Inflation expectations have fallen to levels which seem to be fashionably low. I guess the market is poking on the dovish side of that saying or reiterating that they have to be super careful that Inflation Expectations are not the ankle rate. Inflation expectations would equal monetary tightening, i. E. , would harm the fragile economic recovery. Also, that he was referring to the recent data from yesterday that the pmi levels are showing that a stronger recovery is rather unlikely in the coming months. It was probably back in the view of the doves in the markets. We are seeing that directly in the Euro Dollar Exchange rate. The euro is sharply lower versus the u. S. Dollar. Here there was a clear reaction also to the draghi equities are rallying on the back of those comments. But also, the hawks have some reason to see a backing from draghi, he is reiterating they are preparing for the unconventional measures in case the outcome of already taking measures is not decisions to raise inflation expect actions. With that, back to you. Annette, thank you very much. The stoxx 600 is up 0. 9 off the back of this and the italian tenyear bond yield is at record lows. Joining us now, gareth davis is from jpmorgan. There was a bit of someone from everyone, a bit from the bears, a bit from the bells. He was saying Inflation Expectations are far too low but in the longer term Inflation Expectations were on track. Exactly. They just need time. Hes almost saying steady the ship, hold on, and wait to see the plans are already announced which can be amended. See how they ban out into q1. Mario draghi addressed the lack of growth. Were there any Game Changing statements or take awayes from what margo draghi just told us . Weve heard these reassuring comments before. Absolutely. This really is a holding pattern. If you think of where weve come from in individual steps, weve made a huge amount of distance from the original conservative central bank. So what we actually see, even throughout the course of the year hes saying, just lets wait and see. Weve announced a lot of things. Lets see how we work in abs. We wont see started covered bonds. I think really hes just saying lets wait. These reassuring comments are good for the economy, good for the market, but at some point we have to see the numbers improve. Exactly. So buying time allows the macro figures become two. And i think the way we look at that as the backdrop into q1 is that the numbers will become more positive as time goes on. Gareth, abs purchase is yet to start today. Weve had the aqr. That didnt have a huge effect on the market. Is the abs purchase the start of something significant . I think really the covered bond program is the start of something significant. So the last four weeks of activity, theyve been quite systematically quietly accumulating assets in the background. Were at the end of november already. Its a relatively short year. By the middle of december, we start to look elsewhere. His scope for doing abs in q4 is relatively limited. Lots of things in terms of bonds that he already owns, abs already posted the repo window. But in terms of affecting climate activity, i dont think thats going to be possible at least in 2014, we have the 2015 plan. As we saw today, hit rhetoric doesnt suggest hes about to start buying sovereign bonds, but perhaps he will start buying sovereign bonds. Exactly. Hes teeing up the potential of eligible at he ises. He mentioned Corporate Credit as a next step. Then we have a little bit of a distance. Gareth davis, thank you very much for joining us. And well get you some news on russia. The Russian Energy minister says the government is discussing possible Oil Production cut but there is no decision that has been made just yet. But on the back of that, we are seeing the markets move the dollar. Russian rouble down about 0. 9 or down about 2 over the past seven days. The next big catalyst for oil is opecs meeting next week. Expectation has been for the cartel to not cut production. So the russian government is discussing possible Oil Production cuts. Wilfred, over to you. We bounced back straightaway at the start of todays play, up about 0. 3 . As you can see, we have strengthened throughout the last hour off the back, really, of Mario Draghis comments. Were now up 0. 85 in the stoxx 600. Lets look at the stoxx 50, which is up fractionally more. Continental europe, up slightly 1 slightly better than pan europe. What was mr. Draghis saying . He was classic super mario. He was reassuring the market with just enough confidence that he is there ready to act if necessary, but probably didnt say enough to really anger the germans. But we do hear from yens abideman at 10 15 cet. How has it broken down across individual markets . The ftse 100 up 0. 55 . Continental europe is taking comfort in the fact that mr. Draghi will act if necessary. Germany up 1. 15 . France up 1. 07 and italy up 1. 3 . We saw a fraction of yield growth yesterday because of Global Growth stemming from those pmis. But it wasnt too significant a move. Its below 0. 8 again today. Thats stemming because of a risk off sentiment of some of the dovish lines of mr. Draghis comments earlier. The uk is seeing yield compression there, as well. The 10year in italy, 2. 27 . Lets move on. 1. 2468 on the euro dollar. The yen has come back below the 118 handle. 117. 9. We know the bank of japan wants to weaken t japan and it has been successful in doing that. But mr. Aso came out and said recent moves have been a little bit too sharp. The aussie dollar has been flat today. Its been weak. 0. 86 today. And cable is off a little bit today, 0. 3 , a little bit of Political Uncertainty after the parliamentary seat win. 1. 56 on cable. Now lets check in on markets in asia. Good afternoon, sri. Good morning to you, will. Not doing too badly in the asian markets as we round off the week. After the wobbles from the pmi and after the shaky start midweek i would say to the Shanghai Hong Kong trading leaks. So the brokages and the financial stack in favor on the mainland. I want to talk about the currencies you were alluding to. The finance minister, in my opinion, verbal intervention from him. Hes worried about the depreciation that weve seen in the japanese currencies, that it moved too fast too quickly and too hard to the downside. And it did give the yen something of a short in the arm. So the stronger yen caused a bit of a wonl and it did regain composure in trade. Incidentally, the politics, a lot of political noise, a lot of policy noise coming out of japan as we head closer to that middecember election. Abe did dissolve the lower house of Parliament Today at around 1 00 p. M. Japan standard time. So that paves the away for the election nearing the start and the campaign to get into full gear. Elsewhere in the market, as i said, were not doing too badly. Yes, some of the banks and some of the commodity plays are under pressure and that brought down the afx 1200. Skree, thanks very much. Lets dive into some top stocks in europe today. Shares in buig are rallying after its rival said it may be interesting in buying the condmrom rat unit. Bouygues is up 4 on that story. Lets join stephane in paris. Good morning. This has been on and off the for the last 12 months in the tilly come market. But recently, altyse said it would also be interesting in merging the french operation. The main shareholder made an approach. He also contacted free mobile to consider a potential merger. Its revising this morning on the speculation of the future of the French Telecom sector which basically would reduce the number of players from four to three. The merger between two French Telecom operators would create a lot of synergy, but it would probably stop the price war between telecom operators. That is good for consumers, because in perhaps, the telecommunication is one of the lowest in europe. It was good for the consumer. Its not necessarily the best scenario for Telecom Companies with margins. The launch of the operator almost three years ago. The French Telecom operator could be working on the scenario this morning. Its another part of this ongoing story. But the market believes it could happen. Bouyges is up 4 . Slumping to the bottom of the stoxx 600 offer the buy rival salamander energy, in an allstock deal, the british oil and gas explorer hopes the move will allow it to expand. And coming up on the show, shares pop after hours after southbys ceo stepped down. Find out why some thought the auction house was in need of restoration. Have you ever gotten in trouble at work for using twitter . We discover how this picture cost one uk politician her job. We gear up with the founder of throttle, an Online Community attracting the next generation of car fans. Key talks of Irans NuclearProgram Enter a key phase this weekend. Joining us on set now is hadley gamble. Hadley, if they fail to reach an agreement, will that just push iran and russia closer together . Its highly possible. I think that theyve had a strategic relationship for years, as we happen. They certainly are in agreement on whats happening in syria, for example. At the same point, you have to understand, all eyes are on secretary kerry right now and hes pushing to keep this deadline to keep them on track for this deadline of monday. Weve seep a lot of doubt with the iranians. And the reason for that is if they fail to mead this deadline, president bush could be in trouble in congress. Republicans have been very vocal on how they want to impose further sanctions on iran. How does that complicate the situation . They dont like the steel. They havent liked the steel for a long time. Its coming in in january and are basically saying if we dont get exactly what we want, we are going to have to be tougher on tehran. The president can work out a deal, but inevitably, congress is going to have to list them permanently. Does that make president obama look weaker to citizens would, of course, hes been putting together a deal with iran for a while now. And even the iranians have commented on this in the past. The president , because he has to talk to congress, is in a tougher spot, is in a weaker spot than they are themselves. On the flip side, mr. Rouhani, part of his the success of his program is suggestive of success, as well. The iranians also debt practice for a deal here, but they dont want to give up too much in this deal. And the iranians have made a lot of grand here. Just the fact that theyve been talking to the United States directly is a first. They havent done this in 35 years. But the rouhani government realizes two very important things are at stake here. One is an economic revival of the country which wont happen without sanctions being lifted. Iran is being frozen out of International Banking community which makes it very hard to save with the world. Foreign companies desperate to have Foreign Investment back in bstkountry as are foreign here. So they need these sanction soes be lifted. Is the second process theyre having is idealogical. If the situation in iran was to deteriorate further sanctions were going to be imposed even if we went down towards the root of a conflict, they might miss all that ground theyve made in the idealogical strong holds theyve made. They would rather not give that up than have sanctions. There are two very important points iran has to look at to get this deal through. Investors are also looking for direction on what opec will do next week when it comes to the oil market. Crude prices popped yesterday amid expectations the cartel could decide to cut production when it means in vienna on thursday. Bank of America Merrill lynch is forecasts a 500,000 barrel a day reduction. Seema, i was chatting with an oil expert yesterday and he said this opec meeting is the biggest in the world in over a decade. All of opec wants to see a cut from the group with, but none of them themselves wants to be responsible for that cut. And this is coming at a time when oil prices are down about 40 since june 20th of this year. Weve seen a massive drop and that has brought more of a focus on what analysts will do. Expectations had been for the cartel to not cut production and add to that if the talks in iran do not go well. That brings even more pressure for opec to find some type of solution here. I think over the last month weve been saying whatever your view is on the longterm oil price, the shortterm oil price has very little flaw until we get to this meeting. So this meeting next week is crucial. Well get an indication either way of whether opec is willing to respond. That can give us an indication of where the shortterm price can go. There would be a 500,000 barrel a day cut, and theyre saying members including saudi arabia have budget near the price. But, of course, so much rest on the saudi arabia decision within opec. And energy has been an underperformer this year, its the worst performing s p sector so far. Given the move that we saw yesterday or the talk around what opec will do, we did see energy outperform. Was the best performing sector in yesterdays trade. Another thing that could Impact Energy prices is weather. More Severe Weather is being forecasted for the northeast today. Ten people have died when snowstorms hit the area of western new york with more than a meter and a half of snowfall. Lester holt filed this report. Day three. This is absolutely crazy. And the snow keeps falling. And it weight of it all, over five feet of snow and counting, is beginning to cause roof collapses. More than a hundred patient ves to be evacuated from this nursing home when the roof began to show signs of weakening. The roof is compromised. It obviously has not collapsed yet, but there is potential for it. In hamburg, more than two po dozen people driven from the roads, near white yous conditions and deep snow have been holed up in this Walmart Store since tuesday. Couldnt ask for a better place to be stranded. Rooftops look at if theyve been slathered in whip cream. We can count dozens of cars that were stopped in their tracks, buried in snow, barely the roof is visible. Its like the day the stood still. Even as crews maybe progress, there are neighborhoods surrounded by chest deep snow. We ventured down one culdesac where we could only shout a conversation. Have you ever seen anything like this . No. Ive lived here my whole life. Officials are doing their best to reach those facing emergencies and are asking home bound residents to take precautions. We met the shram family last night. Theyre still snow bound. But today, her husband, david, finally got out, walking four miles to get food for their baby, evan. The first challenge i had to come was the eightfoot high wall of snow. I did get out returning to find out that the subboards were bare, in a manner of speaking, but at least i was able to find two quartz of milk. I was able to get baby food, which was a big plus. Look at the feet shoveling snow off of their roof, obviously concerned about a collapse of some kind. They cant dig their way out of this neighborhood. Crews are clearing the new york thruway, but it is still closed tonight and hundreds of vehicles remain. You can see the wall of snow there along the edge of the lake. Its a big, gray wall. Buffalos Robert Wilson stadium, where tonight the bills have declared a snow day, calling off sundays scheduled game against the jets. More on our top business stories coming up after this short break. Stay with us. Announcer youre watching Worldwide Exchange, bringing you Business News from around the globe. Ready to step up the pressure, the euro hits a session low after ecb president mario draghi vows to expand the Central BanksAsset Program if inflation stays too low. President obama goes it alone, taking action on sweeping u. S. Immigration reform without getting approval for congress, setting up for a clash of republicans. Americans are tired of gridlock. What our country needs from us right now is a common purpose. A higher purpose. Western leaders hold frantic talks with iran on its nuclear program, but a deal on easing sanctions seems unlikely. Another record for alibaba just months after its blockbuster ipo in september. The internet giant sells the largest Corporate Bond ever by an asian company. And weve just had the uk Public Sector borrowing numbers, it came in at plus 7. 7 billion pounds against an expectation of 7. 8. So the net borrowing fractionally lower than expected in october. And it is worth noting the previous month was a lot higher, 11. 8. Nonetheless, expectations were below expectations. Sterling has weakened significantly in the last half an hour. And the news wires just mentioning this gives manager George Osborne hope that the budget might recover at a faster pace ahead of next years general election which, of course, still a lot of debate on who is going to win that. And to recap our story of the day, margo draghi says the ecb will use all means within its mandate, the move sending the euro below 1. 25. The underlying growth in new york is weak and says the bank was ready to intervene more if necessary. The ecb has acted and is continuing to act, to bring inflation back towards the 2 and assure the Inflation Expectations. We should mention the euro has been gaining the u. S. Dollar over the last couple of weeks. European markets green across the screen. Markets like what mario draghi has to say. But some analysts that we have been speaking to this morning saying we need to see actual resolution and an impact on the economy, not just comments. Looking at the xetra dax, the outperformer up about 1 is. 2 . The euro stoxx 50, higher. We are looking at the index up about 1 . Session highs up as you were pointing out