and danone, down 3.5%. it's cutting its 2013 targets after baby formula sales failed to repound in asia following a food scare. stephane is in paris. >> ross, do you buy leather or fashion goods? >> do i buy leather or fashion goods? >> do you? >> what about leather fashion? >> well, you might not be the only one because, actually, the performance of that sector of lvmh was extremely weak in the third quarter. and that's a problem because it's the main activity of the brand, according to a luxury analyst. revenue from that division dropped around 4% in the third quarter. it's louis vuitton brand, such a repositioning of the brand would lead to short-term losses in sales. the management of lvmh has predicted that the transformation would take president obama a year and a half. but in terms of other businesses, the retailing division was really good in the quarter, up 13%. it's driven by the very strong performance of stores, wine and spirits division doing well, up nearly 3% thanks to strong shopping sales,

china is an important market for danone.e company, however, has faced a variety of problems in china this year, including a price- fixing scandal and an infant formula recall. equity capital markets here in asia-pacific expecting a busy day uncertainty on thursday with three ipos worth about $1.7 billion, pricing in this -- in the philippines and malaysia. the largest of the deals will come from malaysia where umw oil and gas will go public. another $580 million deal in south korea. traveler international's ipo could fetch up to $430 million in the philippines. the ipos are all expected to price well at the top of their pricing range. investors here are waiting back into emerging markets shares. that is the latest from hong kong. back to you. >> thank you, tara. back to our top story. the senate has passed a last- minute bill that keeps the country from basically defaulting. the measure will reopen the government. nathan king user to walk us through it. we are going to pictures of what is happening on capitol hill very short