European finance minister are close to a deal that would allow them to wind down failing banks, pave the way for the creation of an eu Banking Union. Praising greek reforms as the finance minister tells cnbc the country will regain Market Access as early as next year. As we often perform the target for this year, the same will happen next year. I think now we have proven our goal. And the era of on government motors draws to a close. The u. S. Government sells its remaining stake in gm four years after the automakers bailout. Announcer youre watching Worldwide Exchange, bringing you business new from around the globe. Welcome to todays program. We will bring you shots and pictures from Nelson MandelasMemorial Service throughout the program today. We are just over an hour into the european session. Equities are a little firmers, advancers trying to outpace decliners by six to four at the moment. Yesterday, the ftse was just up 7 points. We had slim gains for the u. S. Market. The s p still finishing at a record high. The ftse 100 up another 7 points. The xetra dax 0. 2 higher. Cac 40, industrial figures contracted for the month of the france, suggesting the country is facing a retraction. The ftse mib is fairly national, as well. Vopak is warning its unlikely to exceed its 2012 record next year. The stock down some 47 4. 5 . Ashtead group, now saying full year profit will be to the top end of estimates. It also raises dividends by 50 . Prudential insurance up 1 is. 3 in london trade delivering a fairly upbeat outlook. Its looking at the saudi arabia market and it set out three new objectives, as well, for 2017. As far as bond markets are concerned, hone in or treasury yields. 2. 8 is where we stand yesterday. The market did move higher on the back of fed purchases. Weve finished on monday around a yield of 2785 . Despite the fact a couple of fed speakers said we could reduce purchases this month, the dallas fed president saying we should stop tapering. We appear to be comfortable with that notion as far as treasuries are concerned. Euro dollar has been up to a fresh twoweek high, 1. 3749 is where we stand at the moment. Dollar yen, just above the 103 level. Sterling dollar up near twoyear highs at the moment at 1. 6433. Thats where we stand right now in european trade. Lets recap that Asian Session joining us today out of singapore, here is sixuan. Thank you, ross. Asian markets came up pressure on more tapering speculation. China markets traded pretty much flat despite the data showing signs of stabilization. Automakers were mostly higher helped by strong November November sales numbers. In japan, the nikkei 225 pulls back a modest. 25 . In the yen, one pair hit a fiveyear low hitting the pressure on south korean exporters. The cotpy ended down 0. 4 . Now for individual movers, chinas haier was in the green. Its a shares resumed trading and hit the daily limit by 10 . Hshares surged another 7 after yesterdays 14 rally to a 14year high. And this after chinas Ecommerce Company said it would invest in the electronics division. China Development Financial holdings is in talks with alibaba. China development gained 0. 7 today. Thats a look at the asian markets. Back to you, ross. Thanks for that, sixuan. As we mentioned, the Memorial Service is under way for Nelson Mandela. The service will last around about four hours and well be hearing from the likes of banki moon, president obama, the Vice President of china and jacob zuma, as well, the current president of south africa will be speaking, as well. While that is under way, were getting mixed messages from brussels. The swedish finance minister says all the ingredients are there for an agreement. Julia is in brussels. Shes defining the tea leaves. Jules, we understand that theres a suggestion that a fund to lend to help finance the closure of banks that have failed and the block is on the table. Are the germans going to sign up to it . Well, as long as theres a compromise in it and a few buts in there, perhaps they will. But there are mixed messages coming into this meeting. Listen to what the cnbcs ismussen had to say. We will manage to narrow down the differences of the day, but do not expect that we reach a final agreement already today. To the key phrase there, narrowing down the differences. And this comes back to the point you made, ross, right now the narrowing of those differences include a threestep process. What we would see first, a cypress stall bailin for these banks. Then if more cash is needed, we go to National Rescue funds. And then and only then if more cash is still needed, we go to this common key rescue fund. So a few issues here, were minimizing the possibility that this fund ever gets used. But the other critical thing is are we going to break this doom loom. We have to see first critters, senior creditors get hit in this process. So thats some of the things that the finance ministers like the swedish finance minister was raising concerns with me earlier. Mr. Asmusen said he penciled in a meeting next week. Someone needs to help him. He also mentioned greece. He said he wants to clear up some confusion. They were saying it its very unlikely to get a final signoff by the greeks on their latest bailout deal. Asmussen tried to taper that. I spoke with the greek minister yesterday. Listen in. We continue discussions. We aim to achieve an agreement as soon as possible. As soon as possible. And also the milestones seems to be okay, so we expect d disbursement of installment by the end of the year. The president obama of the euro group said today that you need to continue to do more work. But are you pushing the point that politically and socially youre at the limits of what can we achieved here with reform . I have explained the association limits, the austerity measures. I think you heard the president of the euro group referring to this. And, actually, the troika is coming back so that we can work together. To have solution. And in terms of regaining access, you believe that that could happen later on next year . I think we have two conditions. Also to have positive a positive growth rate, which is now, as you know, today the Third Quarter results have appeared. If you have noticed quarter on quarter, the last two quarters, the economic has stabilized. So im very optimistic about the next year. We are going to have positive growth so we can have Market Access, limited access next year, but it will be the First Time Since 2010. So it is very important. So the pingpong match between the troika and greece continues. But the crucial issue here is Banking Union process. On that, ross, im going to hand it back to you. Thanks for that. Well come back later and keep pictures, as well, for us Memorial Service for Nelson Mandela currently going to start in the soccer stadium in south africa. Global leaders are still arriving. While we do that, well be joined by sir richardson. Stewart. Morning, ross. The s p up 20 . The not that i can up 50 . It has has been an extraordinary years essential for a number of emerging markets. And you compare the corporate rate of earnings and the weve had a big rerating. Weve had a big, big rerating. You have to ask the question why. It would appear one of the main drivers of that equity earnings or fundamental sess down to central bank policy. I think those investors who have been fully invested in markets will be thanking Central Banks. Even if they do or they do it at a slightly lesser rate, one cant imagine that youre going to have another rerating. Doesnt stock prices have to be justified by what Companies Profits are . In the longterm, yes. The bears were cautious going into 2013 thinking something would happen to offset the bull markets. Even if they do, can markets go higher . In this sense, one can measure the ecb doing more, but would that get outweighed by the fed doing less . Were focused on markets here rather than the economy. I think its fair to say the fed have not achieved their goal in terms of the overall economy. I think whats interesting, if the fed do end it next year, will the ecb step up to the plate and try and offset that reduction in new liquidity . So a lot can happen from different angles. But bearing in mind its the fed that sets the price for global money, the chances of the ecb and the bank of japan offsetting that is unlikely, isnt it . It is unlikely. And there is even more discussion now. But what are the longer term costs to benefit and should they just get out of the way of the market now, try and reengineer their policy more towards Forward Guidance, keeping rates lower for longer and step away from qe. I think interesting, too, as we get his comments from bullard and fisher overnight. The stronger employment number. First of all, in terms office where the qe is slightly or not, you have to go back to qe2. The fed was very keen to measure the point the qe is going to be a stimulative move for the economy because something new had to be done. So they cant then turn around and say its neutral for the economy. In terms of what happens when the fed is doing qe, bond yield tend to go up when they do qe. Theyre switching from bonds into the equity and as soon as qe ends, bond yields have been low in the past. These are bond markets looking for qe to be reduced. Or at least remain within a range. Equities have stumbled when qe ends. So i think the message is that qe is tightening and if that happens next year, we expect the bond yields maybe to come down. Youre with us for the first hour today. You are, indeed. Also coming up in the show, investors are hoping for reform. Well ask an emerging market expert if the 2014 elections could represent an opportunity. And touchy feeler retailer, ahead of closely watched retail sales out thursday, a guest says shops can still bag big profits because consumers prefer to see and touch a product before making a purchase. Plus corn producers are hoping growing domestic demand for the crop could stem the fall of a tide in prices. Well get the crop report. And the socalled handshake budget deal could be on the cards state site, but would it contain any significant measures . At 11 45, well be joined by political analysts who say even a small bull budget could greatly reduce fiscal uncertainty. And nothing is certain but death and taxes, but what about funerals and bad loans . Well have a series of loans ready to go on the Stock Exchange and whether investors will be dying to get a piece of the action. As we go to the break, well bring you more shots from soccer city stadium where theyre holding the Nelson MandelaMemorial Service. Crowd of around 95,000 people are gathering at johannesburg stadium to pay respect to former South African president Nelson Mandela at the soaker stadium. Including the u. S. President pb pb, president barack obama. Chris has more details on todays event. Chris. Well, the rain is falling and the crowds are flooding in. 95,000. You have to recall that a lot of the streets have been closed off around the stadium so that the sig tears can come in and out. That means that a lot of people have to either camp overnight, which a lot of people have done, or walk to the stadium. Certainly the ceremony is under way, the marching bands on the pitch walking around, some of the big names are there like arch Bishop Desmond tutu, hes there. Former president beheki. The former president s father, embicki was sentenced to life in prison along with mandela. Soon, there will be tributes from family and friends for the next hour or so and then well move into the speeches. Chris, thank you. That is the latest from johannesburg. We will continue to bring you shots, as well, from soccer city stadium. Meanwhile, toiletmaker sanitec continues to buy up shares. Its controlled by private equity firm eqt. The ceo spoke about the listing earlier on the channel. We have been out there talking to potential investors. We have seen a great deal of interest in the company, now market leading positions and our strategy, how we pursue our business in different parts of europe. And we have also, indeed, seen a lot of interest in how we view a potential recovery of the european market. Because sanitec is all europe in our market positions. And its another big week for hong kong ipos. China Everbright Bank started building its books today for a 2. 8 billion offer. Its third attempt at a hong kong listing, trying to tap recent demand for mainland lenders. Steve joins us now. Nice to see you. How much interest are these ipos going to get . Hi, how are you, ross . Actually, theres a lot of hype about upcoming ipos. I mean, in terms of there is everbrite, there is china cinda and there is a unique Funeral Services ipo coming online. There is a lot of interest, people waiting to see how it performance. I think in terms of ever did his bright, people are looking at a very, very tight pricing range. Well see where it goes, but i think in terms of overall capital raising, were going to look very large here. 18 billion u. S. Will be raised in hong kong this year compared to last year. Recently, bank ipos havent done particularly well, have they . Is this priced fairly expensively . I think so. Well see where it trades. And as you said, that recent ipo from the Banking Sector hasnt performed very nicely. So i think this will stand up the test to investors to see where the Banking Sector could go and be reminded that there are more banks in china looking to ipo in hong kong. Yeah. Whats the opportunity for cinda . I think cinda is a really, really interesting case right now. First of all, this was a company set up in late 1990s to clean up the bad debts of the china construction bank. So from the getgo, it wasnt a policy play. The way to look at this new ipo is not to look at its financials but to look at what the company does. Its interesting because china, on the pboc side, theyve been encouraging banks to try to write down more of the mpls. And so there is going to be a new growth of mpo opportunities within china. And by investing in cinda, that gives you a really good step forward in terms of getting the first take on the mpo market in china. Yeah. Its a big bet that the slowdown of the economy will create a new wave of bad debt. Is that going to happen . Potentially, i think there is a there certainly have been signs that the mpo has been going higher. But more importantly, i think when we talk about financial reform necessary china, its important to remember that china wants also to develop a tradeable market for the mpo assets and investors have been pouring in to take advantage of the situation, taking advantage of mispricing in sour debt. And so there is definitely a lot of hidden gems within the cinda ipo. In terms of the greater market for this new ipo, its up around 50 today, as ive heard. What do investors want to buy into most . I think in terms of the just into the Financial Services in china, people are looking a lot at the internet space. As we have seen at the big market compared by online retailers in november, sales have groan significantly stronger than people have expected. And that is continuing to last into 2014. So internet space, logistics because more people are buying online, you need deliveries, right . Logistics, ecommerce, epayment, its all critical topics for investors to look to in 2014. So that will be a very interesting step forward. Steve, thank you very much for joining us. Good to speak to you this evening and this morning. Thank you. Well take a short break. As we do so, the crowds are gathering for the Memorial Service of Nelson Mandela. Hi honey, did you get the toaster cozy . Yep. Got all the cozies. [ grandma ] with new fedex one rate, i could fill a box and ship it for one flat rate. So i knit until it was full. Youd be crazy not to. Is that nana . [ male announcer ] fedex one rate. Simple, flat rate shipping with the reliability of fedex. Youre looking at live pictures from the Memorial Service of the late Nelson Mandela. Well continue to bring you pictures. Five years after the financial crisis, u. S. Regulators are set to approve the socalled volcker rule reigning in financial risk taking by wall street banks. European finance minister res close to a deal that will allow them when to wind down failing banks, paving the way for the creative of a Banking Union. The machines minister told cnbc exclusively the country will regain Market Access possibly next year. As we overperform the target for this year, the same will happen next year. I think now we have proven our we seem to be getting out the latest data, up 0. 74 . Uk global goods trade balance, as well. Minus 9. 732 billion. A little wider than the minus 9. 35 we were expecting, as well. And industrial output, as i say, up 0. 4 month on month. That was pretty much as forecast, up 2. 7 on the year. October industrial output also up 0. 4 month on month. That was forecast up 3 slightly you might have expected. And the manufacturing output up 0. 5 on the threemonth period. So that data is coming in as we expected. Joining us is kevin adams. Julia richardson is still with us, as well. Good to see you. Weve had a string of data, the services pmi last week was slightly weaker. We are annoy pricing such a widespread. You go to investment houses, there are those who believe its not going to come until 2017. Where do you sit on the spectrum . We sit on the earlier rather than the later spectrum. But mark carney was telling us dont expect any rate rises that soon and hes not minded to raise rates. We think the quality is not quite as stopping as it needs to be. So we think rates got quicker. Say that again. Its not as s