a day of swings for kweichow moutai. to find some favor in shanghai. ,he last word on chinese bonds declining as policymakers tighten controls of financial markets and the pb oc has pared its cash injection, pushing the 10 year yield to the 4% mark. let's get first word news with stephen ingles. german chancellor angela merkel would rather face a new election than run a minority negotiationss broke down with the pro-business free democrats. angela merkel said she would prefer to go back to the electorate in an attempt to govern without a majority or clear mandate. i have no plans for a minority government at the moment, so we have to wait. a new election is one way, and a minority government is another. that would be something to be thought of very carefully. i don't want to say never, but i am skeptical and i think new elections would be a better way. the ecb expected to make small adjustments to policy guidance next year rather than a major change. euro area officials tell us it should be consistent with the gradual wi