Session low of 129. 47 after that disappoi disappointing survey. No revision to the september indices. And just to recap, a short while ago, we also had the composite pmis as well. 46. 2, slightly weaker than the reuters poll of 46. 4. The Business Expectations index 47. 8. It was 49. 4 in september. Thats the lowest since february 2009. The october manufacturing pmi 45. 3. Again, weaker than the reuters poll of 46. 5. So the pmi and apple index 44. 8 as well, and thats down from 49. 7. So eurozone business in october continues suffering the biggest recession. Joining us is chris williamson, global chief economist, which puts all that data together. Take the german pmis, take your composite pmis, not cheery. Its not a good picture, no. The survey is pretty unanimous, saying the zone is going through a tough moment, the worst since 2009. These are really bad numbers. Whats interesting is the official data havent quite caught up with that yet. Theyre still suggesting a sta stagnation. If you were going to translate this into gdp numbers, hard data, what would the readthrough be . Well, were looking for the region as a whole, a gdp collapse of around 5. 6 in the Third Quarter and that same rate of decline as we go into the fourth quarter. That sort of contraction is what were seeing at the moment. That matched the pmi reading in terms of how you would look at gdp. So france has joined the periphery, if you like. Germany is showing some resilience, but nevertheless october manufacturing pmi came in this morning what was the flash estimate . 45. 7. Now people are looking for number 48 on that. Way off the mark. Whats going on there . People have been looking at the official production data, which have been stronger, especially for germany and france, than the business survey. So theyre saying well, theres a lot of noise. The surveys are going to bounce back more in line with what the official data are saying. Thats not the case. It looks like its going to go the other way around. Its a pretty gloomy prognosis for the coming months as well. The Business Expectations had fallen. Going to bounce back up, surely maximum Business Sentiment is going to improve. Thats not happened. Its gone in the other direction. Were talking about the chinese data. How much of this is pure euroareuro area and how much is slowdown in the rest of the world . What weve seen in recent months, there was a glimmer over the summer and more so in october, and that is the euro area produces, and Service Companies are suffering from weakness in the eurozone, but more so weakness from asia and to a lesser extent, weakness in the u. S. As well. Asia slowdown really hittin i cart and horse on that. The euro is falling to a session low, post those two bits of data. Bund futures extending their gains as well. May not do anything for stock sentiment. Talking about asia, chinas Manufacturing Activity was up at a threemonth high. The early read suggests the recovery. That wasnt enough to stop a 12th consecutive month of pmi contraction. Some analysts still see the need for further stimulus. What is this telling us . Are we now on the bottom of the downturn . Not the downturn, the slowdown . Possibly. Its too early to tell. Its only just in suggest there the chinese survey, the official government one might come out above 50. It may well do. But i think one of the interesting things was that the rate of decline has eased quite significantly. The smallest fall for five months. But in there, when we were reading through the reasons, they were saying that their trade had been disrupted due to the spat between japan and china. If we perhaps make a mental allowance for that, it suggests that export orders are falling at a far weaker rate than they were before. Fourth quarter is looking better than the third. It comes back to what we were just saying about europe, europe being infected by asia, but if china is supposed to be exporting to europe, then those i dont know which one is pushing which. Obviously theres trade both ways. But what we are seeing are theres some glimmers of hope that the downturn has passed. But against that what were seeing is more and more Companies Looking at the outlook, hearing words from people like the imf and saying okay, its still tough times, lets move back. Weve seen this in some of the Earnings Reports as well. Morgan is saying its not looking great for next year. Lets cut back. Thats the general mantra at the moment, it seems, globally. Chris, i think were going to let you go on that point. Chief economist at market. Dont forget on todays show, were going to be in tel aviv, where were told exclusively that further action is needed on iran. Facebook has dispelled fears about its ability to monetize. Well announcements live from connecticut. Volvo has missed estimates its warned a flat demand. Well be in stockholm to speak first to the ceo. Thats 11 20 cet. So, Global Equities not a pretty day on weert either. And you can see were down again. Decliners outpacing advances here. So lets pull you up for those stock indices. Just down a quarter percent for the ftse. We did try to get a little bounce going first thing this morning. Volvo missing its qe3 expectations. Well get more from stephane on that. Its height, its fullyear revenue outlook. Talking about a record for the fourth quarter. We got the apple ipad mini being launched and other products as well. Its pushing on again from yesterdays gains, up another 2. 25 . Tenyear yields nudging back. Tenyear spanish yields up to 5. 7. So heading back towards the 6 level. Yields heading lower once again on bunds. Euro dollar down to session lows at the moment. Got around 129 lets show you where we are. Dollar yen back below 80. Did get something of a benefit from the china pmi numbers. And sterling dollar below 160. The dollar getting something of a boost. Thats where we stand right now. Lets get more on that asian trading day. Li sixuan is with us. Sixuan . Thank you, ross. Asian markets mostly lost ground, but avoid ed the han seng also managed to finish in the green by about. 3 of a percent after yesterdays holiday. Brokerages sacked, but Power Producers led support to both forces. Reported income. Pc makers with losses after layoffs. Apple suppliers had very mixed showings as investors were skeptical about the ipad minis ability to compete. Nintendo shed 5 ahead of earnings. Mobile operator kddi gained over 1 of its report card. More on those names a bit later in the show. Elsewhere, south koreas kospi extended a fourday losing streak. Auto makers tumbled on a strong currency. But the apple supplier surged after posting smaller than expected losses. Well have more on this with our guest just ahead. Australian shares fell to a oneweek low. Higher than expected inflation in 3 q 3 damping hopes. It cant confirm a report in a domestic paper that claims that dprooes has won a twoyear extension. The report doesnt cite any sources. Last night in a televised address, the greek Prime Minister insisted talks are ongoing. It helped portugal reduce its budget deficit, but stripping out that game. Revenues actually slumped while spending rows. At the same time, planned cuts face a legal challenge ahead of the countrys judges union. The draft budget is likely to be illegal and it should be evaluated by the constitutional court. And the ecb chief to talk about the Central Banks response to the eurozone debt crisis, specifically the ecbs plan for unlimited bond purchases. Silvia is in berlin and joins us now. Whats the number one question, do you think, lawmakers want to ask mr. Draggy . Theres two parts of it. Germans are always obsessed with inflation, so the largest number of this 120 or so people who are sitting on the Budget Committee and the Capital Markets committee and the European Affairs committee are going to ask yet again about the dangers to inflation, whenever were heading. The second question is what the ecb does still within its mandate. Is this still Monetary Policy . If what theyre doing, if the omt is a Monetary Policy measure that is absolutely necessary to repair dysfunctional markets, why hasnt it happened yet . Why are there political conditions set to dispensing Monetary Policy to doing its job . These are questions that are buzzing around here. Has the ecb actually abandoned Monetary Policy a long time ago and entered into quasi fiscal policy . Theres a lot of talk about that. But also, of course, the accountability of the ecb, if the ecb is asked more and more to take on tasks that it wasnt originally designed to do, to embark on crisis management, to embark on repairs of fiscal disparages, then the ecb must become more accountable. Must become more transparent like the fed in the u. S. Where have the trillion euros gone . Which banks benefited from it . These are questions that the members of the various committees that weve been talking to have been asking us and say this is what we would put to mario draggy, saying basically okay, if you step up to the fray and buy us time, you still have to tell us what youre doing. I asked him among oher things also about the dissent between the icb, between mario draghi, and the bunds bank. He said this is a healthy conversation, but it has to become transparent. We have to know exactly what is going on and maybe something positive can come out of this debate. This is what he had to say. Im not quite sure whether in older times there hasnt been a debate between the central bank. The new thing is that they are much more communicative at the moment. And my recommendation to the Monetary Policymakers, keep things calmed down as well. A good decision always, and a good controversial discussion is always at the start of a good decision. But whether it shall be made up in the ecb council, i would usually recommend to do that discussion in the ecb council and come to a common ground. Wouldnt we all like to be a fly on the wall in these discussions with par owe draghi, but afraid not. Maybe we get something out of it after the debate. Its supposed to finish at 1600 our time, so hopefully on closing bell we can tell you a little bit more. We sort of have a sense how those conversations are going to go, dont we . Yes, we do. And on the one hand, politicians are quite happy that the ecb is stepping up, essentially doing their job because that means they have a nice backstop position if they dont deliver on time. Yes, but with the economic data, the spanish bond yeels are rising. Still to come, we talk to a guest who thinks that europe is getting closer to ditching austerity. Well find out why when we come back. Yesterday was the worst day for the dow since june 21st, but there were some companies, and notable exceptions. Ups bucked the trend and registered the gains. They have limited exposure to both europe and china. So what were going to ask today, is it time to buy america . Is buying america a good investment . Please let us know. You can email us. Is it time to buy america if youre a Global Investor . Apple has unwrapped the ipad mini, a smaller version of its popular tablet, but not at a smaller price. John ford was at the apple event in silicon valley. Hes got more on the companys latest innovation. Right here at apple unveiled the ipad mini. Also an entirely new ipad, which wasnt quite expected. New ipad, full sized ipad, same price, faster processor. But the ipad mini is really interesting product here because the question is does this just extend apples momentum in tablets, keep the growth going, or does it take it to an entirely different level . I talked yesterday about the difference between the mac mini, which really just filled in the mac product line when apple brought that out in 2005, and then the ipod nano, which put the ipod on an entirely new trajectory. This has the potential to be that, but weve really got to see how consumers react to it when it really gets into their hands in a couple of weeks. Apple is going to phase out the new ipad. Theyre not saying exactly what theyre going to do in terms of price of that. Theyre keeping the ipad 2 around at 400. This gives them full, very interesting touch lineup from the ipod touch at just a couple hundred dollars to the higher end touch at 300. The ipad 2, the ipad mini, and now this fourth generation ipad, a very formidable holiday lineup going to be in stores heading into the season when theyre facing competition from amazon with the kindle fire and fire hd from barnes noble with the nook, now microsoft coming on this week with the surface. Google with the nexus 7. And who knows what other touch devices we might see from them before this season is over. So quite the Battle Royale among these tech companies. But apple taking quite a swing yesterday. Guys, bark to you. That was john fortt. Apple stock down 3 . Have we got a frankfurt quote . No, we dont. Meanwhile, facebook did slightly better. Reported a Third Quarter net loss. Revenue rose 32 , slightly better than expected. Facebook made 153 million from mobile at a category that didnt exist for the Company Seven months ago. Mark zuckerberg is talking about the importance of mobile ads. Facebook stock for once having a good session, up 14 after hours and up nearly 12 in frankfurt. Meanwhile, nintendo, the worlds biggest have game maker loaded its fully operating profit forecast, smaller than analyst estimates and less than its outlook earlier. The super mario creator has been struggling with a strong yen. The firm did cut its operating loss for the First Six Months in half from the year before. Nintendo also says its new wiiuconn soles should trigger some profit growth. Over in south korea, two of the countrys tech majors have managed to impress. Whats going on . Hey there, ross. We do have two happy campers here. They both saw a bit of a q3 profit. There are some glimmers of hopes in its mobile division. Nice to see more smart phones in the Third Quarter, especially those that run on faster lte networks, that are taking off in korea, japan, and the u. S. Analysts expect lgs mobile business to report its first annual profits in three years. They managed to turn in a net profit. Thats because despite falling demand, this was partially offset by gains and foreign exchange. Looking ahead, they are seeing stronger in q4. During a press conference, the companys Vice President promised a curb inventory and a cut investment to keep the Profit Margins high, and this year closed higher by around 4 . Back over to you. Thanks for that. Joining us now is mark newman. What do you make of these numbers . Doing slightly better. Yeah, i think you manage to eke out a profit on the mobile communications side which is slightly better than we had all anticipated, but its a very slight profit, and i think if you look at the scale of the business now, its not that impressive really. The revenue has slapsed recently over the last few quarters, and theyre not significantly gaining shares back. So although theyve managed to eke out sets there, i think overall not that great. Yeah. The memory chip maker operated before the market opened shares up, because the loss smaller than expected. Whats going to happen with demand for memory chips, do you think . I think demand is very robust. You know, what were seeing right now is prices are quite solid. Theyve increased quite a bit in the last couple of months. The last tw weo weeks, they werp 17 . I think that were going to see a rebound into next year. Dram, on the other hand, half of demand is still pcdram. Its still quite weak mainly because of pc shipments being very, very weak. Because of that, dram prices continue to be quite weak, which continues to be a headwind for all of the memory players. But what i believe is going to happen is were going to get a rebound in deram prices in 2013 after the acquisition. Theyve got to take supply out, but the demand picture is going to continue to decline really. If youre not in the mobile space, its getting hard, is it . Yeah, thats pretty much true. What youre seeing in dram is it is very, very week. The companies that are strongest are samsung and hinix. Offsetting some of the weakness in pcdram. However, its part of the dram market, its becoming quite a drag on the overall supply demand balance for the industry. Okay, mark. Thanks for that. Still to come on the show, well be in tel aviv later to hear an exclusive interview with the israeli finance minister. He says more action is needed. Bob. Oh, hey alex. Just picking up some, brochures, posters copies of my acceptance speech. Great its always good to have a backup plan, in case i get hit by a meteor. Wow, your hair looks great. Didnt realize they did photoshop here. Hey, good call on those mugs. Cant let em see what youre drinking. You know, im glad were both running a nice, clean race. No need to get nasty. Heres your honk if you had an affair with taylor yard sign. Looks good. [ male announcer ] fedex office. Now save 50 on banners. These are the headlines from around the globe. Flash pmi data points to further weakness across the eurozone. Hsbcs early pmi reading hits a threemonth high in october. Investors like facebooks Third Quarter results. Shares jump 14 after hours as the Company Shows its aim to make some money off the mobile devices. Well get more on that. Meanwhile, vw says its ninemonth group sales revenue, 27. 9 billion is higher than the previous year. 144. 2 billion. The ninemonth operating profit is 8. 8 and people are looking for that to be around nine billion. So the ninemonth operating profit down 1. 6 to 8. 84, which reflects the Technology Overhaul and this slump that were getting in the european auto market. But they are reaffirming their goals to increase vehicle sales and revenue for the group to match last years operating profit. The shares rebounding slightly on that reaffirmation. Meanwhile, one stock that is taking a hit, volvo. The firm missed expectations. Also warned investors that it expects no growth in its main european and north american truck markets next year. Also, ford expects to announce that it will be closing a plant in b