the phone company has announced it will not its takeover of kpm.ays it has not decided what to do with its current stake. that's corporate news right now out of here in the european trade. still to come gold may have shrugged off the recent u.s. debt drama, but our next guest is telling us fiscal trade volumes have skyrocketed in recent week. as we do so a recap of where stocks are right now here in europe. the ocean gets warmer. the peruvian anchovy harvest suffers. it raises the price of fishmeal, cattle feed and beef. bny mellon turns insights like these into powerful investment strategies. for a university endowment. it funds a marine biologist... who studies the peruvian anchovy. invested in the world. bny mellon. mine was earned orbiting the moon in 1971. afghanistan in 2009. on the u.s.s. saratoga in 1982. [ male announcer ] once it's earned, usaa auto insurance is often handed down from generation to generation because it offers a superior level of protection and because usaa's commitment to serve current and former military members and the

kpm has reported a 230 million euro loss in the third quarter. banks posted better than expected figures. the bank's president and ceo told "squawk box" europe where they're seeing improvements. >> you see dependic demand quite strong. the uncertainty in europe and the rest of the world is hitting the export industry. there is not a lot of credit demand at present. domestic consumption comes through in higher conditioning for us. >>> bhp has raised its iron ore production. it helped push australian stocks to a fush five-year high. and chips on holdings has posted a near 40% jump in pretax profit. but investors remain concerned about the saturation of the smartphone market. the ceo has been speaking to cnbc this morning. he's explained why the rise of the smartphones is a big growth opportunity. this is what he had to say and you can get full analyst redaction at 10:10 cet. >>> meanwhile, novartis now says it expects generic drug competition to cost the firm $2.3 billion this year, down from the $277 billion it forecast in july. announcing third q