♪ manus: i am manus cranny in london. making his story. the big news story.b inbev has made a formal offer to sabmiller 444 pounds a share in cash. it will create the world's largest brewer. it had agreed to sell to its miller's course stakes to -- miller course stakes to molson coors. we were chatting about the anheuser-busch in the story, they talk about $1.4 billion of synergies. i suck, i can see from my notes we're talking 1.5 ian dollars. we know there is going to be competitiveness. china is an important market as well. when we look at the global presence for them between china and the united states. where do you think the biggest antitrust issues are going to come. ashok: u.s. and china are the biggest places where they have to go and sort out -- they have to placate the regulators. toe some commitment, not pricing. it takes time to negotiate through. i think the biggest growth opportunities are china as opposed to the u.s.. this is a much more mature market. they will put a lot more emphasis and make sure they get it right in china. manus: up to me a

manus: one less question.here were reports yesterday the ecb was going to get a deeper more negative rate. it is all about expanding. what is your perspective? -- david: draghi -- that would expand the crunch the numbers. there are enough assets available to buy. that suggests the ecb is gearing up for an expansion of those monthly purchases. that is why they are doing that rate cut. manus: david, thank you very much. let's bring in matthew beasley. he joins us now over the next half hour. he is the head of global equities, innocent investors. data from france. i can i get excesses -- i can get excited about french data. the german data especially more in that it is the real contagion bellwether for me in terms of china. am i misreading? matthew: about one third of the euro gdp is from germany. germany is the most important data to watch for. the lack of growth is france. the french data has been mixed at best. today's reading is a slightly positive as best desk positive at best. positive atk to -- best. when

manus: ryan, thank you very much. wellore, we are joined by and management head of croci investment. francesco curto. and matt campbell joins us on set. stocks trading 40 pounds. the offer price is 44 pounds. the difference is based on? matt: this deal in the u.s. to sell miller coors, that gets rid of a little bit of overhang, but this still has to go through china and the european union. it still needs american antitrust approval. if i weren't antitrust lawyer in ghana, i'd be very excited about this. you could hold up the whole deal if you don't get this done. manus: matt, you just live a torch under every one in the world. $4.4 billion worth of synergies. is that a lot? matt: we have to be clear about what that means. when ab inbev buys a company, that is going to mean jobs. it is going to mean employee perks. the brazilian family who control ab inbev love to cut costs. they would certainly get rid of the free food. manus: and the food is good here. matt: not a lot of perks are going to survive, i expect. manus: w

manus: and i'm manus cranny. here are our top stories. u.s. and u.k.ials are increasingly focused on the idea that a bomb brought down the russian jetliner that crashed in egypt, possibly with the help of an insider. the british government has suspended all flights from britain to sharm el sheikh. phil hammond says there's a significant possibility that crash was caused by an explosive device. francine: it is also super thursday today. the central bank is due to announce the latest decision on interest rates and qe. governor mark carney will also present his final quarterly inflation report of the year. manus: janet yellen has reiterated that a 2015 rate hike remains a possibility. in a testimony before the house financial representatives committee in washington, the federal reserve chair said a december lift remains a live possibility. ms. yellen: what the committee has been expecting is that the economy will continue to grow at a pace that's sufficient to generate further improvement in the labor market and return inflation to our 2% target over the

manus: thank you very much.crisis.ude we talk about the black gold. that is all ahead of the december opec meeting. ♪ the only way to get better is to challenge yourself, and that's what we're doing at xfinity. we are challenging ourselves to improve every aspect of your experience. and this includes our commitment to being on time. every time. that's why if we're ever late for an appointment, we'll credit your account $20. it's our promise to you. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around. this is "on the move." two in terms of this equity market decline. we have lackluster growth in europe. gdp in germany rose by 3/10 of 1%. european equities are lower for a second day. look atve a individual markets. this plays into concern about the chinese slowdown. let's have a look at where we futures.rms of s&p the cash market slips below its 200 day average for the first time in two weeks. the bloomberg commodity index is the lo

manus: thiss is -- is manus cranny. and this is "on the move."delivering flowers outside of one of the .estaurants a site of terror and destruction in paris. those are the images of paris this monday morning. three days of mourning. an active war is how the president of france referred to the incidences in multiple tax --ng murders at attacks across paris on friday evening. these are flowers that have been growing. travelers in terms of what they can expect in their preparedness airlineel in rail and travel. let's have a look at some of the headlines we are getting from francis prime minister. some events. -- climate change will be this is according to rtl. the climate change is a huge global gathering. expected to happen in paris in a few weeks. it is expected to be some talks to continue. the talks continue. they will continue. there will maybe some capitalization some cancellation. -- some cancellation. some additional security will be needed. housing going to impact markets and the reality of life. for more, we're joined by kerry london. she

manus: i am manus cranny. here are our top headlines.emper cisco fed president has reinforced there will be a great hike next month. case." thattrong depends on the data continuing to be encouraging. francine: the commodities slump is deepening. copper tests the lowest level since 2009. crude has extended its decline with venezuela protecting prices may drop to mid $20 per barrel. glencore shares retreating this morning. manus: brussels remains on lockdown today as authorities keep the city on maximum terror alert. socks and underground networks are closed -- shops and underground networks are closed. they gather in the capital this afternoon to discuss the 2016 national budgets. metcine: francois hollande david cameron in paris. it is the first in a week of meetings. they discussed security in the aftermath of the paris attacks. hans nichols is standby in berlin. talk us through a loans week. he is trying to muster support for some kind of alliance. hans: he is getting on a plane. his a busy week. he is not translating for others. david

manus: absolutely.stars are aligning for pushing the bank of england to have to go earlier than the fed. data aheadthe big for the bank of england, super thursday. mark will be outside the bank of england tomorrow. stateside, we are watching out for adp and the jobs figure on friday. we will also be on central-bank watch as the fed reserve chair janet yellen testifies before the house financial services committee on capitol hill. the official public is regulation, but the lawmakers are free to ask her anything. new york fed president william dudley also holds a briefing in new york and fed vice chair stanley fischer will speak in d.c. let's get thoughts from manish singh, head of investments at cross bridge capital. to said that you will like see them defend the fed. why do you think they need to defend things? manish: there has been a lot of criticism about whether qe was the right thing to do. keep people into jobs and to keep prices stable. i think they have succeeded in a big way. if you expect 5.1%

manus: i am manus cranny. the downing of a russian fighter jet threatens to undermine efforts for a united front against islamic state. president obama, chancellor merkel, and nato have called for a de-escalation of tensions between russia and turkey. francine: erdogan said no one can expect turkey to not react to violations. turkey has no intent to escalate the situation. manus: let's bring in andrew. great to have you back with us this morning. we just heard from erdogan. francine and i did a double take . there's the line. erdogan doesn't want to escalate the situation. president who is absolutely prepared to saber rattle against the russians. >> you can take it two ways. the glass half-full is that we've had 24 hours now without another major incident, which is certainly wasn't clear yesterday morning when markets tanked. nobody was talking about invoking nato article five. the glass half empty is the rhetorical escalation continues to rise. despite what erdogan said this morning, he did take a couple swip

manus: yes. that's ahead of the summit we are joined by eco-age founder and creative director -- she's here for the bloomberg, a huge event, good business conference where she will speak about how businesses can achieve growth to sustainability. great to have you with us. >> good morning. manus: sustainability. it is very much a buzzword of many institutions. tell us what you do to make that become a reality, because you work with a variety of brands. a buzzword.ility is and sadly sometimes means a little bit confusing what it really means. and a lot of businesses tackle sustainability without keeping also in consideration the human rights aspect of it and social justice. in order to have a sustainable business, you have to take into consideration not only your resources, the sustainability side of it, but also the social people aspects and the that form your business all the way down the supply chain. to the point that sometimes with the businesses we work with, we take the social justice part o

manus: stay with me.he asset strategist at morgan stanley coming up on "the pulse ," sowing the seeds of a possible deal. chem china is said to be in talks to acquire syngenta. that is our bloomberg exclusive scoop coming up next. ♪ manus: it is friday. chem china is in talks to buy the pesticide maker syngenta. , syngenta giving some of it back. nejra: absolutely. the shares have risen 11.3% on the news that chem china and syngenta are in talks for a deal. the offer from chem china for share,a was 449 francs a valuing the company at $42 billion. syngenta has rejected this offer saying it is too low and cited regulatory risks. earlier this year, it rejected a $47 billion offer from monsanto. the question is how high is chem china going to have to go to seal this deal? we're told the companies are still in talks. we could see an agreement within a matter of weeks. manus: thank you very much. syngentatest deal in with china. chinese banks -- troubled loans billion, more than the entire gdp of sweden. let's

manus: manus: -- manus: we were talking about deutsche bank.n you look at the whole landscape, the value of ubs's top -- is at the top of the free. when you look at the -- how does hsbc fit into that? richard: hsbc is a value play. it is a you play. i do not expect the share price to spike up. it is a safe bank. it's got very good lending requirements. it is a safe yield play. accounts receivable, financing are a big part of its revenue. francine: what would you buy overall, patrick? had some news over their retrenchment of a lot of the investment banks. patrick: all of the european banks are cheap to very cheap. you're going to be in an environment where you do have a higher yield curve. there is none of that happening. you are seeing the banks put on earnings that are reasonable. commerzbank reported earnings. , it is not an incredible environment for them. it is and it reads -- it is a reasonable environment for them. manus: we are waiting to hear what we've have from stash what we have from standard chartered. was low rate environment every

manus? manus: thank you for that. still with stewart richardson.tening to hans, a story of shipped 15% other containers around the world and they are worried. 15% of consumer goods around the world. a company which says get concerned you significantly weaker dater than expected. not at richardson: is brand-new story. the last few quarters from the beginning of this year. will send a year on year trade flows stagnant cap -- we have seen year on year trade flows stagnant. range andin the 3-ish expect more in volume of trade. a real strong outlook of what is happening. speculating that consumer spending habits. people are spending less time going to the shops and spending money that way. they might be doing more online shopping and more shopping electronically. if they want to buy games, downloaded electronically. some of the intellectual property what had to be sent out to asia and so on for the manufacturers other goods is coming back closer to europe or america or so on. it is having an effect. we do not know the exact order is a symptom of slow gl

i'm @manus cranny. stay with us.are going to take a very, very short break. ♪ the only way to get better is to challenge yourself, and that's what we're doing at xfinity. we are challenging ourselves to improve every aspect of your experience. and this includes our commitment to being on time. every time. that's why if we're ever late for an appointment, we'll credit your account $20. it's our promise to you. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around. manus: welcome back. this is the plusulse. top headlines. the australian dollar jumps after on the planet fell -- af ter unemployment fell below 6%. ease the pressure on australia's central bank to add further stimulus to the economy. siemens has racist dividends and announced a 3 billion euro share buyback. that comes as fourth-quarter profit beat estimates. the cheek executive -- chief executive expects no growth and profit margins. european central bank president marriott dra

manus: up next, mario draghi is going to speak. ♪ manus: climate manus cranny in london, -- i'm manusy in london, and this is "on the move." we are waiting for mario draghi to speak at the european parliament. starting inower, two big stories. you have repsol with the quarterly earnings miss on the back of oil prices. nejra was telling you about rolls-royce and what is taking ast market really down, 17% they profit warn. that does very little to balance the dividend and buyback. the declinecks on -- let's switch it up and have a look at the foreign exchange exposures. everything really dominated by the dollar, which had some slippage yesterday, and the aussie dollar is cranking it up. unemployment rates unexpectedly fell in october. by 58,000 -- the estimate was for 15,000. traders are cutting back their bets that the aussies will raise rates. euro-dollar is at 107.41. we are waiting to see what mario draghi has got to say. hasn't been taken yet from the ecb on what to do next month. euro-sterling -- the pound has been d strengthening through the week, job figures the lowest since 200

manus: avoiding another lehman moment. trillionll of $1.2 under the financial stability board failure. cameron's dilemma. we hear from the u.k. prime minister this hour as he tries to balance domestic and european demands to avoid a brexit. lonmin its shareholders for more than $400 million in a cash fall to stop rallies. of very warm welcome, this is "the pulse," live from london. i'm manus cranny. have a look at lonmin shares. they revealed they are hoping to tap up shareholders for $400 million in a rights issue. stocks are up as the south african miner sides value fall by more than 50% over the last month. let's go live to johannesburg. we have our bloomberg metal and michael reporter, -- metal an d miner reporter. this is a substantial cash ball to say at least. andre: good morning. yes. it is good news, and something that has been worrying the market for a while. basis?nmin find the good news as far as they are concerned is that they have found three parties to underwrite it. from that perspective they are safe for n

manus: welcome back. this is "the pulse live on bloomberg tv, streaming on bloomberg.com, your tablet and phone. you're looking at live pictures of chatham house where we are waiting for the prime minister david cameron to deliver his speech on the e.u. what is it that he is going to be requesting from his partners in europe for a reformed e.u. relationship? in the meantime, let's get up to speed on equity markets. london down by 2%. the rest of europe is improving somewhat. let's get across to mark r in to a little bit deeper into these markets. all about china, i'm afraid. weaker than forecast consumer price data, an increase of 1.3% for october was below estimates. 5.3%,er prices sunk by extending the declines to 41 consecutive months, coupled with the recent weak trade data. that means the figure certainly open the door for the people's bank of china to loosen policy further. throw into the mix the prospect of an interest rate hike in the u.s. in december. investors certainly have a lot to ponder righ

manus: i am manus cranny. some big news on the terror attacks.he identification of another one of the attackers. to guyet straight johnson. he is in paris. guy: in the last few minutes we have had a series of these attackers being identified. he was born in france and the known for terrorist links. he was meant to be under supervision of some kind. may have skipped that. he was involved in the attacks. that was one of the attackers at the buttock on. aclan.the bat have been in grief as early as october. his nationality is still being checked. if he was part and parcel of the migration process, that would have a greater cross back into the way the migration story is developing. we will wait and see what details we get. is getting clear that french authorities are beginning to work through the terrorists and gain an understanding of their background. beginning to form a picture of the cell operating in paris on friday night. in terms of other news, we have seen french jets bombing targets in northern syria. that is a story that is being closely mon

manus? manus: hans, thank you very much.et's bring into the conversation and introduce our next guest. cluse, chief european economist at ubs. listing to draghi, i have to correct myself. it was july 2012 when draghi said he would do whatever it takes to protect the euro. today he is talking about inflation. what if you make of this? you're talking but the wickets global recovery since 2011. months,: over the last their risks of china have increased. commodity prices are lower. this inflationary environment will be with us longer than anticipated. that means the ecb is under pressure to do more. francine: do more in december? something atl do the first opportunity. reinhard: the ecb conference was clear. we had very strong guidance that more policy action would come on the third of december. since then we have had a number of speeches. this morning speech results there is a clear guidance that more policy accommodation is coming. manus: the euro-dollar responded quickly. when i look at the bond market, there is less dramatic

manus: think you very much. francine: for more on the impact of the attacks in paris, jonathan ferro joins us with the latest. it is still an ongoing case because we are looking. there is a manhunt. they are looking for safe houses. we do not know how many terrorists perpetrated the paris attacks. putin sayinge that the plane was brought down by terrorists. >> we are starting to see the beginnings of a realignment of world powers. if you look at what happened in the last mother known western leaders have been shocked by this -- the scale at which a former state has been able to expand their capabilities. this comes after the attack and ruit.oot - in be you're seeing the countries, the countries like the u.s.,, uk and france and russia learning to overcome their differences. manus: putin also seems to be intimating that there could be a rapprochement in regards to ukrainian debt. the ukrainian issue has been something that russia has not been prepared to discuss. >> one of the most interesting things to watch in

manus: i'm manus cranny. we have a lot going on in the next hour, but the eu and turkey have agreed measures to help handle the refugee crisis, including a 3 billion euro assistance package. francine: meanwhile, russia has widened the sanctions against turkey in the wake of the shooting down of one of its planes. here is donald tusk on the eu-turkey deal. outur set agreement sets the reestablishment. will also step up our assistance to syrian refugees in turkey through a new refugee facility of 3 billion euros. manus: let's get more with our brussels bureau chief, jones hayden, and ryan chilcote. is the euat actually offering, and what do they expect in return? main thing onhe the table is this 3 billion euro package. this is to go specifically to help the syrian that turkey is trying to deal with their in turkey. -- there in turkey. the eu help they can stem the tide of migrants coming to europe by dealing with the situation in turkey, and turkey's leverage has gone way up because it is a big linchpin in the

manus: good day. it's manus.course, this is going to add fuel to the speculation that the ecb will have to take more substantial measures in december. more pressure on draghi as we go towards his ecb meeting. watching inflation numbers. if inflation does not budge, it was clear that mario draghi wants to expand the size and scope of his asset purchases. manus: thank you very much. hans nichols in frankfurt. china bites. shares slumping. the challenges the whole industry faces in asia. stocks down a percent. caroline: the worst day for richemont for their stock since january. their fiscal first half of the year not looking pretty. missing analysts estimates in terms of sales, profit. what is looking really ugly is fiscalt six months, the second half because they gave us a breakdown of what october is looking like. and surprisingly the situation is getting worse. october sales fell 6%. growthnaged to eke out of 3%, but their fiscal first half, october already showing that it is not getting easier and china. we know

jon: manus, good to have you with us. the uncertainty of the last quarter, there are still decent numbers considering the amount of uncertainty and now it is about that going forward. where are we over the profitability target now? manus: look, this is going to come down to the mood. ubs would say that they are adjusting. that theirhrase communications team would like me to use. they are dealing with the reality area they are telling the market that the realistic issue is you have negative rates here in switzerland. you have a third of the bond market in europe. 1.9 trillion dollars of the grand market has rates going up across the current in negative territory. the reality is the fed didn't move and are you dealing with qe? that reality is the federal reserve didn't move. the reality is it will get hard to hit that are a week with all of those headwinds less capital. plus wealth management didn't hit the numbers and profit dropped by 10%. the i be did grand and there was a bit of a tax boost that left legal charges. it w

manus cranny in zÜrich for us.e more of the interview that he did in the next part of this hour. interesting comments coming through from sergio ermotti this morning. let's talk about the other breaking news we had had out. shell is making some announcements vis-À-vis its acquisition of bg. it is a it is on track -- it is saying it is on track to complete the acquisition in early 2016. it has raised the pretax synergies it is seeing to 3.5 billion. that is a 2018 number but it is upgrading the story regarding synergy so they can tear out of that business. the combined capital investment in 2016 is 35 billion. it is seeing good progress. it is raising the synergy forecast and getting and i you -- an idea of what it is going to be. that is the management story coming out of shell. for more on that, we will come back to you on that story. in the meantime, i want to take you to hong kong. the markets beginning to ramp up as we head towards the european open. closing a little bit softer. zeb eckert is standing by with t

manus: ecb board member peter craig

jonathan: manus parry -- manus cranny, great to have you with us.e data coming this morning. pmi data in five minutes time. u.k. at 9:30. if you want to talk market, you know where i am. i am on twitter. we bid farewell to october. we kickoff november in the red here in europe. best of luck from me and the bloomberg team. ♪ francine: a deadlock ends in turkey. ,he party space back into power sending the lira and stocks forward. manus: hsbc reports a bigger than expected that he to percent jump in profit. decision on moving its headquarters may not come until 2016. francine: china's contraction. .mi data says a slowdown ♪ francine: welcome to "the pulse."

manus: the holy trinity.know the ambition and we know the desire trying to get off the zero down level. we know more or less where yellen stands and we know they talked about december as being the meeting and that group referred to the next meeting in the discussion. we know the jumping off point is not what janet yellen says today she couldq&a because be asked absolutely anything. that is what will be important. and dudley, we know that is another interesting opportunity. fisher is possibly the man to watch because this is where the whole international aspect of the fed, that was the whole reasoning and dynamic white stanley fisher was brought into the fed. tamednce things have slightly in terms of the exterior story, there is a great story that all the world is easing while the fed is moving in a different direction. you can cut it up as the fed does nothing. still and everybody else moving into deeper currency wars. jon: that is the central bank's story this morning. volkswagen front and center and the sto

caroline: manus: you are talking positively as well.alking of devivering new production record. >> that is right. that is the point. the gold indusrty plans to bolden the peaks. e troughs.in the this is how we started rangold. jon: lets check in on the miners. rangold stock is lower. 0.4% despite an upgrade. guy johnson is here. lonmin. are you a low cost producer? longmin struggling. guy: this company used to be s here inssell london. it is saying, we are out of that is a real indication of how tough it is out there. look at what is happening in that space and it is very, very tough. >> do i want to take that risk? say, i am not putting good money after bad money. >> incredibly tough, but for gold, a decent balance sheet. -- they are at the top end, but they are struggling as well. >> you have to separate the wheat from the chaff. mr. bristow is very clear about his prerequisite for the way things work. we have a labor cost story and he works all of those numbers. we are in a very difficult environment, gold has been going down for a v

island. >> journalists and cameras are ban but by boat you can get close to the manus island processing center. what is more accurately a prison for nearly a thousand men is right only the coast. the refugees locked inside want to talk and more have bribed cleaners and guards for phones, what do you think is going to happen? >> i learned there is not such a hope. this world is deleted in my vocabulary and have seen people religious before and are now atheist because if there was a god we would be saved by now because we are human, and not animals. >> reporter: it was a deterrent long with another for families in another pacific island country and people taking boats seeking asylum would be deported at sea or taken to poorer countries with no prospect of living in australia and it worked and the boats have almost entirely stopped coming to australia but the legacy is people are still locked up in there more than two years after arriving on australian soil. we did manage to drive past security guards and through the facility, those we have talked to say conditions inside are terrible. in

manus: the other one is opec. iran comes back.y coming back into opec is like saudi on steroids for the oil market. there is a great article on bloomberg.com. threatening. russian economy. this is a risk factor of 2016. where does oil goat and can russia tolerate -- where does oil go to and can russia tolerate a dramatically lower oil price? jon: thank you very much. coming up with francine lacqua on "the polls." payrollek with the ecb, , opec, cop21, and janet yellen speaking as well. what more do you want? i am on twitter. 56 minutes into the session. equity market in europe in the green, for me and the bloomberg team, best of luck for the rest of your day. francine: 21 kickoff -- local leaders had to paris for climate talks -- should energy investors brace for headaches? jonathan: the war in syria puts turkey and fortis. stemming the flow of refugees well russia slaps on fresh sanctions. francine: and making comeback -- italy's heir is launching a new up after a start 10 year hiatus and we speak to him in an exclusive interview

and manus cranny. round of applause for you.le today, the , does it need to be good enough to give them conviction to hike in december? >> this is the most important jobs number since the last one. there is an element of truth to that. 50%, the stronger number could get us up to 70%. if we get a weaker number, we could be down into the 30% -- the 30's and 40's again. they need to have the market buying into this before they actually lift off. yellenn: manus, if janet that there would have a running mate for a rate hike next year, -- didn't he?y mantle as he spoke to us, yes. i think you put it quite nicely -- manus: as he spoke to us, yes. i think you put it quite nicely. we are all scrabbling around. it is going to come down to wages for me, it is about credibility. i think the fed which lost a lot of credibility in september, both from the marketplace and we saw that come through -- i am not saying because of credit -- because of credibility you have to raise rates. it will come down to the wage data and the employment rate. w

manu♪ jonathan: good morning, will come back to bloomberg tv. and 1:30 p.m.t u.k. time bloomberg tvs manus cranny alongside me. the equity market is bouncing back. morse to is for the homebuilders. -- is that the foundation for solid recovery, or a desperate attempt? ofdoubt about it, it is one the big social cries within the united kingdom. extend that to incomes the odd london, and in london comes 90,000 -- certainly, that is a boost. back, these are the top of the list today, just look at the problems here today. were taylorners wimpey. that is one of the key stories. it is amazing how yesterday, the equity markets refer -- refuted the immediacy of the politics -- jonathan: immediate reaction. manus: yes, immediate reaction. there was a certain irony when everyone this morning says he does not want to escalate the situation. francine did a slight double take, but what exactly did he do yesterday? jonathan: that probably did not help. stay with us, full coverage of the autumn statements

we are joined by manus cranny. let's kick it off with you. what is behind this beat? manus: yes. one, you have got a lot less legal costs running through. this time last year the bank had 1.3 billion. that has dropped. two, you have got a tax credit. three, the investment bank -- and this is what he said, which was revamped the investment bank. and they made money and goodies. -- on equities. wealth management which is the core of the business missed a headline numbers. there are a number of factors that helped us through this seasonal period. if you think back to what we talked about throughout the quarter, glencore, he still believes, though, that there would be wealth creation in china. legal costs coming down, and the investment bank or the reshaped investment bank which is what every other bank is trying to achieve actually delivered in this turbulent period. francine: manus, we heard from the ceo and it is all about reofitability that seems mo difficult to achieve -- not probability but what they are expecting profitability to be. let's get to guy in standard charter. it is

jonathon: manus cranny joins us on set.e to take responsibility for your own bad calls and decisions. venezuela, they see oil down at $20 a barrel. manus what you have: there is the never ending decline, copper below 4500. whatever word you want to use, there is no doubt about it at this cycle does not look -- i thought your panel was fascinating. one guest said it was time to buy and step down. is that how you make money? trying to be contrary. no doubt about it. there is a series of options. the euro is under pressure and there is a global, global terror down -- closedt down an entire city for three days. this is where you need to begin to see the ramifications of what terror is. that is one city in europe. ownce has undergone its struggles in the past days. even though our leaders say this will not be the normal state of two cities, completely and utterly socially annihilated in terms of -- >> in terms of brussels, no schools, no shops, no transport. jonathon: the market -- it's reaction from it is stable and sensible. i

let's bring in richard jones and manus cranny. first of all, the top line.have to get inflation back on target as quickly as possible. a repeat almost word for word of what he said at the exact same event 12 months ago. manus, to you first. did it signal a lot more is going to come in december? manus: the global economy recovery is the weakest since 2011. the european recovery is modest. he said the weakest rebound since 1998 is goings to take 31 quarters to take that peak. -- hit that peak. the german bond market and we wrote a piece on it yesterday. 40% of the german bond market is already beyond the grasp, beyond the grasp of the e.c.b. so the bond markets i think are already all priced in. whereas the fx market, richard, maybe this is something you can comparative to. jonathan: if you really think they are going to be successful, you need to start pricing in ahead of the curve. they are going to keep buying bonds and keep buying lots of them. my point would be it was quite balanced. yes, it was a strong sign that we're going to do more. to s.m.e.'s, to l

thomas maria, manu, our thoughts are with their families. rest in peace. a french soccer was on the field friday night when terror struck there and hit very close to hem. his cousin was there to support him and lost her life. on his facebook page, he wrote that she was a guide and support, a big suser. and he urged people to remain respectful saying it's important for all of us who are representatives of our country and its diversity to speak and

in a bad situation. >> new guinea is too poor with too much crime he thinks and other refugees on manusl case will go their way if they have imprisonment unconstitutional. >> release of refugees and asylum from new guiney and asking for compensation. >> reporter: hundreds of thousands of dollars for taking the refugees and has been worth it, the policy has been a success but those locked up don't see it in quite the same way, andrew thomas, al jazeera, manus island new guinea. >>> still to come on this news hour, going for gold and people in india say they are skeptical of government schemes to tap into their precious investments and how this opens a new season in canada with a bang, details coming up, with joe, next. >> every monday night. >> i lived that character. >> go one on one with america's movers and shakers. >> we will be able to see change. >> gripping... inspiring... entertaining. no topic off limits. >> 'cause i'm like, "dad, there are hookers in this house". >> exclusive conversations you won't find anywhere else. >> these are very vivid, human stories. >> if you have an a

so far only one man has left manus islandal together. fled after uncovering corruption.an australian friend bought him a plane ticket to papua new guinea's port. >> i'm happy that i could live there. i'm gel getting happiness when i'm getting out of a terrible situation to bad situation. at the moments, i'm in bad situation. >> the area is too poor with too much crime he thinks, if a court declares their transfer and imprisonment unconstitutional. >> asking for release of alt the asylum seekers from papua new guinea to australia. we are asking the government to compensate them. >> reporter: australia's government has spent hundreds of millions of dollars on papua new guinea for taking their refugees. those locked up don't see it in quite the same thing. andrew thomas, al jazeera, manus island, new guinea. >> i told you earlier that we would say whether president putin said anything of substance, we were interested in what he had to say on any other international events. he has criticized turkey from shooting down the russian jet on the syrian border, after the prime mini

manus?: has been downgraded to triple b plus or negative outlook by fitch could the debate is this, whether it is a slowdown in china whether you're a rate hike, which looks like it is penciled into the markets. volumes at 15% below your average days rally. we have the dax coming off .8%. continental, the tire maker, train maker, and auto-parts maker. ceo this money and credit dimension to the breaded work, talking about the slowdown in china. forecasted the sales three times this year. 94% discount. one of the partners in africa, selling assets for them and that reinforces the view that they have a good business there. betty: it looks like political risk is rising in portugal. take a look at this, betty. portuguese government bonds are spiking high. we have this training up at 18 basis points. it looks like the very, very left-wing portuguese socialist party is on the verge of forming a coalition. the right-wing government there, looks like the socialist and communist to be coming back to p

francine: manus joins us. what is behind it?y have softened their target for profit ability. : if you think about the news, but drives the numbers is a tax credit and the legal charges they are going to take. wealth management, the core of established, it is the return on equity of 33% which brings me. he is resisted calls to destroy the investment bank. that posted the numbers. he has delayed that return on equity targets. back to you. manus, in terms of ubs , they started the so much quicker. is there any place for a big investment european bank? manus: the debate is there would be consolidation. they say there is a place for a super national bank. i think the critical thing is that the markets focus on is return on equity. that target they will make this year. we look a little bit further forward. are you going to miss it or are you just delaying? >> the response will be to say -- wee are likely to beat believe the 10% will be beaten. we will be close to 15%. i think we are not delaying it. our return on a be targets. i think

manus cranny in london for us.ng in mike mckee, our economics editor was looking at not just the doe policy but boethat affects us -- the policy but how that affects us in the u.s.. comments that central-bank leaders have made. interesting things from the interview. he did the interview. there has been a theme on this side of the atlantic and that side about central banks being driven by market expectations. timesard him say several he is talking to the bloomberg audience, he is definitely trying to affect market perceptions of what the bank of england is going to do. it is opposite message from what janet yellen is sending now. she is saying we are ready to raise rates. markets should begin to price that in. the bank of england does not want the markets to get too far ahead of them in placing -- in pricing rates and he is pushing back suggesting it will be to the 16. they are sending a similar message. betty: who was a more effective communicator? mike: it looks like both have had about the same success because we

what else is happening echo manus cranny in for jonathan ferro.ht my eye manus: what caught my eye is the live in the report from burberry. this is a ceo which is using words which is a bit of a an anathema. he is talking about productivity. he is talking about taking cost out of the business good looking at those in -- looking at bonuses. yes, they've got jack reed to deal with. .econd quarter sales decline 4% is the weakest since 2011. i know where i am going to buy burberry from. i'm going to go to japan. that is where everybody's going. my pound will buy anymore. that has been one of the greatest challenges. mario draghi, he is interfering with my schedule for today. he starts to speak. i know people want to listen to him a little bit more than me. a: 30. we are going to take that's -- 8:30. we're going to take that speech from brussels. the divisions are clear on the ecb. -- thebeen brock away decision isn't taken. confirmed the debate is open. be wary out there. short euro traders who believe in goldman sachs, parity by the end of the year.

i want to go to manus craney with more reaction -- now i want to go to manus craney with more reactionlowdown. 1% in europet yesterday. you have the downside -- here are the big miners here in the european market. that china slowdown really impacting on the commodity story. cement -- who ever thought cement would be sexy? big individual names, betty, that have grabbed the limelight. do stay tuned. from the ceo over at vodafone. the stock trading up. guiding the numbers. details to come in the market close show. ericsson basically saying is beginningf 4g to roll out of steam. and look at this ,lonmin, down 27% -- look at this, lonmin, down 27%. this shows there is something really deep seeded wrong with the metals market. they are a record lows, so what is going to happen there? a recordat you have is low on the rand, just off that. to raise rates. commodities are lower. emerging markets commodities all around the world are under pressure because of your central bank, the possibility of the fed raising. this is one of the favorite short positions. back to you. betty: thanks so much. man

manus cranny and the "on the move" team will be with us.ture that we are expecting to unfold at the start of the european equity trading day. euro stocks called up by around 1%. of dax lacking a little bit. how about political's -- how will the political situation in portugal play in? not much so far, but we will keep an eye on that. here's a live shot of london. ♪ a very good morning. a warmer welcome. this is on the move. i am manus cranny come in for jonathan ferro. we are at the european headquarters. moments to go before the start of the european trading day. let's get straight to your morning brief. waffle wednesday. industrial production stalled. 2008 low. alibaba storms ahead with a record-breaking single day. calls for cuts. a deal bruised. world's fourth-largest beer maker slashes jobs. deal fore to seal a sabmiller. power failure. the country's largest utility reports a drop in profits. ok, that is what we are watching. big issues. there will be u.k. data to watch at 9:00 a.m. london time. european equity markets opening a little

a source inside the meeting telling cnn's manu raju they are seeking a two-hour time limit and 30 seconds for opening and closing statements, among other things. the republican national convention will handle logistics. they will handle whether candidates will get equal speaking time. among the points where no agreement was reached, cnn source says lower polling candidates want two debates split between candidates. then the bush campaign wants telemundo restored as a co- sponsor and the trump campaign said it would boycott the debate if that happens. ben ginsburg says handling the negotiations has left the campaigns out of the information flow. >> campaigns themselves were not talking to the debate sponsors. the information flow has not been nearly what it has been in past years. campaigns have been able and should be able to get information about the details of the debate sooner than they have so far this cycle. if you have that transparency and accountability, you can talk to the sponsors about formats and opening and closing statements and if you put up graphics on the screen and moder

manus: bhp touches a 10-year low as commodity crunch bites./4 of investors are inting on a fed rate hike december. be. third quarter gdp set to revised today. welcome to "the pulse" live from london. adding breaking news in terms of -- the big newsin

for snow is a sign of changing seasons in iowa.but that won't change the support of hawk fans.todd m manus, fan 23:21:00 were going to tailgate with the iowa football clubthe potential for record- breaking november snow isn't slowing fan todd mcmanus. you might say he's embracing it 23:21:34 i'm hoping that it's'soing to be lili the year danan hughes did the snow angel in the end zone. hopefully we could recreate that.that was 24 years ago. mike patterson, assistant director of athletic filities 23:23:59 this is new territory for us. we haven't had a situation like this since 1991. while fans and players rest up for the game, there won't be any sleep for the snow removal crew.23:24:18 we're just going to throw some manpower at it, basically take care of the steps inside of the stadium. they'll attack stairs, major walkways and the field a few inches at a time.snow on the field will be pushed to the north end and removed by tractors.tony senio, sports turf manager23:35:16 they're 10-0 and we've got to do our job to help them get to 11.the crew hopes kinnick is as safe as possible for 63 tho

reportera: robert manejabas manÚ madrugada, a esa hora se encontraba cositas y es complicadas. su seguridad, por eso quedÓ documentado lo que le sucediÓ. enrique: queremos saber quÉ opinan al respecto, lunes social, preguntamos cuÁl es la razÓn principal por la cual utilizan el servicio uber. jaime y pablo dice, si no fuera puesto servicios serÍa prÁcticamente conseguir un taxi. es vital para nuestras comunidades, que ademÁs de generar empleo genera como la c conectividad. ilia: mÁs ciclos dice que utiliza un cuerpo a tomar unas copas y quÉ es lo mejor. enrique: para tomarme un dÍa para insultar y no pensar que tengo que manejar. ilia: gracias por comentar, queremos que nos surgieran los temas de los que quiere que hablemos usando el # ediciÓn nocturna. enrique: estÁ tras las rejas por filtraciÓn de documentos oficiales un cardenal y una mujer que tras cooperar con la investigaciÓn fue dejada en libertad. darÍo tiene informaciÓn desde el vaticano. darÍo: los cuervos vuelan sobre el vaticano, lo hacen con sotana. por primera vez ha sido detenido un sacerdote por filtrar document