guy: the new 1%. zuckerberg plans to give away 99% of $45 billion. better late than never, volkswagen owners break silence, facing employees for the first time since the emissions scandal. iran, did the nations nuclear work including nuclear dimension? they could prove a crucial hurdle to sanctions relief. good morning everybody, welcome to countdown.

let us talk about some of the threads that draw some of the main stories together. crude certainly one of them, and brought together iran. what happens when the iranians come back to the market? we see that concluding friday. we have the inflation story out of the euro, trying to figure out what the fed will do. we have been hearing from mr. evans in chicago, his views about a rate cut. all of those coming about in a few days, a really climactic end to the way. then the get to the payroll, the fed decision, an awful lot still to deal with. eurozone inflation is still a big part, we will talk about that a lot over the next couple of hours. let's get you up this be. here is bloomberg first word. nejra: facebook ceo mark zuckerberg and his wife announced plans to donate nearly in of their $46 billion stocks to charity.

they have become parents, announcing the donation of their first child. he plans to give away no more than $1 billion a year for the next three years, holding on to majority voting rights in the company. president says the fed meeting makes him nervous. he says left off will be later than others, and it could still be appropriate for the fund rate to under 1% by 2016. the dollar index fell, on speculation that the fed hike may be more gradual. australia beat expectation, coming in higher on the quarter, driven by the fastest gain in exports since 2000. and it supports a central bank decision to keep rates steady. lu. treasury secretary jack says he intends to make sure the dollar stays the leading reserve currency, speaking to bloomberg a day after the imf elevated the status,reserve currency

he says the u.s. will hold china to its commitment. clear that we thought it was important that china meet all of the standards to be recognized as a currency that is special growing rights. the action, but we also had long, ongoing discussions with china about their currency practices. they have made commitments to us that they will not intervene in ways that are unfair. those are important, and they know we will hold them to those commitments. that is your bloomberg first were greeted for more on the stories and others, had to bloomberg.com. guy: what are the markets doing in asia/ ? juliette: it has been a pretty choppy session in asia, singh the markets is closing in the rate. korea down to the tune of three quarters of 1%. lower, you can see australia closing a little bit weaker there. after that impressive gdp data that nejra was just talking

about. down in china, a third section of gains on the shanghai composite. stocks, weal estate are seeing big gains in the real estate space. that is on regulation we may see the government come in and bolster the housing market, as we have been seeing home sales following. here in hong kong, about two hours of trade left to go there, and i just want to show you some of the stocks in china that have been reacting to the fact that the smog that we are seeing in beijing hazarded to receive. these are companies that provide air purifiers, antipollution companies, and of course, big focus over the last couple of days with evolution in beijing at really unsustainable levels. we are seeing these stocks match demand for the companies, as well. talking summer, you are about the oil price ahead of the opec meeting, we are seeing a lot of the emerging-market

currencies strengthen ahead of that. the malaysian ringgit is higher, holding against the dollar. guy: thank you very much, indeed. a choppy session in asia. the central bank is front and theer, while markets say central banks remain uncertain. charles evans reiterated that he favors a later liftoff. >> should we raise rates or not? i admit some nervousness about our upcoming decision. before raising rates, i would prefer to have more confidence than i do today that inflation is in the beginning to head higher. level of current low core inflation, some evidence of true, of word momentum and actual inflation would embolden that conference. it would be well before next year that a stronger dollar dissipates enough so be again to see some sustained upward

movement in core inflation. guy: the view from the windy city, inflation not restricted just to the u.s. bigas been mario draghi's project. out,one inflation is coming in days before expected action from the european central bank. for more on the story, we are joined by mitsubishi european head of global market research, derek hoalpenny. david, levy start with you. we get the headline number, is that it anyway enough to move the dial when it comes to ecb thinking, what are they going to do? david: not too much influence, the ecb is looking at the forecast of monetary policy that needs to rise in two years. and we already saw in september, the last round of forecast, that the two-year figure was revised down from 2% to 1.7%.

and to a certain extent, those changes have artie justified the announcement for mario draghi that he will make tomorrow. do: derek, he said we must we can to raise inflation as quickly as possible. how aggressive you have to be? suppose based on what the markets are thinking, i think they will go at a rate cut. quantitative easing increase, we think $20 billion per month -- taking it to $1.8 trillion, if you extend six months. and then we think maybe 20 basis points on the rate. guy: it was down to .4%. derek: the ecb, they know what the markets are expecting. and i think they really focus quite a lot on financial market conditions. we have been told repeatedly that they are trying to avoid an

unwanted tightening of financial market conditions. i find it very difficult to believe that come thursday evening, friday, we will be in a situation where yields are slightly higher. the euro was higher and equities are lower because the ecb has disappointed. guy: is there a danger the fed does less? i think most people now anticipate a fed rate hike. but we have seen reports that the atlanta fed has significantly cut forecast for the fourth quarter. some evidence suggests that maybe the data points are turning up softer, maybe the fed , therefore in the language, is much more dovish. is that the danger for mario draghi? terms of the language, i think that is what is stabilizing the markets, reassuring the market. if you look at the yield curve in the u.s., there is very little rise next year. so the expectation of what we call a dovish rate hike is very

much in the market. david: we do have a lot of mixed data. index, i'm fed gdp not sure i put too much faith in that. that is more a coincidence that indicator. it doesn't seem to me to have much leading influence, and terms of where gdp would be in the fourth quarter. so i would not put too much emphasis on that. but the story is very clear. it has been clear for some time. we have the manufacturing sector in recession. and we have the service sector which is booming, certainly in terms of sumer spending in the u.s. the gross over the last quarters, since 2005, the auto sales figures are a case in point. where the consumer is feeling pretty good. that is because of the jobs market. and ultimately, in terms of monetary policy, that is the most important determinant of the actions. guy: dave, the language is critical. what sort of language you think

mario draghi uses? there is evidence in the eurozone that things are starting to get a little bit better, maybe not at the pace they were necessary like them to give. but you look at the lending data, there is a whole series of numbers coming through at the moment that are moving in the right direction. is this kind of, is this it? or is this still possible that we see more? how does mario draghi munich eight? look at theu eurozone, gdp, inflation, broadly speaking, things unchanged since september, this changes being motivated by cyclicalok to a se session. they found it wanting because inflation has not returned to targets as quickly as they had originally hoped. guy: give me a sense of the inflation story. is based around in

becoming embedded, that this becomes the new normal, the consumer business everybody starts inflation to be as low as it is. how do they navigate, therefore, the next 12 months? the base effect drops out, and we see a short-term inflation left, how do they navigate and communicate around that? when they know that potential, if oil is still where it is in a year, they find themselves once again in a difficult position. say asthey will have to inflation rises, they will get their own forecast -- 1.1% and 1.7% the following year. not rise sufficiently quickly, and that is what they have to say, the economy is getting better. it is typical of the recovery that is continuing. but not as quickly as it needs to in order to be a fair target. guy: david, thank you very much. chief economist at bloomberg intelligence. derek will stay with us. what are we watching for the rest of the day/ ? eurozone inflation out at 10:00

london time. we are going to hear from of course the fed officials today, janet yellen delivers this 5:30 -- 5:25 to be precise this evening. book onfed beige economic conditions. before we do that, we will talk about mark zuckerberg, following the birth of his first child. more on that story, when we come back. ♪

guy: 6:15 in london. get the bloomberg business flash. nejra: citigroup tends to leave its bonus group unchanged. this is according to a person briefed on the matter. a similar plan did not pan out last year. after saying it intended to keep the number flat, they cut total pay for some traders, a

lackluster performance for the final year. credit rating cut to jump by moody's on concern the bank will struggle to keep enough cash on hand. aiming toian bank is boost liquidity in the wake of the arrest, and is looking to a poppin parking lot firm for cas. a billion dollars in around the funding that would value the company at $20 billion. this is according to a person with knowledge of the matter. finance as china's sector is going through sweeping changes after years of government control. and the u.s. auto industry had the best november ever, exceeding $80 million for the third month in a row. it was a different story for volkswagen, though. they tumbled 25% amid the diesel emissions crisis. they are set to break their silence on the scandal the day, more than two months after the carmaker admitted to cheating on

emissions test. for more on these stories and others, and to bloomberg.com. guy: thank you very much, indeed. mark zuckerberg and his wife have agreed they will give away virtually all of their the six in dollars in facebook shares. still in their early 30's, they're very early 30's, it set a new philanthropic benchmark. caroline hyde has the details. what exactly did they say? caroline: the key take away? 99% of their wealth will go to better causes, education, health care, improving technology. this is what is being announced by not only mark zuckerberg but his wife, priscilla. they set up the initiative in an open letter, of course, on facebook to their daughter maxine. she was born last week. this is equivalent to $45 billion, that is the biggest foundation all at once in the whole of the world -- exceeding

that of bill and melinda gates. we know that not all of the will begin at once. we will see less than $1 billion per year for the first three years, at least given away. because mark zuckerberg of course still has a job to do. he is at the helm of facebook and needs to maintain voting rights. the facebook is saying, look, no more than $1 billion given away per year. but for a 31-year-old, this is a new benchmark. as you say, warren buffett waited until he was 75 to give away most of his well. bill gates, 45. and you have a man and his wife in this picture deciding to give away 99% of their wealth. they say it is important to wait weil you, their daughter, or are older. so as we say, health, education, we understand they have been doing much of this. they have been setting up a trauma unit in san francisco.

a school in disadvantage areas of silicon valley. but you can actually see more than $45 billion in the long-term. 90% of analysts think that facebook stock is a buy. to this to get even more valuable. guy: that number is a moving target. let's talk about yahoo!. there is support floating around the company may be looking to break itself up, maybe to sell the internet business. caroline: i know. this is fascinating. not such a bright story for silicon valley right now. would sellsume they off the core business, not just alibaba. this is all after yahoo! and marissa mayer, the head of the company, coming under more pressure from activist investors, star board value wrote a note saying to drop your plan as it stands. alibaba, that is worth $130 billion. do not do that.

instead, sell off your main business -- your main search and display advertising business, which is, get this, worth just $2 billion. in alibabastake which is worth more than $30 billion. many believe that, yes, these two businesses need to be separated to really extract most of the value. bgc saying spin them off, and maybe private equity would be interested in buying up this particular element of the business. the core business. but remember, orissa meyer -- marissa mayer losing to google. the chief marketing officer is going. and share value is gone down by more than a third this year, got. clearly, this is a company under a lot of strain. guy: caroline, thank you very much indy. interesting on the tax issue, as well. $45 billion, quite amazing. faster thanexpanded

forecasted in the third quarter, as exports surged against the greenback. let us get to sydney, and speak to ian macdonald. up .9 in the quarter, which is amazing compared to the last quarter. is there a downside to the story? ian: hi, guy. yes, so it did finish quite strong. but as you notice, a lot of it had to do with exports. if you take away exports from the equation, domestic demand actually shrank by .5%. it is the worst result on that score since the global financial crisis. it is an indication of the impact of the continuing slump in mining investments. also, investment spending by government was very weak in the quarter. again, take away those exports, it doesn't look quite as good a picture.

guy: so, the obvious question that follows from that, i guess, is exports are up. commodities are down, and china is slowing? how is that happening? ian: it is basically a function of the mining investment boom that we had. we had the central bank governor glenn stevens talking about the aftermath of the boom. one of the positives is that with all of the extra mines being constructed, australia is now shipping 2 million tons of iron ore every day. that is doubled from two years ago. the volumes are much larger, even price being down. they were quite weak in the second quarter due to the storms that basically stopped a lot of the shipping that went on. so the recovery in this quarter, it was always expected. guy: nice to see you. thank you for your time. ian macdonald out of sydney,

meanwhile, the australian dollar rallying against its counterpart in the u.s. in november. it is the only winner in the 16 against the greenback last month. let us join derek hap lpenny. is the dollar beginning to fade? events,n terms of big it is definitely an element of caution. it is still a fairly substantial long position of dollars. there is reluctance to add risk when you have such. isis understandable, the dxy around 100. the same with the euro-dollar in terms of the year to date low. technically, there are big levels there, as well. the momentum has come away a little bit. and in terms of the australian dollar specifically, we have had

a big shift in short-term yields. and the big story there is that they seem to be suggesting we could be done. he has questioned the merits of cutting rates again. and we saw a big move in the two-year swap rate in australia. tht divergent story is hoping the dollar elsewhere. it is certainly the story in australia. guy: you talk to a lot of people. what is your sense of how the are navigating, how are they position for the next couple of weeks? how you trade that story, a huge number of event risks coming up. derek: the people i've spoken to, there are a lot of people who are flash and have no position. they will wait for the event to take place. the idea that the convergent story is going to go away after these couple of events take place, i think that is nonsense. that team has plenty more to run. therefore, there is but give opportunities to get back into the tray.

guy: why plenty more to run? we have a rough idea of what the ecb policy looks like, what the fed policy looks like. they will raise rates, be fairly dovish. where do the risks lie? derek: on the u.s. side, it could be one and done. there will be a weakening of the u.s. dollar, and equally, i would say the risks are balance the other way, as well. in terms of what they were talking about inflation being too low, i think the underlying inflationis building in the u.s. i understand what he is saying. that could be a risk, as well. the base effect from crude turns around. if the economy continues to motor pretty well on the domestic side, then certainly the market will have to price in more than just barely two rate increases in 2016. guy: are we making the right assumptions on how they will raise rates, the actual numbers

-- 25-25/ is it really that? derek: we need to be careful. we always talk about the price here, i do it as well. but we have to remember they are going to be lifting the range. and we do not know, the 25 basis point range, that is the rate they can go. one surprise of the market is that instead of assuming we step right in that range, maybe the es to adjusted for2.5 basis points fo moving, what it should be lower. gu you think that is the case? erek: perhaps in december or january, we could see something like that. but again, it is very difficult. the feds are going with a range because they are saying they cannot be sure about where the

effective fund rate can be. guy: derek, nice to see. joining us from tokyo mitsubishi. we will take a break. after that, we talk about volkswagen. the owners are preparing to talk break their silence at 9:30 this morning. ♪

sure, tv has evolved over the years. it's gotten squarer. brighter. bigger. it's gotten thinner. even curvier. but what's next?

for all binge watchers. movie geeks. sports freaks. x1 from xfinity will change the way you experience tv. guy: good morning, wednesday morning. this is london at 6:30 in the morning. morning, nice clear day ahead. maybe. we have to tell you that shanghai composite is gaining traction, up nearly 2% this morning. let's get you up with what you need to know. facebook ceo mark zuckerberg and his wife, plan to donate their facebook stock to charity. donation with the the birth of their first child, maxima. they plan to give away no more than a billion dollars a year,

while holding onto voting rights in the company. chicago fed president charles evans said the december meeting makes him nervous. he is one of the more dovish voters, and he favors liftoff rates. it could still be appropriate for the fund rate to be under 1% at the end of 2016. australian gdp be expectations, coming in at .9% in the third quarter. growth was driven by the fastest gain in exports since 2000, and it supports the central bank decision to keep rates steady. investigators are scheduled to publish a report on iran's nuclear pataday. it is expected to answer the question on whether the countries past nuclear work had military dimension. it is moving at a high pace to comply with the july agreement. that is the first word news. for more on this and other stories, had to bloomberg.com. much.hank you very as we work our way toward the

european opens, caroline hyde is here with the details. caroline: just a quick check on oil. we are lower, three out of four days. have a look at was having to crude as i speak. down half a percentage point, so clearly, concerns about the glut in supply on the agenda, as we see members of opec gather in vienna for their particular meeting. since last year, since saudi arabia led the charge in deciding to defend their overall market share to keep and maintain output low, oil has dropped 37%. early trading at $41.67 a barrel, keep an eye on commodities today. back to you. guy: thanks very much, indeed. bosses will finally break their silence, the owners will finally break silence when they address thousands of workers in hall 11 in germany. shares fell sharply yesterday,

after u.s. sales were down almost a quarter in november. hans nichols is our reporter in berlin. good morning, hans. what is behind the sales drop? hans: i'm glad you are reading prompter guide, there is one thing you are good at -- reading prompter. here is one thing we can talk about. this is mainly an inventory question. you cannot have the diesels on sale. the unit have enough of the gasoline powered. in the front of the lock, everything is in the back of the dealer lot. that leaves 25% decline. and we take a look overall, what is happening is not all bad news with a volkswagen brand. numbers,he audio those are holding a. they come from porsche, so when we drill down, we see them up ever so slightly on the month. porsche down just a little bit, and we see 24.7 to be precise

drop in volkswagen. one quick note on the audio numbers, up 12% on the year. they are still doing well. take a look at the individual brand. you have the soft sales down 60%. downave a volkswagen golf even more at 64% today, we will hear from the head of the family, the head of the family that still owns the porsche holding company. they control a lot of the shares. he will be appearing alongside the union representative. they will get an update their on just how many job losses they may be expecting, what they are expecting for the future of the brand, what is the company role going forward. what we have heard from them so far, they want to see brand hair back. that is the number of models, 300 different ones.

they may want to reduce those, instead of cutting workers job. that will be the fundamental tension, and hopefully we get a good read. guy: the first reports this morning talking about the jobs. so presumably, this is kind of manageable around that core number. hans: yeah, it is 300 temporary jobs on the local paper there. there mentioning 300 temporary jobs will be lost. the other issue will be the work stoppage for about two weeks they do not have any inventory problems over the christmas holiday. this is all in the plan. they produce some 800,000 vehicles there last year. also overnight, we did hear they're going to recall some of their brands in india, more than 300,000. one final note. i know we focus a lot on sort of the negative headline, facing volkswagen. but they did submit their plan to the german authorities on how they would deal with those 8.5 million diesel vehicles.

not all of them in germany, about 2.5 are there. it would be cheaper than expected grade if this plan is good for volkswagen, it looks like the software fix for the liter engine. for the two liter engine, it does look like they will need to install careful traction system. not as bad as expected. but just because it has been submitted to the german authorities, doesn't mean it will be approved. it will likely need a different plan for the u.s., who have stricter rules. nichols, i will get back to reading the prompter. u.s. carns us now, sales are booming. excluding volkswagen, the u.s. consumer is feeling confident right now. david: that is it. i think you have to look at consumption on the quarter, the measure -- the second biggest item u.s. consumers will make. they are using financing.

there is a lot of confidence going through there. which defies some of the october numbers, where it may be a little bit flaky. i think some of the data for september shows holiday sales picked up. looks like the consumer is still in good strength. guy: so this is eurozone economic confidence, bringing together everything in terms of the indicators. it is timing. why do we need aggressive policy action when the wheel is starting to turn here in europe? low inflation, and that is boosting income for spend.lds to the question is why the ecb is thinking about stimulus? ityou look at low inflation, is easier to look at from a u.s. perspective and from a u.k. perspective when you have unemployment close to where you think it will be. in the eurozone, it is 10.7% -- even after the lowest mark. that still threatens some things.in the back of

some people's minds, is the bank of japan. guy: mario draghi said he would appoint someone, that is where they should be. is the announcement that we're all expecting, possible rate cut of 10-20 basis points, an extension of qe, and an additional 20 per month, is that would be what he needs to do? david: to some extent. clearly, it would take a long time to get headline inflation back to do is prese 2%. the consumption that could work over 18 months or two years, they are looking at a quicker turn than that. and to achieve that, they have to say it is the euro's fall. and when mario draghi said to expect this range, it is falling quite sharply. guy: will he go any further? be.id: may but if you look at this --

guy: they point to parity, but not parity for next year. david: i think the trouble here is that everyone has seen the emergence come through from the central banks. everyone expects more from the ecb and the fed. they will communicate a gradual increase. it feels consensual, everyone is looking at this parity. i think it will be harder to get there. ultimately, it probably will. what we will see is the ecb retaining an easing bias throughout 2016, that will keep downward momentum on the euro as we go to 2070. 17. guy: the surplus the eurozone runs, there are a number of factors which make it hard to push it down even further. david: it has been wild for a wild. and certainly from a german perspective, it has been pointed out as one of the things

constraining the rebound -- not just in eurozone recovery, but globally. it does make it a lot more difficult. guy: if the fed is more dovish than we think it might be, and we saw this conversation about consumer confidence, there is reason to think that the fed gets on a normal path agreed with say it does not? if you look at the range the fed could operate, the steps to go through, they say 12 basis points. it is a have to be 25, the middle of the range. david: i think that is unlikely. and i think to some extent, december is a choice. maybe they would not have chosen that. but there has been so much built into the expectation, i think the first move -- particularly if you keep stei finance stability in mind -- it will take them some time to conduct the second hike. for june, for example. not in march. they have a six month block. there are tightening conditions that will in part determined

where we see the second move. if you see the eurozone fall below parity, the dollar move more generally against other currency, that helps to convince the fed they can only move slowly. the mostnk that is likely path, then they tighten little more after that. we have three hikes next year. but it is very slow for the fed. guy: how wide do they get? this is the german two-year, versus the u.s. two-year , . upside, isre room, there in terms of that trade? david not too much more, the pickup we see coming through all of the central banks is going to be much more gradual than we have seen previously. andeard most central banks the u.k. and the fed talking about bp level being lower than previously. i think that limits the upside on our forecast. we do not expect the rate to be over 2% in the next couple of years. so without being too much more down from the rate, it is very

hard to be down from the historic levels. guy: i'm trying to get an understanding where the risk lies? where is the big consensus divergence trade? this is what everyone is expecting. you say we may have more to run, or downside, where is the risk to that outlook live? david: you have two things. the financial markets are not honest. what is actually priced in is much less for example than the federal reserve suggest. given to next year, you may have a road to damascus moment more financial markets. but the fed is doing what it says it will do, they will be tightening more. there is slightly more concern we might see financial conditions early next year, and of course, the other factor is that we are like to see some softening come through in growth, as forecasted for gdp at .2%. it is weaker than the consensus. weaker than we have seen the last couple of years. fallat comes with a lofty

in gdp after a dodgy start to q1, the markets will really start to consider the tightening. guy: what you have priced in for oil? david: relatively stable. we don't see any pickup, on a relatively long-term basis, we think the question is if we see any significant stride. guy: the risk of a downfall. we will talk about that more and a moment. david stays with us. up next, did they or didn't they? we would take a look at iran and a report on nuclear activities. a big day for iran, a big day for those who want to invest in that economy. we will talk about it, when we come back. ♪

we make clear we thought it was important that china meet all of the standards to be recognized as a currency.

and the special drawing rights basket, they met those requirements. we supported the action. but it also has long, ongoing discussions with china about their currency practices. the maker minutes to us that they will not intervene in ways that are unfair. and those are important commitments. and they know we will hold them to those commitments. guy: that was the u.s. treasury secretary jack lew speaking to bloomberg today supposedly after china was added to the imf special. it is 6:47 in london. let us get you up to speed. here is the bloomberg business flash. nejra: citigroup intends to leave its bonus pool unchanged from last year. as according to a person briefed on the matter. however, a similar plan did not work out last agreed after saying it intended to keep the bonus pool flat, citigroup cut pay after a lackluster performance in the last weeks of the agreed cut to jump the struggle that

the bank and a keep enough cash on hand. the brazilian bank is aiming to boost liquidity in the wake of the arrest, offering stakes in a parking lot. -- theio industry had auto industry exceeded $18 million for the third month in a row. 25% amidn tumbled the crisis. they will break their silence on the skin of the day, more than two months after the carmaker admitted to cheating on the emissions test rated that is your bloomberg business flash. for more on this another, had to bloomberg.com. guy: the debate over iran's nuclear prowess is set to take a big step for a great the finding from the atomic energy commission, elliott joins us now. was iran's cooperation a key ultimatelyhose that

are sitting on the other side of the table, the world powers? maybe they want sanctions lifted, but they are very nervous -- particularly the french -- on this issue. > you hit the nail on the head there. >it is the corporation from the international atomic agency which has been 12 years in the making. that was one of the key demands as part of the nuclear deal sealed between iran and world powers. the actual contents of this , which wem the iaea are expected later this afternoon, are less important in relation to the lifting or not lifting of sanctions. willtheless, the contents be scrutinized by iran and world powers, both of whom who will be looking for indication of policies over the past two years. iran has tonight there was any military dimension to its nuclear program. inspectors ofng

just being stooges for western intelligence agencies. and world powers led by the u.s. and others are looking for vindication for the sanctions regime they impose because of their suspicion of the possible military. but they will both be disappointed, or vindicated. we heard from the director general of the international atomic energy agency last week. she said that it will not be black or white, not yes or no. she says it is like a jigsaw. we have the pieces now, and i have a better understanding of the whole picture. as i say, guy, hopefully, we should have that later. we are working on it for 12 years. guy: a long time coming. once we have is out of the way, a big milestone. what has to happen, iran has to continue mothballing its program, is that would have to do to get sanctions lifted? than 8000t has more

kilos of enriched uranium and he's to get rid of. theneeds to get rid of facility, as well. and keep dismantling the centrifuges. and at the pace at which it has dismantling the centrifuges, at the current rate, that would all be done by mid-january, when banking and more importantly perhaps, oil sanctions could then be lifted. no doubt, that will be something that the members of opec will have a more minds, as well, later this week in the other. guy: yes, they certainly will. elliott, our middle east editor. the report could mean that one of the biggest countries by population in the middle east would be open to foreign investments, oil and gas. let's bring in trolls robertson, david still very much with us. good morning. how big a milestone are we talking, this is been such a long-term story, such a slow

burn? get through today and we point to the end of the gradual lifting of sanctions, give us the economic dimension, the backup, what will happen? charles: whether iran can bring back on stream half a million barrels a day, they are targeting a million barrels. areinvestors, i think you looking at a $400 billion economy. this is going to be the biggest and last opening up of the major economies ever. saudi arabia was last one which opened up earlier this year. after this, who was next? north korea? there is a much next. you have a market cap of about $85 billion sitting there, which is available for foreigners to get invested in. guy: how quickly can they spin it up again? charles: get for investors coming to the market? there are issues they have to confront, including custody issues. where can you protect the canopies trying to invest, that

is what be the issue. whether or not investors feel comfortable with their custodian arrangements. if that is sorted, there's nothing to stop people from putting in money in late january guy: that quickly? charles: they can probably do it on the day itself. having going to be straight away on the institutional level it will take longer. guy: give us a sense of what the returns will look like. people: what interests are the dividend yields, which run at about 15-20%. they have a very interesting privatization process. in order for people to easily repay the government for the money they have invested in companies, they're taking a massive dividend stream out. they have been for years. dividends are very interesting. and we think is around six on a trailing basis. this is not the most transparent place to be. but we do think it is about six. and we are doing work on the

forward year at the moment. but that looks interesting, and the fact that the company are differentiated or picked because of different yields, on the local side, the argument is that once foreigners get involved with the stoxx differentiate between good qualities that will grow. guy: what does the political trajectory look like? once that starts to happen, it changes the operating environment -- from a political point of view. charles: i think this will be an interesting few months. we have elections at the end of february for parliament. up until now, i fusion number of people have been disqualified from competing in all of the elections -- particularly the parliamentary. this is the election set at the end of february, where rouhani the president is expected to see reformists back him. if that happens, you then have parliament and president

aligned. still some difference of opinion with the supreme leader, the religious top dog in the country. so, there is still issues there. but on the reform side, in fact, something might be done to open up iran for the. these elections at the end of february to be very important. guy: david, iranians one back in. one of the areas is energy. as they start pushing hard, the supply demand story is simply out of kilter still. you at the arabians in the back him you wonder what the downside is on oil? we are at $40 now, does a $10 dropped have a meaningful impact? david: the question is how quickly we are going to get a coming back. we are starting to price the expectation, coming back in, how much is it priced in now is a big question? between 500 million and a million barrels coming out is a big question.

with user to get that down with pressure coming through, it really does change the shape of the outlook. puts further downward pressure on the economic economies themselves read but there is the dynamic coming through, of growth being slowed to some extent in developed economies. lists lists inflation -- inflation, its with his out the oil process. they keep prices a bit firmer. charles: what is so interesting about this from iran's perspective, let us assume they can assume half a million barrels at $50 a barrel great on top of that, there is about 25 billion left offshore that has been frozen as part of the sanctions read that is excited to come back on day one in january. we are talking maybe 45 billion. if you have a bit of extra trade finance, a bit of extra for folio you could be talking $50

billion of new money coming to iran in 2016. that is an extra 12% gdp boost crude and that will be a big deal for their economy. guy: charlie robertson comin joining us. good to see you. ♪

>> mario's mandate. today, we find out how ecb president mario draghi is doing in the fight for inflation. and in new 1%. pledges to give away 99% of his $45 billion. "countdown, welcome to -- ," i am guy"countdown

johnson. the next few days get a little hectic. we've got the ecb meeting tomorrow. what is happening with opec in vienna. we are getting into the fed territory pretty without december was going to be quiet? not so much. a youlculation gives us .5 upside on european equities. london looks like a solid start, outperforming slightly. a little bit of an upside coming in through. the asian markets have rallied for the close as well. >> thank you. mark zuckerberg his wife announced plans to donate nearly all of their $46 billion totune in charity -- charity. it comes after announcing the

birth of their first child. he plans to give away no more than $1 billion a year for the next three years will holding -- while holding onto majority rights. u.s. treasury secretary jack lew says america intends to ensure the dollar stays the world's leading reserve currency. speaking exclusively to u.s.berg, lew says the will hold china to its commitments. we made it clear we thought it was important to china meet those requirements. we supported the actions. we have also had discussions with china about their currency practices. they have made commitments to us

they will not intervene in ways that are unfair. we know they will be held to those commitments. first word is your news. ,or more on the stories had to our website. guy: let's see what is happening in asia. >> we have seen china close strongly. up 2.3%. is trading, seng the index up 0.6%. we saw a weakness in other markets. is becoming quite regular this afternoon, a rally in china. the nikkei and australia's market closing lower. benchmark has been in and out of positive territory eight times. if you look at some of the big movers we have seen coming

through on the shanghai composite, a lot of the banking stocks and financial sector is up by 5%. also, the retail space. on speculation we are going to see some more government intervention from beijing as you prop up house prices. we have been seeing slumping house prices coming through. a lot of the real estate stocks looking solid heading into the close in china. we have seen currencies in the was mentioned the australian gdp number. a little bitllar or. not a bad result, but the governor not changed his tune on interest rates which were left at the 2% record low. the aussie dollar a little weaker. showingysian ringgit, you the space of what we are seeing. the greenback is weaker. 0.25%laysian ringgit up

against the dollar. interest in emerging market currencies ahead of the opec meeting. guy: thank you. what a rally. an afternoon rally. juliette joining us from hong kong. one voice within the central bank remains uncertain. reiterated president he favors a later lift off. >> i admit nervousness about our decision. i would prefer to have more confidence that i do today that inflation is heading higher. low level ofrrent core inflation, some evidence of upward momentum would bolster that confidence. i'm concerned it could be well into next year before the headwinds from the lower energy prices and stronger dollar dissipate enough so we see sustained upward movement in core inflation. : this fee was not

restricted to the u.s. it has been a big project for mario draghi. we will find out how it is going to read eurozone inflation, a day before expected action from the european central bank. our guest joins us now. david powell is the chief euro area economist. david, let's kick off. scorecard and for the meeting we get tomorrow from the ecb. headline number expected. that is not enough to move the dial for draghi. of thes a reflection effect of oil prices. less in november than in october. reflected in the core level which is expected to remain the same as previous. below the ecb target. that is going to be

coming through now. we have heard from various central bankers that is going to give us clarity. an underlying picture of what is happening with the economies. is that really going to be the case? the risk is it falls rather than rising from here. because the affect is only felt over two years, the ecb focus is -- is focused on forecasts. even september, when they have the latest forecast showing it would only rise 1.7%, that sees through the base effects, it is below where the ecb would like it to be. guy: what happens next? where do we go from here? such a lack of opportunity -- understanding about what the inflation dynamics look like. you plug in the euro, oil, you

wonder how much mortality there is. there is.tility >> the risk is, given how aggressively draghi sold the policy, you get some sort of disappointment. and ask all ofhe those. it is uncertain how the euro in such instances. it means the ecb is likely to maintain further easing bias into 2016. that is something they keep in reserve against where inflation could take longer to pick up. >> that is my concern at the moment. we have heard out of germany, they are not in favor of further easing and neither should they be because their economy is doing well. it doesn't need the low rates anymore. the discussion ought to be, is

monetary policy about the economy or simply inflation? the fed has a better mandate. the ecb is about monetary stability. i cannot see interest rates being the only thing that is important for the eurozone. david: one thing the ecb has been doing, it would love to see some help coming from the government. help is never forthcoming. one thing that could change that is some of the fiscal stimulus we think we are likely to see going into 2016. that is the direct consequence of the refugee flows. that provides some marginal -- but nothing sufficient to give it a proper left. lothar: is in that action from what mightcounteract

happen? they are talking about european inflation. >> they want to shorten the window. they want it up a lot. they want to jumpstart the story. they want to get the ball rolling more quickly than you would expect from a monetary easing cycle. they want to go faster. othar: but does it make that much sense to me. the bigger threat comes from undermining of confidence to market action with a u.s. federal rate rise. is very much in there, providing the counterbalance to what is going to happen in the u.s. >> to some extent, they are also a day version. alreadya witty --

putting downward pressure on inflation. the bigger question is what happens to downward yields? do we get a situation where qe saw a complete drop? if you see a pickup in european yields as u.s. yields rise, that is something that ecb has to fight. course the ecb is going to pay attention to what the fed does. ownecb is focused on its domestically generated problems. if you look at service sector, a irrespectivesures, of what the fed does, they still have a problem. i think that is going to be the major focus of monetary policy actions. one orther you have

another. the fed is doing this. the ecb is going to do this. there are domestic factors on either side committee the service sector in the u.s. is strong. look at the car sales data. a very strong story. the u.s. is dealing with its own story. my own question on the ecb is, how fast can they get things moving? we do a little bit more on qe. we cover deposit rates. is it going to be enough? what do they need to do? what can they do above and beyond this if inflation continues to track where it is? the reality is no one knows the answer to this. neither us nor draghi himself. he has no idea how quickly monetary policy is going to translate into a rise in inflation. he can throw more stimulus at

the problem because that does lead to a stronger recovery, which will eventually feed into higher inflation. he is going to want to do everything -- if we look at his two past decisions, when he hinted at a major action, the famous whatever it takes speech. it strongly hinted at qe. he surprised the markets on the upside. his style has been to hint at something and then come out with a slightly larger program. i might disagree with the other guests in terms of the potential for disappointment. that would not be in line with announcements. >> the market is pricing in a lot. here is what we are going to do. it is a sliding scale.

p: certainly. guy: we will come back and talk more in a moment. david powell. and david page. they are going to stay with us. we have been kicking it around. euro area inflation figures out. ecb decisionkey tomorrow. we are going to hear from fed officials. janet yellen speaks a little later. tonight, economic conditions. a busy december. also on this program, prime minister's questions has been canceled as u.k. lawmakers make time for a daylong debate about extending airstrikes in syria. we will try to figure out what it means for u.k. politics. ♪

guy: 7:17 in london. impact on thec paris hotel sector. something to think about when you are picking about the competent story here in europe. debates were monetary policy goes next. flash. our business >> citicorp intends to leave its -- however, a similar plan did for the workforce last year. they ended up cutting total pay for some traders. credit rating cut

to jump. they are hoping to boost liquidity. u.s. auto industry had the best november ever as sales 18eeded $18 million -- million for the third month in a row. meanwhile, volkswagen sales tumbled. they are said to break their silence on the scandal, more than two months after the cheating onitted to tests. that is your bloomberg business guide. story, lawmakers debating the bombing of targets in syria. walk us through. most people outside the u.k. would not have followed this closely. the party politics behind this absolutely fascinating. walk us through with the new leader of the labour party is saying. >> it is going to be a long day

at ahead. lawmakers debating for more than 10 hours. this is starting at 11:30 a.m. london time. we could see two votes happening. first david cameron and then an amendment. what is being discussed is whether britain should extend airstrikes into syria. joining countries like the u.s. and france in the fight readst islamic state can opinion is split on the house of commons. the labor leader, the risk is larger in the opposition labor party. in terms of where people stand, those who back extending the airstrikes, they argue they are supported by a u.n. resolution and allies have asked for britain's help. efforts should be

focused on diplomacy to resolve the crisis. guy: a different subject, but i think they are related. the timing of the referendum. cameron,rgely david leading negotiations on this. he has been taking people on the climates of the top 21 conference in paris. heterday, we heard from -- was speaking to the treasury conference. he has to how the eu presidency could affect the timing of the referendum. here is what he said. >> the point you make about the eu presidency, i don't see that as an obstacle. if we have to have a referendum. the referendum is held in the latter part of 2017.

that will be close to the deadline that david cameron has set. for the vote to happen. not just is agreement on the timing of the referendum. there are disagreements remain demands.n's there are four demands that cameron sent out in a letter to that you president. greater controls on migration. better protection of the rights of non-eurozone countries. it increased economic competitiveness. more powers for national parliaments. sticking point is the migration issue. negotiations have reached a substantial part of the process. u.k. and eu had hoped there was enough agreement to allow them to settle the issue at a summit scheduled for december in brussels. last week, the lead negotiator

said this may not be realistic. officials are focusing on the in february,g 2016. guy: thank you very much. big story on the referendum. let's get conversation surrounding this. david page with us. the risks for next year, there are many of them. oil prices. the divergence trade. david: i think there is a euro risk issue but there is more. has a bigger impact for the u.k.. it is hard to think there could be foreign direct investment coming in. we don't know when the referendum will be.

heard osborne talking about this. the dynamics of the government, since coming to office, they want to get this thing done quickly and pass it through. they want to resolution by december. february is more likely. referendum in 2016 is more likely than pushing it back to 2017. comments that's it does not affect the presidency, i think we will see the issues come to ahead across 2016. on u.k. an impact investment. guy: put the other side of the story into context. an investment at story where the eurozone has so much to think about and has to get right next year. the monetary policy right, the fiscal story right to read it does not need further upsets.

notar: it's unimportant for the germans, for example. i think it is a nuisance for them. but an important one. is morepe, the impact longer-term. for the u.k. and our economy, it is shorter term. it is holding back foreign --estment even to: if the u.k. starts cause problems, when we get to the nuts and bolts, is that what we are talking about christian like you don't excel? -- think so? lothar: i don't think so. the main impact is the u.k. operates similarly but doesn't have as much to say.

there are two stories. the first is the u.k. is not likely to leave. the risk is the uncertainty it might which has more impact on the u.k.. to the sort of worst-case scenario, that has massive implications. it changes the way the u.k. operates. it has spillover effects for the eurozone as well. those do become visible. i don't that is what we are likely to see in 2016. guy: is it possible to price it in? david page: given the uncertainty, even when we know there is a referendum, it will be difficult to price anything in. even if you knew the u.k. was going to leave without knowing -- itamework, you won't is difficult for markets to price. there will be a tendency to price in the worst-case scenario

which is bad news for the u.k. if it comes to that. it does have an impact for the eu as well. guy: think you very much. staying with us. ♪

guy: 7:30 in london. let me tell you what it looks like. not a great one. a bloomberg customer, you get this great function. check the futures box. it tells you everything you need to know ahead of the cash open. pretty accurate, up 2.5% on european equities when we start trading later on. let me tell you about the stories you need to know. ceo markcebook

zuckerberg and his wife announced plans to donate nearly all of their $40 billion fortune to charity. he plans to give away no more than $1 billion a year for three years. the chicago fed president says makes himer meeting nervous. he favors a liftoff later than others. he says it could be appropriate for the funds rate to be under 1% at the end of 2016. investigators plan to publish a report on the iranian nuclear path. they say it is moving at a high pace to comply with the july agreement. and the u.s. secretary treasury -- treasury secretary jack lew says he intends to keep the dollar as the world would serve currency. chinas the u.s. will hold

to its commitments. secretary lew: we made it clear we thought it was important china meet the standards to be recognized as a currency. they met those requirements. we supported the action. had long ongoing discussions with china about currency practices. they have a commitments they will not intervene in ways are not unfair. those are important and we know we are going to hold them to them. nejra: for more on the stories and others, had to our website. guy: zuckerberg and his wife and announcing they will give away virtually all of their fortune. the couple, who are earlier -- in their early 30's, have announced the pledge. the details. has what exactly did it say? caroline: the announcement, unsurprisingly, was posted on

facebook. a letter to their newborn daughter. 99% of their overall wealth, which will be given to charitable organizations. areas they are looking at our health, education, a decrease in inequality. inventing human potential and promoting equality. that is what mark zuckerberg says he wants to do. billion, if he was to get that all the immediately, that would be equivalent to the biggest foundation in the u.s., a clip seeing that of bill and melinda gates. meanwhile, this is a man who is still at the helm of facebook. he says he will remain chief executive for many years to come. put out their own statement saying we will not see in excess of $1 billion per year

given away. that is because mark zuckerberg wants to remain in control. for the next three years, no more than $1 billion will be given away perficient -- per year conv. guy: put this in context. caroline: this is a call for millennials, generations ahead. -- zed. we have seen a century of u.s. philanthropic giving. we know foundation to have been formed. this is not new for tycoons, to give away substantial amounts of their money. we have seen warren buffett and bill gates do the same. they have formed the giving pledge. that is something mark zuckerberg has signed up to, along with u.k. philanthropists.

even sheryl sandberg. they have signed up for the giving pledge. those who have made a lot in business give away the majority of their wealth. this sets a new precedent. because of the scale, the biggest foundation out there. what is also notable is the youth of mark zuckerberg. to do this at 31 years old, it took warren buffett until he was 75 to commit to give most of his wealth away. this sets a president, not only it could bescale, more than $45 -- 45 billion dollars worth. but also, do it when you are young. guy: very young. caroline, thank you. -- the family will

finally break its scandal on the ad scandal. after it was reported u.s. sales were down a quarter in november. hans nichols's joins us from berlin. we are getting an idea of what is going on in the upper exons of the company. handling legal and client costs will take years. hans: he gave an interview, talking about this. strategy timeline for 2025. he says they will have that out in the middle of 2016. we are starting to get clarity. what we know from the u.s. picture is they have an inventory problems. in sales decreased. they do not have enough petrol

vehicles to sell to consumers. audi side, side -- we saw them increase ever so slightly. porsche down a little bit. when we dig into the brands, you really see the press ought -- gulf down., the we are going to hear from wolfgang porsche. everyone wants to know about job cuts. where the beat any? -- where they'll be some. they want to see cutbacks. they have talked about the need to have, come together and have a unified plan. we will see how close they are. a massive factory down there. last year, they produced 800,000

plant.s at the vaux ber a guy: presumably, they go in front of the workers to reassure them. basically, this is going to work out. but we are getting reports about the idea that maybe they are going to manage employment a little differently. fundamentals the issue, what we just heard. they don't quite know what the total costs are going to be. they think the 1.6, 1.8, and two leader engines are going to be cheaper than expected. they cannot make pledges on what they are going to do in terms of employment. , 300 know 300 workers temporary workers will be let

go. over the christmas holiday, they will have slower work shifts for two weeks because they want to wherean inventory backup you are producing a lot of cars and you do not have the demand. i have spent a lot of time down there. one thing they are proud of is the assembly line can swap out vehicles. you can swap out something and and sit of having a diesel engine, swap in a normal petrol engine or hybrid engine. they have spent a lot of money modernizing that plan. that is one reason volkswagen been lower.ns have they still have to figure out a total cost and then they can make promises that maybe their workers would believe. guy: what i find fascinating, i would like your take, it is not vw brand. you wonder what happens in consumers minds about the other brands.

hans: we know porsche engines were affected. audi was alsothe affected. porsche sales are small so you don't want to read too much. audi is in the beginning of their product cycle. that said, you don't know how many dealers incentives are behind that. until we really scrub the books, i would be cautious about saying audi has been totally immune, they haveooks like weathered it to some extent. vw is ar view is the responding incorrectly. the typicaleing german response.

let's tighten the belt. to go forward, to invest, to produce cars you can sell. howdy do that when your brand is so damaged? they got to sell cars at some point. thar: they have a of cars. i test drove one. brilliant. they have too many diesel cars and they are cutting back. guy: they pointed to the future being electric. is a duration story. they have a short-term story they have to manage. this is a company that has invested aggressively in the past. : they also have a 20 that isplus cash pile there and they can use. this is going to run for quite a while, particularly with the

emotional distress the u.s. consumers will have claims to have suffered. it will cost more than they have set aside. produce the cash flow, they have to go forward. they can't go back and try to preserve cash. guy: let's go to the macro story. we heard this morning from a ceo, talking about a meaningful impact. his concern is a meaningful impact from the paris attacks in france. are we underestimating the economic impact? everybody who came and said around this desk said it will be a short-term impact to read the impact economically tends to be small and limited. thar: the resilient market reaction was great, showing the terrorists they are not going to

beat us. if they are able to repeat what they did in paris, that is a different story. it is not like london or spain, a one off. basically, than the consumers are going to change behavior. they are not going to come out as much. if we are all of the sudden engaged in a different world where warfare is of a different nature than what we are used to come about it would change things. if i currently can see one dark cloud on the horizon that worries me, it is that one. guy: plenty more to talk about. " stockson "countdown, to watch. the market opens in 15 minutes time. ♪

ms. clinton: in terms of the thousands of combat troops like some on the republican side are recommending, i think that should be a nonstarter. that is hillary clinton discussing with charlie rose how to handle the islamic state read the full interview will be on air at 7:00 p.m. new york time, and the night in london. what you need to know this morning. citigroup intends to keep es unchanged last year. a similar plan did not pan out last year. they ended up cutting pay for some traders after a lackluster performance. btg had their credit rating cut onjunk by moody's

concerns about having enough cash on hand. they are aiming to boost liquidity in the wake of an arrest. auto industry had the best november ever as sales foreded the 18 million rate the third month in a row. meanwhile, volkswagen sales tumbled 25% to the owners are set to break their silence on the scandal today, more than two months after the carmaker admitted to cheating. need to know. stocks you need to be watching. caroline hyde has the details. caroline: futures looking to point hired. a few stocks to keep your eye on. this is what will is doing. lower by 0.7%.

keep an eye on oil majors. services companies. keep an eye on them ahead of the opec meeting. oil under pressure. meanwhile, this is a key stock we have been flagging. the hotel operator, warning about the ramifications of the terrible terrorist attack that occurred two weeks ago in paris. for 2-4 months, this could affect the hotel market within paris. the chief executive speaking in paris, saying this will have a real economic impact. the calls are for the stock to drop 1-2% on the back of those comments. well, a payment company, a german company. earnings guidance. a payment processor, en vogue in the moment.

people look to move online and pain by mobile. forecasting for earnings to be 300 euros -- billion euros. we could see a raising in their guidance, saying over the course of last year, we saw a number of outlooks being upgraded. a pickup in transaction volume, looking nice and tasty. raise 5-10%. the last one for you, keep an eye on neil post. -- neopost. cutting the revenue growth. that could drag on the stock significantly. guy: don't tell father christmas. caroline hyde. and, december normally a month where people put their

feet up and go christmas shopping, but not this year. what is the strategy to get through the next month? one might think, are we going to get a rerun of 2013 where we had quite a strong push toward the end of the year when the fed decided to do the tapering? wille expecting the fed raise rates. will we have a repeat of 2013? i'm currently not sure. i think there are too many uncertainties. guy: what are the uncertainties? othar: the big uncertainty with emerging markets is the global economy stuttering and 2015. while 2016 be the year that the oil dividend comes through for consumers? those are the uncertainties. with the rate rise. will there be a normalization of the curve or will the savings

glut drag on? those things are not quite clear. markets -- it straightforward? the dollar is going up. therefore, put money into european equities. what is the risk around that? lothar: i will argue a lot of that is already priced in. you might want to consider doing a currency hedge format if you're coming from a u.s. dollar perspective or sterling perspective. guy: how much are you going to lose? european equities going up, the currency going down. does one offset the other? : in japan, you did not get much of the gain of the stock market.

you could lose everything you gained on the stock market on the currency site to read not clear whether you well but there is the risk. guy: do you wait for the dust to settle? do you wait for ecb, the fed? har: at the moment, i am happy to be on a neutral basis. currently i'm quite happy to sit and wait a little longer until i get the confirmation both from as well asmacro data the european and u.s. central banks. guy: think you for coming. the ceo of investment managers. open.like we are going to he is going to be taking you through. what you have? athan: long trading day. the janet yellen speech

anticipated a little later in the trading day. the beginning, looking ahead to eurozone inflation data. this time last year, in frankfurt, mario draghi said they needed to get inflation back to target as quickly as possible. he said almost the same thing last week. that was both a sign they are going to do more at the upcoming meeting. low for toos been long to read whatever happens with the data point today, i think it would really have to be terrifically high to stop them from doing anything. low inflation, too long. they said they would get it back to target as quickly as possible. we are lower now than we were 12 months ago. .1 is where we are, .2 is where we are expected to be. let's talk about futures.

show where the futures are going. this is what we think cash is going to open up as. 0.4% hike. shanghai, really rallied into the close. be aware of that. there you go. if you are a bloomberg customer, put in weei. this gives you this great calculation that is a predictor of where cash is going to open. the commodity story front and center as well. opec coming up. the next few days are going to be busy. that is what london looks like this morning. we will see you tomorrow. ♪

jonathan: good morning and welcome to "on the move." the jonathan ferro here in city of london. moments away from the start of european trading. the ecb's inflation dilemma. is it -- is it too little too late to get the boost test to get the bank to boost stimulus? a military dimension. today's report could reveal a crucial hurdle to sanctions relief. volkswagen's majority breaks the silence. they place employers for the first time since the end that's since the emissions -- since the emissions scandal.

20 seconds away from the open. futures up a little bit higher. caroline hyde, how is your market open? caroline: central banks front and center. yesterday, manufacturing data in the united states sent a shiver down european investor's spines. is u.s. economy strong enough to sustain the first rate hike in a decade? today we seem more optimistic. we are getting over the manufacturing words. today, money just flowing into equities cautiously. the 100 up .1%. we are expecting the ecb tomorrow. will they add to the stimulus. 100% of the economists we spoke , we will see more stimulus coming from the ecb tomorrow. inflation data set to be poor later today.