Billion in valuation for the ipo according to sources. They could come as early as friday, as they look for luxury status. Welcome to countdown. I am anna edwards, live from london. It is friday morning. Let us start with the reaction with what the fed had to say in their minutes. We knew what the decision was for weeks. These are the minutes. These are the impacts on the world index, of Global Equities over three days. It shows we saw a rally and global stocks, 2. 46 trillion added to the first four days. Friday is adding into that, the momentum being picked up in asia. A seems patients is having positive impact. Look of the oil price, we are actually back still above 50. We popped above that with the First Time Since july. In yesterdays trading session, and back above now. We have seen the opec secretary general making comments about the oil market. Suggesting that demand will expand. That is the secretarygeneral talking about the demand picture. That takes us to our question of the day. Is the collapse in energy and metal prices behind us . Sources suggest we may have seen the worst in the mental space. You can find me on twitter if you want to get in touch. We are going to bring you plenty more great sound coming from lima. We have the imf meeting in peru. These are the voices we will hear from in the program, we will bring you more of that conversation between Christine Lagarde and others at the top of the show. Carney, allmark voices we will hear from. With that in mind, lets check in on the asian markets specifically. Lets get to sherry and. Shery ahn. Taiwan close to leading. But all the markets here in asia now gaining, asian stocks are proposed for the best weekly gain in four years. They are gaining from more risk appetite, also following wall street higher, as the Federal Reserve minutes show they are not in a hurry to raise rates. We have the shanghai composite rising 8 10 of a percent. The best weekly gain in six months, the hang seng Index Trading 1. 6 higher. Trading volume is more than 40 higher, on the 30 day average of the bond. Even when the heaviest way to stop retailing is taking a dive after the announced earnings and forecast. Also gaining 1. 2 , led by the Energy Stocks as oil expand. Let us take you to the chinese movers. I want you to take a look at icbc, the lender here is surging. We are hearing more cuts in the fourth quarter. Gaining more than 5 , along with the oil, china life is gaining more than 2 . We are hearing that china is going to increase the measures to import Corporate Bonds sold by Major Construction firms. Two currencies i want to take you to in asia, the indonesian and the Malaysian Ringgit. They are getting the most. The most in more than a decade, we see it gaining 3. 5 . Today, the best weekly gain since 2001. The Malaysian Ringgit also seeing the best gain since 1998, advancing more than 3 . Back to you. Anna thank you very much. Joining us from hong kong. We have breaking news in europe. This is caroline with the details. Caroline good morning. This seems to be good for friday morning, it is basically trying to increase global expansion. Dro signed ad hy 40 stake to take from a resilient minor a brazilian miner. This will increase overall tomburere aluminum. Buying up 40 stake that they currently hold, it would take norsky hydro to 45 . They already own 5 and that coming. Anna thank you. Let us talk about what happened in the u. S. Overnight. We saw movement that the eu missed, including the reaction today in the minutes. Lets get to julie hyman, she has this report from new york. Julie u. S. Stocks rose after the Federal Reserve released its minutes from the last meeting. Economists read that it was dovish, the markets view that mays are going to run low be confirmed or emphasized by the minutes. That thehe fact members say they do still expect some likelihood of rates going up by the end of the year. So a little bit of confusion remaining here. That confusion also emphasized by the fact that stocks went higher, but rates did, too. In other words, the 10year note we saw yields going lower. But then they bounced right back up again. Again, a bit of confusion in the market here. In terms of what was moving in the stock market, it was actually commodity related shares that actually gain the and materials. Even health care and biotech, a group that has been lagging recently, even gained by the end of the day. Some of the traditional supporting, chevron and General Electric some of the best individual in the index. The movement of one stock, netflix is also worth mentioning. The stock coming higher after it announced it was going to raise prices for its most commonly used land. The streaming plan in its system. Something else worth mentioning, oil prices touching 50 a barrel when it comes to west texas intermediate trading here in new york city. The main back down by the close of the session, but still the highest since july for oil. Since julie filed that report, some confusion in the market following the release of the minutes. And they were talking points at the imf and World Bank Annual meeting in peru. With was little consensus, financial leaders expressing mixed views on when the fed should press go. When an authority says we will be datadependent, and our two drivers will be unemployment and inflation, what we are saying is Inflation Numbers have to be solid. We have to see them. And for the moment, there is not much on the horizon. Neither on inflation nor on wages. I am very much in favor him as soon as it is possible, as soon as the economy allows it, to normalize what we do in Monetary Policy. The same would go for europe, we are in a different state than the u. S. Very different. Absolutely, the u. S. Is ahead of us and economic recovery. It is the right time. The fact is that americas recovery is anemic. If you look beyond the Percentage Points on unwanted, the true Unemployment Rates, people working parttime, it is well over 12 . Our expectation has been pretty good, whether the majority of the Committee Said they will continue to go at some point this year. I guess it is more december. The markets dont see it. I am not in the business of guessing the movement. What is much more important is the medium to longterm involvement. Anna let us get some more on the fed them, were joined by jamie murray. Good to see you so bright and early this morning. What do the minutes tell us about the chances for a rate hike in december . Jaime the Market Reaction suggests, the kind of important thing to take from it is the central outlet what they expect to happen has not changed at all really. But the risks around it have changed. The chances of the economy being blown off course have gone up. When you are less certain about something, your less liquid act. That is what is right in the market. Anna other reports suggest hawkish light. They suggest you can have really hawkish, which suggests the finger is on the button. Werere is hawkish light, in absolutely no hurry to move. Jaime im not sure about that innovation. Us inwhere does it leave the conversation for december . The market implies the probability is 40 . Maybe even lower. Important thing is support. If you want to know what happens to rates when you need to know the labor market. Anna what we hear about the ecb and the bank of england in the last 24 hours . Jaime it was fresh and unique, a comment on the data. They did not take it timely. It is really balanced minutes, not a lot to take from it. Again, they sort of revised the inflation outlook, worrying about the china story affect. And on the ecb side, everyone was looking for some hit that stimulus and there really wasnt any hint of how it would play out. Anna are we still looking for the bank of england, this mark carney making comments. Year on to focus on the year oil affects dropping out, suggesting that thoughts would turn to rate rise. But the longer the fed rates, thouge longer the bank of england waits. Jaime inflation will start rising, and it is easier to convince the public of a rate rise. And our guess is it will be close to 1 by january. Anna is that because the nature of the year on Year Comparison . Jamie it almost all is. Anna jamie murray joining us on the Central Banks around the world. 12 minutes past 6 00. A year after bill gross was ousted, he is looking for vindication. Departureg over his from the bondage giant last year. Caroline hyde has been pouring over the details. She joins us with the latest come as it develops. What is the response from pimco . Caroline the fact they are suing, he said it is wrongful termination a breach in contract. In a breach of good faith. He wants at least 2 million 200 million, adding up to the bonus he was on track for 200 million. This is a guy worth 2 billion. He says it is not about the money. Is going to charity. But some of the exclusive language that is being used, exactly one year really, after we first saw the fact that he left back in september of 2014. And we can bring up some of the things he has claimed in this court case. Overall, he is being driven by a lust of power, greed, and a desire to improve their position. He names names. Executives who conspired, calling it a cabal to work together, that he would be moved on from pimco. Really explosive stuff, accusing them to get their hands on it. This is all about a man who claims he likes burgers and bonds. Wanted tocolleague get into more risky assets, it would seem. Many did not agree with the fact that he wanted to stay more vanilla. Overall, we can see the reaction thus far has been to respond and say there was no malice. At our legal team will be responding in court in due course. It is a sad tale. And we have been speaking throughout the programming to his lawyer, those that work with him. And we actually spoke to an individual, he is from armored wolf, and he is saying it is a coalition he can no longer manage bill gross at pimco. I did not like how i left, so to speak. Care ford i did not the dispersions that someone might suggest i lost my touch. I dont think i lost my touch. I am in your seven days a week, 18 hours a day leave it or not. And that speaks to the interest and hopefully the performance numbers speak to the confidence. Obviously, there was tension at pimco. I have full confidence that all of the managers at pimco wanted to do what was best for the clients. Bill. And there was a difference of opinion, and simply stated, bill was not able to maintain the coalition necessary to lead a firm like that. And not surprisingly, he was asked to step aside or forced out. He chose the latter. Individualwas an that worked with him form a years at pimco. We actually heard from the man himself, speaking in april of this year outlining the fact that he had been ousted. And the fact that he did not like the way he had to leave. I think this story will be running and running, many discussing it over the water cooler today. Anna thank you very much for that. A quarter past 6 00. Coming up, how much is ferrari worth . They could launch a multimillion dollar ipo today. We will bring you the details, after the break. Anna welcome back. 90 minutes past 7 00 youre watching in frankfurt. Here of the stories you need to know. The september meeting shows an upbeat feeling about the u. S. Economy but it was darkened by threats from abroad. The threats to emerging markets raised risks the dollar might strengthen. That made exports more expensive and could create an additional drag on the economy. Speculation that the fed will not raise Interest Rates and boosted stocks in asia, on top of the 2. 5 trillion added to the global stocks this week. At the same time, the Malaysian Ringgit is headed for its best week since 1998. As investors look back. Pimcoll gross is suing for his departure from the bondage giant last year. He accuses executives of the company he cofounded a pushing them out in order to get their hands on his bonus. He wants to expose and proper, dishonest, and unethical paper. That is how much ferrari could be valued at when its ipo, according to people familiar with the asset. The official price range be published as early as today. Although the evaluation may change due to volatility called by volkswagen. We spoke to someone who owns a majority stake, along with his daughter and sister, about the ferrari brand. Ferrari is a legend. It is a legend of its time. It is a legend because it is capable. It has been capable of protecting the brand, to protect the numbers and not give more than what was needed. It has had great people in it. And i would say there is a lot of great men and women in the company. And that company is a source of inspiration for me. I do believe also for many italians and many people around the world. You do not sell a car, you silly dream. Anna nice glasses. Ceo,ng with the volkswagen he said it was something that individuals did. Michael moore told lawmakers at the white house yesterday. Hans nichols has more in berlin. What else did he have to say on capitol hill . Hans he was not at the white house, unless there was a big change. Anna. D sorry, he said sorry a lot. He seemed just as angry at his own company as some as the lawmakers that were grilling them. And what we have here, we have a company that says he will not be a book to have an easy solution, an easy fix. It will have to actually do some sort of technical hardware, some new engineering. Here is how he told it to the lawmakers. Michael around 430,000 cars are the generation one. With the very which was a very early vehicles, and we believe the software only solution will not be possible. Logic, to be frank with we wouldve done it in the first place. Hans i know better than to question your technical knowledge, your expertise of diesel engines. Here is a shorthand i use, though. The bigger engines, the two leaders, maybe it was a have a software fix. For the smaller engines, youre going to have to totally rebuild or actually add something to catch the noxious gases. They still not have that mapped out, whether that is in germany or the u. S. A couple of other developers yesterday, we did have offices as well as homes of executives in raieded. That is the state prosecutor in saxony doing that. He said he wanted to see a quick resolution. Anna hans, thank you. He was making the point that the fix is would be difficult. Otherwise, they would have been done in the first place. Hans nichols joining us in berlin. Investors have been fixated on centralbank policy as of late. With the early season gaining steam, can they still back the spotlight . Our next guest says it will be a pivotal order for american companies. During this now is Oliver Harrington from atlantic equities. A lot of effect on what theyre doing, and we now face a discerning season. Are we going to be back to talking about which companies did well or badly . Or are we being driven by the overall level of support by the central bank . I think it will be a pivotal quarter for u. S. Companies in particular, a lot of uncertainty out there. As it relates to global macro, people will be looking at some companies the s p 500 outlook in terms of whether the market will improve your. Or whether it really is as bad as people are forecasting. Obviously, we had out cola kick things off. A pretty mixed bag, that is the market saying they did not like what they heard. I think the key point within that for me was that comment on china. It had taken down the output expectations for auto there from 5 to 8 to 1 to 2 . That is a big cut, a sector under big cuts. Anna looking at International Businesses, their commentary on the global economy, in particular he their comments on the slowdown in china, are we going to see these International Businesses really hurt but the strength of the u. S. Dollar . Oliver absolutely. That is key. The dollar, and on the flipside of international currencies, look at the company in the Industrial Gas face. It has been really taken apart by currency. It has exposure to the mexican peso and these are really hurting what is a very strong business. Industrials are another space. We are concerned about downside risk. Things like caterpillar have already preannounced and said things are very exposed. China and the mining piece, i think the dollar around the globe anna what is going to be the focus there . Very difficult conditions for the market in september . , again, we are looking at a downside to expectations across the banking sector. Obviously, it has been a key space in the first half on the expectation of a rate rise. And looks as the data we are seeing, that is being pushed out really until next year. Obviously, the fed was speaking last night. This was the deal that we may see something the back part of this year. I think the data shows a 16 event. And that will be unhelpful for the bank. Anna great to see you. Oliver harrington joining us from atlantic equities. Coming up, the global head of fx research joins us. He will give us his take on the fed. And why he thinks there is excessive pessimism. David bloom coming up. The health of the u. S. Economy is important to brazil, the united kingdom, china important everyone in the room. It is relevant. The exact timing the fed it moves is not determined by the bank of england. We will take our responsibility. Forill determine the timing the start of the process of Monetary Policy normalization, consistent with the u. K. Anna mark carney of course. He was at the Imf World Bank annual meeting in peru. Telling the panel that a fed move isnt all the things about. It is 6 30 in london. Welcome back. Here are the stories you need to know this morning. Minutes from the september meeting of the fomc show an upbeat feeling about the u. S. Economy was darkened by threats from abroad. Policymakers felt chinas slowing growth in the threats to emerging markets raised risks the dollar might jump further. For gross is suing pimco 200 million over his departure from the bond giant last year. He accuses executives of the company he cofounded of pushing them out, in order to get their hands on his bonus. He was to expose unethical behavior. S. Chief saidu. Finding all the vehicles may take years. Mi