Welcome to the start of a Fresh Trading week. Kelly will be back tomorrow. Catalonia voters have handed the majority to the separatists, but not necessarily the ones you thought. Well assess the impact. And investors worry among protests over the egyptian president s attempt to increase his power base. And how much would it cost you to buy all items in the song 12 days of christmas . Pnc Wealth Management will tell us why its a lot more than you might think. Plus shoppers hitting the net today, the years biggest day for online purchases. Well asset how much cash shoppers have left over after black fridays billion dollar be in an sa. Bonanza. We have some confident data out of italy. November Consumer Confidence 84. 8. That is a record low. Weve had protests, as well. Theyre gathering in brussels to try to hammer out a deal on the greek deficit. Prime minister says theyre cle. Politicians are considering a Debt Forgiveness program but could see talso reaching agreement on a framework for the planned eurozone banking union. Speaking to the ft, the eu internal markets commissioner said ministers must meet a december deadline in order to placate financial markets. And this as in spain voters in cat take loan i cant giving a victory to the separatist party, but the regions president lost ground. So what does it mean for the push for independence and the deficit reduction plans . Julia is in barcelona for us. What does it all mean . Its being seen as broadly positive because it weekens his push for independence in the region right now. But the overriding message is that two thirds of the people that voted here voted for pro nationalist or separationist parties here. And this is a sentiment thats been growing over a number of years. And the president has to try to align himselves with other parties bearing two key facts, where does he take the push for a referendum, how does that influence his negotiations with the Central Government. And then the second, a more crucial point, this region has to negotiate a budget for 2013. And the risk is that a party that he aligns with that perhaps is in the same views in terms of a referendum is not going to be happy to sign off on further austerity members and cuts. So i think the overriding point is that right now the politics, the political situation here, is not yet stable and we have to see how this will play out, which irrespective of whether a weakened position now in negotiations with the Central Government here in spain, its still is going to be a headache for the Prime Minister. Ultimately, though, does it influence his decision on the question for aid, most leftdy not. Definitely not. What does it mean for funding for next year . They make the point that they give over around 16 billion euros to the spanish Central Government. They received this year 5 billion in aid so theyll argue that doesnt work out for them, but ultimately they rely on spain and we cant get away from that fact. Okay. For now thank you very much. What are the implications for rajoy and the request for bailout . Well, i think i agree with with what julia said. I think that you have to interpret these elections in two ways. On one side, you have the independent versus unionist vote. And in that way, i think you can safely say there has for the been a great deal of change in the sense that the big push towards Pro Independence parties are as asked for didnt happen. On the other side, you can clearly say that in the left versus right, there has been just a move towards the left. And in particular with parties towards pushed against austerity cuts. So i think the way to on interpret that is that it will be hard for an independence referendum, although he has already announced he will do so. And he had to do so ban he has always announced that he will do this whatever results come out of of the elections. But to do so, he will have to form a government with the left erc party, which hes fiercely against austerity. So i think that for rajoy, all this means that probably he is strengthened in the and itity independent side of the story, but also he will find it very hard to push further austerity that is needed to bring budget deficits under control in the region. Do we have any idea what time scale . If borrowing costs stay where at the are, when might they go for assistance . At the moment, market pressure wont force them. Yeah, i think at the end thats the reason why rajoy is not asking for a bailout is that signing up for an austerity plan with the deficit targets that they have now would be almost the side for help because the deficit this year will be pretty much higher than the target 6 6. 3 . To go to 7 which is the target for next year which mean very strong austerity. So i think rajoy will try to use just time here to basically negotiate soft deficit targets and i think that he will not ask for help before the markets push spain into that. And to go back to your question, i think in the First Quarter of next year when spain will have to issue substantially more debt than is issuing now. Theyre now seriously talking about Debt Forgiveness for greece. What are the implications of that for everyone else who might be in the Assistance Program . Well, of course, every time you make a decision on greece, as much as european leaders try to tell us that greece is a particular case, it will have some implications for the others. And thats i think one of the many reasons why leaders are resisting this. I think that unfortunately there is no way out expect for another restructuring in greece. Levels are simply too high. I think at the end it will have to come to that, but i think that it will not happen before the german elections. That is the political fly in the ointment, is it . We just got to get through to the end of, what, is it autumn next year is the elections . Yes, indeed. Are we just going to hobble along . From now until the german elections . I think that it will be another six, accept months off kicking the can p. I think they will agree to the transfers to greece, but it may also be that the imf pulls out because for the imf to deliver more funds to greece, they need to on ensure the sustain ability of the plan. Clearly for them, this is not happening. And the debt sustainability as of now not insured. I do think end at the end some form of agreement with light forgiveness of the extension, the terms, none of this will be enough to put greece under a sound path. So i think that this will not seize to be an issue until we have a serious restructuring of the greek debt. Okay. Thanks for that. Have a good week. Edward barack says hes quitting political life. He will remain defense chief until after the next set of elections. Right now its time for todays edition of the Global Markets report. European stocks having a pretty good week last week we are weighted to the down side after that good week. Dean klein ye 7 2 at the moment, but not a bad week at all. Ftse up nearly 4 last week, up 5 for the dax, 5. 6 for the cac. Ftse down a third, spanish yields pretty low reading. Well away i suppose from the 6 mark is what im saying. Ten year bund yields 1. 4 p. Weve seen the dollar index just down on a three week low at the moment. Plenty of focus on yen. Dollaryen 81. 98. Pulling away from the 7 1 2 month high. Aussie dollar back over 1. 04. Sterlingdollar just on the 1. 60 marks as you can see. Thats where we stand in europe. Lets check in on the asian trading session for the first time this week. Mixed trade here in asia. Investors cautious ahead of the eurozone finance ministers meeting. But the nikkei continued to push higher as exporters gained on the yens weakness. Troubled Electronics Firm surged 17 to a two month high after shareholders approved a 2. 4 billion bailout plan. In china, the shanghai composite finished in the red. Hong kong also down despite a good debut. In south korea, samsung tumbled 2. 3 after apple added more products to the patent lawsuit. And finally australia markets closed up by a quarter percent thanks to gains in the commodity space. Back to you, ross. Thanks for now. The u. S. Power ball jackpot has jumped to a record 425 million. This for wednesdays draw. Nobody won last weekend. The top prize could go well above that amount depending on how many people buy the 2 ticket. Power ball earlier this year reached a record 556 million. Now, unlike in the uk, you dont have to pay tax i think on your winnings in the u. S. But there is also only a one in 176 million chance of winning. But what would you do if you did scoop the top prize . Email us at worldwide cnbc. Com, cnbcwex, or rosswestgate. And warning of an impact of the strong yen on growth, but the job of solving that doesnt lie on the bank of japan alone. More when we come back. Its cyber monday and shoppers are expected to spend more than 1. 5 billion. From the moment you check out at amazon. Com, the prz begins. Your item is picked, sorded, packed and shipped. This is what the holidays look like here at amazon. To give you perspective, this is just one of 40 Fulfillment Centers across the country packed with thousands of items in time for the holiday rush. And theyll need them. Last cyber monday, they sold more than 200 items per second. One glance at the shelves and it seems work hes put stuff wherever they can find space. It helps associates where they dont have to worry about putting things. So wherever there is space, there will be product. Gr and it doesnt matter cha is sitting next to what. The interesting part comes with the picking. Workers will physically pick up every item per order and those items could be anywhere. So is this your exercise for the day . Definitely exercise. You get your cardio aund toning in your legs. She may cover several miles a day sending products off to be packed and shipped. She says its starting to feel a lot like christmas. Definitely more picks, more orders are coming in, more numbers definitely. More energy. As the workload increases, so does the stress. Do you ever dream about work . I have dreamt about work, yes. Ive dremp about picking items. Sometimes items are simply too far apart to walk. This is the biggest fulfillment center. Its the equivalent of 28 football fields. Which explains why some employees need tricycles to get around. With this years Holiday Season expected to be their biggest one yet, amazon has brought in 50,000 additional workers. Have fun, work hard. And online race that depends on the human touch to fulfill those holiday wishes. Diana al via air, nbc news, phoenix. And well have plenty more Coverage Later on the show. Meanwhile americans were out shopping early and on which this weekend. The National Retail federation says an estimated 139. 4 Million Consumers hit the stores or shopped online between thursday and sunday. They spent an average 423 for a total of 59. 1 billion, up nearly 13 from 2011. Com score says online sales stopped 1 billion for the first time on black friday. President obama even got in on the Holiday Shopping action. He visited an independent bookstore in virginia on Small Business saturday after resulting his list on his blackberry you can the president bought 15 childrens books as gifts. Policy meeting gave markets more reason to expect monetary easing from the central bank. Two of the newcomers said the boj should reinforce its commitment to policy easing by saying it will continue an ultra easy policy. He also said inflation has the potential to k3 seed 1 if tokyo and private sector efforts bear fruit. Weve seen euroyen near 7 1 2 month highs. Same for dollaryen, as well. What are the prospects for the yen to weaken further bearing in mind there must be a lot in the price. P. I do think weve seen a lot priced into the dollaryen at the moment. Its really been on the rhetoric thats coming into the laekelec. This week he said, we saw some backtracking in the main and Opposition Party and werent so aggressive when it came to easing. They said they let the central bank set their own goals and carry out as they will how they want to maintain those. And so i dont think really we will get this kind of aggressive Monetary Policy that opposition leaders were talking about. Which would mean the run in the yen will come to an end. Yeah, i definitely think well see a stronger yen coming through. I dont think we will see this massive drive on central bank easing. And even if we do, i dont know how much of a fact that would have. There is a complete lack of Credit Demand in japan and up they tackle this problem, then deflation will continue to see a higher yen. So it wont matter if we do get a change of government and they set a 3 inflation target. I think setting a 3 inflation target is one thing. Using it is completely different. Were entering a deflationary time and in the japanese economy which is evident to a lot of fundamentals were seeing. And i think it will cause levels to drop further. They could actually just do Old Fashioned money printing. Just put more bank notes and instead of buying government debt, they could do it the Old Fashioned way. That is definitely an option. I think theyll be trying every resource possible. I think there is just no demand for credit. You can flood the market, but who is there to demand it. So the yen strength is overdone. What does that mean for some of the other cost rates looking at eurodollar now firmly in this range. Is that in place for a while . I think weve seen a lot of range shading at the moment even in terms of the election, we see no reaction in eurodollar. I do think well remain range trading right up up until the end of this quarter. The omt policy is really underpinned euro u. S. And created a floor under this currency. Okay. Good to see you. Thanks for that. The Financial Services authority has hit ubs with a 27. 9 Million Pound fine for systems and control failings related to its 2. 3 billion trading loss uncovered last year. Two counts of fraud and sentenced to seven years in prison. They cut the fine from 42. 4 because of an early session with the swiss bank. European buyout firm allegedly competing to buy a 50 stake in aston martin. The owner has denied. Meanwhile after the break, insurer swiss re says sandy caused more than 1 billion in claims. More details when we come back. 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. Frances finance minister insists europe is close to a deal on greece as ministers arrive for the latest sun mitt in brussels. Catalonias push for independence deals a major blow for the president s plans for secession. And the figure for Hurricane Sandy may rise. Plus in the United States, consumers filled up their shopping cart and then kept coming back for more. European stocks after a good week last week, strong gains. Cac 40 down half percent. A little weaker for the ibex. Yields fairly steady. Spanish 5. 65 and kircurrency dollar, we hit the one month high in eurodollar on friday. Drar yen also off its 7 1 2 month highs, as well. Over in hong kong, the amount investors had a strong appetite for the listing. Shares up 16 before pulling back a little towards the end of the market close. Also over the weekend, Property Firm said it will postpone its plan to raise 800 million by the listing of its hospitality unit in hong kong. They didnt explain why, but last week said it was considering other options for the units assets. The exchange has plans to open up business it overseas plays and reduce reliance on chinese equity listings. Why do they want less chinese listings . Well, i think pra dwchlt a like some of the Worldwide Companies gets ex eyeball as we all know in the past couple years, many of the Chinese State owned companies dominated local hong kong stock markets. Its also the listing rule because only hong kong, only mainland china, Cayman Island and just four all together places, companies, can be listed in hong kong according to the listing rules. But actually they have loosened already the rules over a couple of years as we can see from russia, canada, u. S. And most countries in europe. So they want those companies to be listed in hong kong, not just those state own company to boost the stock market. Will they just make it easier . Definitely easier to list it in hong kong, but still they need to fulfill some of the Listing Requirements such as if you want to be listed in the main board, there is a three test you need to pass. If not, only some of the resources comes, some of the restriction. But overall why notally speaking, some of the Worldwide Company like prada, theyre doing quite well. So i think this is one of the growth generating points. Picc might be on its way. What will happen to that . As you said, the ipo market is doing well recently. Up 12 . One of the casual dining chain prettier. And picc will be the biggest ipo in hong kong this year. Its priced reasonably at 1. 2 to 1. 5 in price. But we cant compare to its peer because their Major Business is not life business. They focus more on casualty and property. I think they will be okay. And i do recommend investor to subscribe. But dont expect huge up side on the first debut because like those state owned companies and in the past like no matter those Chinese State owned banks or Life Insurance company, first day of trading just a little bit up side. Not huge. So long Term Investor this