Eu to thing president is on the move. But we are trying to think our teeth into the first full trading a week of the year. David ingles is discussing this further. It is going it is going to cost the index, so we are starting this new trading year slow, things are quite light. Just give you a picture of what is moving up, our top three, and our bottom three percentage gainers and losers, so that is what you have in australia, the nikkei is up and the 119, the 120, that is what we have in the top three quarter, and then taiwan, singapore, and malaysia has the bottom three, but again, i of fairly company in our data out of japan, out of china of course in china come you had those manufacturing leads and quickly checking in with the euro, it is below 119 when we opened up so this is the lowest level in give or take about nine years, since about 2005. The euro in 2014 had its worst year in nine years. We had some comments from mario draghi who says that we cannot rule out the risk of inflation. And then we have information out of greece, and we do have an election in three weeks, so the new party might take more seats there. The Prime Minister was using a speech in friday to a run of the victory of the main party there in greece, and lord of a default and an exit from the eurozone. And then from spiegel magazine of this morning, these quotes of that germany is ready to accept the developments out of berlin that is inevitable, if it does take the win. Oil extending, where are we at . Four west texas and for the other forecast here from, let a just get you bernstein, there is a worth of 80 u. S. Dollars here. The brokerage is thinking that the oil will remain subdued this year. Especially when you consider some of the countries this year that are ramping up their production this year. Now, what about the Economic Data that we are looking at . We have bank of england ecb what about other parts of the world . They all came out in the summer 26 and later on in the week you have chinese inflation and producer prices, now, this is what we did see over the holidays, vietnam is coming up at about 6 , exports out of thailand are unexpectedly dropping by about 2 but lets take a look at what is happening, at least what we did see out of south korea, another record current account surplus there was a price pickup of 11 through 4 billion 11 4 billion. 11. 4 billion. Fresh foods out of japan dropped, and retail sales dropped. 3 on the month and still the was a 22 month low. We will have more on that in a little bit. Thank you so much, david ingles. 2014 was a good year and 2015 could be even better this year. Of course, 2014 was coming in at billions of dollars and i think we have been talking about it all morning. It is basically doubled here. Basically, you cant see that. Cant see that. They were selling 1. 1 million smartphones, and they have a lot more their ceo is sane next week that they will announce that they have a new product, we have no idea what that is a flagship product . It could be a flagship product, we dont know. [laughter] their valuation is already very high, and it could billion it could double to 100 billion and their inmate their main investor is a very happy camper. Very go, but what about samsung and apple . China is doing very well. Yes, xiaomi overtook samsung last august,. They have sort of been a avoiding of a larger a more developed markets like the u. S. And the u. K. , and it probably has to do with property and price. Price. They are already grappling with that. They are now competing with the boys. They were saying that two years ago, xiaomi started developing this ecosystem and now they are seeing significant progress there, and they are investing more than 20 hardware companies, and analysts are saying that if this ecosystem is similar to that of apple, which includes hardware and software services, that will be key for the company, but as you said, we have to keep an eye on xiaomi. They have so many Different Companies theyre looking at, and they are in the third spot in the market. Exactly, you can rise up so far, but can you maintain a position . Thank you so much, shery ahn. Nell is look at the Hong Kong Exchange we have been looking at low trading. It was only at an average of 342,000, now if you compare that to the nasdaq at 98 million a share, it is still subject to shareholder approval. If we look at Price Performance milk melco lost 37. 92 in the last year. Ok, more bodies have been recovered from that airasia plane disaster. Bev weather continues to slow down operations. They are not looking good, these conditions today, are they . You are right there has been no reprieve, weather has remained bad, the winds are high, the survey is strong, and they were unable to retrieve bodies because of these strong winds. The agency chief says that this poses a huge challenge because of the mind. The mud causes the cousin of the mud, divers cannot get into the water. We know that the fifth piece of debris has also been retrieved from the water, and it resembles parts of the tale. This is important, as you know black boxes are located in the tale, and now we need to pinpoint the location of those pieces so they can be retrieved. We know as well that there are five vessels equipped trying to do just that, they are trying to pick up the thing, the single tjehe signal but there has been such an enormous time trying to piece time piece together why 8501 went down. Part of the issue right now is trying to figure out how quickly indonesia and itself asia are responding. Take a listen. The regulatory authorities and other authorities and need to get up to task and they need to get their act together and get experts are around the world, if need be, but it is a worry for a lot of professional people in the industry at the moment where the Airline Industry is growing too quickly, and perhaps the management which is by net primarily financial management, is more worried about financial issues. In indonesia, airasia actually did not have permission to fly on that day. What do we know about that . Well, investigations are still ongoing right now. Airasia is allowed to fly only four days out of the week for the surabayasingapore route. Singapore Authorities Say that airasia has the authority to fly every single day of the season so that is why the investigation is ongoing, and try to figure out if airasia violated regulations. What we are fighting out is that Insurance Companies are reviewing airasias insurance claims. They say they will not pay the claims if it was not following the exclusion of lists. Exclusion lists. Investigations have to be followed to see if airasia can make the claims that it wishes to. Thank thank you so much, lets take a look now as to what is going on now in india. There is a Holding Company for the companys countrys stakes. This comes against a backdrop with banks requiring loans. Lets have a look at the prospects of the trading days over there, this is the last session, where we had a gain of one third of 1 . The sgx is down, and it is essentially staying the same in mumbai. And the markets of taipei why . It is a brandnew year and a brandnew investment opportunity. How is 2015 doing . We have the chief officer of research at ubs singapore. What are your your expectations looking like . Yeah. We actually kept the position on u. S. Assets, especially the u. S. Dollar, so we are ahead of the curve especially ahead of break rate hikes. There is more stimulation in the economy, and we also feel very comfortable in turn of Investor Expectations on the high side so those are some of the key calls that we are making. India, in particular, and also export markets, like taiwan. Ok, lets start off perhaps with growing economics, lets start off with china, the biggie here. We were talking about the shanghai at market over the last six month, and with reform, how does that play out as beijing lowers its growth forecast . Yeah, growth forecasts are almost inevitable, we have a six play eight growth forecast on the side, but i think we are moving closer to our number here, so frankly that is still very enviable growth on a global scale. The gnu budget reforms and one reform, one kind of reform that our investors are directly benefiting from, because many of the big esso ease soes are it seems the government is serious in reforming those companies, and ultimately bringing the returns of equities up, but that should lead to more valuation, and that is one of the things that we like. Do we see further priming as it were . We expect the key rates to go down say 25 perhaps some or easing in the cards, so the chinese authorities are likely to tune a little bit more to the easing sides in 2015. Right, lets take a look at what is going on elsewhere lets move to india. Again, this is down perhaps to the tailwind gain of reform, the possibility of reform here as well . This is for me this is icing on the cake. Our experience is that the asian market in general, the sweet spot is when inflation comes up and the economy is not necessarily accelerating but india is moving into that sweet spot the administration is coming in. Certainly the administration helps, but where i would also put a highlight is the indian market, lots of time it is misunderstood, i believe as being purely domestic, unlike say china, which is an international market, but india has almost 40 exporters, as of this has really propelled a lot of growth, and the rethat the reason that we see doubledigit growth is because it actually comes with the exporting. This has to do with the situation on the ground. Very quickly, to mention that you are waiting on the u. S. , but it is the consumer there, at least the u. S. Consumer the into the hackable intifatigable u. S. Consumer, that. We are waiting for. Were we are waiting for. The u. S. Could accelerate a little bit but it really has to come into the picture in 2015 and we actually put on a lot of hope on that coming through as well, so when that happens, we have both of the consumers still strong, and then a strong recovery, and that should bode well for various markets. Final question, amongst the euro which is looming a large, very quickly, people dont seem to be that bothered, or as bothered as they would be a couple of years ago, with greece leaving the eurozone . We believe that the chances of sovereignty are increasing across the eu, i think for investors who do have an interest in europe i would look at switzerland, where you find very low yields you basically get to pick through the currency, so it is very good for exporters, and unlike also other european markets, there is more energy, so as a proxy here, it is good in europe but not in the euro zone. Have a great year, we have to take a break and we will talk more about the euro in that new year, it is at a nine year low and we come back. Back to Rishaad Salamat with on the move, and now we have john dawson. There is a nineyear low, almost a nineyear low, with the euro. There is a dramatic difference in weakness, but the Opposition Leader is a concern right now he had a speech two days ago that if the Opposition Party in greece does win, it would be a very strong chance of a greek default there would be a strong chance if greece would leave the euro zone, but at the same time their speaker is discussing the subject with germany and Angela Merkel and they are now looking at perhaps how they can manage the debt so overall that is my two bits there, the generally reaction is that it is going to happen, and that it is an election year. Here is commentary. The fact that he said we cannot rule out of a deflation or, and that we need to act on that, it is a very clear signal that the ecb will embark on it sooner rather than later. You heard from Glenn Maguire that the cb will have ecb will have a meeting, it might not happen this time, but quantitative easing is going to happen they are going to have a ecb meeting on the 22nd of this month, and again the euro there again if they dont act, we have a two day charts, overall the performance over the last six months for example as we can see, look at that again, clearly it is now at its lowest level since 2006. John dawson with the latest on the euro, and more to come in 2015 and of course we have the market open in hong kong and shanghai. Currency check, the euro is hitting a nineyear low, the prospect of the ecb meeting in mumbai. The asia crash and a difficult call. And we are getting back to one of our top stories, of course, the airasia plane crash. But weather is hampering investigations. We have the airasia transportation director, but first of all lets start up with what conditions are like at the moment, and indeed, what is being done currently . Actually following the accident for 8501 the rescue teams are still working there and they are still try to find the black box with the National Transportation safety board but i cannot speak more about that because it is out of my hands in east asia, but the National Transportation safety board in south asia and indonesias hands. Director general, lets get to what your job is i have known all these reports coming through about the airasia was not meant to be flying that day it did not have permission to fly that day, tell us a bit more about that . Yeah. The region in indonesia was getting context of the airline and from the government, in this case indonesia, we already gave this right to the airline for weekly for flights and it is monday, thursday 1, 2, 4 6, and one means monday. They implement it 1, 3, 5, 7, and that is not what we already give to them because that is against the regulations so they postponed yeah we postponed the permission to the airline itself. And this was completely denied by the government. But inspector general, the singaporean government said that they did not have permission to fly that day. What do you make of that . Yeah. Indonesia is the origin port. It is the origin country. Singapore is the destination country. And singapore is not considered over indonesia. They have their own right to decide what to give them to give them the credit, the schedule, to arrive in singapore. They have the same right to give the right to the airline or not because we decided the flight allocations and considered the right to fly from one point to the other point. And indonesia had to consider the request from the airline and 1, 2, 4 6. Indonesia had to decide whether they would give them that flight permission or not, and indonesia had to decide whether they would do that or not. About the events of that morning now if we can, and just, you know, we know the weather conditions were bad we know they were asking to go to a higher altitude. Do you think weather is responsible for this tragedy . Yeah. The weather in indonesia, the way it is organized, the information is collected from the agency, and in order to get the information from the investigator figuring out who is doing what is right and who is doing what is wrong is up to the investigative team. Djoko murjatmodjo, thank you very much for joining us there regarding airasia, or should i say the aviation general director general from indonesia. As far as training, it is a full trading day we have what is going on in hong kong, shanghai, and more. One of the key data points that investors will be looking at at least four hong kong and shanghai is the 80 domination of the investors, which is not entirely put up why australia but what their neighbors and what they would say. We are moving in opposite directions for the hang seng ends hang seng index, and some analysts predict this was greater happen in 2014 out of the gate. As we look across the region here in asia, we see some declines here, we have malaysia and we have singapore. You have a lot of these heavyweight stocks moving along but lets take a look at the opening levels for the hang seng, eight shares and in the composite, i have a forecast here for you, will it come to fruition . We have to wait a year, but we will wait anyway. Remember the number eight, that is the Consensus Forecast based on prices, the weighted price targets, if you take a look at the price targets, and we put them all together, we sort by waiting weighting, and we have all of the shares by 12,000 12,707. We have the year and forecast for that one, it is more or less a 12 point a greece to a 12 point increase to 26,803. Whichever way you want to look at it, between these two, you are going to see a threeyear high. There you go, if it is above 100 80 shares, but if you 180 shares, it is good, but that is what we have with these concerns, even with valuation. These of the estimated earnings so these are at a five year average, and they have earned 50 more the eight shares here in hong kong as far as valuations are concerned. We will have some changes in analyst ratings as we start off the year in trading, china mongo mung yo is up by. 31 and the price target for Country Garden is 3. 05 , and i will leave it there for ynow. Ris back to you. We have some special challenges facing president xi jinping and his government. We have a string of surprise decisions when it comes to chinas economy. Lets get over to the cabinet itself in beijing, there is great speculation about the gdp target Djoko Murjatmodjo gdp target. I think chinas capacity to grow is not what it should be. As the Worlds Largest exporter it is much reduced and if you put all that together, the expectation is really several years showing growth is ahead of us. China seem to recognize this towards the end of 2014 president xi jinping recognized its position in the world, and if you put all of that together it is at 7. 2 . Well the pboc, or the People S Bank of china, expects more. Do you expect more . Rishaad salamat i think that i think that is right. I think that is right. These conditions are still very tight, but that is because inflation continues to fall, and that means the real Interest Rates, the cost of borrowing for businesses, remains very high. At the same time, as you mentioned, Growth Continues to disappoint. So if you put those two points together, it all seems to point to further rate cuts coming in 2015, and Higher Expectations is going to make the bank move again in the third quarter. Tom, great talking to you that is our china economist, i should say. We have a special edition of on the move coming up in just under an hour in 50 minutes now