we will get the growth readings as well as inflation data. later, we are watching unemployment figures. that is what we are watching this morning. we are expecting later volumes today as the u.s. celebrates thanksgiving. markets here in europe are just opening up. let's check in with caroline hyde. >> thanks, francine. a very happy thanksgiving to all those in america. we's have a look at just how are doing and european trade. pretty flat at the moment. we are expecting a little bit of hope in the outset of today's trade. speech from mario draghi, ecb president. could he give further indication of stimulus? esterday we had victor constanzio. he said the ecb could consider

buying government bonds, expanding into full-blown quantitative easing if needed. weidmann, the german head of the central bank also coming to the floor. he is saying there could be legal challenges if the ecb wants to buy government debt. as we wait for europe to fire up, keep an eye on china. we saw stocks there at a three-year high. loosentepping in to monetary policy, worried about profits in industrial companies which fell by the most in two years. amazing volumes going on in chinese trading. might not mean much to you but it is twice the daily average in volumes that you see traded on the s&p 500. serious volumes over in china. to start off in europe. let's look at oil. down by 0.3%. brent at $76 a barrel.

we are really worried now that potentially opec won't cut production. that is what many of those who hold oil will be fearing, the fact that prices will continue to fall. says, we don't need to intervene in terms of production. that is what the saudi's and iran have been saying. that is why we are seeing oil down by 1.6% today. about 26% so far this year. s rising against the dollar. strength, a little bit of weakness in japanese trading, but many feel the yen is oversold. the relative strength index saying the yen is oversold. we are seeing the ruble continuing to trade at significant lows. it is currently near the lowest in record overall.

have a look at some of the stocks on the move. glaxosmithkline. keep an eye. they hope they could be near a breakthrough for ebola. a're looking at stagecoach as franchise to run trains. scotland could give it a boost. flashing christmas lights for just a pound. >> we certainly do. caroline hyde with the latest on the markets. you did see that flash on the screen. is saying that a lot of the indices are not calculating because of technical problems. it says it will launch a derivatives complex. it is also saying in terms of what is allowed, they can trade and order but it is quite difficult to execute. watch out for that. we will get any new breaking news in the next couple of

minutes. let's get an investor's take on today's top market themes. we are joined by the global head of equity trading strategy at citigroup. great to have you on the program. give me a sense of what you worry about the most. we have that opec meeting, gdp data, inflation figures. it doesn't look like it is going to be a pretty picture. >> the big question is what the ecb does. that is being tested by the market over the course of october. the question is what happens to the size of the banks of the ecb. ploych as tried to do it capital into the market, they have been struggling with the fact that the speed at which they do play the capital is on the slow side. that would be our biggest worry at this stage. just because of the inflationary

pressure in europe. i would argue a lot of the positioning, we are seeing outflows from europe. we saw it last friday. it doesn't take much news from draghi to create this squeeze in the market. that is something we are keeping an eye on. >> on the oil price, what does it mean on inflation expectations? we are so concerned about deflation. probably some bad deflation to some extent. oil becoming weaker does have some benefits. it is creating savings. u.s.w it especially in the

where retail stocks have been advancing quite a lot. that is primarily because the u.s. consumer is highly geared to the price of oil. oil going lower means they have more cash in their pockets. the supply side, we know. shale gas, the production coming online. the bigger question is, is the or doss driven by a lack we think it is quite technical because of the apply? >> your take? latter. be in the a document, a piece of research this week calling oil between 70 and 90 on the long-term basis. on the ecb, what are you expecting for next week? will they be able to expand or are they going to wait until they find out the results from

the ltro's? >> the meetings are kind of the wrong way around. it would be much better to do ltro first. expect them to speak in a very dovish way. unlikely they can announce anything big. ktrltro round fir two will be 160 billion euros. anything less than that will continue to show contraction in the balance sheet. to market is starting believe a little bit more in what draghi has been saying. that is a positive for europe. we need to see the facts for the banks and the risk assets. >> at some point, the markets will want more than rhetoric. antonin jullier stays with us. here is a look at one of the stocks that is on the move.

i think it is one of the biggest gainers in today's trading session. i also want to draw your attention to what we had in the last five minutes. saying a lot of the indices are still not calculating. we will have more on that next. ♪

>> welcome back. i'm francine lacqua here in london. this is "on the move."

we are just getting some breaking news. this happened over the last 10 minutes. indices are not calculating on technical problems. we are back with antonin jullier . this is really not helpful. >> not helpful especially on thanksgiving day. liquidity is going to be low because the u.s. will be on holiday. can only access or big volatility. how long it lasts will drive confusion. haveey have just said they these technical problems they are trying to resolve. we will update you if we have any more news. now let's talk oil. the meeting of the world's biggest oil producers is underway in vienna. we have seen brent prices collapse. bloomberg's ryan chilcote is inside opec headquarters. no that in production is expected? >> if you look at the decline in

the price of oil over the last week, investors don't think there is going to be a cut. less supply int the market and potentially a higher price. you would want to hold oil if you thought there was going to be a cut. they don't think that is coming. we heard from saudi arabia's oil minister saying he thinks the market will correct itself and the gulf countries within the cartel have come to a united position. these guys haven't been calling for a cut. the fact that they have a united position means they go into this meeting not calling for a cut. you have the iranians who represent another faction within opec that were making noise about some kind of cut going into this. they have kind of gone quiet. finally, you've got this opec meeting a couple days ago with

non-opec countries. little bit of an expectation that maybe they would agree with a cut, but they didn't either. that doesn't bode well with people who think there is going to be a cut. >> we were seeing earlier some live pictures from opec. you are going to enter a room with all the opec ministers. you've already spoken to a lot of them. what is some of their reasoning behind not cutting supply? >> i think the idea is that while $75 a barrel is insurance for some opec countries, it is not injure us for all. these countries have $2 trillion worth of reserves. they don't really think they are responsible for the supply glut. it is not in their interest to blame themselves. they blame the shale producers. they think that while they can sustain the pain, the shale

producers might not be able to. they could potentially take some of those guys out of the business, which would correct the price. what does this mean for oil prices? were $115 not too long ago. the last time the saudi's dueled with american producers was 1986. the price of oil was below $10. i think if the goal is to inflict pain on american aroundrs, that number is $60. that is one thing to think of. i spoke with the ceo of rosneft. when he came out and said they had no deal, i think that a lot expectation that they won't cut is already built into the price. we might see it come down a

little bit if we do get that result. >> all right, ryan, thank you so much. ryan chilcote about tender that room. you can see live pictures with the opec minister. live actually. ryan chilcote will be they're trying to get the information as he always does. still with us is antonin jullier . about thelking before price of oil. you said, the price of oil is not all that bad. costsns that productivity come down for companies. is there a danger that this goes down to $30? cases, in many volatility creates ripples. i would agree with the last comment ryan made. a lot of the bearishness seems to be priced in.

performance of oil is down 30% in the last months. positioning,ative something extremely similar on the equity side. the underperformance of oil versus the market is at the maximum. there seems to be a lot of de-ment to say they can correlate from the oil price. a lot of the bearishness is already reflected. a potentially more interesting decision is what happens within the oil complex. reasons this got so much attention in the last few months is because there was so much issuance on the credit side of the u.s. driven by the oil complex. that has started coming down. we did see actions on the credit

as well as the equity side. the majors will still be able to fund themselves. they should be fine. small players will have a hard time. if you are too small, likely it will get a lot harder. we get into december and the festive holiday, the year unwinding, what do you see as the main portfolio changes? do traders have to look at what they have in preparation for 2015? they will do some work. we think a lot of the work has been done in the last month. attempt to play europe with qe and so on. in october, the position was dramatically cut in europe. we expect a growing high in europe because investors have to q1.e qe in

the one danger or the one worry is that volumes were really low. there is not going to be a lot of volume around. you can expect a lot more as the supplyt and demand become imbalanced. >> is there a brave call that you have for 2015? i guess a lot will depend on what central banks do. we have to wait to see if abenomics works. draghi has to deliver. the call we are using is down 5% on banks. anything which is europe, japan or china, we think this is going to be more monetary easing. we tend to be bullish on these regions. the one we don't think will go down is the u.s. valuations are reflecting a lot of the growth coming. we see less upside.

for nextther bullish year. thecially as you consider credit in the u.s. going wider. there is a high correlation of credit to equity. don't chase the rallies. good piece of advice. antonin jullier, global head of equity trading strategy at citigroup. says indices are not calculating due to technical problems. more on that throughout the hour. up next, a breakthrough in the fight against ebola. glaxosmithkline's vaccine shows promise in human trials. we will bring you details after the break. ♪

>> welcome back to "on the move ." let's bring you up to speed with some of the companies on the move. apple is raising the price of its iphone by 25% in russia. until now, the drop of the ruble had attracted tourist from other countries to buy the iphone 6 in moscow. samsung cut the cost of its competing smartphone. the iphone now costs 60% more than the galaxy s5 in russia.

metal traders at ubs are under investigation by the swiss finance regulator. that is according to people with knowledge of the matter. the regulator started proceedings just over two weeks ago. andinvestigation is ongoing no one has yet been found at fault. google will have to expand the right to be forgotten be on the european union under rules drafted by privacy regulators. that comes as google faces a vote today in european parliament that may call for a breakup of the search giant. the lawmaker bind the motion dismissed concerns that it could harm europe's reputation. appointed john coca as creative director. in october, mulberry announced profit warnings, saying trading positions were more difficult than expected. some good news. glaxosmithkline's vaccine was found to be safe in its first

human trials. joining us with more is zoe. this is not a breakthrough but a first step. >> it is the first step in developing any vaccine. you develop the vaccine and then test it on healthy individuals to see if it is safe. that is the most important step. and whether it has the capability of inducing a response. you can tell what kind of immune response you get. you get antibodies, you get t-cells, the army within the immune system that identify viruses and kill them. >> what are the next steps? >> you have to test this in a broader population. you take it into the field to see whether they will have infections at the same right you would have expected given what you have seen before.

by the sound of things, this is going to be tested alongside a new link vaccine. it is going to be tested alongside that, obviously versus nothing, to see how the two are working. no guarantee that this will be effective. >> they have some good telltales. the immune response is about the same level as in animal studies effective.een until you do the field studies, you just don't know. you need a certain level of protection before you can say you are going to be able to contain an infection. >> once you have a proven vaccine that works, what happens to that and what is the time lag? >> that depends on regulators. if this study in liberia is positive, i.e. a very low rate of infections, then you have the

possibility for the regulator to say, that is good enough for us. we don't need to wait for the large phase three studies. you can use this on a humanitarian basis. the key question for these guys is, will the country be able to implement a broad enough vaccination program fast enough to help the population? what you can be sure of is if they are working, you can use these for frontline personnel. >> so there is hope. thank you so much, sam fazeli. indices are not calculating due to technical problems. euronext says they are addressing the issue and will not be making further comment until they have updates. this is one of the top developing stories today. we found out 25 minutes ago. we spoke to the head of activity at citigroup who says this is one of the worst days this could happen.

there are already very low volumes. coming up, we go through oil. it has had a rough ride recently. brent down more than 25% over the past three months. ♪

>> welcome back to "on the move ." at germanine lacqua -- bloomberg's european headquarters. 30 minutes into the trading day and the euro net indices are not calculating due to technical problems. stocks are trading so let's check in with caroline hyde. what are we watching? stockse watching u.k. because we're looking at big moves in transport because we had a new franchise awarded. beingt coast franchise

awarded to stagecoach and virgin. in eight years it will mean big bucks and it will be poor profitability for those that lose. stagecoach is one of the biggest gainers today up 7%. they will be adding full services apparently they promised 23 new services and 75 new stations. seats in my personal favorite they are investing in the wi-fi on board. overall it looks like that will be a positive for stagecoach and virgin. downside first creek lost out and analysts are saying once again it is another missed opportunity for first group, they have to start focusing on generating some cash and they admit that they say the bid on their part was ambitious but but felt it was realistic

stagecoach is the out and out meanwhile let's talk a little about booze. be want your cognac when you're sailing up to edinburgh so let's go to the earnings that went -- weren't quite as bad as expected. profits down more than 30% but it is half that. we were told the prophet did fall almost 15% in the cognac maker being hurt in particular by the clampdown and lavish spending. had a penchant for the taste of french cognac but seems they're not buying so much. the d stocking -- the de stocking is behind this growth in china. >> thank you so much, some of the individual stocks, these are the bloomberg top stories.

your next indices are not calculate this morning the company says technical problems are to blame and indices are not moving until further notice. trading and order entries are still out but the markets are closed in the u.s. for the thanksgiving holiday. to move monetary policy as the people's bank of china did not conduct any more open market operations. they refrained them selling new purchase agreements for the first time since june which comes after the people's bank cut interest rates last time since 2012. european parliament holds a vote today calling for the the commission president and his commission members. he is deemed unfit to hold office because of policies that aided tax avoidance while he was prime minister of luxembourg. he is expected to survive the vote and denies the allegation. now the decline continues, oil

hit a fresh four year low. brent is down 5% at the start of this week and 30% this year. sticking with opec our next guest thinks that could be something that was more important psychologically. great to have you on the program, you think we will get a cut despite ideas of it doesn't seem to be a problem out there? cut, inot expecting a believe the commentary that there is not expected to be a cut, if there is it will be modest and it's only impact will forsychological and more the sake of internal harmony within opec and it should not have much of an impact on the market. reflectets are going to

response to the supply and demand situation overall. right now it is strongly favoring the supply side. don't getppens if we a cut, will this scurrilous of growth in the emerging markets or will the price of oil naturally catch up in four or five months or will it be the other way and will the market continue being oversupplied and are we looking at shock in the old price? we are looking for at least some. of oversupply. the game changer which is very evident to the markets right now is the share production and the impact of new technology particularly in north america. if you look at global supplies by 1.6 million barrels about 1.7% and a most 90% of it came from america. has been theat

primary factor in moving the prices down. >> where do you see it going? in the next five to six months is it too difficult to predict? obviously it is difficult to predict but the general direction will be a softness in price. there are many factors but the principal one is the breakeven price of the spare capacity. which is primarily from the's share production. anywhere from six to $80. that is why i do not see prices drifting too much below 70 at this point quite a bit of the shale production is already at risk that's why it is very unique directional movement and eventually the prices will come back whether it is six months or 12 months is harder to say. that thes happened is

fact that the markets got accustomed to and $8,220 range so that was taken as the norm and now we're moving to a new norm and it is a lot lower than 80 to 120, i would say 72 100 is the new norm. >> how much will this boost demand and how much is the weak oil price giving a lift to global growth? >> i will think the demand side will be affected very much, this is very much a play of supply, whether it is orderly supplied or moderately supplied. right now for the foreseeable future i would see the supply side as an advantage but to put things in perspective only eight years ago if you remember in 2006 to 2008 when demand has the upper hand prices went from $60

to $150. we are seeing the exact opposite where the supply has the advantage so it is a matter of competitive pricing among the spare capacity. there are limits as i pointed out and debt limit appears to be somewhere around 70 to $60. in the long term that is not sustainable because there are definitely social economic conditions that dictate higher prices than $60 or $70. >> thank you so much for all of that. net says indices are not calculating due to technical problems that will bring you more on that throughout the hour.

>> welcome back this is on the move in here are some companies on the move the senior foreign exchange and metal traders at ubs arman 11 people under investigation by the swiss finance regulator and that is according to people with knowledge of the matter, another regulator started proceedings against the former employees 15 days ago an investigation is

ongoing and no findings have been made against any individuals. testing for the a bowl of vaccine has found it both safe and effective. participants in the early stage of produced antibodies and no serious adverse effects according to a report in the new england journal of medicine. it is been an issue toward making the vaccine widely available as the a bowl outbreak continues to spread. up afterinks maker is result the expectations and him and that a hundred 2 billion euros ahead of the 89 million euro estimate also the. tilde 15% on the stocking and china. china has cracks down on extravagant spending in recent months impacting the performance of several drinks makers. pretaxtailer pam lamb profit rose by 33% and it says it looks forward to the second

half with confidence. more on this story is bloomberg intelligence charles allen, is on tracknsion actually and how is that comparing to other u.k. growth. track,does seem to be on compared to the grosses and sales growth 15% overall in the first half is great, most are struggling to get any increase sales are up over 4% as well against most people falling into mid-single digits. storese are popular because of course you can buy everything for a pound so what is it mean for the christmas season and afterward, is it going to be again a race for price drops or do not link the two. obviously their price is a pound so it will not raise or drop at the moment. >> will have an impact? >> the interesting point is the

single price point, the main grosses will not do that, people really get away with being a lot cheaper, as tesco and everyone else who look at their supplies say we need to sell it for that as well. thehe other story and markets today staying with retail on the high-end is mulder's so they have a parade of directors and this is a company that has been struggling, how quickly can the director turnaround the company. i think it will always take some time and as i understand it is not actually starting until july of next year and judging the usual seasonality and getting into the history of the brand, i be sometime 2016 before we see any new collections from him. you so much, charles allen

from bloomberg intelligence, the euro net indices are not calculating this morning and the company says technical issues are responsible for the problem. from btxe joins me capital, what does this mean for volumes? this is a bad day because volumes are already low because of thanksgiving. >> that is probably the only silver lining on this cloud for euro that that it will be -- euronext, a quiet day. happen in theill individual stocks but not on the indices and it really will kill volume. the bigger picture here is companies will lose faith in all the providers and choosing where to list and euronext will take a big hit. >> i was going to ask because this is not the first time, we have had technical difficulties, how much does this impact if i am a new company wanting to go

into a market where do i list? >> i think that is key because you've your listing you want a steady base of where you list and you will want an investor confidence and we have seen the exchanges have had real problems and companies have made choices away from nasdaq after the debacle previously, so this will it is all about investor confidence and glitches like this are really harmful. effects will be far-reaching today. you would not say a technical problem happens, do you excuse it a little bit or as you're suggesting this should not happen with a company of this volume? >> i think technical problems do happen and everyone does accept it. if this was a small outage that happened and was sorted quickly

that's ok but we are now -- this looks like it will be into the second hour and with the information coming out that is not particularly helpful and a does that seem to be any resolution so that's the worry that something's happened that they are not sure about. if it is a small technical glitch that they sort quickly everyone can excuse it but this seems to be a bigger problem and really lays questions as to how they roll out software and how they do testing i don't think is particularly good news. >> would you say that is the hour that passes in getting worse and worse? i'm confused about is we've had very little communication this said there is a problem and we are looking into it and until it is resolved won't tell you anymore. that is probably the biggest concern, when a technical glitch happens running people accept that they do happen but it is how you deal with it and how you talk to your investors is the most important thing and there

was a wall of silence from euronext and that is concerning, is there a bigger problem and people will start questioning whether this is a serious problem or a security breach or if they have been hacked and that is really worrying. if they cannot and said we know it the problem is it will take two hours to fix everyone would excuse it but silence is not good. >> that is a fair point, thank you so much. we will stay on top of that breaking news and bring you any development when we hear from you next or when the indices open back. today the european parliament votes on resolution that would to the executive arm consider unbundling search engines from other commercial services. some accuse the world's largest search engine google of squeezing out its competitors. more on the politics surrounding google, caroline hyde. saying theyaims won't be bashing google. >> that is the claim and shout

going out right now we are not google bashing but what is going them the moment is giving the feeling that they are being bashed. today we get the vote and they're asking the eu executive arm to consider breaking up google. they want to unbundle search engines and other commercial services. it would binding and be asking the european commission to consider this, splitting in two for up to four years they've been investigating at -- accusations that google overtes its own services other services, i typed in fiddle and -- video and what comes up? google video or youtube, you have to really scroll down to look at yahoo! video or other rivals. you can soothe the foundation but it seems as though it is in the spotlight and breaking up

google has the u.s. worried. the second point of contention seems to coincidentally be happening this week that yesterday european privacy that google is not imposing the right to be forgotten stringently enough. at the moment if you and i feel a link on our name is irrelevant or outdated we can ask google to take it down from the european site but it would not take it down from google.com. the european privacy watchdogs are saying, told the line you have to do more. all of this seems to be happening at the same time and ep is looking one into recommending whether they should unbundle search engine such as google and says you are over blowing this, we are not bashing google we are not even taking too harsh a line, the eu anti-trade org anti-big tech companies from the u.s. but it seems that way to the united states, think of how

the u.s. will be looking at it, they will feel that germany in particular is against the dominance of the u.s. tech giant and germany in particular is trying to protect their own industries particularly when global is looking to get into connected cars perhaps and when you add to this the furor of facebook from the u.k. feelingly did not do enough to crack down on terrorism it seems to be building its own outflow of anti-tech companies in the u.s. from europe. you can understand why people feel that google is being bashed. part of these things as they have a tendency to escalate it always gets political and ugly. we are on the move and back in a couple minutes. ♪ >> welcome back to "on the move

." here incine lacqua london. let's turn to israel. two israel he's were stabbed earlier this week in a series of escalating incidents. editor reports rising tensions in the city are scaring away visitors and hurting local businesses. >> this man has sold souvenirs in jerusalem's old city for more than 40 years, he has seen wars and two uprisings but things have never been this bad. >> there is no business here.

>> or at least, very little. this man used to make for -- $1500 a day now he is lucky to make $300. >> business. sometimes because they close the road and sometimes because they are afraid to come to enter the market. jerusalem has been smoldering since the summer when a palestinian teenager was burned alive in revenge for the killing of three israeli teens. it was gaza, recent attacks have scared away tourists and locals. >> and better times the via dolorosa would be heaving but look around there is hardly anybody about come up many stores are closed and shopkeepers say the trade is the worst they have ever seen. >> in the morning we were feeling we saw just one small tour group. >> it is really terrible. >> how much down his business,

20%? >> 95%, nobody, look at the market. it is every day like this. western market has also seen sales drop by half. >> business is not very good. >> people are scared to walk around, especially in the market. there have been attacks here in the past. >> not good, it is down. officials hope the city's annual long winter nights culture festival which begins next week will tempt people to return to jerusalem with violence as an almost daily occurrence many are losing faith that things will improve anytime soon. we are just getting a little bit of german data figures, unemployment falling from 14,000

in november which is a lot more of a drop than we were expecting. were expecting to drop by 1000 so it is 14,000 so germany is doing better than expected. will round that up in the pulse.

>> oil is a four-year low and the oil producers meet in vienna. we are live to watch the story. >> a shift for britain. we bring you the press conference. up google. break we will do that later on in the program.