over and finished? it is unemployment day and that is going to dominate the agenda. johnny ferro has that. >> yes, he does. it is all about jobs day in the u.s. >> absolutely. in just about five hours. it is the only number people will be looking for. the estimate is 180,000. keep an eye of unemployment. it is getting close to the threshold of 6.5%. it is actually a good thing. we'll talk about that later. >> we're still keeping an eye on tech. >> the winners and losers. facebook rallied on better than expected earnings but twitter and linkedin falling. sales not impressing. 42% growth is pretty good but not enough. we have too many high

expectations overall. the big question of linkedin is can it make an inroad to china? it is one of the u.s. players that is not blocked. >> keeping a close eye on that and all things tech. hans, another conviction of a former s.a.c. flow. >> matthew martoma has been found guilty. it may make it less likely that rosecutors will go after steve cohen. it is looking like this may be the last conviction against s.a.c. >> ryan, you're watching sochi on the games. almost a proxy for putin's hold on russia. >> the games get underway in 8 1/2 hours. that is when the opening eremony kicks off.

it could benefit from the games on increased traffic. you have what manus was talking about. the time to get into the emerging markets. jim o'neill saying this is a buying opportunity. mark mobius saying not just yet. >> we have plenty to talk about on the program. we have u.s. jobs. a little bit of tech. conviction in the u.s. we're watching sochi. what else are we watching? >> goldman sachs caught my eye. they said get ready for a day to watch by the european central bank. there is no reason for the european central bank not to go into an easing mode. that is one thing that caught my eyes. let's go to the nice, big map. there you go. it is a reprieve for equity markets. the pace and tone of where we go is dom mayed by the unemployment -- dominated by the unemployment numbers. will growth in the u.s. thump

the taper debate and will that mean we have come to an end of the road? let's see what is driving the u.k. numbers and give you a feel for what is going on. those are on the upshot. a bit of a disappointment in terms of one of the key -- let's get into that in terms of the main market movers. you have it down by 2%. this is a depression -- they failed. they have a pill used for a.d.t., attention deficit disorder. some people say i've got that in this news room. anyway, the pill will not be extended into depression therapy. goldman sachs said buy the stock anyway. it is not going to do much harm. oming back to arsenal.

-- arcelormittal. fourth quarter profit is up 23%. this cycle, the worst of the cycle is over. no huge ban on capital expandture. you move over to vivendi. these guys own, as you know, francine, just under 12% of activision blizard. call of duty. we'll have a quick look at one emerging market currency because that is the single biggest debate. there is the indian rupee. you can see emerging market currencies. this is one example where there has been a bit of reprieve into the close of the week. >> manus cranny with the latest on the markets. joining us with his investment per spebt sieve bill blain. great to have you on the show. we had a little bit of rebound. the data. the e.c.b.. too we get the all important

jobs report. what is your main concern? >> we're nowhere near settled yet. the start of 2014 has seen many of the expectations for the year just get better. that is what your know to expect that in markets. the point now is when to pick, jump back in or to selectively go back in and i think there is definitely some issues to be thinking about there. i think one of the first ones is think about japan. we have seen a massive selloff in the nikkei that some stocks come back extremely positively. panasonic has been one of the big stories. what other japanese stocks are worth looking at? there are certainly some there. showeringnomics really pan -- how iser gonomics panning out? what happens to japan if it cycles back into the deflationary spiral which led us

to europe. europe is too big in complex to work when some economies are still in serious trouble and the german economy is heating up. how do you get rid of this mentality that we have in the markets? with were expecting 2014 to be a lot more sophisticated. when the markets and investors would pick the things they wanted or saw real growth. we saw this correction. everybody corrected. everyone is fine. it is also like japan is still a fashionable place. >> it is like the old fishing analogy. someone catches a fish on one side of the boat. everyone runs across. the boat tips up. everyone gets seasick and the one guy who goes to the other side of the boat catches the fish. everyone on that side in the boat goes we eat. i think this is a realtime for .nvestors to be looking for

there isn't a single correct strategy at the moment. if there was, it would be so much -- >> what is the best strategy? >> what is my best strategy is to look for volume. it is definitely out there now. >> stocks that were sold in 2013 that have the potentially the grow? >> it is i think it is stocks that have turned themselves where the story has changed and the future isn't understood. it is bond markets where there is too much panic. let's think about mint for a second. mexico, turkey, people panicking earlier this year mexico has been upgraded. >> turkey has -- we'll talk more about the emerging markets. bill blain stays with us. this is a look at what else is coming up on "on the move". the world's most important economic indicator.

jobs day in the u.s. will a good number stave off the fed's taper deadline? more on that next. ♪

>> welcome back. i'm francine lacqua in london. this is "on the move" on bloomberg television, radio and streaming on your phone, your tablet an and also

bloomberg.com. this is one of the stocks that we're watching today. arcelormittal. the world's biggest steel maker gaining some 4%. this morning they reported a 23% increase in fourth quarter profit. it said 2014 earnings woulding seed last year's results. this points to growth across the world. omething that they are embracing. a little bit of a mixed bag after a rough couple of years saying 2014 will be much better than last year. later today, we find out how many jobs were added to the u.s. economy. jonathan ferro joins us now. what are we looking for? >> we to start with the ugly september payroll number. if in doubt, blame the weather. it was the coldest december since 2009. the expectation carries a little bit of rate. the consensus is that the number rebounds to 180 k.

i say wait and see. it has pin the tail on the donkey feel about it. 280 k.es from 205 k to >> the unemployment rate will be in focus. do we expect it to move lower? >> i think this one is the biggest here. you can call it whatever you want. the unemployed. for just over a year you now, the fed said they were not considering raising rates. an event they can see happening until stimnext year. i'm going o show you two charts. the first is the unemployment rate. the second chart is this one. the percentage of working h.p. the labor force is actively looking for work. this is falling to lows not seen for decades. there are a plethora of

explanations for this. demographics. people aging. people giving up on looking for a job. where there is consensus, will that move lower? it is not necessarily a reflection of a strengthening job market. when the fed meets next week, they are indeed ever closer to that 6.5% threshold. they can't hit it today and they might need to tweak their communication. >> they might have to do that. still with us is bill blain. a strategist. do we really care about u.s. jobs? i know everyone says it is the all important, the one that everyone is watching. fed tapering is here. >> we're going to watch the numbers. numbers move sentment. i think some of the points that jon was just making in that report are very important. the one about participation and the job also, the unemployment

rate. one of the things we have been looking at for the last year is u.s. earnings. how much money the u.s. companies have in their bank in their pocket to spend on expansion, to go out and create growth. one of the things that will happen when they spend the money they have got is creating real jobs and that participation rate will then start to rise and then you'll see an exhangs in the economy because more people have jobs. what is worrying a little bit is we are not seeing that happen. we're not seeing job creation on a massive scale in the u.s. today, number, if it is weak, all of these treasury booms are going to be very happy. maybe it is a strong one. or another oh, my god, the other side of the boom >> my consensus is it is the sentiment. it is one of a number of things that the fed is looking at. >> what cares what the fed is looking for?

it is what markets do. >> i forgot about the hoard. are trs the hoard that actually matters. the fed can say what it likes. -- at this redick luis redick louse sperm. the fed is playing a small part in all of this but it seems that depending on who you speak to, mark mobius, there is a much bigger selloff. one of the people i was speaking to yesterday said the same thing. if you pick your countries right, you can pick your money. >> there are certainly strong emerging mark stories that have oversold. but i think the really interesting thing in emerging markets is is it over yet? i doubt it is. there is still pain to come. there are certainly bargains to be picked.

last week we had the indian central bank calling for u.s. support. hang on. it is not the job of the federal resurf to support -- reserve to support india. what we have in the next couple of weeks, we have the meeting in sydney. i think the communique is already getting written where there will be more talk of global coordination. >> we have been talking about it for the last six years. >> we have been indeed. but we have obama doing a trip around the world talking in asia about trade i dos. nafta on steroids is what one of my colleagues calls it. we have him in europe talking about trade deals as well. there will be an omen for coordination. these economies like turkey and the rest, they need to sort themselves out and that's when people start buying again. >> the structural reforms and the pain that the countries are doing five, six years ago.

we're talking about tech now and linkedin. shares fell in afterhours trading. the biggest professional networking site is set for a fifth quarter of growth. -- slowing growth. what do the numbers tell us about the business? >> the exuberance is filtering out ever this particular stock. even though they are saying sales will increase by 42%, that is not good enough according to investors. gone are the days of 70% increase in sales. the euphoria that surrounds this growth potential in these tech stocks is starting to dissipate. you have five straight quarters now that linkedin is expected to post slowing sales growth. we saw slowdown in talent solutions where your hook up employers that pay for access to the employee -- you have market solutions. that slowed. there is a slowdown in the amount of members joining in to

linkedin. still up by 1/3 but not where it use to be. similar to twitter. we saw a sudden all in the stock. this is a company very much focused into moving into mobile and hoping to expand beyond white collar workers to blue collar workers. >> actually, we heard from the c.e.o. that they are looking to expand outside the u.s., especially in china. >> i think this is of course where the chief executive is trying to calm investor nerves. saying look at the potential abroad. look at the potential in china to be specific. linked in stands apart from twitter and facebook. they have 4 million users. they sea we can expand hugely here. we have the population four times that of the united states. the c.e.o. saying one in five to

have world's educated, what he calls knowledge workers and students live in china. therefore also china, they change their jobs every two to three years, on average, the employees there. such a high turnover. 50% of employees changed their job last year. that is the potential where they can expand. they just have to harness that. they just brought on a new president in china. can they wrap that up? >> caroline hyde with the latest on tech stocks and linkedin. still with us for a few final thoughts, bill blain. you were tell me you were very exciteded this week because of corrections and exciting stories to tell investors. is toll one of them? >> there are lots of stories to be talking about with investors. that is one of the things that makes this job so interesting. we have everything from a fail austrian bank to the stock rally

in japan. we have picking things in e.d.m.. i just looked at linked inn and i'm thinking about facebook. last week someone compared it to the growth and decline of bubonic plague. if you look at the way it expanded and disappeared, facebook, same thing. linkedin, i kind of joined it a few years ago before >> i joined it. my email, personal email still has requests to join. i never log into the thing. >> did the same actually. >> i live without it. and i live without twitter as well. >> now that you're going a step too far. thank you so much for joining us today. strategist with mint partners. >> always a pleasure. >> coming up, a look into the most lucrative trade in history. what is next for s.a.c. and this

former fund manager is found guilty. ♪

>> welcome back to "on the move." i'm francine lacqua in london. here are some companies on the move. statoil. norway's largest energy company had profits of 23% in the third quarter as production fell and

prices weakened. on the other hand, profit rose 23% at arcelormittal last quarter. the world's biggest steel maker beat estimates and said 2014 earnings will exceed last year's results. a company trying to ror from a slump by cutting costs. minmetal d by china's s set to buy glencore. former s.a.c. fund manager, matthew mar tomei, the eighth person to have worked -- martoma, the eighth person to have worked for steve cohen. hans nichols now reports from berlin. hans, how is this good news for

cohen? >> because martoma didn't plea. he didn't squeal. he didn't talk to investigators about what happened on this july 20, 2008 conversation that we had with steve cohen. it was a 20-minute conversationful. after that conversation, s.a.c. capital liquidates their position and end up making $275 million. prosecutors never wanted this case against martoma to go to trial. they always wanted to use it to squeeze cohen and they didn't get that. they got two convictions on a couple of different -- they got two counts of securities fraud. one count of insider trading and martoma is looking at 15-20 years. the u.s. attorney put a brave face on this. said martoma brought the answer before exam. he still made $ million in that

year. it only took three days to convict him. the only question still can they still go after steve cohen? >> can they? is there still a chance he can cooperate with prosecutors for a lighter sentence? >> there are two reasons he would not. one, it would set a bad precedence that says you can go to trial and then cut a deal. they introduced evidence that he fumminged his transcript at harvard law. that he was failed. what was one of the courses he , med on at harvard -- criminal law. >> coming up, the world's best winter athletes in sochi start too good. we look at what businesses stand to win big from the games. you can follow all of us here on

bloomberg tv at twitter. i'm at flacqua. we'll see you in a soum of seconds. ♪

>> welcome back to "on the move." i'm francine lacqua from our european headquarters here in london. let's watch air france. we haven't mentioned this stock. a lot of the big flagship carriers have been going through a tough time. january traffic is up 3.15%. fewer people travel off after he seasonal holiday.

arcelormittal, one of the other biggest gainers gained 3% saying 2014 would be much better than 2013. this is the biggest steel maker in the world. these are the bloomberg top headlines. former s.a.c. fund manager matthew martoma has been found guilty in the largest insider trade trial ever. he made $275 million on the trade. a sentencing date has not been set. this is seventh conviction in u.s. prosecutor's six-year probe of the hedge fund. jobs growth picked up at the slowest pace in three years. the unemployment rate is projected to remain at 6.7%. security is tightening it is a most expensive olympics ever begin sochi, russia today.

the u.s. is banning all liquids from carry on luggage on russia-bound flights. this after warning bomb materials may be hidden in toothpaste tubes. for a closer look at the sochi olympics, i'm joined by ryan chilcote. our resident russian expert. you're looking at the russian companies that will profit most from the games. which ones are taking the gold this year? >> the sochi games are underway. the big ceremony begins in eight hours with the opening ceremony. that is when the eyes of the world bb on sochi. two stocks will rise on the back of those games. one is their national airline. the bank said it will benefit from increased revenue and profit from increased number of flights to sochi. that only lasts for a couple of

weeks, though. some of the perception gap will be closed. people called it terror float. the idea that foreigners fly on it to get to and from the games and they will see that the airline is a lot better than they thought it was. that will lead to investors to put money in it. another to take a look at is the google of russia. yandex. that will benefit yandex. that stock doubled last year. two stocks to look at if you have the appetite for emerging markets now. >> which companies are going to lose out? >> tough to say which companies are going to lose out, but which companies have been losing out is easy. allstate-backed

companies and the so-called oligarch controlled companies where you have one big owner that has a stake in the company. they all got phone calls from the kremlin about a year or two ago and said as part of your social responsibly, you should invest in the games. we need that infrastructure there. they said we're not so sure that is going to be profitable. they took much off the table. world's larges producer over nickel lost something like 8% over the last year. the world's largest aluminum producer built an awful lot that has little to do with aluminum. not everybody is set to gain. there has been a lot of investing that i guess has dubious prospects when it comes to returning profit to

shareholders. in any case, all eyes will be on the games as that official ceremony begins in just under eight hours. >> ryan, thank you so much. that openinger is moan is in 7 1/2 hours away? 8 hours almost? >> 4:30 p.m. london time. >> all right. just hours away. now we're more than 30 minutes into the trading day. let's see how things are shaping up jozef all for the markets. here is -- overall for the markets. one thing investors want to know about is of course u.s. jobs data. we're still in positive gains. investors are waiting for the report that shows u.s. companies hired workers at a faster pace ast month. 1.3555 today the dollar holding

gains. let's stay with fx. bank of england officials are id to have condoned traders' practices of sharing information with other firms. this is part of the probe into market manipulation. thank you so much for being with us. what does this mean? this itch indicates the bank of england. they saw it and said go on and do it. what does this mean for the b.o.e. snpping >> i think the is this going to rag them into another scandal? >> libor was so huge and this an be big r. >> i think what we're going to see is parliament wanting no get more involved.

asking why these concerns were not escalated. why the bank of england is not taking any notes about this discussion. why dependent they want it to go further? that in itself could have anfect on how quickly the organization moves with regulators. >> give a sense of where we are now ins of regulations. what are they exactly looking at and whats their latest position? >> we have about 12 authorities lobally. haveate thest week, we now a new york financial regulator getting involved asking banks to produce documents about their positions and at least 20 have now been suspends as a result of the inquiries. >> is anyoneles looking at this? >> in addition to the --

>> how much bigger is this going to be? >> i think we could see it get bigger as the banks get rid of more traders. it is whether it escalates into the government. >> thank you. bloomberg news reporter following this great bloomberg scoop. still to come, if you occupy one of their apartments, you're probably living the sweet life. we go inside the apartments on one hyde park place. and we have u.s. jobs data and look at what that means for the markets and bring much more coming up on "on the move". keep it here. we're just getting started.

>> welcome back. i'm francine lacqua here in london. this is "on the move" on bloomberg television and streaming live on bloomberg.com, your tablet, phone and now any windows phone as well. we are just getting breaking news out of germany the top court is asking the european court for advice on the e.c.b.'s o.m.t.. this is something we have been following very closely for the

last eight months. the first german court, the german high court has started looking into this league at of this program back in june -- legality back in june. the program was voted against. this is -- we were talking about it with guy johnson who is coming up on "the pulse" in about 10 minutes. this will give or make or break really what the e.c.b.'s powers re do not only with o.m.t. but shoring up the crisis that we have seen. "the pulse" is coming up in 15 minutes. guy johnson is here. we have the show and will spend a lot of time talking about this 3 the german court asking for advice on this o.m.t. program. >> it has always been the fly in the ointment potentially.

the i will do whatever it takes plan. if the constitutional court decides that we can't move forward in any kind of q.e. direction, that is a significant problem. i'll let jon pick it up and talk about this in more details. opening ceremonies in sochi. significant security scares already around this event. we have u.s. authorities banning a number of tuments on carry-on carry-on.ms for no longer jells and liquids. that just raises the concerns of the security level surrounding this event in sochi. we'll speak with a former director general of the c.i.a. about implications what this story mean for u.s. fierce surrounding the olympics. the opening ceremonies are tonight. we'll cover all of this. we also have the dispute between e.u. and u.s. u.s. officials pouring a little

cold water on their relationship with the e.u. ryan chilcote is going to cover that story for us as well. a fairly busy morning. the markets are moving on the back of this story. we have sochi to think about as well and we haven't even talked about the payroll data. we'll cover the impending number coming out of the united states. busy couple of hours coming up. looking forward to it, francine. >> me too. starting with "the pulse" in about 14 minutes from now. here are some companies on the move. odafone's $1.6 billion plan to buy out partners in its india unit. they cleared the company to buy a 15% stake it didn't already control after it ended limits on foreign ownership. it is the biggest customer base and makes up 10% of sales.

s the publisher posted gains in real estate services and book publishing. news publishing sales fell 9% and still make up a majority to have company's rev nufmente british air ways may be ordering 777 x wide jet. boeing is looking to replace about 25 of its planes. one in five workers in switzerland foreign. our international correspondent hans nichols is in berlin with the latest. what impact could this measure have on business? >> well, on certain industries like the hospital industry, like -- ady industry at farm ike r & d.

roche, 44% of their workers are oreign-born. it declined dramatically over the last few years, to almost 23%. every year they have about 7,000 new entrants. you see switzerland trying to grapple with this influx of immigrants. the latest polling said 43% would vote for it. 50% would vote no but it is trending in the direction of voting for having passage and what this would do is trigger potentially a rewrite of the has treaty that switzerland with the e.u. it would be about trade that switzerland has with the e.u. it could have massive implications. the swiss cabinet is opposed to it. some major companies, household

names have been founded by foreigners like nestle and swatch. this is going to come down to turnout and we will know sunday afternoon what the results of this are going to be. francine? >> hans, thank you so much. hans nichols with the latest on switzerland and immigration. up next, jobs day in the u.s. we'll look ahead to those reports. actually we have a little bit more. ♪

>> welcome back. let's return now to the breaking news on the european central bank and the european central bank's -- the german top court asking the european court for advice. >> the german top court sevends the o.m.t. case to the european court of justice. back to august of 2012 when draghi said he would do whatever it takes. straight away there were questions of whether this was legal or whether it exceeded the e.c.b.'s mandate. they can not monetize the debt of european government. it seems that the german constitutional court is not so sure. that is why they are referring to case. they also say that they will issue a ruling on the rest of

the case over the european stable mechanism on march 18, but they think right now, they say that the e.c.b. program may verstep the limits of europe yields. the reason you are seeing yields lower. the reason the euro is no longer at $1.20. the euro has dropped off but is still around $1.35. it will gather some pace. the decision of that german constitutional court is critical to the stability in the euro-zone. >> it really is. does e.c.b. and mario draghi have the power to put it on a raver phase? i mentioned charles dumas there. thank you so much for joining us. what do you make of the facts that now the german high court is asking the european court for

advice. are they trying to muster support? is this of concern? if they say it is not legal -- >> i suppose that is true. there are other ways you can get around it. the german court turns out to be a bit of a toothless tiger, this is it. they are coming out. they are -- they are kopping out saying they don't have an opinion. i don't understand why they have to go to someone else. >> what i suns we will get some kind of a decision later in march. the german courts are still looking at it but the fact that they want to escalate this, are you more worried than before? this is something that has been boiling over. the markets haven't seen this coming. >> i think it is -- i think the marks will probably ignore it. >> with that, something that the markets will ignore? u.s. jobs.

it is backward looking? >> yes. it is extremely volatile and the margin of error in each month is huge. >> when we look at the correction on emerging markets, fed is ased on what the doing. >> that is important but looking forward, the question is how much growth is -- well, in the third and fourth quarters of last year, the average growth rate was huge. boosted to that level partly by an enormous build of inventory in those two quarters. at record levels. now that is bound to get sold down during the first and second quarter this year which means disappointed numbers in the first and second quarter this year. that does not mean that the u.s. economic recovery has stopped. we still think there will be 3%

growth. >> what about tapering? is it more important what the markets think tapering will be than what they think growth will be? >> the jobs number is in fact comparatively irrelevant taking one month by ithes itself. in terms of tapering, we expect it to proceed on schedule. the growth rate is likely to be interpreted as slightly disappointing because of the story i just mentioned. it showed up in the manufacturing purchase manager report last mond which slumped down to 51. it was like shock rg horror. but of course leaving aside the weather point, if inventories are going to be drawn down, that is a source of short-term weakness. that is what you would expect. >> overall, what is your biggest concern? when you look at the emerging markets trying to fight fed and it lost minutes or hours?

when you look at china and the euro-zone and the u.s., what is the one thing that will keep you up a at night in 2014? >> china remains key to the whole thing. chinese debt levels 3. -- at the outside now of what is manageable and if they don't deduct their reforms very fast, they could have very little growth. if they do conduct their reforms fast then they are likely to have quite a debt shakeup in the short-term. china is a real problem on either scenario. this is is it a big enough problem? >> sfrernl the standpoint of commodity countries and some of the emerging markets with whom china is in mutual trade. not from the point of view to have united states. no. it is going to grow under its own steam. it is undervalued.

depend on the rest of the world. that helps consumers incomes in the west. >> we were just talking about the legalities. it is really a nonevent. at the same time, we seem to be more risk on, risk off mood like we were two years ago, which usually spells troubles ahead for euro-zone. >> we expect the u.s. to be strong. we expect the dollar to be strong. that means the euro is probably down against the dollar, which will help european firms in terms of their profitability measured in euros. it is likely to drive the euro up a little bit. our view on europe is modest growth and modest bullishness on the stock markets, at least in the core, whereas in the united states, we're much more convinced and positive. >> charles, thank you so much

for that. coming up, we go through everything that's happening on the markets. we talk about the o.m.t. legality. "the pulse" is next. ♪ . .

>> ready or not. sochi,ter olympics in the most expensive games ever. it could be remembered for all the wrong reasons. diplomat pens relations with the eu over ukraine's political crisis. >> and germany's constitutional court wants to review the ecb policy on the omg. -- on the omt. the move sends the euro sliding. good morning, every.