Financial position of our company it is a noncash event. Janet yellen says theres a live possibility of a december rate hike as the french bank has offset volatility around central bank policy. Based on the monetary policies regarding the fed, ecb i remain overall positive for 2016 in particular for the europe and equity asset class and especially if, as we think, we see a further improvement of the economy. British oil and gas Services Firm amec loses a fifth of its value after slashing its dividend and increasing its cost cutting. Good to have you with us today. Lets kick off the program on break news on Monetary Policy since we have been listening in closely to janet yellen and her testimony on capitol hill yesterday. Norway which surprised holding steady. So the norwegian Central Banks and key policy rate is unchanged or holding at three quarters of 1 . Last time around they surprised the market by cutting Interest Rates. What are we looking at . Strengthening back on the back of this and the central bank continues to say that their Inflation Expectations are in line with what they projected. All right. Lets move on and taking a look at our top story today with the u. K. And u. S. Authorities saying there is significant evidence that a bomb possibly planted by isis brought down the russian plane that crashed in egypts sinai peninsula. British authorities suspended all flights. The aircrafts outbound destination on saturday. U. S. Officials sources telling nbc news that a bomb could have been planted aboard the plane by ground crew or baggage handlers. Egypt and russia are leading the investigation into the crash which killed all 224 passengers on board the flight across the sinai peninsula. Now nbcs bill nealy reports. For five days investigators searched the wreckage for clues. The cause a mystery. Now evidence indicates it was likely a bomb. The suspicious it was placed on board by ground crews or baggage handlers and isis is responsible. Its a strong suspicion. Not a conclusion and no evidence of a bomb has been found yet in the debris but its a suspicion shared by britain. Theres a significant possibility that that crash was called by an explosive device on board the aircraft. Britain is suspending all the flights to the airport where the plane took off. They wont say if it comes from the crash site or the flight data recorders and no one is ruling out the possibility of a technical fault on the plane. One hard piece of evidence, a u. S. Satellite strongly suggesting an explosion. The heat flash detected at the time of the disaster can only have come from a catastrophic fault coming the fuel tank to explode or a bomb. Russian doctors report the injuries of those in the back of the plane match an explosion. But the mere suspicious this was a bomb raises this disaster to a new level. We obviously have a strong desire to get to the bottom of what happened there. Getting an explosive device on to the aircraft in this region is a real game changer for security. U. S. Aircraft have long been warned away from this area. Faa advising airlines should avoid flying into or over the sinai peninsula. If it was a bomb, there will be evidence, explosive residue, fragments of a timer. No one has found it yet but there is growing concern. That was bill reporting for nbc news. Back to the markets with shares in thomas cook which operates a number of flights between the u. S. And egypt trading down now. Were being sold down by 5 . In other news the odds of a december rate hike are as high as ever. This is after the testimony by the fed chair janet yellen yesterday saying that a move next month is still a possibility. The economy will continue to grow at a pace that is sufficient to generate further improvements in the labor market and to return inflation to our 2 target over the medium term and if the incoming information supports that expectation, then our statement indicates that december would be a live possibility but importantly that weve made no decision about it. Theres fed chair janet yellen. Meantime, one u. S. Lawmaker, probably have a different take on this and he is afraid that lift off next month could upset the man upstairs. Gods plan is not for things to rise in the autumn. As a matter of fact thats why we call it fall. Nor is it gods plan for things to rise in the winter through the snow. Gods plan is that things rise in the spring. So if you want to be good with the almighty you might want to delay until may. Congressman sherman as you heard there is a man of strong faith and more seriously went on to say that hes worried about the risk fk the fed does hike too early and then has to return to zero, possibly cut Interest Rate ifs the economy slows down. But lets talk about the markets and joining me around the london desk, chief economist and cochairman. So i assume you dont believe that the man upstairs thinks that we should be holding off on raising Interest Rates in 2015 . I dont have a direct line to heaven but in any case, what i believe doesnt matter and what the gentleman in congress believes doesnt matter. What matters is janet yellen and her colleagues and i think the market is right to price in the highest probability of the rate hike in december since the end of the financial crisis. As yellen said, the economy looks like its growing at a fairly descent pace. Not sensational but descent. The soft batch observed in september is probably over but the decisive event will be tomorrow morning when the u. S. Payrolls come out. Because if we get another weak one the rate cut will be deferred but the chances are in my view well get a strong u. S. Payroll tomorrow. Whats strong . 200,000 . Around 2000 or possibly 200 plus and also importantly some revisions to the previous two months which were very weak and looked to me and i think to a lot of people as if they may have been some kind of statistical aberration and the timing of labor day late this year or Something Like that. If we get an upward revision that will calm down the fears that china, for instance, was lowering the world economy. The fed has taken that out of their statements. No longer watching International Markets or economies and i was watching that testimony live yesterday with janet yellen and when she said that, to me, it didnt sound different to what she has been saying all yearlong. Well, i think if you look very carefully or listen very carefully to janet yellen and most of her colleagues, what they have been saying has not been different. Its been consistent. What they have said is were dependent on the data. If the data improved sufficiently we will start not to tighten but with draw accommodation. Thats a very important difference. The fed is going to be running a very loose Monetary Policy two years from now and if the data gets weak they wont. Its the markets that have been in this kind of volatile and feverish state throughout the year. But then you have the big yield in the market. Spiking to the highest since 2011 and then the currency moves as well. The highest against the euro in three months time. You sit tight and just a reminder for you. We have more coverage on Monetary Policy this time across the pond with the bank of england. You want to join us at 12 30 cet time for decision time. Nancy and i will be live ahead of the bank of england. Bringing you the latest minutes as well as the Inflation Report. We have good guests ahead. You want to watch bob for one of goldman sachs. Hell be joining us on the program today. Lets turn our attention to european markets and how the session is fairing. We did have a snapping of a winning streak yesterday in germany. Finishing off thanks to volkswagen and porsche. Were still seeing declines and this is the carry over for what happened at wall street after the testimony from janet yellen. Ftse 100 falling and the cac 40 in france continuing their winning ways. This could be five Straight Days of gains and seeing declines by a third. But lets talk about asia and what about china all of a sudden in bull market territory. Its been a fantastic rebound. Take a look at asia with the prospect of december being a live possibility. We saw more capital outflow in some of the markets, particularly here in Southeast Asia that did end in positive territory. Notwithstanding that we did see significant weakness again in the currency markets and thats continuing to play out in the asian trading session here. Pressurizing equity prices in these emerging markets. India down. We have it tetherred to the emerging market story because of the commodity plays listed here but the picture was slightly brighter. Further north asia you go. We had a continuation in the rally in the shanghai composite up 0. 19 and what a substantial recovery there and the nikkei 225 punching above 19,000. Getting obviously continued support by the on going robust trading of japan post heldings. We saw the previous trading session and the weakness of the japanese yen helping to boost those stocks. Adam, thank you so much. Lets bring it back here to the u. K. And check in on earnings with shares in amec foster, wheeler, plummeting as the oil and Gas Services Company is slashing its dividend in half. They confirmed margins would be lower than in the first and expects an extended period of weakness. Joining us on the line we have the cfo ian mchoul on the program today. Thank you for taking timeout on your busy day. Im just wondering, people were talking about the share, the fall in oil prices and how Companies Like yours will be suffering. Do you anticipate that were going to see the sustained, i guess, pressure on oil pricing Going Forward . That is our assumption. We spend a lot of time talking to our customers bias to oil and gas. We see their behaviors that its appropriate to plan for lower for longer or lower for even longer. Id love to be able to sit here today and talk to you about an anticipated bounce in hydro carbon pricing. Thats not what were anticipating and not what were planning for and thats why we have taken the actions weve taken today. Slicing your final dividend in half and reporting prurs on the top and the bottom lines. Are you surprised by the big hit that your shares are taking today . Well, particularly in the u. K. Market any cut to dividend is always very poorly received but i think its for the longterm security of the business. We have also announced today restructuring internally. Over and above the cost of plans were already anticipating. We announced a view across the business to focus on stronger performing assets and exits. Those performing more weakly so i think this is about setting the business up for stability to be well positioned for growth in the longer term when that hydrocarbon pricing restoration comes even though i expect that to be some time away. Im surprised that you still sound so optimistic. Youd have to be. Because along side the dividend cut even with cost savings forecast to be 188 million youre saying margins will come under pressure and there isnt much visibility. Can you give us a sense as to how bad it is when it comes to your industry . Especially in the energy deals . Well theres a couple of points. In the oil and gas Market Pricing was 100 plus and now its half of that. So that clearly leads to reduction and it leads to them pushing down on their supply chain and hence there is pricing pressure. We also have the diverse business. Were active in solar in wind in nuclear, in mining. Swoe have a diverse business and widespread so theres pockets of strength so were looking at revenue stability and growth Going Forward but what were seeing is a push down on our pricing. That has lead us today to some margin erosion which we are upsetting to some degree as i say by Cost Reduction and to your point, i dont think im feeling optimistic today but we have a job to do and our job is to put this in a position and thrive and prosper in the longterm. Thats what we intend to do. I want to thank you for taking timeout on a busy day for you. Ian mchoul. Well go to break here. But still to come, a bright spot amid a cloudy sector. Find out how theyre bucking the trend with better than expected earnings. That comes your way, next. Shares in the worlds biggest recruiter slumped after the group surprised investors with a half a billion euro loss in the Third Quarter. Lets get out to zurich and carolyn is standing by to cover results for us. Good morning to you susan. Shares getting hit pretty hard today on a couple of reasons. First of all, very cautious guidance. Second of all, the cut in the outlook they can no longer achieve that 5. 5 margin target and most importantly the fact that we saw the surprise impairment to the tune of 740 million euros. Why did we see all of that . We have new management coming in. I did get a chance to speak to the ceo this morning. Take a listen. The figures that youre seeing today is 714 million euro. It doesnt affect the financial position. It doesnt affect also all t dividend policy as it is a noncash event. In terms of the goodwill impairments or do you see more down the track . Were cautiously optimistic about the development of the different economies and thats what we have also said in our outlook. We will deliver 5. 2 in 2015. A very strong profitability and were kauscaution. Theyre still seeing fairly sluggish growth for only around 1 or so. 13 growth in spain. Actually quite surprising. But overall big disappointment for investors today and shares off sharply on the swiss exchange. Back to you. Thank you so much. Lets talk about earnings from the banking side. Trading sharply higher today after reporting a 2. 4 increase in its net income in the Third Quarter. Speaking to cnbc, the ceo saying that he remains bullish on his european business. Yes, first of all, we think that the economies are moving forward progressively, moderately but definitely and we expect this to be the case for 2016. It is true for france in particular. But may i say, beyond this general environment, i think we collect the benefits of all the hard work to put the right Business Models. When i look at our number of new clients it is at a historically high level. We conquer clients with Business Models such as the new Private Banking one which is very effective. We also have joint ventures. So i think that we also have a particularly strong dynamic in terms of commercial activity. That translates in good deposits in increase of Debt Reduction and margin interest as the fees. As i said we have a good monitoring of risk and strong increase in profits. I think it reflects the dynamic of our business. On the flip side in france, theyre trading sharply lower today after seeing that its plan announced over a year ago to simplify the Group Structure is unachievable, at least in the shortterm. Plus the french lender also posted a decline in Third Quarter revenue. Lets talk about the world banking and joining us is many the manager partner. Chief economist and cochairman. You know, this world banking is still tough as we know. We have known that for awhile but these french lenders outperform expectations in the quarter. Its doing okay. But the reality is the european banks even if they are able to improve on their revenue at the group level they are essentially laiden with their Capital Market operation which is is not performing as well as it used to. The main reason is a loss or decrease in revenue and profit. Right. So credit i recall when you look at their numbers the strength is coming from the Retail Banking side. Always been. Always has been, right. But a lot of banks are switching more to focus on retail, for instance, you know, for instance here in the u. K. , barclays and the like. Is that the future . Banking should be boring as we heard in 2008 . Its not just about switching to retail. Essentially the banks are shifting from setting assets, managing risks for their clients or on their own behalf to becoming service providers. In a sense, yes, its becoming more boring. Actually its becoming more normal. If you want to make descent returns or profit you need to provide a good service. Deutsche bank is switching to a retail focus. Theyre decreasing their global ambitions. Okay. Yeah. So now youre saying that european banks are reporting pretty much in line with what the u. S. Banks are doing. Would you agree with that . Some have said that the u. S. Banks took their pain earlier on. They paid their fines and deleverage and cut the riskier business and now its the turn for the european side. Thats the case. They have a massive amount of loss on this quarter. Regulatory fines are yet to be paid up. A lot of them have been paid recently. And recent cash. Thats what Credit Suisse is doing and what stand chart is doing with their rights issue. Out of the bunch is there one that stands out more than others if you had to pick pockets of strength . What is true though is in terms of Global Presence and the ability to provide the product and services across the world, the american banks have got it today. What you see is effectively the former global european banks retrenching on the domestic markets and activities. That is so strange to me that the u. S. Banks might be in a pocket of strength. Well, relative to the european banks on the global scale a agree the european banks are deglobalizing and thats leaving only a handfull of global fairs really. But as you said earlier its time for the european banks to turn. The european banks have cleaned up and what that indicates is a broader lesson that over the next year or so european economies are going to be the ones that surprise on the upside in the way that the American Economy did three or four years ago and i think what we heard about the credit growth and the development of the retail side of the bank i dont know what it will do but the fact that theyre providing more credit for Small Business and the