Less, according to carlsberg. Shares fall as the brewing giant lowers forecasts after missing expectations in the Third Quarter. And the ceo tells cnbc he sees smoother sailing next year. Shares up boosted by the forecast beating revenue figures. Announcer youre watching Worldwide Exchange, bringing you Business News from around the globe. All right. Welcome to the program. Plenty to get through today. So on todays program, as some of italys biggest Luxury Brands report Third Quarter earnings, well speak exclusively with the highendmaker moleskin. The French Economy is expected to show pick up in the final months of the year, well be joined by medev. And with china reporting record sales, the focus shifts to u. S. Etailors during the key Holiday Season. Well speak to the ceo of beyond the rack at 11 45 cet. Now, the bank of england will release its quarterly Inflation Report this morning. But first, the new govern mark carney introduced Forward Guidance. And with Economic Data stronger and inflation lower, many will be wondering if theres going be a revision. We have the employment report coming out at 9 30 london time. That should see potentially the Unemployment Rate ticking down 7. 6 . Yesterday, we saw inflation data at an annual rate of 2. 2 , much weaker than we were expecting with an annual print of 2. 5 . Helia is with us. What is going to happen today, helia . Are they going to bring forward their Forward Guidance . I think theyre right. Theyre going to make a few changes. The main thing were expecting is that the forecast for that allimportant threshold, the unemployment threshold, remember, Forward Guidance according to mark carney is all about saying that we wont consider hiking rates until unemployment hits 7 . Were about 7. 7 at the moment. And they said the last Inflation Report that that wouldnt happen until the tail end of 2016. What were expecting now is for them to say, actually, we think thats going to happen sooner than we first anticipated, sometime around the beginning of 2016. There are those out there, the mirror city, who are saying theres four quarters. So, in other words, this time next year. Youre absolutely right. And i think that feeds into the debate about the bank of englands Forward Guidance, how useful it is and how useful their forecasts have been. Because if you look at their growth forecast, which, again, theyre expected to raise today, nudge up, theyve been behind the curve in terms of where they think the unemployment is going to be. They have a very longterm view. Most economists think the unemployment will fall. Cap incomes think so. Theyre more pessimistic. The bank would argue, no doubt, were not talking to economists. We are talking to the real people, the people that hire the small business, the engineering firms, consumers on the streets. Thats our target with this. Yeah. Youre absolutely right, ross. The that the govern has been thinking we dont care about the markets, if the market doesnt believe us, thats not a problem. We want to get the message out to the real economy, to those businesses to feel comfortable that those rates will stay low for longer. And there is information out there in terms of surveys that businesses feel more comfortable that rates will stay low at the beginning of the year. That means theyll be investing. A key issue is productivity. What the bank is saying is that they expect productivity to actually start growing. And weve been at really low levels of productivity. It has inched up slightly, but if productivity goes up, youre more flat in the economy. I am, indeed. Look at the time charge. Theres nothing like a fan chart. Good morning. Thats what i always say. Thank you very much for that, helia. China needs to be more specific on the policies it intend toes implement according to the u. S. Treasury secretary jack lew who is currently touring asia. Speaking exclusively to our colleague in singapore, he gave his view on chinas reform plan. There are a lot of questions still to be answered. The communique coming out of the plan is at a very general level. To be optimistic, it leans towards market oriented policies. It doesnt spell out all the policies. Well be having discussions where i hope to learn more about some of the specific policies. The tests are easy. The tests are easy Something Like the shanghai free trade zone and moved to open it. Well see what the details are. It cant just be a banner. It has to be some details underneath to open up markets Like Financial Services and other things to competition. You look at where they move on currency. They have to move steadily in the right direction and continue to close the gap and ultimately they need to have a theyre making progress, but they need to have steady, sustained progress and moving back and forth. All right. Jack lew moving earlier. What do they make of that day down of the ubs conference . Carolin is there. Lets find out. Hi, carolin. Hi there, ross. Lets get to my next guest, paul sheer, chief gloenl global economist. The market is a little disappointed about the details coming out of the third plenum. Does the market have a right to be disappointed . I dont think you can expect too much. Looking at past experiences, its been only over a period of months and sometimes even years that specific policies come through. Lets talk about japan because you were part of a panel talking about abenomics here yesterday. We are expecting Third Quarter gdp numbers out tomorrow morning. We are expecting a slowdown in terms of exports and is abenomics not working . I think its too early to say abenomics is not working. One is a concerted attempt to end deflation. The other is an attempt to lift real growth in the economy. Thats going to take a long time to implement and to see any fruits of. The shortterm agenda is all around the bank of japan operating Monetary Policy to try to end deflation. Thats off to a pretty good start. Its a high hurdle to success. Is it feasible to believe that after 15 years of deflation, japan can finally get out of it . Every over central bank in the world has a price stability or a 2 inflation target. Most of the time, theyre successful. And so the bank of japan, in theory, should be able to deliver 2 inflation. The problem in japan has been up until mr. Koroda took over in march of this year, the bank itself didnt really believe they could do it. Now mr. Koroda is saying yes, we can, yes, we will. So this is a real game changer for Monetary Policy in japan. Japan is intend on doubling the consumption tax by april next year. Do you think its a good idea given that the economy yes, it is growing, but we are expected to see a little bit of a slowdown . Can it stomach that hike in the consumption tax . I think thats a big risk to the economy, particularly in the risk of the deflation. Its done that before and with great success. I do see this as a significant risk to the reflation objective. Wa is it that you want to see happening in japan for you to say abenomics is a big success. It is credible, it is not too ambitious. Well, again, there are two components to it. The bank of japan continuing to do whatever it takes to end deflation. They set themselves a target for about two years to achieve na objective. If theres slippage, as many people think there will be, because its not that easy to do, then we would look for the bank of japan to double down and achieve its objective. On the growth side of the economy, the government has come out with a long list of plans. It lacks cohesion at the moment. Its a long laundry list. Rather than stepping back and saying, how do we get growth in japan up . Probably more focus on the labor force. And getting participation rates up, even looking at the low fertility rate in japan and even thinking perhaps out of the box about a smart immigration strategy for japan. Thats off the table at the moment. Those are the sort of things that would give growth a shot in the arm. Thank you very much, paul sheer from s p, and say tuned because we have an excite iing entry coming up. And in one hours time, well talk to Garth Mccartney on the ipo trends in europe. Carolyn, looking forward to that. Right now, its time to catch where the markets are. We are ten minutes into the trading day. Decliners currently outpacing advancers on the Dow Jones Stoxx 600 by a ratio of 8 to 2. Were also at the session low. The ftse yesterday fairly flat, just off 1. 5 points. We have the employment report to come as well as the bank of england. Right now, the ftse, as we move it on that you can very much. Cac 40 down 0. 4 as well as the xetra dax. Keep our eyes on treasury yields. Were at 2. 78 yesterday. We just dipped down during the session today, so coming back, yielding 2. 75 which is pretty much where we closed fridays session, as well. Gilt yields will, of course, be in focus as we go through the morning. We saw a sharp fall off in sterling post that lower print of inflation. That inflation print, 2. 2 , the annual rate. Lower than the 2. 5 we were expecting. Sterling down 1. 5854. Today were just above it, just below the 1. 59 mark. Dollar yen, 99. 52. And euro dollar today, pretty flat at 1. 3428. Still above that, just below the 1. 33 level which is the twomonth low which we hit at the end of the last week. Thats where we stand in europe. Sish juan has the latest for us out of singapore. Investors have cut their Risk Appetite at the third plenum, disappointed expectations. At the close of trading in china, the shanghai composite ended down by almost 2 and the hang seng index in hong kong down almost 2 , as well. Its shares tumbled almost 3 . Banking shares among the major drags because of the lack of details on financial reform. We have hshares on top and hshares on the bottom here. Mid size lenders tumbled some 3 to over 4 in todays trade. But one sector outperformed, thats military equipment and the defense sector. This after the plenum mrupt said beijing will boost the countrys National Security and defense capabilities. Aerospace and aerosun both up 10 . Lingering concerns over an early fed tapering, but sony outperformed, jumping about 3 as active ifrt investor dan loeb expressed bullish views in a krn cnbc you introo. Come up, well bring thaw clip. In south korea, the kospi pulled back. Now, some of italys biggest Luxury Brands report Third Quarter earnings. Plus, we just got earnings out, as well. Well get into that. Welcome back. How is everything . Theres nothing like being your own boss and my customers are really liking your flat rate shipping. Fedex one rate. Really makes my life easier. Maybe a promotion is in order. Good news. I got a new title. And a raise . Management couldnt make that happen. [ male announcer ] introducing fedex one rate. Simple, flat rate shipping with the reliability of fedex. Into Third Quarter net profits, 3. 8 billion. Slightly shy of the 3. 87 billion we were expecting. Stocks up 2. 3 in carlsberg. Third quarter operating profit down 4. 5 . But its also cut its outlook for growth in russia, despite sales, carlsberg has kept its revenue forecast for the year unchanged. Mollormaersk has raised fwi guidance. Speaking on the phone, the former karlburg ceo said he expects a pick up in the shipping container market. We forecast, actually, for the coming years around 5 in sort of asset as a good growth in a year. So we dont think it will go much higher than this. And its actually normal that you have a relatively strong Third Quarter because of christmas seasons and so on. But we are seeing Good Development from europe in container business. U. S. Is a big sloggish in our figures, but it may not be a general trend as things look stable. Sainsbury is up helped by the fact its increased its market share in more than a decade. The company had a fist half profit before tax in one off items of 4 million pounds. Speak to go squawk box earlier, the cfo john rogers says hes very cautious. It continues to be very tough, actually. Weve seen this pattern of behavior over the last 12, 24 months. So the market has been very, very difficult, particularly in this one up to christmas. Customers looking to save over the christmas period. Gdp stock down nearly 2 . Its reported a 6. 5 decline in core earnings. This for the first nine months of the year. The french gas and power group is still sticking to its guidance. And the London Stock Exchange off about 0. 5 . That was in line with expectations. Its cfo was speaking to us and explained the impact of its acquisition of lch clear net. The transition just closed only a few short months ago. Already, management has been refocused. There has been changes. And we have embarked on the process of delivering what are highly achievable costs as well as revenue synergies. So the work is overgoing. Some of italys biggest Luxury Brands are exploring big numbers this week, offsetting weaker home sales. A 10 jump in net profit. And moleskin says theyre confident they can achieve double digit Revenue Growth for 2013. The ceo is with carolin at the ubs conference. Yes, absolutely. I want to say welcome to the ceo of moleskin. Thank you so much for joining us this morning. Ninemonth revenues, youre confident youll be achieving double digit Revenue Growth for 2013. How much of a headwind was the stronger euro . The euro certainly didnt help. In the end, our tougher clients, 1. 5 million. But on the other end, the managing team was focused on working on Growth Opportunities we have in many different channels. Ubs puts out a lot of Great Research and one of the Research Papers was they called you the little black dress of notebooks. They point out that youve seen fantastic Revenue Growth, 24 over the last few years. Very high margins, best in class. How difficult is it going to be or how easy to keep that up . Well, there is nothing easy these days. But as i mentioned, were very focused on the many Growth Opportunities we see in the new direct consumer channels that we are developing, retail and ecommerce. As our ninemonth 2013 numbers show, were doing very well in excess of 20 developed in our business. And wholesale, orpd, is definitely affected by the euro. We see opportunities there, as well. As far as margins are concerned, we are really focused on the bottom line and growth on our ibda income in net terms. The channels that we are deve p developing. But, again, what i think is important is its a professional, i think. Asia and australia make up around 10 of your overall revenues. But its one of the Fastest Growing margins for you. I wonder, what was the effect of the crackdown of luxury goods in china . How is that impacting your business . Thats a very interesting question. In fact, that is working in our favor. When it comes to luxury, moleskin is a luxury. As we define luxury as doing something important for yourself. Its not luxury from the standpoint of messaging the fact that you are that you belong to very wealthy segment of the population. Moleskin is a brand. Its perfectly positioned in china to serve as the brand for the new middle class that is coming up. And that he is looking at other brands than the Luxury Brands have become identified of the regime. To signal more cultural sophistication rather than just wealth. Everything has gone digital and youve struck that partnership, as well. How are you bridging that gap . Well, the partnership was born, in fact, out of the region to survive moleskin users with products and services that can help them bridge the designs between analog and digital and move contents from one division to the other. Its been working very well. Weve recently announced at the conference in september, the continuation of our partnership and the launch of new product and were working on some other very exciting in the digital space. On the other hand, dont forget th that, yes, the world is Going Digital and the more and theres a lot of surveys toicate into that. People feel the need to assure more and more physical objects that when it comes to doing something that is important to them. For example, when writing something or when you want to signal that the picture is very important to you, you print it still today, but you do it on something that is special to you. And that is where a brand like moleskin that means something is ideally positioned to take advantage take advantage that technology seems to value everything that we do. So were always going to be carrying that notebook in our purse because its small. Because its not a book. Its a book yet to be thank you for that, ceo of moleskine. Coming up, well speak to Garth Mccartney. Thank you. Looking forward to that. Still to come on the show, as we count down to the bank of inflation, wa is happening with jobs . The Unemployment Rate moves down closer to that 7 threshold where the bank would say we change our guidance or think about putting up rates. Well get the latest daels data coming up right after this. Le f . Thats a good thing, but it doesnt cover everything. Only about 80 of your part b medical expenses. The rest is up to you. So consider an aarp Medicare Supplement insurance plan, insured by unitedhealthcare insurance company. 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