Airline outperforms rivals proposing a special dividend for shareholders. And european car sales continue to reboind. Renault and toyota leading the way. Daimler gains ground on its luxury peers. Announcer youre watching Worldwide Exchange, bringing you Business News from around the globe. Okay. A warm welcome to todays Worldwide Exchange. Were an hour into the session here in europe. You can see stocks in the red, 9 to 1 decliners outpacing advancers just about on the Dow Jones Stoxx 600. We are at the lows of the session, albeit only 60 minutes in. Speaking at the reuterss Global Investment summit, carl icahn says valuations are rich. Later on on his website, carl icahn elaborated saying while hes concerned about market levels, its almost impossible to predict whats going to happen in the shortterm. So he says at times like this, he hedges his investment to some extent and icahn says picking up shortterm moves is market is predicting how many sevens the hot dice player will continue to roll. European equities, therefore, narrow into the trading day, the ftse yesterday was up 30 and right now its down 40, 0. 6 . We saw the xetra dax with fresh highs. Right now, down 0. 4 . The cac 40 is down 0. 7 as is the ftse mib. A number of stocks to look at. Lets shift to dsm, shifting its focus away from pharma. Its going to spin off its fau pharma in a deal worth 2 billion. Investors like that, the stock up 3 . Renault, we talked about this. Up 1 . European car registrations in europe up 1. 6 . Renault enjoying some of the best gains this month. Almost all of the automakers logged gaines in the last 30 days. Fiat saw registration down over 7 . And one of the other big gainers today, easyjet, revenues are up and its up 6 . Take a look at bond yields where we stand at the moment, particularly with treasuries. 2. 68 , we were yielding 2. 71 yesterday on the ten year. We have seen a fall in the level of expectations for what a yellen fed will mean with her confirmation coming up, as well. The dollar today on the defensive. Dollar yen, once again, we havent held that break through, from 99. 70. Sterling back over 1. 60 nearly to 1. 61. Thats where we stand right now. In europe, to recap the asian session, lets bring in sixuan from singapore. Hi, sixuan. Thank you, ross. Treading markets today with a negative lead from the u. S. The nikkei 225 eased 0. 25 after the 7. 7 gain last week. The dollar yen weakening to trade below the 100 level. So that adding pressure to exporter stocks. Meanwhile, australia fell for the second straight session down 0. 6 at the rba keeps the door open for further cuts. China markets pulled back after yesterdays strong gains. The shack high composite pulled lower by 0. 2 . China enterprises lent support to the hang seng indetective which ended on a flat note. Seoul sales managed to end with a twoweek high. Automakers led the gains there. Chinese banking shares came under some pressure, especially mid sized lenders. This on concern that financial reforms and Interest Rates liberalization. Banks may face higher margin pressures. The media sector outperformed out records that beijing will make media and entertainment a pillar industry with support this year, encouraging more privatE Enterprises to develop and expand in this industry. So a few thoughts limit up by about 10 today. So that is a look out of asian markets. Back to you, ross. Thanks so much for that, sixuan. Thats the latest in asia. So lets move on and bring in tim harris joining us today. The dow is up 22 for the year. Carl icahn is wondering whether weve gone too far too fast. Well, i think its all about the gas thats been provided to markets in the liquidity rush. What i mean by that is the world is gradually progressing. It looks like a slightly safer place, but a liquidity push coming to markets is still there. We had a big debate last year, janet yellen in her hearings. What policy changes are we going to see from the fed . Nothing substantial for a while. With most equity markets looking pretty good, european equities paying at 3 to 4 . With this liquidity push still coming from policy providers, i dont think were at the end of this party yet. Are blue chips looking for attractive . They say the s p valued closer to operating profit, price earnings ratios about twal equal to the long run average. I think collectively, the story is one of do i believe in cyclicals, do i believe in value. If youre a value investor, youre going to go with large cap, youre going to go with global plays. There will always be small caps which are the stock de jour. But if youre looking at the big board, where the markets leave, i think thee mattockly, youre still seeing some leadership being offered by value. Consumer discretionary, for example. The big caps seem to have leadership. Buffett said hes finding it hard to find value. And then he went and bought some exxon. Indeed. Is he parking cash there or doesnt mean hes going to bit for tesco. He has his core business. I think he was telling you. The fact that hes putting money to work in equity markets. So he likes equities. Yes, hes an equity man. The hurdle rates are low. Thats the key point, isnt it . When you look at a treasury yields, you look at what commodities have done this year. Yeah. That story has a way, yeah. And then you look at what youre getting for corporate debt and junk bonds. Planes and other equities. The premium has come back compared to a year ago. Today, that story isnt the same. The second condition, which i think is interesting, is what were hearing out of china now. Really, over the last two to three years. Yes, reform means a lot of corporates have to rise up, International Accounting standards, demands many cleaner accounts, better cash flow characteristics, Dividend Payments to Global Investments. But that is a cheap market. And if china begins to glourish, i think a lot comes around that and i think the asian diet is going to be very interesting in the next three months. All right. Stay with us. Every week, as well, cnbc is asking you to talk the trend by taking part in our online poll. This week with u. S. Equities at record highs, were asking where are you investing . U. S. , european or asian stocks . None of them . Head to traderpoll. Cnbc. Com, cast your vote. Have your say on twitter using traderpoll. Talking about carl icahn, hes dropping plans about his plans for apple saying he doesnt want to fight with the ceo tim cook but has no plans to walk away from his investment, either. Icahn is urging apple to buy back 150 billion in shares. He says he and cook are friendly, but says apple is not a bank and should not be run like a bank because investors doont invest in a bank. Some do. Apple has all the money and they should be using it. He says he doesnt like apple investors metaling in the affairs of a companys management. Usually, in my relationship with management, i defer to management and really and the objective is and having a shared back bye program or dividends or etcetera. Public appearance is not something i follow. Meanwhile, he says the real estate in the middle east is popular. The prince is still involved in news corp. And citigroup. Tim, where do you stand on the activist versus not activist . Oh, they pop up when things are looking on the rosy side, so theyre quite a good current indicator. I wont say lead indicator. Right now, that tells you that Market Conditions are such that they can bite that cherry and there are always inefficient companies. So always underperforming companies and there are always companies that need to boost up theres a point about giving shareholders back money. Its been a big drive, a Share Buyback and now do investors want more cash or do they want because they wanted more cash out of companies. What do they want now . Do they want to invest it or say no . Ex investors are always going to be reinvestors. Its a very, very good point that appear sl a company which dilutes shareholder returns. Which has the opportunity to go out and do chunky sized acquisitions. But im not sure apple is about doing chunky sized acquisitions. It is a headwind to in terms of shareholder value, realizing that for shareholders. If you redistribute that to shareholders and say you guys, you can get a return on investment better than we can. From that, go in and invest it practically, as we do. You can grow and find officially this in the bank earning 1. 5 in a good day, then im all for that. Okay. Good. Inflows rose in october to more than 8 billion adding to steady annual gapes since march. More fund money is being put to work in the Services Sector as opposed to manufacturing. But the paper delay may have encouraged foreign Central Banks to stock up on longer term u. S. Treasuries. In september, japan and china both added to their purchases to the tune of nearly 56 billion. Japans Treasury Holdings are near the highest on record but china is still the top holder of u. S. Debt. And according to the u. S. Treasury, investors loved and hated u. S. Assets in september. Head to our website to find out exactly what they bought and follow us on twitter, cnbcworld. Stim, they upped their stakes in treasury holding. Bad idea . Good idea. What we mustnt lose sight of, ross, so much of central Bank Purchases of u. S. Debt is the recycling of the current account of their respective nations through their foreign accounts. This tells you that in open trade for the world, they are competitive. The last thing the chinese want to do is raise the value of their currency. Theyre going to continue to recycle. Japan, we know japan this year has been a weaker yen with abe nomics and one manifestation of that has been the recycling of yen into u. S. Treasuries. But this aint going away in a blink. Very briefly, treasury risk them going higher or do they become a when youre recycling flows suches as that, clearly you care, but its much more a strategic central bank action. I think the risk is still the upside for all the reasons we know, taper. Okay. Ill get your thoughts on one more thing. Meanwhile, dropped almost 30 after touched a record high of 900 before rebound to go around 750. The value of bitcoin has surged yesterday. The u. S. Senate risk risks the merit to the open currency. Ben bernanke acknowledged the merit of central currencies, but has raised concerns over how the market will be regulated. The value of the bitcoin surged in the area of 5,000 this year with some showing it valued in excess of 800. I dont know whether you know this, ben, but selfie was named oxfords word of the year. Its defined by the dictionary as a photo taken of ones self, typically with a smartphone, a web cam and uploaded to a social media site. Even Michelle Obama and the pope took selffys. Runners up for the word including twerk and binge worth. What do you think . Personally, i always thought thats what the photocopier was for at the office parties. You see, i thought that was the original selfie, wasnt it . Well, it depends i dont know. Im not going for the photocopy story. Weve just upgraded it for the well, i guess vincent van gogh. It took a little longer. For having watched my kids on vacation, you take a selfie and now you accepted it to all your mates by that medium that were not allowed to mention and that seems to be taking off everywhere. Good for them. Yeah. Actually, i know where the Market Opportunity here is. Its clearly they need better lighting and makeup and, you know, add all those addones for selfishes. Here, take a portable little studio with you. Youre plugging your thoughts already, arent you . Good stuff. Tim harris, that you cnk you ve. Well get some stock picks in the pharmacy sector. Find out why our guest says middle eastern hospital res top conviction buys. Well get into making our own computer. Apparently im going to be trying to make my own computer. Ill be sending it right here in the studio. That starts at 10 40. Im not sure when it will finish. May take a little while. Also, well hear why the banker of the year thinks scandinavian banks have weathered the financial crisis better than others. And as microsoft shareholders gather in bell view, wall perceived as obama aft last harah, well find out why an inside candidate might be the frontrunner for the ceo job. And before all of that, well talk to an Airline Expert to get his take on the dubai show and the rising importance as easyjet records a big jump in profit. Im only in my 60s. Ive got a nice long life ahead. Big plans. So when i found out medicare doesnt pay all my medical expenses, i got a Medicare Supplement insurance plan. [ male announcer ] if youre eligible for medicare, you may know it only covers about 80 of your part b medical expenses. The rest is up to you. Call now and find out about an aarp Medicare Supplement insurance plan, insured by unitedhealthcare insurance company. Like all standardized Medicare Supplement insurance plans, it could save you in outofpocket medical costs. Call now to request your free decision guide. Ive been with my doctor for 12 years. Now i know ill be able to stick with him. [ male announcer ] youll be able to visit any doctor or hospital that accepts medicare patients. Plus, there are no networks, and virtually no referrals needed. See why millions of people have already enrolled in the only Medicare Supplement insurance plans endorsed by aarp. Dont wait. Call now. We have some comments out from the u. N. To achieve full Interest Rate liberalization in the media term is what their aim is. It will quicken the pace of the renminbi, but it will be a graut gradual process. Easyjet shares are rallying pretty hard. This is after the low cost carrier reported a 51 jump in full year target. It said it plans to return 175 Million Pounds to shareholders through a special dividend of 44. 1 pence per share. Union groups for air italia have been preparing for a fight should plans come into action. Boeing has boosted by record orders at the event. Boeing has maintained a slight edge over its european rival after emirates placed a order for new 777 mini airbuses in a deal. John strickland is director at jls consulting is and joins us for more. Good to see you, john. Its easy. Is it giving an advance in overriding . And if so, why . I think the key thing is they both have very different business models. Its not really a case of either or, but theres room for both to succeed. Easyjet focuses mainly on primary airports. Thats why Business Travel where they offer competitive pricing, expectative frequencies. Ryan air seems to be move focused on secondary airports, although we see recently changed in the approach to win more business traffic. We need to recognize both carries atone for 5 of the market each. Because ryan air earlier this month cut its annual profit for the second time in two months, admitted it needed to improve customer service. Saying were looking for organic growth, theyre buying more jets, theyre going to expand bases in naples, for example. Its a slightly different picture. Yeah. Why is that . I think ryan air is very much on the back of on an speshthed poor winter now. Sta scanned flaf nave scann they want to put pressure on weaker competitors. So they have a different focus in the shortterm. But i think next year well see ryan airs profit start to grow again. Easyjet is in a more favorable position. Theyve got the business traffic. Legacy carrier ves cut their costs. How easy is it to do allocated seating . It seems as though we have to focus on service, not just cost. They said today thats given a rise in unit revenues. Were prepared to pay more and its going to take you further. Theyre now going to do variable seating. So they wont be paying a standard price. But even ryan air now said theyre going to bring it in. With recognition, people dont want the jostling or pushing on the plane. If that can be done, and these airlines will depend on it to have higher productivity, then its a winwin for both. We have news coming out of alitalia. Center italian Officials Says the government has talked to important Investment Funds from United Arab Emirates about investment in italy. How big is the challenge facing alitalia . I think this has gone on for years. Four or five years ago when berlusconi came to power, he made an election plague to save alitalia. We just heard from france klm, already a minority and indeed the key industrial shareholders. The company doesnt want to take part in a capital increase. The company is going to substantially reduce in size if not disappear completely at some point. Its a question of whether they can now get another investor. Of course, in dubai, theyre building a new airport. Heathrow is the biggest int international hup hub in the world. Can they do that . In a matter of month, dubai will overtake each other for the largest in the world in terms of international traffic. But if we look at the growth, theyre in exactly the right part of the world. That trend is going to continue. The evidence is there. While there may be a great deal of unease on the part of european and american carriers, the geography doesnt make sense so they cant tap into this market. John, thank you. If youve got any thoughts or comments about anything were discussing today, please get in touch with us. Email us, worldwide cnbc. Com or direct to me rosswestgate. Still to come, prescription for investor success as Global Health care is sending its debt to soar, jeffries joinsous set to talk pharma Market Trends and the companies he thinks are going to do better than the rest. New fedex one rate you can fill that box and pay one flat rate. How naughty was he . Oh boy. [ male announcer ] fedex one rate. Simple, flat rate shipping with the reliability of fedex. Ya know, with new fedex one rate you can fill that box and pay one flat rate. I didnt know the coal thing was real. Its very real. David rivera. Rivera, david. [ male announcer ] fedex one rate. Simple, flat rate shipping with the reliability of fedex. And the headlines from around the globe, stocks in europe fall wile waiting for zew results ou