lower -- see the dax lower. there's also the fact that the banks and the states will be asking for billions and billions of fresh money in the new year and the crisis is not really solve get. there is not a reliable political solution. there is a lot to still be concerned about from the point of the view of the people here on the floor. >> that is from frankfurt. let's stick closer look at numbers now in at frankfurt. be -- the dax closed at 5198. in new york, trading volume was then. the dow jones industrial in negative territory at the moment, and the euro was trading for $1.29. hundreds parliament has passed a controversial law that critics say destroy the independence of the central bank. new law strips the president of the right to appoint deputy's and creates a politically- appointed vice president. earlier this month, standard and poor's and moody's downgraded hungary's bond rating to junk status. it looks like yulia tymoshenko led a sad new year's eve. >> yes, she will be staying in prison. the former uk

the story of dax locke is now being told through the movies visit heart of christmas.6-ounces and perfect to us. you you know, when you see your first baby, we were so in love. and by the time he was 13 months, he had just been -- had constant, constant fevers and ear infections that turn inside eye infections and we just could not get them to stop. and everybody told me it was just a virus and that it would be okay and that these antibiotics would take care of it. eventually dax went completely lethargic and we found the cancer. >> so he had a rare form of leukemia. only 15 children a year get this form. often times leukemia is able to be cured. they told you you around halloween that he would not make it to christmas. >> they gave us a 50/50 chance we he first got diagnosed whether or not he was going to make it. so it was really tough as a parent to hear that. it is one of the worst things you can hear. >> and so you decided that you wanted to grant his wish because he was just starting to get into the christmas lights and you started to set up christmas then and th

the dax could not recover from losses last week. the troubled situation in the eurozone erased any gains. mario draghi spoke about a very difficult situation for the economy and banks. putting pressure again on the dax. there was strong demand for shares of air berlin. the arab airline etihad will become the strongest and biggest shareholder. the shares are worth more than 8%. >> let's take a look at some market figures right now. we begin in frankfurt, where the dax closed half of 1% lower. the euro stocks ended the day almost unchanged -- eurostoxx ended the day almost unchanged. the euro is trading at $1.3005 against the u.s. dollar. united arab emirates airline etihad is increasing its stake in germany's number two carrier air berlin. they have pledged to invest millions of dollars in the next few years to support growth. >> the cash injection could not have come at a better time for the ceo of berlin. it gives him more time to restructure the ailing carrier. in berlin has suffered losses for the last three years -- air berlin h

the german dax finished the session down just about 0.5%.he euro stoxx 50 also trading lower, finishing at 2260. on wall street, the dow is pretty much flat, up by 0.1%. on currency markets, the euro is weaker, trading at a value of $1.3039. the u.s. federal reserve's top policymakers have convened in washington, d.c., for their last meeting in what has been an extremely tumultuous year. they agreed to the benchmark interest rates unchanged, near historic lows of 0%. the fed also says the u.s. economy has grown moderately, as hiring and consumer spending have improved. as a result, it is holding off on any new steps to boost the economy, but the statement warned that unemployment remains high and confirmed that rains -- rates will remain exceptionally low through 2013. in corporate news, german carmaker audi looks set to overtake mercedes benz this year as the world's six largest manufacturer of luxury vehicles. audi is already ahead in terms of vehicle sales for the very first time, despite this year being mercedes' best ever. audi's sales

germany's dax ended down by

the dax was surging. the mood was vergo.ositiveusess confidence and the most important message for trer t comnireor optimistic for the future. ana ve successful bond auction of spain. but it was notoo day of sharehololders of thisompany. at disappointed traders and put pressure on the share price >> that was dorothy holes in frankfurt. thepanish bond sale was a huge ccess, aartsee to trust and the new government's ability to carry out the necessary austerity measures. spain managed to s.4 billion euros of government bonds, an average yield of less than 2%. last month, they h had t pay the's d mo. yields fell at that -- as the ec berere tstart offering banks a limited three-year loans later this week. germany's business c confince in the spanish bond sale gave shares a boost tuesday. let's have a closer look it's a market numbers now. the blue-chip dax closed the day up by more than 3%. the euro stoxx 50lsup b 2.7%, positive territory. the dow jonones industrials stil going strong, up by 2.79%. the euro is tracing for1.307. 6

germany's dax slipped to end the day at 57.71. euro stocks it be lost 1.5%, to close at 2255. the dow jones industrials were in negative territory, down by almost 1%. on currency markets, the euro has sold to its lowest point since january and is currently trading for $1.2942. china signed a major deal to start drilling afghan oil reserves. it is the first time in decades that afghanistan has entered into an international agreement for oil production. the country's mineral deposits are valued at over $2 trillion -- at over two trillion euros. western firms are hesitant to invest because of security concerns. the afghan minister in line signed the contract with the president's national petroleum corporation. the value is estimated at $700 million. in return for drilling rights, a committed itself to investing in afghanistan's infrastructure. kabul will take 70% of the profits, not including taxes. >> you heard from me earlier that the deal has been very much in favor of afghanistan in terms of fiscal benefits. >> currently, afghanistan imports all its oil and gas from neighbori

the blue-chip dax closed almost up 5% preferredthe euro stoxx 50 was 4% higher. in new york, the dow industrials were higher. and the root is trading at $1.3436. -- and the road is trading at $1.3436. >>> germany's finance minister said wednesday that germany is open to increasing the international monetary fund resources to bilateral loans. that reverses the stance that bergmann took earlier this month at the g-20 summit, but he said the ecb printing presses will not solve the crisis. >> the german finance minister is steadfast that fiscal discipline is the key to solving the crisis. he opposes extending the powers of the ecb to help member states. >> it would buy a few months relief but not solve any problems. >> some of his colleagues see things differently. sweden says the ecb should step up its role, given the low inflation risks in the eurozone. >> price stability is secure in europe, so there is removed -- room to maneuver. >> the eu finance ministers are doing all they can to save the common currency, the time to come up with a response is running out. >>

losses around 1% for the dax, 0.5% for the paris cac 40.ed by the london ftse and zurich smi, andrew. >> admit it, charles, i certainly have. i suspect a lot of people have. we all had a pretty good image about handling the debt crisis. what if the future was in your hands? could you do a better job than central bankers? now you can try. the ecb has created an app that lets you become ecb chief mario draghi. it lets you set interest rates while you try to keep inflation steady at under 2%. that's what the app looks like. if you follow the pattern, this is the feedback you get. not too bad. many would say in this case not bad is frankly not good enough. i was having a go at this on an ipad and i set interest rates at 0.75% and all these bells and whistles went off and was awarded the gold star central banker of the year so drop them to 0.75% and we're done. >> okay. that's it for this edition of "world business today." andrew and i are back in about four hours' time. i'm charles hodson in london.

the dax is down to the do you know of about .2%. also in united kingdom, we've got inflation data due out in the bottom of the hour. inflation in united kingdom has run at double the central bank. the ftse is performing slightly better but more or less flat ahead of that inflation reading. andrew? >> nina, another down down here in asia. the markets in this part of the world really tracking the u.s. losses. take a look at hong kong. you'll see it coming right off the top, fairly sharp losses from the opening. not surprising because the u.s. in turn is reacting to the fears that the eu agreement is basically not enough. we had moody's saying it would revisit ratings of all the eu countries. and fitch expecting significant economic downturn. >>> tech stocks got hit after intel cut its forecast. exporters were weak, of course, on the european concern. one stock to tell you about today, olympus up by nearly 5.5%. there's a report that the auditors will approve the quarterly earnings report. now, they have to submit this report by thursd

the german dax surged at first before falling back into negative territory. the euro also lost momentum. very bad news from the german ziller industry. seller millennium filed for bankruptcy, and the shares lost more than 60%. -- spiller millennium filed for bankruptcy. only a week ago, another solar company filed for bankruptcy. >> let's look at the numbers. beginning with the tax, ending the day down by almost 1%. euro stoxx 50 down by 0.80%. the dow jones industrials also in negative territory, down by 0.25%. the euro trading for $1.3040. fitch has warned it could downgrade 41 italian local governments as the threat of a recession is looming in italy. third quarter data shows the economy there contracting for the first time since 2009. italian gdp shrank by .2% after slight growth in the first out of the year. the debt crisis and tough austerity measures are weighing heavy on italy's economic growth. the prime minister's new government forecast that output will shrink by .4% in 2012. but other analysts have been far more pessimistic. the european union's h

the 30 companies on the dax have amassed nearly 150 billion euros in reserves. finally, interest rates remain low. it is market environments, germany retains its status as a trustworthy debtor. as a result, the governor -- the government, germany-based banks, and citizens can refinance at rock-bottom interest rates on like their counterparts in eurozone for free countries caught up in the crisis -- periphery countries, the crisis. if growth rates in the emerging markets begin to weaken, 2012 may not be as easy for industry here as 2011 was. >> the founder of the world's biggest mail-order retailer has died in berlin, aged 102. he launched his company more than 60 years ago. today, the group is a global corporation with 50,000 employees. besides real estate interests, it owns u.s. furniture and retail chain creighton barrel creightoncrate and -- crate and barrel. he was with his family when he died shortly before christmas. >> shortly before his 100th birthday, he was made an honorary citizen of berlin. he spent his final years in the capital, but his german succ

let's have a closer look as the market numbers, beginning with the blue-chip dax.t closed up by more than 1%. the euro stoxx 50 also up by 1.25%. the dow jones industrials are currently up by almost 0.5%. the euro is trading for $1.3043, unchanged. germany's premier air carrier has struck a deal to offload its subsidiary british midland to the company that owns british airways. lufthansa said it is not making money on the deal. it is all to iligan to strengthen the financial system. the german company took over the other company into a dozen 9 but never managed to turn a profit. the consolidated airline's group is interested in bmi because of holds landing rights at london's heathrow airport. belgium has been gripped by transport appears as public- sector workers went on strike over the government's plans to cut pensions. the christmas rush just starting, the strike shutting down high speed train links to france, germany, and the netherlands, as well as to britain. they also call the teachers, hospitals, and rescue workers. >> these fire fighters had initially want

then we had this big drop into august and september. >>> let's have a look at the dax though. quiet year until august again and then it went downhill. it's very, very striking. this is the significant pattern, actually, on all of these markets. fears of contagion and obviously the worry about german commercial banks. worries about the debt crisis affecting them as it spread perhaps to italy, spain. we have seen a pretty volatile tail end to the year for the dax. >>> let's have a look at the cacaran and paris where we've had a very, very similar pattern. you can almost overlay these graphs on each other and see very little difference. they've been pretty much in lock step. both of the markets are down by 16 to 17%. let's have a look at zurich. it does tend to go slightly its own way. we did still see the same kind of pattern towards the start of the year. more of a decline there through july. same sharp drop in august. it has managed to crawl back some of those losses. arguably, since about i suppose the start of december we've seen an upward trend which might be maintained int

certainly if we look at let's say the xetra dax there. that's up by.25%. ftse just up a tiny bit. the zurich smi up by.51%. >> charles, stock markets here in asia rounding out the year with something of a rally. take a look at this. we've had two days of falling prices today. we've got a if you more green arrows which is quite nice to see. thin trade in europe because of the holiday period. the gains here are tracking what happened in the u.s. overnight. shanghai, you'll see they're up by 1.2%. that came despite some new manufacturing numbers which shows manufacturing orders contracting for a second month in succession. that happened in december and in sydney the market there, as you say, bucking the trend. down by about.25 of a percent. let's take a look at what's been happening for the markets over the year. the performances over the past 12 months. i want to start here with india, which is, would you believe, the worst performing major market in the region. as you can see there, quite clearly it's been going down pretty much since day one. the main reason for that, inflation an

lost one point seven percent metro among the main decliners on the dax it shed three and a half percent and here in russia markets and lower as well the r.t.s. lost one point two percent to my six close nearly half a percent in the red now let's have a look at some individual cheval some of my specs on the downturn energy can stocks be the last over half a percent russia second largest lender plans to cut its borrowing next year by fifty percent as yields climb versus other developing countries oil company they have ended lower that's despite the company's net profit rising fifty percent in the first nine months of the year and financial group of cases deadline has also reversed from early against the company's third quarter net profit rose seventy five percent to three hundred nineteen billion dollars. well for investors to rush also be able to claim back a value added tax on a good spot here one then leave purchase taxes currently fifteen percent of the only goods costing more than three hundred fifteen dollars will be subject to refund the system will apply to clothes shoes electroni

and the dax both losing actually foot's losing point three percent the dax is losing jobs over a quarter of a percent here in russia markets are lower pricing european pricing in european downbeat news energy stocks are weighing on the indices at the price of the price of oil goes down let's have a look at some individual channels on the banking stocks among the top loses with logic. dropping almost two percent and as you majors are also in the red with more than half a percent food retailers heading lower with dropping two and a half percent. russia has agreed to grant bellows a discount on oil supplies is increasing oil purchases to one hundred fifty seven million barrels from next year but it will pay one billion dollars less than the current price in exchange for this it is all it is allowed russian companies to use bellows refineries to for says fifty percent of oil they supply products could be sold in bella was and russia go for export. the price of supplies from minsk president look at shango says energy discounts will allow the country to say four billion dollars a year. and rus

footsie that finishing off the day session in the red the dax was most affected by the e.c.b.knew nothing we days of gains. on the first he also reacted to the news as investors worry for the stability of the usa wants. and russia the markets closed in the red the all to us last a percent of all the my sales ended point two percent in the red and let's see how those individual. energy majors ended mixed company lukoil gained over who said paul gas mostly gas from last three quarters of the banking stocks were among the main retreat as of the day was spent by down point nine percent. a new era is beginning for the russian economy the country first applied for membership of the wall trade organization back in one thousand nine hundred three finally that long negotiation is over russia has been formally invited to join to make. the changes this will bring. becoming a member of the world trade organization is both a political and economic milestone the fact that for such a long time russia now a top ten global economy was outside the trading club that unites ninety eight percent o

is still a bit down the footsie has gone up half a percent dragging the dax are industrial stocks cement and his and. russian markets are continuing the rally from wednesday we are seeing them up more than half a percent this article called what's moving the mice a mostly energy shares are of course enjoying this high world price problem up point seven percent financials also opposed to v.t. we are doing more than two percent this out in other sectors not in it is one of the biggest losers down almost three percent the retail is planning to raise three hundred fifty million dollars in this additional public offering. it's better to try to catch this market on the outside of the largest blue chips of the russian market really. our guest rooms where by canoe coral all snapped knows can make or maybe sell them on metals and mining bartok on the side are starting to survive for after the two years or four letter g. . we think that the possibility of the who's most right is still exists but we've got a lot of for all the negative stuff which are usually on expected and which can hit us. anoth

down by a third of a percent because on the previous session we had the dax gaining almost five percent of the. russian markets are continuing their rally from wednesday we are two years up point four percent a nice six three quarters of a percent the second look at what's moving the nice xmas the blue chips are trading in the black energy majors are over by gains of price of gas problems up almost one percent financials also caused revici's one point eight. and now the second magnates is also on the rise by just i'm not sure i'm not sure retailers plannings raised three hundred fifty million dollars in additional public offering. thursday i think we are we are they just seen the impact of the. efforts of the central banks are in the world to reach. the priests of the us dollars coming their way and so the major events will be on friday we will have the per year olds they have the unemployment to us or the december ninth there will be meeting of the leaders of the euro zone it will be some expectation. depending on the results markets will be searching for direction. chinese banks now h

and europe opened lower as well with a forty on the dax both losing. losing point three percent the dax is losing jobs over a quarter of a percent here in russia markets are lower pricing european pricing. energy stocks are weighing on. the price of oil goes down let's have a look at some individual channels on the banking stocks among the top. dropping almost two percent energy majors are also in the red with down more than half a percent. lower with. two and a half percent. russia has agreed to ground below is a discount on oil supplies increasing oil purchases to one hundred fifty seven million barrels from next year but it will pay one billion dollars less than the current price in exchange for this it is all it is a love russian companies to use well i was refineries to fifty percent of oil they supply products could be sold. for export. the price of gas supplies from president look says and if you discount will allow the country safe dollars a year. now russia's all major has agreed to develop the rich zagg oil field in iran in a deal worth one b

stocks in europe closed sharply lower on wednesday forty ends over two percent in the red while the dax lost one point seven percent metro among the main losers on the dax falling from a half percent hearing loss in markets and lower as well as he has lost one point two percent demise it sheds nearly half a percent let's have a look at some individual sham of sodomize takes all the downturn energy and banking stocks really bank lost over half a percent of the close russia second largest lender plans to cut its borrowing next year by fifteen percent as news client versus other developing countries oil company tech never ended lower as well that's despite the company's net profit rising fifty percent in the first nine months of the year and a financial group. has reversed from earlier games finishing below are the company reports its third quarter net profit rose seventy five percent to three hundred nineteen million dollars. foreign visitors coming to russia will soon be able to claim back well you got a tax on goods bought here purchased tax is currently fifteen percent only goods costi

as you can see, we have the dax up to the tune of shy of 1%. similar picture for the cac 40. ftse 100 and zurich smi, outside the euro zone are the ones that aren't going quite as well, manisha. >>> let's, with all of this in mind, take everyone back to what happened on wall street. yep, the bell went and stocks on wednesday tumbled as the crisis in europe continues. the weak euro means less return for u.s. exporters as well which led the losses on wednesday. at the close of trade, the major indices were off by as much as 1.5%. with those in mind, let's see where things stand right now in terms of the futures and what we can expect later in the session. i told you a lot of this is about psychology and sentiment. it really hasn't changed much later. we do have the futures right now pointing higher. let's keep an eye on what happens, of course, in europe, as the day goes on and how that might impact these futures. >> throughout europe's attempts to deal with the sovereign debt crisis, the german chancellor, angela merkel has stressed the need for unity. it may have come as some

same sort for the dax only up by 2/3% and some cashing in going on here and certainly i think that'seen reflected where you are, hasn't it, andrew? >> yeah, that's right, charles. pretty strong start to the week. green arrows which does say strong in this climate. positive perhaps unspectacular start but consider a lot of these markets up between 6% and 8% yesterday. so following on when there could have been profit-taking. sneak key setting the tone for the banking stocks as well as exporting companies. energy companies in australia, s&p up by 0.73%. shanghai did back the upward trend that demonstrated the company's service industry growth is slowing. the pmi number came at a 52.5, still an expansion but anything under 50 is a contraction and saw an under 50 number for the official government services growth which came out on saturday so there's still quite a lot of concern in china about exactly what the state of the economy is and is it now slowing too fast? charles? oop, no, it's me. sorry, look at how u.s. futures are doing. with five hours to go before trading start, the pictur

solve the debt crisis at friday's summit the footsie is losing quarter of a percent and germany the dax is down one and one tenth of a percent this hour. the russian markets are lower in sympathy with asia and europe the r.t.s. is shedding just under one and three quarters of a percent then why sex is down around half percent. and let's now have a look at some individual share moves on the my six most energy majors and down in the weaker crude with gals probably losing more than one for sound banking shares are also under pressure with d.t.b. down almost two percent bucking the trend is point of gold though as precious metal stocks are often seen. the as a see pavement times about certainty. poorly motivated staff cost russian companies more than two hundred billion dollars a year consultancy ass's management estimates that only sixty percent of russian employees willingly make an effort to achieve results so just to compare the share of enthusiastic workers makes up eighty percent of your asses management called seventy thousand employees from around forty russian firms. bush's biggest

. >> here are some of the closing numbers, the blue-chip dax closing higher. 2369 in new york on the dow in late trading. there they are a 12,300. euro at $1.3378. back to you. >> thank you for that, steve. secretary of state clinton says the u.s. as serious concerns about the russian parliamentary elections speaking on the sidelines of the afghanistan conference in bonn. the independent election monitors suggest there may have been electoral fraud and manipulation of voting lists. russian voters deserve people investigation. the united it russian party of medvedev and vladimir putin convincingly won, but their share of the vote fell to 50% down from 64% four years ago. >> a pulse type election meeting. president dmitry medvedev the think his team and downplayed all talk of fraud. >> united pressure party that the votes it deserves, as of these elections were honest, fair, and democratic. isupport for the party was down almost 15%, a slap in the face for vladimir putin and. sentiment goes deeper than the results. this shows but for the kremlin a party before the polling stations even

. -- the ddax is at 5995 -- tehe dax is at 5994. the euro is at 1.9393. citigroup will chop 4500 jobs because of what it calls "an extremely challenging operating environment." they hope to make big savings in the long run. in the short term, these cuts will come at price. severance and other expenses will come out at $400 million. they are joining other banks who are pressing their work forces, including -- cutting their work forces, including bank of america and databank -- the deutsche bank. the government has expanded plan to the supermarket sector. the government had hoped that the move would have eased high inflation and create jobs. public protests and strong opposition from politicians fear this is putting the reform on the ice. look at the order books for german arms manufacturers. exports are booming. exports were up by 60%, to around 2.1 billion euros. almost half of that came from the sale of warships to nato allies. pakistan also bought german arms worth 65 million euros, followed by iraq at 28 million euros. meggin? >> we're going to the u.s

in frankfurt, the blue-chip dax closed up a. there it is. the your stocks 50 -- eurostoxx 50 closed up. in new york, the dow jones is up just a tick. closing at 34 06. china's deputy foreign minister has ruled out using the country's vast foreign exchange reserves to bailout europe. european leaders have asked china to support struggling countries by investing in the emergency stability fund. janice currency reserves are the biggest in the world, but -- china's currency reserves are the biggest in the world, but it says it cannot resolve the problems. >> in recent decades, china's currency reserves have grown to 2.5 trillion euros. speaking on friday, the chinese vice foreign minister suggested that the europeans should not expect any of those reserves to flow into the eu's bailout fund. >> i say that the idea that china should defend europe should not stand. that means the money should not be used this way. we have always been an active participant. >> china's reserves are akin to the country's savings, and the 1997 asian financial crisis t

the dax set a good example, finishing up by almost 2%. eurozone -- the euro stocks blue-chip index gained some weight. the dow industrials are up by about 1.5%. the euro is trading for $1.3370. the head of the u.s. tax agency has been -- the head of a tax agency has been wounded by an anarchist bomb. they said the bomb to the head of deutsche bank -- they sent a bomb to the head of deutsche bank and warned of two more bombs. >> thanks for that. the interior ministers of germany's 16 federal states are launching a new attempt to ban the far right npd party. this comes as reports that the neo-nazi group is accused of carrying out 10 murders -- this comes as reports of the neo-nazi group, accused of carrying out and murders, it i-- 10 murders - >> the spd led some of their concerts -- accused some of their colleagues of blocking the ban. all 16 states agreed to efforts to block the far-right party. >> until now, it was thought that we would be unsuccessful. we hope the latest information and assessments will be enough to achieve our goal. >>