Another leg of the search for mh 370 which disappeared nearly two months ago and nothing has been found. Paul allen is with us from sydney now. Where do they go from here . The think that will be number one question they will be asking themselves. The chief of the australian effort, angus houston, this meeting is to figure out where you go from here. Officials are putting their Heads Together to decide what to do next. 58 days in and absolutely nothing has been found. They owe itn says to the families of the missing to continue with the search. He is confident that theyre focused on the right area. They announced that the Aerial Search for debris is done. Anything floating is presumably no longer. The search is now exclusively underwater with the submersibles covering 400 square kilometers of the ocean floor. Yete said, nothing found and this is now the longest search ever for a plane in aviation history. Thes a longer this goes on, more it will cost. Its a matter of time before the question of money came appear. Pretty high on the agenda as well. The search contract has been extended for another month. That cost 40,000 per date to run, an estimate that the bill could run upwards of 60 million. Its an uncomfortable conversation to have but it was inevitably going to, who would pick up the tag. Is closing the Family Assistance Centers on wednesday am they are urging the families of the missing to head home and wait for news there. Earlywill be some compensation payments but more money will be forthcoming and plenty more discussions about exactly who will pay for what and how. For that. Ou paul allen in sydney. Were going to get back to whats happening on this monday for the markets. Geopolitical risks persisting and we have a situation in ukraine which is red hot at the moment. Lets find out whats going on. A situation in ukraine is worsening in we will get more details in just a moment. Thely, it is overshadowing fairly encouraging u. S. Jobs number that we got in america. ,000 the best month that we have seen it over two years. Normally at this point we have about seven markets. Japan and south korea are closed essentially right now so the markets that are open getting their first chance to react to those u. S. Numbers and if you key Economic Data numbers coming up. Ervices pmi from china hsbc comes out with their own or read on services in china in about 40 minutes from now. Be out ofe will indonesia from noon, firstquarter gdp. The government is coming out with a more to mystic view of 5. 7 or 5. 8 the expansion figure coming from indonesia. I want to focus on the macro view. Sporadice a lot of violence in ukraine so lets get a quick check on how the currency markets are doing. It is a good gauge of risk aversions. Own dollars sterling still flirting near the fouryear high. One level you want to look 1. 6989, theis fouryear high back from august 2009. 1. 3867. Theugal is finally exiting Bailout Program later this month. Whether or not that fully reflects the Underlying Health of the portuguese economy is a different matter altogether. Theres a big source of debate still. Has not really budged. If you compare to about a week. Go, we are closer to 102 green means the currency or strengthening. For the for the end second straight day. Commodity markets, the big story is looking out for oil markets. Hey vn output falling protesters shutting down several oil fields in the country. 260,000 barrels at 1. 3ar back, we were million. Looking at gold and seeing the , 0. 6 rise today and geopolitical tensions giving them another reason to go long this monday morning. Back to you. We are getting back to the violence in ukraine and kiev admitting they are essentially now dealing with a civil war. The west is calling for calm. It . People ignoring going towards the third biggest city in ukraine, odessa. Port city. Is escalating the tension significantly. Prorussian militants are attacking the Police Station. Where one third of the population is ethnic russian. Its a pretty intense area violence has spread to. Police are free because of the attack on the present and Police Station. The spread of violence does impacts. Prorussian separatist were also killed over this. This is the impact of the violence spreading run east to odessa, the border. Its very crucial and clearly raises the concern flagged for the area. What are the russians and the est saying . The canadian spreading more sanctions on russia. Vladimir hooton says hes extremely concerned about what has happened in odessa. People are calling into the kremlin in despair, thats what theyre saying. The kremlin says theyre getting thousands of calls from your cranium seeking help. They would say that, wouldnt they . They said they are there to help to help their people in ukraine. The u. S. As troops are being mobilized. More Russian Troops are there on the border. The concern is where this will go. The could change exportimport outlook. Definitely a concern and thenitely escalating violence again. Tempers flaring. A city where, again, one third are prorussian, ethnic russians. Will be getting very intense. To anand Angela Merkel have been talking on the phone. David cameron talk to him on the phone and has been calls for a second geneva meeting. Portugal going to exit the Bailout Program without putting any cautionary credit measures in place. Lisbon has its first bond auction since requesting a rescue in 2011. They said they have recovered credibility. Greece is the only euroarea country still part of an eight group graham. Has decided went will exit the Bailout Program without requesting any precautionary loan. After long consideration, we concluded this is the right choice of the right time. The china index of Service Industry rising in april coming in at 54. 8. Upside from the figure from march, 54. 5. We will be on the economy with the latest survey. Those regain figures as we get them for you. Australian freight operator offering to buy iron ore company, one point 3 billion u. S. Dollars, a 39 premium over the last closing price. They were surging the most in Something Like five years. Do we have those figures . They are up 30 or Something Like that 36 . R straley a currently trading after profit was up 8 cents after reporting an 11 increase. 0. 9 . Loan growth and Money Management changing results. Lets have a look at those on the on the way down after they reported losses on friday. Is the second Consecutive Year for the carrier in the red. A milestone in europe and the recovery. More on the portuguese story after they said they would not need further help from the bailout members. Running the latest view on the health of the chinese economy and about 30 minutes or so. Hsbc out that the latest survey. The slowdown there is affecting economies near and far. Growthng goals in numbers later today. Theyre looking to offset. What is this all about . We get the answers now from haslinda amin. How much do they really need . 350 Million Dollars is what they are hoping to raise and the plan is to increase funding from state backed companies by at least 60 . That will help only help to thestart projects across country roads, power plants, and trains. Nnfrastructure is a well know story. Now theyre looking to its neighbors to help fund its development. Off to japan, hong kong. He has been unable to fulfill a promise to build the countrys infrastructure. At this graph. Investors are deterred. The lack of infrastructure hindering interest. The economy slowed to the slowest pace since 2009. Firstquarter numbers do later today in the market forecasting a slowdown. Structure inhe 2010 to provide longterm funding for construction. Shareholders include the government itself, world bank and there are some terms here. Financing limited to maximum 35 of each project. Maximum loans of seven years. Big plans for new airports and train lines, as you have been alluding to. Election promises. Whats the likelihood of this actually becoming a reality . To be fair, there is political will. They want to expand 10 small airports and expand along the island of sumatra. Warners are now allowed to own as much of 49 of air warts. 100 of power plants built under publicprivate partnerships also. Exists but they have not been successful so far. Term endsents second this year and a Jakarta Governor leads in opinion poll to take over the position but has yet to detail plans on how he plans to take on the challenges of the economy. Little of the expansion plans in the country. We are joined by Michael Mccarthy in sydney. Thank you for joining us. Just to get a view of whats going on there in indonesia and really looking ahead to china as well. Where are we now with the growth situation . Many are starting to talk about a hard landing. I would question who are crawling those for a hard landing. This story gets around despite the fact that there is very little empirical evidence to back it up. Yet the rumors and concerns persist. At this stage, we have no numbers to back up this idea that a hard landing is coming. Of thee track record economy, no reason that its about to occur. Lets kick it out to whats going on market wise. We have a stellar markets report and you look deeper down to the Participation Rate and you freak out. Is that why were seeing a lack of conviction in the dollar and quities . I think thats part of it. With the lack of wages pressure, a flat performance despite the falling unemployment rate, there are still plenty of slack and the market and i believe thats the real concern. 12er employment dropped from. 7 to 12. 3 indicating there is still plenty of capacity to start looking through the line in the sand of 6. I percent. From a risksue asset perspective is the high levels we are seeing. The u. S. Market still near record levels. Investors remain cautious despite is very good numbers. I guess it will take quite a change traction get aims moving along in any meaningful direction. Dollar . Ou make in the has the strength of the way because of the strain . A clear positive trend. Markets are positioned ahead of it. You saw the big hiccup in fortility with a 1 range the euro, gains for the u. S. Dollar all given back largely because of the prepositioning ahead of the release. Newsts turn to some good now coming out of portugal. They are exiting the bailout with no per cautionary credit line. Greece is the only country still receiving this money. It does appear that the last of the crisis here is fading. Working without a safety net on the high wire is a high risk scenario but the confidence expressed will outweigh any concerns about the risks. We are not seeing a great turnaround in europe that what is diminishing risk. Investors have responded accordingly in the strength of the risk markets of their suggest your hand participation continues to grow. Would you buy portuguese bonds . With the price . Thats the key issue. A lot of the risks are not reflected in the current levels for portugal. Assets in favor strategically, im against them generally speaking but particularly given the rallies weve already seen, i would not be buying them at all. Have a great week there, mike. Pessimism only offshore. The latest take on the sliding r mb. Im david inglis in hong kong. Lets look at the fx headlines. The worsening situation in ukraine pushing some investors to lead on the side of caution. Violence erupting in more cities in the east and south. Ukrainian forces launching their biggest assault yet to reclaim some territory from prorussian rebels. Kiev says it is essentially war. Ining to china, improvements the central gauge for services. Pmi risingturing rmb near the highest level in 10 months. The indonesian economy was byected to have expanded roughly 5. 6 . The countrys finance minister says the number was probably 5. 7 although he does not expect to see growth exceed six percent this year. Quickly have lets a look at what theyre doing right now. Call it academic strength here. Offshore rmb. 6. 2557 and those of the stories driving your fx story. Staggering. Rs are 500 meters high and they faced 2046 steps to reach the finish line. The mens race was won by an australian sender ends runner but an Italian Mountain climber taking the womens event. A narrow win for apple. Find out more. Portugal exits leaving only greece still needing help. The latest health check only chinese economy and minutes away from the view from hsbc. The competitive rivalry gets out of hand. In hong kong, getting shares on the screen as well. David, what is guiding Investor Sentiment . We had a fairly encouraging jobs number from the u. S. In the same time, we had heightening of the risk and geopolitical tension in ukraine which is a bit mixed through the region. Today, japan and south korea as far as the health gauges are concerned. Its a big week as far as rate decisions are concerned. Five Central Banks are coming out with centralbank decisions all on perhaps where they are. Oing as far as Monetary Policy here are the opening numbers. A bit of weakness. Lets see what those levels are right now in the opening minutes of trade. 2021, down. Hang seng about flat. That is up about 0. 5 . I would assure the chinese currency and in particular the. Ffshore you have Morgan Stanley and youre looking at a oneyear chart. See the very sharp relative weakness. It is not something we are accustomed to seeing. Their stanley is advising clients to stay long on the. Ollar against the offshore rmb theyre expecting a lot of the taiwan banks to sell the currency after the financial regulator in taiwan cracked down on derivatives product. That could be another reason for you to go short on the offshore and go long on the u. S. Dollar. Midpoint the pboc said. That will push the dollar you uan lower. On that note, back to you. Ireland, spain, and now portugal. Portugal says they need no more bailout money and leaves greece is the only country still needing the life line. We looked at ukraine a little while ago. The catalyst for this, exports have been going up, encouraging. Two was a very successful on auction. They issued 750 million euro. Is one of the lowest levels it has had for quite some time. Its the lowest level since 2006. It was 18 . This is a lowest price ever recorded for the 10 year, hence the success. We now portugal exiting the theram due to end may 17 bailout was back in 2011. Aces the confluence of Financial Markets has returned. Portugal returning to financing itself in an impressive manner, from the german finance minister. Heres the portuguese Prime Minister talking about why they are doing it now. We have financial reserves for one year that can isolate us from any external fluctuation. Rates are at ast historical low. We have an external surplus, something that did not happen in decades and we will continue with the budget rigor because that is the will of the government and the supporting parliamentary majority. They do not have the support of the ratings companies. They are all stills saying it is junk status. What are these Rating Companies looking at then . It has a clean bill of health, but you have to look at the real state of the economy. Hat people say about that . Debt is higher than in is. 192 129 . Unemployment is down but it is still very high. Still veryployment hard. The jobless and the magic word that. Those are big concerns. Not me making any change to the junk while that is hanging around. Thats a concern for the time being. Worrying is they are not asking for the precautionary line. Thats the point. Thats engendering the confidence. John dawson there. Lets take a look at the patent case with apple and samsung. They were looking for Something Like 2 billion. Samsung is going to sake as apple did not get anywhere near the 2 billion they wanted. If you are taking a look at what they were hoping, it was over 2 billion and they just got six percent that. The jury in a san jose, california, courtroom saying they infringed two of the four patents on the table. One is the ability to make a call when youre already on a website. The other allows to unlocking the device through gestures. Account of the claim the most valuable, applications to be updated while you were working on another application. They lost the claim over a do a universal search for information with a single clicked. Apple infringed on one of the two samsung patents. As aey will claim this victory because they did win but it was ever so narrow. 40 for was looking for every phone. It was basically a slap on the wrist. Its a good way to look at it. Cap categorizing these ongoing disputes, nothing has been to world shattering that has destroyed market share or even investor confidence. I want to know it will go how far well go to cover litigation expenses. It just about covers it. Maybe they gain a little. Now both companies will request the competitive models are not sold in the united states. The problem when you look at it from apples point of view is that the case and deciding products in question are no longer sold in the u. S. Of the s three. And below. The s four and the s five are not covered in this. Even if they win an injunction, most of the devices that should , theyre not sold by sam sun in the u. S. So its interesting to see what will happen. No doubt this is not the last of for both of these companies. If you were a shareholder, you are probably doing quite well. Opal samsung and apple close to 600 . Thats one corporate story weve been following for years. Now we have a look at some of those other stories making company headlines. And steady for australian banks. Profit rising eight percent after reporting an 11 increase. Loan growth and Money Management fees were the result your siemens close to selling its logistics and airports business. Wilbur ross. They may sell as early as this week. Plans to sell the unit making baggage handling system was first announced two years ago. China National Nuclear power is set to be looking to raise at least 2. 6 billion dollars in an ipo in shanghai. The money will go to four products to help ease