Board. Ftse 100 down. Dax down over 0. 5 . , almost byweaker too 0. 7 . Lets take a look at the dollar. This is going to be the currency in focus today. Looking pretty flat, but it is at a sevenmonth high against the euro. Look at the dollar index. The bloomberg dollar index tracks the dollar against a basket of 10 major currencies. That is at a record high. That is the dollar. Ill keep you uptodate on equities. Weve got to look at the Commodity Markets as well. Gold coming in pretty flat. This is trading near a fiveyear low. Expectations increase for that fed rate rise. Coming off its worst stretch of losses since 1950. Silver acts both as a precious metal and industrial metal. It is facing downward pressure from both sides. Almosting a little, up 0. 3 . Copper extending losses. Copper is at a 2009 low. The lme, that dropped 25 this year. It is on course for its worst year since the financial crisis. Jonathan nejra cehic, thank you very much. Lets get the update out of asia. Juliette saly in hong kong. We saw the latest operation in paris have a bit of an impact on the region in asia. We have seen gains on the nikkei in early trade. It closed pretty flat on wednesday. Macquarrie up around 7 . In australia, that market closed before we heard the latest from paris. We had seen some weakness from mining players, in particular gold star which announced a fatality at its mine this morning. Paladin energy down almost 8 in australia. New zealand closed slightly higher. A bit of a flat session in korea. We saw that rebound from the won yesterday. The shanghai market closing down around 1 in china. President xi also saying some positive comments about the overall economy. We do see weakness coming through in equity markets. Volumes in china were down around 14 lower than normal. Here are some of the stocks. Citigroup securities closing higher on a new chairman. Insurance players like china life, in australia, miners coming under pressure. Bhp billiton falling below 20 australian dollars i share for the first time in years. Subdued session in the agent the asian region today. Jonathan thank you very much. Heres whats happening in todays program. First, the terror raid in paris. Police surround suspects in a suburb. Dollar liftoff. The greenback trades close to a record ahead of the october minutes. And, commodities casualty. Glencore faces its longest losing streak as the metals rout takes the wind out of its debt cutting plan. First, we start in paris, where an address linked to fridays attack is being rated. Three people are said to the killed. The french prosecutor has confirmed the target of the rate is the suspected mastermind of the attack, abdelhamid abaaoud. Inndan greeley is saintdenis and joins us live. Give us the update. Brendan this morning, several residents were broken with explosives and told to remain in their homes. That order has been lifted. Theyve been moving the Police Cordon in. We are now about 600 meters from the address where the attack took place. What we know so far is there have been explosions, and gunfire, all morning sporadically. Three people have been killed. One woman killed herself with a suicide vest. We do not know whether any of those were abdelhamid abaaoud, who is suspected of planning the attacks from brussels in belgium. Jonathan as you see the level of security around you, over the last few days, weve seen crowds emerge. Butow this is a suburb, talk about what is going on around you. This is a city that is still very much nervous. Paris, we here, in saw people being pulled over by police. This morning, what you see around you are the police of the raid unit. This is the french antiterrorist unit. A very militarized police presence. Whats gone now are several military style trucks that have left. Jon,now, guy excuse me, all over the city for the last three days, you see people still flinch when they hear sirens. There are Police Sirens all the time. As in new york after september 11, people gather in groups. Ive seen residents in this area, saintdenis, talking to each other, trying to figure out whats happening, asking me, looking at their cell phones. The news is still coming in, even here. Jonathan Brendan Greeley in saintdenis. Much more from him throughout the morning. For now, i want to bring in andy lynch. The ecb talking about the potential for this to ripple through the european economy. I spoke to peter a couple days ago. There is concern about what this can mean. At this point, you just cant make the call, can you . Andy it is far too early. This is ongoing and developing. I think one interesting thing is what mr. Hollande and mr. Valls did say, that france is going to increase spending. They are not going to be constrained by the european stability pact because as they put it, this is a case of war. National priorities now trump european complications. What we could see, coupled with , quite a bitnding of fiscal stimulus. Actually, there could be a bit of a tailwind in the european 2017my going into 2016 and if we see public spending picking up. Jonathan weve had two real big. Ush backs out of the weekend one is geopolitics. The other is what you mentioned, the boost to the budgets. Which is more significant for you . Andy probably for europe it is the budget. At a more global level, the ,ncreasing accommodation bringing russia back in from the cold. I think thats a much more significant issue at a global level. For europe, i think fiscal spending is what will matter. Jonathan andy lynch, stay with us. Up next, the dollar takes flight. Expectations there will be a 2015 lift. The dollar at a sevenmonth high against the euro. Jonathan good morning and welcome back to on the move. It is still picked back in wall street. That is going to get brighter ahead of fed minutes with the euro trending low against a strong dollar. Lets get to bloombergs top stories. French Officials Say three people were killed as police raided an address in the northern suburb of saintdenis in connection to last weeks terror attacks in paris. The french prosecutor has confirmed the target of the rate is the suspected mastermind of the attacks, abdelhamid abaaoud. Chinas house price recovery slowed in october. Less risk and challenged authorities efforts to revive markets. Jinping hasident xi acknowledge outside risk to growth while assuring fellow leaders that asias biggest economy is resilient and committed to reforms. He said the economy is dealing with complicated internal and external environments and the temporary pang of deep reforms. Heres the headline in the fx market. A dollar high. Expectations for a fed hike in december have lifted the dollar to a sevenmonth high against the euro ahead of the release of the october fed minutes. The greenback climbed after u. S. Data showed inflation and factory output increasing last month. Want to bring in andy lynch of schroders. Beyond the first rate hike, the conversation seems to be about the second rate hike. Are you surprised as you look at the probability of a fed hike in december that it is around 60 to 70 . Not much higher . Andy i am given the strength weve seen in payrolls data. More importantly, the wage growth data. Wages are finally starting to increase. Is, thatre inflation basically translates to 2 real wage increases. Time, we12 months start lapping the fall in the crude oil price, that drag on inflation is taken out, if real wages are still at 2 , we could be talking about nominal rises of 3. 5 , maybe 4 . A data point. Have the dollar. The fx analysts go to the history books and history tells us that we rally for the fed hike. Socgen shows that on the way back down, we actually get a weaker dollar. The 2004hat in tightening cycle. We can bring that chart up. Does that tell you anything about the Current Situation . Historically, we dont have an example of where we are now. Y i think this is where this time, it might be different. Other cycles,se europe, the u. K. , japan, were trying to the almost a similar rate cycle to the fed. Weve got mr. Draghi saying, more qe is coming. Then weve got the fed starting to raise rates. I think that divergence in Monetary Policy is something we havent ever seen before. I wouldnt because it about looking at history as a good guide to whats going to happen. Say in fatal thing to any interview, but the facts this time are different and the consequences could be different as well. Jonathan we look at the dollar and the fx market, stocks, commodities. Manager, areequity you taking any notice of the fx markets . Andy absolutely. A lot of Companies Across europe have got either a lot of foreign earnings, or if they are a clothing retailer, theyve got a lot of dollarbased import costs. For someone like that, a rising dollar is bad news. If they cant increase prices to you and i, they are going to face a margin squeeze. If you are a european exporter, it is great news for you. You have the choice of earning more profit or taking more market share. Jonathan the execs come on this program. I asked them what are they doing. They say, we diversify because we have such wide exposure. What they say to me, we hedge. It is quite easy to say, this is my revenue. But if they hedge, they dont get a tailwind or the headwind either way. Andy hedging just delays the impact. No company is going to be hedging 3, 5 years into the future. Jonathan is next year the critical year . Andy we may well be hedged for the first half of 2016. As you start getting into the second half, that is where we will start seeing the impact in the numbers. The market will start anticipating those impacts earlier. We will see the impact in the stock market before we see it in the reported numbers. They are being prudent. They are hedging. They are managing risk. Are only managing it for 612 months. Jonathan final question, when the fed minutes come out later this evening, do you read them . Andy i have to admit that i have some very good friends of mine who read them and send me the highlighted bits that they feel are important. So i have some very good friends who do the hard work for me and give me the bits that i need. Jonathan now we know what andy lynch is into. Up next on this program, we take you from the fx market to commodities. Glencore crushed. It falls for a record 10th straight day. Jonathan good morning and welcome back to on the move. The commodities market remains under pressure. Copper grinds down to a sixyear low. Gold dropping to the lowest level since february 2010. It has been rough and ugly. John mayer joins us now. Andy lynch is still with us. Lows, are dollar trades more than commodities trades for you . John it is a lot about the dollar. Every time the dollar moves up, the expectations move up, the Commodity Prices go down a bit more. China is not buying as much as it was. I think we have to wait a little while. It is not all over in china. Theres still growth. Theres still demand. Jonathan lets talk about demand. We mentioned china. World tradeabout volumes. Andy, you talked about world trade volumes. We have this conversation about whether that income trait is talking is changing somewhat . What is the view . Andy my view is that it is a combination of both. Some reshoring into central and eastern europe, into mexico, which reduces the need for asia. I dont think that explains the sharp fall weve seen in trade volumes in the last six months. To me, that suggests something deeper going on and something ugly in the basement. Jonathan john, something deeper going on. When we talk about glencore, we will do that. On the supply side of the question, i would like to bring up a chart for the viewers. It is the differentiation opexeen capex and economies. The appetite for gasoline is still rising. The appetite for steel, concrete, cement, iron ore, that is falling. Weve got to draw a distinction, havent we . John sure. A lot of the chinese Metal Industry is losing. Werecommend they are reckon they are losing 50 on every ton of steel. There are some producers in china that have cleaned their act up. Same with aluminum. Their industry is losing money. If we go back 50 years, china bust its economy on overproduction of steel. They dont want to do that again. They remember the famine they went into following that. Memories on painful times. They are trying to clean it up. Good numbers on the Sales Manager index recently. There is a readjustment going on. Theres a lot of infrastructure programs and developments they were pushing ahead on that have been stalled partly because the government swept money back into government coffers and partly because they said, we want to clean up some corruption here. Jonathan in a capitalist society, you wouldnt be able to produce below cost. In a society with an economy like china, where rates are being cut aggressively, that is a fact. It has been happening over the last 12 months now. That capacity is not coming out aggressively, is it . John not aggressively. They are careful. They dont want millions of people suddenly out of work. Their economy, or their political system, doesnt tolerate that so well. It is going to cost them some money, of course. Part of the cost of that is lower Commodity Prices around the world. As they produce at underwater prices. But this will turn around. This is a very hard second half. Jonathan john, youre going to stay with us. Final question to andy. At what point do you have a look at the miners, given the capacity out of the market, at what point do you reach for the equities get . Y we have to see [indiscernible] theres a lot of pain already but we havent seen too many of the smaller producers listed around the world actually going bust, being forced to liquidate assets, close down. When we see that happening on a larger scale, that suggests to me that is when the market clearing process is happening. That, that is when i dust off the old research file. Jonathan andy lynch, nice to have you with us. The lack of players going bust. We will talk about the Ugly Duckling of the ftse 100. It is glencore with a record 10th day losing. There is pressure to do even more with their debt cutting plan. I just had a horrible nightmare. My companys entire network went down, and i was home in bed, unaware. But that would never happen. Comcast business monitors my Companys Network 24 hours a day and calls and emails me if something, like this scary storm, takes it offline. So i can rest easy. What. You dont have a desk bed . Dont be left in the dark. Get proactive alerts 24 7. Comcast business. Built for business. Jonathan good morning, and welcome back to on the move. Markets ler, the ftse 100 down. The dax down by 66 point. Which of the board, Euro Weakness against Dollar Strength the story for a wild. That is not the story this morning. It is up by a third of 1 . Also high this morning up by 12 . Copper the lowest since may of 2009. That losing Streak Continues by 8 10 of 1 . Lets get you uptodate on the stock market moves. Im watching the biggest movers of the moment, starting leading the losses. This is the french Industrial Gas giant it announced a takeover of air gas in the u. S. To the tune of 10 point 3 billion. This is a push into the u. S. Market, the biggest biggest deal in nine years. Leak itsallow it to competitors. The shares are moving lower. It could be because they have paid a pretty hefty premium for airgas. Moving on to syngenta, this company we were told by people familiar projected a 42 billion bid by china previous to that it had rejected a 47 billion bid from onset of. But now we are hearing that month said that was having internal discussions on the merit of a new author offer. Glencore, 10 days of losses a record losing streak for this stock. Haves for copper and zinc reached sixyear lows. 8 losses today, white about billion off of their companiess value. He focused now its on this 10 billion dollar debt cutting plan. The pressure is back on to try those efforts harder and faster. Jonathan thank you very much. Transparency, the chairman of , a nonexecutive director at the glencore. Lets talk about the company. A tenday losing streak, the longest losing streak on record. What is it mean for the debt cutting plan . Do they need to be even more aggressive . Herenhouse expert is alongside john mayer of sp. Great to have you with us both. I want to get a grip on this, the equity price move, how does that spell across to the Balance Sheet . Spillovere actual from an equity price that gets hit across the Balance Sheet. The share price is reflecting the fallen Commodity Prices that we are seen in coal, copper, zinc they are the crucial ones. Credit ratings agencies use ratios, net debt, so investors will he looking at those ratios and saying next year figures could be a certain percentage lower. That will come down to maintain those ratios and keep them in a crucial read it Credit Rating. Question is, on a tenday losing streak to they look at this and say the debt cutting plan we had is not enough anymore. Think they have to make that decision, the 10 billion to bes not enough, or has done quicker. Glencore has already outlined a number of moves they made a lot of them. 75 is already in the bag, by any sense they have time to wrap this up has largely evacuee evaporated. It could deliver big revenue to the company. Jonathan it is difficult for the Credit Rating agency because youre making a judgment call because you are using it as a proxy for the commodity market in general. Not necessarily because youre expressing a view on the Balance Sheet with the debt cutting plan. Which one is it at the moment . Are we just pound a glencore stock . I use the term we loosely. John the market has it in for glencore. That reallyroups dislike it as a company. Therefore any reason they will push that down. That is why we are seeing shares at these levels. Remember we got that the 73 couple of months ago the shares bounced very quickly and convincingly there is the market that thnks it is a solid group. Potentialforget the for the trading business to trade itself out of trouble. I think the opportunity is to trade its way out after a traded itself in. Jonathan we got the trading on what offset any weaknesses in the mining division, has it . Se the last day glencore shares went up on november the fourth, on that day when they reaffirmed they were trading i think a lot of people on that they were surprised that the glencore could be so positive about the trading business. I think that speaks to the need for glencore to get out there and trade more po