we had hsbc coming out with its figures.etter than expected, quite the opposite and also affected by the euro zone debt crisis. that was one of the stocks that tumbled to the tune of 9% in asian trading. let's get back to europe, though. for years there's been talk of a two-speed europe and for years policymakers have completely dismissed the idea that some countries could be more integrated into the eu structure than others. earlier this week, the french president nicolas sarkozy came out and said that the euro zone will become a two-tier club. to look at what that might mean, we go to john defterios who has been following the events very closely. the two-speed, two-tier europe or a two-tier euro zone. let's put this into perspective. >> reporter: yes, in fact he raised a lot of eyebrows with these comments at the university of straussburg. you know the story going back to the creation of the single market and the ec-1992 project. back then you had the original architects discussing greater integration and a federalism. the

hsbc, down 2%. that was one of the downgraded s&p banks. and that's reaction. we've also seen construction bank of china and also the bank of china, the big chinese banks, they're down but by not nearly as much. performing much better than the overall market. that's because they were upgraded by the s&p. this is really a sign of the times. these have been upgraded one notch to a straight "a" rating compared with hsbc which is at an "a" plus rating. yn t obviously the chinese banks have escaped the global crisis and there's no exposure to europe either. the eastern banks just getting stronger and stronger, relatively speaking. nina. >>> yeah. in the meantime on wall street, let's have a look at how some of these s&p moves have affected things. most of the markets have got a lift for a second day when it comes to tuesday's session. that was not to be on the back of optimism about the euro zone leaders managing to eventually get a grip on the debt crisis. both the dow and s&p were off by about a percent -- maybe they were up by not quite 0.28%. only the nasdaq buc

biggest banks are being downgraded. 15 financial companies, including citigroup, bank of america, and hsbc, have had their ratings lowered. samsung has won a major battle in its ongoing tussle with apple. an australian court has overturned a ban on the galaxy tablet in the country. apple had won the injunction back in october. samsung has since resigned its tablet. this is the asian market, the european market. they were down a while ago in the trading session. they are now up at the moment. all eyes are of course on the euro zone and the next page in that one. >> thank you very much, aaron. music, changing lives. a scheme to help children in the most deprived neighborhoods across england, using a system developed in venezuela, where even the youngest children are given intensive music instruction. they tried it out in scotland. we went to see how it worked. >> five years ago, one child learned to play an instrument. today, there are 450. the town on the edge of the sterling has a reputation. however, it is now becoming famous for music. bass group -- a school christmas concert might appea

however, we will now try to will want to hsbc. the bank made $3 billion in the three months to the end of september. europe's biggest lender reported a fall in income from investment banking and a rise in bad debts in the united states. it was all not gloom and doom. above that figure, profits were boosted by a one-off gain of $4.1 billion. dexia says it will lead to raise another 4 billion euros. this is despite receiving 90 billion eurosty of guarantees. more bad news for toyota drivers. it's recalling more than half a million vehicles. a faulty part could affect the steering of a number of models. a number of lexus models are also affected. in mostly affects cars sold in the united states and japan. let's have a look at the markets. that was the european markets. like i said, they were down. cac, ftse, same, down about 1.5% as a reaction to the continuing problems in italy. yesterday, we saw a brief flurry, which was reflected in the asian markets. there was a brief flurry as a reaction to berlusconi offering his resignation. t

. >> profits at british banking group hsbc took a hit in the third quarter.djusted pre-tax profits came in at 36% lower than a year ago. europe's biggest bank was especially hurt by a rise in bad loans in the united states and the market turbulence, which is held back investment banking activities. the bank says headwinds in the world economy are hurting its results, but is making good progress on a global restructuring plan. now back to brian. >> syria looks like the area -- arab league's peace plan is not working. but at least eight protesters were shot dead in damascus by a a division and of the army headed by the president's brother. and human rights chief says more and more syrian soldiers are defecting in the country's moving towards civil war. tuber to now were thousands of students have marched through central london to protest plans and the conservative-led government to triple the cost of university education at state schools but the job by cost would put a college degree of bounds for many of the nation's young people. what tuition alone at more th

they are however poised to reclaim a lead in auto sales this year ...hsbc is claiming that it is tooys they're blaming it on bad u.s. housing markets ... if you are looking to get a break you might find that at kmart it's the latest retailer to slash prices on toys ... retail experts say that people are not shopping earlier this year it's quite the opposite situation ... the discount retailers will be involved in a price war ... the holidays are coming and if you like to earn some extra cash to make consider taking a second job for the season. here with some advice to make sure the extra effort pays off is jennifer weigel of trib-u ... it's a great solution to get extra cash ... if you really think you need money in interest and all that time working you might want to check in with your family they may want to see more of the rather than have an elaborate christmas ... prioritizing your day jobs is the most important thing you can do ... you do not want to endanger it. you may even want to consider telling your current day job employer that you are taking a second job for additional

. >> well, scott and his caddy steve williams are in shanghai, china for the hsbc championship.n your caddy, scott or hold on, scott finished birdie, birdie, eagle. scott salvages 3 under 69 and two back of the leader freddy jacobsen and we're still friends, right steve? >>> grig biffle greg biffle won the "the triple-a in texas. and hornaday and busch trade point and busch doesn't like that. that is dirty deeds done dirt cheap. kyle busch is suspected from today's race and kyle busch puts the "bush" back in bush league. >>> the $5 million classic breeder dossel meyer and beats his former fianci. i don't think there will be any requisite silliation between smith and sutherland. >>> former heavyweight champion joe frazier has liver cancer and according to his manager he is in serious condition and under hospice care. sportsnet mid-atlanticing joe phraseyer was the first man to beat muhammad ali in what was called "the fight of the century. joe frazier was the chang from 1970 to '83. >>> 49ers are favored to win their fourth straight game in washington, d.c.. that formula works on

shanghai interesting developments out of china following the weak manufacturing number from the hsbc survey yesterday. the central bank authorities in china have eased lending restrictions for some rural banks. these are the small rural banks, not the big four pillar banks in china. it's a move nonetheless to ease the tight monetary conditions in china to keep the economy rolling. six of those 20 banks were in the eastern province, there's been a big credit squeeze there hurting small business. authorities in beijing are realizing they do have to make some moves, being helped by the weaker than expected manufacturing number and low inflation. >>> know, a showdown at the japanese optics maker olympus is in the offing. michael woodford, the firm's first foreign ceo is back in japan to face off with former colleagues. six weeks ago the board unanimously fired him after he questioned billions in past takeover fees. ramy inocencio is following the story. >> in the past few minutes michael woodford came out of the meeting to discuss the probe. two main points, one, he said he was immensely

things like hsbc and some of the big european banks prohibiting the financing of new coal-fired powerr example. we're looking at a company here in south africa who pushed for more green friendly transport vehicles. talking about a wine farm down in the road in the cape area which set up its own solar panels. each of these are certain examples of how corporates are actually going in a way beyond what is happening in this building behind me. there's sort of this bottom-up green shift that has many people saying it's quite remarkable and definitely sped up in the last two years. of course, that has to happen in conjunction with the politics and the negotiation that is going to happen here. so many people still quite optimistic on that level that something is being done about this massive threat in terms of global warming. is it enough? the big question. reports over the past few months repeating again and again that global warming is reaching that tipping point, if something isn't done in the next two years there's going to be sort of quite catastrophic perhaps and also very long lasting

hsbc holdings led those declines dropping more than 20%. china's biggest energy producer was t"the biggest loser" on the index. a similar story in seoul where the kospi finished 1.5% down. lg electronics was a big market mover there, but that was down, plunging 14% on speculation the company may have to sell some new shares. things were looking a little healthier in china. ending the session up just about .2%. there was positive news in the software sector there, lonovo's second quarter results did beat expectations. its shares jumped here in hong kong 5%. the main australian benchmark was down here on thursday trade. several major bran, saying as the buyers treaded off concerns about europe's debt troubles. all in all we are looking at four days and four losses. we'll look ahead to friday to see if we can pull things up. >>> volatility reigns supreme. ramy inocencio, thanks for the update there on the asian markets and how they fathered in today's session. >>> let's look at wall street. stocks stateside bounced back after two days of sharp

the hsbc flash manufacturing index down three points from october and well under the 50 mark that signifiesaction. and that figure fell significantly below forecasts as well which sent this shudder through the markets. shanghai's composite continues its losing streak, now down for six days in a row, down about 0.75%, its worst streak since may. the australian index also pulled down by the miners, down nearly 2%, that's after the australian lower house of parliament took a 30% mining tax, a little closer to reality. it's voted it through. it just has to now pass the senate. here in hong kong, the banks are taking a beating, down again by more than 2%. the nikkei closed today for a holiday. probably just as well, really, nina. >> yeah. all eyes are very much focused on china, aren't they? >>> china's slowing economy could be putting investors on edge on wall street where the markets are set to open in about a few hours from now. now, the dow and s&p 500 and nasdaq all ended yesterday's session in the red. alison kosik has all the details from new york. >> a very bumpy tuesday on wall street.

bank of america already ditched its overdraft fee as has citigroup and hsbc.so this seems to be more sensitivity on the part of banks to what is going on with the activist movement against the banking system. jon: but the money has got to come from somewhere. what they don't in fees they will find another way to make up, right? >> reporter: that's right, jon. in fact top executives of bank america was on a wall street conference call and they said, you know what? the existence of the debit card fee was hurting the franchise and hurting the image. industry estimates the loss of charging that fee would lose about $6 billion a year for the banking system. they could, you know, possibly make it up, likely make it up elsewhere. back to you, jon. jon: liz macdonald, fox business network, thanks. >> reporter: delighted. >> multiple reports today hope is fading for a deal on the federal deficit. in less than two weeks drastic automatic cuts for the budget are supposed to kick in if the super-committee can't come up with a agreement. we have reports he said/she said. w