i give the ecb credit.hey had a lot of facilities and things they were doing that the fed and bank of england had to play catch-up and learn from in 2008/2009. i would change two things. i would give an a minus to everybody then. i would give a c minus to the ecb now. one of the things i would change, one of the things i think the fed and the bank of up in theally messed first half of 2008 is that we bear stearns time went down it was only a matter of time before other things. of debatell kind about the record. my reading was other was not enough action taken by the authorities. england. the bank of playingthem go and games in that giving out makes things worse. there was a very bad situation. i have to briefly disagree. he said the choice was between should they have been used or not used -- should they have eased or not eased? not was reason they did because they thought they should be playing a game with governments and try to force them to do something else. duchesses ofing crying, if they had kept inte

. >> we have the forecast from the ecb >> it is higher. do not expect that from the ecb. the rate policy could go and it surprised everyone. is that the ecb has more work to do. >> we have corporate news. >> keep a look on the luxury markets. it could go a little bit higher. shares and weo .5 see it down. it is more luxurious. it is dependent on europe. and it is in the wholesale market. you let's go to our international correspondent. gaining mobile may be state approval for a new license. that could mean assets and 8 million subscribers. the next month, the iphone is on sale. >> thank you so much. a center and a stamp of approval from regulators in china. general motors is rolling chevrolet. out andputting a note charges 700 million in to the european companies. it is focusing on this. we will have more on this car sector later today you have the statement and a little bit of luxury. >> it is busy. the market open. let's get a look at these market opens. they open a little bit lower and ,f you are looking at the ftse you are looking at the rally. where is the rally? i d

if the ecb had a dual mandate, i think there would have been additional precious on the ecb to respond to the soft economic performance we've seen there over the last several years. now, i agree with your point. if you think hard about this -- about the mandate that they have, that they haven't been vigorous in trying to achieve it. i think if there had been another leg there, i think there would have been additional institutional pressures on them to stimulate. >> just to be clear, the bank of england while i was there, we had an inflation target. but we interpreted the mandate to say we were not going to kill the economy. >> medium term inflation target. look forward, come down, satisfying our mandate. right? >> i agree with you and i agree with the underlying point, you can't sacrifice your price stability anchor. but to say that we were somehow constrained by our target i think is wrong. >> that was actually my next question. >> i want to respond at least a little bit to adam's suggestion. you say ecb is violating? >> yes. >> i should respond. >> you should admit it's true. that wo

for mandate of ecb. >> mr. posen. >> i agree there is a division between immediate crisis response and subsequent response. like most people, i would emphasize there was a common response in 2008, 2009. it was good. i give ecb credit in that period. they had facilities and a lot that the fed and bank of england had to play catchup and learn from over 2008 and 2009. what i would say, i would change two things. the grade, i would give a mississippi us to everybody and i would give a c minus to ecb now, a to fed and b to bank ofening. so what are the things i would change. one is i think the fed and particularly bank of england messed up in toile. we knew from the time bear stearns went down only a matter of time before other things. all kinds of debate about the record. my reading was there was not enough action taken by the fed. bank of england, i wasn't there but i'll sign up for responsibility somehow, playing games with moral hazard, not getting out in front of the crisis made it worse. i think there was a ba

it may have a problem in the ecb.inflationary pressure -- will lead this inflationary -- will the disinflationary pressure on the continent force the ecb's hand? today could be an interesting little stop in that story. francine, back to you. >> this is what we are talking about. george osborne gives the autumn statement in just over an hour. it comes at a time when the uk's the best-performing economy in the g7. manus cranny joins us live. osborne goes to dispatch with a strong set of data. you have a couple guests, what is the cement -- what is the sentiment? the data is a strong. construction, housing, manufacturing, services took a dip. i talked to someone who was skating in terms of you promised we would be at this point a long time ago. great but there are structural problems. brothers gating approach from -- rather skating approach. then we talked to the head of the british chambers of commerce. he said it is about as this rates. they are a perverse tax. we are out of line with small and medium with other -- we

we will watch the ecb later. at decision block be live london time -- that decision will be london time. statement will be followed by that bank of england rate decision later today london time. apple and china mobile are close deal.ing a they will offer iphones on its network. we have a correspondent standing by in hong kong. why does the 4g make -- will not make such a difference? -- make said -- well make such a difference? there are millions of potential customers. that is a huge number of customers. there are many wireless subscribers over all. in the game.ate we know in places like the u.s., 4g has been rolled out. it is big news today for china mobile. received this network license, along with smaller rivals. mobile shares have been up in the hong kong session. it has been under a bit of pressure to date. there is a trend lower for some markets. china mobile will offer iphones as early as december 18 when it is set to unveil its branding for the 4g network. spokesman said talks for the apple iphone deal is

the ecb may offer a tinder to banks. when banks manage to raise their lending to the nonfinancial sector, then may be allowed to pay an interest rate below the official rate. >> they would like to have support beforehand. we have the negative rates. this could for any time be used for an argument relating to special tinder. >> ross was just saying in studio that the euro/dollar is still going very strong. do you think at least the ecb and second agenda is thinking about weakening the euro towards the dollar by some more language? well, i don't think so. because year on year terms create weighted the euro is not so much up against all the other currency high on the agenda. no, there is an implicit easing bite of the council which comes from the peripheral countries which would like to do something for their banking sectors. >> thank you very much for join us today. ross, you see not a lot of news probably out here from the ecb today, but it will be very interesting to see how mario draghi reacts and, as well, how his temp

the ecb should be more -- not less.d, the ecb wanted to ignore politics, democratic accountability. so the idea that we would like that -- understanding politics is not -- third whenever central bankers tell you things are too complicated and hard for technical reasons because they don't have pools. you should hear a warning sign go off in the head. that's what japan did throughout the 1990 in to 2001. we can't really do anything. inflation is -- deflation is -- we don't have any tools. the government changed the rule of the central bank and inflation is rising in japan. never trust a central bank about the committee. it's like the job. t like a military whining i can't go to war -- that's not the issue. it's not a fair statement to say it's transferred from u.s. to argentina. the members of the union and the -- and it's ridiculous to say that ecb balance sheet is e qvc throant a transfer. because over time, they get paid off and not in trouble. and established true the ecb couldn't have the target balances that are alw

what will the ecb do next?s there the risk, given they can't cut rates further, they come up with policy, the kind of which will once again get markets moving? i think that's a very real possibility. >> you said they're withdrawing liquidity for the banking sectors. what are you talking about, going through their version of qe? >> well, we could work our way through the options. why would you do that given the sovereign debt crisis at least now appears to be maybe not past, but the outcome is known. they could buy peripheral debts. the option, therefore, is to start buying possibly debt, debt from banks, weaker loans, we could start to look at the possibility perhaps of creating an spv run by the government to take some of the -- >> it's to actually get involved in the economy because banks are presumably still not much credit in europe, is there? >> well, i think we have to say at this stage this is a very unlikely outcome given that the growth numbers are still sufficiently strong and i think the ecb about ba

the ecb wants to avoid that. we do not see this very high, unfortunately. >> that is very unfortunate, isn't it? >>> let's take a look at some of the viewer correspondence we got. greg writes in, what about the yep versus the u.s. dollar. by the end of 2014 can it go to 120 by the end of that year. what do you think? >> in the very short term we believe there is some risk in the dollar stress positioning at this point. technicals in the short term are not far behind. 120 is a stretch. we see 108 by the end of this year. our main view on the yen is while the fed will be moving to the end, the bonds will have commercial territory and most likely the fed's economic outlook. >> i know you're not an equities guy but i've got to ask you because of this very close inverse relationship between the yen and the anythinikkei, as th continues to close do you think we'll see a gain in the nikkei? >> we can expect it this year. it did not happen. however, we expect that some of it will happen next year. gradual, but it will ha

some interesting times for the ecb. david, thank you very much indeed. mass protests continued in the ukraine and the president is meeting with president clinton tomorrow -- putin tomorrow. ryan chilcote has more. let's talk about what happened on the streets. >> what is striking about what happened this weekend is not the hundreds of thousands of people out there and demonstrating because we have seen that for three weekends in a row. we had impeding groups -- competing groups of demonstrators. these people are not there to express their views on the finer points of trade pacts, this is about their values and where they see their national identity and the ukraine's geopolitical royalty. thenstrators believe that future lies closer to russia then the european union. their for a few hours and the numbers were not that large. meaningful and you saw this usually silent and not insignificant minority out in the streets. you had the noisy 200,000 people in freedom square who were saying that the ukraine should be closer to the european union. yet john mccain

he is saying that the measures implemented by the ecb have helped. talking about the role of women in boards and senior management positions. let's have a quick listen. >> also, progress on the unions. only then can we say we have se a genuine european union. let us say the opportunity of the next elections to have an open public debate on the further steps needed to strengthen the architecture of the european monetary union. thank you for your attention. [applause] >> that was mario draghi speaking there at the european parliament, talking about his hope to find a banking union. he is also talking of course about supervising and theyvision, the fact that will take account of the banks after the asset quality review in november. he says that so far ecb measures have helped small and medium after prizes but the supervision overall needs a different and ability to monetary policy. we will monitor any questions that mario draghi answers in the neck couple of minutes. these are the bloomberg top headlines. nearly 90% of economists say that next year's st

am anna edwards dovish for guest is the fed, ecb, and boj.he head of fixed research for hsbc, good morning. will the big three succeed in persuading markets and interest rates will stay lower longer? the way we've come up with a title for the turtledoves, everyone is focusing on the date change in taking about events that might happen or data points to worry about. most people are quite negative because they're thinking about where things go wrong. it's always about what happens when they start doing this. if you just read through all the noise around forward guidance or around tape ring or what new measures the boj might bring, what toys the ecb has. if you look at those, they're not going anywhere and central banks are doing every thing possible to make sure they toerstand rates are close zero in the big regions of the world them they will stay there in the big developed market regions for a long time. >> what happens if data improves, growth accelerates? you're not including the uk is your big three for obvious reasons. thehe limit of yiel

is making the ecb more hawkish. do the two late? how did they move monetary policy? >> that is during the q and a session. he was like, this is not meant to be like japan in the 1990's. there is the lingo with all of these toxic assets. essentially, it has been five years. the banks have been paying the funds coming into the asset quality review. they want this in the best possible form that they can be. if the ecb was to get more credit, we want to go to another. would behat the banks too interested. that would be aware of the polity review. >> we started with the fed. let's talk about the emerging market turn sees. tos is an opportune moment talk about currencies like the rant. if you look at sterling against the rant. this idea of tapering was revealed by ben bernanke. today, it is 17 round. is this very evident in the south african cross-ice? >> this is an emerging markets generally. you have not seen that fear of tapering which has hit the euro dollar. we have seen the dollar index against the rest of the g 10 really languish around. there is real fear of capita

that's one narrative and for now he's leaving the ecb.he deputy head of the bundas bank is said to become his predecessor. we'll see what's going to happen. angela merkel made it pretty clear she wants to have a german being a successor to him. with that, back to you, ross. >> thank you for that, annette. that's the recap of the new german government. >>> still to come, could the end of fed tapering send both bonds and equities higher. we'll have the discussion on how this might be positive for asset markets in 2014. [ male announcer ] the new new york is open. open to innovation. open to ambition. open to bold ideas. that's why new york has a new plan -- dozens of tax free zones all across the state. move here, expand here, or start a new business here and pay no taxes for ten years... we're new york. if there's something that creates more jobs, and grows more businesses... we're open to it. start a tax-free business at startup-ny.com. we're open to it. stick with innovation. stick with power. stick with technology. get the new flexcare

the european side, what the ecb ends up doing in q1 is a big question. do they go for negative rates? they cannot raise qe because of the european consideration. what else can they do? that can remain volatile. if the fed's liquid is not there anymore in the medium future, volatility should start going up. into equities, there is a bigger need to hedge. therefore, you get more hedging put in place and volatility goes up. we are still bullish. upside across the world. >> thank you so much for all of that analysis. coming up, it is the little blue billion-dollar pill, viagra. not be the only company selling the drug in the u.s. we have that story next. ♪ >> welcome back to "on the move ." i am francine lacqua here in london. here are some companies on the move. tesco is partnering with a group to enter india. tesco is likely to invest around $110 million for a 50% stake in the unit. the companies need a local partner to run supermarket chains in india. whampoa will sell the sale of its retail arm. their stores include groceries and pharmacies in 33 markets

i do not expect any big stay from the ecb in the future. next year will be different. they will probably need to bridge the end of the three year euro. you'll see another euro at some point. in the future i don't think there will be any big surprise from this. >> so where will investors in europe be taking their direction from? >> well, from our point of view you have a recovery and if you have a recovery -- very slow one. >> i was going to say, pretty -- i mean, france it looks like it could be back in recession. >> france was back in recession, but if you look at lead indicator, they are clearly above 50 for the pmi, etc. we do think there is a recovery in europe for the time being. that's also why i don't think the ecb needs to do much in addition to what they have done already. so from our point of view, we still believe that the stock market will continue to rally on the back of the european recovery, the u.s. recovery and yen. so we still like european equities for the time being. >> okay. it's an interesting point, this recovery. third quarter was .10% growth. >

the ecb and the bank of england have been saying, get some risk otherwise we will financially repress you and you will have to make real returns on your cash holdings. clearly it is going to get more difficult. >> what about the fed? when will they start tapering? would it be next week? are we going to have a correction on the market is to mark x it could be. we might well, but i don't think it is going to be as significant as it was last year. i think the fed will have learned its lesson there. our view is that the fed will surprise markets on the dollar side and therefore it will always try to gauge market expectations. it will do less than the market anticipated. we have been saying, central banks in the west will be loser for longer. >> interesting, when do you expect tapering? even if it doesn't have that much of an impact on the market -- >> it is not a timing issue. if you try to time when the tapering happens, it is important to understand what ever they do is going to be on the dollar side. >> interesting. thank you so much for now. here is a look at what else is coming up on

now the ecb is holding back on intervening. it's cute explanation for that was obscured. we have not identify. and mostly the various and numerous easter is sweet that one specific instrument in the discussion we had today the weekend that we had a brief discussion about native deposit rates by the close of grief. the economic recovery has slimmed down on the razor and ecb kept its key interest rate unchanged on testing. it also expecting me a very slight rise in inflation between now and twenty fifteen. a quick look at the movement of the markets today signing in frankfurt the dax was down by about six tenths of a percent to nineteen eighty four that killed some fifty down by a bit more one point two nine over new york the dow jones industrial average is still trading at down the river percent of the mullet and the euro is slightly up against the dollar one thirty six sixty three. we issue a breakdown but coming up on to the list written on it and began to kick start the mideast peace it said the latest on the german cup eye williams musical in nature. when told dramatic

ecb as well.ll talk about that story plus highlight of the show, the subject that you have been talking about. we will be speaking to the ceo ofmoncler. jumping nicely. your old friend. we'll be talking about big brother going shopping. facial recognition software at your supermarket. we would talk about that story a great deal more. fran, back to you. >> guy johnson with "the pulse" coming up 15 minutes from now. former executive steps down to avoid perceived conflict of interest in brazil. both carriers compete in the country. the chairman of italy's market regulator says that blackrock local rules related to telecom italia's stake. like rock failed to disclose that its stake in the carrier rose past 10%. blackrock says it has just under eight percent voting shares in telecom italia. amongok and walmart companies planning to use facial recognition scans for security or tailored sales pitches. tesco is installing face scanning technology at gasoline stations to tailor advertising. now let's get t

in that as you said, it will push the ecb in another territory. we have seen it.ect micromanagement measurements to take place. maybe when i see the qe side of things if the recovery accelerates. certainly, the pressure will stay for the -- will stay. >> what is your take on mark carney in the bank of england? u.k. is firing on all cylinders. there are firings i had. it's a getting ahead of itself. >> the speech we got out of carney last night which we started the conference between aboutrnanke and sommers stagnation. he is on the scene which is important on whether we are in the liquidity trap. it would mean the natural rate isinterest, really rate, lower. he is arguing against that and the u.k., but certainly the fact he is spending so much time on this shows the caution he has about interest rate policies. at the same time engaging on the house market to try to save time before lifting interest rates. very tough. not only interest rates over the horizon and the economy actually is quite strong at decisions up >> jacques, thank you so much. since the -- 10 years

forhere has been progress choosing ahead to the supervisor of the ecb. he has been the top supervisor in france since 2003. she has never given a newspaper an interview. she will become the head of the board of supervisors. she will be responsible for explaining the decisions the single banking supervisor has to take. she has a lot of experience, cheering the basel supervisory committee. she has been at the bank of france since 1974. her father was at the bank of france. >> david tweed in berlin. >> at stake a look at some of the latest news from the british -- let's take a look at some of the latest news from the british banking sector. rbs isu.k., the cfo of stepping down after only two months on the job. gone --eeks and he is 10 weeks and he has gone back to his old home. he is a nether executive to bite the dust at rbs. a difficult time for the new ceo , of course. he is trying to outline his new strategy. they have been fined by the eu. not to mention does dyer allegations. ire allegations. >> barclays african unit has been deciding to move it strat

and so i think the ecb will probably be among the last. on the bank of england, of course, this is the strongest economy right now, but i think it would be a big risk for a small open economy to go first. >> okay. stick around. more to come from you. let's get over to japan where tapering might still be a dirty word. yukako from the nikkei is taking stock of his record, even. >> hi, ross. the nikkei 225 closed at its year high today at 15,859 points. more than 50% higher than it was when abe took office nearly a year ago on december 26th. during his tenure, he announced the growth strategy which includes aggressive monetary policies, flexible fiscal policies and policies to boost private sector investments. while the market appreciates the most so far is his first and second arrow, especially the introduction of a 2% inflation target and the bank of japan's easing measures announced in april. the policy has driven the yen to fall to its lowest level in five years, boosting earnings and stock prices of exporters like toyota and other heavyw

the ecb does what in the meantime? >> the ecb stands ready to do more.re is downward pressure on the euro that would help trade for the eurozone. >> any gold, bitcoins in your stocking? >> you should always have gold to diversify, but i do not see any reason to hold a lot of gold. it's going is interesting to look at. -- bitcoin is interesting to look at. >> brazil could be on the verge of a comeback. we are following that story. ♪ >> the eu has lost its top rating. standard & poor's cut the aaa rating to aa plus. european parliament is showing signs that recent moves towards banking union are unacceptable. negotiated aters resolution measure and fund to wind down failed banks. the measure must be approved by lawmakers. more than 80 people were hurt in london's west end when part of the apollo collapsed. heavy laster fell from the .eiling during a performance more than 700 people were in the theater at the time. >> the deal with the uae fell apart and a potential separate ine to saudi arabia is also trouble. hans nichols has the latest. >> prime minister

ifwhat happens to euro-yen the ecb does straight qe?si think of the euro-yen being the best barometer in the world of asset price inflation. the euro gains from asset price inflation. a lot of money comes in the european stocks and high yield products. in the case of japan, money tends to leave japan. it is a big move that we have had during 2013, the yen-euro going from 100 to 142. tells you what is going on. the key factor as to where that goes in 2014 will be the degree of asset price inflation in the world and my overall central case would be that that tends to decrease a bit, which means that you would see the euro falling back against the yen. doingot see the ecb anything in terms of unconventional policies. >> because why? bundesbanklly, the in the background -- >> is in control. >> it is not in control, but with the german economy strong, there is no reason they will concede experimenting. of crisise any sort or asset price deflation in the world, then yes, the ecb would go in that direction. >> what is the biggest risk of 2014?

will the bank of japan and ecb try to offset whatever tightening comes?ou want to think about that kind of upset. would've re: seen enough tents -- we have already seen enough where they are finding some way not to just have everyone upset on taper. i think it will be important but not the only game in town. fed successfully offset the fed of the taper on its own. the ecb to try to offset it themselves? it.hey are focused on whether they can remains to be seen. that forward guidance is a powerful tool. forward guidance is not as powerful as you would like. the bank of england has seen the market protest a little bit. time withhad a harder forward guidance leaning down. the fed will find some of that. one of the things they may consider is standing -- sending out. bottom line, where'd you put your money? here is dennis stockman. >> the biggest risk reward trade-off for long-term investment is japanese equities. >> still? >> absolutely. the japanese market was good to investors this year. we have been positive on japan for over a year. it was not magic. it

ultimately, the ecb will be easing policy. that might have come a little slower than the market had expected. but with inflation very weak and the recent data in europe fairly weak, as well, i think people are right to think that 2014 will see easier policy in the euro area and, therefore, reluctant to get out of the swiss franc into the euro. >> how do you see the safe havens now? if we were to go into another problem at some point in the next couple of years, like 2008, but i'm not making that forecast. i'm saying if we were to have a problem. where do you see the safe havens in the currency markets these days? >> well, i think the ones still that benefited earlier in the year and in sort of 2012. i'm sure the swiss franc will do relatively well. given the market positions in the dollar/yen market, i'm sure the yen does pretty well. the currencies that may not do quite as well as they have done in the past, maybe the nordic currencies where their domestic economies are slowing now and the interest rates are going lower, they

the european central bank will hold a regular meeting of its governing council on thursday the ecb cut its key interest rates to zero point two five percent in november financl markets are waiting to hear what the ecb president mario try he will say about the regional economy. at his news conference. revised third quarter us gdp day now will come on on the same day the initial reports said the us economy grew at an annual pace of two point eight percent between july and september on the previous three months. and on friday the latest us jobs report is due out in october unemployment inched up to seven point three percent but non farm payrolls client or above market expectations and that's all for non business only be with the tech market. it is. e g until ard taking to the streets in a fresh wave of protests against the new law that restricts demonstrations. the law has been concerned that it would end to really limit the freedom to hold contests today was the high street demonstrators in central cairo on saturday when they tried to disperse the crowds that is as good as he's responded

ecb saidghi of the things and now the crisis is looking less threatening.ecause of that, germany is taking a less cooperative approach. progress on the single supervision. they are making progress on the resolution. harmonization of all these areas. discuss howwe can over asolution is funded period of 10 years. it won't be fully into effect until 2026. it is a very long time. they're going to fund it with bank levies over the ten-year period. it is obviously a lot more gradual and a lot less impressive than what has been promised. >> is this just a reminder that maybe markets are a little too complacent on europe? i have a lot of investors coming on this program saying we are in a much better place than we were a year ago. no one is talking about a euro exit. we are also, because we are not really going ahead, there is a danger that we may be violently surprised in 2014. >> of course. complacency is a big risk. i think if heads of state extract the late then we will not have any further challenges, they will be making a big mistake. nowmost important thing

as ecb's yields continue to push up, what are you looking at?e these yields continue to push up, what are you looking at? >> our estimate of 3.5%. the for this level in january to get a good solid january. every data point that said the fed got it right. the economy is pursuing -- improving. aboutonder what you think the poor performance of gold in 2013. does approve the fed got it right? no lack of physical demand will depend. it continues to strengthen. it is that story. the relationship with the dollar. we have seen that kind of weaken us. >> is there any suspense and the treasury market going into two thousand 14. if you know the fed will keep assume theo you economy will improve to some degree? bigthere any sort of questions? >> if the fed does not get it right. we are expecting 3.5%. it could easily be 3/8. maybe a september type of ending. i think it is wrong. the economy goes into a stall. you could have the bottom market rally. if you assign probabilities to them they are still relatively small. a favored trade going into 2014? opinion,

ecb out in a number of minutes. joshua rosner , graham fisher. >> healthcare.gov -- politico reports around 20,000 -- 29,000 fined up sunday and monday, surpassing the total of the entire month of october. julianna goldman is our white house correspondent. is the white house taking a victory lap year? >> first of all, bloomberg is reporting that also. we got the 29,000 numbers. we will bene way able to see if the white house is doing a victory lap is when they start putting obamacare in wild orchid colors to brand it. that is exactly what we are starting to see now. we are seeing the rebranding of obamacare. it seems like the white house and starting to feel comfortable with the user experience. there usingt out obamacare again instead of the affordable care act so he is putting his name back on it. they are getting democrats on board to go out and tell the positive elements of this along that they see. some of the more popular items like the president today will be talking about how the law prevents insurers from d

>> in this sense, one can measure the ecb doing more, but would that get outweighed by the fed doing less? >> we're focused on markets here rather than the economy. i think it's fair to say the fed have not achieved their goal in terms of the overall economy. i think what's interesting, if the fed do end it next year, will the ecb step up to the plate and try and offset that reduction in new liquidity? so a lot can happen from different angles. >> but bearing in mind it's the fed that sets the price for global money, the chances of the ecb and the bank of japan offsetting that is unlikely, isn't it? >> it is unlikely. and there is even more discussion now. but what are the longer term costs to benefit and should they just get out of the way of the market now, try and re-engineer their policy more towards forward guidance, keeping rates lower for longer and step away from qe. >> i think interesting, too, as we get his comments from bullard and fisher overnight. the stronger employment number. >> first of all, in terms office where the qe is slightly or not, you have to go back to qe2.

. >> i think everything the fed does is affecting these markets though i do believe that the ecb is on hold and will be more dovish. >> that would be yes? >> whatever. i hear what you're saying. >> i don't think if you're an investor you care as much about the ecb as you do the fed. >> i think it's a non-event. just november alone is an outstanding month. to have a 1% pull back is nothing. if i have some buy tickets out there below the market, this 1% pull back doesn't get me closer at all. it's so hard to fine tune around this kind of move. there is no sense of panic out there. this was not in anyway puke out selling that you want to see before you, you know, the vix, i want to see it higher here. >> so we asked the question tonight what are you looking to buy or sell now that we're at this point? guy? >> boeing is on the buy side. we talked about it as boeing accelerated. we talked specifically about its valuation. that's typically an inflection point. so far it has actually proved to be correct. i think it needs to trade down to 120. past resistance becomes support. if you get boein

ecb president mario draghi said he won't hesitate to fail banks if needed. details of the exams of the 130 lenders are due to be released at the end of january. former bank of israel governor stanley fischer is barack obama's top choice for fed vice chairman. this president has already offered the job to fischer close.ng to someone >> let's talk about one of our main issues. the latest forecast for the next two years. the airline groups as profits will jump to record in 2014. joining us for more on the from geneva, his first interview of the day. good morning to you, tony. the probability numbers look like they are improving. what really struck me was the margin. a margin improvement of some significant magnitude. nevertheless, are these margins enough for this business? no dumb a there not. the margin is improving -- no, they are not. the margin is improving. it is still not enough to give the adequate returns to shareholders. >> what is your take on the european recovery? how will that affect demand from europe? and then we will get onto the u.s. megamerge

the ecb are going to stay dovish as well as the fed.ata for the last two quarters. there's a lot of news in the price. long the data remains good, there will be support for the sterling, at least for the next few months, at least until perhaps we get a change in that forward guidance. the bank are going to have to keep on working to push against those expectations at the hike could come sooner. >> jane, thank you so much. another exciting year for exchange markets. we will hear from gambling's richest man and wife thinks online gambling could kill casinos. stay with us, we are "on the move." ♪ >> first, bloomberg. >> i'm francine lacqua in london. this is "on the move." we are streaming live online, on your phone and tablet. number one inks the u.s. and canada this weekend again. "anchorman two" opened with almost $27 million according to the box office. hyundai motors is expecting to sell 7.5 million cars this year. ford has said the new s series will the shown at next month's he tried auto show. "the pulse" is coming up in 15 minutes

their vote count is going to be based on ecb capital.o if you add in the germans, the dutch and the fins, they could decide if these funds will be available. but the other crucial thing is this fund is not going to be built until the next -- or it's going to be built over the next ten years. so what happens if somebody needs to use a fund at the national level and it's fully depleted? what next? and who backs up the back stop? the german view on this is that the stability mechanism shouldn't be available as additional cash. so we came out of this meeting, yes, with a broader framework, but there's still plenty of questions. as i asked the president of the euro group there, are we truly breaking this link between the banks and some of the weaker sovereigns? i'm not sure we have. it will be interesting to see whether we actually agree something stronger next week when we come back to the drawing board. with the work set to continue, ross. >> stay there for a moment. let's bring in robert quinn. robert, you're a favorite of banks as an inve

it's very clear that the fed is much farther ahead than the ecb and the bank of japan in terms of its intention to reduce monetary accommodation. so i think the bank of japan is quite firm that it will keep its easing program in place. and i think with the yield differential still there, there's no risk for immediate appreciation. >> yeah. they're not yield differentials certainly getting wider. when we get that sales tax hike in next year, are you expecting the bank of japan to add more stimulus? >> yes, we do. currently, i think consensus is focused on a second quarter easing, but i think they're going to hold off probably until the third quarter. there are a couple of things that kuroda has pointed out that going to drive their easing decision. one is base wages. he's emphasized the need for base wages to go up, for the increase to be sustained. we're not going to get the full outcome of next year's spring negotiations until probably may. on top of that, i think the boj is going to take a good, hard look at second quarter economic data to assess the negative impact of the consumpti

the bank of england, ecb, australia, canada, mexico, making great decisions. that will have a potential impact. right now our ten year yield is pushing. they are getting nervous. obviously everyone is looking forward to the friday number because that will be the driver for our central bank. liz: we talked about how we will not see things like margin calls with gyrates the market until we start to see higher rates. people becoming a little over leverage when it comes to buying on margin? >> well, yes. actually, margin rates as recorded by the new york stock exchange are all pretty high. it is one of the indicators. this market has been moving and professional money not so much on the average investor. we continue to see huge inflows into the equities, particularly to the etf. another $10 billion going into u.s. equities through the etf. we continue to see money flow into mutual funds to the standard mutual fund flows. a truckload of money sitting on the sideline. in other words, not leveraged way to come in the money market funds. so it is a careful indicator o

artists.0 headline grand central station, plus ecb's incredible ports of call.e no strangers on ship. we have 40 shows to do. we have done two weeks so far, and we have been having the greatest time. it is not something we know is going to happen any time that right now. it is so much fun. getting the chance to be on stage with richard and mindy and gerald, we have known each other for so many years. we are having the time of our lives. ofis: we are running out time. you cannot bring your horn and not play any ink. >> i am going to quiz you. tell me whether you can recognize this. ♪ tavis: how about this one? ♪ i got it. one more. ♪ got it. you didn't stump me today. >> i never stump you. you are an encyclopedia. more, you want this and "summeralbum is called horns." if you are on that cruise you may very well see me. did i just invite myself on stage? whence we will give you your own show. >> you don't want anybody jumping off the ship. jazz musicians don't get any better than the bassist charlie haden. this year's recipient of the lifetime achievement award, p

across the channel, to the ecb, their problem is inflation is too low. it was at 0.9% in october.ir decision says they are staying put and they do not need to take additional action as it did last time with a cut in interest rates, so they are on hold, but we will watch what mario draghi says. they're expected to put out new forecast for the next two years and their first look at 2015, and people will try to extrapolate where they think the economy is going and where policy will go. >> and the implications here for us in the u.s.? >> we'll will be watching the gdp numbers because not only does the fed want to see the unemployment rate come down, but they want proof that it will stay that way. we need to see strength in the revision, but numbers that tell us it is not just inventory building. there is momentum going into the fourth quarter, and reason to think the companies will continue hiring. the numbers, including jobless claims will be important to investors. >> they will be important. those numbers are moments away. ,e will get jobless claims which are expected to come in at

. >>> meanwhile, ecb president mario draghi has urged lawmakers to finalize the details of a banking union as soon as possible. giving evidence to the european parliament, he warns the latest plans to wind up failing eurozone banks may be overly complicated. >> we should not create a single resolution mechanism that is single in name only. in this respect, i am concerned that a decisions making may become overly complex. and financing arrangements may not be adequate. >> and it comes always the latest data from the european banking authority reveals that banks have been using increasingly cheap funds from the ecb to buy sovereign debt. 89% holding government debt in june, up from 78% in 2010 and italy with 76% up from 59%. the numbers will add to concerns that the link between weak banks and sovereign has not been broken. there is some reason to be optimistic about the spanish sector. six firms have lodged bids for an 89% in the stake rescued lender ncg banker. the strong demand suggests a growing appetite which until recently had been considered too risky by international investors.

this is in the first time the ecb has ventured into the videogame world. games likecb has -- inflation island where players step into the shoes of the director of the european central bank will get to play around demonstrateon to how it impacts european economy. it's a way of reaching out to citizens. a number of banking and additions have recently turned to serious gaming. released thengland monetary policy balloon game. then there is the fed chairman game. the serious games share the same name. they want to inform the public aret monetary policies and used in a friendly fashion to make the process more fun. catalans are up in arms over a tweet posted last week in which the military status threatened combat vehicles and heavy police presence on the street if they vote for independence in the referendum next year. the twitter post wasn't intended to be taken seriously. it was a joke but has angered catalan nationals who want an apology. there are 1.1 billion smokers in the world today, and 1000 people under the age of 18 and start smoking every day. it is

live super doppler radar -- ecb breaks in the moisture. a little snow across western maryland where the winter storm warning still hangs on until 1:00 in the morning, but i think that will cancel out a bit early. the winter weather advisory remains for frederick county, mainly northern frederick county. around the capital beltway, a lot of parties going on for the holidays, it will just be wet for the next couple hours or so. the breeze will pick up and help dry things out nicely later on tonight and into the day tomorrow. sunshine by tomorrow afternoon, then we keep that sunshine, but colder temperatures for the day on monday. a warming trend for the middle and end of next week. -- wintry mixr and rain will diminish in the overnight hours. 38-43 tomorrow. going to be breezy. wind gusts around 20 miles an hour. this is the kind of weather people who don't like cold weather actually like in december in washington. friday.'s by >> happy to see that warming trend. we move on to sports. our the storm clouds passing for the redskins? >> one wou

to curtail the effects of taking failures and the deal will add to the existing supervision by the ecb, and deposits of 100,000 euros will be guaranteed. the mechanism will close toxic banks before things get out of hand. producing revolutionary chance -- change to france's financial sector. so that taxpayers no longer foot the bill. >> bangs will also be expected -- banks will also be expected to contribute, but it is unlikely to be enough. additional financing may come from the european bailout security mechanism. that is a sticking point among certain eu members, particularly germany. nonetheless, the german finance minister said this was the right way forward. >> this was very controversial for a long time because the interests varied widely. that is why we are building the right contribution for the stabilizing financial markets. it is hoped in the european parliament that it will be passed before the term ends in may. >> that banking deal came hours before the eu summit kicks off in brussels. are aiming germany to downgrade plans for deeper eu military cooperation, but france for

there's a differentiation there so it could be ricely so. >> it's interesting you talk about the ecb, because clearly they did cut rates the last time around. the most fascinating dilemma here is euro/dollar, which has been absolutely stuck in a range for sort of -- let's call it 1.30 to 1.40. is that going to change in 2014? are we going to see a difference between the ecb, lower for longer than the fed which on the margin which theoretically should weaken the euro? >> i think we've been hearing in the market in terms of flows coming in, even out ott japan into europe, moving away from the aussie front. there are risks to the aussie weakness sort of trajectory. sort of the yen coming into the similar side of japan, there could be outflows, for example, into assets or there could be further flows into the european side. so there could be further support on this. it's linked with some of the japan policy measures if you get introduced by the end of the year. >> okay. thanks very much, joining us from may bank in singapore. every week, cnbc is asking you to talk the trend, as well, by t

i think the ecb will worry about that and cutting rates next year which will take the euro down.ory. you don't sell the euro on something that will happen in a few months' time. >> as you get nearer to the fmc meeting, i think you will see another push higher in terms of yield because of that apprehension going into 2014. i think the story for 2014 is the fed tapering will actually arrive. the market will be sort of balanced with some measure by the fed to try to calm the ideas of tightening but tapering does matter. i think that does boost the dollar. it does sort of prush treush tr yields and that's going to be the dominant theme. >> if you take a sector like mining, yes, look at the minors under pressure. there are still some very interesting plays in this area. if you take michelin, for example, 35, 40% of its profits coming from selling mining ties. it's about operations. >>> u.s. airways and american airlines will close their near $18 billion merger before the opening of trading today. the new company will be called american and it will be based in dallas. last month the ca

the ecb is also holding its key rates steady at .25%.central bank president mario draghi will hold his last news conference of the year at 8:30 a.m. eastern. >>> among our top corporate stories this morning is apple, the "wall street journal" reports that the tech giant and china mobile -- man, i'm glad you're here today. have signed a deal to distribute the iphone on the chinese carrier's vast network. a deal's been rumored for some time. and today, china said it's going to award china mobile, china unicom, china telecom, all licenses to provide the 4g network to customers. >> do you know how many customers china mobile has? >> i said it seems like a big market. >> like 800 million? you're right. you nailed it again. >> that's why i make the big bucks here. exactly. i said that earlier. seems like a market opportunity. >> it is very, very large. >> then we heard they like knockoffs. made by htc. but almost as good as -- i don't -- you know, i don't -- certainly don't utilize everything the iphone does. >> you can get everything you want

the single currency fell to the european central bank mario draghi said the ecb stands ready to take action against low inflati inflation. data showed the eurozone's industrial out put dropped 1.1% in october, short of market expectations. meanwhile, dollar is holding pretty firm against the yen. right now dollar/yen at 102.75. >>> a court rejected a claim made by samsung that apple inflingd on patents. samsung accused apple of copying three technologies for tablets and smart phones. they include multitasking allowing users to input text while other applications are running. the seoul central district court said two of the three technologies can be easily developed based on those apple publicized in the 1990s and also dismissed samsung's claim that apple violated the patent for the other technology. samsung said in a statement it will continue to take the necessary measures to protect its intellectual property rights. samsung and apple are involved in a number of legal battles in various parts of the world. last month jurors in california delivered verdicts in favor of apple. samsung

this is the same market that one month ago, 90% of people thought the ecb would never move.they'd be more dovish. it's still a step up here. 138 is not going to break between now and year end. it's going back down. >> thanks very much. we'll talk to all of you again seen. final trades and the result of our debate up next on "the half." before global opportunities were part of their investment strategy... before they funded scholarships to the schools that gave them scholarships... before they planned for their parents' future needs and their son's future... they chose a partner to help manage their wealth, one whose insights, solutions and approach have been relied on for over 200 years. that's the value of trusted connections. that's u.s. trust. >>> all right. the people have spoken. we've counted all the results. dr. j, you did win the debate. >> jim did a great job, though. i just like the stock. >> give us a final trade, josh. >> i like ford. i don't know what happens with mulally, but i think the stock works higher. >> it's up 100% since he's run that company. >> hertz,