European markets are up this morning following from gains in asia and the worlds count down to the Federal Reserve policy decision. Members of the fomc begin their crucial meeting later today. For more on how the markets are cross straight over to mark. Mark gains, but why . That is the big question. Because the odds of a rate increase our 32 and on monday it was twice 6 . So investors are less certain that the fed wont raise Interest Rates. 5050 asked much whether they think they will raise rates. China did rising and what it always does is bounceback in the last hour. Twoday threeday. It was lower 75 minutes ahead of the close. All the way up today and closing up by 4. 9 . Rose as highst 5. 9 which was the biggest rally since when the market does that it is often associated with state intervention. Dont forget this is an index which sunk 20 since august 11 and is tracing trading or deny percent below the record set on the 12th of june. Have a look at a currency we dont talk about every day, the south korean. Today it is risen to a threeweek high versus the dollar. I am charting it against all 16 major currencies in the world and as you can see every major currency is falling against the yuan today. Standard poors upgraded its Credit Rating. Rating whichinus puts it on a path with china and japan. Way, this one went 7 against the dollar this year. This is a stock i have been fixated with recently. This is glencore. The shares are rising after the commodity trader sold 2. 5 billion of new shares to shore up its balance sheet. Whats amazing is since it came to the market in may the stock is never risen from its price of 530 pence. In fact it has fallen by 75 . Billionates to 20 dollars of value in selling shares to shore up the balance sheet. It 30 billion and wants to reduce that by 10 billion light selling shares. Exhausting stuff. Francine tune into bloomberg tomorrow for a special report on the fed. Janet yellen will take to the podium 30 minutes later and tonight, radel you will join bloomberg for an hourlong conversation. I suggest you watch that. That brings us to todays twitter question . Is the worlds economy about to be stress tested by the fed. We have a great story on the bloomberg terminal and our know the mining route. Sharesld 1. 3 billion new to pay down debt and avert a Credit Rating cut. Bloombergs reporter joins us now. Is this a good result . We knew that they had to do something but this is drastic. It is drastic and it is a plan they originally announced last week. 30 billion of debt in this environment is not a good place to be. Concernedwere very that Credit Rating have been cut. Big Commodity Traders rely on that. 2. 4 discount yesterday. The have a record low of 118. So i think theyre very happy we maye result tree in even see some new investors. But lets be clear this is not a good news story. They didnt want to do this. Francine but the result could have been worse. Withso know that glencore 25 of the whole thing. Did they participate . They did. They promise to not elude their shares. So they sold 10 of the company effectively. So someone like the ceo earns 8. 4 . So he is committed to spend two point 1,000,000 of his own cash. So there a lot lighter in the pockets today. The debt also reduction program, what is next . Them announced a number of measures. The next key point to look out for our asset sales. Theyve set that out and targeting Precious Metals which means they will be up to sell gold and silver byproducts from around the globe to companies in the u. S. Or elsewhere and that is quite a lucrative sales process and some analysts are talking anywhere in the realm of one to 2 billion for that. Francine you are one of the really rare interviewers who gets to speak to adam. He told you about three weeks ago it is too early for anyone to read china. E we heard from him since . That comment four weeks ago, in hindsight the company may regret that he said that. It may not a centerright single to investors. Hes facing a lot of pressure from investors in the u. S. And i dont think that comment helped give them confidence that the ceo had great insight into it the behavior of their biggest customer. Francine thank you so much. Here is a look at what else is on the radar this wednesday morning. In the tech has reported firsthalf profit in line with analyst estimates as it added more shops and online businesses. The owner reported 26 rise in net income. Hewlettpackard says it will have 33,000 more jobs and plans to refashion business for the rapidly changing technology market. Hp is splitting into two separate industries in november. They will sell personal computers and printers to the organizers of this grand prix so they are keeping a close watch. Many schools to close in malaysia and singapore and the indonesian president has invited troops to join the fight. Facebook is working on options besides the like button so users can express emotion such as at the on news posts. Mark zuckerberg said people have asked about the dislike button for many years and said we have finally heard you and we will deliver something for the needs of a larger community. Corbyn prepares for his first clash since becoming labor leader there are those urging him to remain loyal. Despite concerns. Chairman and founder john mills coming up after this break. We are on the pulse and just getting started. Francine welcome back to the pulse. U. K. , Jeremy Corbyn will take on David Cameron and his first Prime Ministers question since taking over. Yesterday the hardliner attacked the conservatives and their Austerity Program in brighton. Us deficit deniers and they spend billions cutting taxes for the richest families and the most profitable businesses. What they are is poverty deniers. They are ignoring the growing queues at food banks and are cutting tax credits when child property rose by 500,000 to over 4 million. Francine as Business Leaders voiced their concern, one top labor donor has called on Party Members to stick around and remain loyal to the party. He joins us now. Great to have you on the program and thank you for coming up. To put everything into context there have been claims that you labour. Op fighting that is untrue. Manus you told me that francine you told me that Jeremy Corbyn would not have been your choice. I think he has been very clever in articulating what a lot of people are concerned about with the way things are going that austerity isnt working. People are saying its starting to be sent to take just for people on lower incomes. But whether the policies advocated are solid is a big . Francine if you look at the u. S. And the u. K. , the problem with a free and liberal economy is it does create inequality bigger and other countries and it is a problem that has to be addressed and this probably taps into Jeremy Corbyn economics. But there has been a fragmentation or it we have had quite a large section of the labour party who have gone along with austerity being the solution. There is a big problem with the government deficit but we have had Jeremy Corbyn coming along with a much more radical approach and i think this has split the labour party. What i hope will come out of this is some really serious thinking about where it ought to be going and what it can hope to achieve an offer the electorate in 2020. Francine if youre seeing many more defections and you say i dont feel comfortable being part of the shadow cabinet because the position in europe is worrying, we could see the emergence of another big party with former Big Labour Party backers. I think that will probably happen is that the labour party will stay as one party. There will be a big debate howde but will have to see Jeremy Corbyn plays with the electorate over the next few months and what i think may come out all of this is some which willf views provide a framework for everybody to be happy. I think that is the best outcome. Forcine so you are looking he or mr. Mcdonald to be much more moderate, saying hes expecting that england can retain the power and setting Interest Rates. I think there will be a big debate on Economic Policy and one thing i do believe is if were going to get the economy to perform better we have to get Growth Investment up and have increased visitor Business Confidence taking the view that this is a secure place to invest in the kind of tone that is set and policies he advocates will be very important in terms of securing that confidence which we need. Francine do you think that if mr. Corbyn does not become a little more centrist that he would survive as Labour Party Leader echo think it is very hard to tell. Changing a leader is quite difficult. Electionggers another and finishes with Jeremy Corbyn being elected again it would be a huge amount of a with no gain. Swat will have to do is see how things shake out over the next months and years and see whether some accommodation can be found so that we can present an attractive proposition in 2020. Allaps they also i am at convinced that the conservative parties will work. People may be more interested in looking at alternatives. Francine you have been a backer for labour party for such a long time and the problem now is that conservatives dont have any real opposition that makes sense. Are you not concerned. What would it take you to say i cannot act this anymore. Abandon the labour party i would say as i did in the 1980s when there was the same set of movements as we have seen now to keep trying to get it changed. Going back to your point about the opposition it is important the conservatives have a strong opposition in one of the important things for labor to do is to get its act together. Danger in theis a conservative party that will be damaging. Yesterdayunion bill which substantially apprise them. That does not see to be basis sensible way to reduce the balance. Francine i know we are talking about the Federal Reserve possibly raising Interest Rates for the first time tomorrow. Youre feeling is that they should wait because the state of or economy is unwarranted just clear guidance to the Business Community . In the longterm, Interest Rates have to go up but i think in the moment the World Economy is in a fragile state. I wouldve thought myself that putting Interest Rates up at this stage was quite risky. I think the pound is far too strong at the moment. Manufacturing is very poor at the moment and if we go on with all of this will never get investment into the sections of the economy where we need productivity increases. Next find out what spurred sales growth at the Worlds Largest clothing retailer. We talk intertec. Francine welcome back to the pulse. The Worlds Largest clothing retailer, intertec has reported a 25 rise in net income. First Spanish Company ever to surpass a 100 billion euro evaluation last month. Charles, great to have you on the program. This is good news for injured inditex, but how much does it have to do with a weaker euro . Guest in terms of sales, not too much. 16. 5 of the sales increase was that. In profits it is more important. Though they did not qualify, broadly speaking they make stuff in the eurozone and sell quite a bit into the euro area and asia. Francine if you look at samestore sales, they are growing at levels prior to the financial crisis. Guest this is a great result for them. 7 , of what is broadly speaking a mature store base. Maybe 20 of their stores are immature. They have growth throughout the business. I dont think we have seen it reflected to the same degree elsewhere. Prime market afforded reported last week that they were flat, broadly, over the same period. Francine inditex is doing so well because zara is doing so well . Guest that is the other kind of noticeable thing. Zara isom zara home, the strongest business within the whole of the mix. Their most mature business has done the best of all. Francine thank you so much. Charles allen, our retail analyst with the latest on iniditex. Product shares surged in hong kong after shares came in better than expected. The Luxury Company slowed expansion of new stores. Product sales have been slowing in china as the government clamps down on extravagance. Now, angular merkels us defense or actions. What will they mean for her legacy as chancellor . That is what we will be seeing next. Live pictures at the border of hungary and syria. Today is an important day because of the fed decision tomorrow. Analysts are still split. It has increased from a 26 chance monday to a 36 chance of the fed hiking rates. We have that decision tomorrow night and we will hear from the chair, janet yellen. Shares rising in europe for the second day as we approach the countdown to the decision. We are seeing gains and Energy Producers after we have worse than expected forecast data. We saw some weakness in the u. S. Recovery yesterday. We are expecting a little bit of data out of the u. S. Investors are still split on what action the policymakers will take. 32 chance of a rate increase. The shanghai composite today has actually gained 4. 2 . The biggest daily gain since the beginning of august. Yesterday, we had the u. S. Indices up. Now you can see that the futures are unchanged. Investors are trying to figure out whether an Interest Rate hike is positive or negative. If they do it, at least we will start normalizing. Some emerging markets a is a good thing, other saying it is too fragile. When we look at some of the data from the eurozone, it is just a worry because it is not Strong Enough the World Economy, for a sustained rate hike. You can follow me on twitter and the question of the day, is the fed stress testing the World Economy . You can tweet us. This is a great place to work. Not because they have yoga meetings and a juice bar. Because theyre getting comcast business internet. Comcast business offers convenient installation appointments that work around your schedule. And it takes done. About an hour. Get reliable internet thats up to five times faster than dsl from the phone company. Call 8005016000 to switch today. Perks are nice. But the best thing you can give your business is comcast business. Comcast business. Built for business. Great time for a shiny floor wax, no . Not if you just put the finishing touches on your latest masterpiece. Timings important. Comcast business knows that. Thats why you can schedule an installation at a time that works for you. Even late at night, or on the weekend, if thats what you need. Because you have enough to worry about. I did not see that coming. Dont deal with disruptions. Get Better Internet installed on your schedule. Comcast business. Built for business. Pages growing at their fastest pace in more than six years. Pay excluding bonuses increased 2. 9 . Total pay growth quickening to 2. 9 . Jobless rate falling 5 falling to 5. 5 . Matching the lowest rate since 2008. You to believe with companies having to raise wages , spareact workers capacity in the labor market is the key metric for the bank of officials consider when two and six years of policy at record lows. Is this a further piece of the puzzle leading to high Interest Rates . I will leave that for you to decide. Francine thank you. Every bit counts. Mark. Here are the top headlines. We will find out whether the Federal Reserve will raise Interest Rates for the First Time Since 2006. Janet yellen says it would be a mistake to hike this month. The central bank should hold 2016. Steady well into shares to payold down debt. They are the worst performer on the u. K. Ftse 100. A refugee camp growing on the serbian side of the hungarian border. In thefleeing conflicts middle east and africa have been using the crossing as an entry point to the european union. Angela merkel has defended her position to allow refugees into reimpose border controls when the numbers became overwhelming. For more on this, lets bring in ryan chilcote. Ryan donald said he will make his call on thursday after he consults with all of the eu countries. What he is going to want to see is there is the framework of some kind of deal, should eu leaders get together. Yesterdaykel decided that what took place on monday, they kicked the can down the road. Enough, was not going to solve the problem. Guess, Angela Merkel gets what Angela Merkel wants. We will find out from mr. Tusk. Francine how did she become a refugee crisis hero . Ryan the germans were perceived, at least in greece, the villains, if you will, calling for more austerity, being heartless. Are talking to the same greeks i was talking to. All of a sudden, last week, Angela Merkel is the conscious of europe. Herself withsting the Prime Minister who has been quite strict. To be control and refugees or asylumseekers need to apply properly and go through order points. Moved to seal off some of the german border, has put members ofas the army to office duty. Itshungarian has to ploy military to the border with machine guns. Deployed its military to the border with machine guns. S p yesterday, saying this crisis, the one uncertainty out there when it comes to sovereign the eu canwhether act as a cohesive unit. It suggests there is a governance issue and governments throughout the eu, when you