. this is "worldwide exchange." i'm ross westgate. headlines from around the world. three up, three town. president obama and mitt romney dual over foreign policy and the health of the u.s. economy in their third and final debate. made vase mire lays out her vision of yahoo! as the internet company posted better than expected third quarter figures. but burberry an lis cutting price targets. and bank of israel splaning for all sorts of eventualities among tipped tensions.

. on today's show, plenty to get through of course. let's remind you what's coming up. we'll discuss the presidential debate with experts one which president obama says was clearly the winner while the other thinks romney was the one who looked more presidential. we'll hear from the governor of israel stanley fisher with a live update from tel aviv. and we'll get an in-depth analysis on the latest earnings out of japan. find out what stocks our guests think is a buy at 10:30 cet. also is there more easing on the cards for the fed? we'll head out to philadelphia with the latest expectations. the fed begins its two day meeting. but first, president obama and mitt romney faced off for the third and final time before

election day in a last ditch effort to convince people they're the right man to lead the country. john harwood has more on the presidential debate. >> this final debate on foreign policy here in florida was one where the two candidates had totally different objectives. mitt romney wanted to come across as states man like, pass the commander in chief test. he did that p about he was smooth in his presentation. mostly unruffled under attack. agreed with president obama on several key points. president obama on the other hand tried to sustain the momentum he achieved at last week's debate by staying on the attack against mitt romney, casting him as being all over the map, saying his own foreign policy has been working. it's probably true that the president scored more debating points, but there's a question about whether his tone was most effective where romney was trying to appear calm and smooth. one republican congressman told me afterwards that this is a debate in which both sides will

tell you afterwards that they won and they'll both believe it. the polls over the next few days will tell us whether either one is right. after all, this was a debate about foreign policy in an election dominated by the economy. it's not clear this will move the needle at all. we'll find out in a few days. back to you. >> indeed well. that was john harwood. who do you think won the final debate? we've been collecting your views. nearly 30,000 votes show more than 60% believe president obama was the winner while just over 30% have picked mitt romney. you can have your voice heard on cnbc.com. or everyone let us know directly, world wide exchange. worldwide@cnbc.com, tweet @cnbcwex or @rosswestgate. besides the u.s. elections, the rise of china and washington relations with beijing commanded a lengthy portion of the debate. both tried to outdo each other on who is and would be tougher

on china. >> china is both an adversary, but also a potential partner in the international community if it's following the rules. >> day one i will label them a currency manipulator. which allows us to apply tariffs where they're taking jobs. they're stealing our intellectual property, our patents, designs, technology, hacking in to our computers, counterfeiting our goods. >> just a kick check. the chinese currency raising in early session. also getting some reports that the hong kong monetary authority has been intervening in the currency market. at the same time, bank of spain now seeing third quarter gdp down a quarter percent, down 0.4%, 1.7% year on year. i'm not sure if that's a downgrade. i'll come back to that. but let's turn our attention to china. strong yuan buying and

suspicions pboc may be intervening rallied more than 2%. we were up near post-revaluation highs. this as china is also pressing ahead with measures other than monetary policy to support its weakened domestic market. today new rules announced to allow insurers to trade futures and derivatives at home as well as broaden their investment choices abroad. at the same time, the pboc is continuing to flush the markets with cash. pumping $14 billion by reverse repo offerings today and tomorrow we'll have the latest gauge on the growth track when hsbc releases it flash data due at 3:45. so where does this leave growth in asia? joining us first on cnbc is managing director for general asian development. thanks very much indeed for joining us.

you down graded your asian growth forecast to 6.1% in 2012. here's the thing. a lot of people would say it rebounds next year. others think growth in the world next year is going to be even weaker. what do you think? >> we think the growth next time in 2013 will show an uptick 6.7% from 6.1 this year. i think it's important to realize that there are risks and the major risks are of course the euro crisis and what's happening in the u.s. fiscal cliff. those are very major external risks. there are -- china is not going to grow at the double digit rates we've seen in the last several decades. india is going to show moderation in growth. so there's a softening of demand internally within asia. external factors are weaker. so i think well see lower growth, but it's still going to be a fairly handsome 6.1 this year, 6.7 next year.

>> there seems to be -- we've had some extra stimulus coming through. some countries may think about needing to raising rates. but on the whole, how much reluctance is there for additional stimulus? >> our feeling is that asia does have the fiscal space. most of the countries. china has a huge fiscal surplus. china also does not have major inflation. it's actually moderating, so their policy can be more accommodating. the fiscal space is much more limited in have i. but at this point, we didn't think asian cups need to go into counter cyclical surplus. i think it's more important to keep the growth forces going. didn't need a major stimulus on the cyclical side at the moment. >> how big an impact is europe

having? the very weak growth or negative growth in most of the countries. >> quite significant actually. this year we expect the eurozone to be a minus 0.6%. just a slight uptick flex year. so europe's situation does have a major impact on asia, china certainly gets affected. so decoupling always has been a myth. and if we need any evidence, it's obvious now we keep lowering our growth forecasts. but i think it's important to accept that the double digit growth rates in china and asia, we'll get to a new normal, maybe 7%, 8%, which is nothing to sneeze at, but still lower than what we've seen in the past. >> okay. you'll stick around a little longer. pleased to say. let's recap the spain growth number that i had. bank of spain coming out a short whiling a go. third quarter gdp contracting

0.4% quarter on quarter down 1.7% on the year which is the number we were looking for, but still firmly in negative territory of course. corporate news, yahoo! third quarter profit has come on pretty strong. revenues mostly flat, but core search revenues up up 11%. and on her first call, made r m mayer said yahoo! would be committed to going back to its roots as a consumer internet company and stressed the importance of positioning yahoo! for the shift to mobile devices. >> yahoo! hasn't capitalized on the mobile opportunity. we haven't effectively optimized our website. we've underinvested in our mobile front end development. and we've splintered our brands. we have more than 76 applicatio applications. all of this needs to change. our top priority is a focus coherence mobile strategy.

>> after hours, yahoo! stock up 4% and in frankfurt, up nearly 5%. texas instruments profit was up 30% mostly on tax changes and insurance payment rates. results between beat forecasts. customers are still being cautious because of the uncertain economy. t.i. stock in frankfurt is marginally higher. apple gets set to take on amazon. reports suggest the screen size of the mini ipad, if that's the actual name, will be around 7.8 inches. about the same as a kindle and it will compete directly with the kindle fire. amazon says the new kindle fire has been it top selling product since it hit the market last month all these it won't specify

sales numbers. apple is up in frankfurt. samsung is down slightly. let's talk more about that. samsung display reportedly planning to end its supply contract with apple as early as next year. the news raising plenty of eyebrows. what's up with them, why are they going to end this agreement? >> samsung group official tells cnbcs that it is true that panel orders from apple have been reduced. this after a korea times report that says a samsung group affiliate is terminating its contract with apple and whether no longer supply its lcd panels to its long time partner citing inside sources at samsung. the report went on to say that starting next year, it's completely stopping display shipments to apple. we were able to confirm that

this is because of apple's demands for huge price discounts for panels. there have been many conflicting reports about this supply relationship between samsung and apple, and some have speculated that their patent legal battles might have something to do with it. but the samsung official i was speaking to earlier today told me it's strictly about business and generating cash. so where whether they go into if not apple's iphones? very conveniently samsung said galaxy smartphones. >> thanks very much. meanwhile, caterpillar has reported a decent third quarter, topped estimates. but the construction equipment maker has lowered its 2012 guidance. saying the global economy is weaker than expected. china outlook slightly optimistic. orders should pick up enough to

justify ongoing investments. they hope u.s. politicians don't lose sight of china's role in the global economy. >> i'm hoping that all this receipts rhetoric is election season. they desperately need each other. we have to find a way to live in the world. and i hope that come january cooler heads prevail. >> did you see it as electioneering? >> i would completely agree with previous speaker. i think both countries need each other and they have much more in common than not some of it is necessary tick politics, but china depends very considerably on the u.s. market even though rebalancing is taking place,

domestic consumption increases in china will take some time. you've got to spend time getting the social safety nets in place. the wages increases will take time. the pension increases will take time. so china needs the u.s. the u.s. needs china. china is a huge investor in the u.s. so i'm sure cooler heads will prevail when it really needs to. >> how worried is asia about what's going on between china and japan? >> again, we believe that the two countries have a lot more in common than not. of course there are political issues, but we didn't think it will derail anything fundamental. china and japan again have much more economic issues that bind

them together. >> the question is whether you've bound each other enough in trade to dampen those down. >> you get sointegrated. so they're much more invested in each other for anything to really get out of hand. >> all right. stick around. let's remind you what's happened with the trading day in asia. >> a lack of trading leads asian markets to a mixed close. we salle sow some consolidation. but the market didn't react to thely liquidity injection.

airlines lost ground after air china terminated it fund-raising plant. and the hong kong market is closed today for a public holiday. we'll watch for share reaction of china mobile tomorrow. the telecom giant come in with slightly better than expected q3 earnings after yesterday's bell. elsewhere the nikkei turned slightly higher in late trade to keep alive its longest winning streak in 15 months. it lifts support to exporters as trading around some multimonth high against the euro and also the greenback easing hopes for next week's boj meeting. south korea's kospi was sunk by ship builderses. pass coe also shed over 2% after a ratings cut ahead of its q3 earnings. but lg display rallied on the ipad mini expectations.

accept s sensex lower by half a percent at the moment. >> thanks for that. you can sk secan see we're domi red. 9:1. pretty much at the session low. let's remind you what happened yesterday. the ftse 100 down 0.2, dax down 0.7, similar for cac. ftse, we're down 40 points. cac 40 down two dwsh thirds. 0.3% lower for the ibex. as far as yields are concerned, we'll keep them below 6%, but they are nudging higher again, a little higher in italy, as well. 4.8. treasuries yields just coming down slightly as stocks get sold off 1.78% as are bund yields, as well. on the currency markets, dollar-yen, we hit a three month

low on the yen against the dollar. 79.74 at the moment, but we got up to 80.02 earlier on. aussie dollar lower. sterling-dollar getting back towards 1.60. we hit 19.3140 on euro-dollar last week. still around the 1.30 level that we were at yesterday. so euro finding it hard to get anymore gains into on there. still to come, the governor of israel central bank is speaking exclusively to cnbc about tensions with iran. we'll be in tel aviv. so uh this is my friend frank and his, uh, retirement plan. one golden crown. come on frank how long have we known each other? go to e-trade. they got killer tools man. they'll help you nail a retirement plan that's fierce. two golden crowns. you realize the odds of winning are the same as being mauled

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saying they can't rule out a 2012 deficit target overrun. of course much depends on what happens with the growth figures and tax revenues. can't rule out things getting worse. probably fair enough really. meanwhile president obama and mitt romney traded jabs on foreign policy in their final debate last night. romney called for a stronger

u.s. presence on the world stage while the president argued his opponent had been in-consistent on his views. they did agree on several issues such as ending the war in afghanistan and possible military intervention in syria. but differed sharply on tackling iran's nuclear program. it's warned romney eye anti-iran rhetoric makes solving the dispute harder. it must be through diplomacy and not military reaction. one 69 subjects that's come up in tel aviv. the governor of the bank of israel. hadley, how is he responding to -- i suppose in israel you're always responding to increased tensions. what did he have to say? >> well, ross, he did mention that there are contingency plans in place. but i did want to talk just a

bit about the comments following a report that we saw from the "new york times" last week saying the white house and tehran are preparing for the resumption of nuclear talks. president obama last night did deny that report and then he said that hasn't stopped the internal debate from happening over how, when and if tehran might come to the table. so israel was mentioned at least 32 times in the debate last night. both presidential candidates taking the opportunity to express their support for israel in the event of any kind of an attack and reaffirming their commitment to keeping tehran from keeping a nuclear weapon. and of course right now, u.s. military exercises here in israel, those exercises are centered around integrating the country's missile defense systems. but despite those close military ties, there's been no indication that either of the presidential candidates would support any preemptive strike from israel or that that would be welcome. including mitt romney who said

that would not actually happen if he were elected president. just hours before the debate, i did get the chance to sit down with the central bank governor stanley fisher and asked him whether he thinks tehran is on the brink of collapse. >> if they collapse, it's through a political impact of what's going on in the economy. they can go down and continue to go down, but people find a way to keep life, economic life, going. it seems clear that there's serious deterioration in this situation, particularly in what's happening to the exchange rate. but you what the political impact of that will be is something that remains to be seen. it is likely to have a political impact and what happens next will depend on how their authorities deal with it. >> would you say a more stable economy in iran would mean a

more stable political situation in the region? >> i don't know the answer to that. there's stable at low levels and stables at high lengths. >> so in terms of the occurrence sanctions on iran, they are detrimental to the iranian economy and possibly that's a knock on effect for the region. because of the geopolitical situations, would you say they should remain viable? >> my guess is that sanctions will continue to be tightened as long as the iranian program seems to be proceeding rapidly. >> and in terms of the political uncertainty surrounding any kind of action over tehran's nuclear am biam bish shons, what kind o contingency plans do you have in place? >> we have to consider what could happen to the east of us and in our relations with iran,

in the world's relations with iran. so we plan for all sorts of eventualities, but i won't go into them now. >> and in terms as a central bank, would you say that you can ever really prepare for the possibility of a conflict between two or three nuclear-armed nations? >> you have to prepare as best you can. every time you make a plan including a personal plan, things don't work out exactly as you thought they would and you have to adjust as you go along. but having done the planning process is very important it for getting you to think in the right way, to anticipate what might come up. so we do plans, scenarios, exercises in how the bank would work in these circumstances. are they what's going to happen? almost certainly not. are they helpfull? very definitely so. >> you can hear more of that

interview on cnbc.com. and be sure to check in tomorrow because we will have an exclusive interview with the finance minister of israel. ross. >> hadley, great stuff. thanks very much for that. haddy gly gamble joining us frol aviv. with us still, managing director of the asian development bank.e tel aviv. with us still, managing director of the asian development bank. we're talking about the continuing development of asian economies and the move towards the service economy. how hard or smooth is that path? >> it's not going to be easy. because the labor productivity in asia is just about a fifth of that. so you're talking about a need for upgrading the skill. you need massive investments in education, you need massive education programs at the secondary and tertiary levels. but asia needs new sources of growth. our previous model of just

exporting our way to prosperity by exporting to the g 3 is not going to work. we have to go for more south trade, we have to rebalance our growth. and we have to move, for example, from just assembling something in asia but add value, be it in the intellectual side, transport, logistics. and as we say in our recent sport, that we believe the services sector that is the principal of social growth. >> does that mean the economies need to be opened up to allow much greater investment there western economies who basically democrat nature t dominate the global industries? >> absolutely. but it should not be taken at the services at the core store. in india, we need to move up the ladder on the manufacturing side, create much more employment there. we really also need to get

productivity up in many parts of asia. you but the services sector is where we believe to asia we'll get the most tomorrow nant growth in the next few decades. >> the whole world needs to rebalance, right? so that's part of that story. great to have you on this morning. thanks very much for joining us. we'll take a short break. still to come, a cat walk stumble for mulberry. they've warned on profits, stock down over 20%. bob... oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty.

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the third and final debate between romney and obama. marissa mayer lays out her vision for yahoo!. they posted better than expected third quarter results. mulberry stock plunges after they warn on profit, citing weaker international sales and cutting their price targets. plus israel's central bank head tells cnbc the country is planning for all sorts of

eventualities amid continuing tensions with iran. data out of the uk, mortgage approoa approvals a slight tech teick u from august number. august is normally a weaker month. net consumer credit, 200 million up in september. it contracted in august. august was a pretty poor month for credit anyway. sterling-dollar 1.6005. barely bunl bunched on thabudget data. bond yields in spain and italy nudging higher.

gilts just below 1.9%. euro-dollar still away from the one month high, 1.3140. dollar-yen, though, 79.73. we hit a three month high earlier on, just over 80. euro-yen hitting a five month high. the country's economics minister says he once again hopes to attend next week's central bank meeting. he's been calling on policymakers to be moring a yes, sir sif in its goal of reaching a 1% inflation target, but japan's finance minister denied reporting that the government went so far as to ask the bank of japan for $250 billion hike to asset purchases. so while we engage on that, it 's also not particularly brilliant for japan exporters.

so how much is that going to hit the third quarter earnings in the country over the next couple weeks? more importantly, do you stay away from tokyo stocks. ben is joining us on the phone. good evening to you. so how tough is that quarter going to be for earnings? >> expectations are very low for this quarter's earnings. it's caught a lot of people off guards. [ unintelligible ]

the real issue is the currency weakening. >> we have a lot of distortion on your line, so we're going to let you go for the second and see if we can fix that. it's a little hard to hear you, so our apologies for the moment. disappointing revenue numbers from syngenta. just below expectations. $2.7 billion. the stock is up 1.2%. let's get more from carolyn. >> market reaction was a little mixed. shares were off to a negative start because investors did focus on the fact that as you said, third quarter revenues were slightly below expectati s expectations. they did rise to $2.7 billion in the quarter, but slightly below the forecasts. just over the last hour or two,

i think investors really starting to focus on the improved outlook because the company did confirm the guidance for 2012. they're looking for record sales this year. a big part of that is of course the latin america outperformance which is really going to pick up in the fourth quarter latin america was really the bright spot because sales rose 18%. that blew past sgeexpectations. a lot are spending more, partly because of the close to record high crop prices, but also to fill the supply gap as a result of the u.s. jobs. the u.s. was a disappointment because of the drought. europe and asia slightly disappointing, too, but latin america is really what's driving the business in the third and fourth quarter. we spoke to mike mac the ceo of the business this morning and despite the weak spots geographically, he was quite optimistic about the long term outlook for the company.

take a listen. >> ratios continue to go down. pack of this driven by tough conditions, the drought in the u.s. got a lot of press and rightly so over the last month, but long term, rising prosperity in the asian pacific will continue to drive demand for these grains and that will continue unabated. and 2012 is just evidence of that strong underlying demand. >> the outlook in terms of pricing, telling they will look at price increases to the tune of 2% to 3%. >> carolyn, thanks for that. mulberry big decliner in the uk. you issuing a profit warning because of lower than expected international retail sales and a drop in wholesale revenue. look at this, stock down 28%. year to date, down 35%. but it reminds you of sort of the about your are yourry profit

warning we had. thing like luxury handbags and leather goods. arm holdings, slightly different story. the chip designer up 4%. pretty good number after seeing it profit rise 22% in the third quarter. that's ahead of estimates thanks to higher demand for smartphones and tablets. group says it's a record order backlog. so arm's making of mobile chips really benefiting it. michelin stock up after the company raised its 2012 cash flow target for the second consecutive month, that follows an increase in third quarter sales, as well. and swears in swed bank are rising. just up 2.3. it came in around 4.75 billion swedish crown. speaking earlier, the ceo michael wolf said the group is

adopting a cautious start for the next few months. >> it's important to be prudent. the uncertainty level is high and we want to have optionality and we will want to be able to sustain also much more severe economic al situation. that gives us opt ality and in my book, it also allows us to send a strong signal to our customers that we can help them through the next more difficult years. >> still to come, britain's most famous spy is back. yes, the latest bond film slated for silver screen success. we'll find out how just important the film is as the premiere is tonight.

t-bill auction out of spain, maximum yield 1.45%. it is higher than the 1.25 that we saw september 25th the did despite the fact we had seen yields come in lower, spanish cash debt. and they've also sold 2.56 billion of 6 month t-bills. the yield on that lower than september. bid to cover on the three month

4.3, just over two on the six month. those are higher bid to cover. so effectively not that bad. bid to covers are stronger. yields on the longer dayed t-bills actually still coming down. so that deflect what we're seeing in the cash market in spain. and also dollar yuan just ended 6.2480 over the counter growth. so yuan again highest closing since the 2005 revaluation. so continuing its appreciation against the dollar, as well. now, bond is back after a four year wait, the latest installment of the series premieres in london tonight. stars of the film include daniel craig.

you can also see it on an imax screen. to talk more about that we're joined by ceo of europe imax. >> dmr enhancement treatment. on the big screen. >> so how big a kick for you is having will movie street this had way? >> i think it's really important for imax. bond has been around for 50 years. imax has been around for 40 years. so we're excited they're coming together. >> how many imax screens are there now that will show -- >> there are 640 imax screens around the world and growing. we have 144 signed in europe, 105 of which are open. we thounsed a few more this morning on a daily. so the network is growing. >> you you nunlsed this morning five new screens in europe. and some others elsewhere. >> we announced five in europe,

three in holland, one with our partner here in the uk and bon in austria. >> i was looking at would i go to an imax your partners now are very important because there are rolling imax in their own spaces. >> you're getting a far bigger screen, so we're looking for theaters that have the screen height. you can do purpose built imax theatres or you can go into an existing multiplex and re troet fit it. but you have to have the screen height. >> what will the difference be? >>. >> if you see bond in imax, you're getting 26% more image on screen.

>> and you have to develop the product so you're looking at laser? >> that's the next big thing in late 013. it will allow us to do even bigger screens. right now we're capped to somewhere between 80 and 85 feet. so we can go bigger and higher. >> so you can -- you have to stand further away from it, don't you? >> imax is a very immersive experience. we bring the screen closer to you. >> if it gets bigger and higher, do you get to the point where you're getting overwhelmed? >> to get people off their couches at home and get them back into the cinema, that's what we have to provide, a better viewing experience. and i think imax does exactly that. >> you have your other thannin s earnings coming out. just worth pointing out your film revenue was 26.5 pill i don't know.

how much depends on fast you can roll it out? >> i think growing the imax network is the number one priority. that and having fantastic hollywood films. we've announced the next twilight for swlekt theaters and we cap the year with the hobbit. >> what do filmmakers have to do? they love the experience. bond was able to take advantage of the bigger ratio. >> do they have to film it with imax in mind? >> some we film with imax cameras. but the directors always has the fact of the higher aspect ratio in the back of his mind. so when he frames the shots, he knows what he can get in for the imax version. >> and what he another biggest impediment to rolling out, you know --

>> getting numbers. talking kcompetition partners into converting their big screens in to imax format. >> what's the biggest problem you run up against, what the argument? >> they need to invest in the technology, but 640 theaters and agreein growing. in china, 85 open and a lot more coming. >> andrew, thanks for joining us. have you seen the movie? >> i'm seeing it tonight. >> is it black tie? >> it is. >> always our eye on imax. look. that's big. >> not tall enough. >> you're right, not tall enough. and it's not 3d which i'm kind of pleased about frankly that it's not -- hd i'm worried about. but anyway, thanks for that.

moving on from bond, slightly different. the ecb executive board member, former, gcjurgen stark says the central bank crossed a red line when it decided to intervene and expressed conditionality of the omt program. >> either monetary policy or qui say fiscal policy and the ecb has started to move already in spring 2010 and now in the more visible way i have to say in this direction. this is not the task of the central bank. if it there is a monetary policy issue or a monetary phenomenon, then the central bank has to intervene. in the case that the ecb comes to the conclusion in its analysis that there is a deflationary market, it has to

continue, use all instruments and maybe invent new instruments. but not in this respect now to say if country a and country b meet these conditions, then we will intervene, and what has happened since the president of the ecb made his announcement about to do whatever is needed, he made the statement in july now we are at end of october, so a long time has already passed. and if there is a monetary policy issue, then you have to at that time position dwa and to implement it immediately. >> ever since draghi announced this program, i have the feeling whether you talk to finance

ministers et cetera in you that politicians kind of sit back a little bit and say, okay, now things are not so urgent, the markets are slightly on the mend, now we can take our time. is there the danger in there again not only in a fiscal policy not on the mend, but that the ecb has also helped take the pressure off politicians to simply get their act together and that in the end the central bank again who is left to fix the damage? >> i think that is an important point. however, this point is linked to the conditionality. the ecb would like to limit this negative impact or this moral hazard element. would like to limit it in arguing we need conditions and conditions have to be met. however, again, it is the red lines have been crossed as far as monetary policy is concerned. the ecb is prepared to continue to operate in the fiscal field. and we have seen time and again

when the ecb announced new measures that the enthusiasm for reform faded away in many countries. >> sadly so. >> sadly so. because it was perceived as there is an institution. the only real federal institution in europe, the only institution really which works which has instruments at hand to deal with a crisis. so this is the only solution. however, and i think in this respect, central bankers in europe are absolutely right when they argue that we only buy time. but the key question is for what purpose is this time used. and there is the risk with interventions, ongoing interventions or the announcement that will weaken the reform process in many countries. >> talking to silvia.

we have comments coming out from rosneff giving us more details on the tnkbp deal. they say the purchase will be completed in the first half of 2013. the rosneff ceo saying bp will help improve corporate culture. can be a main source of china oil deliveries, as well. and tnkbp purchase will booth rosneff's gas business. so those fields, what's interesting how the fields will be a main source of china oil delivery. so already saying the biggest client will be china. following the debacle over a proposed merger with eads, bae systems senior figures are under pressure to resign. major shareholders are pushing for the chairman and independent director to step aside. shareholders say the firm had become too reliant on m&a and

calling for an urgent search for a new chairman. stock down slightly today. and just two weeks after its parent an ban did noted merger plans, airbus will hold an event marking the final assembly of its new light weight car about an composite plane, the a-350. reports suggest the plane maker is looking to increase the production in order to better compete with u.s. rival boeing. elsewhere, a riva has confirmed it's in exclusive talks to sell its business to pay down debt and improve safety. chinese firm cathay fortune has a bid for discovery metals.

a similar offer earlier this month was rebuffed. the reform commission has approved the offer, but it still needs the thumbs up from regulators in australia. shares closing up 4.8%. reminder of what's on the agenda in asia for tomorrow. hsbc releasing it private survey of preliminary pmi data for the month of october. japan's nintendo reporting its second quarter earnings at 9:00 a.m. and we're also getting quarterly numbers from south korea's tech firms. lg and sk hynix reporting. now, apparently, oh, dear, being popular pays off. according to data from the wisconsin longitudinal study, students who are popular in high school earn more than their less liked counterparts decades even after graduation.

researchers suggest that the children with more friends earn 2% more than their peers 35 years after leaving school. they didn't compare whether it was popular people with the brightest people, which would have been my question. but anyway, so is financial success a matter of popularity or is it studying hard or do you just want to leave the memory of high school far behind? let us know what you think. worldwide@cnbc.com or @cnbcwex. we'll take a short break. we'll find out who was most popular in in presidential debate. bob... oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty.

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three up, tlooe gone. and marissa mayer stressed the importance of mobile devices. yahoo! posting better than expected third quarter figures. mulberry stock plunges. warning on profits citing weaker international sales. israel central bank head says the country is planning for all sorts of eventualities among continued tensions with iran.

sorts of eventualities amon futures looking a little softer. right now we're currently 67 points below fair value on the dow. nasdaq currently 19 below fair value. and s&p 500 at the moment is around 6 points below fair value. we just had a bond auction a short term debt auction out of spain. yields higher on the three month, lower on the six month compared to the last time. 3.5 billion was the maximum

targeted, so not too bad. yields still higher. treasury yelleds today slightly at 1.79%. as far as currency markets, haven't got near the one honesty high we hit last week. dollar-yen it hit a three month high today. just above 80s as mounting speculation the have more quantitative easing. aussie dollar slightly weaker. sterling-dollar slightly weaker, as well. but pretty steady. that's where we stand right now. the global trading day. what about the asian section? let's get the update out of sync

pore. >> a lackluster day of trade for asian bourses. we saw weakness across financials, energy and consume are plays. airlines lost ground after air china terminated its fund-raising plan. the hong kong market is closed for a public holiday. we will watch share reaction of china mobile tomorrow after better than expected q3 earnings following yesterday's close. elsewhere, the nikkei recovered in late tried keep its longest winning streak in 15 months. electric power tumbled 13% after canceling its dividend. kospi extended a three day losing streak as ship builders

tanked. but steel maker pasco also shed 2% ahead of q3 earnings. but lg display gained on the ipad mini hopes. meanwhile mining mains and banks outperformed in australia, but losses in technology shares capped the gains on that market. send zsex lower by 0.4 at the moment. >> now you let's recap what happened overnight. trading jabs on foreign policy in their third and final debate. romney called for a stronger u.s. presence on the world stage while the president argued his opponent has been inconsistent on his views. we'll discuss the debate with a panel of experts, one which have says president obama was clearly the winner, the other thinks mitt romney was the one who looked more presidential. we want to know what you think, as well. there is a poll running.

in corporate year, yahoo! revenues were flat, but core revenues did rise 11% better than expected. marissa mayer at any tididn't g many specifics, but did say yahoo! is committed to going back to its roots. and stressed the importance of positioning yahoo! for the shift to mobile devices. >> we haven't expect differencely optimized our website. we've underinvested in mobile front end development and we've splintered our brands. all of of this needs to change. our top priority is a focused coherent mobile strategy. >> yahoo! up 4% after hours. texas instruments, third quarter profit was up 30% mostly on tax

changes and insurance payment related to last year's japanese earthquake. company says customers are still pretty cautious. texas instruments stock pretty flat in frankfurt. so what do we make of this earnings report card so far? michael crofton joins us. what do you think about earnings? pretty spotty particularly revenues. so far 61% of s&p 500 have missed their revenue forecasts. >> it's also sptity in the core industrial space including technology. if you look at the difference between texas instruments and yahoo!'s results, for instance, you'll see that there is a real

divide between those companies that are adopting the cloud and adapting to it and those companies that are still with ties to the old desktop model. and that differential will become more pronounced and a lot who are difficult f more difficult to bridge the gap. hardware type companies will have a problem. those focused on mobile, search and the cloud will start doing much better. >> are you suggesting the bigger you are the harder it is to migrate? >> yes. and one of the technologies that are not adaptable. new technology is going to be moving these markets forward the next 10 or 15 years and if you look at the earnings that come out, you have problems at intel, you have problems at says compacisco and microsoft and texas instruments, those problems will persist you because the consumer

is migrating at a much more rapid pace than expected. >> what is the current earnings season mean for the general price or do you have to be really specific? >> i think it's a stock specific thing. but i think some of the earnings have been really including. because we're almost in an earnings trough. if you believe that the problems in europe are mitigating, that the united states won't go over a fiscal cliff, probably a good time to be an investor. if those things don't come to fruition, chalation valuations . and it's probably a great time

to get invested if you have a long term horizon. return expectation horizon has expanded in this market. you have to really look out five years and beyond to determine whether or not these stocks will be suitable for your portfolio. >> how big an about is that? >> i don't think the fit cal cliff will happen. i think last night's debate was quite interesting. i call it a draw. i think romney has begun to close the gaffe in the polls which is problematic for incumbent president. one of the earlier process nosity indicators said he thought romney would be bad for the market. contrary, i think the market would welcome a romney victory. >> they reckon it will fall 30%

from 1.1 trillion in the prior fiscal period. do you see that happening? >> i don't think that will have much of an impact at all. our problems aren't really revenue problems. they're spending problems. and unless we address that, we have a big difference set issue that will grow at an enormous rate. so we really need to get our spending under control and that means entitlement programs. and that's very tough politically for -- within our system of government for these guys to confront. >> do you have coffee or tea there? >> yes, all sorts of caffeinated products here for us. >> you have whatever product you'd like. and when we come back, we'll talk more with you, as well. and the two day meeting amid

speculation it may extend its qe program. bob... oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks good. [ male announcer ] fedex office. now save 50% on banners. one golden crown. come on frank how long have we known each other? go to e-trade. they got killer tools man. they'll help you nail a retirement plan that's fierce. two golden crowns. you realize the odds of winning are the same as being mauled by a polar bear and a regular bear in the same day? frank! oh wow, you didn't win? i wanna show you something... it's my shocked face.

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obama and romney spar in their third and final debate.

marissa mayer lays out her vision for yahoo!. and plus israel central bank tells cnbc exclusively that the country is planning for all sorts of eventualities amid continued tensions with iran. we'll look at the fed and hear from sandy fisher straight after this break. we have big dreams. one is for a clean, domestic energy future that puts us in control. our abundant natural gas is already saving us money, producing cleaner electricity, putting us to work here in america and supporting wind and solar. though all energy development comes with some risk, we're committed to safely and responsibly producing natural gas. it's not a dream. america's natural gas... putting us in control of our energy future, now.

no major economic data, but numbers from dupont, 3 m, united technologies, u.p.s. all before the opening bell. after the close, we'll hear from amgen, facebook, aflac and netflix. apple expected to unveil a mini ipad at 1:00 p.m. eastern. reports suggest the screen size of the mini ipad if that is indeed the actual name would be around 7.8 inches which would put it in the same size as kindle and compete directly with the kindle fire. google's kindle has been its top selling market but it won't specified its sales numbers.

samsung is down in korea. the fed begins a two day meeting today. widely expected to stick in its wait and see mode. the fmoc might focus their discussions on ways to improve how they communicate strategy. this includes possibly linking policy more explicitly to economic factors rather than a specific date. they may also discuss coming up with a collective view on the economy and monetary policy. michael crofton is still with us on the phone. fifrl trust company. michael, the fed sort of all in now, so what continuing impact will they have on investors? >> none for the balance of the year. i can't imagine them doing anything in front of this election. this election is really, really important to us and anything

they would do would be political and that's a no-no. >> if bom obama is reelected or romney is reelected, does that change how the market reacts? >> if obama gets reelected, i don't think it will sell off, but i don't think it will do much for the balance of the year. the real concern for this market is the fiscal cliff and all indications are that they'll negotiate their way out of that. probably postpone any real decisions on that until the middle of next year. so i don't think an obama re-election would be devastating to the markets as some predict. i do think a romney election would be very, very positive for the market. i think businesses are waiting. industrial production has been a little slow. corporations are slow to buy new equipment and hire new people.

and romney has signaled that he'll ease up on a lot of the burdens that have baeen enkacte. so business confidence would get boosted by a romney victory and that translates in to a better market. >> the dow up 9%, nasdaq up 15%, s&p up 14% apand euro hasn't ye collapsed, we haven't gone over the fiscal cliff yet. china hasn't had a hard landing. despite tensions in the middle east, nothing is completely erupted. so what does that mean for the last sort of few weeks of this year or the last couple months? >> it means that if you're a bear, you're in a lot of trouble. and i don't think they'll be able to make up the ground they've lost by being out of this market. the last couple months, i think, again, we have an election next week and a half away and that will tell the story.

next year it will be a much different year. all the problems that you mentioned are still with us. so it will be how those problems are resolved and what time frame those resolutions occur. that will sort of determine where the market will go next year. next year could be a real tough year despite who the president is. >> yeah, although it didn't impact us this year. maybe we keep stringing them along. >> the longer it takes, the worse it might be. >> good to speak with you. thanks for joining us. what do bernanke's peers think? hadley gamble has been speaking to stanley fisher. and she asked him his view of the u.s. and what he thinks should be done to tackle the fiscal cliff. >> it's clear from say the pulse

of business people, consumers and particularly business people and financial market participants that the uncertainties about fiscal policy are having a major impact on how people think about the future of the economy. so it will be good to get a plan for dealing with it on the table, one that's credible. and so the sooner the better obviously not before the election which means not this week, but it would be good if they were able to reach agreement on what to do. and it might be a plan to make changes over quite a few years, but -- of. >> what kind of impact would austerity have on the u.s. economy? >> well, if you keep calling it austerity, probably a bad one. i'd say we have a plan to deal with our budget problems and if it's done gradually and

credibly, i think it would actually not have a huge negative impact. the fed has made it clear monetary policy will stay very supportive through 2015. so it will be a long period with monetary policy trying to push up demand and fiscal is trying to -- is in effect going to be reducing demand. >> i want to turn now to the israeli economy. we had netanyahu calling for early electionses in mid-january and that's off the back of trying to get the state budget passed. and it would be rife with spending cuts. was the decision to hold early elections the right one? >> first of all, i'm sure he had lots of considerations other than the budget, but the budget was certainly very important part of that. and i think with regard to the budget, they could have passed a budget which spread money around

to everybody who was objecting to going to elections now and they didn't. they decided to either try to get a majority or at least a coalition that would be able to do more difficult things after the election than they could do beforehand. i still think that was actually a responsible step with regard to the economy. >> when you look at the protests in the air rrab world and israe with the increases in taxes in 2013 and spending cuts expected within the next state budget that's passed, would you sort of look to that and say this outcry could happen again? >> these things can happen anytime, but i should correct one thing. they're not going to cut government spending. government spending is allowed to thk by 5% after inflation. and that's what they're going to

do. because that's what the formula says they can do. the problem is that they had committed to a variety of groups and political parties and what have you to increase spending by 10%. so they'll cut 5% out of their promises. this is about as difficult as cutting 5% out of what you've actually done. so it will not be the case that the cut backs will be resulting in a fiscal policy that is contractionary. it will be expansionary. and on the tax side, the way we calculate it, this will be a slightly restrictive budget because the tax increase effect will outweigh the 5% increase. >> a little survey has come out. being popular does pay off. students who are popular in high school earn more than their less

liked counterparts did decades after graduation. researchers found that the children are more friends earned 2% more than their peers on average 35 years after leaving school. so we've been asking you this morni morning. we have e-mails in and tweets, as well. one says he wasn't popular in school, but he managed about 400% more in earnings than his classmates. he's an air traffic controller. if you want to dress your views, as well, you can view us tweet us or e-mail us. still to come, the final presidential debate is in the books. candidates will now make a mad dash to the finish line on election day. we'll bring in strategists to try to handicap the race.

headlines from around the the world, three up, three down. president obama and mitt romney jawed over foreign policy and the health of the u.s. economy in their third and final debate. marissa mayer laid out her vision for yahoo! as they post better than expected third quarter results. and apple appears set to unveil

a mini version of its ipad as it tries to take on amazon and google in the smaller tablet segment. israeli central bank head says the country is planning for all sorts of eventualities among continued tensions in iran. some s&p trading 8 points below fair value, nasdaq 18 points below fair value. and we are some 62 points below fair value for the dow at the moment following a weaker session here for the cnbc global 300. currently down just a quarter of a percent. ftse two-thirds.

half percent for the cac 40. ibex down 0.4%. but we did actually have a t-bill auction this morning that went okay. yields on the three month are higher than september 25, but six month were lower and also we saw pretty good bid to covers plus the fact they raised the target. that's where we stand ahead the u.s. open. this is a recap of some of the thoughts of our experts today. >> dividend yielding stocks are indeed the dominant stocks to invest in when looking at the uncertainty of the outcome of elections, but really also some of the uncertainties that are still around in global financial market markets. >> optimism builds as regards a slow but fitful progress towards a euro crisis solution. all the money was repat tree

eighted and begin to flow out of france now. there is still some appeal to that spread. >> as we age and have to buy more health care, whether or not it happens this year or next year, i don't know. i just perceive the countries to be cash rich, generally able to access world markets and not expensive for the opportunity ahead of them. so if you're an investor rather than a trader, the health care sector is a great place to be. >> mean while president obama and mitt romney faced off for the third and final time before election day last night. trying to convince the american people they're the right plan for the next four years. john harwood has more. >> this final presidential debate of the 2012 election was

one where the two candidates had totally different objectives. mitt romney wanted to come across as statesmanlike, presidential, pass the commander in chief test. he did that. he was smooth in his presentation. mostly unruffled under attack. agreed with president obama on several key points. president obama on the other hand tried to sustain the momentum he achieved at last week's debate by staying on the attack against mitt romney, casting romney who has been all over the map on foreign policy, saying his own foreign policy has been working. it's probably true that the president scored more debating points, but there's a question about whether his tone was most effective where romney was trying to appear calm and smooth. one republican congressman told me afterwards that this is a debate in which both sides will tell you afterwards that they won and they'll both believe it. the polls over the next few days will tell us whether either one is right. after all, this was a debate about foreign policy in an election dominated by the economy. it's not clear this will move

the needle at all. we'll find out in a few days. back to you. >> we will indeed. that was john harwood. we'll also talk about it thousand. joining us from washington, sarah taylor feygan and penny lee. good to see you both. thanks very much for joining us. what's interesting here, sarah, this was supposed to be a debate. i didn't actually hear much debating on foreign policy. was that the game plan? >> well, i think it was pretty clear to me that mitt romney made a strategic decision to stay as close to the president on foreign policy, to not get labeled as a warmongerer and to really just survive this last debate. he's in pretty strong position. he has momentum. he didn't want to take any risks and do anything that would blunt his progress in the polls. >> sounds a bit timid to me, penny. >> absolutely. i mean, what you want from the

next commander in chief is someone who shows that demanding presence, who can actually step into that role to make those tough decisions that need to be made instead of just latching themselves on to the current president. when that 3:00 a.m. phone call comes in, you want somebody who can answer it right there in ready time instead of saying hang on, i need to find out what president obama is doing. so it was really an interesting tack tech in which governor romney took and that was that he shifted many of his positions and actually did get close to the president, but you have to ask yourself, what is at the core then of who you are in regards to foreign policy. >> here's what i think that romney did do well over the course of the three debates. he passed the test as john said earlier as commander in chief. he looked presidential. people, independents, all voters could look at him and say i can see him in the white house. i can see him in the rose

garden. and that was an important test. he went in to this debate series with his favorables upside down. he leads the debate series with his favorables right side up and with the up. and he heads in to a stronger position than the presented in the last couple weeks given the momentum of the race. so now this really becomes a race about turnout and some very key say thes in the midwest particularly. >> so just to make the fair point here, the president was ahead going into these debatesnd he's now level. so where has it gone wrong for him? >> that first debate, we all can admit it was not president obama's -- he even admits it was a bad debate for him and that was a real momentum shifter. it does shift in mitt romney's favor, but now you you saw two steady debates.

president obama clearly won. and it is going to be about you werout. and this now goes in to the enthusiasm factor. you start to see democrats rallying again behind the president. they were dismayed, but they're coming back and they are very enthusiast enthusiastic. and the issue that will make voters shift over to w40 they vote for is a character issue. and what you saw last night from mitt romney was a lack of character, just willing to say whatever it takes to get through the debate or the next issue. and i think that will resonate with those undecided voters. so still two weeks to go. a long time in american politics. so i think the president will still be able to mull this out. >> i think mitt romney did make a mistake in not going after the president more aggressively on the handling of the libya consulate attack. that was a missed opportunity in

my opinion. the governor clearly made the decision to not go after that. i think the republican base wanted him to at that time president to task particularly on this issue and he just gave the president a pass. so what that does we'll find out. but i think it probably doesn't have much impact another al because republicans want to defeat this president so badly. but that was a missed opportunity. >> and the democrats were enthusiastic to see their commander in chief be the commander in chief. so that assured them whether or

not he had the fight in him, questions after the last debate, but he's reassured american people he has a clear vision for how he wants to lead this country. >> as john said, it will be the economy that decides the race. if you want to get the base out that's what obama is really good at in the last election, i'm not sure why he'll get the same number in time because then he was selling hope and change. and now he can't use that. does his record stack up, can he get enough people out like he did last time? >> there is challenges and the economy has reported what they were hoping for, but it has made steady progress. so that's what they'll continue to presented to the american

people. you didn't want to return back to the old policies that got fuss to the mess which is exactly what mitt romney is doing. so tin 2008, he won by 53%. he has the ground work he's been working on for the last four years and there are people very enthusiastic to still come out. >> sarah, what does romney have to do in these last couple of weeks? >> he's going to have to go to the midwest and fight it out state by state. key states like ohio, wisconsin, iowa, he's going to have to ensure his ground game matches that of the president's. i go back to what you asked penny earlier. the president is not going to get the same number of votes. he won't come close.

he may still win, but it will be incredibly close. and what republicans have going for them is an enthused base by about a ten point advantage, republicans are more excited about this election and more excited to participate in this election. and as a result of that, i think you'll see more volunteered, more people knocking door, making phone calls. the key things that matter in these final hours of the presidential campaign. and while the president has been at it much longer than mitt romney, you won't be successful if you don't have enthused volunteers showing up at your campaign headquarters. >> we'll see what happens two weeks. seems like we've been living with it for two years. but thanks to you both. apparently both sides

claiming that their man was the most popular last night. but according to data from the wisconsin longitudinal study, students who were more popular in high school earn more. children with more friends earn 2% more than their peers, 35 years after leaving school. that's generated plenty of reaction today. jason tweeted did the study mention the 2% was within the margin of error or the people who pay too much attention to such earn 4%. don't get people jealous will air traffic controllers. we'll take a short break. plenty more on cnbc when we come back. another big earnings day. people really love snapshot from progressive, but don't just listen to me. listen to these happy progressive customers. i plugged in snapshot, and 30 days later, i was saving big on car insurance. with snapshot, i knew what i could save before i switched to progressive. the better i drive, the more i save.

i wish our company had something this cool. you're not filming this, are you? aw! camera shy. snapshot from progressive. test-drive snapshot before you switch. visit progressive.com today. bob... oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here.

hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks good. [ male announcer ] fedex office. now save 50% on banners. we'll take a short break. we'll take a short break.

thes are the headlines. obama and romney spar over foreign policy in their third and final debate. marissa mayer lays out her vision for yahoo!. and apple takes on amazon and google with its new mini ipad. so what can we expect? we'll speak to an industry insider as soon as we come back. [ female announcer ] e-trade was founded on the simple belief

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ahead of the bell, european stocks are down. not by much. slim losses yesterday. french and spanish markets down around half a percent. u.s. futures indicating a downward start. dow currently 70 points, nasdaq 19. and we are sort of 6 for the s&p. what's on the agenda today in the united states? no major economic data, but the fed begins its two day meeting. also numbers from dupont, 3 m, united technologies, u.p.s., harley-davidson and xerox, all out before the bell. after the close, we hear from amgen, facebook, aflac and

netflix. texas instruments third quarter profit rose 13% mostly on tax changes. also an insurance payment related to last year's japanese earthquake. that offset a two% decline in revenues, but it did beat forecasts. stock in frankfurt barely moved. core certainly and revenues were 11% up better than expected. and on her first earnings call, marissa mayer didn't give too many specifics, but she did say yahoo! is committed to going back to its roots as a consumer internet company and she expressed the importance ever positionsi positioning yahoo! to the shift to mobile guys. >> we haven't effectively

optimized our website. we've underinvested in our mobile front end development. and we've splintered our brands. we have more than 76 applications across android and ios. all of this needs to change. our top priority is a focused coherent mobile strategy. >> yahoo! stock up 2.9% in frankfurt, 4% after hours. joining us is matt trick moorhead. how impressed are you with the strategies laid out by the ceo [. >> i'm not very impressed at all. and i think that yahoo! needs to give a lot more details of how they'll do it, more importantly, demonstrate that they have some competency in mobile and social media.

>> she hasn't been in the job long. what is it you specifically want to hear? >> well, let's see some things like revenue grow. revenue's been in the tank for the last four quarters. let's see some products and a direction. right now what we're looking at are words. >> i suppose you have to start somewhere. you want to wait to see the numbers improve before you think there's any change? >> and i had like to see a compelling product come out first. right now we're hearing the words which is good. it's a good direction. i'm not aware of any big social media company who is not looking at mobile or a web company, and second of all, need to see some very impressive products to get released. and then we'll see the results. >> also need to do more to

monetize their franchises that they have. some people are talking about they've goal good franchises in sports and finance, but not monetizing those. >> that's right.tal good franchn sports and finance, but not monetizing those. >> that's right.l good franchis sports and finance, but not monetizing those. >> that's right. good franchise sports and finance, but not monetizing those. >> that's right. they have good trafrng in certain content areas. what they need to do to really make a difference, though, is they have to lean into mobile and they have to find a way monetize social media because that's where years will spend their time. >> so how long do you give them? >> i'd like to see some compelling new products in three to six months and i'd like to see some dramatic it increases in numbers in section ix to nin months. >> okay. we'll see what happens. we'll talk about apple in a second. but if you want to get more on

this, head over to cnbc.com and read out why one expert thinks marissa mayer will win the battle. samsung and apple today will reportedly end the supply contract next year. orders already cut back largely because of the huge price discounts that apple demands. also finding over long standing patent did disputes. that story seems to be confirmed this morning in seoul. and apple getting set to take on amazon as is expected to unveil a mini ipad today at an event in san jose, california. 1:00 p.m. eastern. reports suggest the screen size would be around 7.8 inches which is the same as the kindle.

amazon says the new kindle fire is its top selling product since it hit the market, although it won't specify sales numbers. patrick, are you liking the sound of this mini ipad if they call it that some. >> i think it's a good gap filler for apple. and i think versus standard ipads and smart phones, it will be a bigger challenge for apple than they've ever seen before. >> because there's already a lot out in the market. >> there is. will is compelling android devices out there. and the devices that you see are leveraging the half a million decent applications. >> you can work out what would be a result for them in terms of sales? >> they will sell a lot by

virtue that they have a huge fan base and i believe it will be policed around between $299 and $350. and i can see them selling at least 10 million to 15 million in the fourth quarter. they're already in the stratosphere and i think that what investors should be looking for is some constants that apple won't give away any of this market to the competition. >> bearing in mind what they've achieved and where they sit in terms of stock price, how hard is to keep things going? >> they're a cash machine right now and driving impressive net incomes. so i think the challenge comes in down the line as their growth

markets start to peter out a little bit and are looking for new markets to enter. two markets specifically that people should be looking for in the future is their ability to monetize tvs and also get into lower pc prices as they really aren't moving the needle in pcs at all. >> patrick, give high best high to austin. i comings up next, time to get more presidential debate reaction. "squawk box" getting under way with joe, becky and andrew. whatever happens, have a profitable day.

good morning. our top story, ben bernanke set to convene a two day fmoc meeting. yahoo! bucks the recent tech trend posting better than expected results and shares rising on the news. and president obagovernor romne in their third and final debate. it is october 23, 2012, "squawk box" begins right now. >> in order to be able to fulfill our role in the world, america must be strong. america must lead. and for 245 to happen, we have to strengthen our economy here at home. you can't have 23 million people struggling to get a job.here at. you can't have 23 million people struggling to get a job.to stre at home. you can't have 23 million people struggling to get a job. >> we have to ask the wealthiest to pay more, that way we can invest in the research and technology that's always kep