It can no longer accept u. S. Customers as market regulators say its trades arent legal. Shanghai composite closed below 2,000 for the first time in three years. It comes at a time when plenty have been talking up chinese Growth Prospects for next year. So well get into that more later. But 1991 is the closing level. This the main one to watch across asia. The nikkei did manage to continue it rally adding about 0. 4 as the yen weakens on comments this morning. Forex, the dollaryen one to watch, 82. 19 is the level there. The aussie dollar doing a little bit abouter despite that weak number on the shanghai composite. Sterling is flat. Well get into that more later. And eurodollar just barely higher today, we did see it rallying over the 1. 30 mark last night. As we look at crude rallying adding a third of a percent. Brent about a quarter of a percent. Copper, were adding 0. 2 . 354 bucks on that contract. The real foe you can as we continue to examine whether chinas economy is fundamentally hanging in there, concerns about the chinese copper inventories are growing. I believe its Something Like china copper weak, so we should see plenty of headlines in the days to come. Lets see how european bourses are doing so far in the trading session. Ibex 35 adding 0. 4 about, of course the rally spurred by some agreement as to greek debt relief. Cac 40, 7339. P ftse hanging in there. Well hear from mervyn king giving the Inflation Report if he makes any comments about the uk economy well bring these it to you. The greek debt deal is done. Ire h. Ire row zone finance ministers agreed terms athenss will receive its much needed bailout cash. Reaching a level substantially lower than 110 of gdp. For more were going out to sylvilvia for more there brusse. Is this the beginning of the end . I wouldnt put the word he said in it by any means. Its one step further along the road. A sigh of relief definitely. First of all, there was a great fear and trepidation that we might walk out of this again and say were almost there, but not quite there. Well meet again next week, but the deal is it on the table. I think what made it so complicated was this kind of different scenarios that were trying to play out in order to get the imf on board. I think that was the Sticking Point from the end because the euro group had kind of reached Common Ground in the phone conference call, they had over the weekend, so it was so it was convincing to give more time. Thats what happened. We have a combination of measures. In the early hours of the morning, he said this is not only about money, this is also about putting greece and the whole eurozone on a more sure footing. And i think hes quite right there. This is not only about money, this is about sort of restructuring, reprofiling i think is probably the best word for it of greek debt. P what have we got . First of all, step one is the greek buy back, debt buy back program by the greek government. That has to be put on the road. Then all the the other little ducks will come into a row, lowering of the interest rate, a lot more than what was actually speculated about earlier on. And stretching of greek debt up to 15 years and small are components in there that help greece along that road. So certainly more than the approach before, but not the he said of the world because if the eurozone economy is including the Greek Economy keeps slip sliding away, then all these parameters will not fit anymore about that but as i said, great sigh of relief, both from the imf and of course the greek finance minister. And he had this to say. It will help greece because it keeps it in the euro. We avoid insolvency. So now we have time to feel more positively about growth, about the social state, about also how to implement the difficult decisions we have taken. But they havent got the money yet. What jean claude said is they hope the check will be signed for at least 31. 4 billion before the the next summit on december the 13th and then the last chunk will be paid out sumply 10 billion in various stages throughout the First Quarter. If of course the greeks keep complying to whatever they promised. Silvia, many thanks for that. So many detailses to walk through and the dates still matter. I believe the german vote will be november 29th. Silvia, back with her in a little bit next hour. First, though, we want to get a read from james ferguson. Ross isnt here unfortunately, but its a big morning and i just want to know what weve solved today and what still remains to be done. One of the big problems with any country in debt is that although its running a primary deficit, actual servicing makes if worse. So one thing you can do is take away some of the debt burden to enable them to try to get the economy back into some sort of primary surface situation. But imagine we have a baby crawling across the floor and it keeps crawling away from us. Were picking up up the baby and bringing it back closer to us, but its still crawling. So as soon as you put it down, its heads off back where it came from. So the real problem with greece, they say the good news is well stay in the euro. Really . The problem for greece is that greece in the euro appears to be uncompetitive. You either come out of the euro, and you have big significant drop in the value of your currency so everything that you do, no one would seem there is much change in import costs, but suddenly everything in greece is more than competitive. But if you stay, instead of the currency dropping 0 , every persons salary has dropped 30 . So this gets much, much harder. Its clear the internal devaluation is much more difficult, but also that it has been happening in greece. P whats your take on this . Ich heard t ive heard the argument about the internal devaluation which is extremely difficult and results in the break down of the social cohesion. P are they making enough progress in your view, will they continue to make enough progress in your view to come out of it more competitive . Obviously the pressures start at once, so things do get more competitive, but thats another way of saying things are getting really unpleasant. A better analogy really is ireland is where the process is enfurther advanced p. And it does look competitive and does have a chance to trade its way out of trushl. The problem then is the fact that this is systemic, this is across the world. And particularly within europe, if your main trading partner is europe, europe is not a great market to be trying to sell into even if you got more competitive. I wanted to ask briefly just about precedent because obviously this case isnt just as important for greece. We could have solved the greek problem with a couple billion dollars here and there. Its really about setting a press accident for dealing with the rest of the eurozone. So what does this deal imply for spain, for italy, for ireland . The irish have been the really stand up guys throughout this whole process. Theyve gone in first, taken their lumps and got themselves quite competitive. Theyre not going to be turning around and saying youre kind of bailing out the greeks. What about taking some pressure off us . We have a massive debt burden, we really need some compensation here, as well. But its worth taking a step back even from that and saying the germans and other surface running countries in europe always did have the opportunity to bail out the deficit countries, but almost the obligation. Thats what happens if you create a United States of europe. Just like alabama was bailed out by new york state or whatever it is. I think you were struggling to find a strong state there for a second. Was a little bit. So the actual transfers arent necessarily the problem. The problems are two fold. The first as you alluded to is the internal competitiveness of particularly the peripheral countries. When they joined the euro, they took advantage of the low borrowing costs to borrow and spend up a storm, Public Sector wages went up. And they become dramatically uncompetitive. And the easy way is to leave the euro. The painful way is to stay. So the other thing to bear in mind is the banks. Banks in europe are only just beginning to try to deal with the Balance Sheet repair that comes from the contraction area phase and thats a bigger problem really than the national. And we havent entaven talke about france yet. But hell stay can us. Osbourne reveals carney as the next head of the bank of england. Press reports suggest the eu is set to approve hutchinson as purchase of orange austria. Well take a look at the Competitive Landscape in the Telecom Industry and what it means for consumers. Also can the u. S. Housing market continue along the long an winding road to recovery . Well cross over to new york for analysis ahead of todays case shiller index. And some investors are make money out of art. Well speak with a columbian artist about making a political statement using bank notes. Bank of Canada Governor mark carney says hes honored to accept the role as head of the bank of england. George osbourne made the announcement in parliament describing carney, who is also head of the Financial Stability board, as the outstanding banker of his generation. I can Tell Parliament and the public that the next governor of the bank of england is to be mark carney. Hes currently governor of the central bank of canada and chair of the worlds Financial Stability board. He is the best, most experienced and most qualified person in the world it to be the next governor of england. Most qualified person in the world. Pretty high praise. Carney will also serve a five year term instead of the advertised eight years. Hes admitted theres much work to do when he replaces mervyn king who will retire in july of next year. This is a major challenge. Its a major opportunity, very important for the Global Economy that the uk does well, that it succeeds in this rebalancing of their economy, that the reform of the british Financial System is completed, its well advanced, but it needs to be completed. For more on what this will mean on market, joining us is adam cole, head of current strategy here at rbc and still with us here onset, james ferguson. Adam, first out to you. Mark carney perceived as slightly more hawkish at least in his tenure at the bank of canada. So a net positive for sterling . Marginally so, but i think there are offsets. Firstly i would say i dont think its a Game Changing yet at least for sterling. Bear in mind that we have two full quarters of activity to come before carney actually takes up that position and a huge amount of uncertainty on how the economy will generally perform over that period. For me that uncertainty really dominates the uncertainty associated with policy. But also bear in mind markets Immediate Reaction was that Financial Regulation if anything will be tighter under carney than with the case previously. And if that results in any perform afternoons the uk financial stocks, thats associated with sterling underperformance. I dont think its quite as clear cut as maybe the Immediate Reaction. I think there are offsets to that. I think the big risk, because art carney was the best name on on the list, he seemed to take himself off the list and then suddenly reappeared. And that has to be a good thing. However, there are a couple worries about mark carney. Only a couple. The biggest worry for me is that, yes, he oversaw a Financial System that didnt crash and he oversaw that because it was a very conservative financial. That doesnt mean he understands exactly what the other systems have been going through. You really need to be at the sharp end to pick that up. So one of the problems is that hell come possibly with a complacency that the other central bankers exhibited before the crisis. Wont you precisely because of the perception that he hasnt gone through come with a more proactive approach . Hopefully, but his number two is the man that he picked for the job, so there may be communique or trust issues between the two of them. I to wonder if this means because when we look at the composition for the federal reserve, we see it getting more dovish. What about the bank of england, does it sway it towards being more hawkish maybe because of some of the concerns with how he gets along with paul tucker or just perhaps given more voice to some of the others on the board . I think the immediate effect is unlikely to be a revolution in the way policy is made in the uk. Hes one of nine voices. And i think 2 g1 2 years of experience, markets must have learned from experience that beyond actually the kind of policy tools being used really dont have much identifiable him pact. So the debate over whether policy easing comes through or policy commitments for me marginal. Good is it just not because the policy has been aggressive enough . Because it seems extraordinary to say doesnt have any impact. Partly qu operates through forward rate expectations. Theyre now so flat that its hard to manipulate them lower when there is so little in the curve anyway. That wasnt the case in the early stages, but every time the bank uses that, it becomes slightly less effective. So i think the debate is somewhat margin all for the occurrences city. Do you agree in terms of the marginal impact . I do understand where the argument comes from. Frankly is of the currency. The problem is two fold. One, we havent got a counter factual. We sort of have. Look at ireland. But without that very dramatic counter factual, it looks like qe is not doing anything. I would argue its successful at neutralizing the deflationary contraction. But its hard to read. We have so many other countries doing qe or sending messages about whether theyll stop or accelerate or slow down or might do it that actually looking at currencies that are all relative, its hard to read this. What we can see is that the dollar was under an stream amount of delusionary pressure during the qe experience with the exceptions where it spiked up during actual panic. The really interesting thing about the euro is the hur row hasnt fallen that much given the fact its dominated the bad news. And that i would say is because they havent done the dilution of qe yet. So its held its own against the dollar and sterling because they were doing qe. The really interesting thing is as the uk and u. S. Qe programs mature, the euro has to actually maybe start doing it, then suddenly does that finally weaken. We could have a dramatic impact on the euro. So i think the thing to watch for is the yen and the euro, how they might dramatically change course over the next 12 months or so. Well leave it there. Adam and james will stay with us. We want to know what you think of mark carneys appointment. Who would you have picked for the job . Join the conversation. Worldwide cnbc. Com. cnbcwex. And even though hes not here, you can still defe defeat rosswestgate, maybe send him . Well wishes as he recovers from being a little under the weather. Richard fisher says the u. S. Center bank must soon decide when to end accommodative Monetary Policy. Speaking in berlin, fisher warns the fed is fast approaching the point of defining limits of Monetary Policy. And that the size of the fed asset purchases is abnormal. Meanwhile the white house says president obama called House Speaker john boehner and harry reid this weekend for avoid efforts on fiscal cliff. On wednesday president obama will seek more input from top ceos, including gold mans Lloyd Blankfein and caterpillars doug owner hill man. A number will travel to washington to try to reach a deficit cutting deal as part of the fix the debt campaign. So all things fiscal cliff still predominate. We have a time clock thats quickly running out. How important is it that we get an agreement before the end of the year . This is like the debt ceiling argument. People got into a panic. Thats something we even imposed on ourselves to decide that the debt shouldnt go too high. So its not a bad thing. Same with the fiscal cliff. What are we saying with the fiscal cliff . Were saying the economy might be revealed to be what its actually doing because well take away the artificial supports because we think its held any enough now to maybe after itself. That might entail a step drop because at the moment were giving these tax breaks, but were doing it out of our saving. But the point isnt just that we have to restore a higher level perhaps of taxes and lower level of spending than we might like. The problem with the u. S. Is it gets into that ideological dispute over whether the way to do that should be by cutting spending and raising taxes. So there is an actual sort of fundamental disagreement that underpins this sense of knee jerk why have we had to do this . Weve had to borrow money and cut people 00 taxes and spend more on social services because the underlying private sector economy completely ran out of steam. It ran out of steam because it needs the Banking System to feed off. It needs access to trade credit, to business finance, et cetera. And so when the Banking System suddenly said weve got another imperative for us the next few year, well have to rebuild our Balance Sheets, the private sector is temply cut off and drifts. So the Public Sector has to step in. So what were really discussing is the private sector sufficiently robust that the Public Sector can step back and let that take over. Thats still debatable, but weve had bank lending increase now for 18 months. Hasnt been increasing anywhere else in the western world. So after 18 months, admittedly all the loans have gone to the corporate sector and the corporate sector tends to use debt only to buy back shares. But at least its starting to house market is start to go recover. It looks promising. Sgr the trouble, though, is if you take it away, there will be weakness. We dont even have time to get into it, but a bit of a circular debate that appears as though the economy isnt quite ready to handle the full impact of this just yet. Weve got the patience sot o life supp