purchase by sainsbury's is expected to complete in the third quarter.e sainsbury's perspective, they are putting their cfo, john rogers, into the position of ceo of home retail. i remember when scenes themselves got a new ceo. i remember asking john rogers whether he wanted the top job. he was diplomatic in his answer. he's going to become the ceo of home retail, part of the sainsbury's group. becomeer's going to the chief financial officer position. let's get back to the asian market session. weak picture coming through. david ingles has that picture for us. david: very weak picture. just to summarize, you look at the price, it is one that underscores risk aversion. not a lot of appetite for risk. the japanese markets are just about closing up shop. breaking news a few seconds ago. it comes down to the story in the bond markets. looking at the 20-year yield on japanese debt, now under 19 basis points. that is 20 years. we've been talking about this in asia all day. everything from the five-year until the 15-year, you go to the money markets, three mont

sainsbury first why do estimates -- british investors love the grocer stories so much?: i give you a napoleon. we are a nation of shopkeepers. hasn't that quote been used over and over again? it has always been a big institution. the reason i brought up the hard discount is, -- matt: those are two places i frequent in berlin. i can give you the whole story on that. quick break, we are back in two bank with more. ♪ guy: good morning. you are watching "on the move." we are moments away from the start of european trading and mr. matt miller has your morning bief. matt: draghi's bid for credibility. the ecb's balance sheet approaches a record. whether be enough supply to buy? and sluggish, dismal, now insipid. the world bank reaches for a thesaurus as it sounds the alarm on global growth. how many ways can you say, it is just too dorarn slow? hillary becomes the first woman to run as the presidential candidate of a major u.s. party. but when does bernie sanders get on board with her candidacy? probably not until the convention. guy? guy: it is looking like that. it will be

we will ask the former boss of sainsbury's, justin king. and a big day for china.will be msci back beijing and include the country's domestic shares into its benchmarks? u.k.,the momentum in the the momentum surrounding the brexit story, it just seems to be gathering day by day. these power pulls out overnight, and then there's this. this is britain's biggest selling newspaper. for those of you who don't know, this is an influential piece of paper in the u.k. have?ch influence will it how much will mr. murdock influence the debate in the surrounding whether or not the u.k. should leave? it has certainly had a big impact on past votes in the united kingdom. matt, what is the take in berlin? you have your ear to the ground. is there a sense of nervousness for those that want the u.k. to remain? matt: i have to say, from talking to commissioners in brussels, there was real concern. they want the u.k. to remain, even though each commissioner i spoke with said they put together absolutely no contingency plan. when you talk to the people on the s

these are the shares of sainz very -- sainsbury and tesco.tepping down pending completion of the acquisition, which should be finished in the third quarter. look at the shares of 2016, down by 8%. tesco down by 29% this year. the corporate news doesn't in there. yes. at page group and ha they have been cut from cell to hold. they don't believe that stopping stocks will continue to fall on earnings downgrades. see a much worse outcome in 2017. too early to look through the downgrades and pass the structural issues. today, they are now and that i use he was the worst decliner. this is an intraday chart falling over 6%. money moving into the fixed income market with the yields on the u.k. 10-year and the german 10-year at record lows. sterling is on track word second weekly decline against the dollar. that is pound/dollar going to 2011. sterling that matters, volatility, implied volatility, measuring expected swings has sixthfor the consecutive week, the longest run since february. we are up to the highest level 2009. sterling volatility, climbi