Dependent. Whats the appetite . Just over an hour to go until we get the results of the ecbs first auction. With expectations that banks will take up around 150 billion euros in loans. Investors cheer plans to float its plastic business, allowing the german drugmaker to focus on its crop sooiz unit. Thumbs up, shares of solar surge to the top of the stoxx 600 on reports that rand is eyeing a merger with the industrial group. Announcer youre watching worldwide exchange, bringing you Business News from around the globe. The central bank reassuring markets that rates will continue to stay near historic lows. The fed kept the phrase for a considerable time in its post meeting statement. Janet yellen noted the forecast hasnt changed much since their last meeting in june. There is no mechanical term of interpretation of what the term considerable time means. As ive said repeatedly, the decisions that the Committee Makes about what is the appropriate time to begin to raise its target for the federal funds rate wont be data dependent. When janet yellen speaks, the market listens. Andrew wilson, ceo of immea. Andrew, some would say that theyre a bit confused with what janet yetten said yesterday. Stocks in the u. S. Moved higher and then ticked lower. Then we saw treasuryies off. What was your reaction . I think she did a very good job in terms of the press conference and in their statement. Very little changes to the statement. The press conference was emphasizing moderate and considerable time. So standing on the dovish side. If you look at the summary of the economic projections, you saw quite an increase in their profile for the federal funds rate. I think thats what the currency market reactors do, seeing rates moving up by their own projections. The market is looking at those projections and saying it looks like the fed is pretty convinced about the strength of the recovery. Some people are suggesting we might get a quicker rate rise when rates start to go up. What level do you think the u. S. Economy and the u. S. Economic can absorb comfortably inspect. The feds own forecast have the funds going up by 1. 5 by the end of next year and about 3 by the end of 2016. But markets havent got that discounted. I think the fed is telling you they think rates can move up over the course of the next two years to around 3 . That is way below what is currently discounted in the markets. The clear signal the market is starting to listen and thats where that selloff emanated. The fed tapered the monthly Bond Buying Program by 10 billion for the seventh time. Stay on course, the envy program by the end of next month. Do you think the u. S. Can handle another taper . Is the economy Strong Enough for that 12347. Yeah. Its growing somewhere around 3. 5 . The calendar year that we saw is entirely because of q1, you look at q2 and were on track for 3. 5 growth in q3 and maybe even a similar number for q4 had. Theres enough momentum in the economy to with stand those rate increases and, you know, lets be clear. This is not dramatic increases in rates. This is moving up to around 3 over the course of two years. The jobs data would mean that the accommodative policy is needed to economy the economy the labor market is improving, right . So notwithstanding again, yeartodate, were averaging 215,000. Were still confident with the Unemployment Rate coming down. The feds projection have unemployment falling to below 6 in the early part of next year. So i think there is enough strength in the economy to be able to with stand modest Interest Rate increases. What markets are saying, the catalyst to make one of those two correct could make rates go up. So in that sense, im not so sure the market is ready for rate increases. And when that rate increase does come, which do you think is on the market . Up a little bit from their lows, we think they should be north of 3 . Certainly we think the bond market is going to be at the brunt of the strashl increase for Interest Rates. Stay with us because we want to talk to you about whats happening in europe. And coming up on the show, the house gives the green light to obamas isis plan, but find out why the president of iran thinks the strategy is, quote, ridiculous, in our exclusive interview. And the long wait is nearly over as alibaba gets set to float on the New York Stock Exchange. We ask if this stock is a musthave for your portfolio. And jimmy chu eyes an ipo. All the details, coming up. So european markets have opened up in the green today basically because the fed didnt change its tightening rhetoric yesterday. We still got a considerable period of time until rates slightly increase. They are up and they have jumped more significantly in the last few minutes. Well dive into european markets at the moment. Up only about 0. 14 . Polls have opened in scotland for that crucial independent vote. Germany is up 0. 8 leading the charge. France and italy up, too. Larger drugmaker bayer is up 5 . The group said it would focus entirely on health care. Shares up 5 off the back of that news. Sulzer up significantly, almost 8 after the swit pumpmaker after talks of a potential buyup with dresser rand. Down towards the bottom of the dax after hsbc downgraded the stock sorry, to neutral from overweight is lufthansa. And the world top all right. Were going to fix your mike, wilfred, my friend. In the moment, actually. Lets go over to Sri Jegarajah who is in asia. Lets get a check on the markets over there. Sri, take it away. Hi there. Well, we got that news from the fed, didnt we . It was quite clear that janet yellen and her team are really preparing the markets for a rate hike sometime next year, possibly, but theyre trying to do so without they seem to have a relative degree of success right now. The ftse up by more than 1. 5 . The nikkei, eightmonth highs. And its down to the dollar yen at sixmonth highs, powering the export sector and giving the nikkei that lift. Lets not forget that there are laggards in this market. Sony shares were down at one point by more than 10 after yet another very, very down beat guidance. Remember, they say that they are expecting a lot in the region of well over 2 billion in the year ending march 31st. No dividend, as well. So a lot on the plate of ceo in terms of restructuring this company. Elsewhere, we are seeing some choppiness in the china market. Hang seng up by almost 1 . Shanghai composite, consolidating above 2,300. So overall, its a fairley pro risk day after we got that fed. Lets face it. They really gave something to everyone in the market. On that note, back in london to you. Thanks very much for that, sri. Its the first list of governing for the new list of ecb. He thinks it should be six weeks, not four weeks. That gives us a bit of a breather from discussing the ecb. Well see the bundes bank chief sit out the may 2015 meeting. The estonia, greece and Central Bank Governors will relinquish their votes for october 2015. Thats the new lineup for the ecb meeting every six weeks, not every four weeks. So bond yields yesterday in the u. S. Still just below 2. 6 . Yields in germany just above 1 . Gilt about 2. 5 . Italian yields just above 2. 4 . Yesterday in the statement off the back of the fomc is, quote, that the likelihood of inflation consistently running below 2 has diminished somewhat since early this year. That gave the dollar a bit of a boost. Yesterday, the dollar picked up a little bit against the dollar today. Its been around a 14month low in recent weeks. Here is whats coming up. Its open sesame for alibaba as the company gets set to debut on the New York Stock Exchange. We get all the details, next. And we cross live to edinburgh, over 4 million scotts are set to cast their vote either for or against independence. The all new, head turning cadillac ats coupe. Its irresistible. The result of the referendum will be formally announced with the ballots from the nations 32 local authorities are in later today or early tomorrow. Helia is in edinburgh with more. Good morning, will. Im at one of the 5,500 polling stations around scotland. The weather is a bit soggy, but it hasnt stopped people. By all indications, this is going to be record turnout. 4,285,000 people have registered to vote. Thats a whooping 97 of all eligible voters. And to give you some context, that means the turnout expectation around 80 to 90 . And in the general election, you only scott in scotland a turnout of about 63 . Its also going to be the first time that 16 and 17yearolds get to vote in this historic event. 109,000 teenagers will be heading to the ballot box and their vote could swing it because its incredibly tight. In scotland, although theres 32 local councils, its one person, one vote. Were expecting the first results in the northern rural areas around 2 00 a. M. , but its cities like here in ed edinburgh that will swing it. She expects the final result to be ready by breakfast time, but she wouldnt when she takes her breakfast. One thing that is clear, we will know by this time tomorrow what this historic referendum results are. Indeed, we will, helia. Thank you very much. And will fred, have no fear. The alibaba ipo is nearly here, set to debut on the New York Stock Exchange on friday and what could be the worlds large largest flotation to date. The ecommerce giant is scheduled with shares expected to range from 66 to 68 each. Now, according to the wall street journal, about 1 billion worth of additional shares could hit the market on friday as a lockup restriction doesnt apply to certain preipo shares. Aliba alibabas decision to list its shares triggered a fight between new york and hong kong to list the company. How did new york win . Susan lee reports. A fight between new york and hong kong for the Worlds Largest ipo this year. New york won. Why . Well, New York Stock Exchanges allow for dual class shares which help the Company Founders retain control, with their having to own the majority of the stock. Hong kong only allowed for one share, one vote. Despite losing out on what could be the Largest Technology listing of all time, a recent survey suggests that hong kong investors are okay with that. What we found is theyre very strongly in favor of one share one vote. Theyre not in favor of the special partnership structure. The alibaba was proposing. The Hong Kong Exchange as a Listing Committee is having a second look at their rules, a healthy debate that its ceo has encouraged. Were not going to change our rules for one company, despite the fact we probably agree there are good reasons for us to review it. Both hong kong and singapore ban due class share listings. London discourages the practice. The director of the Hong Kong Exchanges board says hong kong has et right. I think the system works well. It requires people to put their money on the line if they want voting rights. Besides alibaba, other companies have chosen to ipo in new york instead including buy due and chinas twitter like service. The owner seen as chairman says theres another good reason for chinese tech firms to list in new york. It was just by default. I mean, the u. S. Market becomes a place for listing some of the companies because if you cannot list in china, the best in the u. S. Market because industry and Technology Better and theres a lot more liquidity than in the other markets and its an evolution. In 15 minutes time, well speak to one analyst that will tell us why yahoo shares will price above 70 a shares. And im going to recap those ecb flashes that we mention dollars earlier. This is the new layout for ecb meetings which have moved from six weeks to four weeks. We said the governors would not include bundes banks sitting out may 2015. Thats why we saw the stoxx 600 jump a little bit on the news because some people are reporting that had he sat out the most recent meetings that we might have seen outright qe. He was one of the lead opponents to that. So that jump in the stoxx 600 off the back of the announcement of the new format of the ecb meetings. The results of the ecbs first are due in about an hour. The targeted longer financing operations are intnded to boost credit for the real economy and keep the Eurozone Bank lending ticking over. The first of two allotments take place today. It will offer a full year funding at a fixed Interest Rate of 1. 5 . The next takes place on december 111th. Analysts expect it will the real point is a game meant for credit. To give, to rent credit. But the figures in italy will rent credit for 20 billion euros. Over 14 billion for modelists, 17 billion for italy. Medium term loans to customers. And the reality is not easy to find the companies that have credit to invest in this sort of money. We dont need those bonds. We are hoping for good Old Fashioned regional banks. We are around about 100 billion more deposits in our books than we gave credit to the german households or through the german small and medium enterprises. So we do not need such progress. Andrew wilson is still with us. Andrew, everyone in europe has been focused on the most recent set of ecb actions, the rate cuts and telcos, could they be more significant than that . I think most people in the market are looking at the combination of september or december. Theres a big refinancing happening in january. I think the risk is the takeup of below that 150 number that youre talking about. I think the market is looking somewhere north of a hundred that is going well. Look at this combined with december, its just a lot of policy action in mays here and i think people are wanting to see the effects of that. Theres so much talk about will there be outright qe in europe. Is this another master stroke from mario draghi . We know that the bluntness of quantitative easing wouldnt work in europe as well as it has elsewhere. Will it need the easing policy . Its vary targeted policy. In that regard, if you start to see that working, you see that lending increase, i think that is a bit of the issue in europe is getting that credit creation mechanism, getting the funding to those Smaller Companies that drive Economic Growth in europe. Its too early to see if its going to work. Would he go well see over the course of the basically next six months if you start to see the credit creation mechanism kicking in. You know, andrew, as the american on the team, i think the talent with these newly targeted funds is theyre so complicated to really underst d understand. When youre an american investor looking for opportunities in europe, how do you assess the telco program and look for opportunity . Its quite amazing at the moment. Youve got the fed talking about raising rates and when moving accommodations. So the fed is turning right, the ecb is doing the rest. I think for us, that does create an opportunity, particularly in the currency market where that forward Interest Rate differential is starting to widen out in favor of the u. S. Dollar. I think thats good news for the dollar perspective. Equally in the rate markets. I think its clear that theyre going to be raising rates next year. At the same time, the ecb is trying all they can to keep european rates low. So its a relative value trade for us. Europe looks better than the u. S. On the bond perspective. The correlation between bond yields globally has been very high over the summer initially led by european yields pulling several yields down and block where we picked back up by the u. S. There is to real reason for them to be highly correlated at the moment, is there . I think theyre moving in the opposite directions and we think thats going break down over the course of the next several months. The ecb, mario draghi, hes doing whatever he can to revive the european economy. How many of an onus is on the European Companies to intermountain structural reform . Mario draghi talked about this where he highlighted the countries that have gone those through those reforms, are showing Economic Growth and in some ways putting pressure on countries that havent shown that reform to get on and do that. Monetary policy becomes limited. Hes talked about that and so i think its going to be a combination of very accommodative Monetary Policy along with Structural Reforms to get European Growth going. And thats the key question here. We need to get European Growth on a stronger footing. Absolutely. Andrew, thank you very much for joining us. Well be breaking the news as it comes out add around 10 15 uk time today. That was andrew wilson, ceo for Goldman SachsAsset Management international. Still to come on the show, tweet this billionaire cofounder of paypal takes a tough line over twitter, saying the group is mismanaged. Theres probably a lot of pot smoking going on. Well explain all after the break. The dollar hitting a multi year high after fed chairman janet yellen pledges to keep rates low for an extended period of time. As ive said repeatedly, the decisions that the Committee Makes about what is the appropriate time to begin to raise its target to the federal funds rate wont be data dependent. Stocks in europe spike after the ecb announceses its new voting rotation on speculation that the qe could be announced on expectations that the president is sitting out. Whats the appetite . Just over an hour to go until we get the results of the ecbs first telco auction with expectations that banks will take up around 150 billion euros in loans. Pumped up, shares of sulzer surge on reports that drescher rand is eyeing a merger with the swiss industrial group. And were just getting some data out. Uk retail data has come out for august. It has come in at. Sorry, uk prices fell 1. 2 in august, the largest drop since july 2009. The retail sales is plus 0. 4 month on month, plus 3. 9 year on year. If were looking at sterli sterling dollar at the moment, its early in trade, but hasnt re