Hello, youre watching todays edition of worldwide exchange. Im ross westgate. Im kelly evans. These are your headlines the mighty surge for the nikkei as they swoon on news that the governor will make an early exit, opening the door for more easing sooner. A rise in global steel demand thanks to shipments in china after a dismal year for the industry. Disney could be the happiest place on earth today. The media giant reports better than expected earnings, sees even brighter days ahead. New imminent privatization for ubs. The business secretary plays down talk of a government plan to sell shares in the stateowned banks. This as rbc confirms its liable to face libor penalties. All right. Lets bring you up to speed at the top of the program. We start with Global Equities and european equities in particular, weighted to the upside. 81. Advancers outpaced decliners at the moment. Footse 100, gauges today, this is where we stand. Up. 5 , xetera dax up a quarter. The ibex up. 4, trying to receiver from the losses on monday recover from the losses on monday. The cac cac up. 25. Shares jumping after a strong earnings report. The danish wind turbine maker announcing better than expected rise in Fourth Quarter profit and revenue. Stock up 7 . They expect a pickup and more demand this year. This after the net loss widened to 4 billion in the Fourth Quarter compared to a 1 billion last year. Its the forward looking statement that we like. The swiss down 2 . They had record sales in 2013 helped by strong commodity prices. I sentenced that was going to be expected ahead of the report. And volvo up nearly 4 in stockholm today. Theyve been noting weakness in europe. The c. O. Said theyre seeing a more positive trend for orders in the first quarter. As far as bond markets are concerned, gilt yesterday, 2. 12 . The sterling, though, still weak. Well get to that in a second. The tenyear italian yields, 4. 43 , lower than we were after the rise on monday. Spanish yields at 5. 33. Remember, we got to 5. 4. Were cautious ahead of the auction tomorrow, 4. 5 billion. And a german bund auction today, you see were currently 1. 649 . Demand for that supposed to be fairly solid. As far as the currency markets, remember yesterday early morning, 1. 3459 the euro dollar cross rate. At the moment, 1. 3537. Dollar yen got to a 33month low yen against the dollar. Back at the moment to 93. 68. Aussie dollar, down to 11week lows at 1. 0314. Weak local sales prompting thoughts there may be more cuts to come from the australian central bank. And sterling dollar, 1. 5634 at the moment. Down at a half, 5. 5month low against the dollar. And sterling seems to have become more of a risk off of currency than the dollar. When theres a little bit of risk it continues to weaken against the greenbacks. Thats where we stand in europe. Well bring you up to speed with what happened in asia. We have more from singapore. Most asian borses end in the green. The japanese market took center stage in asia, ending higher by a stunning 3. 8 to a 4. 5year high. The prospect of a new boj governor and aggressive monetary easing has weakened the yen to near the 94 handle against the greenback and sent exporter stocks higher. Avian shares soared at 22 after posting a 29 jump in net profit for the last three quarters. The Worlds Largest carmaker, toyota, rallied 6 after raising annual Profit Guidance on the weaker yen and stronger u. S. Sales. Elsewhere in china, the shanghai managed to end in the green for the eighth straight session. Property developers saw profittaking on fears of new curbs, but brokerages staged a strong rebound after losing over the past two days. The hang seng rebounded from its onemonth low, ending higher by about. 5 . Many bluechip name gained ground. But gaming stocks tumbled after the times in the u. K. Reported beijing is set to crack down on junket operators bringing in high rollers to the mainland. The move continues the fight against corruption and Money Laundering. Elsewhere, south koreas kospi bucked the upward trend, ending lower by about. 1 . Australias asx 200 climbed to a 21month high, ending higher. 8 helped by gains in miners in banks. India, Action Trading flat. Back to you. All right. Thank you very much for that. Thats where we stand. Of course in the case of the nikkei, jumped an extraordinary move. You have to wonder, i havent heard people ruling out hitting levels of 2,000 again. If you consider 20,000 again. If you consider we came from 40,000, not that much of a stretch. Were in the 11,000 range now. They had called for the nikkei to rise and hit the peak in Second Quarter but then fall back, the second half of the year. They think the eurozone crisis will reignite. Therefore, the yen will strengthen as a safe haven. And in the camp saying the real issue with japan is not actually that this is a game changer but that it wont be. Yeah. Interesting to see people theres split sentiment on this issue. You look what the nikkeis done from the Fourth Quarter forwards never a straight line. Keeps going. Quick spread on the nikkei, thats all you needed. Didnt need anything else. What are you doing here in television . I have no idea. No, you see because i didnt do it. Thats why im sitting here. Or not because you enjoy it so much. I enjoy being with you. Aw. Thats the thing. Thanks. The u. S. Markets higher, as well. U. S. Markets on a takeaway rebound after mondays losses. The s p 500 and the nasdaq managing to record the second best session of the year. The dow transports index closed at an alltime high, up 11 so far. The founder at libra investment services, chris, good morning. Nice to see you. Good morning. A little swoon on monday. Then were trying to rebuild things again. Look, thing never go in a straight line. Are you happy the general upward trend is intact . Very much so, ross. Weve talked about this many times in the past 12 to 18 months that the sense to which people have been very aware of those unknowns, those Political Risks, big negatives associated with the euro, associated with fiscal issues in the United States, political uncertainty, they were very justifiable reasons for investors to be sitting on cash, sitting on the sidelines. I think what people are recognizing at the beginning of 2013 is from a relative perspective, those risks arent stuff to justify not being involved arent enough to justify not being involved and weve seen the news flow and information on monday, i wasnt in the office monday. As an outside obsessiver, i thought whats that about. Of course you werent in the office. Yeah. I think oh, chris is not at work singlehandedly propping the market up. I wasnt around on monday. You found me out. The reality of the focus of concerns i was talking to people on the phone monday. People say, oh, its wobbly. Well, really what weve recognized is nothings going in a straight line, but the enthusiasm with which people are trying to talk it down to buy the dip tells you that its not going down for people to buy the dip. Right. The best in the world on if you talk forecasts, up in the first half, down in the second half, you start predicting something which has such a large sent. Element to it. Youre never going to get that bit of the timing right. And you end up looking exposed to whats often very much a momentum move, definitely what were seeing in japan now. Very much a momentum move. People are pointing to moves in nokia, tires, volvo, saying, look, these were bid to open lower, they moved higher already the open. It suggests perhaps that there are no sellers around at these levels. Is that still your sense . Is there any reason, though, to kind of look at this and be worried about sentiment, valuation . Youre right to the extent that sentiment has gone on a tear. And looking at stories like volvo, i mean volvo you can take the good news out of the story if you want to. You can look at the destocking. You can look at the prospects for next year. And there is positive sentiment there. People wanting to listen to the positive now, thats the difference. And in somewhere like tokyo its hard to put on new longs. We look at the long weve been recommending, theyre doing what theyre doing because values still rising. I think thats where moment people are. If you were invested, youre in no rush to take money off the table. Particularly if you just traded this. Youre worried if you trade out you wont be able to get back in again. Thats the upside. Where do you see opportunity given the moves that that weve seen. A couple of specifics . Weve been focusing on the profittaking that happens. It doesnt happen for long periods of time. When youve gone from a buy opportunity that rallies quickly, you take the profits and come back in again. When you look at technology, the rally coming in the states, when youre looking at the industrials, the industrials went too far. But theyre quickly coming back into buy territory now. So the scandinavian industrials that got sold off recovering again quickly. Your profit suggested, wpp, ppr, nordia these names occurred for us. Wpp had a strong run so far this year, up 13. 14 . Saying you have to take money off the table. Come back 1. 5 . Were saying, look, if youre chasing on the basis of the last phase momentum, youre going to get a better opportunity to buy wpp. We were buying wpp in november. The sent to come our recommendations are put out on a daily basis, its important to recognize that these are shorter term, takes some profits here. Dont just sit there and wait for it to give back 5 , 6 , because you can make money out of that opportunity. What were saying is you dont go short here. Its a difficult market to go short in. People will buy these things at more reasonable prices. Somethings gone up 12 , inevitably its going to be some correction phase. Theres a wave of people who dent didnt buy in november like ross failure to buy the nikkei before christmas exactly. There are a lot of people who said with hindsight that was an obvious trade. Obvious trades are never good at the time because they dont do what weve seen the nikkei do. Right. It would be nice to see an obvious trade, you know, at the time. Yes, yeah. Can someone develop an app for that . Maybe chris can help the trade spotter. Well do what we can. Not in the past tense. Right. Speaking of some corporate news, mickey mouse has plenty to smile about. Disney reported better than expected firstquarter results despite a drop in profit due to higher costs at espn. We have more on the results including big news about a galaxy far, far away. Reporter disney earnings beat wall street expectations sending shares trading higher after hours. Diluted earnings per share secluding onetime items were 79 cents. Thats down a penny from a year ago, but three cents higher than expected. Revenue also grew, up 5 over a year ago. Ceo bob iger says advertising is growing, and tv fees are also expected to grow this year. The first on cnbc interviewer, i asked him what his expectations are for the economy in 2013. Well, i would say our outlook for europe is dim. Not all that enthusiastic. Our outlook for asia is for our product is probably better than what maybe many other industries are seeing. We feel good about our positioning there. Our outlook for the United States is quite good. I mentioned advertising trends, particularly espn. Our booking for the parks, weve had i think five weeks in a row of improvement bookings over a year ago in orlando. Thats an interesting pattern. I mentioned cruise shipts 80 booked with 16 more capacity than a year ago. Thats a good sign. I would say as we look ahead at the year from a a consumer perspective, id say more positive than not. In a first on cnbc interviewer, disneys ceo, bob iger, made big news about disneys Lucasfilm Division saying two films are in the works. Spinoffs about star wars characters. These are in addition to the planned trilogy, episodes seven through nine, which the Company Announced along with its acquisition of lucasfilm. For my entire interviewer with bob iger, go to cnbc. Com. Back to you. All right. Thats julia with her thoughts on that. What star wars character did you want to see have their own movie . Email or tweet us. What character would you like to see . Lets ask chris, actually, what character would you like to see . Apparently everyones going to have their turn at this point. Who should be next . If youre going to have the action hero, you have to have the millennium falcon have its own series, the only thing people will be interested in. The millennium falcon in its own series. What would yours be, ross . With happen solo. Of course. Yeah. There we go. The fair point. Yeah. You need a starship to go off and to give you your what do you call tell in skrit writing, the vehicle to take you places to have stories. A corporate raider starship, thats what the millennium falcon was, right . A whole new genre. Transporting goods and people illegally across the galaxy. Dell agreed to go private in a buyout led by private equity firm silver lake. It is the biggest leveraged buyout since the 2008 crisis. Shareholders have voiced concern about the price saying the board should have held out for 14 a share. One stakeholder is investigating whether the board is breaching its fiduciary duty. Yeah, chris, should they have held out for more . I think its an Interesting Development to see this emergence of taking companies private as an argument for really just being able to develop a longer term change of corporate strategy. And i think if you look at what dell shareholders have been complaining about, its been the fact that there hasnt been a a real evolution of a strategy. And i think the argument that you can make is, i mean, from a valuation perspective, i think this is reasonable. Its not not the kind of valuation that a hostile takeover might have suggested. That might have been 3 or 4 higher in the way that we would analyze the numbers. The reality is, dell hasnt got itself to where investors had hoped it was going to be from a Strategic Point of view. I think michael dells point is, look, i need to have the freedom do this. Taking it private is potentially going to give me the freedom. Heres the question if youve got a leveraged buyout, h. P. Would argue that means youre not going to have the money to invest. Are they right, or actually if youve got that back, you no longer have to worry about public shareholders, you can afford to invest in the company . The nature of your investors becomes different. I mean, theres a strategic investor clearly with microsoft. Its involvement michael dells involvement, and nothing more important than being the guy who wants to take his own Vision Forward again. We forget how innovative he appeared to be at the beginning of the evolution of personal computers. Hes saying he wants to go to this sort of mid enterprise section of the market. You know, its not a not a unique idea. But he feels that theyve got the experience and the capacity to do that. Microsoft is clearly identifying matters as a section of the market that it also has an ambition to get into in a different rentiated way. I think the strategic relationship between michael dell and microsoft is core to whether this is going to work or not. For existing shareholders, if youve been sitting in dell for three years, until recently, you were probably the same investor that didnt want to invest in apple and had your moment for the last half of the last year. Remember, an awful lot of Technology People didnt believe that apple was going to get into any of the Technology Areas that it did. Michael dell included. Michael dell included. As a consequence, he knows computers have been mobile, he knows there are tablets and smartphones, he knows theres no reason to compete there because hes never going to be able to make the money on the margins. I think investors who are lamenting the fact that the buyout, like, well, you know what, you got an uplift, premium on an investment in a company that will still be around. You know, you put your money into silver lake. Put your money into microsoft. If you want to leverage that trade, youve got publicly listed vehicles or access to Listing Companies that you can get part of that. So i think that will blow over. I think this deal will go ahead. I think it wont be the last of these trades. No, thats for sure, especially with the financing conditions in place for it. As investors seek clues on what dell will look like, some analysts predict an end of an era for the companys p. C. Empire. No kidding. Go to cnbc. Com to find out why some think dell could become a mini ibm. Mini ibm. Today, coming up, an outlook from disney for the coming quarter. Even as they post a 6 fall in q1 profit, well have more analysis from, where else, l. A. At 11 30 cet. News from the bank of japan and imminent change in policy sent the yen down to 33month lows against the greenback and the euro. Well talk currencies at 11 00 a. M. Cet. And in zurich, the worlds biggest Agro Chemicals group says its on track to reap another year of record sales. At 10 30, Central European time, well head to singapore for a view on the Semiconductor Industry as two of asias biggest chipmakers report results. More on dell, does going private mean a reboot for the company . Well have indepth analysis at 11 20 Central European time. And in madrid, signs of corruption over the Prime Minister show no signs of abating. More details when we come back. O give up living, because you dont have your legs. Hoveround replaced the legs. And now every hoveround comes with this handy tote bag and cup holder for access to your favorite items. And right now, get this limited edition hoveround America Travel mug free with your hoveround delivery. [singing] hoveround takes me where i wanna go. Call or log on to hoveround. Com to find out where a hoveround can take you welcome back. The embattled italiandhere could reveal details of its derivatives losses at the center of a scandal engulfing the lender. Derivatives trades carried out between 2006 and 2009 are likely to have lost the 725 million euro estimate expected last october. S p cut the rating to bb last week. Shares this morning, though, up about 1. 6 . Theyve been so beaten down, theyre subject to wide percentage swings, 23 cents. And the Prime Ministe