socgen had a big drop in profits. frederic oudea, the sceo, tellig us he will be pretty prudent in 2012. nestle -- actually, although they're talking about cautious 2012, certainly were better than some expected for the fourth quarter and the key point, the difference between them and danone and outperformed today up 1.5%. as far as the euro is concerned, we've moved further away from the 1.33 at the beginning of this month down to 1.3010 on euro/dollar. we went below that earlier. euro/yen, we keep our eyes on what's going on with the yen, of course, following the bank of japan action later. we have some auctions out this morning as well. this is where we currently stand. ten-year bond yields, back up to 2% last week. spanish auction today not bad. they've now raised 34% of their funds they were targeting at the beginning of the year and only through the second week in february. yields on ten-year debt 5.54. i think it was noticeable this morning in the spanish auction was, of course, the 2019, the seven-year issue t

let's get your money in motion currency trade from willie williams from socgen.to see you as always. >> hi. >> the boj move plays right in your hands in your trade? >> well, yeah, i think it's a twofold situation. while the bank of japan has expanded their balance sheet they're only going to be buying jgb. the challenge there is they moved away from purchasing risky assets which should weaken the yet but at the same time i also feel that it's not necessarily enough to convince the market that they're really going to reflate just yet. a few more steps they have to take. >> what are you going to sell versus? >> i'm going to be selling aussie dollar versus the yen. i like selling it at 84 with the stop-loss at 86 with a target of 78. >> i've got to ask you about euro/dollar before i let you one. have we seen the best level ceiling if you will in euro/dollar at this point at 1.32, 133-ish? >> i think that is a pretty tough level of resistance for the moment. i think we have the greek payments coming up next month. i think there are a lot of details that need to be wo

joining us for the next 40 minutes sore so, the head of socgen. a good man to have on a heavy earnings day. we'll get to the earnings. your thoughts on whether this deal will go ahead. people have been looking at this. they earned a chunk. >> glencore owns 34% of xstrata. you want to realize the maximum amount of money for it. the institution shareholders that hold the shares. i think a lot of talking. more interestingly what it does with the rest of the sector is what we see when two big players get together, everyone looks around and thinks, my god, i don't have a date for the party and they start running around. this could lead to another outbreak of m&a activity. >> are you happy with your holdings? >> there are a lot of money shares. it could look interesting because xstrata has a stake. people are going to look around and think actually mining shares have lagged massively. it will fall dramatically. this could be a precursor to more activity in the sector which is good news for the market. >> let's move on to commodity prices. people have lo

of america, goldman, citigroup, jpmorgan, morgan stanley, barclays, bnp, deutsche bank, hsbc and socgen. did i leave anyone out? >> no, and there was more than that. you just said among those. >> i did an among. >> pretty much all of them. i didn't see anybody left off the list. >> you can't do it but if you get one, we want one. >> if i get a helicopter? >> yes. it if you're going to continue to do this as you did yesterday and today -- >> right. everyone needs a helicopter. can they land -- can they pick you up in the backyard sna. >> my estate? >> of course. >> if they have a pontoon. no, they couldn't. they could not, no. >> let's get a check on the u.s. economic cal endar today. coming up at 8:30 eastern time, weekly jobless claims. the producer price index and housing starts. then coming up at 10:00 we have the philadelphia fed survey. yesterday the markets did see a bit of a decline. a check on the markets this morning. yesterday the dow down by 97 points at the end of the day. this morning the futures are indicated lower down by almost 19 points. for the dow futures, s&p down by