Elsewhere, the feds Richard Bishop blames lawmakers for holding back the recovery ahead of what is expected to be a weaker payroll number in the u. S. Economy. Germanys Central Bank Raises its 2014 growth target for europes largest economy as evidence shows demand from within the eurozone is finally picking up. Deutsche bank is to close its commodity business mainly in london and new york. Display youre watching worldwide exchange, bringing you Business News from around the globe. A former South African president Nelson Mandela passed away last night at the age of 95. World leaders have been sending message messages of mourning for the leader. He is now resting. He is now at peace. Our nation has lost its greatest son our people have lost a father. For now, let us pause and give thanks to the fact that Nelson Mandela lived, a man who took history in his hands and bent the arc of the moral universe towards justice. Nelson mandela was not just a hero of our time, but a hero of all time. The first president of a free south africa, a man who suffered so much for freedom and justice, and a man who through his dignity and through his triumph inspired millions. On behalf of the united nations, i extend my deepest condolences to Nelson Mandelas family, the people of south africa and, indeed, our global family. Let us continue each day to be inspired by Nelson Mandelas lifelong example to keep finding for a better and more just world. Lets get out to chris bishop, correspondent at cnbc africa joining us from johannesburg. Chris, what is the mood like there in south africa . Can you describe it to us . Well, it is very somber on the one hand. Myself, i am starting to feel it now. Theres a lot of people around, a lot of people talking about, theres been a lot of tears and people waving flags, that sort of thing. The other side, i was just interviewing somebody who was an activist back in the day. We were telling stories, memories of the man and we were smiling and laughing. And i was thinking to myself, normally on a day when a great man passes, sometimes its not seen as a sign of a day of levity, but i think that, you know, people are celebrating his life. People are celebrating what he stood for and theyre celebrating a life well lived, a life lived for others on this day. In the days of mourning ahead, this is what were going to see more and more. The great thing about this is there was a school of thought in this country for quite some time saying the presence of mandela, the survival of mandela was holding this country together, bearing in mind the similar divisions in wealth and race that we still suffer from. But it seems that on the other hand, it may actually over the next week or so bring people closer together. I think its another great legacy of the great man. I wonder if that is a vain hope. Weve seen protests over tin equality between rich and poor, the high crime rates across the country. Theres a feeling of need for some people about the racial and social tensions of south africa from this point. What happens from here . Do you think mandelas legacy is Strong Enough to carry the country forward or do you think were going to see, i guess, an element of unrest . Well, i think whatever happens in the future and looking ahead to next year, i think this country has a big task ahead of it. I think this country has a long way to go. I think its going to make a lot of painful changes and reforms. Recently, people have been saying that this country has been behaving as if Nelson Mandela just walked out of prison, that everything is going to be fine, all our problems are solved. But the labor unrest, which is kind of almost a side issue to the political problems, the labor and rest, particularly in the mines, which has been damaging to the economy, is a move amongst the workers to say that they are no longer going to go underground and risk their lives for very small amounts of money. I think that theres going to be a very interesting year ahead. I think that, again, youve got to remember this country 20 years ago was on the brink of civil war. Youve got to see how far its come. Youve got to remember in this country there are attitudes which appalled the world which seems to be ameliorated as the time goes on. I think there is that gloom of hope. Thank you very much for that, joining me in london around the set is charles dumas, chairman at lombard research. Emerging markets, many people, many investors have concerns about what theyre dealing with they invest in these markets. One of the feelings is south africa had this very strong man behind the scenes, he was the head of the country for a while and segued over to other political leaders. Does this still mean a peaceful transition. Do you think Nelson Mandelas death changes the way people view south africa . Not necessarily, but it concentrates the mind. And the issues for south africa are obviously the things we just heard about in terms of labor and unrest. Theres a broader issue. Relative to the whole era since Exchange Rates broke down in 1973, u. S. Is way undervalued. Britain, 20 , japan 20 . This means that the whole advanced world is very cheap, which means necessarily the emerging markets are heavily overvalued. So that is a global problem not obviously affecting more equally, but this brings you back to the central point, though, that you think the u. S. Is facing a cash fund, which is curious because we keep talking about asset reallocation towards europe. But you think the cash is going to find its home back in the states. Well, the European Growth was 0. 3 in the second quarter. 0. 1 is in the Third Quarter. Thats not what i call a spanking great recovery. Spain has had a bit of growth, but spain had a major fiscal stimulus in the first half of this year while mrs. Merkel was facing the other way and thinking about reelection. Thats not going to be repeated. The emerging markets are in difficulties, as i say, and the result is that german exports at the moment are up from just before the crisis because of exports to emerging markets. So the german export machine is now having difficulties but the emerging markets are in difficulties. Charles will pick up on this point in just a bit. Charles dumas, the chairman of lombard street is staying with us. This is how were shaping up across european markets this morning. A bit of a mix between the red and the green, but on balance, the gainers have it. Were up about 0. 3 on the stoxx europe 600. The German Market has been one of the better performers this morning. Still a gap to close as we close out the month of november. But nonetheless, the move has been a push higher on the top performance has been the likes of infineon. As we move on to some of the other markets, zurich, weve got some selling in shividon. Nestle is under pressure. Across the board on balance, you can see on these indices, the xetra dax 0. 5 . Across the periphery, theres an underperformance by the italian stock market down 0. 25 . The big ticket item today is the nonfarm payroll number. Employers are expected to add 180,000 jobs, down from 204,000 earlier. The jobless rate, while it is expected to drop to 7. 2 , weve been asking our guests about their expectations. Expectation is something close to the market consensus, which is 193,000. Were looking for somewhere between 185 to 200 in print on friday. We think a 200 handle is very achievable in the next several months. A slightly lower yields across the curve this morning. The exception being italy where the yield has climbed up 1. 25 . On u. S. Treasuries, we did get a move higher yesterday. Weve got gilt closer to that 3 mark after we saw the autumn statement yesterday. So were closing the gap, about 9 basis points off that 3 mark. I want to move on to foreign Exchange Rates we are seeing across on this curve. Euro, fairly steady after a change in this rate. Mario draghi suggested that policy tools are still up in the air. He didnt sound overly dovish about launching further stimulus programs. That has been supportive for the trade. Dollar yen rates, 102 handle is what were looking at today. Australian dollar below 109. Lets check in with li sish juan out of singapore. Thank you, karen. Asian markets wrapped up the week on u. S. Jobs numbers and that could provide a Tipping Point for the fed trigger. The nikkei 225 stabilized, rebounding 0. 8 after the 0. 6 drop over the past two sessions. The abe government unveiled the 54 billion stimulus package thats aimed at offsetting the sales tax in april. And the shanghai composite pulled further ahead. Meanwhile, the hang seng index added 0. 1 . Elsewhere, south korea and australia both ended just a tad lower. As for individual stocks, chinese property stocks came under some pressure after the official China Securities journal reported beijing may remove caps on property prices next year, replacing them with supply side indicators and concerns still linger over a potential property tax system. Now for some outperformers, lets take a look at the regions apple suppliers, seeing a strong boost from hopes that china mobile may reach a deal with apple to offer iphones. Some phone displaymakers, cameramakers and case suppliers rebounded some 5 in todays trade. Back to you, karen. Sixuan, thank you very much update. Charles has been telling us about this u. S. Cash flood that youre expecting. Are you saying buy u. S. Assets, buy u. S. Equities in 20 s14 . Things probably weaken at the moment because a lot of guys made a lot of money this year and they want to cash in and make sure they get their bonus. But temporary weakness, the basic flow is up. Karls, to have another leg up in the u. S. Markets, the revenues match up. You have to get that out of the corporates at the moment. But where is the revenue going to come from in 2014. I would dispute that you have to get the revenue up. If you look at the late 90s, youll find that u. S. Profits peaked in the Third Quarter of 19 the 7, went down for four solid years until 2001 and the first half of those years were the bubble. The u. S. Is basically sound and the rest of the world is in difficulties, in those days it was the asian prices in japan, these days its overvalued of china and europe very slow and japan deflating the rest of the world with its devaluation. So theres happeeaps of reasons the money should go to the United States. If you look at technology, youve got outperformance by a lot of startup companies, youve got enormous regulation, and youre seeing almost a rerating towards more manufacturing in the states. When you talk about a stock market thats going to go higher, will it be across the board . The sectors are obviously going to differ from one another according to their prospects. Were optimistic about autos and parts, for example, were optimistic about the banks, which has largely straightened out their problems and i think were easily optimistic about tech because the tech earnings are remarkably stable. And, you know, the its a volatile sector, so if the thing is going up, it will go up. Im not suggesting for a moment that on valuation terms this market should be way higher. I dont think its grossly overpriced at the moment, but i dont think it should be way higher. Im simply saying that the weight of money will often take things up beyond what theyre worth. Many out there are still calling a higher ek market for european stocks in 2014 because we are seeing this turn around in the economic story here. Is that going to transpire when you add up the markets . I think the british market will do well. Some of the Exchange Rates are taken on sterling. On the continent, as i say, the difficulty for germany and the german centered exporters is that the emerging markets are weak. And the difficulty down south is domestic demand is likely to have to be restrained because these guys are way outside their budget deficit targets. The brussels, frankfurt, berlin group will be trying to force them to comply. Charles dumas, staying with us. Coming up on todays show, let me tell you whats ahead. Taper talks go into overdrive as markets await the u. S. Jobs report. But as experts look at last months numbers, we assess how this could affect strategy. And Capital Markets dry up in the sector, well discuss where to find value at 1020 cet. The race is on to name Asia Pacifics number one tech hub. Well take a look at the fastest Growth Technology firms. And world cup fever hangs in the balance as nations find out who they are playing. Well discuss the travel implications at 1045 cet. Ya know, with 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. Deal or no deal . The wto is trying to reach an agreement. The right to Food Security of the poor people, then only they will be saved. Strengthening of wto is a shared responsibility of all the members, developing country as well as developed countries. Those who are speaking up for the poor and hungry people cannot be blamed. The meeting in bali was originally scheduled to be finished at 3 00 p. M. Local time. Lisa, nice to speak with you again. Tell us about whether were likely to see a deal. Is it false hope at this point . I dont think its false hope, karen. The mood has picked up at these meetings here in bali. Many of the delegates feel that the worlds first Multi Lateral trade deal is inches away from getting this done. The closing ceremony has been delayed and we have been told that negotiations are intense and they are ongoing. Its all down, of course, to one final issue. Its been the issue at these talks, which is the way the wto rules will affect indias state security program, subsidized products over this program. And india could easily reach that level and they would have to pay fines for the socalled moratorium, the socalled peace clause expires. So they are pushing to have that extended and thats whats being worked out right now. Dont forget, theres an election coming up in india in may towards the end of the month. They dont want to have to go back to voters and explain the possibility of possibly having to scale back food subsidies. So this is important to them politically and theyre not going to sack phi Political Capital at home in order to get a deal done at the wto. India has been steadfast, public in their opposition, calling the deal on the table half baked and claiming the country us supporting them are vast. But behind the scenes, theres support. Many trade ministers from the g33 group of agricultural countries, they have broken away and are pushing for a deal which includes indonesia which is the chair of the g33. So after 12 years of failed talks odohar round, this is the wtos last chance. Its true that the bali accord is a watered down version of doha, but its still significant. The trade facilitation aspect could mean 1 trillion a year for the global economy. More importantly, this is a steppingstone to a more ambitious negotiation eventually on the Doha Development round to help lift poor countries out of poverty. Thats what everyone is keeping their fingers crossed for today here in bali. Sounds like a long road for the longterm. Lisa oake joining us from bali. The junior Mining Sector has taken the brunt of falling gold and silver prices. The etf has fallen over 60 in the last year. Is the market here to stay or is it time to bargain hunt . Rick is in london for the mines and money conference and joins us in the studios now. Charles dumas is staying with us. Rick, good morning. Good morning. Thank you. I was surprised to read your report about the fact that junior miners are having such a difficult time tapping markets. We know the markets have a lot of cash at the moment. Why are junior miners not getting any airtime . I think a couple of reasons. I think their worst wounds were selfinflicted. We had a bull market in the juniors from 2003 to 2010. And the overvaluations, the overcapitalizations were from a historic point of view really dramatic. Simply put, it takes a lot of time to written out as much sin that existed in the sector. Because capital is so cheap, the misallocations were truly legendary and the investors hold that against them as they should. The other truth is that the commodities sector itself and by extension the commodities equities are extremely cyclical and extremely volatile. And investors who dont understand the sector are unnerved by this. If you look back at the 1970 to the 1980 bull market, there was a secular decline in 1975, very similar to the one were going through today which took the commodity price itself down by 50 and took the equities down much further. This could be a value trap. Explain why you think there are plays in the sector worth guiding into and picking out at this point in time. Simply because it has fallen by 60 . Any market that falls by 60 is often in one sense more interesting, particularly where its a market that concerns something for which there will be ongoing demand. And there will be, history teaches us, ongoing demand for gold, ongoing demand for copper, ongoing demand for sulfates and phosphates. Many people want alternatives in the form of metal for other mediums of schapg like money. The idea that Mineral Commodities will go out of favor entirely doesnt make sense. Charles, let me get you in here. In this market rally, basic resources have been extremely challenging to hold. Do you think there is a value play in the sector . I think you cant deny the fact that if something goes down 6 , its cheaper than it was before. And when it comes to gold, i dont think its the same thing as Mineral Commodities in general because gold, as i read it, is money. And although it is of course commodity in india. But even they are looking through it and treating it at money. Weve had a small bounce in the real u. S. Treasury from miners, but not a fast disincentive to holding gold. And we also have, we think, potentially a very strong dollar. Now, its that, of course, means that people wanting money can hold the dollar and feel good about