yesterday, he met with a print minister of italy. -- with the prime minister of italy. really trying to inspire investor interest from china. it seems to be working. is everybody happy? >> they are pretty happy with this. italy needs foreign investments and is a good matchup with china. all kinds of different interests at play. there were deals about 8 billion euros signed. they signed with italy's biggest energy company. they have arty had some deals -- they have already had some deals with china. it is something very positive. the main problem is more of fear of chinese buying out small businesses in italy. >> bringing that in a little bit, big names attracting attention. are we seeing small companies being snatched up as well? there could be some great family names out there that are being snapped up. >> i think that is the major fear. the large companies are happy to have an extra investor. the italians are not afraid of the chinese. a lot of foreign investors fear red tape. chinese certainly don't. the problem, the family businesses. because the chinese have a lot

making us one of the most capitalized banks in italy. you.ee with it is quite confusing to read on one side that you failed something on the side, very much cap allies. the ecb as saying you have a six under 80 for more efficient since under 84 million capital gap. $684 million capital gap. the excess number that you are talking about, are those extra measures you have included in the bank of italy, have they been accepted by the ecb or are we still waiting? >> thanks again. as far as we're concerned and in a mark oft is only communication, not a matter of accepting the measure these last nine months. bank of italy assisted the buture and we accepted them [indiscernible] decided to put an end to december 2013 and believe -- and leave the nca to copulate and consider the different measures -- to calculate and consider the different measures. it is not being accepted or not. december 2013, our pap er measured the bank of italy. it is adjusted. >> ok, let's talk about the italian banking sector in general. nine failed. about theit tell you

italy has been in and out of recession for the last 15 years.can the ecb do anything about what is going on in italy? >> i think it is tough. i think you have to take a step back and say, they took it a little bit by surprise and terms of timing, but mr. druggie thought these actions were going to be effective, -- if mr. druggie thought -- draghi thought they were going to be effective, why didn't he do them earlier? things the game changing that should happen are much more on the fiscal side. much more onably the regulatory side as well. it is difficult for banks to start lending more aggressively when the regulator is saying we have got to strengthen balance sheet. you have got to be much more cautious. >> the big trade was mario draghi is going to conduct should beqe and you overweight european equities. if the stimulus doesn't work, what does it mean for markets? >> equity markets have given very good returns over three years, but most of those were brought forward. i think it is what is going on in the united states and to a lesser extent t

we talk bd italy.ly, once you have a company that goes beyond -- 15 employees, you are subject to the law. if 5 a% of the companies re at 15 employees or lower. these two things go together hand-in-hand. the argument is, you have weaker data in germany and across much of the euro-zone. what can central banks to do about that? >> ok. i think on that note we will leave. >> and we'll have more. "on the move" is next. ♪ >> welcome to "on the move." we are minutes away from the start of european trading. inures pointing lower london. this is what we are focused on. european stocks fly. isope's largest economy arguably on the cusp of recession. on angela merkel to change approach. lower afterhares the airline says a 14 day pilot strike may cut from earnings. we will be looking at the federal reserve last meeting. the new york fed president said raise interestto rates. during over in frankfurt the same thing. it looks like we could have another day of stocks moving lower. >> this is europe playing catch-up we

italy was prime minister. we go to rome to talk about whether renzi can fix the unemployment problem and how quickly. we will see you in a moment. >> i am the first to say that employment in newly is not created by air law, social benefits, justice system roof warm, fighting against corruption. all of them together attract investments. touting benefits of labor and fiscal strategy. he faces a confidence vote on these rules. shouldn't be going faster? tennessee tech when the right things? should he be looking at the taxation system? where should he take it away? andcisco joins us specializes in public policy analysis. to haveleasure it is you. is he all when the right track right now? is he on the right track right now? he has nosay that alternative and is close to the final quarter, when the government assesses his capacity bill.a fiscal stability this is the time of the year when they look at this and he has to close the gap between ambitions and delivery. the labor reform that he is putting forward serves mu

in the case of italy, the debt is not so much a -- that is not so much the problem, but italy has leaked the information they have been resized for their commitment on structural reform. the italian prime minister explained if his budget were to fail, he would shed light on brussels on spending. >> interesting week in brussels at the summit. thank you very much. >> in egypt, a car bomb has killed at least 25 soldiers on the sinai peninsula. it is one of the deadliest attack against egyptian security forces since the toppled mohamed morsi forces last year. >> the attack took place at a checkpoint near the main town in north sinai. they suspect it may have been carried out by jihadist who want revenge for the overthrow of mohamed morsi. an unidentified yellow powder has put western consulates on alert istanbul. turkish authorities say the german, canadian, and belgium representations were evacuated after suspicious powders containing the powder were delivered friday. >> staff at the german consulate left the building. turkish decontamination teams moved and swiftly. wearing protective clot

in italy, donatello was only 10 years old when sluter began to carve these figures, which display an intense realism never seen before in european sculpture. as this reconstructed model shows, the well of moses was originally brilliantly painted. the prophets deliver their prophecies like figures from a medieval mystery play. the piece was intensely theatrical linking prophecies of the old testament to the sacrifice of christ on the cross. originally, the well was surmounted by a life-sized crucifixion group. this crucifix was smashed to pieces during the french revolution, and the largest fragment that remains is the head of christ. somehow, sluter's carving conveys both the agony of christ on the cross and the release from suffering which death has brought. life at the burgundian court was not always domated by thoughts of god and death. the dukes of burgundy were famous for their tournaments, banquets, and extravagance. they placed great importance on all the arts. their court was one of the grandest in europe. because this was a tring cot, moving between the palaces of their scat

what if locals or nationals from spain or italy go off base? see the issues that the national authorities here in spain and italy are dealing with as they try to work out the problem with the u.s. allies. christine. >> al goodman for us. thank you for the report. >>> a chilling twist in the war against isis. the terror group released a video that shows a british hostage john cantlie telling the world that is the town is firmly under isis control. what is striking about the video is cantlie who has been held since 2012 appears he is reporting from the scene. watch this. >> hello. i'm john cantlie. today we are in the city of kobani on the syrian and turkey border. that is turkey behind me. >> very troubling. nick paton walsh is following developments for us in turkey. good morning, nick. >> reporter: john, that video that you just saw with sophisticated drone footage. it shows isis very much in grasp of how to use social media to frankly terrifying effects. we have no idea of the conditions that john cantlie is under or his state of mind that ma

by 1400, this was the city-state that dominated central italy.ut bankers and textile merchants were expanding their trading empires all over europe. over the next 100 years, an extraordinary interaction took place in florence-- the innovations of artists and architects, the excitement of rediscovering classical achievements, and the patronage of a wealthy commercial class. these key elements brought about a series of artistic and intellectual breakthroughs that came to be known as the renaissance-- literally the rebirth of learning and culture. in the church of santa croce, a series of frescoes painted around 1320 were to have a revolutionary effect on florentine painting. here, the great merchant families competed with one another to commission the leading artists to decorate their chapels. in the chapel of the bardi family, professor john white of university college, london, describes how these medieval images came to life. this is a franciscan church, and the franciscans were the passionate preachers of the late medieval world. they used their

italy particularly selloff, spain to a lesser degree.people realize that the european peripheral game is played now. the yield -- we look at the graphic and and we can see that along the bottom. when people suddenly realize this will become a big risk. the next time we see a correction, spain has made real improvements in the economy. that is one of the ways we invest in emerging markets. look at italy. politics remain an absolute farce and there has been absolutely no reform. you have to explain why you're still holding on to italy. the risk is potentially coming back. we will not see a repeat and the europe is going to be fine and dandy. i think you are wrong. >> let's be clear, it is not my call. we have come down from 6.5%. plenty of people saying, the run is over and the rally is over. there is a big difference between avoiding the periphery and actively being short the periphery. this could be the widow maker out of japan. >> there are various ways you can play that trade going short. start thinking about how do you actually exit a

italy down 1.15%.ow will ireland cave to international pressure examine close the so-called double irish tap loophole favored by the likes of apple and google? the speculation allows to pay very little tax on their earnings. companies using it already can do so until 2020. catherine joins us with more on this story. >> what we're hearing from people in dublin is this is likely to be a more broad brush commitment to gradually closing it. because apart from anything else, the irish hasn't seen what other countries, like the netherlands, for example, are going to do yet. i don't think they're going to unilaterally close it as quickly as that. but having said that, there is growing international pressure from the u.s., from the eurozone partners, too, to try and make sudden moves towards this. but the government perspective, too, they want to make sure that it's not just being totally wiped out and they're not totally disincentivizing those company. you're likely to see a more movement, intellectual proper

one chef in italy, so -- it's big.mmy: yeah, sure. >> considering always in the five best chef in the world. >> jimmy: and italy has the best foot of any country in the world. and i challenge any other country on that. >> you said that. you said that. >> jimmy: but it is true. >> i didn't. >> jimmy: we all know that it is true. >> you have in front -- >> jimmy: let me put my napkin on my lap and be kind of -- what have we here? let me put the book down so we can eat. >> memory of a bologna sandwich. >> jimmy: the memory? >> you know, after i came back from this experience in the avant-gar avant-garde restaurant in spain, i learn the technique and everyone was like, so, what are you going to do? you are going to, you know, make a foam of more that della? i said, that's a very good idea. and, who didn't have bologna sandwich? >> jimmy: i didn't know you had -- well, i guess it makes sense you'd have that in italy. i imagine it's better than our bologna. we had a guy named oscar who made our bologna. should we taste this?

france and italy are in the hot seat for not falling in line with the e.u.commission's wishes during the battle lines for lively and confrontational debate. >> you would never know it from the smiles, but the tension is palpable in brussels. the new commission headed by the former luxembourg prime minister is spearheading an investment plan to boost e.u. growth. attention instead is focusing on budget discipline or lack of it. specifically, a letter the commission sent italy requesting clarifications on rome's rule-breaking budget. the italian prime minister published the letter prompting commission anger. he said he would shed light on spending by brussels's institutions. >> we will publish data on everything spent by these palaces, we are going to have some fun. >> france is also on the problem list. paris has not been quite so confrontational, that makes it clear it will not budge. >> we will comply with e.u. commitments, but with as much flexibility as possible. by that i mean we will not add to the savings we have already outlined, 21 billion euros in 2

. >> consolidation in italy. reelected. brazil's president secures another election in the tightest election in recent memory. ♪ >> good morning. welcome. you are watching "the pulse." i am guy johnson. >> i am francine lacqua. we are getting breaking news. every anglexploit of the ecb stress test. ceo, thepeak to a greek bank was one of the 25 most stressed banks on the ecb list. >> we will put everything in and he joinsa ceo us for the entire second hour of "the pulse." the numbers worse than expected. median -- 103.he full better to speak to dan han -werner sinn. number and that is slightly than what the market was expecting. a quick look of how the euro is trading this morning. sometimes it is header to travel than arrive. the euro is higher. beginning tos are roll over a little bit right now. maybe not going to hit for the duration that we had hoped for on the upside. let's stay germany. talking about the numbers. we'll have those. out to frankfurt where hans nichols has the latest. flunked, my5 banks -- maybe slightly

italy has very much a structural problem. italy has been struggling for the last 15 years.have been in and out of recession for two decades now. >> i came across an anecdote. cutstory is people who senate members here in italy, their pay was trimmed to cap of 100,000 euros, sort of a telling indicator of just how misguided, mispriced some things are going in the giant economy. i know matteo rezni is facing a key vote to make it easier for firings. what does he have to do to shake up the labor market? >> first, yes to get past the copy itself and the deliver on what he is talking about. theirst, he has to get past vote itself and the deliver on what he is talking about. the problem is not going away anytime soon. >> jagdish bhagwati, what is the mission? you focus on global trade. what is the mission right now for europe, realistically, without throwing money at them? >> for europe? >> yes. >> i think what is being said just now, which is that you need to loosen up the labor market and that is very important. >> so it is artificial. that is the problem. >> it would make a hu

when they are in italy, they i and we have you had asked him to -- women are in italy -- when italy,de -- di pyramid. pyramid, buter a an hourglass. accessible luxury has been uiising, even if it challenged. >> thank you for joining us. let's talk about the stories. shareholders at 900 pounds a share. that is more than the shares could rise. shire, when you actually read through the statement of the reconsidering, the last call i down 15-20%. they are saying, go ahead and do your deal. there is a breakup fee of $1.6 billion involved. there are a lot of hedge funds involved. >> plenty of reason to watch oil. we have seen a bear market. the top.at leaving statoil to become the loss at bg. unemployment data today. it could be the lowest in six years. next. the move" is we will see you soon. ♪ >> welcome to "on the move." busy morning. reconsidering a plan to back the drugmakers acquisition of scheier. it could fall 10%. we will be discussing the german slowdown. in benchmark is down 10% just under a month. how should german policymakers respond. it is job stay for the u.k. the latest jo

that takes us to italy. italy has not take than medicine. for a viret of reasons. they dragged on certain situations for long and now we discovered this weekend that the situations are still there and the country will have to address them. we don't think that the addressing of these situations will involve an intervention by the sovereign. so we don't think this will have an impact on credit worthiness over the republic of italy. however the fact that they still need to fix some banking problems, may have a negative impact on the g.d.p. outlook. because some of these banks are very local. they serve industrial districts which may suffer as a onsequence of the bank adjustments. >> right now, bigger than everyone the with the exception of greece. going forward, this divergeance, the performance, does that continue? >> well, you know, you the monetary policy accommodation. i think that helps. you have three quarters of this debt held by italians and they are -- up to now they have been happy to roll it over. there is a big tax advantage of buying public debt in italy.

as you have seen in italy, a little bit of labor markets reform in rome. in france you have the same thing. i don't think we as the average person in france or europe is willing, able to take the risk of actually changing. we defend on the state to transfer income. the market is under pressure, 51% of the population benefits from some transfers. >> but the employment rate so high in france and the economic conditions not improving, i looks like the french people are ready to take reforms. this is what we have seen in the opinion polls. >> let's hope so. and i think in every single country there is this point by which you have an inflation point where things change. when people start to realize that getting transferred from the state is not going to pay the bill for all of society. but it is reactionary for people not to want the change because they are benefiting from this. you have the lag of the liberian who doesn't want to work in a different job. this is a european problem. that's why it is so high. >> let me ask you about the euro/dollar and your view

italy's on top of the list. missing link. still waiting for the tie-up between hong kong and shanghai. going against the herd, buy signal flashing for stocks in japan. welcome to "first up." i'm angie lau. coming to you live from bloomberg's nation headquarters here in hong kong and streaming on your mobile at bloomberg.com. good morning to those watching in asia and good evening to those watching in the u.s. checking in on markets, a.s.x. climbing less than .1%, really fractionally higher this morning. australian dollar holding at 88 u.s. cents. on the schedule today, we've got r.b.a. head of financial ofbility unit taking in part a panelist discussion today. waiting for the korea and japan to open. they're pointing to a higher open and it's a sign perhaps asian stocks may extend the games of global stocks, hosting the biggest weekly rally in more than a year. 108.18.en is holding at one closed market to tell you about. it's a public holiday in new zealand because of labor day. o trading there. 25 banks failed the latest str

the next two reforms are on justice, the justice system in italy is the slowest in europe.takes 10 years for a lawsuit to and -- and no. -- end. these three things, labor, justice and banks are reforms. if that is 50% of what they are planning, that is change. the economy is at a part where you now need an urgent fiscal stimulus to make time for these reforms. much has been made about germany, wolfgang sure the are -- scheubler, and merkel. the problems are structural? >> they are structural. it now you see they are starting to do reforms, now you need to buy time. -- senset make france for france or germany to say i don't want to support, i don't give guarantees. and theycoordination continue to say that inflation is not a problem that the german economy is fine. it is not fine and we are seeing the data. i've seen confidence in germany declining. >> i have to get back to peripheral yields. 99% of the people whose it in front of me say the rally may be done but not expecting a big turnaround. you are calling a big one. people will be asking the question, we are 2% on spain

we're going to focus on italy today.that crucial confident vote, ma tateo renzi and his job backed by traders. the xetra dax down about 70 points. the ftse 100 down about 32 points in today's trade. also want to take a look at the euro stocks 50. down about 12 points. wilfred. >> thank you, seema. >>> ecb board members vencinzio has given some information that perhaps mario draghi failed to give the markets last week. this as the ecb ames to send its balance sheets significantly higher. ross is from blackrock. do you think asset backed securities purchase of those and covered bonds is enough for europe? >> well, it's going to be a challenge. the objective of getting their balance sheets up to neutral with the added complication they're going to see about 400 billion of repayment from ltros. that means about 1.5 trillion euros they'll need over the next several years. >> stay with us. we'll move on to earnings now. yum brands is cutting its full year profit outlook after third quarter same-store sales in china fell 14% am

survivors of one of the worst shipwrecks italy has ever seen. for all the return is emotional.ome like 24-year-old dwan it's also a reunion. >> no one was with me. >> reporter: she watched as her friends drown around her certain she too would die. now she is visiting the fishermen who plucked her from the sea. >> it's hard but i must come. >> reporter: why is that? >> because i have to dream about my friends. i have to come to the ones that save my life. i want to take a thank you. >> reporter: 368 migrants perished, one in five broke out a crowded fishing vessel and sank off the coast of lampadusa and the world watched with horror as bodies came up after the sinking and a year later with civil war in syria, unrest in libya and israel bombardment of gaza more people than ever are fleeing. italian authorities are hoping the anniversary shines a spotlight only on the number of migrants continuing to die at sea but also on why the european immigration policy, many here in lampadusa and southern italy feel the shoulders an unfair burden and spending more on border milltry and is no

of the banks in italy still need to raise money.poke with a board member of the ecb, and i asked what comes next. next two weeks, in the coming days they will have to explaina solid land to -- plan to explain. they will have to have a solution in the next two weeks. they will have to implement this solution. six months or nine months. >> if the banks choose to raise capital and there is a 25 billion shortfall, will they have any problems raising that capital? >> i think it will be a much better place to issue liquidity been now because that has a health check transparency exercise. will know exactly which they are investing in, and they are certain the provisions have been made, the assets are properly valued, so it is safety. largelyn banks emerged unscathed. we will be talking about that. really the banks that have barely passed those adverse conditions. i am here at the bundesbank. in a few minutes we will be speaking with the board member. we will get his take on it. the banker by trade is on the board here. we will talk about t

money into spain and italy. money into bunds, 0.73. my out of spain and italy.he last time that happen. spanish yields popping higher. yield for spain. one-day moves have been remarkable. one of the most liquid markets in the world, treasury. yields at 2.0% whipsawed yesterday. maybe.ction of 2012, moves something to talk about. >> plenty of traders watching what was going on. jon ferro taking us through the market. top banking regulator has closed a loophole on rules relating to bonuses. cracking down on allowances rulesed to circumvent the on . -- el barnier by british banks playing the rules? >> absolutely. we're looking at different themes. in terms of bonuses, the were approved by regulators. there is a disagreement on that. important thing to remember is the change in banker pay since 2007. most of it is deferred to cash bonuses, and extraordinary change in a short amount of time. banks are keen to make sure their income -- it is a volatile industry -- it is important to cut their pay bill in down times. they need to retain as much flux billion as possible

. >>> and fears for thousands of migrants as italy scales down its search and rescue operations in theerranean. ♪ >> hundreds of days in detention. >> al jazeera rejects all the charges and demands immediate release. >> thousands calling for their freedom. >> it's a clear violation of their human rights. >> we have strongly urged the government to release those journalists. >> journalism is not a crime. >> a deadly attack that shocked the nation. >> the front part of the ship was just red with blood. >> was there a cover-up? now an in-depth investigation reveals shocking new evidence. what really happened? the day israel attacked america. tonight, 10:00 eastern. only on al jazeera america. ♪ >>> hello again, let's remind you then of the top stories here at al jazeera. the army chief has taken power in burkina faso after president blaise compaore resigned. 30 people have been killed in the protests that was sparked by the president's attempt to extend his 27-year rule. >>> turkey's president is rejecting accusations that his country is supporting isil. he also called for a buffer zone.

they returned from west africa to their mitt call base in italy over the weekend. let's go to our political correspondent barbara starr. what do officials mean by that term controlled monitoring. >> that means quarantined to the rest of us. they're now in a separate building on their military base. they cannot go home. they can no see their families. this will be for 2 is days. all of them arsymptomatic. now additional troops coming out of west africa, several dozen more expected to land in italy later tonight also will go into this quarantine status. this puts the military in a very awkward position. it's putting people in quarantine just as the white house and administration are saying it is not necessary for people who are showing in symptoms. the joint chiefs of staff is deciding whether to recommend to chuck hagel as to whether all people should face mandatory quarantine when they come back to the united states or their home base is overseas. and the pentagon has authorized up to 4,000 troops to go to west africa, about 900 are there now. it could be a massive

we are seeing appetite for italy and spain this morning. of course, this appetite for risk coming back. we are seeing germany sell off a little bit. i want to get into some of the big movers here in europe. key foldsecting some on the back of a couple of earnings. deutsche bank posted a third-quarter loss. , we wereovisions talking about it with ubs. deutsche bank too having to cover the cost of litigation. did they manipulate foreign exchange? did they manipulate benchmarks in terms of rates? this is in countries that the u.s. has sanctions on. the new chief financial officer could help. therefore trending a little higher. air france off by 1.3%. they have two weeks of strikes. third-quarter profit down by 61%. the bookings for the fourth quarter look weak. it is future of caution for air france. next off by 3%. we are not buying our coats quite yet. they are saying profit isn't going to be quite as good as we thought. third-quarter sales up less than had been expected. they say we could see profit up about 8% to 14% this year. sounds good

he had a surprise when he landed at the base in italy over the weekend. he was met by italian authority in full cdc suits and taken with about ten other military personnel to a separate part of the base where they are under controlled monitoring is the term that the pentagon is calling it. effectively quarantined. he had been a key member of the advance force in liberia to deal with the ebola issue. had been there for a month. and told reporters while there he was taking the precautions. the white house weighed on the development with the white house press secretary saying this does not reflect a department wide policy for all u.s. troops which he understands is under development. cnn reporters covering the pentagon say the pentagon has pu published guidelines of who may be quarantined. john. >> there are political considers inside each country. what will happen where you are, al, where u.s. troops transition through spain out of the three west african nations? >> reporter: that is already happening. about 100 marines from the base in south of spain are i

italy, spain, off in and around 4%. all the bourses in general are pretty much down around 10% from their highs. so a big correction in europe over the last few weeks. let's look at bonds. the volatility hasn't just been in equities. yesterday it touched 2.8% before settling at 2.on 06%. significant volatility in what is meant to be a safe haven asset. that yield compression has been seen across the board. the ten-year german yield is now 0.747%. incredibly low yields there. that's been similar across olympic all of europe. on the 18th of september, as recently as then, was up 2.6%. it's now 2.0%. so seen as a relative safe haven trade across europe. significant yield come expression pretty much on all european bonds apart from greece, which has hit 8.56%. only two days ago, it was below 77% significant yield rises because of fears of possible early elections, possible leaving the imf bailout early and fears over the banks. let's move on and have a look at forex. the u.s. dollar which has just flirted with giving up som

italy's favorite cheese brand.93 the role playing game magic for gathering came out. they are more popular now than ever. here you are seeing an unboxing of an original alpha set of cards. this guy wearing his surgical gloves being very careful to open up this pack he bought. he is going through each card one by one. as he gets deeper into the deck, gets to the last two cards. >> here comes the first alpha rare. eight minutes in. will it be the lotus? oh, wow. tropical island. >> tropical island card. for people who don't play this game you think, big deal. apparently tropical island is quite the rare card. it's not the one he is looking for. >> and the other one is holy -- >> it's called the black lotus. again, it looks like nothing. it's a playing card. >> he has every right. they printed approximately 1,100 of those cards. last year one of those cards sold at auction for more than $27,000. >> he just bought a brand-new car. you know what though? that's why his hands were shaking. he can't crease that. >> one car

it is the likes of italy. at some point that credit risk doesn't need to factor into the bond market. credits,talking about we may need to think about, will he get our money back? if you start thinking about as then maybe that is a game changer. the ecb is not going to conduct self quantitative easing and a lot of people think they will not, not only because of the legality that because of how practical and what it could do. then yeah, why wouldn't we. if there wasn't someone backing up the yield, why wouldn't that happen? there is a debate right now on that. about aan we talk turnaround in the peripheral space. it is a big change. >> everybody thought the plan was on. and how much of those plans are pricing in qe's. that isare, then maybe a trade we need to start taking. >> you have a debate in the united states on monetary policy , talking about physical issues. down to this lack of demand. talking ario draghi 50-50 equation. if we don't side, see significant changes in these countries -- countries structura

are we witnessing what happened in 2012 or spain, italy, yields were rising fall germany and italy were declining every italian and spanish yields up thomas greek bonds rising to 7.57% yesterday, the highest since march. the fear is about the bailout. will greece exit the bailout? does that make its debt levels unsustainable? you talk about the u.s. and big swings in the stock market. bondw a big swing in the market yesterday. the 10 year u.s. treasury fell the most since 2009. 33 basis point moves. a changed at the end of the day and finished down by six basis points. yields down eight consecutive days, the lowest level since may 2003. year dropping this month by more than half. that's why were seeing the movement in the u.s. bond market. >> disinflation, deflation, lack of growth. at levels we haven't seen since 2009. the bloomberg commodity index dropped for a third day. copper dropped the most in seven months. let's hope the bottom doesn't fall out of china. brent of course at a four-year low. i think it's a combination between oversupply, opec, will they get their act together? wti

after france and italy made last-minute adjustments.e will reduce its deficit and italy will cut spending. >> north korean leader kim jong un is said to have executed senior party officials on charges from grasp to -- from graft to watching south korean dramas. kim had his uncle killed last year. >> the fed will release its october meeting minutes. the latest wave of asset purchases began in september 2012. places investor focus on the central bank's next big move, when it will raise interest rates. >> let's bring in jonathan ferro and bloomberg economist david powell. we are done with qe, the debate has moved on. >> we are done with qe3. >> qe4 might be further down the road. the debate now is when do they start, if and when they start raising rates. wille debate and the focus be on the statement. considerable time, what it means. we are not going to get janet yellen telling us. >> threat of communication needs to be refined. -- further communication needs to be refined. loaded.line is it is interpreted by the markets to mean we are do

france and italy trading in negative territory. interesting to see how despite the stress tests coming in slightly better that expected, the markets right now responding negatively in terms of looking at the u.s. futures. stocks stabilized last week recovering from the bottom hit on october 15th with the s&p since january of 2013. right now futures indicate a slightly lower open. it is still early in trade so we'll keep an eye on pre-market trade on wall street, but the rebound on wall street is something traders are eyeing. but interesting to see how the european markets are not responding positively to stress tests. >> 25 out of 130 failed the test. that might be the perfect number because we need to have some failures for the test to be credible. but no systemic banks did fail, so the markets opened positive off the back of the german economic data, which was expected to be a move down from last month but perhaps slightly more than expected. so the european banking stocks doing well overall earlier today, but they have just come

. >> one side labor ii with the menu inspired by italy region.nd the other side, the newest venture with food from all across southern italy. with a focus on southern coastal cuisine, fish, homemade patsas. >> it is all a natural process. >> he learns to cure things in italy. and when it came time to open the restaurant he went back to study getting certified in the ancient art of making authentic, neopolitan pizza. the dough made with special flour and tossed by hand. and fresh mozzarella and cooked in a brick often. >> how hot in there? >> well over 1,000. >> now that he is certified, he will have italian investors making sure that they use the standards for making true pizza. >> feels like you are sitting in naples. >> and the name comes from a female warrior fighting against the unification of italy in the late 1860s. it is based on food from southern italy. did you see me making the pizza there? >> it looked present good. >> and joe went to interestly, a pizza university. >>> and from comic books to whom -- halloween treats. a lot for nothin

in the south of italy, for example, the catholic church long-held in protecting hand over mafia bossesat least until pope francis put his foot down a few weeks ago in what many considered a bold move. even today, few priests there the powerful mafia. >> have they come f the pressi of the mother of god, or are they here for the summit conference, traditionally held on the margins of the festival of mary? the pope has excommunicated the mafiosi, but the bishop knows that members of the mafia will take part in his mass today. >> the task of the church is to shape people's consciences. it must always help the individual find a way out of his inner conflicts. >> every september, the heads of the clan make the big decisions on ranking. the public prosecutor tells us he has been fighting organized crime for more than 30 years. he says that after the pope made his statement, some in prison mafiosi stopped going to mass. they said they were not wanted there anymore. >> the fact that they were so angry shows how important the popes words are. in southern italy, a mafia bost cannot afford to have

italy's interior minister announced that friday is the operation's last day.he navy it's business as usual. >> at the moment we haven't received orders. so at the moment i can tell you that we still have ships down there saving lives. so nothing changes today. >> reporter: many among the migrants were saved in the past year knew there were warships like this one out there looking for them. now the fear is that if this operation ends suddenly, others will attempt the life-threatening crossing of the mediterranean will be waiting for help that may never come. omar and his family were among those brought to safety on friday. he says news about the end of the rescue operation traveled fast. >> [ inaudible ] italian ship go over the sea to catch refugees like us, yes? so we are -- we are lucky men and woman to be here on the end day. >> reporter: the end coincides with the beginning of triton, a security operation run by the e.u. agency. but one operation doesn't replace the other. >> translator: from tomorrow migrants will continue to cross the mediterranean and n

i'm like, "dad, you excited about going to italy?"of all -- like, anybody you talk to about italy, first thing they say is, "best meal i've had in my life." >> seth: right. >> you know? but it turned out fine. we went to italy. my dad, every meal was like, "oh, this is the best meal i've ever had." it was great. does anybody in family go -- you know, when they eat? >> seth: no. >> that's a sign of them really enjoying it. they want to get every bit of fusilli out of their teeth. with an italian toothpick, you know? mm, mm, so good, good, good meal. your show, it's written and created by david caspe. >> yes. >> seth: yes? >> yes, and it's been -- it's been a blast. it's been crazy hours and a lot of lines. and so i give myself, you know, just to get through the day, to make the day -- >> seth: right. >> i put word reminders around the set sometimes. just to kind of -- >> seth: so like a cheat sheet? what would you call it? >> no, like -- word reminder. cheat sheet is such a dirty word. you know, a word reminder. word reminder. >> seth:

. >> safer: italy is home to two- thirds of the world's cultural treasures. the trouble is, the country's too broke to keep its historic ruins, churches, monuments from crumbling to dust. but now, some of its most treasured and endangered landmarks are being saved. not by the government but by a more respected italian institution, the fashion business. >> there is a very famous kennedy speech, no? what is possible for us to do for our country, we need to do now. >> i'm steve kroft. >> i'm lesley stahl. >> i'm morley safer. >> i'm bob simon. >> i'm anderson cooper. >> i'm bill whitaker. >> i'm scott pelley. those stores tonight on "60 minutes." ♪ the design of the ford escape is clearly intended to grab your eye. ♪ oh, and your foot. ain't that a kick? the ford escape with the foot-activated liftgate. ♪ go open up something interesting. go further. i got this. [thinking] is it that time? the son picks up the check? [thinking] i'm still working. he's retired. i hope he's saving. i hope he saved enough. who matters most to you says the most about you. at massmut

and they say it is better than the product existing in italy. one thing the store is missing is beer and wine because a lot of my customers come and ask for sandwiches and want to grab a six pack or wine to go and this is the only thing missing from the part of the store and i have to tell the customer i'm sorry, we don't have it. i been in the neighborhood since last seven years and we didn't have one incident or call or whatever happening in other store causing the neighborhood. i don't have that much to say. what i need. the only thing i field is beer and wine license and that is going to make my life easier and make me more successful. i do have a couple of neighbors, they joined me if they want to talk regarding what's going on at the store. i really thank you if you can support me to get this license and i really appreciate that. >> thank you very much. anything else to add? >> supervisor, i just wanted to point out that this will be a very, very small part of his business. he'll be using an existing cooler that's there so the major part i

countries like italy where these cou troops are going bab, spain and italy, those nations very sensitive about it. they have a lot of concerns. but u.s. military families obviously very worried. and at the end of the day it could total 4,000 u.s. troops going to west africa and the decision has to be made, do they all go into a mandatory quarantine. >> interesting. thank you for that. and we're of course finding out a whole lot more about developments today in the ebola frant. we could actually find out anytime now whether that disease has struck a five-year-old boy in new york. the child was rushed to new york's bellevue hospital last night. the symptoms were alarming. the travel history included ebola ravaged west africa nation of new guinea. i had so many questions when i heard about a five-year-old. for instance, you cannot just put a five-year-old in a tent alone >> he's with his mom. >> how is she safe? >> it's unclear what precautions would need to be taken because she's already been exposed to him. we don't know how they're protecting them from each other but i imagine they're tr

torrential downpours and hail fell in france and italy on monday.ain and potential for nasty thunderstorms at least early on. look at the rainfall totals in italy and switzerland, we also had not just heavy rains at 360 millimeters of rainfall, that's a 24-hour total. we also had the five centimeter hail. take a look at the scene in italy and we'll show you what has been happening there. of course, as you imagine with 360 millimeters of water, that's 14 inches of rainfall in just 24 hours and incredible totals there. you can see the rivers just completely overflowing banks and significant issues as far as road closures because of that heavy rain and along with that, we have some incredible up drafts, which you would need to support hail in five centimeter diamet diameter, that's about the size of an egg falling down. you can imagine that. that was the scene in italy and i think we're still looking at the potential for some heavy voe rain to be moving through. you see another bach coming in and heading up towards france and eventually getting into no

survivors of one of the worst ship wrecks italy has ever seen anybody all, the return is emotional. nor some, it is also a reunion. >> i was swimming along, no one was with me. >> she watched as her friends drowned around her. certain that she too would die. now she is back with the man who plucked her there the sea. it is hard, but i must succumb. >> because i have to remember my end froms, and come to the ones that saved my life. i want to thank him. >> 368 highn't grays perished, aboard a crowding vessel, and it statute off the coast. the world watched with horror as bodies piles ashore in the days after the sitting. but a year later, with civil war in syria, unrest in libya, and israel bombardment, more people than ever are pleaing. >> italian authorities are hoping the anniversary shine as spotlight. but also on why the european immigration policy, many here across southern italy feel the region shoulders an unfair burden, and that it's spending more on border militarization isn't enough. >> it was a massive tragedy that without doubt marked a page of pane which caused enormous

, france, and italy.s. is a pretty big blow for italy. it is a good bank. greg yes. 1472. worst is absolutely the cap the lies. again, that it is not stringent. ratios, etc.. >> yes, the bank authority from europe, there was the ecb report that found that 25 banks failed. failing.t of 24 banks tougher. they have got nine months to fill these gaps, where as we said before, the 25 lenders from the ecb, no french, no german, no spanish banks or belgian banks failed. this was a big concern. now, the comment right asset quality review. this also involves the contraction. rising unemployment. ecb president was talking about the asset quality review. and 25 billion euros was found again. there was the 2.1 billion euros. that is the impact. >> you mentioned the string in c of these. how stringent were they? you said they may have been more stringent than the previous stress tests. >> they had really tough stress tests. these are the same as those. the bank of england is going to come out with their results on dec