Thrilling pairs early gains. Allibabaalibabas day has ar. Coming up on cnbc today, we speak exclusively to ceo jack ma. Has sap got its head is in the clouds . It pays over 7 billion for expense firm concur. The ceo said says its not overpay. Its not what you pay for assets in this industry. Its what you do with them. I never was more confident with any Business Case i prened in the board room than i am with concur and sap. Scotland will remain part of the United Kingdom after the pro union camp reclaims 55 of the vote. David cameron says its time for the uk to come together and move forward. We have heard the voice of scotland and now the millions of voices of england must also be heard. The question of english votes for english laws, the socalled west lothian question, requires a decisive answer. Just as scotland will vote separately in the Scottish Parliament on their issues of tax, spending and welfare, so, too, england, as well as wails and Northern Ireland will be able to vote on these issues. All this must take place in tandem with and in the settlement for scotland. The properties made vows late in the campaign to divulge more powers to scotland. Scotland will expect these to be honored in rapid course. And helia is in edinburgh with the latest. Helia. Morning. Well, the bite that you threw to with David Cameron saying this is the end of the debate, its been concluded, well, far from it. Reaction in scotland, although it looks quiet outside wont be quiet for long. Scottish people voted, 10 in staying together with the United Kingdom of great britain, but they were promised more powers and they will expect that by january. Even though David Cameron in his speech promised to keep that pledge, promised to keep that vow to divulge more power not only to schoolland, but to wales and Northern Ireland, too. He was also using the speech to throw a backbone to many of the back ventures were seen rising for these powers that could mean english mps will lose power in comparison to scottish mps. But here in scotland, its a somber tone. Last night on the streets when we were out, there were a lot of yes campaigners talking about their dreams being fulfilled, this once in a lifetime opportunity. But while they were going to be sanguine and they said they will accept this decision, they are going to be looking for massive change because history has been made. Alex hammond referring to the 1. 6 million independent voters saying that those people have given scotland a strong mandate for change and really made a Strong Political point. Remember, 86 turn out. Massive, massive in political history. Back to you, will. Thanks very much, helia. Helia stays with us throughout the morning this morning. Sterling jumped initially 0. 86 . Its paired back some of those gains. Its up 0. 37 at the moment, currently trading at 1. 646. The scotts voted to stay in the uk and thats being seen as a positive for two of the biggest Lenders Lloyds Bank of scotland and its higher by 1. 9 on the day. Rbs higher by 3. 5 . David, there was so much uncertainty around the Scottish Referendum, now that we know its a no vote, how do you play the market . Obviously, its very, very good news. I dont think the market was discounting a breakup scenario. If you look at short, sterling factoring in ahead of this referendum, a strong possibility of rate rises next year. In a breakup story, the bank of england is not raising rates. So the market wasnt pricing a breakup. The political dynamic is quickly changing, as well, as we can see. And the biggest uncertainty is a political one. David cameron had to go to scotland last week. Do you think he got away with it . Well, i think so. Hes again, hes got the argument in his favor in terms of the slogan issue about, you know, there should be more english masses, which you have to think about 41 scottish mpss up in scotland at the moment. So at the end of the day, this is interesting dynamic. And we are expecting a News Conference which well go to live when we get it. Weve also got the Labor Party Conference over the next week. All the parties came together over the last month or so. Will this be the latest chance for David Cameron . I think its potentially a change of leadership Going Forward. So they will be thinking about the may 2015 election which is now quickly coming into view. David cameron can try and push through the west lovian issue. We can basically get some more momentum going. But at the end of the day, if we had had a breakup, the negotiations would have been exceptionally difficult. That now is out the door. David, even though we got a no vote, the story doesnt seem to be over. Do you think this crucial vote will push cameron to make scotland a top priority . He has to honor his pledge. We will get more power in the Scottish Parliament. At the same time, having to address the issues in wales, the same issue here in england. Hes in a sense is setting their agenda. Wonderful. David owen, chief european economist at jeffries international. Thank you so much for joining us. Yeah. Now, if you want to learn more about what were doing on the show and we want to hear from you on your thoughts on the Scottish Referendum, email us at worldwide cnbc. Com. Wilfred will be looking at the markets for us now. Thanks, seema. Yes, markets stronger today. The main reason for that, of course, the no vote in the sdotish referendum, particularly the uk but europe. Also europe is up almost 1 in the green. If we look at individual bourses, the ftse 100, 0. 6 . Its a nice sigh of relief from british investors after the no vote. Quite a strong no vote, as well. People were right, if it was a close no vote, this issue would run along, but 55 to 45 is the latest figures weve got. Germany is up 0. 6 . Yesterday out of europe, we have the new setup as to how the ecb is going to take place moving forward. It gave european bourses a pick up through the day. France and italy up, as well. Moving on to asia, asia had a strong day overnight. Interestingly, the pboc announcing easing measures to ease liquidity for them. Also talk that theyve injected more liquidity into the top five banks, shanghai and hong kong, unsurprisingly up 0. 56 is and 0. 6 respectively. The nikkei strong today following news abe wants to post pension reform regardless of opposition. Also, continuing strength on the nikkei off the back of a weaker yen. And the u. S. Tenyear treasury seems to have settled now just above 2. 6 . The last two weeks has seen it moving around. Only two weeks ago, it was about 2. 4 . It was pushed up following an intense week of fed announcements, around 2. 63 . The tenyear german bund yield of 1. 1 today, gilts have ticked below 2. 6 and the italian yield 2. 4 . Forex, quite a lot of moment in forex recently. The pound, of course within lets start with that has strengthened today. It was up closer to a percent, that 0. 8 is now closer to 0. 3 . The yen continues to weakness against the dollar. Were at a sixyear low. Another fresh 0. 4 had movement on that today. And the euro dollar, euro weakening a little further again today. Coming up on the show, the man voted chinas number one strategist tells us why the country could be heading for japanese style deflation and how to position your portfolio to profit from it. As apples iphone 6 goes on global sale, were live camping out at the tech giants Flagship Store in new york city. If youre not quite convinced about buying alibaba for your portfolio, stay tuned as one Internet Expert tells us about one ecommerce stock that could give you exposure to the chinese consumer. And you are looking at a live shot of glass cow where ed milliband is due to speak following cot scotlands no vote. Well bring you his comments live after this break. The all new, head turning cadillac ats coupe. Its irresistible. Allibaba has priced its ipo is and set to start trading on the New York Stock Exchange today. Kayla tausche has all the details. Alibaba pricing its ipo 68 a share. A price that will raise 21. 8 billion in what could yet be the biggest Public Offering ever. It is more than 2 1 2 times the size of ebay and bigger than amazon, its two closest competitors here in the United States. The company will now focus on making a seamless first place. 22 billion stock into the market is no small feat. The company has tapped barclays, which ran twitters to do the same for it. Barclays will have the ablilit to sell right away. Underwriters are limiting those who could the first stock to an elite few. At a meeting between underwriters and executives in new york to price the deal, the ceo and chief Development Officer offered their confidence in alibaba as a longterm investment according to people present at the meeting. Alibabas two largest shareholders each multiplied their return on investment over the last decade. Now allibaba employees will gather at a Company Employee will be on the shares opening trading day to see if they can do the same. Back to you. And stay tuned throughout the day with ftse cnbc. Well bring you an interview with alibabas founder and ceo jack ma at 15 30 squawk on the street. That will be an exciting interview. We also want to know, how will alibaba finish its first day of trade . If you want to join in the conversation, email us, worldwide cnbc. Com or tweet us, cnbcwex. Theres our personal handles on the screen. Im going for plus 11. 3 on the open and by the end of first day, plus 0. 7 . Thats quite precise. And we want precise estimates from our viewers. So i think it will be about a 20 upside in the first day of trade. I think youll see good demand on the first day. Youre rounding your estimate to the nearest 10. How boring. We want to bring you some flashes. Gfk has been its been announced they will have to pay a fine of 2. 7 Million Pounds due to a pricing scandal in china and that will be included in their q3 announcement. Gsk is up 0. 56 so far in trade today. Now, sap shares are trading lower after the company agreed to buy u. S. Based softwaremaker concur telling. The deal sees sap offering 129 per share, a 20 premium over concurs price. Earlier, we spoke to the ceo Bill Mcdermott and he defended the deal. This is the only asset ofs kind. Its the number two independent company in the world as measured by size. There is no other than the category. They have way more than a 50 market share. Its not what you pay for assets in this industry. Its what you do with them. Obviously, the fairness opinions came in extraordinarily strong and the synergy on this deal is based on revenue growth. I never was more confident in any Business Case i presented in the board room than i am with concur and sap. Larry elison is stepping down as oracles ceo, taking on the new role of chairman and chief technology officer. Ellison founded the company in 1977. Oshg will now be run by his lieutenants. Cass will oversee manufacturing, finance and legal while hurd will be in charge of sales and service. Software and hardware will still report to ellison who insists nothing will change under the new structure. Mark and safra continue to do a spectacular job and i think deserve the recognition of their new titles. I will continue to work with john fowler in hardware engineering and mark and safro as i have exactly in the past. Im going to continue doing what ive been doing over the last several years. Theyre going to continue doing what theyve been doing over the last several years. Earlier today, we asked the ceo of rival suspect about the management shakeup. This is what he had to say. Id like to congratulate larry elison. He built a great company, hes had a fantastic run. I congratulated him and i wish him well. Im sure hell do very well. To his credit, he chose two of his trusted tenants to be coceos. I maize was a coceo for more than five years. I enjoyed the experience very much. Appleonians, you can now get your hands on the iphone 6 which went on sale today. The device uses a 4g lte modum, a chip from sky works, avargo. News that a supplier has been chosen or rejected by apple can lose shares sharply. Trade in frankfurt, all of those listed are up, avago and skyworks up the most, over 3 . Were going to talk back to david hern, a chief european economist at jeffries international. David, the market took a bit of a dip on the announcement how the ecb will do. Less announcements by the telcos. Was your take . We actually thought going into the lcros that the number involved was going to be significantly higher. It came in around about 83 billion euro. The understanding is that banks will take down more liquidity in deal when the second of these ltros particulars in. Draghi is committed in a sense to deal with the Balance Sheet and all Central Banks in the system by a trillion. So so far, its gone up by 83, 3 billion euros. It has a long way to go. Then a question about the bond programs, the ltros coming through next year and potentially quantitative easing. Quantitative easing continues to face enormous pushback from germany. But since telcos arent expected just yet, do you think Angela Merkel will come around to inflation and easing . The eurozone remains more abound, then they will end up doing quantitative easing. I think the decision was always one for december at the earliest. Now is when were going to get pushed back into march of next year. We know the ecb operators are clearly timetabling. We knew these changes were coming, they flagged that in the Previous Press conference and i think maybe the qe discussion now is up for march. The key thing is does the inflation pick up in the Fourth Quarter of this year. Obviously, the key thing is youve got very low bond yields. What impact will quantitative easing have on the system . But yeah, its the final thing out there and its a strong possibility it does happen. David owen, thank you so much for your time. Well continue to watch to see what is left in Mario Draghis tool kit. That was david oh, chief european economy at jeffries international. And we just want to reference the live shot youre seeing now. Thats Alistair Darling speaking following the success of no campaigns. Well bring you more headlines from that when we get them. Alibaba prices its ipo at 68 a share, the. Top end of the range that was raised earlier this week. The offering is a total of 21. 8 billion giving the company a market cap of 168 billion. Cnbc has an interview with the alibaba founder and ceo jack ma today at 9 30 a. M. Eastern on squawk on the street. Wendy huang is head of internet quality and wendy, how is it going to trade on its first day . I think even a Strong Demand that we are seeing now, the stock is likely to trade up in aftermarkets. For the investors, what they need to decide is whether they want to add more position in aftermarket if the variation does trade up to 220 billion. I think thats probably the major decision that they need to make today. And wendy, obviously, this valuation is quite steep in price per earnings. What kind of level of growth merchandise value growth do we need to see over, say, the next thee years to justify this valuation . I think if the company can maintain the ecommerce market growth, then that means that the overall retail sales on alibabas platform can double in three years time. So last physical year, their gmv was close to 300 billion u. S. If they can maintain their existing market shares, then that means that they can double their gmb in thee years time. Ourselves, on the other hand, if theyre seeing more competition on the brink of ecommerce platforms or if they could embrace the mobile ecommerce trend or vertical immerse trend as others are doing, that means theyre likely in a more defensive position to maintain the market share. Wendy, were looking at 2. 5 billion in Quarterly Sales for alibaba. Thats a big number. What are your thoughts on some of the biggest threads or head whippeds facing alibabas growth . I think what we need to kind of focus for the longterm, is china is the largest ecommerce market with a lot of potential. Also, there is still potential for the Online Retail rates to go up in the next three to five years. However, we have also observed lots of changes in the ecommerce space over the past two years, such as the emerging vertical platforms like the vip shop. We are seeing the ecommerce marketplace format start to transform from the regular sell format to the sell format. In addition, the whole ecommerce market is moving quickly from a pc driven Online Retail sales to mobile traffic driven online sales. So whether alibaba can embrace all this in the ecommerce industry, that will be i think a key for this companys growth and that presents both opportunities as well as challenges in the future. And lets broaden it out a little bit, wendy. Investors are looking for ways to play the fast internet market in china. What are some other stocks that could benefit from that explosive growth were seeing in the internet spaes . I think in the longterm, we will see more head to head completion among the three Biggest Internet Companies in china. Namely, tencent in alibaba. So for the longterm investors, i think they probably want to stick with the traffic gateways with tencent or buy due. For the investors who focused on the high margin or with the cash flow model, they may actually want to pay more attention to the Business Model like alibaba is running. Wendy, thank you so much for your time. Were going to leave it there. Thank you so much. Were going to be watching alibaba go public and those chinese stocks you just mentioned. Wendy huang. And were just in