In the sector slowed to a threemonth low. And indias headline inflation up at a 14 month high increasing expectations that the rbi will hike rates again this week. Announcer youre watching Worldwide Exchange bringing you Business News from around the globe. Well, welcome to the first Worldwide Exchange of the week. We kick off the latest survey for Business Activity out of europe. The eurozone december flash composite pmi up 52. 1. Stronger than the reuters poll of 51. 9 and its stronger than the 51. 7 in november. But when you dig into that, theres once again sharp divergence here between germany and france. These are two countries that we will individually detail. The composite for december 5rks 5. 2. November, 55. 4. It was again very strong. Then you break down the french number. The french pmi number down to a seven month low. 47. 48 in november. Rob is a senior economist at market. He joins us now. Good to see you. Is france in a recession . It very well could be. It fell in the Third Quarter. Definition of a recession, two quarters with a decline. The gap in germany is getting wider. How wide do you think it can get . Well, germany in itself is continuing to pick apart. Weve seen that in the numbers. Its still amongst the highest rates of expansion two and a half years. France has a lot to restructure. The domestic market, that will keep it well below germany. I expect it to stay similarly placed behind germany for quite some time to come. How does the ecb deal with this. In the core of europe between germany and france. Italy looks to still be in contraction. Spain just above it. How does it deal with these sharp differences. If they have a situation where they try and support weak economy such as france, italy, spain as you mentioned, then the problem is theyre creating a circumstantial journey. Weve had the situation with europe and the central bank and other Central Banks and the world supporting economic growth. This is causing this. When you put a lot of additional cash and constant easing into the system, it creates divergence and the imbalance. Thats what were seeing. Do you think the ecb will be doing more next year or less . Or staying where they are . I think theyll stay where they are. Interest rates already at, you know, record lows. Theyve got a little bit of movement. They could go down. There is talk they could possibly move into quantitative easing. If conditions dont pick up outside of germany, then we could see that happen. Islands come out of its bailout. Again, they still have spain, portugal, cyprus who is still in the bailout situation. Theres a lot for the European Central bank to consider. A lot which they can still do. I dont think Interest Rates will be the answer to this. I think theyll be on to something else. As you say, we turn to the Capital Markets. Stick around for the chinese number as well. First, investors have warmed up to the luxury ski jacket maker moncler. Its shares are up 40 as it began trading for the first time in milan this morning. The share supposed to be 27 times over subscribed. Theyre big fans there, claudia, of moncler . Yes, it looks as though they are. We saw plenty of jackets here this morning starting at 7 00. They were all lined up. Very scenic graphics here for borsa as moncler was set to go public. They did, as you said, come in at the top of their pricing. They were 30 times over subscribed. Strong request also from the Retail Investors which is a strong signal that italians have the strong appetite for the ipos in italy. It looks as though 2014 may be a year in which italy will get more ipos if this is any indication. The way that this stock took off was quite surprising. We were here. We waited for minutes because it was not trading, it was suspended limit up. The stock came in at 43 higher at 14 euros. A very strong start here for moncler. Well see how things pan out. I have with me as my guest. Ramo fini. He was the ceo of the group. He bought in 2003 a portion of this group and he sold some to carlisle who sold to eurazao. Hes been guiding this company for the last ten years and has brought it to this day. He still has some snow in his hair because it even snowed here inside this morning when the stocks started trading. Very successful ipo this morning. What is your first feeling here . Feeling . Im very satisfied but, you know, i always work i never work in numbers. I always work on product, on quality. Really ive already worked on talking to my customers. This is, i think as you say, we have private equity in our portfolio. I think the major shareholder for me is always my customer. I really care about them. I want to stay very close to them. I think its very important for us, you know, not think about numbers and the number on the boards today. Always care about our product, the quality that we really care and our market, our stores. Thats the place when we talk directly with the customers. I think this is the most important thing for me. Is that the key to the success of what happened here this morning with this listing . Is it the product . I really dont know. You know, as you know, im not very familiar, you know. This is first day. I cant say, you know, before when they talked about private equity guys, i never think about top line, whatever it is. I always say to my people and my people in the company say we have to do a good job. We have to really work on product, do the best, you know, and then the numbers came. Again, see, i dont know whats happened today. I want to see whats happening next ten years. My vision is long term. I dont care about today. The share is 1, 2, 3, i dont know. I want to see whats happening in ten years. So to get to these ten years, what is your plan Going Forward . I mean, these multiples mean that for moncler you have to sustain your business. The first nine months for the year you came in with 329 million oeuros. I think the strategy is there. I think we have to work. We have a technical problem there with the chairman of moncler. Lets talk about whats happening in china. Hsbcs flash pmi for december fell to a low. It was 50 poi. 8 in november. Well get more on that with rob. Right now we have reestablished connection back to the milan. Claudia. Talking about product. We are very concentric on the down jacket. Its another couple of categories as shoes. Theyre very moncler. Our founder was with a down jacket. Definitely were behind these. They have very Good Mountain shoes. I think we have a couple of categories that we can improve this. As i say all of this, i want to improve this, build up the company, the company to build a special. I want to make really something very interesting for my customer and not put the label and the logo in any product. This for me is very important. All sorts of technical problems coming out of milan this morning. Weve lost the picture and claudias lost hearing us. Lets talk about that china pmi. Maybe well go back to claudia. Rob, the chinese number, a little bit weaker this morning, but it is still above the Third Quarter average. So what does it tell you about this section of the chinese economy . China, were not seeing any sharp slowdown. The number did come down a little bit, but what its suggesting is growth of gdp still hovering below the 8 mark. That would be an eight year low but on the other hand china is supposed to have a slow growth Going Forward. These numbers are suggesting that its moving down but not anything severe and nothing to be too concerned about. Indeed, new orders index hit a ninemonth high. Theres a chance that coming into next year were going to see a slight acceleration in growth again. Whats the concern you have about china . Weve got this Reform Program coming in. There are still those that are worried about the banking sector. What do you think . I think i would probably be most worried about the shadow banking sector. Weve seen it in other countries across the world. When you get a lot of debt coming from shadow markets, this can cause an unnecessary instability in markets. It can cause problems when debt is unwound. Also, you dont know how much of that debt is going to companies if their conditions arent as strong might struggle to pay back that debt and what the Chinese Government would have to do to support them. Job creation in china is not as strong as were expecting. Know in china the two big things its always been based on, exports and growth for jobs. That was the point, right . It was a jobcreating machine, the head of jobs. But as they transition where the growth is supposed to come from, that is going to have an impact, isnt it . It is going to have an impact. You have to remember that this is going to be a massive structural shift for china. Theyre moving away from being an export focused low End Manufacturing economy to being more of a value added and service driven economy with more spending and less dependence on business investment. Obviously the Chinese Government has a lot of tools at their disposal to aid that structural reform but, again, i dont think weve ever seen such a shift in such a massive economy for many, many, many decades. Rob, thanks for seeing you. Senior economist at market. I think weve solved some of the technical issues in milan. Lets get back out to claudia speaking to ruffini. More padding than a moncler jacket, claudia. Yes, we are back here. And we were talking about the strategy Going Forward. I mean, these multiples are quite significant. What are you going to do . What are your projects especially for 2014 and the next years in order to keep up your business. We were talking about 389 Million Euros is what your first nine months revenues came in at. Whats the future for moncler. As i said before, as i always say, never think about numbers, top line, bottom line. I always try to stay close and stay tuned to my customer. Try to make the best product, try to work on the quality. Distribution as i said before is everything. I think, you know, where the possibility to open new stores, direct stores. As you know, we dont have any filter between us and the market. We dont have anyone represent us. We dont have anymore distribution. We dont like franchising. We are really directly, no filter. We want to continue our strategy. I think we have many, many ways to improve our distribution thinking of eastern europe. We not have one store yet. I think our russian customers is very strong for us. We have a strong kickback from milan, paris, london stores. Its not only russia. Think about ukraine, kazakhstan, they are ready to build other stores. By that standpoint, italy represents 25 of your sales. There is a lot more out there. But in terms of products, what are your plans . Because as some say out there, its just down jackets. I mean, are you going to expand and go into other products as well with this moncler brand . I think you say a lot. Down jacket is the company was founded in 1952 was the first down jacket. They are really i think the best one. Since the beginning, say, with the people in my company say, guys, we have to stay really close to the rules. Very important. As you know, you know, i bought the company in 2003. Work really i was very concentrated on jacket. I think since the beginning say its better to be the best in the world to make a down jacket than make everything. Having said that, you know, we have another couple of category that we can really moncler talking about knit wear. I think is something very us. Shoes especially in winter i think is something very us. Thank you. Thank you, the ceo of moncler in boras. Back to you, ross. Claudia, thank you very much, indeed, for that. And were looking at our Global Equities right now. Just an hour and 15 minutes into the trading day. We are waking up with the best position in the trading day. Advancers outpace the decliner. Ftse 100 is down. U. S. Equities having their worst week for around three months. Today the ftse is up. Its trying to claw back those losses. The fed will be the main drive. There is lots of data. The fed the main driver coming out at 7 00 london time on wednesday. Xetra dax, tapered decision. Cac quarante. Rsn insurance facing pressure from shareholders to put itself up. This comes after the ceo signed a lease last week following the third profit warning in six months. Stock down another 1. 8 . Today Deutsch Telecom is up 3 point poip 6 . Theres a report that sprint might be interested in buying its tmobile u. S. Brand. They have argued more consolidation is needed in the american wireless market. They have to compete with the likes of verizon and at t. Attire may have something to do. Up 4. 5 in milan. One of the best gainers in europe. Theyre confirming that theyve raised its stake though it didnt break its rules by not disclosing it earlier. As far as bond markets are concerned, we keep our eyes on treasury yields as we go towards the fed. Ten year treasury yields 2. 85 . Sort of in the middle of a recent range of 2. 7 and 2. 9. On the currency markets, dollar yen, we hit a fiveyear high. Just below 1. 04. Manufacturing confidences in japan at the highest around six years although it did go down Capital Spending. 1. 3759. The euro, a little bit lower of 138. 30. Thats where we stand right now in europe. Lets check in on that first trading day in asia. Plenty for them to react to on the getgo. Xisu sixuan is with us. The fed, the b. O. J. And the rbi, bank of india. The nikkei lost a 1. 6 today despite an upbeat survey. The fall in the dollar to 103 handle dragged exporters stocks lower. Over in china, yes, we did get disappointing pmi numbers. If you look at the breakdown of those numbers, its reduced output that lasted a pickup in new orders. The forward looking new orders numbers suggest that the economic recovery may remain on track next year. So we may be seeing profits before holiday in the shanghai deposit. 1. 6 to a fourweek low. The hang seng index in hong kong slipped. 6 . The losses on the kospi were capped by a rebounding in shift builders and tech shares so it ended down by just a touch. In australia, it slipped. 2 in india sensex still in action flirting with a flat line. The inflation number, wpi, came in higher than expected. Chinas transportation sector sold off after beijing released the business tax and value added tax for the sector. A lot of these Railway Stocks and shipping companies took the brunt of the selling. So thats an update of the asian markets. Back to you, ross. Sixuan, thanks for that. Catch you a little bit later. Meanwhile, on todays show, Consumer Spending pushed confidence to a six year high. Sixuan has been saying companies have been noting a note of caution. The new year could bring another reason to celebrate. The Global Economy is well on the path to recover. How do we have the move to normalization. Well have the Fund Managers at 11 20. The ecb is watching the european banks. It could lead to new competition for u. S. Lenders. Well assess the claims at 11 30. The grand plan is coming together. Germanys new government is coming together as they endorse a Coalition Agreement. Well look at the key people alongside Angela Merkel in just a few moments. And to learn more about the german chancellors third term in office and the impact in the eurozone, find out more, where else . On cnbc. Com. You can follow us on twitter cnbcworld. After the break well be in copenhagen who can turn your iphone into a hearing aid. Its all part of our innovation cities series. See you in a few minutes. [ male announcer ] the new new york is open. Open to innovation. Open to ambition. Open to bold ideas. Thats why new york has a new plan dozens of tax free zones all across the state. Move here, expand here, or start a new business here and pay no taxes for ten years. Were new york. If theres something that creates more jobs, and grows more businesses. Were open to it. Start a taxfree business at startupny. Com. Innovation city, were taking a global city tour to bring you the innovations that happen to shape our lives. Were in copenhagen to look at technological devices in the health sector. Louisa is joining us. Nothing like being home, is it, louisa . Reporter its wonderful being back. Ive had loads of danish pastries. Were standing in a beautiful area. Originally copenhagen was founded in the tenth century. This area, very old from the 17th and 18th century. Used to be the harbor where all the vikings used to come in because its a viking city. Thats originally how it was founded, a fisherman city. We are talking about innovation from old to new and how about some hearing aid innovation . Im putting my earpiece back in as i say that so i can hear you, ross. But did you know that half of the worlds hearing aids are produced by this very small nation. Many people dont know that. Im with the ceo of resound to talk about the hearing aid technology. Lars, good to see you. Good to see you. So we were just talking in the studio about this tieup between apple and resound. What is it that youre working towards . I wouldnt call it a tie up. Its a collaboration and its a technology collaboration. You should see this from apples point of view probably. They want to be in the Technology Forefront and its from their point of view a Corporate Technology resource. They want everybody to use an iphone. Its also kind of about making hearing aids cool from what i understand and being able to do things like potentially stream the music from your iphone to your hearing aids. Absolutely. And, remember, we are making products that a number of people need but nobody wants to wear them because its related to a stigma. We tried to destigmatize it. With the technology we have, we have been able to eliminate the body worn device without this dongle around your neck. What we have done lately is youre able to stream this from tv, radio, stereo. Now youll be able to stream directly from an iphone so you can pick up the call on your iphone and use your phone as everybody else uses their phone. Fantastic. Youve brought an example of some of your latest devices. Thats not the mfi product. Its actuall