Im back. Kelly is off for an entire week, a very well earned thanksgiving rest in america. So coming up, well be out in tel aviv as International Pressure mounts to find a solution to the ongoing violence. Hillary clinton on route to jerusalem. Well get a view on president obamas trip to cambodia where tensions over the South China Sea look to dominate the as sas summit. Well have updates about the greek tranche. And lines are already facing for the latest tech ahead of the allimportant black friday deals. But first, the french finance minister has responded to moodys downgrade by saying government reforms will get the economy back on track. And that french debt is amongst the surest and most liquid in the eurozone. Moodys joined s p by stripping paris of its aaa rating citing growing about public debt levels and its diminished ability to withstand future euro area shock. Bank of japan remains steadfast despite rising political pressure prompted by controversial comments from the likely next Prime Minister who has called for an unlimited amount of cash. He wants benchmark rates to come in below zero. But the bank of japan governor has dismissed those ideas. The chief said negative Interest Rates will lig early liquidity concerns in the market Martin Schultz is with us. Thanks for joining us. Is this a sign of things to come, a big standoff with japan . Well, its rather surprising that a hopeful government coming in is picking a fight with the bank of japan when theyre starting off. What is happening here is that it seems that the ldp doesnt really have a Growth Strategy right now and the frustration in industry with the strong yen and slowdown in export is tremendous about that. Big problems if we have unfettered money printing. Would there be as he also says 30 years of deflation . Well, one of the lessons we have here is that many different monetary policies didnt work so far. We still have an economy that is in restructuring mode with many corporations. So sony, sharp, still trying to get back on their feet. On the other hand, we also have an economy that is slinging simply by aging and what would be needed would be strong growth policies and this is what the bank of japan will be pushing when hes in office. On the other hand, deflation is there, printing more yen might be helping on on that side of course. The yen down at a seven month low against the dollar. Do you see any risks to open in japan open money printing . In the Old Fashioned sense. Probably your point, but Old Fashioned isnt really the concern here right now. There was comment by overseas investors seeing this as a mood being much more muted. People are thinking its basically impossible to buy even more yen or to sell even more yen from the japanese from the bank of japan side would mean to push this into the banks. One of the ideas is negative Interest Rates, but banks would hardly buy anymore yen if they would be doing that, so the final idea would be selling straight construction bonds to the bank of japan, the bank of japan would have gotten to write this and then minister of finance would have panicked because this would mean that Inflation Expectations would pop up immediately, probably undermining stability of the market. Nobody, not even in the ldp, would like to have that. Besides Monetary Policy, what might we expect in terms of fiscal policy or other government stimulus measures . Thats basically noise on the economy side. There are limitations to outright buying or what could be done. Mr. Avi will most likely after getting a bloody nose will fall back on fiscal policies. There is a plan to raise the value added tax in 2014. There have been talks not to do that and to remain more stimulate on the fiscal side. Probably they will keep tax increase and try to spend money up front that might be coming in later. That means we will have more fiscal, more fiscal policy, more easing from the fiscal side here and that might have have an impact on the bond markets. All right. Martin, thanks for that. Over here in europe, its all Credit Suisse. The bank says it will combine its Asset Management business with its Private Banking unit. Carolyn is with us in london if a few days. How are investors reacting . Not very positively. Credit suisse shares are down and we did expect a positive Market Reaction at the start of trade, but it is the biggest underperformer on the wider market. As you said, Credit Suisse is announcing a major rebound and this not a big surprise because its reacting to regulatory pressures. Its merging its Private Banking and Asset Management business. So basically it is would folding Asset Management into the Private Banking unit. Its also announcing a couple personnel changes. Can i being out its banking chairman and now two coheads for the Wealth Management unit. Also making a couple change to the Investment Banking unit. Theyre promoting the fixed income executive to corun the Investment Bank along with the current chairman. Lets bring you a couple of analyst reactions. Expecting more cost efficiencies as a result because the Company Continues to decrease complexity. Saying this is simply a detailed version of the 4 billion swiss franc Cost Reduction plan already announced. So not a whole lot of detail here and they say the importance of the regional Leadership Structure has been reduced and that could lead to more job losses. So overall a lot more details and they did increase their cost savings target to 4 billion swiss francs. Okay. Carolyn, good to see you. Catch you a built later. We turn our attention to france and of course that moodys downgrade. Theyve followed s p and cut the aaa rating. Stefane is in france with more reaction. Reaction from the french finance minister saying this morning that the downgrade is not calling in to pressure the fundamentals of the French Economy. The reforms are on track. Economy is sound said a few minutes ago in the pressure conference. They say the down grade would be another motivation for the socialist government to pursue economic reforms. You can see this morning very limited Market Reaction especially in the bond market. First town traded by s p in january of this year and he remains confident the country whether meet its deficit target. But of course even if the downgrade was widely expected, if you remember france since of month of february, even if it was widely expected, it is of course bad news for the French Economy and bad timing for the government. Last week the french president made a press conference and seemed to realize how bad was the economic situation, he says he was aware about the urgent needs of reforming the Public Sector and also in terms of welfare state, but it certainly wont help to improve it Approval Ratings which are at record low. But if you look at the Market Reaction again this morning, its very limited. All right. Thanks for now. Ban kimoon has called for an immediate cease fire and warned any ground operation must be avoided. Over 100 palestinian and three israeli civilians have been killed during six days of fighting. Joining us is reporter at nbc news. Chapman, thanks for joining us. Theres a temporary hold on any ground operations, but how easy is to get from that to a wider cease fire . To add to the growing call, Hillary Clinton is on her way to the region now to add her weight behind the cease fire. Now, she along with secretary general ban kimoon of the u. N. , they will push for the cease fire. She first meets in israel with netanyahu to try to see what she can do to get the cease fire in order. Because this is day seven now of this conflict where it continues. Overnight the Israeli Defense force targeted 100 different attacks within gaza by air and sea, targets they said were necessary to stop the flow of missiles and rockets out of gaza, underground bunkers, store am depots and even Financial Institutions for hamas. This morning militants within gaza responded with volleys of rocket there is to israel into southern israel in response to the overnight attacks. So theres a growing call for this cease fire particularly over 100 People Killed within gaza now. 26 of those are children. So nearly a quarter killed has been children which is growing to the call of a necessary cease fire to figure out how these two sides can come to terms to stop this violence for now. Okay on. Thanks very much, chapman. Shareholders of glencore have approved the deal with extrxst. Well get more on that. But right now lets get the Global Markets report in singapore. Composite slipped to a seven week low. Financials, commodities and Railway Stocks led the losses. The water place rallied. Shares in hong kong also turned lower in late trade hurt by weakness in mainland blue chips. In japan, the boj stood pat on Monetary Policy as expected. The nikkei snapped a four day winning streak. South korean techs rallied with Samsung Electronics gaining over 2 . The losses in auto mains capped the up side on the kospi. Meanwhile commodity majors continued to lend support to the aussie market. India sensex still on the move now shedding 0. 4 . Lets also take a look at shares of olam. The Agricultural Supply chain managers flipped over 10 earlier, but managed to recoup losses ending lower by nearly 8 . The stock was halted earlier this morning after muddy waters questioned its accounting methods. Ross, back to you. Thanks for that. Well catch you a bit later. Youre in europe, were weight the to the down side by around about 6 4. Not mar off the session low. But it comes after good gains yesterday. Following strong moves in the u. S. , as well. Cac 40 down half a percent. Weighed town by the moodys downgrade, although expected. And ibex done around 0. 4 . French debt market, yields are up to 2. 1 . Treasuries slightly higher, but still below 6 . Ten year bund yields slightly lower. So france is trading with the peripheral in that sense. Eurodollar, 1. 2794 is where we stand, dipping slightly on on the back of the french downgrade. Dollaryen 81. 26, but the yen has been down at acceseven mont lows. Aussie dollar slightly weaker against the u. S. Dollar. Rba minutes suggesting that their policymakers consider further monetary easing may be appropriate. Still to come, well be in athens and brussels. Euro group reportedly close to signing off on the next tranche aid. I always wait until the last minute. Can i still ship a gift in time for christmas . Yeah, sure you can. Great. Wheres your gift . Uh. Whew. [ male announcer ] break from the holiday stress. Ship Fedex Express by december 22nd for christmas delivery. Get on etrade. Set up a real plan. Frank oh wow, you didnt win . I wanna show you something. Its my shocked face. [ gasps ] [ male announcer ] get a Retirement Plan that works. At etrade. Some news coming out of israeli. Government has fired shots at the u. S. Embassy in tel aviv. Theres a couple of conflicting reports, but reuters report on this is suggesting that government has been apprehended by police. Well keep you informed on that. Meanwhile spain has two separate debt auctions this week, between 3. 5 and 4. 5 billion euros up for grabs today. Longer term bonds will hit the market on thursday. The focus squarely on greece. Officials are expected to sign off in principal the next tranche of aid to athens. Lets get over to julia in athens. Are they expecting the money . I think theres a definite sense of optimism from officials here that eventually theyll get the first part, the 30 billion euros, and then later on on in january of next year theyll get the next piece. Thats speculation here on the ground and, yes, this is a sense of on optimism and people im speaking to in the markets said you had hedge funds yesterday buying g ining greek paper and domestic buyers. But there is recognition that a lot of work needs to be done not just with regards to the austerity measures that were passed just two weeks ago, they of course front loaded in to 2013. So the situation is ongoing. But one of the other key issues that the troica pushed the government to address is reform of the tax system. I caught up with the publish of the lagarde list and this lagarde list was produced by Christine Lagarde back in 2010, the lists were given to various different countries. Now, the difference between countries like the uk and germany and greece is that they acted on it and greece did it nothing. The excuse greek officials gave at the time was that this list had been gotten by illegal means and, therefore, they cooperate a couldnt act and this is what he said to me when i pointed it out to hill. They lied because all the other countries had acted on a material in the list. And that list had been september to greece in a legal way. The worst thing is that in addition to all the lies that poison the social and political every day life in greece, there was also blackmailing taking place. Many people were claiming that they have the real list, many were blackmailing businessmen, they were threatening other people. Somebody who bragged about having the lagarde list published a list with 150 mps who were supposed to have resfsh accounts and creating an unhealthy environment in greece. Costas has been tried and acquitted of publishing personal information and we found out on friday that actually hell have to face trial yet again and i think this issue just cuts to the heart of the credibility issues that the greek government has not just with the people here, but also perhaps with the international community, too. Back to you. All right. Jewels, thanks for that. Thats the latest from athens. Lets switch over to silvia who is in brussels. We know now that theyre not ready to cut greece loose. Everything else is just a bit of a game. Keep them going until we get past the german elections. Im kind of getting a bit fatigued bithe elections excuse. I think its all a bit too simplicity to say were pushing everything down into deep space because Angela Merkel has to get through elections. Its convenient and simple and i dont think it doesnt cut to the heart of the story. If it accounts for 20 of whats going on, thats already a lot. The rest i think are several differences of opinion how we get will. The one thing you write about, nobody wants to cut greece loose. And i think its a little less likely now than maybe a few months ago when there was a greece fatigue with many politicians out here. What we didnt know is how can we relieve the burden for greece now that they delivered on so many of the intending cuts that they were supposed to deliver. So either we have a bit more time or we lower the Interest Rate or were going to have Public Sector involvement in terms of haircuts. The imf would not just like to put the debt horizon out further to 22 unless Something Else gives. Lagarde made it quite clear that she thinks Public Sector involvement is now essential and should not be postponed any further. And that maybe we should get a lowering of the Interest Rates. Lower of the Interest Rate i think is something the euro group could well live with. But the ecb has at least indicated some members of the governing council that might be it should be talked about and that would be a big chunk if there could be any movement on there. So it sha make up an interesting discussion indeed. Last time we asked him are you going to reach an agreement today on the 20th and he said yes, well. And we said are you confident. Yes, because we must. There is a logic in there, but doesnt necessarily mean we get it. In the short term, extending Interest Rates seems alike lie route. Longer term, suggests there has to be a forgiveness of debt. And i suppose what were looking at, if you look at it from a political perspective, how you get to that position so that its okay for the politicians to say you know when we told you, our money was safe, were actually sorry, we have had to write a check. And that political process just takes time. Youre quite right. It obviously does. And elegant enroad into this Public Sector involvement could be forgiveness from the ecb part without involving the rest of the public debtors. I think that would be a first step. Indications are the ecb might be moving from their stance. I know you live your trips to brussels. Catch you a little bit later. Of course besides greece and spain, portugal also has baeen passed latest test. A further 2. 5 billion euros in aid money. Officials have urged portugal to keep up with its austerity measures despite growing public opposition. Still to come, its finally decision time for the merger x xstrata and glefrn core. Frances finance minister tries to reshs and you are banking reforms. This after moodys has stripped the country of its aaa rating. U. S. President obama looks set to flag the south china issue despite the host nations attempts to keep the topic off the agenda. Brussels is reportedly c