Under house arrest. Fears of political metaling spooking investors. Sony slashes its guidance against. The ceo is due to give a press conference any minute now. Happy wednesday, everyone. Im seema mody. Coming up on todays show, the pressure piles up for the nfl after its sponsor budweiser says its concerned surrounding a number of incidents surrounding its players. And fedexs tells us why he thinks the stock will outperform in the next year. Our favorite moment from friends as the tv sitcom celebrates its 20th year anniversary. Announcer youre watching worldwide exchange, bringing you Business News from around the globe. And one day left until scotland votes. Who would have thought four weeks ago that markets globally would be so focused on scotland . Youre absolutely right. But you know what . I think weve seen the worst of the jitters. Over the last two or three days, especially now that weve got so many in the camp, markets have been more or less sanguin about what could be happening. Same story with the fed, really. Who would have thought we whipped ourselves into a flurry. Whats his track record, seema . Is he usually right . He could be right, but considerable time will tell us if the fed will raise Interest Rates sooner than expected. Seema, lets move on to one of our top stories. Sony has slashed its full year guidance with the net loss expected to widen to 230 billion yen. The company was hit by 180 billion yen impairment charge. Sony says it wont we paying a dividend this year. Sonys ceo is due to hold a press conference any moment now. We will monitor that and bring you any news as we get it, of course. Still neck and neck. Scottlands no camp holds a slight lead as we head into the final day of campaigning. Minister alex hammond said highs team is working flat out, but theyre still slight underdogs. Theyre showing their support for a yes vote. But the three main uk parties are knocking on doors across scotland. Scottish chief executive Martin Gilbert of aberdeen management has weighed in on the debate. Speaking to louisa, he sounded confident of scotlands economy would be able to define regardless of the referendum outcome. I think what weve done, really, as a business is tried to remain absolutely neutral and, really, sort of just say basically that we think scotland can thrive, if its a yes vote or a no vote, clearly if its a yes vote, then we go for independence, it will be the currency, what we do with all the legal documents, etcetera, etcetera. If its a no vote, its going to be what powers are going to be further evolved for scotland. The interesting thing about this referendum is you dont actually know what youre voting for. Both of them have uncertainties. With regard to sterlingzation, youve said in the past you think it could be a pretty good option. Marconi suggested something why is he gone . Its almost like a halfway house. It puts a discipline on scotland if we did have it. Which i think would be good. So you cant just account for a nation that spans. So i think i see his point, but i also think it would be good for scotland. Helia is in edinburg for the latest. Helia. Good morning. Were here, just hours in the day to go before people go to the polls. One of the things gilbert has said is that whatever happens, whether its yes or whether its no, the polls are so close and opinion has become so bitter that were leaning towards a dwight divided scotland and a quite divided United Kingdom either way. Whether they vote to remain in the United Kingdom, passengers so at the moment, especially when you speak to people on the ground, you talk to everyone has an opinion, everyone is talking about this opportunity of a lifetime that alex hammond is telling them to grasp by the neck and they want to do something. They see the eyes of the world looking not just at the markets, but looking at scotland at this em policemen of democracy. Now, theres growing concern that politicians have woken up too late for this crisis. Just now in the village, we saw Alistair Darling looking very and theres growing criticism not just for the better campaign, but for david cameron, as well. And not just from scotland, but from a lot of his own centers saying you havent realized the threat here and youre offering the scottish people too much. So radically different. Helia stays with it, phillip is joining us. Phillip, some investors are saying stick to the sidelines, wait until the vote is taken and then figure it out. A lot of investors are standing by right now with considerable uncertainty and whatever the outcome is, theres going to be big news on friday. But no change is no option as far as the politics and the markets are concerned now. Were looking at a variety of Different Things and its pretty standard unwinding the recent moves with the Exchange Rates and some replacement, particularly on the bank stocks. However, you could see much larger moves in all those areas in the event of a yes vote its basically the liquid uk assets get hit as a proxy for scotland on the day. And phillip, it seems ultimately the polls have been incredibly close for the last week or so. Yet the betting markets still massively favor a no vote. Do you know why theres that disconnect . Yes. The opinion polls themselves are very reasonably close. The probability that we assign to a yes vote is at 25 . Thats nearer to where the betting markets are than what economists have been saying. There are two big reasons why we think the narrow ps of the polls is probably overstating the probability of of independence. Essentially theyll vote in line with the yes and nos where theres a bias in such things. There is also the possibility with a vocal yes camp is putting off some people from revealing their own intentions to vote in favor of the union. Along the day, there could be a swing back in favor of that. You see similar things with the actual votes and the republicans in the u. S. We suspect it may be the same sort of buy kwas in the opinion polls this time around. Phillip, nomura talked about the effects on selling earlier, warning that a vote for independence could lead to market digiters. How seriously do you take that . If it is a yes vote, what are you factoring in for what happens on friday . If it is a yes vote, the Exchange Rate is one of those channels that will get hit the fastest. It should be very responsive to it. If we get a yes vote, then were probably talking more than 5 in terms of the depreciation. We could see ultimately a rebound from there. But the respect of some of the positions in long positions in sterling unwinding. Policy rate hike expectations being pushed back and also some ca flow, nonspeculative from overseas accounts those three things combined would likely weigh very quickly in the event of a yes vote. Phillip, thank you very much. And thank you to tell ya for now who will who will be joining again later in the show. Timing for a look at the markets. The stoxx europe 600 is pretty 67 recouping yesterdays losses. A couple factors. Firstly, reports about that massive stimulus in china and that is lifting the basic resources stocks today. That is perhaps the best performing sector on that index. Secondly, weve got the report or the statement coming from the journals. Don hiltonwrap saying that the fed statement will remain dovish. So thats listing markets overall. The xetra dax up by 0. 3 . The ftse 100 ahead of that crucial referendum tomorrow is staying on the sidelines. We are pretty much flat moving higher to the tune of 0. 3 . A couple of stock interesting stories i want to tell you about. They are trading lower to the tune of 4 . This is after sales growth slowed to 4 in the five months for the month of august and that compares to 9 growth in the same period last year. The company said weak demand in asia, that was largely to blame. Weve heard that story before, havent we . Daily mail off 6. 5 . This is after the british Newspaper Group says its operating profit for the year will be at the bottom end of market expectations. And moving on to smith group, 4. 6 , as well. This is after the companys full year profit slumped by 10 . It was hid by the strong pound and weak performance at its medical and security detection unit. Last but not least, i want to talk about zoed yeah aerospace, trading at the bottom of the french index after the company said it was a current cost to resolve production delays. Weaker operating margins will affect its income for 2013 and 2014. Shares off by a little more than 3 . Lets move on to the fixed income markets where we saw treasury prices edging just a little higher yesterday. Basically what the treasury market is telling is that yes, the fed will remain dovish stuck at 0. 25 . The 10year bund yield, 11. 06 . Gilt yield steady ahead of the boe minutes, the unemployment, wage data later on today and ahead of the Scottish Referendum. Last but not least, the currency market, back above that 107 on the u. S. yen. After that big slide yet following the reports from the wall street journal about the fed statement. Euro dollar, range bound. 1. 2960. And i want to you can ta about the aussie dollar again. It continues to slide. Lets check in on how markets were doing in asia today. Sri jegarajah is standing by in singapore. Is this the big stimulus that everyone was waiting for in china . Billion, we dont really know. The government, beijing, have rejected around 80 billion u. S. Equivalent into the banking system. So it looks as though it could be the first step. Sony has slashed their guidance for the sixth successive time under the tenure of ceo. Now expect a 2. 5 billion loss in the fiscal year that will end on march 311th because of a struggling smartphone division. The stock down by almost 2 in tokyo. As i said, this is the sixth guidance warning under this ceo. Elsewhere, we are seeing some reasonable gains just ahead of the fomc. So the market, once again, is positioning itself for a dovish outcome at the fed this week. Are we going to see that . Well, its anyones guess, isnt it . Carolin, wilfred, back to you now. Now, the 19th may be dead and gone, but you can still have a coffee at central perk. Details after the break. How much money do you have in your pocket right now . I have 40, 21. Could something that small make an impact on something as big as your retirement . I dont think so. Well if you start putting that towards your retirement every week and let it grow over time, for twenty to thirty years, that retirement challenge might not seem so big after all. Welcome back to the show. I want to bring you comments from the ceo of sony. They broke down the entire amount of google in that segment. It says were now revising our strategy. This is according to the ceo. He says well now focus on achieving stable profits in the mobile division. And theyre cutting 15 of staff in that fiscal year to march 2016. They will aim to start paying a dividend as early as possible. That was the other big news coming from sony this morning. Theyve essentially written down the value to zero. Why would they do that . I think thats the move that a lot of Tech Companies are suggesting and maybe sony has done it too early and theyre planning on having success yet. Now, moving on, the Moscow Exchange has restricted trading in shares of sistema after the stock slumped 30 on the news that the companys chairman has been placed under house arrest on charges of money laundering. Russian investigators said they opened an investigation into the alleged theft of shares in the energyrich region. This suspended the shares of bashnet. Shares of bashneft were suspended in july. Meanwhile, mobile telesys also fell on the news yesterday. Sistema responded by saying the allegations are, quote, completely groundless. The announcement of the house arrest comes amid reports that the statecontrolled oil group is interesting in buying bashneft. Obviously, this is a very complicated and convoluted story. Its worth pointing out bashneft is one of the few Oil Companies that is not under state control. This definitely doesnt bode well for investor confidence. Weve seen russian equities under pressure given the heighten dollars impressions between russia and ukraine. Not good in general for investor confidence. No, exactly. As you say, its not coming at the right time, those links between bashneft and the russian government. The people are alluding to no confirmation of that yet. Frances Ruling Socialist Party avoiding near disaster tuesday, winning a confidence vote in parliament by just 25 votes. Speaking to stephane at the National Assembly, socialist party mps warned the French Economy is still at risk. There is a government which received a strong signal that the republic is not in danger. What is dangerous is to keep going without changing anything in the Economic Policy that has been chosen and there is the risk of sustainable economic crisis and maybe an Economic Disaster in 2017. So if we want to meet Nicolas Sarkozy or the national front, we must roll up our sleeves. We need all the left, serious people with realistic proposals. So work on cutting expenses, on helping the business to invest because its the only way to create and also to reinforce the Structural Reforms which are needed for the French Economy. Thats a tough job. This job that was started two years ago. The problem is, he has no majority in the assembly. How difficult will it be for him to push through a reform . Absolutely. That was a tiny victory for him to push through the vote of confidence at the time when the Prime Minister had an absolute majority of the National Assembly. Yesterday it was only a spin majority given the opposition within the socialist party. More than 30 socialists yesterday decided not to vote the confidence to the Prime Minister which means that the situation could be even more complicated in the future. Yesterday some socialist mp decided to vote the confident, not to push the country into a very complicated institutional situation. But these may not vote the budgets when it will be submitted to the parliament in october, which means that perhaps the worst part of the job is coming next for the Prime Minister. Despite these socialist, he said yesterday that he would continue economic reforms. You would push for the agenda and this is what he explained before the National Assembly yesterday. Stephane, thank you so much. In other news, want some coffee with your friends . A pop up peppily ka of central perk, visited by openling up in new york to celebrate the 20th anniversary of the series. It includes the iconic orange count and the actors who played the barista, gunther, will be making a special appearance. This makes me nostalgic over new york city. What we want to know is what tv set would you want to visit . Sit on the iron thrown from game of thrones, have a drink in the bar from cheers or do a hard days work on the set of the office. Worldwide cnbc. Com, krns wex and our handles for us are on the scene. What would you like to do . I would i would go to new york city and id like to meet guenther. He seems like a nice guy. Im sure he is. The problem is hell never get rachel. Id like to hang out. I also wouldnt mind a selfie sitting on the iron throne. That would be pretty handy, i think. Moving on, is the bank of england rate hikes still just a humble duo . Well have many more members jump aboard. Well break the latest mpc minutes after the break. How do you beat the number one seed . You just have to win 70 of your points at net. And keep unforced errors under 10 . On the ibm cloud, the us open analyzes 41 million data points from 8 years of competition to uncover key insights. Data can help show you how to win, no matter what business youre in. Today theres a new way to work. And its made with ibm. Less than 24 hours before scotland votes. We hear from one of the countrys most influential money manager owes what the results can mean for market. European stocks follow a laterally on wall street as investors bet the language wont change on sentiment indicating the central bank is in no rush to raise rates. Russian stocks slide after sistemas is put under house arrest. Fears of political metaling spooking investors. Sony says it will cut 15 of jobs in its struggling mobile unit after the Japanese Electronics guidance slashes its Forward Guidance again. And we are just waiting for the bank of england minutes. Sterling is up about a quarter of a percent so far today. It has rallied strongly in the last five or ten minutes ahead of this data. It hasnt come out yet. We will break it as soon as it does. Well have a quick look at the ftse so far today. The ftse is basically trading flat in expectation of this data. We are still waiting for that, both the mpc minutes and unemployment data. The bank of england says there is considerable degree about how much slack remains in the uk markets. There is, of course, no change in the Interest Rate decision two weeks ago. Were having a look at the minutes now. The mpc notes sterling has been weaker. The meeting released still members martin will and voted to raise rights to 7. 5 from their Current Record low of 9. 5. Just those two members still voting for a rate increase. Weve got a bit of a surprise in terms of the Unemployment Rate. It fell to the lowest in august 2008 to 6. 2 . This is higher than expected. July alone, 0. 7 . All right. Lets get to kit jacks. What do you make of the data . This is a hawkish surprise, isnt it . Well, last month, the numbers were very distorted. So if you take where we are now, its a less distorted number. Id like to get my pay moving on. So its still very low. Yet Unemployment Rates are still falling steadily. Its edging down. But its a reminder away from the scottish vote and Everything Else that, you know, we have a strong economy, with low wage growth. Inflation which we saw yesterday well behaved and a policymaker that really does