ands not all about draghi yellen, it is about earnings as well. there is one company that has been striding the market. betty: it is a very high flyer, or a very speedy one, rolls-royce luxury stock. how do you account for the big flop? 20%, rolls-royce holdings has lost 1/5 of its value today. excel the most since 2000. since 2000.he most the dividends are up for review and the chief executive said, since i became ceo i have been covered within the organization that runs deeper than what was apparent to me. he sees no quick fix and says there will not be a recovery until 2017 post-restructuring. you do not see that every day, betty liu, a 19% stock in a ftse 100 company. betty: we are talking glencore in a little bit. with courtneyk in donohoe. courtney: good morning, betty. the european union considers one of its greatest achievements, the ability to travel within .ountries without a passport sweden has been the fifth country to impose temporary border checks to keep the increasing number of refugees. sweden is calling for an overhaul of the sys

unwarranted euro dollar depreciation it's this in the hands of draghi and yellen. emerging every single target currency is following today accept for the hong kong dollar. when you look at market currency, the declines are huge. brazil is down by 26%. how much downside in these currencies could we see as we await the big fed decision in december western mark --? not ase currencies are buying opportunity. should seeterm further weakness and not accentuate losses. that is the case. those currencies should remain close to those lows. valuation consideration may lead to the brave ones to buy into those debts. people should be mindful that the other underpinning drivers are also slowing global growth. that is slowing down china and those factors will take years to play out. investors should remain cautious. mark: thank you for coming on our debut show. there you go, betty. mark, thank you so much. we've got very much ahead. volkswagen is pointing fingers at management. travel chaos continues in europe or in germany's largest air flight -- airline grounds almost 1000 fli

we hear today from mario draghi and janet yellen. >> figures smash estimates. the nation had to the best yearly job creation since 2010. alibaba double dribble and is of nearly $14 billion. investors, unprocessed. unin and pressed -- mpressed. guy: welcome to "countdown." anna: we have yearnings -- earnings to get through. guy: this is not sexist. let me make that crystal-clear. anna: it is a music reference. guy: the australian dollar, absolutely searching. -- surging. men at work, this is a reference to the numbers that came out from employment. anna: questions being raised, particularly in the last two months how we can rely on that data. let's get to the breaking news of germany. monthe the giants, as the , 2.4 6 billionns euros is the fourth quarter industrial business profit. the estimate was just 2.3 billion. , up to 3 big headline billion euro share buyback over the next 36 months. that was something analysts were looking for going into this. lets get to hans nichols. he has more of the back story. pathway -- ns: the last buyback was about 4 billion. di

gellen, dr yellen, draghi and the jobs number. steve is here with more. >> we have decisions, we have data, we have speeches. look at the decisions. today the imf executive board to take up the issue of including the yuan in the sdr basket. not a huge deal, but a vote of confidence in the yuan. ecb on thursday, on interest rates, the big story there is some form of easing is expected. perhaps in the form of a more negative rate. a two tier deposit rate has been talked about on friday, the opec meeting. we will see if the pressure on saudi arabia mounts to limit their total outpeut. for tuesday, market moving news in her last last speech f. on thursday, yellen has testimony, and that comes before the friday jobs report. on friday, we are mario draghi right here in new york at the economic club of new york. now to the all-important data. ism manufacturing coming tomorrow. the importance is it's on the lineup of contraction and expansion hurt by the dollar and weak overseas growth numbers. all of that despite strong auto sales, wedne

we are watching draghi, janet yellen, it is a central banks day going forward. betty: same here.see you in a little bit for the european close. for a look at the u.s. markets, i want to head over to bloomberg's abigail doolittle live from the nasdaq, looking at media stocks. we were talking at -- about viacom in their earnings. abigail: their report this morning was disappointing. they missed estimates on the top and bottom line. sales at paramount were down 24% year over year. u.s. domestic advertising sales were down 7%. however, the street had been looking for a decline of 9% on those u.s. ad sales driven by week tv ratings. perhaps it is that beat causing the stock to go higher, along with the ceo's focus on growth in china, a return to 15 films for paramount in 2016, and domestic advertising sales accelerating the fiscal year. perhaps this is enough to turn around the stock. it has been a tough year with shares now 33 -- 36% year to date. talking to a small that during to a small copy with a big cap, angie's list. a merger would put the consumer review site with iac home adv

can either yellen or draghi disappoint?e rhetoric, every statement since october has been completely consistent, that, the fed is desperate to increase rates and everything coming out loosen,cb, we need to we need to extend, we need to enhance. most mismanaged thing ever for central bank if it doesn't happen. guy: it would be a surprise. everybody knows what the surprise is -- it's already priced in. where do we move beyond the? we have seen widening, the dollar strength, it's already there. to christmas present has opened. >> everyone knows it is there, but it will be exposed to a more steady depreciation of the dollar. we think it will get -- you have bonds yielding, a very strong incentive to switch holdings to get a bit of a currency kick. i think that needs to slow from the u.s., assuming they do get the gradual interest rate hikes and the ecb extends. guy: as the dollar goes up, commodities go down. >> i think commodities have a lot of overhang. we are talking a lot about china, and china was really rebalancing. you a

a big week for mario draghi and janet yellen. the european close. ♪ erik: we are moments away from the european close. mark barton is joining me for the next half-hour. the unitedaffing in states after thanksgiving. that is not the case in europe. have a full house. the stocks have not responded to our full house. they came back from the lows of the day. it will finish with little change. the china stockmarket slump set the tone. the euro-zone economic call the dense lifted. this is the chart that i love. the weekly run of the euro against -- it is rising. it has a weekly declining run, which takes us to next thursday, the ecb meeting. the euro has not fallen for seven weeks since 1999. we will be talking to the deutsche bank chief economist about the meeting next week and the u.k. gdp data. is in russia. the agricultural product will be subjected to additional border checks and authoritarian consultants. we have a special treat. julie hyman joins us. i'm ready for you. it is the big one. the european close is next. stay with us.

i say there is for mario draghi or janet yellen to do anymore.erve and the european central bank is already famous. -- finish. these levels of interest rates and monetary policy is an effective in terms of its entire impact on the economy. i would say essentially don't do anything. .ust shut down the improvement needs to come from structural reforms. you asked the question what needs to be done to turn around? you need employment tax credits in the united states. you need tax reform. for u.s.opportunities companies to bring the money back from a broad and invest it here to employ people here. that is what you have to do. we couple met ourselves on a 5% unemployment rate when the labor force participation rate is at levels we have not seen since 1977. you can lower unemployment by creating jobs or you can lower unemployment by also pushing people out of the workforce. the latter is not a preferable means. on the european side clearly, the labor market is very rigid. france and italy in particular need to make big changes. germany showed us and the

. -- mario draghi and a janet yellen. pondentsof april draghi is therio more important driver of the euro in this quarter. you can always get more business news at bloomberg.com. alix: let's take a look at how global markets did today. we saw stocks climb after janet yellen boosted the dollar. chinese shares entered able market. however, one japanese stock that is int have a good day doubt. reporter: the drop added to wednesday's loss in the biggest intraday plunge since it listed in 2006. it will this continue the use of its airbags. mitsubishi may do the same. and the grandson of the company founder is now acknowledging a risk to the company's very existence. thelet: now for a look at european markets. stocks falling for the first time in four days, although the index in germany and france still ended higher. the ftse 100 coming off of its lows after the bank of england mark carney said the market should see a rate increase next year. manus: mark carney and our editor-in-chief got together with their news briefing. growt

draghi. and janet yellen will speak this week. does mario draghi have any room at this point to back down? jon: he had the opportunity to back down two weeks ago, but he reemphasize the need to do more by saying we need to get inflation back toward target as quickly as possible. going into thursday, we expect one of three things. the consensus now is they go to -.3%. the prospect of increasing the monthly asset purchase program to 700 billion euros billion euros every month, and then expanding the program -- it was a risk. he goes into thursday not doing enough, considering how much the market has priced in. stephanie: but if the goal is to buy european assets when the economy is in a fragile state, how does buying assets change things? we have not seen the underlying improvement in any substantial way in years. jon: we have not, but i will say the credit channel has improved. the fx channel, you have seen will taketic -- this a slow time to play out. you see it immediately and sovereign bond curves, on the periphery in spain and italy. for the sme's the credit conditions, that will take t

back then, janet yellen was teaching at university. mario draghi was a senior civil servant in the italian finance ministry. europe's benchmark break was set by germany. that months, the fed boosted benchmark rates to 3.5%. the buddhist bank cut its discount rate by half a percentage point. cut itsundesbank discount rate by half a percentage point to it who better to discuss these issues then my guest. the founder and managing director. richard jones is in the house, from the bloomberg "first word" team. we heraard from you before. you are listening to draghi. nothing new but dovish. that is what we wanted. >> completely in line with what -- the next 12-18 months. we have seen signs of revival in europe. if you look at credit cycles and headwinds from fiscal policies waning, all of this is quite positive. yet, at the same time, the global environment is not very supportive. china, e.m., look at the impact china in europe. all of this put together means that if we have a rate rise in the u.s. in december, will it be a little bit too late for europe

yellen. own will make their decisions based on the data they get to simon talked about the need to prepare the markets. mario draghi has done that. janet yellen gets her chance to do that wednesday and thursday. she gets another economic policy speech and gets to go before the joint economic committee in congress. see is expected to set the stage for a rate increase depending on how the jobs report comes in on friday. it would take a pretty bad number for them to change their mind. , as trot you did, the markets price in an idea of a move. any backing off from that would put a lot of volatility in the markets that they do not want to see. betty: when we say a really bad job number, what are we talking about? mike: we've seen the unemployment rate go up more than a 10th of a percent for negative reasons. as more people come into the labor market, that is good news. 125,000e anything below , #capture the market's attention, we might start to raise questions about whether they would go ahead with it on december 16. betty: with what is going on in washington today is the vote by the imf on whether to accept the yuan in

to see how it seeps into consumer confidence in the economy, how other leaders like mario draghi and janet yellen respond to the story as well. the economic implications of what happened in paris will become clear. let's bring in hans nichols, our international correspondent, joining us from outside the bataclan. two things we need to do. first, we need to understand the short-term granular story, the investigation, and extrapolated into the wider story. the manhunt continues -- talk us through the latest on how the story is developing. hans: guy, the very latest is from the prime minister, speaking on french radio saying that there are additional terrorist attacks being prepared not just against france but against other countries, a very stark warning from the prime minister ahead of his speech to the national assembly later this afternoon. you mentioned the manhunt -- here is what we know happen, according to local reports. at least three raids in toulouse, grenoble, and a suburb north of paris. all of those had a total of nine detained. some weapons were gathered in toulouse, and police are de

traders in the nearly $1.3 trillion a day euro market are taking cues from mario draghi and not janet yellening to barclays is a, which says we have to respondents say ecb policy is the most important driver of the euro-dollar exchange, up from 30% in september. that is the bloomberg business flash. stephanie: thank you. the business of fashion but also a cultural movement. today in stores and online in nine minutes online. anxious shoppers have been camping out all night at the store just around the block from our office. this is the company's latest collaboration with a hot designer, select welcome h&m north american president. daniel, you have been with the company for 19 years and you started as a controller. when you came in today and saw the line around the block, looking like people were there for an iphone launch, what is so special about this? daniel: i think it is the whole thing of h&m to always inspire customers. we have done this for the 11:00 p.m. with a big design" -- collaboration on picking off the holiday season. moment,is hot at the luxury designer from europe and we are s

draghi spreadllen - moves wider than the yellen-carney spread. derek: jim to degree. the spread is telling you there is more upside for the dollar. manus: you're going to stay with us. let's hear what else is on our radar this morning. it german -- no unexpectedly dropped in september. output fell 1.1%. the drop comes as germany sealed hit a slowdown in china and other emerging markets. owner cartier richmond -- the stock is down 8% as we speak. francine: a brazilian iron ore project of dams have burst. 15 people have been killed and many more are set to be missing. the dams are owned by a joint venture. manus: coming up, prudent. that is the new word. that was the message from governor markell as he -- governor mark carney, as he says get ready for a hike in 2016. francine: when i was listen to the interview, it was interesting because prudent, i weather whether he meant it for the markets. lve into the deeper. his bank outperformed other competitors this year. ♪ manus: welcome back to "the bloomberg tv, streaming on bloomberg.com, your tablet and your phone. mark ca

janet yellen was teaching in the university, mario draghi was a civil servant. urother the ecb nor the e existed. the benchmark rate was set by germany. the fed boosted its benchmark rate while the bundestag cut. so will we return to the 1990's? the better man to answer that question. welcome.f ubs -- let's get into what we were doing in the 1990's. time,having a ripping learning how to trade commodities. bonds markets is what i traded aggressively. this is a fascinating period in terms of our interpretation of where we go. it will dictate the dollar, on flattening in the yield market. your take -- will we diverge? >> well, the economies are diverging. averagedded last month, earnings increasing the highest since the crisis. the fed's hands are somewhat tied. markets are pricing in a definite rate hike in december, and interestingly, the decision by the fed to increase interest rates -- perhaps also that will tie the hands of the ecb. ld where the currency, the euro dollar is weakening on the fed ishere of acting because the u.s. economy is stronger and you have

was march this year again in recent weeks because of course we got very dovish mario draghi and hawkish janet yellen>> might be in the currencies. >> inflation is down the road and that was the end. >> i didn't realize the bund was below 0.6%. yeah. >> thank you, sir. great to see you. >> a real pleasure being here guys. >> come on back. >> so you have to be scottish to play bond? do you think? >> scottish? >> isn't he scottish? >> daniel craig's not scottish. >> but it would help, you need a scottish accent? so they put regular brits in. >> he's english. >> no, sean connery. >> so you could do it, couldn't you. >> well that's very kind of you to suggest it. i went ahead of the release. we did a little package where all the bond films have been made and i asked him jokingly at the end whether he thought i had a chance of succeeding daniel craig and he laughed very loud and clear in my face so sadly guys i don't think -- >> daniel craig is like 5'3". those guys are quick with the karate because they can get in there. you're like 6'4". >> 6'5". >> yeah. >> you hunch. you hunch. >> they lowered the cha

then we have janet yellen speaking twice and mario draghi on the ecb, and then we top it off with the last big data point before the fed meeting, and that's unemployment next friday. we are really loading up. i hi next week will be the week where it's a make or break from the year for stocks. you say maybe it's time to start managing expectations for returns into the end of the year, right? i hey client in the last five years he had a thing -- he made 60%. he is a conservative man. very conservative man. he is, like, is that all we made? again, five years ago, he would have done cart wheels down the hallway ifs i would have hold him those returns. people are forgiving that the markets don't go up every single day. that negative returns sometimes are actually healthy for the overall market, and to think that we're going to do crazy returns even if, like you were saying, we make 5% or 6% if things look right at the end of the year here, which might be on the high side, it's hard to believe that we're going to see the 10% to 20% returns any time soon. it's not bad in the grand scheme of

yellen. how about the forward guidance of mario draghi?ese events into france must filter into the ecb dialogue. bill: with a continued routing of commodities, oil and gas in particular, oil dropping below 40 and some people think it even goes to 30 -- ed is right most of the time. i have followed him closely, traveled with him. tom: that was a shameless plug by bill rhodes of citigroup. did you see the way he did that? bill: i think he is setting people up for an increase in action in december on quantitative easing. ferro, how do you see mario draghi adjusting? jon: the bottom line is not what happens with qe, it is what happens with the positive rate. we thought that was -.6%. now we know it can go lower. the outstanding for the quest -- the f standing question for the -- the outstanding question for the market next month is how much lower. a one point 05 print on a weaker euro would be something for the market to a that too. where we are later this evening is watching "with all due respect." jeb bush has been everywhere in the media. n

if you think mario draghi is on watch, you are very on janet yellen.w live -- yellen live and mark carney, the global unreliable poor friend -- reliable -- global unreliable boyfriend. carneymicklethwait and also talked about the housing market. how is that going to play in the market? manus: the next time you are here we will walk around where mark carney lives. it is very expensive. we are talking about real prime london. i think with the concern is here, the bank of england has macro prudential tools. we have seen them use them before to take heat out of the market. , he wasonse to john prepared to use those again. 2017, thatuarter of was days ago when the market assumed we would get a rate rise. lever forward with some good data and market took it all the way back to august. we are back in december. i want to finish with this. if sterling is one of the most triumphant currencies in the world, it's challenge only by the dollar and the yen, up 7%. the big issue for carney is the currency. it come out today and say inflation will be lower than i thoug

exchange but coming up later on the program, fed chair janet yellen will be testifying on a similar theme to what you heard from mr. draghibanking supervision and regulation. tune in at 1600 cet time. >> marks and spencer shares jumping after the british retailer raises it's dividend and it's margin guidance despite a drop when it comes to profits. signed, sealed and delivered. shares in japan post a close nearly 30% higher on their first day of trade in the world's largest ipo of the year. >> okay. more breaking pmi figures to share be you. this time services september pmi for the u.s. we're higher by 5.3. 5.33 is the read. so we're still in expansion mode. meantime the forecast is informed because this looks ahead. the october services pmi is looking at improvement of maybe 54.9 or so. that is the forecast right now. interesting. so let's check in on other services pmi data because china is pretty important. china is more of a services oriented economy than manufacturing. more than 50% -- over 50% is now coming from services and we saw that pmi rising to 52 in october from 50.5 in september. there is improvement there.

yesterday, of course, you have mario draghi reinvigorating the idea that qe is on the table as far as ecb is concerned. now you have yellenoming in strengthening the dollar with this suggestion that we've got a live rate hike possibility in december. the euro falls 2 cents or more as things stand. hasn't done much for the market overall. many people still very much obsessed with what is going on with volkswagen. this revelation last night that -- this is emissions scandal number two. this is separate. they actually underestimated fuel consumption and, therefore, carbon dioxide emissions for 800,000 cars in europe. not here. now presumably regulated in this country in california will start testing what's happened here as well. you see volkswagen is down 5%. porsche, which is the controlling shareholder also falls. it's been a rough three months as you know. this is different in addition to what we have yet or monday from the epa where they were suggesting that three liter diesel engines from both them and porsche and audi may have been in breach of the original nitrous oxide emission standard and now today we've had confir

i am sorry but i think draghi has a better chance of sending a dovish medication, given what he is doing. the feds are going to be raising rates. -- much more difficult job yellen has a much more difficult job. she may get through it initially. francine: what i don't understand is we have been told it is coming for 18 months. for the last two weeks, this is starting to be priced in. why such a big shop -- big shot? derek: not that there's going to be a big shock. the ultimate message has to be more data dependent. then you get inflation starting to pick up. in the data we have at the moment is a good risk. you get more lego market data which shows strength. the market is going to go hang on. isn't that enough? manus: we put that thought .ecause the feds spoke up he is stuck in the 2000. , he is going to stay with us. david cameron says he six support to carry out the strike -- the airstrikes in syria. he spoke at a press conference. >> it is right to take decisive action to stop terrorists when they are threatening the lives of citizens. the united kingdom will do all in our power to support our ally --nce to defeat this evil excitement manus: -- francine: the

yellen's chances to raise interest rates in december. very interesting alone. also, when you look at the fact mario draghiexpand his qe program, that weakens the euro even further. we see it all in to a dollar seven this morning, $1.06 in change -- and change. .he euro stocks are up the dekes is up 2%. the cac 40 is up 2%. here is the euro. i jumped ahead of myself, but 1.066 zero.1.6 6 -- dick's sporting goods released a forecast with earnings that disappointed wall street quite a bit. you can see shares down 16% in the premarket. the stock is already down about 20% year to date. this is not good news for a consumer that seems to have showed up at home depot, but not to buy golf clubs and baseball bats at dix. next dick's sporting goods. stephanie: -- dick's sporting goods. stephanie: i am not counting them out. matt: hopefully you are not long, because you would have lost almost 10 your money. stephanie: but if you invested from beginning, i think you would the ok. matt: yes, and i like to shop there. erik: what is it they say about investing -- timing is everything. it is time for the five stories that

yellen speeches comes before the friday jobs report. certainly be better after. maybe the friday jobs report will speak for itself. stan fisher continuing his run on speeches on financial stability. then mario draghieaking on friday. tuesday, ism manufacturing that could still show a little bit of weakness there when it comes to manufacturing. though, again, interesting on the same day you get auto sales. wednesday the big adp report and the beig ebook. friday looking for jobs, looking to iv -- 205,000 jobs. unemployment rate unchanged. hourly wages not expected to do as well but a decent run. we got that big number in the personal income number last week when you were away, joe on wednesday i think it was. 0.6% rise in wages which was a big number. >> one day, steve. so how many months have 28 days? all of them. anyway -- >> that's like this one you did to me. >> all months have 28 days. >> all of them. >> how many months only have 28 days. >> do you spend extra time preparing your memorial for "squawk box"? >> how many have at least 1130 days? >> i'll take your account. >> a they have 30 day. only february has 28. >> that's true. that's right. work with me. joining us -- >> 31. >> they have at l