woman snoring take the roar out of snore. yet another innovation only at a sleep number store. anna: two signal or not come up will mario draghi meet with the governing council on the island of malta. guy: hedging the bets on the brexit. it is maybe economy more dynamic , but he points out the risks as well. anna: will the german carmaker be affected by the scandal? we run the numbers this hour. guy: welcome to countdown. i am guy johnson. anna: i am anna edwards.

lots of breaking news coming in, we will have numbers from daimler coming in. let us deal with the swiss drugmaker roche. >> thank you. just a few numbers coming in at the moment. , they-month sale number have raised the outlook. rise in a sales concentrate grade if we look at pharma sales cynically, we are looking at billions of francs. we are seeing sales growth in the mid-digit single range, we are waiting for more of these headlines to come through. this is the swiss drugmaker of course that is actually the world's biggest maker of cancer drugs trade i. it is really trying to count on new products to try and offset generic competition for some of its aging cancer blockbusters.

we will see if more comes out, but right now nine-month sales coming at 35.5 billion francs. anna: later this morning we will be speaking to the roche ceo, the first interview of the day. deliveringe action on targets. that is something you need to pay attention to. i would say the details in a moment. also out with the numbers which they call strong, heavy in the engineering sector. we will find out what is happening in the engine sector globally. and whether the story will have any impact. anna: that is that 6:45 here in london. zod we will talk about aks nobel in the first interview of her day. guy: what is going on an asian markets this morning?

standing by with details in hong kong. >> good morning to you both. we are seeing perhaps a down day from a two-month high across the asian pacific. a few markets closed, india's] and markets in hong kong are resuming trading. take a look at the asian pacific index, lower now by about 3/10 of 1%. we are taking a look at the opening of the chinese markets and closely following the stock movers today. we have a lot of movement in the tech space. these are the stock indices, how they are shaping up right now. australia, one of the leaders, advancing 3/10 of 1%. we are seeing movement in singapore on that index. onshanghai, a modest move the composite. a very modest move in wellington on the index. china,g out hong kong, nearly 1% on the key movers we

are watching. lenovo group the big computer maker, china mobile is the world's biggest mobile phone maker. and we watch oil prices very closely continuing under pressure. farther north, trading like this. topix falling, and saw the tech names as well as commodity-related shares, fujifilm is down in that session. but bucking the trend, we are watching chipmakers very closely. several key movers to bring to your attention. what we have, what you're watching your a bloomberg at this hour. asian movers include this nice 60% gain for that stock. rising in the session today, shares are rallying the most in 29 years. it rejected a takeover offer from another partner. advisory firm that manages assets for middle easterners.

a lot of impact on the impact of lower oil prices and this impact on the royal situation in those monarchies in the middle east. oneatched that close agreed of those tech stocks we have been watching closely, tech related shares and engineering shares in korea plunging the most on record. his company is the largest engineering project, reporting a loss. to shore upied finances, about 70%. they posted an expected third-quarter operating loss. there is talk of a merger with samsung. a heavy industry down the line. let us take a look at the major south korean semiconductor maker. shares down as the latest results not meeting analyst expectations. or investor expectations. missing estimates, a week global demand has depressed prices. outlook is and the one that many are questioning,

given this time of consolidation and technology and depressed prices breed we watch this closely. remember, we have had $76 billion so far this year. quite a big number. back to you. guy: thank you very much. the view from hong kong. anna: the european central bank holds its penultimate session, in the run up to today's meeting and malta, mario draghi and his counsel has said it is too early to decide whether to expand their bank buying program. he plans to show that he is more than ready to step up, without panicking investors over the euro area health. we are joined on the phone by bloomberg ecb and euro area essandro.al-assa what can we expect from mario draghi? essandro: it is a complicated balancing act.

he needed to send the message that it is ready to ask and send the message, this is what the market suspect. but at the same time, he does not want to fire all the bullets now. because in the one hand, if he is already doing qe, and at the same time most people in the governing council seem to think that it is too early now. their son of data to act now. guy: if not now, when? essandro: in december, the ecb will publish new forecasts for inflation. the policy makers will be up to assess if the inflation in the euro area is going up towards the goal at just under 2%. lookingergy prices are over to the rest of the economy, and the euro is again risking falling into deflation. this may be a key point to evaluate the new attitude of how things are going read and to make a decision in that case. anna: thank you for joining us.

speciale. guy: the news conference starts in malta at 1:30 p.m. before that, we have an exclusive interview with the chair of the ecb supervisory council. that is around 10:00 u.k. time . a big day. anna: let us bring in david owen. what do you think, then? is it too early for signal today to get a mini signal about what is to come? david: dovish talk and rhetoric. a saying, obviously, they need to produce a new forecasts. they could do so in december. but the fed, takes the decision for the ecb. in a perfect world of course, it wouldn't do anything in december. the fed would've already made

a decision, and the daughter would have fallen. anna: all of the best laid plans. david: exactly. but the fed's meet until december 16. it would not be so surprising if we get a decision from the ecb delayed into january. let us highlight those meetings on january 21. for some time away. but the fed decision is slightly complicated, has a weaker euro -- not doing anything at the moment. the eurozone is recovering. inflation is below target. it is basically flatlining at around 1%, which is where it is at the u.k. and pretty much a similar bases in the u.s., as well a. nd, if weear-e don't get anything, to be creeping higher. david: just grinding higher. at the end of the day, the exchange rate matters hugely for the ecb. it is only one part that goes into the reaction function.

the economy is still recovering. it are certain signs of core inflation picking up in certain tugalries -- portabl islands, it is certainly growing higher. slowly but surely. anna: you stress in your notes that mario draghi will need to highlight limitations of monetary policy. i was reading a study recently on the fundamental essential banking that talked about this very subject, that central banks alone cannot be relied upon to deliver all of the policies necessary. it is something we've heard so many times before. do you think the government's need to do more, or are you talking about other tools the central bank could use? david: germany, we can highlight them in particular. we are not the only one saying that. they can obviously borrow to invest. these seem crazy that they are not doing more. that will help stimulate generally around the eurozone. but the ecb, they could widen out.

not simply by sovereigns but by more related corporate debt, possibly maybe. also, the banks are very important to the ecb. they are very important. going into that, they can do more to help the banking sector. guy: is the ecb making a mistake not going down? david: i don't think so. they can afford to wait another month. guy: what is that really do? why not go large, we will do whatever it takes? david: they are buying inside. and it is having an effect, coming through to monetary data, it has been putting up until august dipped again. : even the poor guys are beginning to signal nervousness. david: even though we are so much further up the cycle, so you, easy oft of yoint of

the structural progress. all of those sorts of things. making additional currently not an issue. other kinds ofe institutions to drive that? are we being clever enough? david: the strongest example is that we will leverage the investment. the ecb to be part of that. but it needs to be more ambitious. at the end of the day, they need a much stronger euro zone economy. it is growing, but in real gdp terms at least -- at the end of the day, the to be slightly more ambitious. as they should be more generally, there is a limitation as for what monetary policy can do. anna: maybe the germans have been watching the canadian election and thinking there is a different approach. david, thank you. guy: right. what are watching for the rest of the day? that all-important ecb decision.

3:00 p.m. we get confidence figures from the eurozone. including microsoft, amazon, and the google holding company called alphabet. guy coming up next:, david cameron hails a new era with china as he welcomes the president. we will have details on the big deals on our return. ♪

anna: welcome back. 50 minutes after 6:00 in london. guy: the europeans interbank calls its penultimate session, in run-up to the meetings in malta. mario draghi and his counsel said it is too early to decide whether to expand the 1.1 trillion euro bond buying program. mario draghi's challenge is to show he is more ready than ever to step up stimulus, without actually panicking investors

over the euro area health. anna: mark carney says evidence suggests that britain has harnessed the membership of the union. while avoiding some of the drawbacks. last night's speech has been hailed by george osborne as being in line with the government's approach. guy: washington has criticized the red carpet treatment given to president bashar al-assad in russia. he said it is at odds with the kremlin's goals in syria. it is his first official foreign trip since the fighting broke out. anna: china will invest in the first nuclear power plant in a generation. david cameron announced the deal on the second day of the chinese presidents visit. david: we are signing a historic deal to build a nuclear power

station, providing reliable and affordable energy to nearly 6 million homes and creating more than 25,000 jobs. all the while working together to build a low carbon future. guy: let us get more on the visit. and what we can expect. talk is the deals we have had thus far. >> sure, that nuclear deal was very much the headline that was announced yesterday. it was basically china securing a state in electricity to the hinckley object, britain's first nuclear power plant in three decades. in the most expensive atomic energy station ever. that is just one. following from that, we were told that rolls royce would develop an engine with china's group. a joint venture on cruise ships. a $10 billion

deal over two decades. and they were signed between universities and companies. so really a slew of deal. we have heard phrases come out from ping calling it an interdependence between the u.k. and china. the u.k. wanted to usher in a golden era. they talked about a new era in ties. you can also ask if this comes at some cost. the uk's biggest producer actually blamed his decision to cut 1200 jobs on a flood of cheap exports from china, which actually produces about half of the world's steel. david cameron said the deals would create about 3900 jobs in the united kingdom. anna: what else is on the agenda? what is left to be done? >> i don't think we are expecting anything on the scale

of what we have heard so far. today and tomorrow, later today, ping will be meeting cameron at checkers. it is part of a lavish welcome we have seen all week that saw him have dinner and stay at buckingham palace and well. we have also seen him going to the confucius institute. and he will be flying to manchester later in the day, he will be there tomorrow with david cameron and george osborne. he is meeting man city and attending at airport at manchester international. we will see if anything comes out about the contribution, or even just comments about what it thinks of david cameron and george osborne's plan to greater northern powerhouse. anna: thank you very much. he will upset a few united fans. guy: i wonder if you will get fish and chips? people have talked about -- with there is a connection

the northern powerhouse story, which will pick up later. we have kim o'neill leading the charge at goldman sachs. leading the charge on the northern powerhouse, what is the chinese involvement? he's a big supporter of manchester united. guy: the red devils. mark carney has waded into the brexit. he said britain had benefited from membership in the union, while avoiding some of the downsides. mark: broadly speaking, the evidence suggests that the kingdom has exactly hardest the benefits of openness afforded by eu membership, while avoiding some of the drawbacks and reduced flex ability from which some continental economy suffer. it is important that actions to complete monetary union be taken with regard to their impact on all members of the european union. and for the bank of england's

perspective, steps to assure financial stability for those with in the euro area should not impede the achievement of financial stability for those without -- especially in the united kingdom. guy: david owen, chief european economist at jefferies. you think he is more in favor? or is he actually on the fence? david: he is not on the fence. he did not come down on one side in terms of a definite answer. you read the 100 page document that the bank released at the same time. it is very clear that they probably worry about the risks. guy: definitely leaning on the let's stay side. david: the bank of england produced new methodology about bank stress tests. you worry not just about monetary policy, but financial stability. what happens if the u.k. was to leave the eu? what happens to the banking sector?

these are things which are in second but august the, they will be thinking should we stress test the banks about what we do if we should exit? and you get the scottish referendum coming up again. these things will be a concern for them. earmy mind, it is cl oupt the eurogr reformed itself. anna: mark carney described this as a bit of a yawm. trying to downplay any involvement in politics, longing for the days in 1975 when you could have the debate. guy: are you kidding me? this is a man who is stuck his oar into every little debate. anna: he was the one who downplayed it. guy: but he loves getting involved. david: of course he does. that is probably right. from his point of view, the bank

is no longer. the financial system in the u.k. is so important. we just came through banking crisis. the worry is, what happens in an exit scenario to the financial system? you know, we need safeguards in place. the speech for the right reasons really. anna: there is some contingency planning to be done. david: absolutely. it has to be. how long would the process take? what happens to investment flows? guy: what is the deal? we do not know the rumsfeld moment. we have no idea of what the deal will look like? david: on balance, we're probably better in. but how do we stay in? and assistant at reformed?

that is what david cameron wants, in a sense. they have the same message. the report.not read i don't know what i'm doing with my time. [laughter] charts.ots of good anna: what about capital flows? we do not know what it will take. but some of point out to become a cannot be the end of 2017 because we have the presidency. that would not work out. capital flows, our investors going to be pragmatic? whatever happens politically, the market in the u.k. still exists? or are they go to say this actually overrides everything? there,the chinese deal you have money coming in to the u.k. but i do wonder if we get closer, do people step back? this is a much bigger deal. i think we will see on the margins of the capital flows, beginning to pause maybe for a breath. but this is not an issue for the u.k. this is for the more general eu.

they do look at the eu and say it is also big, is losses second-largest economy. at the end of the day, it is an issue for germany, france, everyone else really. guy: david, we will he be there. he is back in a few minutes time. i will go away and read the report. up next -- anna: many are inspecting daimler to report strong car sales. could they be hit by the volkswagen scandal? warning that the whole industry could be impacted. the paine no joy from of the price. the level of regulations and compliance engagement within the industry, which will be forced on us because of our breach of trust to the public, is going to be tremendous. it will go up especially from

here. ♪

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what. you don't have a desk bed? don't be left in the dark. get proactive alerts 24/7. comcast business. built for business. guy: 6:30 in london. here are the stories you need to know. anna: european central bank holds its penultimate policy session of the year today. is todraghi's challenge show he is more ready to step up stimulus without panicking investors over the euro area health. in the run-up to the meeting in malta, he said it is too early to decide whether to expand their $1.1 trillion buying program. guy: mark carney addressed the relationship with china, offering no final conclusion on

ameritrade evidence suggests that britain has harnessed the benefits of membership read but he pointed out hazards to his ability. ina: 6% increase third-quarter's. sales increased to $12.4 billion, slightly beating estimates. the swiss drugmaker has embarked on a number of late stage chemical trials this year. as accounts on new products to help offset generic competition to its aging cancer drugs. orange is out with numbers. here to digest it all and to think about what it means. >> thanks, all about the euro ahead of the ecb. we know that most economists are actually predicting the ecb to step up stimulus as early as december. but what are traders thinking?

let me show you what is happening in euro options. come in really close to the start. what this shows is that traders are paying a premium at the moment on one-month options. it is a premium to sell the euro against the dollar. that is a premium over the purchase, you can see it there, might be confusing because the light is moving down. we are going from a zero axis, that is an option to sell. rather than by. and that premium for selling is at its highest since july. it really sort of suggests that trade is a kind of counting on the ecb to either signal more qe or to actually do something about it. even if it is just leaving the door open. this is also a contrast to the run-up of the ecb september advance when the euro to a seven-month high. that happened august 24. you can see the option to buy

actually started to increase their. and i also saw investors push up the costs of options that would profit from further gains. so options can tell us a lot, and here, even though the euro-dollar trade is pretty flat and, perhaps signaling investors are on the fence, what options are showing is that people are bracing for a decline in the euro. back to you. anna: we are getting breaking news. let's dive into those numbers. we have orange. following your lead, your very nice french pronunciation. targets to at least 12.3 billion. an update, confirming the dividends raising the for your guidance essentially. that is the headline coming through. guy: let us stay with french advertising. i will not try the french on this one.

i think this is probably the more interesting line on that story. callais emigrant crisis cut traffic by 8%. the migrant crisis having a significant impact in the corporate seen this morning. anna: let's talk about the car sector, daimler reported numbers just a few moments ago. interest and tax from ongoing businesses, the number that it is quoting is 3.66 billion euros trade that is ahead of the estimate of 3.5 billion. they're talking about still seeing significant rise in 2015 revenues. they see ongoing business significantly higher year on year among lots of detail coming through from them. sounds be fairly of the. let's get to hans nichols. he has been looking at the numbers. hans: the top line number on revenue was 37 billion on the

quarter, that is the same and exactly in line with estimates. millioname in at 150 higher than expectations on the far high and. given that revenue is staying at the same place, that is an indication that we do have some strong profit margins from her sadie's, from daimler. it is their truck division we want to look to. we also want to see how sales have been doing in china. for the most part, daimler sales have been holding up in china. that is not necessarily true for the entire german auto sector because daimler has so many new models flying off the conveyor belt. those are selling very well in china. but we will be looking and digging more, but a first look, it looks like is a good impressive third quarter. for an auto industry that is concerned about china. happeningut what is with vw, europe, what is next for the company? hans: daimler obviously want to take market share from audi.

they're in a close match with one of the 12 volkswagen companies. if you look at market share with volkswagen, year-over-year, you have seen the market share in europe drop down to 23%. that is a difference of about 14,000 vehicles. guy, that gives you an indication of just how fiercely and hotly these companies contest for market share in their home market. and we take a big look at what's happening in the auto industry diesel, the scandal. marchionne talk about not doing a victory dance on any scandal. joy, becauseive no we collectively are going to pay the price for their failure. the level of regulation and of compliance engagement this industry will have now, which will be forced on us, because of our breach of trust with the public, it is what become tremendous.

it will go up exponentially from here. hans: he is really the first ceo to talk about what the scandal will mean for the rest of the industry. he is clearly bracing for more regulation. he also made a point to say this should not be thought of as an indictment of diesel. this is a failure of government, nothing to do with the core of diesel technology. it is unclear if ubl to persuade regulators in the states and in europe of that argument. guy: hans, it is not a direct line, but it is a line. ceoformer cfo, the former of porsche on market minute galatia, it is a link back into the vw story. but a distraction possibly/ hans: possibly. look, among the universes of distractions that volkswagen has come of this is a lower order. and this cannot happen, this would have been higher? this is a technical engineering

fix to the volkswagen engine. in some cases audi. german rules the in this case, it is interesting. it may be an interesting day for them story wise. we have to wait for the verdict. guy: thank you very much, indeed. hans nichols on daimler. anna: david owen, still with us. chief european economist for jeffries. we were talking now about car companies that have their eating levels of exposure to the chinese slowdown story. some doing very badly, some doing not so valley. daimler seems to be relatively unscathed by. that is in relative terms. how weak and strong is china right now from a european perspective? how much do you worry about that? i highlight the important markets for euros companies,

including those in german. it is across the eurozone. that is basically -- think about china more generally. in the u.k., it is a more important market for germany. the u.k. is germany's biggest trading partner. so china matters, but it is not going to entirely derail the eurozone recovery. anna: what is the weakest number four chinese growth that would be ok with you? worry even zero would not come at the rest of the block is doing well. and trade between italy and germany -- anna: chinese is at zero. david: but would not cause me to run around and say, that is the end of europe's recovery. i think the more important thing for me is picking up what eurozone trade is recovering. germany and so forth, interesting as well, you have marginal expansion coming through. i think that is partly a product

of the weakness of the euro that we had earlier. it is very easy to come in the eurozone, it is to take the weak currency. but top-down profits in the eurozone, i look at the macro data. profits have picked up quite suddenly. and they're outperforming expectations, you have data for the second quarter now released last week. profits are growing in the eurozone. china has been slowing, that has been an issue for a while. guy: china is one thing/ . what you look at germany, they are incredible distracted at the moment. angela merkel her eyes to focus on migration. this is the engine that needs to purr to get the rest of the eurozone working. and it is not functioning. david: germany is going to disappoint and macro terms. --the end of the day, italy

they have improved almost the most of the large economies. the four indicators have been quite positive. i'm not saying thereunto reprobate what spain is doing it. but at the end of the day -- guy: is it enough? david: i think so. y: this doesn't feel like recovery. david: it can recover a long way. is ireland going back to the rate of precrisis? look at recent crisis numbers. germany can disappoint. and look at the actual french diesel. french profits on the macro numbers actually were very strong in the second quarter. maybe that is beginning to come through. anna: when does european

appointed catch up? david: this is interesting. on a plum and started falling earlier the cycle than we expected. albeit from a very high level, but the eurozone's mapping out we saw in the u.s. here in the u k it is not going as quickly, but it is going. on the one that has picked up in the eurozone. i'm not saying everything is wonderful. it is not. anna: david, thank you it. . to: we are about to speak roche. it is a first on bloomberg. it is right after this moment. ♪

anna: welcome back. you are watching countdown. here the stories you know. guy: the europeans and bank holds its penultimate session of the year. mario draghi's challenge is to

show he is ready to step up stimulus without panicking investors over the health in the run up to today's meeting. it is in malta. most of the governing council is too determine it early to decide if they want to expand the bond buying program. has reported a 6% increase. sales increased to $12.4 billion, slightly beating estimates. the swiss drugmaker is embarked on a number of late stage clinical trials this year, as a council new products to help offset generic competition to its aging cancer blockbusters. guy: and the south african finance minister has painted a gloomy picture for his entries economy in his budget speech. revenue in the next year to be $2.6 billion less projected in february, missing up the deficit targets. while safeguarding the nations

credit rating, which covers very close to jump. >> the numbers we're talking here, the costs of maintaining our facilities, also struck levels,intaining debt they are also taking steps in order to deal with the structural trauma that we confront. environment is conducive to do business. anna: reporting third-quarter in earnings that beat estimate, the software forecast have come in lower-than-expected. i am joined now by bernard charles. i think i know what it is about the outlook that you are saying. good morning. think 2015 will be a

good year. upgraded our forecast three times. i don't think we need to do more for the time being. the pipeline is good. every quarter we have been at least equal or better than estimates. so demand is good. we are already preparing 2016, of course. guy: for those who do not know computer design 3-d engineering company, with footprints around the wobut youe global economy. the big clients are companies that operate with a massive footprint. on a daily basis we hear the global economy is slowing down. do you see any evidence of that? bernard: first of all, the numbers show the opposite. for the time being. but if you look at the seven-year experience that we have in this market, we have

encountered a counter cycle. in business is good, people are not looking to really do very creative things in the portfolio. tougher, alls are companies are looking to have more competitive solutions. what we do is innovation platforms to build a portfolio of products you will see in three to-five years. today, we noticed that asia, latin america, europe -- there is a lot of tension to build the next fully our products in every industry. anna: you talk about parts of the world that others have raised concerns about. you continue to turnout 20% growth despite the slowdown in china. you confirmed what the numbers show today. but latin america is improving despite slowdowns. do you really think you can continue that kind of performance against those macro trends?

bernard, you have to look at the core is this/ product creation pipeline for every company, 12 industries, 68 segments of the economy. this is the core of what dassa ult is doing. if you look at any industry, pharma, the digitalization process will not stop. it is about modeling, simulation, collaborative work. and this transformation is really feeding the demand for better systems. anna: is it structural? bernard: absolutely. look at india, it is transforming right now. yes, they do specific portfolio for their own market. but they are asked to digitize, even with low-cost labor. you cannot create the next generation of products. so that is what dassault is doing.

, midterm, long-term are all that. guy: tim cook, the boss of apple, was talking about a revolution coming in the auto sector. should that be good for you? if you are redesigning the car, we are redesigning the car with your software. bernard: of course, look at the designs that simulate the modeling. not only the shape of the car, the architecture of the car. even the battery, the way it is used. even the big data, you get the right handling for the right driver. i think of course we cannot talk much about it, but we are almost an all-new car program. this digitalization is really something. guy: how many of those new car programs are electric?

bernard: many of them. anna: are there in history is that you are exposed to? which industries do you work with, which might we see some slowdown in? commodity spaces have had their issues, where are you seeing weaknesses? we're trying to find holes in your story. bernard: that is why the diversification is important for us. i give you one which is not been good for us, it is natural resources. two years ago, we observed that this industry should digitize, too. they are very much behind today. and they have huge spending's. s. but with the natural resources market going down for the last 18 months or two years or so, they have slowed down investments. however, what i like about the sector is they have huge spending. so that is a lot of saving to be done.

as long as companies decide to transform. and the reality is that companies which are very successful do not transform very quickly. companies which are going through transformations, that accelerates the transformation from digitization. anna: thank you for joining us. bernard charles from dassault. david, we were talking above the energy sector. any respite, pick up soon? are we on bottom? david: i really don't know. i assume we have. that what he is saying is entirely consistent with a macro data. if you look at business services in the u.k., that was a growth engine. growing at 10%, to percent of the u.k. economy.

the same story is true in the eurozone. we are seeing it on a macro data. which i think is interesting. guy: what goes up sometimes comes down. let us talk about what is on bloomberg.com. tim coulter joins us now. this is the chart, its early went up. and it is definitely coming down. tim: and amazing story, is in n't it. amazing headline come a name, they came up with support saying -- enron part deux. guy: this is the latest installment of the company under pressure because of the pricing strategy has put in place read this is in addition to what has already come before us. tim: as you can see from the chart, the stock had done really well. they bought other companies, old drugs, jacked up the price. it was a strategy that was

working. then they realize, wait a minute. anna: what do we know about the research company that out this false grace? tim: not a whole lot. but they have been around i think about 10 years. they've done many different campaigns. but you know, it is research. anna: they have suggested that they have holes in the practices at valeant. tim: because they were alleging they were selling drugs to the special pharmacies and booking them as sales, even when it was just moving inventory. the company came out and rebutted that read the stock and recover. clinton has a hillary narrative, these are the kind of companies she is concerned about. it is not going away any time soon. tim: it is not going to change. anna: what do we know about who

lost money, some big hedge funds. some big names in here. tim: cue the world's smallest violin. [laughter] i think the story says he lost $2.8 billion with his position in valeant. anna: a long list of prominent hedge funds. guy: tim, thank you very much. one of the great stories over the last 24 hours. valeant down 14%. anna: stay with bloomberg for more on that story. we are going to be speaking with a founder of research. this is a research company that accused valeant of its enron-like strategy. we need to make clear that valeant has denied the claim. sing it was attempt to drive down the stock. guy: we have to wrap up the

conversation. we did upload about what's coming up next. it is ecb day, mario draghi day. call it what you will. that conversation is honestly going to dominate the agenda. it will have more on it, when we come back. ♪ ♪

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(the lion sleeps tonight.) woman snoring take the roar out of snore. yet another innovation only at a sleep number store. anna: to signal or not to signal -- will mario draghi suggest more quantitive easing is still to come at his governing council meet? guy: third-quarter revenue jumped 6%. rise. anna: daimler profits rise 31% as new suvs drive record sales. guy: welcome to "countdown." anna: a warm welcome to the second hour of the program. let's think about where we will be in europe and in our. guy: an awful lot to think about. a whole bunch of things going

on. -- how isaleant story this feeding into the european story? we are looking at a negative open. down by around .5% as we price in all of our corporate news, ahead of the ecb a little later on. anna: let's see what's moving asian markets. zeb eckert is standing by in hong kong. zeb: good morning. we are seeing stocks today across the asia-pacific returning to business lower, declining from a two-month high, following the moving u.s. equities overnight. we are seeing material in health care companies leading losses. region, weacross the are seeing generally red on the screen. hung saying and honk -- hang seng in hong kong are being closely watched by the chief

executive of hong kong saying that the housing market is stabilizing given the current measures put in place. we are also watching tech stocks -- china mobile is down 3%, and sinopec is among the big movers. watchingeen closely some of the tech and engineering and construction stocks today. they havegineering -- declined, down nearly 20% in the session. this is falling on latest results of not meeting expectations, plunging the most on record, the largest and south korea. let's take a look at some of the other key corporate movers. watching have been are in the oil and gas space.

the market is now closed in sydney but it was up 16%. santos is rising rejecting a takeover offer from a group representing a consortium, an advisory firm that manages middle eastern royals. rallying the most in 29 years after it rejected that offer. interesting to see who could be behind that. falling on the others. one of the reasons we are seeing so much consolidation on this record, $76 billion deals in m&a. overall, stocks are under pressure. india closed for a national holiday, and southeast asia has a mixed portrait here. singapore is higher, one of the few markets, including vietnam, rising in this thursday session.

that is a snapshot of where we stand. anna: thank you. guy: the european central bank holds it's been ultimate monetary policy session of the year today. most of his and governing council have said it is too early to decide whether to expand a 1.1 trillion euro bond buying program. show thathallenges to he is more ready than ever to step up stimulus without panicking investors. we are joined now from the alessandra. what should we actually be expecting from draghi today? allesandro: well, we can expect from draghi a sort of balancing act. he will try to san diego this message, but at the same time, according to what the governing council is set to file, it is to

early to expect an expansion. it will have new inflation data in december and new inflation forecast, and this may be the moment when they decide to expand stimulus. anna: here is the big question that we could spend weeks debating. based on the evidence at the moment, is kiwi working? is it delivering what it was intended to deliver? well, inflation in the euro area is negative, and a 0.1%. you might say it is not working, even if it is linked to energy prices, which are fluctuating and will eventually come up. draghi said that the program is working better than expected. the european recovery is going along, continuing even with the slowdown in turbulence with the rest of the global economy. on his account, qe is working.

alessandro in malta. looks very nice. anna: it looks very nice. apparently this is the maltese resort that onhas one of the area's biggest casinos. guy: we will bring you all the news you need to have on the ecb at the decision. well worth watching. anna: jonathan ferro is limbering up to that later on. an before that we will have exclusive interview with the chair of the ecb supervisory council, around 10:00 u.k. time. guy: daimler has reported a profit rise. we got a whole rack of new cars out. let's find out what we need to know about this business with hans nichols. hans: guys, the profitability is

impressive and very strong. their sales year on year, quarter on quarter are up 13%. sales came in line with estimates, but it was a clear beat. 150 million better than expected. we also have a snapshot of how will they did in september -- received daimler continues to roll off the assembly line, can here's a more interesting number. year on year sales are up through september in china. guy, they are up 31% for daimler. bmw, up 2%. audi, flat. something is going on with daimler in china. they are somehow able to weather the storm, coming through stronger. they say they will continue profitability, overall, strong members throughout. now have to wait for the other auto companies to report next week. anna: and what next for this business, as it tries to take

that number in the luxury car segment? hans: it looks like daimler will pass audi this year. all the companies are fighting for market share, same story in the mass-market vehicles. you look at volkswagen, down to 23%. clearly they are the biggest brand in europe. this is just a volkswagen brand. but you take a broader look at how the scandals affecting the auto industry -- there isn't a ceo that likes what happening. even marchione was careful not to dance on anyone's grave. >> i derive no joy from the failure. we, collectively, are going to pay the price for their failure. the level of regulation and our compliance engagement this industry will have now, which will be forced on us, because of a breach of prost with the public.

it will go up exponentially. say: marchionne and on to -- he was talking about how this isn't a failure of the overall diesel technology, but a failure of governance act folks likvt volkswagen. he says that diesel should continue to be a viable technology, and at the same time you have the scandal playing out, which is so heavily intertwined with diesel. guy: how did you not use the word schadenfreude? i'm disappointed. nine minutes past 7:00 here in london. let's talk about the world's largest producer of paint, who says they are on track to reach their target after releasing third-quarter earnings. operating income is up 30% and currency movement has also boosted revenue. for more on the numbers, we can speak to the company's cfo. she joins us from amsterdam for

our first interview of the day. great to hear from you. let's talk about the performance and what that means for the rest of the year. where you attempted to upgrade any of your guidance based on today's numbers? wewell, as you see, in q3 delivered a stronger performance, so we continue to see the benefits of our ongoing business transformation, including our new organization and we have the focus we want on operation excellence. though as you mentioned, we are trying to deliver a shifting target. the target is 9% for a return on sale and 14% for return on investment. we also intend to be going positive this year. guy: you see a more challenging environment in china and brazil. you are saying that growth in the u k and france is still very low. demand from the oil and gas industry is still limited.

are you feeling the effects of a slow global economy or an economy that hasn't picked up? give us the macro story that is the backdrop to your business. maelys: the macro story -- i just say that u.k. is one of the good countries in europe, a good country to introduce -- we still are yes, seeing a challenging environment. we see a north america which is still showing positive sign. but overall, europe, we don't see a recovery -- uk's positive, but some of the other countries are still challenging, in particular russia and turkey, while the rest of the world will slow down on some emerging countries, in particular brazil, but this is not new. and china.

the economy is very challenging, and that is why we think we deliver a very good result in these challenging conditions. this is due to all the business transformation plans that we have launched, the real focus of the company on performance. we are really building a strong foundation to resist in these environments. anna: you mentioned the u.k. -- i wonder, as a continental european business, how much are you focusing on the future of the u.k. within europe? you have a substantial presence of the u.k. -- does it matter to you as a business whether the the eu, andr out of are you contingency planning around that? maelys: i am not making bets, but yes. an important market to us. we of course have a strong

presence in this market. we think what is important, of -- we arewhatever still committed to this market. politics, but halfway between your business and what happens in the world. the ecb's meeting in malta today. does the euro area need more stimulus right now? would that be what you would want? do we need more to get this economy going? maelys: as i mentioned, we don't really see yet the real recovery. we see positive signs. anything that supports a stronger recovery will be welcome, but of course europe is an important market for us. us.: thank you for joining she joins us from amsterdam. guy: growth in the u.k..

right. david cameron hailing a new era of u.k. and china relations. we will have details of the big deal, next. ♪

anna: welcome back. 7:17 in london. here are the stories you need to know. guy: the german raghi's-bank -- mario d challenges to show he is ready to step up stimulus without

panicking investors over the euro area. in a run-up to today's meeting, draghi -- the governing council has a $1.1 trillion buying program. with daimler has grown 32% its new suv. mercedes is poised to overtake audi this year as the world's second-biggest luxury carmaker. guy: an increase in third-quarter revenue, climbing on a constant currency basis. the swiss drugmaker has embarked on the number of late stage clinical trials this year and are counting on new products to offset generic competition. china's president continues his visit to the u.k. with billions of pounds worth of

deals being made. xi jingping and david cameron signed a nuclear power agreement worth 6 billion pounds. it will see china owning a 30% stake in britain's first new nuclear plant to be built in the generation. >> last year, the united kingdom was the fastest-growing economy in the g7, and we are the leading champion within the european union of open markets and free trade agreements. here again, we are determined to take our relationship to the next level, including to the asian infrastructure investment bank, which will be in a norma's benefit to the region, as well as opening up more opportunities from british business to drive growth and jobs. guy: for an update on where we us.d, nejra joins what do we have thus far -- is there anything still to come? nejra: a big week of deals. we were told that we were looking at 30 billion pounds that would create 3900 jobs in the u.k. the headline was this nuclear

deal, the hinkley point project with china putting up one third of the cost. britain's first nuclear plant in three decades and the most expensive atomic energy station ever. please adls across several findstries -- rolls-royce a 2.4 billion pound record, then we also had carnival plc entering a joint venture with cruise ships, and bp rubberstamping oil and gas agreements worth 12 billion pounds. also deals in health care and collaborations in the property market. not all businesses has been celebrating this new friendliness between china and the u.k. it is hard to steal, for example, -- for steel, for example.

they cut jobs this weekend blamed it on china. trade unions are saying more than 5000 british steel workers face losing their jobs. if that is true it cancels out the gain of 3000 jobs that cameron is boasting about. guy: nejra thank you very much,. let's talk to two people involved. chairman of carnival u.k., the world's biggest cruise ship operator. a joint venture with chinese partners to launch a domestic chinese cruise line. and the vice chancellor at sheffield university. also advises david cameron on infrastructure. what deleted we need from the chinese on this particular visit? you were recently with george osborne in china. this is all about getting their money to spend on our infrastructure. david: that is the first part.

it is to build things with china but the big thing is that you will sell other things. it is not just things happening is whathe big thing products are we going to make to the other -- make together. the next type of reactors we working with china, developing the relationship and the industrial capacity. anna: the physics of atomic energy as part of your background. : you make of the chinese involvement in that part of our district are? doing you just their money, doing neither powerstation? keith: no, we need the balls. when you let what they have done in terms of nuclear power stations, they have got on with doing things well we sat on our hands without the nuclear capacity we need. they have shown that they can build. they have the ability. we will have their money and their chutzpah.

if we can join it with the quality things they see in us, in british quality, we will have great products of the world. guy: do that and that's a good together? [laughter] guy: you're investing in china -- we talked a lot about deals in the u.k., but you are going the other way. you see the opportunities out there, may be to take your business into the market, which over the next few years will have an increasing number of consumers. give us a sense of the scale of that opportunity and your determination to be part of it. david: the chinese markets for travel have grown and honestly. over 100 million chinese outbound trips were taken last year. first half of this year it has grown by a further 12%. this is rapidly growing. ruise industry which is a

market over 22 million people can take full advantage of that. we as a company have been working hard in china since 2006 concert ofe cruising, and we are now at a breakthrough point. last year, about 700,000 cruises were sold in china, but we have had over the last few years a growth rate of 20%, 30%. ands really mushrooming, that was the opportunity rather than just bringing ships from other parts of the world into the chinese market to develop an industry where ships are designed specifically for the chinese, and eventually will be built in chinese shipyards. the opportunity for our industry is absolutely enormous. anna: i was going to ask you wide you need chinese assistance -- why not just take your business to china? but there is something specific about what you want to design. david: exactly. one of theis a

shortage of shipyard capacity. there are a shortage of places in the world where you can build these complex vessels. we need to grow another manufacturing pump. to be perfectly honest, this is all part of embedding our company into the fabric of china, and this is very important, so that we get a real first move position in china. guy: keith, there has been a lot week of investors coming into the u.k. give us the side-by-side story of how we make sure that businesses like david's are taking their business in expanding into china are actually taking advantage -- are refocused too much on european investment, rather investment into europe? -- if youhink we have

look at what we do with our manufacturing research center, our job is to make sure british companies work with chinese companies to make products. we want british manufacturers and the u.k. to have jobs, because there will be an investment of china, but we also want to work with chinese in the same way men build out the markets. that is just as important. if we just have a little bit of the nuclear power plant and that is all we do -- that is not good enough. we must be full partners in developing new i.t. and new products to go forward. anna: keith, you want some infrastructure spending around the northern powerhouse. are we going to get some chinese approach to planning and the u.k.? and that was a very clear part of the mission, that we went to pitch our investment opportunities. bear.as led by michael

that was a very important part of showing what we have. anna: thank you both so much for joining us. ♪

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it's our promise to you. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around. guy: single 30 here in london. here are the stories you need to know this morning. european central bank holders and ultimate monetary policy session of the year. mario draghi's challenge is to show that he is ready to step up stimulus without panicking investors over the euro area health. in the run-up to the meeting in malta, he and most of his governing council said it is too early to decide whether to expand on buying programs. guy: third-quarter operating profit rose 21%. of the suv push sales higher than ever before.

it beat analyst estimates. audi should retake -- anna: mark carney has weeded into the debate on the european union membership with an address that addressed his relationship with the bloc, but offered no final conclusion on its merit. he said that evidence suggests that britain has successfully harnessed the benefits of membership but also pointed out that there are some hampers to stability. guy: asian stocks fell from a two-month high earlier following a decline in the u.s. overnight. for more on this markets let's check in with zeb eckert. zeb: good morning again. asian-pacific indexes trading lower -- not a huge amount of risk in the markets, hong kong coming back to business and india on a public holiday of its own. let's get you up to speed on what is moving. you see the divergence between

shanghai and hong kong. in thee advancing session but is generally a down day in the hong kong market. lenovo related shares, representing the downward trend among technology shares. part of that is reflected in the chip sector and we are seeing one names moving, with seeing its pricing pressure impacting sales and its ability to compete in they say that is the key concern -- another stock we watched was samsung engineering, falling 18%. samsung engineering says it will sell new shares and and i is also in focus -- and hyundai is also in focus. in australia, two big stories --

santarus is rejecting a takeover proposal from a consortium representing middle east royals with $5 billion takeover offer. finally, real estate in sydney -- we know it has been on fire -- we have the online real estate listing from domain because prices are just 3.2% less from a 7.4% gain in the prior quarter. flip housesnted to in sydney better get to work. back to you. anna: zeb eckert from hong kong. guy: let me tell you how we are building of the european open -- 26 minutes away. slightly negative numbers. this is the fair value calculation, and it tells you that at the moment we are looking at several things to combine, a slightly negative open. that is the best price from yesterday's close. anna: family third-quarter

operating profit jumped 31% as new suvs drove mercedes-benz sales higher than ever before. let's get now to our european auto editor. chris, how did they manage to achieve this? daimler's results are down to mercedes -- the mercedes brand is doing incredibly well and it will probably overtake audi this year. they have got a series of suvs out from the compact gla and up to the sporty gle coop. reallyave been selling well and the new seed classes are selling well and they have been hitting their stride in markets were other auto mar kets are doing as well. guy: it is not just mercedes -- ferrari is front and center. you can start with the new york

stock exchange -- that was day one, what is day 2, 3, 4? chris: if the controlling families have anything to do it that it will look very much the same as day one. they plan to combine their shareholdings and there is a loyalty share program so they will have 50% of the voting rights of ferrari. they could plan to keep it secure so if you are going to invest in ferrari you have got to have that in the back of your mind, that the company is not really going to change that much over time. and thebet on the brand andr of the management -- then being able to leverage that brand beyond the 7000, 8000 9000 cars per year.

it is going to be a long-term it is an experiment to be an independent carmaker without major backer. it is a bit of a risky play. anna: chris, thank you. chris reiter. company canadian drug valean has hit backt against accusation saying that claims were erroneous. shares plunged as much as 40%. let's speak now to the bloomberg intelligence director, sam fr izelli. karen olney is also with us. this share price makes a stunning reading if you look at the longer-term chart. it went up very quickly and went down very quickly. what you make of the claims that have been made? what you remake of the responses? citron has a good track

record so far -- they blew the whistle on chinese companies and even made some pretty hefty allegations. to come out with a very clear statement to the key points that anyonede -- a 10 page, can find it -- two he points. one was that a lot of intercompany traded business they recorded as revenue, they are very clearly saying they did not. somebody might be wrong or right. also that they recorded some interactions that they hadn't disclosed. what the reality is, it will take some time for it to come out. a couple interesting things -- share price reaction tells you that they are scared. there is an issue for this company -- the business model

requires acquisition, requires that, requires share price is strong. that model like it hurt by the share price falling. $30 billion of debt, you need to finance it. that is one thing to bear in mind. the other thing is bill ackman stepped in and bought 2 million shares. that says a lot, however how much work they have done, i don't know. citron they quitted to enron -- that is perhaps a little too far-fetched. anna: it is headline grabbing. they have some skin in the game, don't they? sam: i don't know the details. if that is the case -- i don't know the details. guy: how does this fit into a narrative of the drug session? part of this drop is not down -- it is down to concerned about specter,appening in

because they could be on hillary's radar screen. sam: into just got a boost from joe biden yesterday when he stepped away. is, a lot of that dropped you see on that chart except for the very last drop, came from the discussions about drug pricing. there is no question that it hurt rate prices significantly, way more than pharma companies have. interesting today that we talk about valeant and rosche. they have the biggest r&d budget in the world, just over $10 billion last year. their drugs get very little pressure from buyers. they are in a different game completely. these guys -- their model says, why the drug and raise the price. anna: are you interested in either end of the pharmacology spectrum?

the ones that spend a lot of r&d, are any of them on your radar? karen: i am biased because my background is a chartered accountant. and a company that becomes very opaque, if you rely on acquisitions to grow, it makes me nervous. when you look at rosche, i think they have to be careful. we are underweight at the moment because we see a negativity in terms of economic activity. when the new starts to turn positive, that the pharma sector may suffer. but we do like rosche. guy: it is of the process of older oncology treatment said rolling in new ones. that has invested heavily into the space. when we look at the pipeline, what if we learn? sam: ubs got it spot on in terms of their estimates this quarter.

they hope for a guidance raise, which they have done. this is essentially a major chemical company -- the biggest around. it is going through a revolution at the moment, and they are -- they have some serious competition in one of the things we can talk about is how are they faring relative to that competition. they have four or five companies in this revolution -- whichever way you want to measure it -- they both are. they have a huge r&d budget to the investing and some of other companies might have a little bit of a disadvantage of .he specially astrazeneca they are doing really well -- time will tell if they are the

right bets on what combinations of drugs to use. anna: with that in mind, we should tell you that during "on the move," jon ferro will be speaking to the ceo of rosche here on bloomberg at 8:10 u.k. time. we will also speak to citron. they accused them of the enron-like strategies. that is a 5:15 this afternoon u.k. time. valeant has denied the accusations. anna: karen stays with us longer. 7:42, minutess away from the start of european equities trading. we will tell you what to watch,, got next.

-- what to watch, coming up next. ♪

anna: welcome back. in london. here are the stories you need to know. guy: the european central bank holds its penultimate policy session of the year. the challenge is to show that they are ready to step up stimulus or that panicking investors. he and most of his governing council say it is too early to decide what to do with the bond buying program. anna: daimler's third-quarter operating profit rose 31% as suv's pushed sales higher than ever before. earnings before interest and taxes rose to 3.6 6 billion euros, beating estimates. they are poised to overtake audi this year. guy: an increase in third-quarter revenue on a currency basis.

it slightly beat estimates. they are counting on new products offset generic competition. soon we will have a european equity stock trading -- and we have a few stocks to watch. nejra: three companies from the countries that the theme is earnings. i will start with daimler -- third-quarter operating profit that31% -- it was suv's pushed the sales higher than ever before that was -- before. that theyconfirmed expect a significant rise in revenue and profit this year but they did moderate their expectations from the global car market because of china saying it now expects demand to raise only slightly. we are also watching

third-quarter revenue of roche, up 6%, the earnings were marginal and raised forecasts for annual sales, this is dropped 9% over the past year and was down yesterday -- we will see if we get a rebound for that. orange bracelets for your earnings forecast as a recovery in european phone market helped to boost sales and profit in the third quarter. back to you. anna: thank you very much. ubs is head of domestic strategy is still with us. karen, i walked away from your notes last night -- anna: he didn't read 100 pages. [laughter] it sounds quite bearish. you're talking about the qb rally being wiped out, surprise

index being at extreme levels. all of that sounds quite negative. but you were going to put a positive spin on it. karen: i am. you tend to go through these ways. do you ever last august and september, how bearish we were in industrial production orders and the seasonal impact? the oil prices fell and, early january we thought we were heading into another recession -- the markets were up and going it -- we hadl like poor german industrial production numbers and a lot of small things missing -- you look at the economic surprise indicators -- they tend to go in ways we are at the lowest point this year, lots of little things have missed rather than bijan, because expectations got carried away. what we find now is that expectations have been reset lower.

lots of negative talk out there. cyclical's have not had one successful rally since 2009. i think it is time to get through this and put the crisis behind us -- realize that you are probably ok and at the moment you have got this gap in dividend deals between cyclicals and defenses but our data only goes back 10 years. most of the yield now, the excess yield, is sitting in the cyclical arena. it -- anna: did you have enough confidence in the earnings and the yield into the future on those kinds of businesses that you buy into that? karen: their question. if you go back to 1970 in every 12% if you include 2009.d to be

stocks,ake it back, 26 the average yield is close to 5% on those stocks. one or two of them don't do so well but i think the bulk will be ok. we saw the rolls-royce doing fine. there is enough good news and robustness within that list of companies. by cyclicals when nobody wants to would be the message. guy: volatility story surrounding all this? karen: a bit of volatility in the markets in general. this is why we say cyclicals. in our cyclical arena, we look for dts volatility in the lower half. we try to make it a safer basket, the companies that have been around for a while, cash on the book. some of these companies are down 20%-30% since mid-april. idea that the post qe

cyclical rally has been wiped out -- you are talking about in companiesat cyclical have made since qe was launched? karen: if you go back to the announcements, cyclicals outperform. when they announced qe, people get excited. january 22, then the pessimism set in and completely wiped out a lot of things, the value trade, a lot of things since mid-april. you get another kick at it -- there are two scenarios. one, growth improves. two, we start to panic over the next few weeks. ecb potentially decides to say let's have a qe two and you tend to get a cyclical rally. it or youu don't need

do and you get another cyclical rally. we don't think the euro area is falling apart. economic surprises have come down because you are at a high level, but the overall pmi is ok. inflation -- qe are noter we get running into the year and doesn't matter. there is nong -- good news in cyclicals -- you have not had any rally since 2009 to save the euro. you have a had a cyclical rally that has lasted. cyclicals versus defense. so must you think we are heading o a 2009 recession there is really good value and cyclical arenas. guy: give me a sense of your conversations -- what you think people should be doing with their money. what is the response? karen: i think the pushback are on things like banks. people worryrowth,

about the low yield environment. thinkshback is that they we are potentially going into another recession. so much doom is gloom, and is in euro just the commodity trade? we do have more commodity exposure than the u.s., but what i think people forget is that this is a domestically driven recovery. 2011 -- this is domestic driven and we have a healthier consumer in europe. anna: thanks for joining us. next.on the move" is up jonathan: the ecb is on tour -- molto hosting the penultimate european central bank meeting. the big question -- when will he get more qb? not if. both questions may not be answered today -- the expectation is if they deliver it will come in december, but people want a hint of what they will do. do you increase the monthly

purchases or do you just leave the program open-ended, delete september, 2016 and carry on until you an achieve your inflation target? is that the pain threshold, around the 115 mark? slap it down every time we get close to it. beyond that, decent corporation earnings. i will catch up with the ceo of roche later today. and mark carney promises not to wait into the brings the debate and does it anyway. guy: we all knew he was going to. he has a political streak. thanks. european equitieslolooking keke they wl l open aououch lower. ♪

jonathan: good morning and welcome to "on the move." we are just moments away from the start of european trading. the ultimate monetary policy meeting of 2015. saysank of england britain's membership in the eu. third-quarter revenue gains 6%. ceo.eak to the

three big stories to look ahead to. over to you. i am going to start with the euro today. it is pretty flat against the dollar. it was flat yesterday to. if you want to see what traders are expecting, look at euro options. i am talking about one month options. trade is at a premium for the moment to sell the euro against the dollar. is at the most since july. it suggests that they are weakening. the big question is, will we hear anything about quantity of using? economists are expecting a step up in two weeks.