan from the lens of gdp from a working age population, it is doing better than the u. S. . Then the u. S. Is this more bearish for fixed income or equities . Its not always that obvious. Jim i think the clear message is it must be a difficult environment for financial assets. Real estate globally should be between 2 and 4 higher in the next 10 to 15 years. Thats a very big number. Tax fixed income or equity. Which would i play if i were you . I would probably be a little more worried about fixed income because of the valuation, but as people age they are going to want less equity. Financial assets are going to struggle. We will talk about it a little bit more. Coming up, a spanish success or a venezuelan disaster. Our next guest says the choice before alexis zip press sounds a little like that. We will have more after the break. Alexis tsipras sounds a little like that. Jonathan good morning and welcome back to on the move. About 30 minutes into the fighting trading day of the week. This is how things are shaping up. The ftse 100 up by 25 points. The dax pushing higher as well. The stoxx 600 just coming off session lows. Gains on the periphery as well. Lets dig into these indexes and get some of the stock movers with caroline hyde. Caroline leading the charge with the greens. It is all about earnings. Seb is coming off of its highs now. Now just up 0. 5 . The nordic regions biggest foreign currency trading bank. Profit fell 18 . Negative Central Bank Rates put pressure on across the nordic banks. Pressure on deposit margins and earnings. The flipside of that is, consumers are more likely to pay you back. Suddenly, credit losses are going down. Net credit losses, 39 lower. Much improved. The chief executive says we operate in exceptional times. Meanwhile, electrolux up six. 5 . Leading the charge on the stoxx 600. Number one Home Appliance maker. Firstquarter operating profit beat analyst estimates. They are ramping up their pricing. That helped offset negative moves in foreign currency. European markets are set to expand this year. North america is where the weakness is coming in. Is it all about new Energy Regulations . It looks pretty strong. The Company Continues to expand buying up general electrics Home Appliance unit. Neste oil. You are going to speak to the chief executive. Up 4. 2 . Shares reaching their highest in eight years, john. Positive firstquarter earnings. It is all about their products. Renewables looking pretty punchy. Margin improving. Back to you. Jonathan caroline hyde, thank you very much. Lets bring it back to greece. The Prime Minister has a decision to make. Will he modernize his country into a spanishstyle success or drag it into the this . Our next guest is the chief economist at baron berg. He joins us now. A spanishstyle success, can we call it a success in spain . I think we can call it a success. Spain had a major rebound across almost all economic sectors. Spain has turned the corner for good like ireland did. Spain, having had a significant labor market reform, is probably now on course to have more Sustainable Growth for many years, just like germany. Jonathan when will that start to change unemployment . Holger the process is fairly rapid. Coming from a fairly high level, it takes a while. Jonathan in terms of greece, lets talk about the core issue. It cant go on like this. They get a few more euros and it continues. How much longer can it continue . Holger on current information they have enough money to pay their bills until may. The that, we dont know. Between that, they are accident prone. Municipalities now refused to hand over money then maybe they run out of money even earlier. Roughly 23 weeks is the best guess we have. Jonathan if i sent Holger Schmieding to broker a deal, how does he do that . What will it take . Holger i think brokering a deal is the wrong way to put it. Greece had a deal with europe for a long time. This is about implementing the things greece agreed to do. Greece has to sign up. It has to make its labor market more flexible. There has to be some kind of reform. Details will probably be negotiated within a few days. Greece, you have a choice. Honor your commitment the money will come. If you refuse to honor your commitments you get no more money. Jonathan the plan so far has failed in their eyes. As far as young as far a fact is is concerned, as far as young as varoufakis is concerned, he is the finance minister of an insolvent country. Holger greece depends on the terms of its debt. Europe has made a clear offer to greece. If you do the progrowth reforms like spain, europe will make sure that you get so low Interest Rates and so long maturity on your debt that your debt is not a burden. It is up to greece to take the offer. This is about reforms, not death. Jonathan lets talk about the risk. Im sure it is difficult to calculate. The story that has gained traction is that you can default but stay in the eurozone. One thing that pops into my mind is the banking sector. How does that work . Holger you can actually default without having to leave the currency. Municipalities can default in the u. S. If greece defaults, greek banks will have their Balance Sheet wiped out. Somebody has to recapitalize the banks. Greece cant do it. Either greece needs money from europe which if they get money from euro, they dont have to default, or if they cant get money from europe, they have to recapitalize their banks. Default, not technically, but probably would be a precursor to grexit. Jonathan can you have a second currency and stay in the eurozone . Holger these are weird fanciful ideas. They look good in academic discussions, but in practice they dont work. You need to have a currency. You could almost get by for a week or two, perhaps a month. Either the euro which 70 it will continue to be, or 30 risk it will have to be a new currency. Jonathan lets talk about deadlines. If the deadline was an dead before 2015, greece has well and truly killed the deadline. It doesnt mean much anymore. I keep asking everyone what is the deadline . Holger there is no deadline. Europe can wait. There is a deal on offer for greece. It is up to greece to decide whether or not it wants to sign. The one thing that will force greece to decide one way or the other is when does the money run out. Current indications are, they have about three more weeks. We dont quite know exactly. Jonathan lets bring it back to what has brought this situation up again, the politics. This government feels like theyve got a new mandate. A lot of people were talking about the possibility of a referendum. Is that something you think can happen . Holger yes, it can happen. Especially if this government cant make up its