mario draghi is speaking at the european parliament. saying that the measures implemented by the ecb have helped. he is 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 bloomb

mario draghi warns politicians that plans for a banking union look to come located and underfunded. complicated and underfunded. good morning, everybody. we are live from bloomberg european headquarters in london. i am guy johnson. >> and i am francine lacqua. we begin with the highly anticipated results of the airport commission study. among the plans chosen from more than 50 proposals is the contentious idea of expanding heathrow. >> caroline hyde has been following this story. walk us through the key proposals, what is in and what is out. listat is not on the short is birmingham airport and the thames estuary. let's look at the three proposals. what howard davis said is needed is one runway by 2013 and potentially 2 additional runways by 2015. they're looking at one option with gatwick airport to build a new runway to the south of the easiest thing runway. the other two surround heathrow, our biggest hub and the most busy airport in all of europe. one new runway in the northwest and could be an extension of the existing runway. they have not listed thames estuary, saying it is to

expecting mario draghi to latest forecast.e will way up in on that next. ♪ >> welcome back to mark barton. [laughter] >> i am anna edwards. you can leave now. [laughter] we have talked about the u.k. let us talk about the ecb. it will change its forecast today. i think that largely was a factor of the risk of deflation, let's say. think the focus is naturally on the press conference. ess liquidityexc fall. there is the preparation. that moves to rates higher. hint.o gives us a do we get more hands of policy measures to come -- to get more hints of policy measures to come? it's a matter of days? story said it was the first time in four months -- bearish on the euro. it still be successful? >> possibly. draghi has had a funny currency.ip with the has been quite good in the hints and the impact on the currency. what you saw in november when we speculation of a cut , hehe middle of december supported the currency. that is not the real question. it is an issue, especially when you are seeing deflation in the periphery as a whole. t

we bring you mario draghi's has conference. china mobile on verge of an iphone deal after the world's biggest phone company won a 4g deal. how close are we? >> it looks like we are there. the question is one of the iphone going to be on sale in china? the wall street journal is reporting later in december. here's what we have reported -- they have received -- china mobile has received a license that allows them to go forward with their 4g network. before they introduce the iphone, they went to be up and running on the 4g network. to give you a sense of the size of this hour, sev times bigger than verizon. that gives you another 1.5 million iphone customers a month, 20 million more iphone customers a year. you see why and how china opportunity is so central to tim cook's growth strategy. look at their revenue by product. most of it, 53%, comes from phone sales. 19% from computers. 13% from -- 19% from ipads and 3% forom computers. -- 1 computers. this signals china will be competitive incompatible with network, iphones can be so

. >>> mario draghi should be holding fire, despite the recent drop in inflation. investors eyeing the ecb's economic staff projections. >>> and i told you so. british chancellor george osborne may have reason to gloat. >>> and china's financial institutions are warning against trading bitcoins as the bank admits while there are risks, it could still use the currency. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. hello. a warm welcome to the program. the government has just unveiled an $18.6 trillion yen stimulus package which includes 5.5 trillion yen in fresh spending measures. this is to offset the accuracy in the sales tax which is coming in in april which raises the rate effectively from 8% to 5%. it follows the unveiling of a 10.3 trillion package back in january. a number of measures will be expected as far as this package is concerned. particularly for those on the lower income as well. we will get those measures as soon as they are announced in detail. >>> also coming up on today's show, hopes fade at

mario draghi set the current proposal might be too complicated to work properly. the future of flight for heathrow. the airport commission will release a new expansion shortlist this morning. we will speak to the chairman about how the plan will take off. ukrainian president heads to moscow. he will meet with president putin to get a bailout. gripped his country is by the biggest demonstrations in almost a decade. >> hello, welcome to "countdown." i am mark barton. >> i am anna edwards. bloomberg reporters are standing by across the world to deliver the stories that drive your day. european finance ministers meet in brussels. we will look at the future of flight for london. caroline hyde has more on the u.k. airport expansion program. >> ukraine president is heading to russia for a bailout. an unlikely combination. by oneark chain backed of china's richest man. ipo. manus cranny is looking at the u.k. biggest consumer electronics retailer. >> the big interviews coming up. all a bloomberg television this morning. a new development in the debate over extending airpo

. >> will mario draghi's job more difficult? >> we see the u.s. a rates rising.t will be hard to stop the u.k. rates to stay where they are. european rates at the subdued levels. we will see. it will be addressing. >> you're quite optimistic about europe, a little cautious. >> we have been through such a tough time and we look across the eurozone, around germany, it looks to be doing pretty well. the directory is improving. spain is getting better. we are seeing significant improvements. better flexibility and places like spain. spanish exports are doing very, very well. we are optimistic but in that context we are seeing subdued growth and contraction. next, we think 1%. not a lot to be excited about. -- how toes it mean set policy especially when we are more word about inflation? >> you are talking from a investment perspective. we are cautious. as a result with positioning portfolios to benefit in some cases from a rise in interest rates. that is one of our key abuse. you do not want to -- particularly in the u.s. where we are very confident. >> would you buy

program, that would be acceptable to mario draghi. that is another one to watch. >> yes. lots of changes all around. 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

also had mario draghi talking this morning. we have had a high earlier on. we saw a handover that went recently well. we had a bit of a selloff. we also had this overnight. is he making the point that what we will see move forward from to makethe ecb moving it harder for banks to hold sovereign debts on a risk-free basis? that would change the dynamics of the whole story. pay attention. this is worth listening to. trading asre we are we speak. francine, back over to you. >> the rest of the day. bloomberg had its normal state of the nation address. both houses of parliament have the crackssful and are beginning to appear. we have the founder and director. thank you so much for joining us. talk to us a little bit about this speech. it was an interesting speech and it was not of massive importance. >> is a symbolic location every year. there is an emphasis on the need andevitalize the economy that is clearly the headline takeaway from the speech and name news -- and the news, more generally. it goes down to and. to the idea that the russian oneomy is not a very

>> and he is professor to mario draghi. greatsold me a story, and some in through a piece of chalk and threw it right by his left ear he was so angry at the young cub stanley fischer. here is why stanley fischer is revered besides mario draghi ben bernanke and others, this is the asian crisis, the korean yuan and this is the sweat of the middle 1990s. he was in the heart of this. the managing director of the imf . he is widely credited some of the guy, on crisis. -- he is widely credited, the guy, on crisis. proxy help made everyone take the tough medicine. >> and we will talk to alice rivlin. a little later. >> sam grobart is our guest host. "businessweek"f is out today. general is the cover. that was done quickly. sam had to pull an all nighter on wednesday and thursday to make that happen. wonderful to have you here. victory lap. you nailed the apple store for 2013. when you met with the apple people and they were adamant, all three executives, they weren't going down market. have the executed that? >> yes, they have. it

mario draghi suggested that policy tools are still up in the air. he didn't sound overly dovish about launching further stimulus programs. that has been supportive for the trade. dollar/yen rates, 102 handle is what we're looking at today. australian dollar below 109. let's check in with li sish juan out of singapore. >> thank you, karen. asian markets wrapped up the week on u.s. jobs numbers and that could provide a tipping point for the fed trigger. the nikkei 225 stabilized, rebounding 0.8% after the 0.6% drop over the past two sessions. the abe government unveiled the $54 billion stimulus package that's aimed at offsetting the sales tax in april. and the shanghai composite pulled further ahead. meanwhile, the hang seng index added 0.1%. elsewhere, south korea and australia both ended just a tad lower. as for individual stocks, chinese property stocks came under some pressure after the official china securities journal reported beijing may remove caps on property prices next year, replacing them with supply side indicators and concerns still ling

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

mario draghi has come out and complained about the complexity of what is agreed. some lenders are still loaded with sovereign debt. plus, a boost for the pound as british inflation closes in on the bank of england's 2% target. [ 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. >>> glaxosmithkline wants to stop paying doctors to use its drugs. the drugmaker would stop tying the pay to the number of prescriptions that doctors write. the announcement is the first of its kind by a major pharmaceutical firm. shares in glaxo today are down 0.6%. at the same time, gaxo could be one of the new beneficiaries of a new drugs next year. 2014 might be trickier for astrazeneca and eli lilly. joining us with

less oversight and mario draghi says it is a good thing. the bond yields and ireland were 14%.ometimes it is better to have belt and braces rather than just braces alone. market is warm toward ireland at the moment. how will be focusing on does ireland deal with the property mortgages? ireland $1ting billion per year. little bit of goodness -- they have taken out $5.9 billion from a bailout. we will continue the conversation about ireland after the break. our exclusive interview with michael noonan. is what istime, here on our radar. japan's prime minister has called with a summit -- for a summit with china. he says the relationship between tokyo and beijing can never be severed. >> the port of hamburg has been closed as a powerful north sea storm moved ashore last night. london also closed the gates to the river thames. two people died in the u.k. more than 100,000 people are still without power. >> alan mulally will stay at the carmaker through 2014. that is according to one of the members of the company. be one of theto leading candidates for microsoft's ceo. >> we have an e

mario draghi will be speaking in rome. all eyes on him.moves that are being made to create a banking union in europe. are they enough? will they break the link between the sovereign and the banking sector? 1.3747 is where we are trading. to knowis what you need for the rest of the trading day. nelson mandela's memorial. thousands in the stadium, millions watching. he was a truly remarkable man life andd people, in his death as well. rule or week? >> marijuana. raguay could be the first and the world to legalize marijuana. thought the netherlands was, but apparently not. it is still illegal to buy marijuana in amsterdam. you are now free to do it apparently in uraguay. two states in the united states -- marijuana correspondent. >> what a title. >> there's a big angle for business. you make something illegal, you push it underground, you get tax revenue and you stop spending money trying to protect citizens from smoking weed if you make it legal. entertain me for a moment. -- wouldk you would be have to be high to read the whole thing. they

will we get more from mario draghi? outlook may have some downgrades coming through from the ecb. there's plenty to talk about. >> guy johnson has the pulse in 20 minutes. let's go back to manus cranny. indeed. we have jonathan with me and he is the director at the national institute of economic and social research. it is great to have you with us this morning. growths the upgrade to for the first time in a wild. that three years ago, they had growth that told at seven percent and the plan was eliminated. >> we are nowhere near that. what happened? bad there is a mixture of bad policy. >> are you happy with what you are seeing coming? in the short-term, we have a recovery. that is good news. we should be pleased about that. at the moment, there is consumer spending and, while, in the , any recovery is better than nothing. we still have to worry about the long-term. >> i'm concerned about the gimmicks that are going on in the politicking of parliament. inre is a sound position terms of that, are they always tinkering? >> absolutely. the labour party is capping energy bills. the gov

housing bubble collapse the responsible parties are the central banks like mark carney janet yellen mario draghi and whoever is running the bank of canada that marconi this year in london is factory farmed housing speculators and there's a single point of failure our system is so vulnerable to these and finally you know here with this brainwashing of being a factory farmed citizen consumers goldfine see unprecedented thirty one percent slump with world losing faith investors are dumping gold back exchange traded products at the fastest pace since the securities were created a decade ago mirroring the steepest price drop in thirty two years holdings in the fourteen biggest plunge thirty one percent to one thousand eight hundred thirteen point three metric tons it's the start of january that's eight hundred tons down but then they go on to mention of course that in china. imports of gold is up twenty nine percent to one thousand tons for investors in china but well we've talked about the vilification of gold as an asset class this will be a bad year for gold the first and ten or eleven or twelve y

he told him one or two dubbed things because he was his mentor and he also incidentally taught mario draghi, ecb chief as well. pre-k's you have to decide whether you give dates were conditions. that is more appropriate and it should be the forward guidance. that means you have to understand that there are lots of things i could happen. >> that was official comments on forward guidance. he's not been a huge fan. what the models are telling is by giving the forward guidance in the first lace. manyu've interviewed him times. what's he like cap though >> very patient when he gets asked the same question why journalists like me all the time. he's self-deprecating and witty. here.n be just north of they had a farewell dinner in to honor and they went back to where he used to serve. humble,a man who is very well respected by investors, people who work with and you would be hard pushed to find anyone who has a bad word to say about stanley fischel. >> never be allowed to retire either. rbs is set to settle paying $100 million to settle an .nvestigation of violations they're accused of supporting r

spendhe mario draghi to -- to speak today.on and i are back. .ou can follow me on twitter i will see you in just a couple of minutes. ♪ . . >> mark carney hits the big apple. the bank of england governor talks up the recovery in an exclusive charlie rose interview. >> well, i think it is really just beginning. the true recovery is beginning. the core of the systems are repaired. >> europe's biggest tour operator gets boost from the british going abroad. the ceo plans to drive earnings even higher. >> and world leaders stand shoulder to shoulder to remember mandela. a memorial to honor south africa's first black president is just beginning.

. ♪ the ecb publishes its economic forecast, mario draghi with a surprising quarter rate cut last montheconomic report. its growthp raid forecast for the u.k. >> and china mobile moves a step iphone tooffering the its millions of subscribers networknning a 4g license.

comments from mario draghi. c correspondent michael mckee joins us. .ou and i will be live what will you look for from mr. draghi? >> people want to look at what he will say for the outlook for the future. the outlook for 2014, for the -- 2015me wendy projections for inflation. people want to guess whether there will be an additional policy move. no surprise today they did not move because inflation went up last month a little bit. >> what is the relationship between mr. draghi and the friend that the bundesbank -- at the bundesbank in germany. how much does he care about it? >> he cares about a politically because he has to manage it but not overall. they are on their own target. they forecast inflation will gradually rise. it did rise last month. the question is, does it continue. a lot will be out of control with energy prices. >> we spend a lot of time talking about the fed tapering. what about the bank of england? they kept the asset purchase program unchanged. but the latest data showed the economy is gaini

central bankan president mario draghi said today financial bank development in low domestic man may hurt euro area economy. how about the headwinds from europe? >> the thing about europe is that they are beginning to remove themselves from the recession. data hashe sentiment been much more positive than we've seen over the last few years and they are behind us in the process. going on int what's washington? there is still the uncertainty, a budget deal, will this be a problem? >> the market has anticipated that there could be a problem in january or february and that is where we are seeing weakness. studio,ng us here in john, thank you. when we return, continuing coverage of the death of nelson mandela. stay with us. ♪ >> welcome back to the second half-hour of "bottom line" on bloomberg television. i'm mark crumpton. let's see where the markets closed thursday, december 5, two thousand 13. stocks declining a fifth day sending the s&p 500 to a two week low. improving economic data showing that the fed could curb bond purchases sooner than exhausted -- sooner than expected. the broad mark

it looks like mario draghi is getting it together. the banks are not perfectly capitalized, but they will be in the next six months. >> are we going to have another eurozone bailout? the answer is probably not. >> will it become like japan's situation? the euro is very high and we are seeing risks of disinflation. >> there are still ongoing problems in the eurozone. problem number one is the high level of the euro. it was very interesting when manus was saying the dollar is -- through another bout of strength, but not against european currencies, and that also includes the swiss franc and the sterling. it is the european bloc as a whole. ecb would like to see the euro weaker. as we have tapering in the united states and improvement in the u.s. trade deficit, i think that this sort of level, close is a good level to start selling euro for the next move in january or february back down towards 1.30. >> thank you so much for now. bob parker stays with us. we will be talking about sectors next. here is a look at what is coming up. ♪ >> i

mario draghi set the current proposal might be too complicated to work properly.of flight for heathrow. the airport commission will release a new expansion shortlist this morning. we will speak to the chairman about how the plan will take off. ukrainian president heads to moscow. he will meet with president putin to get a bailout. gripped his country is by the biggest demonstrations in almost a decade.

next year above all that is praying for better data out of the united states, it has got to be mario draghithe trades have captured everybody's an advantage in -- imagination this year has been the short yen trade. this is dollar/yen. year-to-date today, 20% have been the gains. are we going to continue to see more of it next year? what impact will a cheaper currency have versus the other arrows, particularly reform of the structure of the japanese economy? francine, over to you. >> thank you so much. with just a few trading days left in 2013, let's look ahead to the trends we are likely to see in 2014. the imf raised its outlook for the u.s. economy citing the budget deal and said tapering announcement. our next guest says the u.s. economy looks like the only game in town. during us to discuss his charles dumas. on theo have you program. thank you so much. there is so much buoyancy in the markets, so much expectation, so much hope. is there a danger that it will all crash down? >> there are risks. there are always risks. i suppose politics is the main risk. have got a kind of competitive d

. >>> mario draghi says he sees no deflation in the eurozone. the situation is different from japan in the 1990s. but they're aware of the downside risks that low inflation poses and we have plenty of instruments. we're in the middle of a modest gradual recovery. do you think the ecb will do more next year? >> you know, i can't comment on that. >> fair enough. now, when is it not good to talk? that would work here. one travel business has realized when some love a conversation on a long call, many people can think of nothing worse than a chatty back seat driver. blahblahcar is now up and running in ten countries in europe. it's a ride sharing business. it pairs up drivers and passengers based, on other things, on how much me like to talk on a jurn journey. it has revved up to several more than 1 million europeans over the festive period. frederick is joining us from paris. do you really pair people up based on their social conversations or is it not based on tomorrow i'm driving from leon to paris, do you want to join me? >> yeah. the first is o

andlso taught mario draghi was also a teacher for larry george w.ho headed bush's council of economicdvisers chair in the person i spoke with who is familiar with the process says there is no plan to make an announcement for fisher this year -- this week that they are not ruling out an announcement. it could be pushed to next year as well. it is worth noting the post would require senate confirmation. >> thank you. bloomberg's white house correspondent, julianna goldman. we moved back from macros. stands to make a paper profit. it would be one of the two biggest private equity profits of all time. devon is with me now and he covers private equity for bloomberg. first of all, before we talk about pricing or timing, we know, this, the second-biggest take ever. blackstone has -- will not this.ly sell any part of >> right. it is paper profit. at the midpoint of the expected pricing range, blackstone shares would be worth about $14.5 billion. put in $6.5 billion in equity in total into the investment. >> we have talked a lot about hilton and its ups and downs. this was a huge bet for black

we've been listening to ecb president mario draghi speaking in frankfurt.l bank will remain accommodative as long as needed. take a look at how currencies are doing on this. dollar still up against the euro at 1.3566. >>> when we come back, we have three great guest hosts. jim cramer's going to be joining the conversation too. we're going to talk apple, retail and much more. >>> let's get down to the new york stock exchange where jim cramer joins us now. i was just thinking about nike. this made me think of nike. is that not like an incredible -- you look, it's so nice and just the way they do everything. it's pretty amazing to become the biggest apparel company, right? >> and it's a fabulous stock. there's a big china kicker. this is absolutely what i think is the most exciting growth stock in the dow jones. i love that piece. imagine if these things take off like lebron. under armour is doing extremely well, too. g3, they do a lot of nfl stuff. it is still very, very strong. i think the stock is going higher. >> wait a minute. that stock -- it split again

none other than ben bernanke, mario draghi. lawrence summers, one of the eminent economists of our day and gregory mankiw. but that's history. the bigger question, what does he think about the fed's policies? there he is. with ben bernanke in jackson hole. here's what he said back in november when he sat on an imf panel with bernanke. summers and ken rogard of harvard. >> what we have learned this time is that managerial policy does not reflect necessarily lose its effectiveness at the zero lower bound and that there's a lot that the central bank can do to continue to support the economy even when the central bank interest rate is effectively zero. >> my take is he also said the central bank should do as well. also last month, he told another conference that the fed's qe policy was, quote, dangerous but necessary. he said without it the economy would have been in much worse shape. he has questioned forward guidance. it doesn't really know. so he'll be a supporter of the fed's policy, but he'll certainly raise important question

think mario draghi, 8:30 eastern and the pound giving some back. tyler, sue, back to you. zmoo thank you so much, ricky. appreciate it very much. you're up to date on the bond market. >>> straight ahead on "power lunch," "the power house." we travel to the top real estate markets in america. today, miami. it's been on a run. but if rates rise, will it roll on? >>> plus, from rock star to rock fraud. ♪ i met a girl ♪ she's super cool >> he's a wannabe rock star who scammed $11 million out of four big l.a. banks. >> what he had was an ability to cheat. >> how he pulled it off coming up right here on "power lunch." ♪ [ bell ringing, applause ] five tech stocks with more than a 10%... change in after-market trading. ♪ all the tech stocks with a market cap... of at least 50 billion... are up on the day. 12 low-volume stocks... breaking into 52-week highs. six upcoming earnings plays... that recently gapped up. [ male announcer ] now the world is your trading floor. get real-time market scanning wherever you are with the mobile trader app. from td ameritrade. ♪ >>> -- con man. h

mario draghi has lost a key ally. they believe they joined the german government. he has been due to say until 2019. .e has been a crucial link he will become a deputy labor minister in angela merkel's new administration. he was adamant about staying in the job even in a coalition with the spd. let's bring it back here. singapore says it will continue to tighten regulations on foreign workers following last week's street clashes. 400 people were involved. they say overseas labor has contributed to the growth of the economy but has also put a strain on infrastructure. around a third of the workforce is made up. >> we are continuing to heighten our policies. we do recognize some of the destruction. we will do that another week. weor relations are something do not take for granted. clacks you can hear more of the interviewh siitore's acting minister later on in the program. it is a run 10 minutes time. up next, t fed's decision on this week. expected we're going to break it down for you with richard get. he will join us live from sydney on what we can expect. stay wit

liz: european president mario draghi says inflation will be below targets next two years. ecb is ready to boost the economy if necessary. holding interest rates steady. david: new york mayor-elect bill deblasio appointed former new york city police commissioner, william bratton. he served during the giuliani administration during the mid 1990s but he was fired. liz: ford unveiled the new version of eye coon nick mustang, it will go on sale at the 50th anniversary of the launch of iconic mustang. time fore"after the bell." david: i have should mention by the way the floorboard of the '67 mustang that chris noth had was not there. it rusted out. we were looking at road beneath our feet. what you do in college, crazy stuff. we have lee munson, portfolio manager, chief investment officer will explain why he doesn't think the fed will taper soon no matter how strong the economic data. we have tim mullen in the pits. tim i want to start with you. the looks like the market is ready for a good jobs report, perhaps, as a result earlier tapering than we thought, correct. >> that is

mario draghi always seems to have a short-term positive effect. back to you. >> rick, i think you gave us a great riddle. when does two equal three? maybe with tomorrow. >> there you go. i like your riddles, by the way, buddy. and they'd better quit using your "x" marks the spot. they have to come up with their own hints. >> i like you more and more every day, rick. i like it. he watches the show. >> flattery. >> he's the only one. >>> let's talk -- that's not true at all. anyway, let's talk about these markets, all right? because we do love america on this show. as you know, we holed out hopium. everybody said that we were not bright. and the u.s. stock market has done well. but here's the thing. lately, guess what? germany and even spain have done better. in fact, if you're not paying attention, look at this. and on our giant wall behind us, radio listeners, we are showing that the german dax is up 10.5% while the dow jones up a nice 6% but underperforming, the u.s. market, spain, by the way, is up slightly more than even germany. bruno from ubs

. >> it will really disappoint mario draghi.ghting on the euro front to get lower. what we see now in terms of the euro dollar, it has come off a peak since tapering last week. >> this is a very strong rate for the euro dollar. we have a weak economic recovery in the euro zone had a much weaker euro which helped it. the way the market is viewing draghi now is as a weekend. the fed has a strong hand, draghi has a weekend. it would really help europe if the dollar were to slump. rise. that isoes look like happening. the market doesn't really believe that even if you were to cut interest rates to negative, that would have a big impact. -- again,ably will be the market doesn't view him as having a strong hand. theink they're waiting for dollar to strengthen. really what draghi needs more than anything is that. >> in 2014, you will have a huge ecb andy between the the bank of japan doing everything to keep monetary policy loose. >> the fed have been so dovish. where the bank of japan stepping up qed, the fed doing less but still doin

i think mario draghi has done a sensational job in papering over the cracks.he ecb has been prevailed upon and has delivered the goods in spades. i cannot understand how people think that france and spain particularly, their big countries with big economies, are going to write to the degree that people think they are. if that doesn't happen, there is a possibility that they could drag the rest of the world down. i don't see what other aces in the hole he has to play. germany, there's a touch of but when about them, you see 0.6% growth for greece, you go yeah? i'm not convinced. we need to similar data from them. more data on the inflation front? d ziegler headed for deflation in the eurozone? that encourage you. i come from the old school. i remember sitting in a and norman lamont said i should be hung from the tower bridge. he said you blasphemed for talking inflation. when there's competition there are margins. >> avenue international viewers worried that we still hang people from tower bridge, david. you love your cricket. is all over? >> when we have to go

mentora professor, the for governor druggie of the ecb of thernor mario draghi ecb and chairman ben bernankee fed. for your world, this is stanley fischer of citibank. this is someone that can move economicscademics of over to the tactics of finance and banking. ding.ng- i am asking you, many were worried if we face a crisis, can janet yellen handle it. the fact that we have stanley fischer in the seat, does it give more credibility? >> it gives credibility and confidence to chairman janet yellen. she has a team of people and a qualified stanley fischer around her. what is interesting is experience. intoben bernanke, going 2006, was a student of depression, but just that. he had to learn what to do. stanley fischer was the managing director of the imf, and he pulled the imf out of the asian crisis. he has done the crisis, so he will be there to do it again if he has to. >> do you think with stanley fischer we will get the taper sooner? >> that will be the salacious gossip. >> i love salacious gossip, you know it. >> i am not going to go there. he will clearly not be visited -- visible in the

as it did last time with a cut in interest rates, so they are on hold, but we will watch what mario draghis. 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 320,000 claims for the week ending november 30. these are numbers we get ready for the monthly jobs report out tomorrow. also, personal consumption's -- numbers are out as well, up 1.5% would be

but let's get to what mario draghi said at the ecb conference today.bank on rates, though he says there was a small discussion about whether or not they should -- they should cut rates, notably the deposit rate. he also importantly said -- and i think this is key, because it's the first time we've had -- can we see mario draghi over there? we've actually had a cut in the inflation forecast for this year, and this is after they cut interest rates, of course. now they're saying that inflation will only be 1.1% next year, and for the first time they've given us an inflation forecast for 2015, and it's 1.3%. that's dangerously close to zero if you're a central bank looking out to 2015. we'll come back to that many times in the future. in london today, the u.k. finance minister, george osborne, also gave what they call his ought imstatement. he declared to the house of commons that britain's economic plan was working. he now says that the u.k. is a result of a scarcity, going into a cash surplus. interestingly enough, he says the unemployment rate will come

. >> thank you, mario draghi.it is remarkable how simple that chart of the year wel helpful stuff everything do including champagne is based on -- >> and gold buying, now that it is cheap. >> she clearly lives the high life. >> i could not afford her. here is a front page with scarlet fu. >> warren buffett expanding his bet on oil transportation. berkshire hathaway will swap shares of philip 66 for full ownership of that company's pipeline services business. equivalent to about 19 million shares of philip 66. the u.s. drilling boom has expanded crude oil and natural gas production. we know prompting pipeline operators to boost capacity. this goes hand-in-hand with his investment in railways as well. >> this occurred yesterday, i believe, a car derailed and hidden oil transport train. this is what he is getting out in front of. the oil boom. how do you move the stuff around? >> safely. >> this is an extension of his drive to be exposed to commodities without taking the risk of actually being exposed to the commodit

mario draghi, speaking to the european union parliament this morning, we will see what he has to sayary policy there. >> scarlet fu has important company news. >> google is betting big on robots, purchasing boston dynamics. google says they will honor their current military contract but does not plan on seeking out new defense deals, perhaps paving the way for a commercial application. soaring, montclair, the ski wear maker opened up 41%. investors have thought about 27 times the amount of stock available. montclair went public after private equity owners raised 784 million euros. they followed their successful trading debut of other luxury makers as asian demand for high- end products attracted investors. facebook helping to write the world on face recognition, they and other companies will have imported regulations on facial scanning technology, shaping the world in february and a number of the companies intend to offer a face scanning product on everything from security to very targeted sales pitches. >> shaping the rules is the key. it is truly a new territory. >> there is a lot

since then, we've seen mario draghi on an ambitious program.despite the global economy moving forward, structural reforms are still key for europe. >> we are clearly now, again, of course, at the global level with good surprises in some advanced economies. and perhaps slowing down in some emerging economies. but we have to look at each economy on the basis of its own fundamentals. i think that all taken into account is a year which would be a year of doubt, of course. >> are you confident about the economic recovery in europe? >> i think europe has done a very, very hard work in its adjustment. so the countries that were under stress by markets, the five countries in particular that have been under very, very tough stress have recovered and they are now more or less -- the current account when they were highly in deficit in '09 or '08 or '9. so i think that now we will be in positive figures. that's you clear. it is what all would say international institutions are projecting. something around 1%. it's not brilliant. obviously, a lot of structu

we heard earlier this week mario draghi coming out and saying he didn't want a complex single resolutionund and effectively what he fears is we have a single resolution mechanism that is single resolution in name only bearing in mind what is planned at the moment. is it -- we have a series of national funds, which when you add them all up together becomes a single resolution fund. it's complex, it's a pickle. still, it's the eurozone. >> and, therefore, it is complex and a pickle and would we expect anything else? we've got a conclusion or at least a resolution to do something. as you said, the amounts involved, 55 billion, wasn't it? the backstop, which sounds tiny when you compare the amounts of money that, for example, the uk used when it bailed out its own banking system wouldn't hold a candle to what was necessary. >> and the swedish prime minister is right to say it won't give anything a confidence boost. >> he's generally a smart cookie. if he says it, i'm inclined to believe it. >> the world's biggest bitcoin exchange says it now can't accept u.n. deposits. that's because it's he

. >>> still to come, ecb president mario draghi says there's no need to cut rates.y could steal equities. reminding you that equities in the states are due to open a little bit higher. we'll continue the program right after this. >>> this is "worldwide exchan " exchange." i'm ross westgate. the headlines today. russian president vladimir putin ordered security to be tightened across russia after a second blast rips through the city of volgograd killing 14 less than 24 hours after another suicide bomber. >>> new data shows the number of americans signing up for health insurance surge suggesting that the government is making progress in fixing the troubled healthcare.gov website. >>> china's state auditor calls for an emergency mechanism to control debt. liabilities have jumped to $3 trillion although he adds current levels are controllable. >>> and doctors in france confirm that the german formula one legend michael schumacher is still in critical condition after suffering head injuries in a skiing accident. they say it's not clear how it will progress. >> announcer:

. >> banks are moved -- you know, rallied quite a lot since mario draghi came in with his don't worryi'll do whatever it takes. how much is in the price now? >> well, maybe half. half of the potential recovery simply because you still find it creates value in some of the institutions. but they're actually putting their house in order. so going forward, we think that for the next two years within europe, we will get further reratings as credibility comes back into some of these countries set up with their house in order. so the cost of equity as we go forward with cause them to go down, enabling these companies to consider the rates. even the likes of commerce bank are looking for selling noncore assets and getting their acts right. and i think as we go forward with a global -- i mean, a european standard, that will feel the completion of the recovery phase. >> okay. sort of echoing some of the things robert was talking about. meanwhile, hsbc has agreed to sell its 8% stake in the bank of shanghai to santander. the transaction should be completed during the first half of next year. san

strong euro and start to see some dovish rhetoric from the ecb and potentially some action from mario draghi think anywhere in the 2, 288 or 278, 3% era should be the blind zone. we're in the range for the funding, which is 2.5%, 3%, and i don't see that going away. i think the important thing to remember here is that real yield in the u.s. at the low level that it is, actually represent quite a good value. but by comparison with three to four years. >> i think our key concern for the markets, wheel we're still positive on it, is advising to be overweight stocks. we've had all the expansion in the multiples. >> some of the thoughts we've had, we're going to get more now from larry hathway. larry, good to see you. >> happy to be here. >> biggest question for you, for investors is what happens with the fed next week and how do we react to it? is that the single biggest question mark we've got? >> for sure, between now and obviously -- the holiday season, that is the question or if you're a bit schizophrenic about it in the sense that they ought to rejoined the fact that the u.s. recovery is pi

mario draghi, didn't sound like the dove we thought he would be.less stimulus in europe. gold bulls do not like to hear the talk. we'll wait to see how the jobs report tomorrow is before we get excited about the market. up big yesterday. a bit of a pullback today. adam: we had quite a bit of, understanding about oil yesterday. what is happening with prices. they're on track for another straight day of gains, phil? >> they really are. we're seeing big unwinding right now in the brent wti spread. if you remember last couple weeks it would be buying brent, selling wti, that is all changing. we're getting oil from the gulf coast. down towards the gulf of mexico, down towards port arthur, texas. that is causing that spread to come up with a little bit. first draw down in supply over 11 weeks. that of course drove the, that drove the oil back up, we're getting out of that spread. we'll draw down inventories for tax purposes that will keep us supported for next couple weeks. a lot of it is seasonal. the other big seasonal sorry is natural gas. oh, my good