Lawmaker hiking its full year outlook as sales jumped 70 in the Fourth Quarter. Twitter finally sets the price of its ipo today after the closing bell. The most anticipated tech offering since facebook last year. Very warm welcome to you. We kick off with the final snapshot of the services pmi and the composite. The final services pmi, 51. 6. A pick up from the 50. 9 flash number. The composite pmi, then, 51. 9. It was 51. 5 was the flash of the composite number was picked up, as well. October Services Output prices, 48. 5. That is a slight tick down in prices from 48. 6. Which was the flash number. Euro dollar just moved away from that sevenweek low. 1. 3501. Were traiding between that 1. 34 level and the two of year high which we hit two weeks ago, 1. 3833. Well get more action on the eurozone economy as we go through the program. Also listen to go what ba systems has to say, theyre expecting to act around 1,000 jobs in three uk shipyards. They will make more announcement a little bit later. But there are expectations that those job cuts are going to come down and they may be keeping Scottish Shipyards open. Theres a public dynamic to this, as well, bearing in mind theres a whole question surrounding scottish independence, too. So well get more bae systems, as well. Besides aus ol that, also coming up on todays show, bad news from washington. As experts warn that fridays october jobs report could be especially bleak, thanks to the recent Government Shutdown. Well give you a preview at 10 30 cet. Secrecy may have given samsung an edge of competitors in the past, but now the traditionally elusive tech firm is opening its doors to investors for its first analyst day in eight years. Well have the latest from seoul at 10 40 cet. Next was an 11th hour price move, the right move for twitters listing. Well get Expert Opinion at 10 45 cet. And its also back to japan where the worlds biggest carmaker toyota has raised its profit forecast after a weak yen and profit helps to lift quarterly earnings. Weve got the full details at 11 20 cet. Plus, its media earnings week in the u. S. With firms fox reporting 20 less than expected quarterly earnings. Well get the latest details coming up at 11 20 cet. If you have any thoughts about anything were discussing today, please email us at cnbc. Com. Tweet me, rosswestgate, as well. Olsom says it plans to cut 1300 jobs, mainly in europe. A move that means it doesnt need to raise fresh capital. The firm made its announcement as it revealed another big day in french earnings. Stephane, what has been investors reactions about what alstom had to say. Alstom wants to focus on the Cost Reduction after announcing for the first half of the year a 20 contract job of its order. The company will cut 1,300 jobs worldwide, mainly in europe. Its going to launch an Asset Disposal Program in the transport sector. Its planning to raise between 1 billion and 2 billion euros from the sale of its Minority Stake transports unit, chkt be in the stock market at some point. The company is struggling with austerity policies in europe. Its also face ago softer growth from emerging countries. For the first half of the year, net profit declined by 3 . At 375 Million Euros, although, ross, it was a bit stronger than expected. And also this morning, we have numbers from lefrange, which posted a net profit of 340 billion euros. The ceos confidence that the Third Quarter was stronger than the first half of the year. In the meantime, thanks to a stronger demand on most emerging markets in the meantime, the recovery in france, europe and the United States is stabilizing at low level Market Reaction as the Company Confirms its targets in terms of debt reduction. Stephane, thanks very much indeed for that. The stock up 5 . Old neutral up about 1 at the moment. It had increased Third Quarter sales of 10. 4 billion. The insurer says its the size of recovery in britain and america, despite the volatile global market, which is helping with the South African business. The ce on o Julian Roberts says hes pretty pleased with the momentum. You are seeing more and more flowing back slowing into equities. So more and more, we are seeing people increase what they are putting into equities and i think that momentum will go. The dutch Publishing Firm says north American Business res helping to offset declines here in europe. Smashing expectations for its Third Quarter net profit, up 61 is to 191 Million Euros. Analysts were looking for a figure around 137. The worlds Number One Firm says its returned to growth in a number of European Countries. Stock up 12 , as well. The danish wind turbinemaker posting a best than specd rise in Third Quarter operating profit. The firms Restructuring Plan helping deliver a betterthanexpected earnings number. Pirelli cut its full year retail sales while it says european sales were fairly skewed. Nevertheless, the stock is up. Later on today, well go speaking with the pirelli ceo, marco provera. Catch that interview on closing bell and again tomorrow morning. Thats where we stand with the earnings right now. Whats your view of the on earnings season . Are we meeting your expectations . Well, if we live in the u. S. Earnings season, that has been quite well in line with previous Earnings Seasons and downward revisions to 201213 earnings per share has been only less down than what were seeing in europe. In europe, the downward revision is around 10 . But we have seen signs that the European Countries with broader exposures outside europe, specifically in north america and asia are doing better than the ones with more domestic exposure. Yeah. And is that a trend thats going to continue . Probably for some time. Maybe next quarter will be a little weak, as well. But i think as we progress into 2014 we will see european equities to begin to see upward revisions to operating profits and top line growth again across the board. We are quite optimistic in 2014. We think theres a lot of indicators, the leading indicators that are signaling that the economy is going to accelerate into 2014 and that will benefit europe across the board. Yeah. A good example of that, i suppose, is adecco smashing forecasts. They said weve returned to growth in a number of uran countries. They easily beat forecasts this morning. What do you make of them . Exactly. It proves our point that the euro from a macro perspective is turning around and ademo is signaling that the labor market is turning around in italy and spain and germany where france is still weak. So it sort of tells us that the competitiveness reforms have been carries out and its beginning to work. And look, ing is saying its going to continue to make strong progress in its restructuring program. Thats your favorite insurance pick. Why . We have been extremely positive for ing. It has a 25 upside potential still and with the share price going more than 5 a day, theres still 20 up side here. And what is lining this is the upcoming ipo of the european Insurance Business in 2014 which will eat the shareholder value because its now easier for investors to unlock the value of this complex financial conglomerate. You saw the shareholder value unlocking when they did the ipo of the u. S. Insurance business. Then the Company Continues to have tight control and they are divesting key assets in asia, which will benefit shareholders. We think that will be a positive tailwind for ing going into 2014. Definitely our top pick in the european Insurance Business. Look, pirelli is just the latest European Firm to talk about the strong euro having an impact. Are they just using the strong eurozone excuse or are you going to look at companies and say, yeah, im going to reduce waiting in them if theyre adversely affected by the strength of a single currency. No. I think its a bit of an excuse at this point. If you take the average euro dollar fx rate, it has antibiotic 1. 33 the for the last year and were trading slightly above that. And you can still see from the export numbers coming out of spain and italy is that both export countries is accuracy an increase in the exports despite the stronger euro. So i think we have to be careful here about saying that the stronger euro is weak and i think switzerland is the perfect case of where you have a strong currency and the companies can report strong earnings and top line growth, so there is no connection there, i think. Peter, thanks for that. Thank you. Ive got new car registrations out for the uk. That sector expanding at the fastest rate for 16 years. Uk car registrations for 2013 stayed up 10 to 11. 95 million units. Car sales in october up 4 , 157,000 units, as well. And theyre now raised at the result, the society of traders have raised the forecast this year from 2. 25 million, they see 1 growth in 2014 and 15, as well. Car registrations reflecting the increased strength in the british economy. Yep. Yep. The waiting is nearly over. Twitter is expected to price its ipo after the closing bell today. Its going to sell 70 million shares or 13 of the company as previously planned. But the price has gone up. Eye now up to 23 to 25. The initial price range was 17 to 20. At the top end of the new range, it would value twitter at around 13. 6 billion. Plenty more to come on that. Its a big week in ipos as 16 are pricing. Last month, 30 deals were the most in october since 2004. And Renaissance Capital says its now turning out to be the best year for ipos since 2000. You can get the subject of the trader poll throughout the week. Well bring you the results and show you the sentiment today. This week were asking how will twitter close on its first day of trade. Weve got a higher range now. Will it be higher, lower or flat. Head to traderpoll. Cnbc. Com or have your say on twitter using traderpoll. We want to know is the ipo friendly a sign of market strength or a sign that the stock market is getting top heavy . Let us know your thoughts. What is this recent berth of activity on the ipo market . Email us or tweet direct to me, rosswestgate. Sixuan joins us now out of singapore. Thank you, ross. We saw muted trading today with uncertainty about the set tapering under sentiment. China markets lost rounds in late trade while investors remain cautious around the key party meetings. We saw heavy selloffs in Property Developers and banking shares. Meanwhile, more clarity of banking reforms today. A local chinese banks, weishung priced near the bottom range and the index ended flat. The nikkei 225 outperformed its asian peers and gained 0. 8 . A flat session for south koreas kospi while samsungs dividend hike plan failed to impress investors and tumbled over 2 . Australias asx the 00 ended the session on a flat note. Lets take a look at the tech space in taiwan. Acer reported a worse than expected q3 net loss. Its restructuring, bringing in a new ceo and cutting 70 of its head count. And taiwans htc is looking to lower costs. Shares in contrast gained almost 4 today. Thats a look at asian markets. Back to you, ross. Sixuan, thank you. Advancers outpacing decliners around about 7 to 2. Yesterday, the ft. If it is was down some 16 points. Weve run through the earnings and thats the focus. The ftse is fairly flat. Weve got industrial figures coming out in the uk in around about 22 minutes. The xetra dax is up 0. 25 . The cac 40 is up 0. 6 and the ftse mib down fairly well up 0. 7 . Pirelli helping out there. U. S. Treasury markets today, higher than where we were yesterday. We did see on the ism manufacturing component, an increase in the employment, a better figure than we thought suggested that businesses went through the shutdown of the u. S. Government in october on. May be in better shape than we might have thought. Gilt yields at the moment, 2. 71 . And its still a real scaling back or ratcheting up of expectations to say when the bank may raise rates in the uk following that strong data, as well. On the currency market today, the yen is being down across the board. Dollar yen at the moment fairly flat, 98. 48. Pound continuing the climb that we saw yesterday, posted a services pmi number back up at 1. 61. Euro dollar, 1. 35. Now, one thing before we head into the break, if you like pina colotta or getting caught in the rain, find out why aging coconuts are something to worry about. Thats perked your interests, i know it has. More on that, plus strong u. S. Sales and a weaker yen have sent toyota results into full throttle. Well bring you the latest from tokyo when we come back in just a few moments. Honestly, as much as i love this job, i plan to do a lot more. I needed a new laptop for my premed classes, something that runs office and has a keyboard but i wanted a tablet for me, for stuff like twitter and xbox, so my downtime can be more like uptime. Thats why i got a windows 2 in 1 which does both works as a laptop and a tablet. So i can manage my crazy life, and also have a life. [ beep ] gotta go. All right. Toyota has been benefitting from a slightly weaker yen. The japanese automaker lifting its net profit forecasts by 13 for the year after a 70 acceleration in Second Quarter net profits. Joining us for more is kaori enjoegy. What do analysts think of these toyota numbers . Well, ross, toyota is well on its way to being this Worlds Largest automaker this year. When we talk about the depreciation of the year, youre bound to expect profits and thats why the market has rallied this year and were getting that confirmation today and more. Now the company is saying net profits are going to come in at 16. 95 u. S. , just shy of the record it hit in 2008 right before the financial crisis. U. S. Markets particularly strong for toyota and they sounded pretty upbeat at the News Conference today. Ross, were well into the second and third face of the socalled abenomics, which is the Structural Reforms were waiting for and whether or not companies are going to translate these bumper profits into the higher wages. Toyota is critical because they set the tone for the nation in terms of wages. But despite these record levels were seeing, theyre pretty noncommittal on that front today. It is natural to return profits to employees in the form of wages. That will depend on discussions with the union. Once the union makes its demand clear and presents them to the company, only then can those discussions take place. Strong results, but there are areas that toyota should be concerned about, particularly in three emerging markets. Thailand, indonesia and india, especially if fed starts to if the fed starts to taper. It depends on u. S. Monetary policy. If the fed starts to taper, it will have various ramifications in the emerging markets, and not just on Interest Rates. When it comes to the emerging markets, there are a number of uncertainties. This caps the earnings season for the japanese automakers, a lot of record profits this time around. Ross, as we talked last friday, the big miss from nissan really stands out. Meanwhile, Mitsubishi Motors carry in focus. I understand theyre looking to double annual sales in china in the next three years. They have a new strategy offering up to 2 billion in ordinary shares, as well. What are they trying to do with that . Pay back shareholders from the bailout . Absolutely. The terms youve come a long way really applies to the ceo of Mitsubishi Motors. And in my mind, today belonged to him more than toyota because this is a company that was on the verge of bankruptcy back in 2004 because of the coverup scandal and they had to issue preferred shares. But today, theyre confirming that the market had been expecting. Theyre buying back most of these preferred shares and issuing new stock up to 2. 1 billion as soon as possible. Heres what they had to say. This allows us to be a normal company and not we hope this will be a paradigm shift and help us go further. If it were not for the lehman crisis, we could have completed our realignment and come up with a plan to rebuild even sooper. It also set out some Ambitious Goals for the next three years. Theyre counting on record profits of 1. 37 billion by march 2017 and hoping to sell 30 more cars than they do right now. But you have to remember, this is a very Small Company and i think therein lies the longterm problem because technology is expensive. They need a global partner. And because of the realignment over the years, there are not that many left and i think this is one of the Critical Issues facing Mitsubishi Motors. Kaori, thank you vep. Well catch you later. Staying with the automotive theme, tesla motors has reported a narrow Third Quarter loss on slightly higher production of rev noougz knews which beat forecasts. It delivered 5500 of its model s sedans including 1,000 into europe. Thats more than tesla projected, although some analysts thought the Company Might ship more than 7,000 cars. Its expecting earnings to be consistent with the First Quarter. Ip client they would fall short of analyst estimates. Talking about a shortage of battery supplies. Shares down 7 in after hours. Were up 9 in frankfurt. Still to come, australias trade deficit may have improved in october, but it was driven by a fall in the purchase of mining equipment. Well look at commodities and the produces straight after this. The headlines around the globe, better than expected boosted european stocks, the worlds number one Staffing Company adecco forecasts a pick up in hiring in europe following a 61 jump in Third Quarter profits. Toyotas earning growth accelerates, as well. The japanese automaker hikes its full year outlook as net profit jumps 17 in the Second Quarter. And countingdownthehours. Twitter, the most anticipated tech offering since facebook. We have more data out of the uk. September manufacturing up 2. 8 on the month. Slightly higher than the forecast on the month and 0. 7 on the year. Industrial production for september up 0. 9 on the month, up 2. 2 on the year. That is also stronger than expected by more. It was forecast up 0. 5 and 1. 7 respectively, as well. So another bit of strong data utah of the uk, pushing levels up to the best of 1. 6111. Theres slightly new information regarding new car registration which i brought you 30 minutes or so ago. They were up 4 on the year, not 10. 2 on the year. But british car sales last month higher than a year earlier. That takes the total number of registrations so far this year to the highest point since or the same point in 2012, i should say. So, thats the latest data in the uk. Still backing up the strong sales number, pmi number we got yesterday, as well. Meanwhile, were just over an hour and a half into the european trading session. Equities in the uk fairly flat despite the data. Xetra dax is up 0. 3 . Were up 0. 75 for the cac 40. The ftse mib up 0. 6 , as well. Bond yields are higher today, as well. Tenyear gilt yield is back up 2. 7 . Theres going to be a real change in the bank of england expectations, as well. They may bring forward their guidance we believe bearing in mind the strength of the economy and hitting that Unemployment Rate. On the currency market, sterling just a little higher today. The yen has been weaker across the board. Dollar yen not much stronger at the moment, 98. 52. Euro dollar, back over on. 35. Just above that sevenweek trough around 1. 3450. Now, Economic Growth in resource rich indonesia continues to slow. Third quarter gdp up 5. 6 on the year. Slower agricultural and export growth were a drag. At the same time, australias slowdown in minding investment was reflected in its september trade numbers. Strong iron or sales in asia helped make up for the new activity, keeping exports flat on the month. Joining us for more on the commodities outlet, thanks so much, indeed, for joining us today. We saw the last set of trade data, a big jump in chinese imports of iron ore. Is that going to continue . I think, you know, people have been looking at the slowdown of china for about a year and the last two months weve seen, actually, that the Economic Development in china has reintroduced. So we expect the trends to continue from a point of view prizing and maybe slightly volume. Nos through the price margins which weve seen in 2007, but at least improving from the downturn weve seen mid year. Were going to get the next chinese trade data on friday, which will be fairly instructive. Shipments of crude, copper, iron ore, will they still be strong despite the fact we have this week long holiday in october . Look, i think you shouldnt really look at week and week and months and months. If you look at the trend, basically, for the last five years, youve seen that copper and all imports have continued to go up and come up significantly. Today, if you actually look, you see that china has become the largest crude import in the world and its the largest copper import of the world and its numbers are going upandup and up. All the differences we see is trading, stocking, restocking, destocking and basically the trend is taking more out of the pie. Now on the supply side, i think what youve seep, particularly in australia, is that cap ex has been cut back dramatically. So you have lower costs, lower purchasing of mining growths, but what you get with that, as well, new free cash flow, higher dividends, and the sector becomes very attractive for investors. Its probably one of the few sectors where youre going to get significant earn eggs growth due to the environment where you have higher prices on the side and an increase in cash flow because of reduced cap ex. And so higher price is basically flattening out in some of the minerals. Copper held steady between 7,000 and 7,420 a ton is where we sort of have been. But we did see an improvement in prices when we got a delay in the fed tapering. Forget about tapering and higher Interest Rates driven because of tapering. Thats just not going to happen. So were going to have significant growth, at least in normal terms. Now what weve seen on the supply side is probably even more dramatic. I think this credit crunch, which we had mid year, has resulted to people in the 10 and nickel space producing basically below cost. So what youve seen is people going into bankruptcy and liquidation. So supply is going to go over to get crowding and recoloring. So i wouldnt worry about tapering. I would look at demand supply basically in an environment where the gap is opening up instead of narrowing down in profitability. Look. And for the big resource stocks year, theyre looking to increase production, a big iron ore diversified miners, as well. What do you make of how investors are pricing them . Look, theyre trading basically between 8 and 10 times earnings. Theyre trading between 0. 8 and one times price to book. So if you look at the Consumer Market stocks in the world, theyre trading at 20 times, right . And if you look at the consumer growth story, its slowing down. The profit margin to growth is slowing down while the mining side youve got the opposite happening due to the correctional supply side. So what you are looking for is that investors are now shifting, taking some money off the table, off the defensive stocks have been hiding, taking a bit more cyclical exposure where you have price recovery and basically moving out of 20 times pe to something which is nine times pe for something which is three times to book below price to book. I think it will be a driver for the next few months. Weve got another signal out of japan over just how important the feds tapered timeline is. Minutes from the bank of japans earlier meeting showed policymakers were concerned by the fomcs decision to delay cuts to bond buying. The bank of japans Board Members warned u. S. Policy was now harder to predict, raising market risks. U. S. Tapering reversed the dollars rise again the yen, strengthening something of the recovery. This is all as the cf of of ecommerce is taking a stand against sales regulation. We have more on this story from tokyo. Hi, ross. The internet marketplace giant ceotani says he will quit an Advisory Panel headed by abe showing strong new strict regulations that restricts online sales. The government says the new rule will ban online sales of stronger, new drugs in order to protect consumers. There was a press conference in tokyo in afternoon arguing there is no guarantee that buying drugs facetoface is safer than ordering them on the internet. In january, the Supreme Court ruled against a Ministry Order banning all online sales of otc drugs as unconstitutional. Since then, theres been virtually no regulations banning other web market operators to sell drugs freely online. Thats all from nikkei business report. Back to you. All right, thanks and have a good evening in tokyo. We will be back in the japanese capital a little later with kaori for another update on toyota. Meanwhile, a host of global banks are nearing a multibillion dollar settlement. The last two year, competition regulators have been probing trades. The banks include deutsche, societe generale, hsbc and credit agricole. Barblys, which flagged the suspected wrongdoing will not be fined. And greece has been preparing for another shutdown as the nations two labor unions prepare for austerity measures. The 24hour strike, the fourth this year, will disrupt the public transports and see universities closed. Imf chief was greeted by a protester throwing coins at him as he arrived at the finance minute stre yesterday for talks. He wants athens to sign up for a number of measures before it will release its next 1 billion charge of aid. Ae systems could cut more than a thousand jobs in britain as it nears the completion of two aircraft carriers. According to media reports, an announcement of workers in its shipyards will be made on thursday. Job cuts may not be immediate as work on theship continues through to 2015. More still to come on todays show. Samsung holds its first analyst day in eight years, vowing to put shareholder returns first as the move wins over investors. Well find out why well be in the korean capital seoul when we come back. Im only in my 60s. Ive got a nice long life ahead. Big plans. So when i found out medicare doesnt pay all my medical expenses, i got a Medicare Supplement insurance plan. [ male announcer ] if youre eligible for medicare, you may know it only covers about 80 of your part b medical expenses. The rest is up to you. Call now and find out about an aarp Medicare Supplement insurance plan, insured by unitedhealthcare insurance company. Like all standardized Medicare Supplement insurance plans, it could save you in outofpocket medical costs. Call now to request your free decision guide. Ive been with my doctor for 12 years. Now i know ill be able to stick with him. [ male announcer ] youll be able to visit any doctor or hospital that accepts medicare patients. Plus, there are no networks, and virtually no referrals needed. See why millions of people have already enrolled in the only Medicare Supplement insurance plans endorsed by aarp. Dont wait. Call now. Samsungs stock, you can see, is down about 2. 3 today. Its first analyst day in more than eight years. Many of them want to know whether samsung would share more of its 50 billion cash pile with investors. The move wasnt enough to keep investors entirely happy. Lets find out why. Chery kang joins us from seoul. Hi, chery. Was the beef this time . Looking at shares, now its closed down more than 2 despite this major session today. Investors dont seem too convinced today, i think, to a certain extent. Investors were kind of disappointed with its dividend policy saying its considering 1 of payout for the year when they were hoping for a bigger present this time from todays analyst day event. Now, what Samsung Electronics is doing is or going to do with that huge pile of cash that its sitting on right now, running at about 350 billion u. S. Dollars was one of the Big Questions that investors were asking today. And samsungs answer was, no, our cash pile is not excessive because were planning on using that for more aggressive and an a policy from here on. So that could be one explanation for its Stock Performance today. And to talk about the future growth plans, which really needed to address by now, especially after that big selloff this past summer on the sfok market on concerns about slowing galaxy sales, it says it plans to focus more on b2b rather a b2c because auto, health care and electronics as the areas that can give samsung new growth from here on. So basically, using its technology to help other sectors create that samsungs i. T. Ecosystem to give itself further growth. So, ross, today we did get some idea owes samsungs presence today, which we didnt really know much about it, given that its a pretty shy company when it comes to ir session. And, of course, next steps, especially when its galaxies are becoming commoditized, as some put it, and how close its get to go reaching that 400 billion of sales goal by 2020. Now, it will be interesting from here on to watch whether its shares can improve along with the confidence that the top management at samsung show today. Now, back to you. All right, chery. Thanks for that. Have a good evening in seoul. Shares of on acer itembled today as the firm announced some shangs. The ceo is stepping down and will be replaced by the corporate president jim whong. This comes as acer reported a net loss of almost 450 million in the Third Quarter. Its reported losses now in five quarterses since 2011. The hardware firms will cut 7 of its head count. Thats 560 jobs which may save around 100 million a year. Microsoft, meanwhile, has reportedly narrowed the list of possible people to replace Steve Bo Balmer as ceo. The candidates have been whittled down to five. Microsoft has identified at least three internal candidates, including the former skype c he o tony bates. The process could still take a few more months. In august, balmer announced he would retire within a year. Theyve got some type time. Microsoft is certainly up 0. 8 in frankfurt. Apple has been disclosing for the first time the number of information requests it gets from governments around the world. Its the last Major Tech Company to do so in the wake of the controversy of its Data Collection by the nsa. Apple says in the fist half of the year, it receives between 11,000 and 2,000 requests from u. S. Law enforcement. Under u. S. Restrictions, Tech Companies are only allowed to report numbers in increments of 1,000 and must combine Law Enforcement and National Security requests which makes it harder to know exactly how much are, in fact, security related. Yep, just in case you didnt know, twitter is expected to announce the pricing for its ipo after the u. S. Closing bell today. Ahead of its offering, cnbcs Julia Boorstin has been taking a closer look at the founders of the microbloging service. With twitters ipo coming up later this week, cofounder and chairman jack dorsey is in the spotlight. With a new yorker profile about him and a 4 stake in the company post ipo, he had three cofounders who were pushed out of twitter. Evan williams is the largest individual shareholder with 10 of twitter posts ipo. He was ceo of twitter until he was ousted by the companys board in 2010, replaced by dick costlo, who was brought in as coo the prior year. Williams cofounded the obvious corporation, an incubator for web media companies. Along with the former chief creative director stone who was pushed out at the same time as williams. Latched last year, medium offering an alternative to twitters character limitations. United states designed for easily sharing longer form content. Stone and williamss corporation backs a totally different start up. Beyond meat. Stone recently announced his solo venture, a start up in stealtm mode called jelly only to reveal its part of mobile. Noah glass left soon after the Company Launched after a falling out of his cofounders. His twitter profile says i started this, but he doesnt tweet very often. His Linkedin Profile says he founded codeo. Weve reached out to him via social media but have not heard back. Unlike williams and stone who are featured in one of twitters road show video, glass has nearly been written out of twitters history. Back over to you. Meanwhile, the firm is going to sell 70 million shares or 13 of the company. Thats the original plan. But the price has gone up. Shares are now priced between 23 and 25 each. At the top end of the new range, it would value the firm at 23. 6 billion. It could nearly double its share price by tend of trade on the debut tomorrow. Joining us is allison mckay. Good to see you. What is your gray market suggesting we might end the day at after the first day of trade . Morning, ross. I think its worth noting, as well, in the fine print, they do actually say that they could raise the price higher than that 23, 25 level. It seems unlikely, but there is a possibly of that. Certainly the gray market at the moment is 24 to 26 billion u. S. Dollars. And that infers a share price of backside 44, more than double what the ipo price is. So i think were looking at a Pretty Healthy appetite for investors there. Yeah. How reliable is the gray market . As to when we looked at this on facebook, i. T. Climbed, the stock could go up to 45 or even 48, and, of course, it slumped after closing around the initial 38 price. Yeah. I think if we look at something more recent than that, the royal mail, for instance, less than a month ago, our price the evening before it started floating was 4 pounds and 10 pounds and many thought that was on the toppy side. As we saw when trading started the next day, that was undercooked, if you will. I think twitter have underplayed their hands here. If you look at how little of their exposure the twitter members are actually giving up in this ipo, i think maybe somewhere in between might be the fair corporate. Its difficult to say. I think its worth considering. To have some unique as spets about them to maybe set them apart from the likes of facebook. Such as . Well, i think facebook users tend to log on maybe once a week, once a month, less frequently than that, whereas twitter users tend to log on multiple times a day. And over 60 of global users of twitter do so from mobile devices. From an tid advertisers point of view, that can give you a considerably more focused demographic you can target. Maybe that might enable twitter to add a bit of a premium to the price. Its a delicate balancing act between ensuring that the users of the platform dont get bombarded, but ultimately monetizing the volume of users they do have. They did start monetizing japan could work. Which is outside of america, as well. So they do have some challenges about them. What sort of fol volume are you seeing . Your gray market prices . What sort of volume is that based on . Were seeing similar volumes to what we saw in the royal may mail last week, the same time as the ipo cycle. Slo although its worth pointing out, we are seeing twoway action. Thats buyers and sellers coming in. Royal mail, for instance, was predominantly bias and only a small amount of profit takers prior to its actually floating. So it looks a bit more of a healthy environment that the trade sg going at the moment. Similar to facebooks volumes, as well. Alistair, good to see you. Thanks for that. All will be revealed, of course, tomorrow when we get the real market. Now everything week, of course, cnbc is asking you to give up your thoughts on the trend. We bring you the results. Our trader poll this week is how will twitter close on its first day of trade . Its pretty simple, higher, lower or flat. Head to traderpoll. Cnbc. Com. Cast your vote. Have your say on twitter using traderpoll. Plenty of ipos in focus elsewhere, providence Hong Kong Exchange is clearing it up 20 on the year in september. Thanks to rising revenues and trading stocks derivatives jumped nearly 20 , too. Seeing more growth in its ipo pipeline. Today, bank of made its trading debut in a 550 million float. Also, in other ipo news, chinas shangwhi international has reportedly hired six banks for a hong kong listing. It bought the u. S. Pork producer smith foods for 4. 7 billion earlier this year. If successful, the float would be the biggest in the Asia Pacific Region since 2010. A lot of folks will also be on this weeks meeting of the chinese leaders, as well, to see whether they relax lawes and allow chinas mainland investors to go directly into the hong kong stock exchange. Weve been harping on the back of all this ipo news that weve got, is this a sign of market strength or potentially a sign that the stock market is getting top heavy . John brenner tweeted stock tips from the kid who cuts your long will be next then kaboom. Alexander tweeted it has never made a profit. Value is based upon projections. High risk value. Keep your responses coming pup get in touch with us. Quick reminder of whats on the agenda in asia tomorrow, another big day in earnings. Elsewhere, Chinas Lenovo and indias tech mahinda post figures and on the macro front would be get well get october jobs figures plus the latest policy decision is dow due from malaysias central bank. Well take a short on break. Still to come, as the ipo frenzy picks up from around the world, listing rules in order to improve corporate governance. Could the move hinder londons global standing for markets debuts and their share . Well talk about that. The second hour of Worldwide Exchange coming right up. Is at farmers, we make you smarter about insurance. Because what you dont know, can hurt you. What if you didnt know that posting your travel plans online may attract burglars . [woman] off to hawaii what if you didnt know that as the price of gold rises, so should the coverage on your jewelry . [prospector] ahh what if you didnt know that kitty litter can help you out of a slippery situation . The more you know, the better you can plan for whats ahead. Talk to farmers and get smarter about your insurance. We are farmers bum pa dum, bum bum bum bum. This is Worldwide Exchange. Im ross westgate. Here are the headlines from around the globe. Betterthanexpected earnings boost european stocks. The worlds number one Staffing Company, adecco, forecasts a pick up in hiring in europe following a 61 jump in Third Quarter profits. Cost cuts helped the like of vestas and alstom. The wind turbinemaker raises its cash flow target while the french engineering giant iced asset sales after a drop in orders. And mitsubishis net profit jumped 70 in the Second Quarter. Plus, counting down the hours. Twitter finally sets to surprise its ipo after the closing bell. The most anticipated tech offering in facebook. A warm welcome to you. Welcome to the start of your Global Trading day. The s p down some 5 points. U. S. Futures at the moment indicating were going to go up at the beginning. Right now, dow futures are some 63 points above fair value. The nasdaq at the moment, 50 above fair value. The cnbc ftse global 300 up 0. 2 . Weve had more better data out of the uk today, industrial output coming in stronger than expected. That boosted the pound. Xetra dax is up 0. 3 . The cac 40 up 0. El . The ftse mib up 0. 6 . Take a look at where we are with bond rates. Treasury yields a little higher. Just under 2765 , the yield on the tenyear. And on the currency markets, euro dollar, off that sevenweek low. Up around the 1. 35 level on euro dollar. We move that on for you. You can see that. Just wait for it to happen. There we go. Thank you very much. Sterling, firmer again today. We have the Strong Services pmi data, better dey data out again today, up over around 1. 61. Aussie slorl steady at 1. 65. So lets get more on whats been going on in asia overnight. Li sixuan has the details out of singapore. Sixuan. Thank you, ross. Asian markets modestly in the green as uncertainty about the set tapering undermines sentiment. China markets lost ground in late trade while investors remain cautious ahead of the policy meeting. Ahead of lackluster debut, investors await more clarity on banking reform. Another local bank priced its Hong Kong Ipo near its bottom range, expecting to raise 1. 2 billion in its debut next tuesday. And the hang seng index closed flat. Meanwhile, japans nikkei 225 ending higher by 0. 8 . But a flat session for south koreas kospi. While Samsung Electronics dividend hike plan failed to impress investors and samsung shares tumbled over 2 . Australias asx 200 end odd a flat note. The bank of australia hit a record high after posting a 13. 5 rise in its First Quarter profit. Lets take a look at some movers in japan. Retailing was tumbling over 3 after its closed doors reported a 14 fall in domestic samestore sales for october. But shares recovered from lost ground, ending down by 0. 8 . Meanwhile, sony is reportedly planning to chart a monthly feel for multi player games on its ps4, which wont hit this month and these are currently free on the ps3 as sony shares gained 1. 2 . Thats a look utah of asian markets. Back to you, ross. Sixuan, thank you very much, indeed, for nap we have more daddy coming out of the eu in terms of the retail Sales Numbers this morning. Eurozone september retail sales up 3 on the year. A little weaker on the reuters forecast of 0. 7 . Just another data point as the ecb goes in its meeting tomorrow. We have core inflation down, matching a low of 0. 8 . And unemployment back up at a record high and thats reflected in that weaker than expected retail sales number, as well. Now, the big one. The wait sg nearly over. Twitter expected to price its ipo after the close today. Twitter is going to sell 70 million shares, or around 13 of the company for a new price of between 23 and 25 each. Its up from the initial range of 17 to 20. Now, the top of the new range, it would value the company around 13. 6 billion. Besides twitter, its also a big week joined all with Six Companies pricing and thats the most in any week since 2006. Last month, 30 deals, the most in october since 2004. As a result, 2013 is stacking up to be the best year for ipos since 2000. Still to come, well be joined by top tech investors eileen berberich and well find out why she thinks twitter must do more to become commercially orie orienteigorien orientated. Also still to come, we want to know if the ipo frenzy a sign of market strength of a sign perhaps, just perhaps, the stock market is getting a little bit top heavy . Let us know. Email us, worldwide cnbc. Com, tweet cnbcwex or direct to me rosswestgate. Besides twitter, plenty more on the agenda in the United States. Today weve got september leading indicators. Theyre out at 10 00 a. M. Eastern. Forecast to rise 0. 6 . Time warner and ralph lauren report results brtd opening bell. After the close, well hear from qualcomm, cbs, mondelez and whole foods. Meanwhile, here in europe, lafarge has reported a drop in revenues. This is a move that means it doesnt need to raise fresh capital. Investors like that. The stock up nearly 5 . Ing, meanwhile, reported an underlying net profit of 180 Million Euros in the Third Quarter. It will continue to make progress on its restructuring program. Old mutual just below that, reported an increase in Third Quarter sales of just over 10 billion. It sees signs of pretty good recovery in britain and the u. S. Despite the volatile global market. Its got some important south American Business, also South African business. Speaking to cnbc, the ceo Julian Roberts said he was pretty pleased with the momentum that the business has been building. Wolters kluwor wait prosecutes flat. Just below that, adecco up over 6 . It smashed expectations for Third Quarter profit, which was up 61 to 191 Million Euros. Analyst had forecast a rise of just 137 million. And inspls Vestas Wind Systems post ago bigger than expected prize in Third Quarter operating profits. And finally, pirelli, up 4 . But it is the latest firm to blame the strength of the euro for its slum in profits. Its its cut its full year forecast because of weak sales in russia and north america. Later today, ill be speaking with the pirelli chairman mark xwroe. Youll be able to catch that interview on european closing bell at 1700 cet and again tomorrow morning, as well. As i said, pirelli is just the latest firm complaining about currency. That echos other comments from several European Firms this earnings season. Here is what other Company Chiefs have been telling cnbc about the strong single currency. The Euro Dollar Exchange rates and this is currently a problem. Even a higher problem than in the past because we do not have the dollar getting weaker, we also have the yen since some months in a very specific situation. Expectations in low currency, so the key impact for us in a negative development in the u. S. Dollar and thats why were slightly in before the terms lower our expectations. We had, really, a very new quarter. We had a perfect storm of and now were fantastic growth was basically erased by callouss. But sometimes youre help, sometimes youre defeated by currencies. I dont think that we are in times where potential banks should intervene, but we have to live and to cope with volatile Currency Exchange rates. All right. Thats the thought of some of the c he os. Joining us with his is peter dixon. Pete we shall good to see you. Are Companies Just using the currency as an excuse . Well, i mean, obviously, you know, when Company Chairman start to talk about currency weakness, i think your natural suspicion is that this is a smoke screen for other problems. But i think they have a genuine case this time out. Over the course of the last two months in particular, the euro has continued to go up at the same time as demand in many parts of the world has weakened. Obviously, the european markets remain soft as were hearing from pirelli. And, of course, other markets in asia have lost a little bit of momentum compared to tief on months ago. So i think this is a very negative compliment of events, you know, weak demand, stronger currency, surprising under these circumstances. The companies are complaining. Yeah. Can you justify euro dollar at 1. 35 . Retail sales today, weve got core inflation matching a regular low of 0. 8 , record high unemployment. No, absolutely not. I mean, weve been saying this for the last three years. Given whats been happening in the eurozone, with regard to the debt crisis, the problems in the periphery increasing problems in the core outside of germany, theres absolutely no way, i think, in most peoples minds that we can justify a euro of high as it is. And if we were talking 1. 25 to even as throw at 1. 20, that might be a different story. But even then, we would say thats at best fair value. I mean, given what is going on in the u. S. , of course, given what the fed is doing, the euro is being temporarily boosted, i guess by the weakness of the dollar. One would hope that over the course of the next few weeks and months as the u. S. As tapering begins, thaebl probably somewhere down the track, we would expect the dollar to regain a little bit of strength. But nonetheless, its hard to see the euro really falling out of bed is it going to be a reaction from ecb or not, peter, tomorrow or next month . Well, tomorrow, no. I think its too early. I think the ecb needs to see further evidence of this surprisingly low inflation rate. Next month, even that, im rather doubtful. Its obviously likely that the ecb will lower its inflation forecasts. But i think that theres a general view on the ecb council that lowering Interest Rates isnt going to make an awful lot of difference either to inflation or to the real economy and it just exacerbated the problems in places like germany where arguably the Interest Rate is too low for comfort. Just talking about that, the americans have tried to give germans a lecture about their trade surface. Theres now an article in the telegraph that says the European Commission might take the germans to task for running excessive trade surpluses within the eurozone at the expense of the rest of some of their other eurozone cousins. Is it going to make a blind bit of difference . Again, i think the answer is no. I mean, i understand the argument. But i think the german view would be, look, you know, if were successful, we make products they want to buy. Is it our fault . Thats where winning surfaces. Its up to you to restructure. Obviously, thats the german view. But i think there is a case of saying that, you know, german consumer demand has generally been relatively subdued over the course of recent years. And indeed many years to be fair. Which means that if youve got a strong and successful export sector, its it would more earnings than its generating in terms of imports. But germany traditionally does run a trade surplus. But the current juncture which many companies, including china, are under pressure for running too high price whether its excessive, isnt it . Peter, thank you very much for that. Peter dixon, joining us from commerce bank. Still to come, strong u. S. Sales and a weaker yen have all helped toyota. Well have the latest from tokyo after this. Afghanistan in 2009. On the u. S. S. Saratoga in 1982. [ male announcer ] once its earned, usaa Auto Insurance is often handed down from generation to generation because it offers a superior level of protection and because usaas commitment to serve current and former military members and their families is without equal. Begin your legacy. Get an Auto Insurance quote. Usaa. We know what it means to serve. A recap of the headlines today. Twitter is the word. The social Network Prices its ipo ahead of a highly anticipated debut. Second Quarter Results on the back of stronger north american sales and a slightly helpful yen toyota is up. In europe, stocks moving broadly higher. More focus on auto earnings. Tele motors reported a narrow Third Quarter loss and sharply higher product in revenue to beat forecasts. The automaker delivered 5500 of its model s sedan, including is 1,000 of on them to europe. Some analysts were expecting the company to ship as many as 7,000 cars. The company is talking about Fourth Quarter earnings being consistent with the Third Quarter, which implies they would fall short of analyst estimates. So bearing in mind what some of the expectations were and that latest forecast, shares down 7 after hours and in frankfurt, theyre currently off 9 . Meanwhile, over in japan, export driven toyota is fast tracking on earnings thanks to a weaker yen. The japanese automaker lifted its net profit forecast to by 13 for the year after a 7 0 acceleration in Second Quarter net profit. Joining us for more from tokyo is kaori enjoji. Good to see you again. What are they saying now about their annup Sales Forecasts . This clearly means that toyota is on its way to being the Worlds Largest automaker in terms of sales again this year. Because, remember, when the yen is weakening from 80 to 100 roughly over the last 12 months, this is going to have a big impact on the company like toyota, which is exporting heavily, much more so than the other japanese automakers. So that has been behind the rally that weve seen in the equity markets. So on todays numbers really are confirmation of those expectations in the market. Theyre now expecting net profits to hit 16. 95 u. S. That is just a hair bro the record profits registered in 2008, right before the lehman crisis. So toyota is selling particularly well in the u. S. Market. They were particularly upbeat in the News Conference today about prospects for the u. S. Market going forward. So now were in the second face of socalled abenomics. Where we want to see the reform, the government is hoping that Companies Like toyota that do have bumper profits will transfer some of those profit toes higher wages because thats really needed for this recovery to take hold. And i cant stress the importance of toyota. They set the tone for japan as a nation in terms of wage growth. But they were pretty noncommittal, despite these record figures. It is natural to employees in the form of wages. That should depend on discussions with the union. Once the union makes its demands clear and presents them to the company, only then can those discussions take place. There are areas that toyota and analyst res concerned about, particularly in the emerging markets like indonesia, india, also thailand, especially given the prospects for tapering by the u. S. Federal reserve. It depends on u. S. Money to earn policy. If the fed starts to taper, it will have various ramifications in the emerging markets and not just on Interest Rates. When it comes to the emerging markets, there are a number of uncertainties. So, ross, this pretty much wraps it up for the japanese automakers and we heard a lot of Companies Announce and forecast record profits, given the weaker yen against the dollar. So i think as we pointed out on friday late friday afternoon, the big miss from nissan and maybe honda into that equation was a major disappointment from many investors. Kaori, thank you very much indeed for that, toyota on all cylinders. Still to come, with 21st century fox reported softer than expected quarterly earnings, how will it competitors fare during media earnings week . Was it the latest from los angeles . As we do so, a reminder of where european stocks are currently trading. Were weighted to the upside. At farmers, we make you smarter about insurance. Because what you dont know, can hurt you. What if you didnt know that posting your travel plans online may attract burglars . [woman] off to hawaii what if you didnt know that as the price of gold rises, so should the coverage on your jewelry . [prospector] ahh what if you didnt know that kitty litter can help you out of a slippery situation . The more you know, the better you can plan for whats ahead. Talk to farmers and get smarter about your insurance. We are farmers bum pa dum, bum bum bum bum [ passenger ] airport, please. What airline . United. [ indian accent ] which airline, sir . [ passenger ] united. Whoa taxi [ british accent ] what airline, then . [ passenger ] united. All right. [ spanish ] what airline . [ passenger ] united. [ mandarin ] which airline . [ passenger ] united. [ arabic ] which airline . [ passenger ] united. [ italian ] where are we going . [ passenger ] united. [ male announcer ] more destinations than any other airline. [ thai ] which airline do you fly . [ passenger ] united. [ male announcer ] thats great, big world friendly. [ male announcer ] how could a luminous protein in jellyfish, impact Life Expectancy in the u. S. , real estate in hong kong, and the optics industry in germany . At t. Rowe price, we understand the connections of a complex, global economy. Its just one reason over 70 of our mutual funds beat their 10year lipper average. T. Rowe price. Invest with confidence. Request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. Now, 21st century fox reported sharply lower profits as euro boosted gains from the sell of assets and hurt by startup costs for two new cable channels, fox sports 1 and fsx. The Company AdjustedFirst Quarter earnings missed estimates by a penny, but revenue did beat forecasts. 21st century fox stocks down 1. 7 in after hours. Meanwhile, after that week showing all eyes on time warper and disneys media earnings week continues. Disney is expected to report on thursday near 12 year on year profits led by Strong Performance on the flagship channel espn and time warners profits will fall sort of last years block burst results. Revenue res expected to edge higher on expansion overseas. Juan grover is an l. A. Bureau chief and is joining us now. I know its early in the morning, ron. Good to speak to you. Thanks for joining us. What is 21st century fox figures mean from what we might hear from disney, do you think . The kim kingdom has seen less than magical in recent months. Well, yeah. Foxs problem was the fact that they spent like crazy in the last quarter. Specifically, to go after espn and you just mentioned that espn is the flagship over at disney. And fox started their own espnlike channel and theyve spent like crazy to get as much programming as they possibly can to compete. And i think well probably see that disney is going to be somewhat negatively impacted because they, too, spent a lot of money to keep its sports channel up and very aggressive in the last quarter. So everybody is spending heavily specifically on sports programming in the United States. Its going to hurt both of those. Advertising for tv stations isnt so strong. Disney had a very good year, a very good quarter for its movie studio, unfortunately, for fox. They did not. So i dont think disney is going to be quite as rudely as as rudely awaited as fox was. Fox, as you just mentioned, got a rude awakening from the stock market. Something of a writedown, i presume, for the lone ranger. Yes. Thats putting it mildly. Lone ranger was a stinker in any word, any way youre going to describe it. Theyre going to report a pretty good size loss for that one. Beside tess shorts channels, it will be interesting to see how resilience espn is to the next fox channel. Theyve been investing quite a lot in their parks business, as well. Are they going to be able to recoup that . Well, the parks are magical. The parks have come back much stronger than people will have thought they would, yes. But the money they put in it is now start to go taper off and youre starting to see some growth. With the exception of china where theyre putting a lot of on money in it right now and their part does not open for a couple years yet. The markets are starting to look fairly strong. Ron, thanks 1067 for joining us. Its a strong time for the morning in l. A. Ron grover, bureau chief at reuters. Once thing, if you like pina colatas, or like getting caught in the rain, this one is for you. Head to our website and find out why aging coconuts, yes, folks, aging coconuts are something to worry about. Also still to come on the on show, as investors prepare to discovery how the u. S. Government affected the shutdown, we should prepare for bad news going into the holiday season. Find out why. The ocean gets warmer. The peruvian anchovy harvest suffers. It raises the price of fishmeal, cattle feed and beef. Bny mellon turns insights like these into powerful investment strategies. For a university endowment. It funds a marine biologist. Who studies the peruvian anchovy. Invested in the world. Bny mellon. Stick with innovation. Stick with power. Stick with technology. Get the flexcare platinum. New from philips sonicare. This is Worldwide Exchange. A recap of the headlines from around the glowing. Counting down the hours. Twitter finally set the ipo price after the close today. The most anticipated tech offering since facebook. Better than expected earnings boosts european stocks. The number one starting company adecco forecasting a pick up in hiring in europe following a 661 drop in First Quarter profits. Vestas raised its cash flow and margin target. Alstom eyed sales after a drop in ordering pes. As Earnings Growth accelerates, hikes its full year outlook as it jumps 70 in the Second Quarter. If youve just joined us stateside, a very good morning to you. U. S. Futures are looking higher this morning after a fall in the s p yesterday of around 5 points. S p futures now have moved higher in the last half hour. We are currently some 7. 5 points above fair value. The nasdaq at the moment futures are currently trading above 11. 5 points. And the dow futures re moment are nearly 70 points above fair value. The ftse cnbc 300 is up 0. 25 . The ftse 100 is up 0. 1 . Manufacturing output better than spented. The ftse is fairly flat, but earnings are very much in focus in europe. The zes ra dax up around 0. 4 . The cac 40 is up 0. 8 and the ftse mib today is up around 0. 5 . So what are investers to do . Weve got twitter out today. But then, of course, the ecb bank of england tomorrow, the employment report on friday, here is a recap of what some of the guests on cnbc have already told us today. Philips have made an excellent progress with that Management Team since 2011 and demonstrated that in their lighting and consumer businesses and through asset disposals and refocusing of portfolios. Seeman sess just getting started. Theres a lot of hope around at that rival or the appointment of the nceo, previously the cfo. And i think, you know, results from thursday will be the first step for that. They are probably revisiting here the fear we saw back in may and june. Probably not with the same magnitude because of marketing now is kwooipt quite different. We are seeing the positioning futures is already very short. But all we know, i believe that we have already visit a month ago the lows of the trading range and yields. We are probably going up here. You mentioned earlier on house trading. Just up to that may of this year when the tapering first started. They came back to that 12 times earnings. But, again, they push ahead to 15 times and were coming into the corporates in the sector. It will be coming up this year. So im certainly seeing trends in terms of higher and higher price of inflation. U. S. Jobs return to normal this week. They expect to play an Important Role in fed discussions of a timeline. Our next guest is not so optimistic. Joining us is mark hammerich. Mark, very good morning to you. You think private sector Jobs Creation hit a wall in october. Why . Well, a wall or on an oil slikt perhaps. Were going to see a report i think on friday thats going to be rather down beat and i think perhaps the worst part of the report is going to be the portion that tells us what the Unemployment Rate is. And part of that will be a statistical aberration because it was done during that shutdown and i think it may rise as much as 0. 2 to 0. 3 , perhaps taking the Unemployment Rate up to 7. 5 . That indeed will make for grim headlines over the weekend. The statistical sort of report rather than showing the true underlying pinch, much depends on the participate rate, as well, when we just look through it. Right. So if we sort of on look through the extra activities, lets look at what we saw in the adp report most recently, which is that the Second Lowest of the past 12 months indicating that private employers are definitely hitting the brakes and, you know, we had one 16day partial Government Shutdown and the risk looms early in the new year if, indeed, both sides of the congress cant come to an agreement. Yeah. But then the ism services yesterday suggested actually that side of the economy was not impacted by the Government Shutdown. In fact, the Employment Index up 6. 2 wp, which is near the sixmonth peak in august and much better than september. Right. Well, i think there are a lot of cross currents in both of these ism reports. We had the manufacturing report, which also came in a little better than expected. The Services Sector looking a little better than expected. But anecdotally, if you talk to employers out across the u. S. These days, theyre saying that theyre lacking confidence and the uncertainty is the largest factor theyre dealing with. So demand seems okay, but not strong. And we know the Consumer Confidence just took a big hit. All because of the Government Shutdown and thats as important reading as we can get. Meanwhile, its an interesting thought here from goldman on tapering. If they do announce tapering in december or march, whenever it may be, they may cushion the blow. They said janet yellen may cushion the blow by simultaneously easing. In other words, lowering the unemployment threshold from 6 to 6. 5 . Do you think theres merit in that . I think thats a possibility because, as the fed is sort of framed the debate around 6. 5 , i think theyre realizing right now that 6. 5 sort of attenuated the way it is to the way the economy is right now isnt necessarily ideal. As you referenced at the top of the segment, Labor Force Participation has been a question mark, meaning that a number of people have been discouraged and have given up looking for work. And you really need better quality Jobs Creation in this economy to coincide with the dechina in the Unemployment Rate. And that really isnt what weve been seeing lately. Mark, good to see you this morning. Thanks for joining us. Thank you very much. Some of the other stories were followinged the, Kathleen Sebelius is back on capitol hill. The health and human Services Sector testifying before the Senate Finance committee at 10 00 a. M. Eastern. Shes expected to face more tough questions about the slow go around of obama care and reports that insurers are canceling many existing policies. The president will be in dallas today visiting volunteers who are helping to enroll people for health insurance. The House Ways Means Committee has issued a subpoena to the Obama Administration to release numbers on how many people have signed up for coverage so far. The panel wants the data by friday. Now, election day was much smaller this year in the u. S. With fewer races, but there were some big results. De blasio won in new york city. Hell become the first democratic mayor in 2009. It was much tighter in virginia. Former Democratic National chair Terry Mcaulliff narrowly won to be the states next governor. And coming up, could this man, as we put the picture up, be the next microsoft ceo . The Software Giant has reportly whistled down the possibility of those who could be in the front office. Well look at the potential candidates, coming next. Its lots of things. All waking up. Connecting to the global phenomenon we call the internet of everything. Its going to be amazing. And exciting. And maybe, most remarkably, not that far away. Were going to wake the world up. And watch, with eyes wide, as it gets to work. Cisco. Tomorrow starts here. Stacys mom has got it goin on stacys mom has got it goin on stacys mom has got it goin on [ male announcer ] the beautifully practical and practically beautiful cadillac srx. Get the best offers of the season now. Lease this 2014 srx for around 369 a month with premium Care Maintenance included. There might be more clarity into who is going to replace steve balmer. Joining us is Jackie Deangelis in the states. So, right, have they narrowed the list down . Microsoft is reportedly narrowed the list of outside candidates to replace steve balmer to about five people. Reuters reporting that the Group Includes ford Ceo Alan Mulally and steven elop. Reports say that the search process could still take a few more months. Balmer says he plan toes retire within the next year. Investors have pushed the board in recent months to target a turn around expert, someone like mulally or computer is sciences ceo mike lowrie. A spokesman for the automaker says mulally remains focused on making progress in the companys strategy and ford doesnt engage in speculation. Microsoft has identified three internal candidates, including tony bates, and satya nadella. Reports saying that the Search Committee is interviewing people from a wide range of sectors, including consumer and life sciences. Now, some investors have reportedly suggested to microsofts board that cofounder bill gates step down as chairman because hes standing in the way of radical reform. Microsoft has lost some ground to apple and google and mobile devices. Reuters saying that the Search Committee is in discussions with activist investors, as well. In august, value act Capital Management which has ads 2 billion stake in the company was offered a board. Were checking on shares of microsoft in frankfurt right now. They are trading slightly higher, 0. 44 or 12 cents. Are on the ross wk, back to you. They still have a bit of time to find a replacement. Jackie, stay there. I dont know if you know how the tune goes, if you like cina colatas and getting caught in the rain. On our website, you can find out why aging coconuts are something to worry about. The problem is the coconut trees are getting older and not growing any new ones. Supply is now being outstripped by demand. Its a big thing. Apparently one in five filipino res reliant on one way or another on coconut trees for their income and their livelyhoods. I know in l. A. , Coconut Water is a big deal. Has it migrated to new york . I have one bottle of Coconut Water sitting in my fridge. I havent really had the nerve to try it yet, so its still sitting there. Now that youre telling me it could be made from aged coconut webs i think im probably going to throw it out. Im not sure how long Coconut Water stays good for when its out of the shell. Im on not sure, either. At this point within i dont think i want to experiment, certainly not at 5 345 in the morning. In the states, do they do coconut shies . Do you ever do that in the states . No. Not not that i know of. No, okay. Thats why we thats why we know what coconuts taste like in this country. Jackie, thanks very much, indeed, for that. I havent got time to go in and explain coconut shies right now. Theres another story, as well, that were talking about. The worlds biggest condommaker has seen its shares spike 20 . Around 10 of the global market. Shares as high at 2. 5 rigettes on the malaysian market. Thats also on the website. Plenty good stuff on the website. Well worth checking out. Now, apple has been disclosing for the first time the number of information requests it gets from governments around the world. Its the last Major Tech Company to do so in the wake of the controversy over Data Collection by the nsa. Apple says in the first half of the year, it received between 1,000. 2,000 requests from u. S. Law enforcement. Under u. S. Restrictions, Tech Companies are only allowed to report numbers in increments of a thousand and they must combine Law Enforcement and National Security requests which makes it hard to know exactly how much are that security related. Thats the story. Here is a recap of the headlines. Twitter, the social Network Pricing its ipo today ahead of a highly anticipated debut tomorrow. Thats on the back of stronger north american sales and a weaker yen. And earnings also stealing the show here in europe. Stocks moving broadly higher. Still to come, as twitter prepares to go public, we ask whether the social media giant made a mistake by upping its price range or was the move on the mark . Were going to preview this long awaited debut, coming up. And dont forget, of course, you can tell us what you think is this latest bearing in mind at this pos in the states, a sign of market strength . All essentially a sign that were getting top heavy . Email us, worldwide cnbc. Com, tweet cnbcwex or direct to me rosswestgate. Twitter talk, coming up, in. The afghanistan in 2009. On the u. S. S. Saratoga in 1982. [ male announcer ] once its earned, usaa Auto Insurance is often handed down from generation to generation because it offers a superior level of protection and because usaas commitment to serve current and former military members and their families is without equal. Begin your legacy. Get an Auto Insurance quote. Usaa. We know what it means to serve. Thats a good thing, but it doesnt cover everything. 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Now, the words of twitters cofounder over the past two years has been talking about exactly how they expect the firm to develop. Twitter expects to price its ipo after the close today. Twitter will sell 70 million shares of 13 of the company for 13 23 to 25 each up from the initial price 17 to 20. Now, at the top end of the new range, it would value the firm at 13. 6 billion. Eileen joins us now. They think it could be worth, eileen, more than that. 25 billion. Have they got the pricing right . I think they probably did get the pricing right. They raised it slightly. Its a narrow sort of window, 23 to 25, not a lot of flexibility. No matter where they price in there, and i suspect theyll price at 25, i suspect it will do fairly well on its first day of trading. This has become a must have stock in some ways. There will be commercial pressure now on the company. They have to report revenues rising every quarter. Are they there is a question mark whether its too early to be in the commercial glare. Theyre certainly very early and theyre early relative to facebook, linkedin and some of the others you showed on screen a moment ago. But i think its a good time. The macro climate looks strong. Theyre seizing the opportunity to raise a little bit of money. You mentioned 70 million shares being made available. They might go up to 80 million if they this an allocation option. But its a great time to get them to build up a war chest, to make acquisitions, which is what they said they wanted to do. There was an argument saying they could have delayed it. And i personally thought they would probably wait a little bit. But i think they know much better than i do about whats happening in the business, how growth is going and probably whats happening for them over the next 12 months. What sort of Strategic Acquisitions do they need to make to help them make money . What they would need to help make money would have to do with advertising tech and the last acquisition they had made. They need to do Different Things to try and pass advertising and monetization. But the other area of scrutiny theyre going to be under is what theyre going to do internationally. Because 75 of their revenue today comes from the United States, which is only a quarter of their user rate. So they not only need to try different tactices and different features and areas to monetize, you this need to figure out whats going on to work in different markets. The first monetization they tried in japan and it didnt go terribly well. I think they learned it has to be specific. And so now theyre starting to do that, right . And theyve made things more visible within the feed, for instance, pictures and videos, so youre seeing them look to engage a little bit more beyond this 140 character snippet. What is the weakness of twitter, do you think . Its a good question. Fundamentally, the business didnt set out to do what its doing now. So its almost evolved based on what the user base has wanted to do, which is fantastic. From a Commercial Point of view, i guess the only weakness is because it didnt set out with a concerted effort to do this, exactly, theyre trying to figure out how they can make money to your point and make, actually, profits. I think the business, though, as long as it continues to speak to its users, whether theyre the younger gem demographic or people in emerging markets which, obviously, it sort of influence or is relevant in the uprising and so on did happen, i think it will become or continue to be a really, really widely used service and then they just figure ow to monetize on the back of that. Yeah. For that, in some ways, that is a good thing. How long are investors going to give them . Do you think . Well, you mentioned that its really highly anticipated. And i think thats true with Institutional Investors, which i think is good. Im not sure, you know, main street is as interested as they were in facebook because it doesnt quite have that recognition that facebook did. I think thats good. Because i would like to think that the Institutional Investors are a little bit longer term in their thinking. They would probably be happy to hold it for a couple of years. Theyre not looking to flip it next month, for example. I think if they wait a couple of years, the patience will pay off. On the commercialization aspect, is what a twitter user will bear and what interruption. Are you comfortable with the fact that theyve promoted tweets, for example, but you have to signed up in a way to receive promoted tweets . Well, you have to sign up to participate in any of it. But i do think whats interesting is on the complaints more than any other user base ive witnessed about anything new. So promoted tweets, even sort of things like connecting different status updates within the same thread, people didnt like that. People didnt like that, now videos and pictures are automatically viewed. You dont have to click to open. But three days later yeah. Every social network is going to be introducing something instead of monetizing. Isnt the next phase of this social net revolution actually get to go be comfortable with the fact that theyre going to try and make money off it . People people are already comfortable with that. People felt their data was being used inappropriately. How you got the relevance of that. Good to see you. Thanks very much indeed for joining us. Dont forget, plenty more on twit other cnbc throughout the day and, of course, when we get the pricing tomorrow. Futures, meanwhile, are at the highest level of the morning soever. The dow is currently some 80 points above fair value. The s p at the moment around 9. 5 points above fair value. Thats it. Plenty more coming up on squawk box in just a few moments. Keep it here on cnbc and have a comfortable day. Bye for now. Good morning. Its the most hotly anticipated ipo in more than a year. Twitted expected to price after the bell tonight. Behind the wheel, toyota is raising its full year forecast driven by strong u. S. Sales. Mine wheel, tesla shares are under pressure despite better than expected results. Plus, your money, your vote. Election night, the results are in in two key races with national implications. New Jersey Republican krit Chris Christie was reelected by a wide margin. More than 60 of the vote. Meantime, this one was tight. Democrat Terry Mcaulliff narrowly won the virginia governors race. Its wednesday, november 5th been 2013, and squawk box begins right now. Good morning, everyone. Im becky quick along with joe kernen and andrew ross sorkin. On todays agenda, we have key economic report, we get leading indicators at 10 00 eastern time. We heard from toyota overnight. Sales rising by 70 . Toyota is now raising its full year profit forecasts and its north American AutoSales Forecast for this year and next year. We have time warner and the ralph lauren before the bell. This afternoon, we have qualcomm, activision, whole foods and cbs. It has been a