Its staying on my agenda and im going to do everything i can to help america to become energy independent. Gearing up of a showdown, the french lower house approves the 2015 budget. Coming up, we ask the european Vice President if paris will face any punishment. No comment from pbnp paribas on reports that executives have been targeted in an Insider Trading probe. Announcer youre watching worldwide exchange, bringing you Business News from around the globe. And it continues to be the big story of the day. The bank of japan says a continued economic recovery is on track despite surprise data earlier this week that shows the country slipping into recession. The central bank kept its economic view unchanged as widely expected. Although one member of the board dissented. Speaking after the meeting, koroda said quantitative easing would continue until the 2 inflation target is reached. He injecte suggestions that the central bank should have refrained from further easing givenlg the delay in the sales tax hike. Kaori enjoji is in tokyo with the latest. Thanks, seema. This grand experiment that has been supplemented by the bank of japan has been super easy Monetary Policy with one goal in mind. That is to hit 2 inflation to get japan out of this deflationary style spiral. Now, the governor says inflation is about 11 . It might fall below that levels, he says, in the early shortterm. But in fiscal 2015 he sees japan reaching that 2 inflation role. Now, the pressure he faced today at the News Conference was because of this. Two years ago when the abe nomics plan was rolled out, it was a twopronged approach. That two prongs were, one, monetary easing when the bank of japan delivered last month and the other side of that was fiscal reform. Now, this press conference gave it a difficult time. Here, the bank of japan is holding up its own part of the agreement, but just yesterday, Prime Minister abe has backtracked on fiscal reform by delaying the consumption tax high. Take horry, how about the timing of abe calling for an election. Comes after poor gdp figures which to the outside might suggest bad timing. But at the same time, the nikkei is at record highs. Are abes election hopes tied to where the nikkei is at . In a way, if you control generally sentiment is more lifted when the rally, despite the fact that, you know, only 20 of japanese households hold equities. But i think to answer your question, i think i should the answer to that lies in the reason for calling the election. He will have explained to us that this is a referendum about whether or not the public is on board with his economic agenda. But he didnt need to call this election. He could have just postponed the tax hike. You have to wonder what the real reason is for calling the election. Most people i speak to say it is because theres another election happening next year which decides the head of the party which carries with it the premiership. So if he wants to remain beyond 2014 as Prime Minister of japan, he needs to win votes within his party. And this snap election that were expecting is an attempt by the Prime Minister to create the groundwork so that he can win support within his party to get relethed as premier. Thank you very much, kaori, as ever. Were going to continue discussing japan now with the comanager at ram active investments. Good morning. We now see the bank of japan is very committed to a weak yen. I wonder what that means for japans neighboring economies. Is it bad for we consider it bad for that, given the depreciation of the yen makes the exports much more attractive and you have a number of Industry Sectors where they beat directly. In emerging market strategies, the current negative earnings trend, part of this being weaker yen is leading to that relatively location we have to the south koreans. From a technical perspective, we dont see any majoring back of the japan federation. We currently are equal weight in china. Weve been under weight for a long period of time. We dont see any real in the disruptment to the japanese economy. This inflationary period, what needs to happen to shake of this disinflation . Still, Consumer Prices are falling. Hitting a threeweek low. What else needs to happen to revive these economies . You have lack of demand. You have had a lot of oversupply coming in Many Industries on the back of thecrisis. A number of countries like china have launched stimulus programs leading to large investments. So the support by Central Banks is asking markets to flow and the boj convention at the end of october in perhaps developed markets, as well, is i think today still. Now, we would really need to see much more investment from corporates and, again, more consumption and more Revenue Growth globally for that reflation not to be needed any more. Stick with us. We want to discuss the markets more with you. Now, lets update ow markets. Europe found one system gained yesterday as did the u. S. , but overnight, asia has given up its early lead. That is the sentiment in the markets so far this morning. The stoxx 600 is down 0. 3 . The stoxx 50 is down almost exactly the same amount. No, slightly less, 0. 2 . Lets look at the individual markets across europe. As you can see, there is negativity there, but its not too pronounced. It closed about 1 in the green. France is down 0. 2 . Italy bucking the trend just in the green. Lets look at individual stocks. Earnings still hit the top expectations. There was a drop in pretax profits. The Worlds Largest broker said it was hit by the low Interest Rate environment. Hugo boss is in the red 1. 25 . The fashion label earns to broaden its market. The market is not taking its results positively. Generale, pretty much bang on flat. It says its ahead of its schedule to hit 2015 targets. Now, lets move on and look at bonds. We did see a flirtation with yield compression earlier this week. But weve now settled back to where weve been for the most of november. That is on the u. S. Tenyear, with 2. 3 to 2. 4 . Its interesting to focus on this because we are getting the markets in the u. S. Equity markets hitting alltime highs. But bear in mind what the bond markets are telling us. Its not all out risk on because weve still got very low yields. 10year in germany, just below 1. 88 . The tenyear in the uk, 2. 1 . Quickly the forex, we can see that the euro is just flat today. Big gape yesterday after that positive present in the german Economic Sentiment. Its flat today. The u. S. Dollar rising about 0. 5 against the yen today. Weve crossed that 117 handle again. Also, worth looking at cable today, 1. 5613 at the moment. Its basically flat on the day, but we are getting minutes on the mpcs meeting coming out later today where we expect to have a 1 out of 9 vote rather than a 2 out of 9 vote. Well bring you that at 9 30 uk time. Generale is basically flat on the day. Claudia joins us with more. Good morning. The investor day is under way. The stock this morning slightly in positive territory. Thats probably due to the fact that theres a turn around on the ftse mib, as well. As far as the numbers go, the news is very positive. The ceo has stated this morning they have reached the objectives planned for 2015. This is an update on that 2013 2015 plan. One of the biggest news is that they intend to go above the 40 payout limit. Already in 2014 the payout could be higher than 40 . To 15 wsh in may when they asked to put out a new plan, they were reviewing that ahead of schedule. As far as the numbers that they have reached, the cost cutting that they had planned is the 750 million by 2014 and expect to reach 1 billion total by 2016. Solvency ratio is above 160 . As for the future, mario greco said they will be Going Forward without any acquisitions and will be continuing in the transformation that has gone in a simple and constant way. Geographical speaking, all of the major markets seem to be doing well. Generali will be hearing more out today. But the stock not reacting too too much in positive territory as much as you could expect out from the news. So far today, its very positive. Claudia, thank you so much. Coming up on worldwide exchange, christmas comes early for walmart here while you could be snapping up black friday bargains as early as this week. It hasnt even hit theaters, but hugger games has sold more advanced tickets than any film necessary theaters. Stay right here for a preview of what to expect. Plus, we look at one industry that is taking off. Drones are attracting big investments, but how far can it go . We have a uav in studio. Stick with us. A vote to approve the key spoetd stone pipeline has failed in the senate by one vote. President obama has said he will not approve the pipeline which could which would carry crude from alberta, canada, to the gulf of mexico if it significantly raises Greenhouse Gas initiatives. He likely would have vetoed it despite the loss, senator landrieu says shes upbeat. Where i come from, we just never talk about quitting and we dont talk about whining. After the game is over and this is not a game, it is very serious. But when i played ball, whether you won on loss that day, you shook your opponents land, you got up and you went to play another day. So there will be no blame from this senator. The senate vote is being taken hard in canada. Despite president obamas objections, albertas premier from canada will continue to push for the Keystone Pipeline. He has a certain perspective on this. I dont agree with everything he said. But, you know, he is the president of the United States and this will continue to work through the legislative process. We will try to be constructively engaged, we will continue to advocate our position and we will continue to emphasize that we see this project as being in the best interest of both countries. The ceo of the kch that owns the pipeline says it wont give up on the project. Now, nancy joins us around the set with more on the story. Nancy, might it still get through this pipeline deal . Absolutely. I think it will get through once republicans take control of the senate. Were expecting to see this bill hit very early next year. Keep in mind, there were 14 democrats across part lines that supported it this time around. Next year, we could even get 67 votes in favor of the bill in the senate and that would be enough to override the president ial veto. He could actually use it as Bargaining Power to get some of his top agenda items pass. Absolutely. Were already seeing a big fight against immigration and Climate Change. Thats why hes so reluctant to get immigration through. Immigration is important to him as far as his legacy and the last two years of his term. But interesting, senator landrieu herself is a game. So in some ways, republicans still win over this keystone defeat because it looks like Mary Landreau will not hold on to that senate seat. Nancy, thank you so much. And still with us is emanuel hoffman. Emanuel, we talked a bit about your views in asia earlier. Lets talk about europe. Im interested that youre very negative in the Industrial Companies, given the very weak euro. What we currently see in germany is a number of Industrial Companies have high levels of cap ex. We like to play this name because we know we are of great help, use credit spreads, Credit Conditions worsening in europe in the quarters. And it was probably very useful in the markets. And youre very negative on france, as well. Is that right . Were negative on france. Theres no real catalyst for high performance, high Capital Gains on this country. So we prefer countries today. We have launched from norway, sweden, denmark. We find very attractive Growth Companies with an appealing valuation. Emanuel, go manager at rem active investments. Thank you very much for joining us today. Indias government plans to announce new ways to cut gold imports, that accord to the countrys finance ministry. Data this week showed imports of the pressure metal rose by of four times in october to 1. 1 billion last year. Research analyst at ntf securities joins us. Mona, great to have you in studio. Theres an active discussion around whether one should buy gold given innationary pressures. But given that its now trading below a technical level at 1 he works 200 answer ounce, do you think its the time to buy . We think its get ago closer level. We estimate margin and cost of production could be in the range around 11 hundred dollars per ounce. That could obviously constrain supply in the longer term. Do you think that will have a play or response from the trade Going Forward . Well, yes. Extremely important in the gold market. So in the shortterm, b if that is some typical buying ahead of the construction in the longer term. It would obviously have a negative impact on demand. Give us a bit of an update on the referendum. How might that happen . That is difficult in the sense that theres a meesh of the bank where we have five years which is allowing us tons of gold to buy. In the meantime, that turnover and how much of an impact that had was quite minimal. That can tringer change in other Bank Policies witness as well. Russia has been one of the most active players in the gold market. In the Third Quarter russia accounted for, half of gold purchased by Central Banks. Why is putin hoarding gold how will that impact the price Going Forward . We think its going to be an interesting time for gold. The current levels right lane sustainable in the longterm. Mostly emerging markets banks, like china, for example. Any response to what russia is doing right now in terms of raking in on gold . Russia is actually behaving as much as other emerging markets. So they are encouraging their reserves to around the currency. So you think it will have an impact in the longer term. Mona, that you can so much. Walmart hats announced it will start black friday discount prices in stores tomorrow. It is the second year in a row the retail giant has tried to get ahead of competitors with the move. New researches suggest most Retail Stores repeat black friday prices at other times. Is it the purpose of black friday . If you want to join the conversation here on worldwide exchange, get in touch with us, world wooitd cnbc. Com or at twitter, cnbcwex. From my point of view, the big shopping day isnt the day after thanksgiving, but its the day after christmas. I never got involved in it, but in america, its well, its the day when you see the highest uptick in sales, but given the research is showing that you dont necessarily need to go out on friday to get the best deals, perhaps youll get consumers getting more with im with alibaba. Id like to see a big spending day in the middle of the year when theres nothing else to celebrate. And thats why you have cyber monday. Thats when you typically see online retailers take advantage of sales of black friday. Anyway, coming up around cnbc, an exclusive interview with targets ceo just after the companys latest earnings season. Thats today at st k 15 p. M. Eastern time. Still to come on the show, will fears of a slowdown in europe be one the bank of england minds discented . That after the break. Plus, later well be looking at an industry really to take off. Will deliveries actually work . Well be discussing after the break. The bank of japan stands by its tax hikes. Votes to approval the controversial Keystone Pipeline falls shoet in the u. S. Senate. But supporters find it will eventually get the green light. Its been on my agenda and its staying on my agenda and im going to do everything i can to help america become energy independent. Gearing up for a showdown, the french lower house approved the 2015 budget in defiance of the eu deficit target. Coming up, we ask jyrki katinein if paris will face in the punishment. And we are waiting the bank of england minutes from the recent mpc meeting. Lets give you an update on what were expecting. The bank of England Governor Mark carney says inflation is on a downward trends over the next 12 months. We did see a tick up of Wage Inflation. Now, we had debated the last couple of days, will mccafferty change his position and, in fact, vote for rates to stay on hold . Sterling is at about 1. 56. Any other headlines, seema . Its argued will inflation due to stronger currency and cheaper commodities . The forecasted inflation will return to 2 target no sooner than 2017. Thats among the comments there. Theres slightly more evidence uk growth will slow more than expected. Well get more on this now with turner. As it comes through, some thought it might move to 1 out of 9, br largely as expected. Largely as specd. I think those two members voted to hike clean given the inflation problems coming at this in the he xh. We had a pretty strong wage report last week. As they felt the growth in the uk shift positive and is going to continue to move that weight, if core inflation does fall over the next 12 months but we keep Wage Inflation above that, thats positive for the uk economy. It is real disposable income for the uk consumer should hold up pretty well. Whats forecasted in the uk can continue to grow at around 2. 6 next year, which is still pretty big. And last week, mr. Carney subscribed to himself was pragmatic. Does that mean the only thing we should now be looking at is when we expect rates to rise or is it purely inflation data . I think its a tricky balance in the bank of england. All the time inflation it clearly takes the pressure off the mpc to raise Interest Rates. But with that low inflation, if we. To get healthy grow, that will drive the rate lower. That certainly could be building up inflation for the future. With that in mind, i