Charge a Police Officer in the killing of an unarmed teenager. We will be live on the ground in ferguson. Welcome to countdown. It is 6 00 here in london on this Tuesday Morning. Not going to rush. That is the message from one of the key figures as the European Central bank speaking exclusively to bloomberg. He says the ecb will look at all the options to try to stimulate europes economies by buying new assets. He told Francine Lacqua that asset purchases would be up for discussion at the banks december meeting. We are ready to do more if needed. We will be watching the situation extremely carefully. We have been discussing it and there is unanimous agreement in the council that there will be situations where we would have to do more. The market interpretation is now you feel more comfortable doing more than you did weeks ago. Is that fair . I think we do remain dependent on the data. We have to watch the economy wey carefully and understand are not going to rush to a new decision without knowing whether what we have decided works. We have to look at the data around us and we have to discuss all the possible options. In particular when it comes to buying new assets. Inwill make the decision december. What about pltros . How much does that come into your thinking . Convinced it will be extremely helpful for bonds to be in a position to lend again to the real economy. Of interest for them to materialize in december. I expect it to be more substantial. How much of the tranches there . Will you wait for the number to come in . We will have the discussion in december. Andill look at the numbers what we have been able to achieve on the market, which just started a couple of days ago. Andill have that discussion if it is not in december, it will be later. We are not committing to any particular timeline. The executive board member of the European Central bank speaking to Francine Lacqua. There will be much more from that interview throughout this morning. Do stay tuned for that. There have been protests on the streets of ferguson, missouri, a name that has become familiar since a Police Officer shot an unarmed teenager in august two there has been a fresh outbreak of violence after the decision that the officer Darren Wilson would not be charged in connection with the killing of Michael Brown. The grand jury did not find sufficient evidence to indict wilson. In the teenagers family said they are profoundly disappointed that the killer of a child will not of our child will not face the consequences of his actions. President obama is appealing for calm. Situation in missouri speaks to further challenges that we still face as a nation. The fact is, into many parts of , there exists the police and people of color. Tony is live on the ground in ferguson. What did you see today . This is definitely worst night of protesting since protesting began in august. Several businesses have been looted. Several businesses have been burned, some beyond recognition. Police have been out in force using tear gas. We have also heard reports of gunfire in some of the neighborhoods that were the epicenter of protests back in august. They are out again after the announcement by the grand jury. Has the appeal for calm from president obama seemingly fallen on deaf ears . Even while the president was speaking, the unrest had already begun. I do not believe that a lot of the folks who are on the street were listening to president obama. The speech after the lot of peoplea took to the streets and that is where vandalism happened. A couple of police cars were already burning. Lets read the reaction of Michael Browns family. Michael browns mother was actually here after the grand jury decision was announced. She broke down into tears and was quite distraught. In their statement, they have said that they are calling for peace. They want this process to go forward and they do not want people vandalizing and looting. Right now, people have a lot of emotions and folks are out in the streets, doing a lot of damage to this small city on the outskirts of st. Louis. Could the family of Michael Brown appeal the decision . Options are a bit limited. There is still a federal investigation going on that is ongoing and they could also pursue several legal actions, but in terms of a grand jury, that is a bit of a final decision. The prosecutor told Bloomberg News that he will not bring special charges against the grand jury decides not to indict. Elsewhere in the u. S. , i am hearing the protests are largely peaceful. Yes. There have been massive demonstrations in places like new york, washington, d. C. , oakland. Mostly, they have been peaceful. People marching and, in some cases, blocking traffic no reports of vandalism or anything like that. We have seen more peaceful protests in other parts of the country. We will speak to you later. Thanks for joining us. Tony speaking to us live from ferguson in missouri. Breaking from the Dutch Financial Services route iag. It is cutting jobs over a threeyear period. A provision in the Third Quarter of 320 Million Euros. It is to invest 200 Million Euros to further simplify and automate its i. T. System. It has taken the next step, it says, in its Digital Banking evolution. But it is cutting jobs over a period to peir the tune of 1700 and it will take this provision of 320 Million Euros. Dutch Financial Services group ing. Stryker may be making a comeback bid for smith and nephew. Across to our international correspondent, hans nichols. Good morning. Are we talking about tax inversions once again here . It looks like it. Stryker is based in kalamazoo, michigan. They are considering it as an inversion to get that lower tax rate. A bidr is considering according to people familiar with the matter. Last may, they were also considering. Later, the ceo said they were in preliminary stages. But they did it and that triggered the sixmonth coolingoff period. That ends later this week. We saw the stock jump some 10 . In excuse me excuse me, the smith and nephew stock jumped 10 and settled back down around 5 . This was yesterday afternoon. In addition to the inversion issue, what do you do to structure the deal to make it slide by u. S. Regulations . There are also antitrust concerns. These are both medical device makers. They would have to get past that hurdle as well. Both companies have declined to comment read they have not had those conversations yet because they are not allowed under the rules. In other medical device, isrmaceutical news, bayer considering selling its medical device unit for diabetes detection potentially to private equity. Al gow could the stryker de ahead if president obama is endeavoring to prevent the loopholes . Thet comes down to financing. When we saw the collapse of the abbvieand shire deal, was doing that with earnings they had overseas. What the Obama Administration did is they prevented some of the means for making these, for doing these inversions. They did not outlaw inversions, per se. After the midterm congressional elections, the Political Climate may have shifted in the states so some of these u. S. Based Companies May be feeling more confident testing the waters and pushing the limits of the letter of the law when the spirit of the law is obama and jack lew articulate. O they could take it a step further. They could get antitrust approval. They are clearly considering it and we will see how it goes from here. Hans nichols, Bloomberg International correspondent in berlin. Miners. Lso watching the a merger with rio tinto could be in the cards. Alas month, Bloomberg News broke that it had abandoned the bid for real. The deal would create a miner worth about 160 billion. Stay with Bloomberg Peter jim rogers will be joining countdown. And you can join the conversation on twitter. Let us know what you think of the show. Tell us the stories you want to hear more about. A busy day today. On countdown, the dollar could get a boost. My next guest says we should look to black friday sales to gauge the u. S. Consumer confidence. Strategy atad of fx Canadian Imperial Bank of commerce. He is back in two minutes. Stay with us. Live pictures for you from ferguson, missouri. Protests have kicked off after a grand jury decided not to charge a Police Officer for the killing of unarmed teenager Michael Brown. Time for todays company news. Ker examining a bid for smith and nephew. That is according to people familiar with the matter. They could structure the transaction as a tax in version to move its business address to the u. K. , where smith and nephew is based. Smith and nephew say it is aware of the interest but could decide against the bid. Bayer is exploring the sale of its diabetes device business according to people familiar with the matter. Bayer is working with Credit Suisse on the potential sale that could be worth as much as 2 billion euros. It is part of their strategy to shed peripheral units to concentrate on its more lucrative Life Sciences business. Honda is facing a 35 billion fine from u. S. Authorities after tohas admitted failing report claims of injury or death to car safety regulators. Honda is claiming inadvertent data entry or Computer Programming areas. It is already under scrutiny in the u. S. For failing to report airbagrelated deaths japans Central Bank Government says he is committed to achieving its 2 inflation target. He restated his commitment to that target in a speech today. Lets get more on this. Imperial bank of commerces head of excess head of fx strategy. Committed to achieve it. Will japan achieve it . An immenseit will be challenge. This is the reason why we have seen the boj advance the policy after the meeting at the end of october. Such underlines the challenge the japanese are seeing. We are seeing parallels with 1995. The economy has slowed down and the consumption tax is being pushed down to the middle distance. That will reduce some of the inflationary influences we would otherwise expect to achieve. Da will corona kuro have to continue to work incredibly hard. That will lead the markets to anticipating an incredibly cheap yen. How cheap . We need to be careful as to how far we extrapolate. We have come a considerable distance since the last meeting. I think we will go further. Once you get towards this monetary threshold, that is potentially counterproductive. There are issues regarding importers. One member of the to it alluded to it. And we have to be mindful of the consumer. Unless we start to see wages going up, real income is going down and that will hold that consumption. That is maybe suggesting that the arrow will perhaps we highlighted when the boj last bought dollars, 1998. 1. 25 seemed to be the level. Is there a level where the boj would consider entering the market and buying dollars . I think it is unlikely at this stage. If we were to get to 125, we could perhaps have another debate. Magnitudeto that relatively quickly, we start to amplify those concerned about the importer, the consumer. Othering japan versus countries, that is the interesting point. Acknowledgingly that the weakening of the yen is only up to a point. Competitive issues continue to be raised with south korea and china. I think that adds to the potential problems of expecting a cheaper yen. China, some saying that the move was part of a trade postboj decision. Do you think it was linked to that cutting of Interest Rates . We can always make a case for some kind of conspiracy theory. , itou take it at face value is happening more aggressive than perhaps the policy makers would like. In their context, you could argue that slight easing is a way to alleviate some of those stresses. There are ongoing issues regarding competitiveness. I think that is going to be an ongoing issue. As we know from the g20, the handshake between the leadership of china and japan, you can always make the case that there are issues at play. If you look from the chinese perspective, i think they are trying to alleviate that and manage the growth corridor. Jeremy stretch, back to you in a second. The Canadian Bank of commerce head of fx strategy. More after the break. Stay with us. Live pictures from ferguson, missouri. Protests have kicked off after a grand jury decided not to charge a Police Officer for the killing of unarmed teenager Michael Brown. Welcome back to countdown. Jeremy stretch is here. We have talked boj, china. Lets talk the ecb. Everything is on the cards. They keep telling us that. Will they need to actually use out right qe and buying sovereign bonds . The ecb have previously argued that if you have something in reserve, that would preclude it needing to be used in the ecb would prefer not to buy sovereign bonds. We are still talking about this disinflation or deflation and tendencies. We talked about the ecb wanting to expand their Balance Sheets. You can argue whether they can actually get it to those levels. Surely, by the process they have alone, unless you have massive takers, that seems somewhat inconceivable that they could get to that 3 trillion target. Is going to be the tipping point. That will be the ecb holding out and hoping the economic environment will alleviate some of these stresses. Growth is creeping down. How low can it go and how quickly . Like the yen story, we have to be careful to extrapolate. Maybe markets are getting bearish about the eurozones 2014, but not overly so. We need to be careful how far we extrapolate the move lower. We could see a move down towards the 1. 20 threshold, maybe the extreme around 1. 18. Anything beyond that is looking a little stretched. We are seeing signs that the impact of a low euro and the easing of financial conditions will have some impact. That perhaps act as sort of a break. What about sterling . Results of the election on friday, speculators were very bullish on the pound in july. How things have changed. Indeed. Is that a trend now or cannot be reversed or can that be reversed . I think it can be reversed. It will probably need to extrapolate the political dynamics in this structure. Of course, we get the noise and it reduces you normally see weakness in the u. S. Dollar. I think it may be the case that markets become a little bit too complacent. Dynamicshe underlying in the u. K. Are still relatively good. We have seen some of the froth taken out of the markets over the summer. Hawks andere are two the market could be turning around in terms of rate expectations. And is it the fed first or the bank of england first . Where are we on this debate . Bethe bank of england would first. Of february and that is looking increasingly questionable at this point. That market expectation could turn around relatively quickly. 2015, ily early in think that is still a condition for the u. S. Dollar. In order to see that, we need to see employment growth continuing. Good to see you. Jeremy stretch, head of fx strategy. Stay with us on countdown. Welcome back. I am mark barton barton. Lets take a look at your fx check the yen is rebounding today against the dollar, rising from a sevenyear low. We had a speech from the boj governor and he says the economy is on track to achieving policymakers 2 inflation gold. That is the goal for around the beginning of the next financial year. He says the core Consumer Price gains are more likely to reach 2 in or around the fiscal year starting next april. And efforts to and japans deflation are progressing. We also had minutes of the boj meeting. The boj expanded its alreadyunprecedented monetary easing program. One board member said a further drop in the yen would spark concern with adverse effects on smaller firms. Some said additional bond buying would heighten the risk that such a move would exceed its financings fiscal deficit. That meeting produced a bigger split then the following meeting, which just showed an 8 to 1 split. Eight members pro monetary easing and one against. These are the Bloomberg Top headlines that are being top headlines. Protests on the streets of misery missouri. A grand jury did not find evidence to indict Darren Wilson for killing Michael Brown in august after the decision, president obama appealed for calm. First and foremost, we are a built on the rule of law. We have to accept that this decision was the grand jurys to make. There are americans who agree with it and there are americans who are deeply disappointed, even angry. It is an understandable reaction. In they decisionmaker European Central bank says there is no rush to add more stimulus to the eurozone economies. Openys all the options are to next months policy meeting. He says the low productivity remains a concern in europe. That main concern would be we cannot design and implement the reforms to support productivity in europe. Productivity is lagging. , this drives a wedge between the living per capita and is a threat for future wellbeing. The former Prime Minister of portugal is being held without bail in a tax fraud investigation. She is one of four people detained. According to portugals prosecutor general, he was Prime Minister from 20052011. London used to be top of the pile as the worlds financial center. But new york has taken the crown, according to a new survey. Set on londons gn as the worlds leading financial hub. Istains bustling capital now favored by fewer than 40 of those in the industry. That is according to kinetic partners, who quizzed 3