Put pressure on tesco sales. Its turn around plan is on track. Shares are trading higher. And the likelihood of a global trade deal is below 50 says indonesias trade minister. Hes call for more flexibility on agricultural subsidies. I think flexibility and compromise, sometimes, are required to get a Multi Lateral view. Announcer youre watching worldwide exchange, bringing you Business News from around the globe. A warm welcome to todays program. We kick off with data with, the final pmi data for the eurozone showing the euro has lost momentum in november. Final services pmi, 51. 2. It is up from the 50. 9 flash, but lower than october. Sharp divergence in the final composite numbers in germany and france. The french composite down 48. Only managed two readings above 50 in the last 21 months. Italy serves its pmi back below the break even mark to 47. 2. Compared to germanys composite pmi, up at a 29month high. Sharp differences between the core in europe. Meanwhile, the opec meeting is up in france. The morning hawkish ministers, historically the nighgoerans and the venezuelans, as well. We know the storm clouds are brewing, brewing because there are concerns about massive oversupply in the oil market in 2014 from both outside of opec with the canadians, the pakistanis, and, of course, u. S. Shale set to increase production and within opec, as well. Opec currently produces 30 circas a day. There are concerns that if others manage to up production, including libya, then there is concern about massive oversupply. And who is going to cut . Traditionally the producer is saudi. But all members may be asking to take a cut. But they have enormous oil reserves and they are looking endlessly at the iraqis trying to push towards 3. 7 Million Barrels, four Million Barrels a day in 2014 and the iranians are irate about this because they see that as stealing some of their customers potentially. So when the iranians do get to put more oil back to the table, that is when the battle is get interesting. What were doing at this meeting is the world that it is currently 110 oil, including the saudis. They think its very good for producers and consumers. With the debate about who will be the next saudi prime minister, generally rationing up the pressure towards the middle of next year, ross. Thanks very much indeed for that. I know you have to run in. The meeting is under way. Both iran and iraq warning opec members of their intention to raise their oil supply. Iran was saying it expects export countries to make way for production recovery. Those tensions are quite highly makes their is under way. Lets get more with richard who is in the studio with me. Good to see you. Steve sort of highlighted there iran and iraq noticing big oil increases. How does that play in your view . I think steve is absolutely right. There is a potential for a lot of discussion about what happens in the scenario where nonopec supply grows and opec members bring a time more barrels to market. Thats far from certainty so far. We have to remember the iran interim deal isnt going to allow it to export much more than current levels over the next six months. Iraqs production is flat this year from next year. So we may not see that pressure at least into the second half. We have had a lot of problems in libya that were ongoing and unlikely to improve. I dont think all of those problems are going to magically go away. I think what may be different this year to next year is better demand globally. And supply stay tess same or what . There will be strong growth from the u. S. Again. That does absorb a lot of the demand. But that could still dooel lead a strong bid for opec crude. Saudi arabia will have to make big cuts. Thats not a guaranteed scenario yet. Nymex has jumped up to the best levels in about five weeks. But we have seen an increasing spread between west texas and brent. How do we close the spread . What weve seen this week is the keystone has been announced since january. This is a key pipeline. This is crucial. That will help wti. Its rallying at the moment. It will probably narrow that spread without brent necessarily having to fall fast. So there are still big inventories. So youre fought going to see that spread narrowing to the same extent earlier in the year, i dont expect. What is going the happen to u. S. Price . We keep talking about more u. S. Production, more shale or dpas coming in. What is that going to do fundamentally to the market . Well, i think it is going to build a structural difference. U. S. Prices are going to be lower than brent because youve got transport economics. So you balance the cost of bringing crude from back end to the gulf coast. That creates a 5 to 10 spread maybe longterm. But the idea is that the u. S. Shale increases can push supply down. I dont see that changing because it is high cost production in the u. S. And there are still restrictions on that export. Just going back to opec, the official selling price of january crude to asia is the highest premium for two years, is that out of step with the market or not . I think thats reflecting that saudi arabia does still have a lot of popularity with buyers. But what we could see, if iraq manages the increase we were talking about is later on next year we could see quite a lot of tussling for that asian market and also for the gk and port market. So weve seen iraq undercutting saudi prices often this year. If theyre doing that with more barrels, saudi arabia may not give away and allow that for exports. Your average price for next year . A small dip for this year. Probably around 105 for brent, but if we saw strong outside demand, it could go well above ta. Thank you for that. The eu is waiting to unleash a record final at least five banking giants for rigging key benchmark Interest Rates today. The amount could be 11. 7 billion euros. Rbs, deutsche and citi are involved. The eu competition manager is expected to announce the fines at 11 30 cet and has warned banks it could be as much as 800 Million Euros for the each of the groups involved. Well have coverage of that announcement in just over an hour. The British Government and zone unveiling plans to invest billions, but who is set to benefit . Well discuss the spending spree. Around 20 minutes. Meanwhile, wto ministers trying to solve Sticking Points. Will they finally agree on a global trade agreement . Well have the latest from bahli. The u. S. Labor market is showing signs of healing. Well preview the adp and nonfarm numbers at 11 30 cet. And well stay with the u. S. Despite record black friday shoppers. Analysts predict more price markdowns. If you have any thoughts or comments, please email us worldwide cnbc. Com. Thats where we stand with the news. Lets bring you up to speed with Global Equities right now. Were just over an hour and ten minutes into the trading day here in europe. Were pretty even stevens on the Dow Jones Stoxx 600. The ftse yesterday was down by some 62 points, following a near 1100 point loss for the dow. This morning, were up 0. 1 . Xetra dax is up 0. 3 . The cac 40 is up 0. 3 . Just to recap in the final pmis out of the eurozone, sharp divergence between germany and spain. Germany composite up to 55. 4. The french composite down to 48. Now only managed two readings above 50 in the last 21 is months. Activity in france is contracting, expanding fast in germany. In italy its contracting and some spain its break even, as well. So sharp divergence within the core at the moment. The ftse mib is fairly flat. Well be taking a look at banks. Banks are the weaker sector ahead of that announcement. Basic resource is is having a better day. I mentioned tesco. Its seen likeforlike sales slip in the Third Quarter. Stock up 1. 3 . Standard chartered down nearly 6 today. It says it expects current difficult market continues to remain and the lender said 2013 income was likely broadly flat compared with the previous year. Its derisking its korean business, also weak investor sentiment, as well. Sage group, up 8. 2 . Its posted a 51 drop in pretax profit for the full year. It is banking on Cloud Services to help deliver six federal organic revenue growth. The ceo of iberia said the companys growth is not reliant on an economic recovery. We think our Strategic Initiatives are more important, but a bit of tailwind would help. On the bond markets, tenyear treasury yooes yields pretty steady with 2. 79 . Plenty of data today stateside. We have manufacturing, new home sales, as well as the adp, as well. Gilt will be in focus with the services pmi coming out in around 20 minutes. 2. 84 . On the currency markets, the aussie dollar is weaker once again. Dollar yen, 102. 69 away from that sixmonth high of 103. 70 the and euro dollar just below the 11. 36. Hasnt done very much so far this week. Lets find out what happened in asia today. It wasnt a great day for nikkei stocks. Sixuan joins us from singapore. Hi, sixuan. Thank you, ross. On the whole, asian markets are under pressure as investors cautiously position themselves ahead of u. S. Data this week. The nikkei 225 led lowses down by over 2 as the yen regained some ground overnight. The aussie dollar tumbled. But the asx 200 tumbled despite gdp data out of china. The shanghai composite ended higher by 1. 3 and the shenzhen higher by 1 . Chinese automakers rode ahead extending yesterdays rally. Alex expected the sector to benefit from stateowned rising reform and domestic demand. Property developers built higher on attractive valuation. So this may signal there will not be much more from the Central Government leading it to local levels in debt. Meanwhile, some shanghai based developers led the gains as the free trade zone reforms will be launched over the next three months. Thats an update of the asian markets. Back to you, ross. Thanks for that. Still to come, indonesias president says ties have been over time. Well have the latest from the wto meeting in bahli in a few minutes. This is not over, thats the message from thai protesters trying to topple the government. Protesters needless to say they wont march on thursday out of the respect for the birthday of thailands king. The government meanwhile is trying to restore economic stability call on the finance minister to draft new plans and shore up investment confidence. Chinas backed against u. S. Antidumping duties. Beijing has said the u. S. Is unfairly penalizing china. Chinas Commerce Ministry says the exports in question are worth around 8. 4 billion. Washington now has 60 days to settle or face a wto adjudica adjudicator. Its been called a do or die meeting for trade talks. So far, trade ministers are leading towards the die side. While progress has been made on the least developed countries in trade facilitation, a key Sticking Point remains on agricultural subsidies. Every nation and country have a national interest. But i think floxbility and compromise sometimes are required to get a Multi Lateral deal done. Alisa is joining us from bahli. How tough is this . Hi, ross. Its certainly tough. As you mentioned, quite a bit of progress has been made. But it doesnt matter because the wto is an organization that operates by consensus. All of the 159 ministers in attendance have to agree on every single deal that is on the table. There are three pillars right now that they need to get through. Its a diluted crystallized version of the round. Theyve decided these are the most important issues and they focused on ldcs, helping them with trade. The big one is trade facilitation agreement. We have an agreement on the ldc. As you pointed out, the issue is agricultural. India is really digging in its heels on this one. They agree to a fouryear peace quad, so to speak, in geneva, but then they changed their mind. What theyre worried about is when that expires in four years, if theres no comprehensive agreement, theyre going to get slammed with duties from the wt oo for going over their subsidy cap. They are reluctant to do that and they are asking for an automatic renewal of the fouryear peace clause. And if we dont get a deal on agricultural, it all collapses, all of the pillars collapse. Andrew ross is joining us now on cnbc. Thank you for joining us today. My pleasure. The mood has deteriorated so quickly. Everyone was looking forward to a deal and now everyone is down and concerned about where this is going to go. What is your sense of what is happening . There are so many countries, whether theyre least developed, developing or developed countries who are so supportive of this package, and i thought the wider numbers would carry this thing through. I think today probably five or ten countries at most or members has failed the mood. But there is still some heavy negotiating going on. I think the fact that you probably got close to 145 members, they were saying we must have a deal now, this week, or the credibility of the wto is on the line as well as all the benefits. Were going to miss on that and the package. Its so close, isnt it . What would the trade facilitation mean for australia . Firstly, it means an enormous amount for the developing countries. It will create 21 millions jobs around the world. 18 million of those will end up in developing countries. For australia, that means a lot of our goods will become cheaper because it is cheaper to land them in developing countries. So it will increase our trade with developing countries and over time that is a great thing for the developing countries and also for us. You have to be thinking about what happens to Multi Lateral trade agreements. Theyre so hard to work out. And youve been talking to china, south korea and japan. Youve visited all three countries working on a bilateral trade agreement with each of them. Were not taking any chances. And depending on the wto, its unfortunate. The wto sets the rules. And in a way, the bilaterals, theyre like bricks in a wall. If the rules are the same as the wto, over time, if enough of them are done, you start heading towards a Multi Lateral solution. But without the poor countries. This is the thing. Theres a lot of these developing countries here who have got no option. Im heading off to singapore to negotiate transpartnership. And theres over 100 developing countries who have not got these options. And the trouble is its a handful of developing Countries Holding back the rest of their colleagues, the rest of their fellow developing countries around the world. Its unfortunate. Give us an update on whats happening with china. Its been our biggest trading partner and increasingly much greater investment. So obviously theyre very much on our radar. Weve had meetings last week with my counter part in beijing and there is a lot of enthusiasm on both is parties i think to contract a deal as quickly as possible. This will be very important to us. And very quickly, were out of time, but have you spoken to indonesias trade minister about the we were a great, i can tell you. Were getting on very well. Besides just being like an old married couple, the two of you, and youre not quite ready for divorce. Maybe some counseling. Thank you so much, andrew rob. And we are going to toss it back to you in the studio, ross. Alisa, thank you so much. Great stuff from bahli. Still to come, the british chancellor George Osborne puts the finishing touches to his statement. Well look at the latest data with the services pmi coming up right after this. V youre watching worldwide exchange. We have the latest data out of the uk. Services pmi, the services pmi down 60 in november. It was at a 16year high of 62. 5 in october. Its the weakest since june. Weaker than we expected and something of a surprise bearing in mind we already beat this week on manufacturing and construction pmi, as well. So theres an expectation that if anything were going to go higher. The employment component down slightly to 54. 2 in november from 56. 2 in october. That has meant the composite number has dropped a little bit to 61. 5 in november, 61. 6 in october. So the rapid growth in the Services Sector just easing a little bit last month. So breaking a run of the upside data. Peter dixon, senior economist at commerce bank. Ellia is with me in the studio. Peter, with Everything Else weve had, weve had at least stock. Weve stopped this run of upside surprise. Anything significant . To be honest, i think you have to look at this in the context of what we had in october, which was an outlandish gain from 62. 5 from about 60 point something. So i always expected some form of pullback. Its a little bit more than we might have anticipated, but not hugely so. I think its indicative of the fact that the eurozone just kept growing at a 0. 8 pace we saw in the Third Quarter. Perhaps not quite as break neck as weve seen over recent quarters. The employment component a little weaker. Everybody is fixated because of the bank of england knockout. How quickly do we get to the 6. 7 rate . I think we have a long way to go. It could be well into 2016. Dont forget we have both a supply side and a demand side in the labor market. To be fair, on the supply side, employment in the uk is growing at a rate of around 11 . But youve got quite a large increase in the labor supply, as well. And as things improve, the participate rate stabilizes, maybe picks up. I think it will take quite some time with the excess labor we have at the moment. David cameron announcing today that hes not going to cut taxes for the middle classes. How much room, wiggle room is there going to be for the government, peter . Much depends on what you think the economy is going to do this year and next ahead of the election. Yeah. I think the likelihood is that the economy will continue to grow at a 2 to 2. 5 late next year. Thats decent, but its not stellar. Given all they have said about reducing the deficit over the next few years, it leaves room for cutting taxes. I think what the uk needs is a rebalancing towards investment and exports. The government realizes this and i think as a consequence its unlikely to do things to throw additional fuel on the fire of consumption. Do you think the government is doing enough . Are you expecting any measures, say, on planning tomorrow from the troika . Would that have helped . We had construction pmis this week very strong, rising like a phoenix out of the ashes. But many suppliers saying the supply side of that market is still very, very underperforming. Yeah. I mean, when it comes to the supply side of the uk housing market, it really is down to things like change, having a look at the green belt legislation, trying to, you know, incentivize local authorities to watch the yen gauge much more heavily in this planning process than they have up to now. So its not really about major macro reforms. I think its about reforming the supply side of the housing market. Thats going to take many years, obviously, to feed through. Whether well see anything tomorrow, i think theres the scope for the chancellor to Say Something along those lines. But i dont expect him to be particularly radical. I expect any major announcements will have to wait until march. Peter, stay there. You mentioned investment spending. I want to tom back and talk about the infrastructure plans weve got. Before that, the headlines, get your checkbooks out. Brussels gets ready to levee a record fine for banks allegedly benchmark Interest Rates. Tesco sales fall in the Third Quarter, but the turn around plan is still on track. And as we were just saying, a group of british insurers plan to invest around 25 billion pounds in uk infrastructure over the next five years. The pledge comes as the British Government unveils its own infrastructure plan which includes the euro start to Fund Transport and energy prices. Peter is still with us. Helia, how important is this, do you think, politically and economically . Well, you would have the government would say Danny Alexander would come up and say this is a sign of confidence in the market. But most of our viewers will say it sounds kind of familiar because just a couple years ago, we had the pension infrastructure platform which was supposedly a pledge from Pension Funds to put 20 billion pounds into Infrastructure Projects in the uk. And it only attracted 1 billion. Solo today we have another commitment, this time from insurance funds putting in 20 billion over the next five years, the question really is is the government doing enough to allow this money to go to work . Are they putting in the right guarantees that allow firms like insurance firms, Pension Funds to structure the investment in the way that they want . Remember, this is a 375 billion pound infrastructure plan in the uk. That really hasnt changed much in the last couple of years. So i think the devil is in the detail on this one been. Peter, what your thought . In theory, Pension Funds want longterm investment with steady, longterm returns to match asset liabilities. It should work, right . Thats the theory. But what are the impediments . Well, i think as we just heard, the question is what sort of guarantees are to generate returns . One of the problems with Infrastructure Projects is you have such a long lifetime. You have such uncertain costs in the set upstage. For example, look at the cost overrun on things like Nuclear Power stations to realize its very difficult to nail down what your cost structure is in the first place. So i think its important that, you know, we get both sides of this equation right and i think its, therefore, going to be incumbent on the government if it does want Pension Funds to insurance funds, rather, to invest in infrastructure. But it ensures that these institutions can recoup any overlays that they have in the cost outlay process longer term. And remember, these firms are already investing in infrastructure as peter said. Theyre desperately looking for a home in this country to put that money to work, to get those stable returns. But construction costs, i think the government hasnt tackled yet how to create a way to make that money come in thats applicable to these and can work. We obviously had news that theyre going to sell the 4 stake in the eurozone. And that rate is what . Well, we dont know the price yet. Remember, the french government owned a control and 55 stake. But the government has had a very checkered history in selling assets. Its done better in recent times. Who would buy that with the french government as the majority shareholders . I dont think it would be a pension fund. You could have rival operators. You could have the french government who is some Sovereign Wealth Fund from the middle east . Sovereign wealth fund from the middle east . I dont know. Are you brokering a deal . I will. Hey, look, some people have done that quite successfully and ive forgotten their names at the moment. But it does happen. The interesting thing is, i mean, they are spending 50 million on a Railway Station again, peter. We have always said, actually, could the government not use what has been historically incredibly low levels of longterm borrowing to support Infrastructure Spending . And i dont know whether we havent got our heads around that, have we . No. I think youre right. If you look at the spending in the last three years, the government has cut back quite considerably. There is, i think, scope for governments to step in to do an awful lot more to provide infrastructure. Because i think by relying on the private sector to do it for them, theyre effectively obligating their responsibility to provide infrastructure and theres absolutely no guarantee that things will get done on time or even as planned. So i think there is a much bigger role for governments to play in ensuring that spending does come into play by taking concrete measures rather than just by setting the measures to hopefully allow the private sector to fill the gap. Peter, thanks so much indeed for that. Well will you go, peter dixon. Very quickly, peter touched on it earlier, as far as the statements tomorrow, what is going to be the headline . I think its going to be about you know, were going to keep austerity in place, were going to see those gdp figures revised upwards. Youll see the deficit fall from about 120 billion to about 105, 110 billion. Youve got a number of policies in place. Youve got things like the energy prices. Some of those green measures being brought into general taxation. Youve got free lunches, the free zone fuel duty. Ive got free lunches . Have i . You specifically, the government has targeted you. You also might get a few bits of tinkering around the edges. I dont know if i want someone to tinker around my edges. Especially after a free lunch. Is that why you get the free lunch . Okay. I see what the price is now. Now, you might get an announcement that theyre going to start a second wave of privatization. Thats going to be a retail offering. You might hear something on rbs or the bank levy and you might get some things like foreign owners in the property in the uk harder with Capital Gains tax. So little bits and pieces. A free zone business trade. Thanks for that. Plenty more to come. Of course, we have extended programming tomorrow for the chancellors autumn statement and it coincides following the decision from the bank of england and the ebc, as well. All of that coming out tomorrow. European equities, meanwhile, mixed today and flat. The ftse 1100 is absolutely flat. The xetra dax up 0. 2 . The ftse mib down 0. 1 . On the bond markets, not going a huge amount of distance very fast. 10year treasuries yields, 2. 8 . Giflt yields, 2. 84 . We did see gilt prices rise off their lows and on the currency market, i mentioned sterling. Sterling dollar down to 11. 6363. Reports meanwhile say japans security watchdog is looking to punish Deutsche Securities. The latest investment arm of do you have Deutsche Bank in tokyo for excessive spending. Im interested to hear what excessive entertaining means. The whining and dining, as usual. The amount of money spent was quite large. It has found employees of Deutsche Securities repeatedly entertained officials from several Pension Funds by paying for dining and traveling expenses, sources say. The brokerage is expected to have spend a total of around 60 to 90 thousand between 2010 and 2012. Levish entertainment is seen as providing special entertainment to clients. An announcement is yet to come that based on the findings, the regulators could punish the business. Deutsche securities has to solve the sales group that targeted Pension Funds. Thats all. Back to you, ross. Have a good evening in tokyo. Ferrari has unveiled its fastest and most expensive production car ever. Its called the laferrari. If youre thinking about getting it this christmas, think again, its already sold out. It is the fastest ferrari ever built and the most powerful and the most expensive. Even with a Sticker Price of 1. 4 million, the new laferrari has sold out. Ferrari is only making 400 and deliveries will start next year. Its a hybrid. This ferrari engine has a combined 963 horsepower. It can hit a top speed of 220 Miles Per Hour and it does zero to 60 in less than six seconds. The price is more than four times ferraris other cars with these limited Edition Super cars are more like investments. Ferrari north america said ferraris last super car has more than tripled in value over the past decade. If you look at the predecess predecessor, there is a Sticker Price, 650,000, and now its in the market for roughly 2 million. So the trajectory of this car is going to follow exactly the vintage ferrari cars. And prices for vintage ferraris are breaking records at every auction. Back to you. Not sure what kind of name laferarri is, though. Still to come on the show, western private investors are start to go track asias gold buying consumers by buying the dips. Thats a good thing, but it doesnt cover everything. Only about 80 of your part b medical expenses. The rest is up to you. So consider an aarp Medicare Supplement insurance plan, insured by unitedhealthcare insurance company. Like all standardized Medicare Supplement insurance plans, they could save you in outofpocket medical costs. Call today to request a free decision guide. With these types of plans, youll be able to visit any doctor or hospital that accepts medicare patients. Plus, there are no networks, and virtually no referrals needed. Join the millions who have already enrolled in the only Medicare Supplement insurance plans endorsed by aarp. And provided by unitedhealthcare insurance company, which has over 30 years of experience behind it. With all the good years ahead, look for the experience and commitment to go the distance with you. Call now to request your free decision guide. Now, a bra that can predict stress. Microsoft is abreast of the idea. Very nice. If your clothing could measure anything, though, we want to know what would you like it to be . Let us know. Email us, worldwide cnbc. Com, tweet cnbcwex or direct to me rosswestgate. If you had any Wearable Technology that could monitor anything and warn you of something you shouldnt be doing, what would it be . And please keep it within reason, if you can. Thats our subject of discussion today. Mean wile, the latest news out of gm, china auto sales up 13. 3 on the year in november, im proot presuming. Meanwhile, gold has steaded after sinking to its lowest level this week. U. S. Manufacturing numbers added to concerns the fed could start tapering sooner. Buyers of the pressure metal outnumber sellers two to one. Customers have now bought back 60 of the gold sold during the april to june liquidation. Adrian, the market seems to be selling a lot. I think a big lesson for 2013 is that while chinese demand has been phenomenal by any measure this year, it obviously hasnt outweighed the impact on prices for whats happened with western money allocation. What were seeing is predominantly west european, north america, is that people continue to buy the dips. Whether this proves a buy way in the longer term draft that chart looks like a double top. On the average, yes. Youve had a phenomenal run of lower prices. Its interesting, people are currently pointing at the dollar and saying the Dollar Strength is hurting gold right now. Thats not true. Whats hurting gold is in terms of sentiment and bigger money. If you look at the sterling gold price, theyre already at new threeyear lows. We are seeing continued buying on the dips, buyout uk customers. What potentially hurts gold is in a euro rate environment, you know, the cost of ownership of gold disappear, right . Yes. And with the perception that that world is changing and presumably that is having a marked investment absolutely. And the other thing is, if were going to ease up on qe, there is that edge. Those two things go away, dont they . We havent seen the final outcome of what qe does. I dont think weve seen what it does when it gets removed. Definitely, though, it is about real Interest Rates. Thats what really moves gold longterm is if youre get ago strong return on u. S. Treasuries, obviously, investment in gold is going to be less urgent for you. Definitely in 2013 what youre seeing is the perception of rising rates. But we havent had them yet. Its about what is coming down the pipe in terms of real Interest Rates. Yeah. And, of course, how much investors have unloaded. Do we know how much investors have unloaded from what well, the etf went into this year with record high holdings. If you look again, youll find that, yes, there was a selloff in the spring period. We lost about 3 of our client Gold Holdings in the liquidation april to june. So it continues to be, and i think thats the lessons of the last five years, gold and insurance for private investors. Do private investors trade it . Have you seen some trading this year . You can go long only. You cant go short. But weve had, you know, solid volumes this year. Good to see you. Thanks so much, adrian, for joining us. Matt soloman has the story from western australia. This is fortescue metals hub. The last to be completed. The solomon project represents a significant milestone in the companys history. It is our latest and grain field developer. And the kings mine and the kings ipo represents the final 40 million tons in our expansion to 155 million tons. The expansion plans are part of an effort to take advantage of chinas iron ore for fortescues iron ore. Fortescues power says chinese demand will remain unabated for some time. The current leadership has been talking about maintaining froeth of 7 to 8 rather than the high peaks that we saw in the past. Chinas urbanization rights will take some time to complete. That means strong iron ore demand going forward. Solomons first iron ore was shipped just 12 months ago. Each one of these trusts can carry 220 tons of iron ore in one go. Theyre equipped with a gps system, a radar and lasers. Thats so driverless vehicle committees navigate the mines site. It works on increasing productivity and tries to keep costs under control. With the rapid expansion of fortescues mining capabilities hasnt been smooth sailing. Fortescue was forced to negotiate financing arrangements with its bank. Now the miner says its priority is to pay down debt. At the moment, were in really good shape. We intend over the next couple of months to continue that Debt Repayment program. And you should see us on the back of that Debt Repayment over the next nine to 12 months. Fortescue says for now its focus is on paying down debt and returning cash to shareholders. Australians sat on their wallet in the Third Quarter. Exports saved the economy from contraction. But the 0. 6 growth rate on the quarter still missed Market Expectations and thats why the aussie dollar is lower again this morning. It was down to 90. 18. Feel free to take note. Australians struck a deal not to raise it, but to scrap it. The government wanted an increase, but decided to remove it completely. As for the agenda in asia tomorrow, peter decided to return to bangkok. South korea posted revised Third Quarter gdp figures. While in the philippines, well see what kind of inflationary affect high foon haiyan brought. European equities steady at the moment. Heavy data today. Also still to come, iran and iraq are looking to boost oil production. Will saudi arabia look over and cut its own supply . Well get the latest from vienna. And the Christmas Tree lights are going on in new york today, as well. This is worldwide exchange. Im ross westgate. Who has to accommodate the iranian markets . The markets. But not just opec. But there are concerns that iraq has been stealing customers while theyve been off the market. Do you think thats unfounded . No. You guys make a lot of assumptions. And they are very bad assumptions. Anybody can say what they want to say, okay . Get your checkbooks out. Meanwhile, brussels getting ready to levy a record fine against banks for allegedly benchmark Interest Rates. Announcer youre watching worldwide exchange, bringing you Business News from around the globe. The dow yesterday down nearly 100 points. The s p down 5. The in this nasdaq down 8. Right now, futures are some 22 points above fair value for the dow. The nasdaq is currently some five points above fair value and the s p around about half a point above fair value. The european equities have been flat. Down yesterday from 62 points, going nowhere t moment. Tesco shares are up despise disappointing sales. Standard chartered down after coming out with a pretrading update and theyve talked about difficulties in korea. So that stock is off fairly heavily. German composite pmi, 55. 4. The french pmi down at 48. Theyve had two readings above 50 in the last 21 months. Italy is still contracting, as well. Spain expanding to massive divergence between the economies of europe in the core. They account for around 40 of eurozone gdp. So a dilemma tomorrow. Germany is doing very well. France and italy looking like theyre in recession. Tenyear gilt yields have come down slightly today, although theyve come off their lows is a better way to say it. For once, weve had a bit of data out of the uk that wasnt better than expected. Services pmi coming back from a strong october number. Just dipping a little bit less down to 60 than we thought they were going to be. Now, as far as currency markets are concerned, that meant sterling down a little bit today. 1. 6262. Off a twoyear high of 1. 6440. The aussie has come down, as well. Dollar yen, back mid sixmonth high of on 103. 70 to 102. 58. Euro dollar at the moment, still below this 1. 36 level. Thats where we stand in europe. Lets recap that asian session. Once again, here is sixuan out of singapore. Sixuan. Thank you, ross. Asian markets under pressure today as investors cautiously position themselves ahead of key u. S. Data later this week. The nikkei 225 led the losses ending down by over 2 mostly on profit taking. Meanwhile, australia ended higher be spite disappointing qdp numbers. The shanghai composite gained 1. 3 today and the shenzhen borse higher by 1 . Profit built higher on attractive valuation in beijing didnt signal any tough property curves. There will not be much more from the Central Government leaving it to local levels, instead. Meanwhile, some shanghai based developers outperformed after free trade zone reforms will be launched over the next three months. So first a limit up by 10 . And thats an update of asian markets. Back to you, ross. Thanks very much indeed for that, sixuan. Thats where we stand with global assets right now. Lets remind you of whats on the agenda stateside. Plenty of data has the adp employment numbers out at 8 15 in new york. At 8 30, we have octobers International Trade date data at 10 00. Well get the ism manufacturing numbers as well as new home sales for both september and october. Those numbers delayed because of the earlier government shutdown. And if thats not enough at 2 00 in the afternoon, we also get the fed and its beige book survey of Regional Economic conditions. It is a dumper day for the data geeks. Meanwhile, were focused on opec meetings in vienna. Officials in tehran and baghdad both targeting 4 Million Barrels a day. Its caused some tensions behind the scenes in vienna. Steve joins us from there now. Are there tensions or are we making it all up. There are tensions, ross. Not for now. Everyone thinks things are hunkydory now. Theyre getting a million coughers. Theyre very happy with 100 and 110 a barrel. Its the future theyre concerned about and there are all kinds of things that may not will may happen in 2014 which could mean we have an enormous amount of oversupply. The group that costs production ramps it up when its needed, as well, is saudi arabia. And i spoke to you about a couple of these key issues. One of them, of course, is very much a concern for the opec group is shale and the impact thats going to have going forward. Not only u. S. Nand, but also broader price levels. Lets listen in to what was said to me about shale. Not me. Youre not concerned . I have said that over many times. And i think ive been public about what i said about shale oil. This is a welcome addition to the World Reserve and we welcome it. All kinds of subtext here. Mr. Naimi categorically telling me he personally is not worried about shale. It is a welcome addition to the market and yet we know opec is worried about it because at the last meeting, opec said they will vault the impact of shale on the broader market. Saudi isnt part of those general worries and who is . So you have to read the subtext here. We know politically the sunni, seeite, saudis are moving forward. We could see more than the current Million Barrels a day exports coming from iran, coming from the table. If they increase in production, who is going to accommodate them . Who has to acome tate the iranian oil . The markets. But not just opec . The market will accommodate them. But there are concerns for iran that iraq has been stealing customers while ive been off the market. You guys make a lot of assumptions and they are very bad assumptions. Who said iraq is stealing anybodys market . The iranians, sir. Anybody can say what they want to say, okay . Because if that iranian oil comes on to the market anywhere near the scale that the iranians say they can put it on the market and we get libyan oil back on the market, theyre a Million Barrels a day compared with what they can produce, plus the iraqis are producing more, we are going to have an awful lot of oil, too much oil in 2014. Its a big if. Iran is currently exporting 40 Million Barrels a day. Listen in to what he had to say about immediately when those sanctions are lifted. Listen in. I hope after sanctions we will produce fourth, after lifting sanctions yes, we can do. 2014. After lifting the sanctions. So thats the middle of 2014, youre hoping to produce 4 Million Barrels a day . We can, technically. In terms of who has been producing more during the absence of iran from the market, do you point the finger that iraq has been stealing iranian customers . I think all of the opec members are so victim and when we have experienced so much many of the opec members blocked during 30 years ago to produce, to export and then return to the market and other opec members opened the door and opened the room for them to maintain their capacity and we have a time of experience in terms of how to deal with this situation. If iran is producing 4 Million Barrels a day at the end of sanctions, someone has to tighten their production and take a bit off the market otherwise were going to have severe joe supply, arent we . Who do you think that should be, sir . I think its normally that the producers have produced more than others during the absence of iran. So iraq i dont want to mention any names. This is fascinating. Opec at the moment is producing 30 Million Barrels a day. The market is very comfortable with that, clearly. But if you get an extra 3 Million Barrels from iran, potentially, another up to a Million Barrels from the iraqs, half a Million Barrels from the nigerians and the shale, maybe weve got a problem. Lets leave shale aside at the moment. This production issue with iran is delicious. We think iran could start to nudge production a little bit higher. Exports a little higher. But certainly not more than about 100,000 to 200,000 barrels a day. But when the second field gets done, it will still take them at least a year to get back what they lost today. He has form, hes one of the best performing ministers in terms of oil output in irans post revolutionary history. If anyone can do it, he can. The key here is if. I mean, it sounds like a kipling poem. Bear in mind, china is motoring along and we know that they are the swing consumer as opposinged to the swing producer, as well. But if all these things were to happen, this could be the perfect storm for oil during the middle of 2015, wont it . It can be. It will return some sort of ree instatement. I dont think its going to be possible just for the gcc countries like saudi arabia to carry that burden on their own. I think theyre going to have to do more than that. Iran is going to be a slow hold. What about the iraqi production, as well. There are concerns about violence near and around these key fields, as well. I think this is stretching credibility thin. Theyve missed all of the supply targets in recent years. This is really a step too far. They currently have a major bottleneck on their infrastructure settlement in the south. There is no real indications that the kurdish volumes will come out, as well. We know theres been hiccups, the huge fills they got there. Theres been hiccups with the brazilian production. And shale, question mark about longevity about it. But if all these external economic factors, it has to be shale that does worry opec. I think they have to be concerned about the price as crude continues to fall year on, year out. So that obviously means nonopec is doing a good job of bringing production on. You can have a technical debate about how long is this sustainable. Is it just the surge . Does it have a long tail . Probably not. I can hear the 64 million question, bill. Where is oil going in 2014 . I think probably it will stay pretty much where it is now. As we discussed, i think well see prices fall. Thank you, sir. Thank you today for braving the cold. Of course, getting the iranians and saudis, always nice to get them on take place. Back to you. Great stuff. Finding out where the tensions are in vienna. A reminder of what the headlines are. Talking about opec, saudi arabia is trying to stay positive over oil supply quotas. Libor rippinging brings a record down the pipeline for some of the biggest banks. And services pmi has reached lowest numbers off the year. Well head to b a ihli for the latest on an indonesia trade deal. Now, we have a joint Venture Signed between disney and bestv. It will bring together the skills of these two in the digital arena. Disney will have a 49 holding in that business. While private firm res managing to get it on between america and the u. S. , its not quite the same with the government. The Chinese Government fires back against u. S. Antidumping duties. Beijing has filed a wto dispute, saying the u. S. Has unfairly penalized china on sales of 13 different products in america at low prices. Chinas Commerce Ministry says the exports in country are worth around 8. 4 billion. Washington now has 60 days to settle or face a wto adjudicator. At the same time, its being called a do or die meeting for the dohar round of global trade talks. So far, ministers are leading towards the dye side because while progress has been made on the least developed countries in trade facilitation, there is one big Sticking Point, agricultural subsidies. And thats had indonesias trade minister predicting failure, although hes urging flexibility. Every nation and country have a national interest. But i think flexibility and compromise. Sometimes are required to get a Multi Lateral deal done. Our very own lisa oake is in bahlitwto meeting and joins us now. Lisa, what kind of agreement, if anything, can we expect . Its still up in the air, ross. Still very much down to the wire. And, in fact, earlier, when i was speaking to indonesias trade minister, i asked them to put a percentage chance on the likelihood of getting a deal. And he put it at about 48 to 49 . So he is still optimistic by this morning. So you can appreciate the position that indias commerce minister is in right now. If youve ever been stuck between a rock and a hard place or had a decision to make, you certainly understand how this gentleman must be feeling over the past couple of weeks. At home, teef got an election coming up in india. They heavily subsidize many staples for their poor. Up to 70 of the population will receive some sort of subsidy under this aggressive new Security Program that theyve recently launched. And try explaining, you may be rolling some of that back to an electorate as youre going into an election. Certainly not an easy thing to do. And if he does sign off on this deal in four years, the Subsidy Program will breach wto trading caps on subsidies. So hes trying to if a nagel a way out of that. Then here at bahli, at the wto ministerial conference, a tremendous amount of pressure to give in and get a deal done because they need consensus. Every one of the 159 delegates at this conference must agree to a deal or the entire thing collapses. He suggested that 145 in his opinion of the ministers are on board. Only a few standouts lining up with india are on the other side. But india, they havent been afraid to seek a controversial decision before. They did this before in 2008, they came one a trade deal. It wont happen this time. If they do go ahead and sink this deal, they dont have a lot of support from what were hearing. And in terms of which way its going to go, ross, he said the earlier proposal was hot, but we were talk to a delegate a few moments ago. In his opinion, he felt like india was starting to soften and starting to realize that this global trade deal is too big to fail. So we shall see which way it goes. Back to you. Thanks so much for that, alisa. Thats the latest from bali. And a story thats rather different from that, a bra that can detect stress. Yes, microsoft is apparently aiming to get abreast of a new market with what it calls the smart bra. Researchers have create add prototype which apparently mon stores the heart rate and skin activity to produce an indication of mood. That data is transmitted to an app which can indicate when the user is likely to do things like emotional eating. If your clothing could measure anything, though, we were asking you what would you like it to be . If you could have a word what is going to monitor something for you, what on earth would it be . Email us, worldwide cnbc. Com, twee tweet cnbcwex or direct to me rosswestga rosswestgate. What would you like to know . Thats what were asking you today. Im still thinking about it. As a judge rules that detroit can time for bankruptcy, the citys pensions and artwork now appear at risk. Well head to detroit to discuss the impact and the ruling. Heckeg with my united mileageplus explorer card. Ive saved 75 in checked bag fees. [ delavane ] priority boarding is really important to us. You can just get on the plane and relax. [ julian ] having a card that doesnt charge you foreign transaction fees saves me a ton of money. [ delavane ] we can go to any country and spend money the way we would in the u. S. When i spend money on this card, i can see brazil in my future. [ anthony ] i use the explorer card to earn miles in order to go visit my family, which means a lot to me. Honestly, i wanted a phone with a better camera. My boyfriend has a lot of cantmiss moments. I checked out the windows phones and saw the lumia 1020 has 41 megapixels. So i can zoom way in even after i take the picture. And i can adjust the shot before i take it so i get it exactly how i want. So, i went with a windows phone. Maybe i just see things other people dont. Honestly i wanna see you be brave were heading to the European Commission for fines on institutions involved in International Rigging of libor. Eu has fined eight Financial Institutions a total of 1. 7 billion for colluding and fixing the key benchmark. Four lenders took part. Six banks colluded in the yen libor rate. Barclays, deutsche, society issee generale. Barclays was not fined as it cooperated originally. Former complaints have been launched into credit agricole, hsbc and jpmorgan. They also say broker rp martin sought to influence the yen libor rate. As far as some of the individual fines are concerned, Deutsche Bank has been fined 466 million. Societe general ooet, 466 million. Rbs, 131 million. Rbs fined another 259 million. Jpmorgan, another fine for them. 79. 9 million. Citigroup, 70 million the fine. And the broker at 247 million. And icap, as well, the broke r n london has also been involved in this. Hang on and i can find out ill come back to icap in just a second. Apparently whistleblower ubs has chosen full immunity in the yen libor probe, as well. These numbers all come out, but essentially, deutsche seems to have had the biggest collection of fines. 466 for the cartel and another 259, as well, for the libor cartel. And jpmorgan got another fine of around 80 Million Euros. Well keep those coming, as well. And i just lost the icap conclusion, as well. 466 for the libor and 79 for the yen libor probe and socgen fined 466, as well, for the probe. Down 0. 5 . Plenty more to break down on that. Its all rather complicated. But anyway, the up shot is that eight Financial Institutions colluding in the key benchmarks have been fined by the European Commission. Well have more of a breakdown on that. Still to come, can be pace of job creation be maintained . Well take a preview after the break. Ly 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. 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Deutsche bank fined 466 Million Euros. 259 for the libor cartel which gives them around 725 million in types. Ubs not fined because they had immunity because they were the whistle whoer in the yen libor probe. Barclays not fined because it was in the types. Deutsche bank, societe general ooet, all settled the approval case and we had others from jpmorgan, citigroup, rp martin all fine inned in the libor report. [ speaking Foreign Language ]. There were discussions about the ju upcoming submissions. Libor and in one case in these yen the cartel. Euro yen. The tokyo Interest Rate is an Interest Rate as i said before, its a benchmark. The aim of the stocks between traders was to increase their banks profits and in turn their own wallet. They had Sensitive Information of the type competitors normally keep secret. I repeat that officials have opted today and the euro and the yen cases are daesed to the companies that have agreed to settle with us. These companies have decided to turn the page and ignore their wrongdoing and their eu competition load. As a result, the vinvestigation was shorter than it would have been otherwise and there are two of the three capital settlements the commission has concluded in this to settle in an investigation that was introduced in 2008. The procedures or companies that participate in the settlement received a 10 reduction of the respective fines for agreeing to settle. Barclays in the euro case and ubs in the yen case received full immunity from fines because they happen the first to reveal the existence of the infringement to the commission. And the Group Receives immunity for fines in relation to one of the instances relating to yen. Immunity as well as signed ruxzs for other countries was grated in the context of our program. These have proved to be an extreme fight. Because they are secret, it is very difficult to detect and prove. Providing such inventives to companies that choose to reveal the cartel to the commission is simply indispensable for any Public Authority serious about detecting sanging cultures. For us euro proceedings, we have open proceedings against jp morgan chase, credit agricole. While we fully respect the presumption of innocence until the end of antitrust proceedings, the commission is determined to pursue all of those who makes up the capital. If their if i were concerned that we will the put in there statement of predictions if needed, they will indeed receive the adequate sanctions. And convinced that the competition rules that the infringe our rules, including the facilitators of such violations. Of course, all the efforts are needed and this is the reason why the commission, as you remember, has proposed legislation to improve the reliability of fm benchmarks. To beive of the draft regulation is to avoid conflict of interest. Make sure the benchmarks reflect the economic reality and that they are used appropriately. On top of these, we need to make shower there are no other clugdzs. The compliment come to the act of regulators and authorities worldwide, including those that help sanction market abuses and some of these included in todays decision. Indeed, what is shocking about the libor and euro libor scandal is not just the manipulation of benchmarks, but this is a very serious infringement, but also the setting up of capitals between a number of financial players. With todays decision, we want to send a clear message that the commission is determined to fight the sanctions these cartels in the financial sector. Thank you. That was the eu competition commissioner recop firming that eight Financial Institutions were involved and, as they say, in colluding, in fixing key benchmarks. Six of those have been fined a toelgdz of 1. 7 billitotal of 1. Euros. The hardest hit is Deutsche Bank on the libor and cartel. Citigroup fined just under 8 Million Euros. But they, along with jpmorgan, hsbc and Chris Agricole are going to be investigated on the arrival probe and icap will be further investigated. So there could be more fines to come. Helia is with me and has been following this story, as well. You were saying before, it helped barclays this time coming out first. Remember that in the case with lie bror in the uk, going first didnt help barclays out. They paid at that point a record fine. Recently, we had rabbo bank bye being fined 1 billion in the u. S. For its kind. We are looking at at least another year, 18 months to do with rigging that are going to hit banks consistent le. Yeah. 80 million, for the yp morgan. Is that a sign of things to come . Yeah. And that was the numbers were those the ones where he said ill buy you a san witch or g get you a porsche . I didnt quite understand all of that. Well see what more we get from this in the market reaction, as well. Thank you so much, as well, helia. Deutsche bank, stock down around 1. 8 . As far as socgen is concerned, its been fined 40. 6 million. And rbs, its stock is currently up 0. 3 . 260 million pound, rbs in the libor cartel. Citigroup, down 1. 28 . Deutsche bank says no material additional reserves will be used to pay for this settlement. I guesstimated that total. I think thats pretty right. So well keep our eyes on that. Meanwhile, if youve just joined us this morning stateside, besides more fines for u. S. Banks after the falls we saw yesterday, u. S. Futures indicating we might particular higher at the open at the moment. The dow down nearly 100 points yesterday. The s p down nearlily six. European equities, meanwhile, have been pretty flat, down 0. 2 on the ftse cnbc global the 300. Those fines driving it down. Sglo still to come, detroit has become a biggest u. S. City to file for bankruptcy. Hi honey, did you get the toaster cozy . Yep. Got all the cozies. [ grandma ] with new fedex one rate, i could fill a box and ship it for one flat rate. So i knit until it was full. Youd be crazy not to. Is that nana . [ male announcer ] fedex one rate. Simple, flat rate shipping with the reliability of fedex. [ male announcer ] this december, experience the gift of exacting precision and some of the best offers of the year [ ding ] at the lexus december to remember sales event. This is the pursuit of perfection. U. S. Jobs data for october surprised to the upside. But numbers recently published by the u. S. Commerce department indicates activity could be pulling back. So is the u. S. Ready to fire or is demand going to splatter . And what impact is that going to have on economic creation. Andrew, good to see you. Youre saying your report is comfortably numb is how you described data. A lot of people have decided the u. S. Economy is muddling along, going nowhere, and that will keep the Federal Reserve trapped in a position of buying bonds ee personally because if they try to get out, yields will spike and how will we ever create jobs . So it seems to me if you want to trau the analogy is in the state of the old dk back in the pink floyd the washington, the key character there, who was described as being comfortably numb when he was stabilized by the doctor in this case being the Federal Reserve administer ing an aesthetic that is helping grab the economy out of its topper. Yes. But in that, he does get injected and it sort of starts to work. So is that whats happening here . Yeah. Well, ive anteriored for over a year that the u. S. Economy has been doing better than many people dare give it credit for. Theres a lot of views that the Federal Reserve shouldnt be doing what its doing and the government is on the wrong path. All those things asides, weve seen decent payroll growth. And when you actually look at the core of the u. S. Economy, there are three key factors, professional and businesses, leisure, and retail jobs which form twothirds of all u. S. Jobs created. Those segments are actually on fire. And my Research Shows and this is just bls data. It shows that were on pace for the best level of job creation. Within those sectors, for any year since the turn of the millennium. If we create jobs at a pace of 105 for november and december, well match the average. But if we tren towards the average, the unemployment growth at its best since 2005 been so within the numbers, if he look and pay closer attention to the real drivers of job growth, youll see the economy is moving well ahead indeed. Over 70 more than last. The amazing increase is in retail. 350,000 jobs. So thats 50 up on last year. Well, and theres a reason for that, ross. Precrisis, u. S. Consumer spending was the key driver of the economy. It accounts for twothirds of gdp. Okay. What happens in the recovery is that consumption rebounded very, very strongly. But we had this remarkable conundrum of retail sales actually recapturing the precrisis peak in dollar terms in 2007 and 2008 levels, but job growth didnt return. Now were at the point where consumption is 13. 5 above where it was precrisis, yet retail jobs havent come back, were still about 280,000 short of the peak. So weve seen sufficient job creation and not in the recovery. Retailers are willing to in this back into warehousing, production, purchasing and so on. So in that respect, the economy appears to be stepping et up. Meanwhile, a federal judge has approved detroit entering chapter 9 bankruptcy. Joining us with the details, kayla tousche from cnbcs hq in the states. Its a landmark decision for the city of detroit. A federal judge has ruled that the down trodden metropolis, more than 18 billion in debts, could formally enter bankruptcy yesterday. That was when the decision took place. It marks the largest city bankruptcy. As part of the decision, judge rhodes said pensions were not protected. That despite being protecteded by the states constitution. He said this process pu perrus city cant pay its debt. Its insole vice president. But eligible for bankruptcy. But it also has the opportunity for a fresh start. The rising cost of pensions has been causing spending cuts in areas like Public Schools and police departments. Unions and Public Sector employees are expected to file appeals quickly. As of now, the ruling allows Emergency Managers designed to oversee finances to move quickly on saving the city. It cant come any sooner, ross, because thats 40 of the life in detroit, the streetlights are not even on. So you want to see that filing as soon as possible. Yeah. Its extraordinary reaction. Thanks for that, kayla. Good to see you. Meanwhile, over in vienna, an opec meeting is under way. The iranian oil minutester named the likes of total, shale, who he would lick to see invest in iran after sanctions. Theyre talking about they want to put more money away to be invested. Steve sedgwick has been speaking to some ovd key players. Everything is great today for opec. The oil price they get is above 00 a barrel. Its been a pred of unprecedented stability. But its future Oil Stability that theyre all concerned about from within opec and from outside of opec, the future supply that could come on. One of the big issues opec will be looking at all year is shale. But i spoke to the Saudi Oil Minister who is the kingpin here and he said to me hes not worried about shale. Lets listen in. Not me. Youre not concerned . I have said that over many times and i think ive been public about what i said about shale oil. This is a welcome edition to the world oil reserve and we welcome it. So thats the external issue blues back to zaz act stan, canada, they could have have more supplies on oil. The nigerians have another half a Million Barrels to put back on the table. Plus the elephant in the room, iran, iran currently allowed to export a Million Barrels a day. Potentially they want to put a lot more oil on to the table. Currently exporting 1 million. Listen in to what the iranian oil mip sister said to me about potentially how much oil he wants to put on to this market. I hope after sanction we will produce more. In 2014 . After lifting the sanctions. Soes that middle of 2014, youre hoping to produce 4 Million Barrels . We can technically. Lets not pour cold water on these barrels. The old iraq iran rivalry still very hot. The nigerians could put another 500,000 on the table. At some point, we could not we will, we could be very ill supplied. So this is the prelude to the storm, so to speak. But our viewers now are fully versed, ross, with all the big issues. The fact that the iranians, the iraqis, the nigerians, the libyans, the united states, kazakhstan, could all put this oil on the market. But if it doesnt go there, does that mean we could go north on the oil price rather than south . Most of the analysts think we could do and breach that 100 level successfully and breach brent to the downside. A huge number of ifs and it all depends on the politics as ever. Steve, thanks very much with the layest from vienna and the opec meeting. In the last half hour, the eu has announced a fining of a total of six institutions 1. 7 billion euros for colluding in yen libor rate and in the uibol rate, as well. Including six key benchmarks. Theyre going to probe a number of other institutions plus the cash broker i cap, as well. The bank fined the most was Deutsche Bank a total of 175 Million Euros across the board for those two that came out and said, look, it wont affect material reserves, wont be using reserve toes pay for that. Ubs didnt have to pay anything because they were whistleblowers and started cooperating from the start. Thats it from worldwide exchange. Coming up next, squawk box. As we to that, well leave you with a look at the futures indicating might just get a tick up at the open. Have a profitable day. Good morning. Jobs in the america. The adp report tops the markets opening today. Opec ministers are meeting in vienna. Could a cautious consumer cause trouble for the markets . Stocks fell for a Third Straight session on part on signs of weak holiday shopping. It is wednesday, december 4th, 2013 and squawk box begins right now. Good morning, everybody. Welcome to squawk box here on cnbc. Im becky quick along with joe kernen. Andrew ross sorkin is still on vacation. Hes off for the week. We have a busy day on the economic front. Joe just mentioned the adp report due out at 8 15 eastern time. Full forecasters say the economy probably added around 173,000 barrels last month alone. We will preview fridays government report. We have International Trade coming along with productivity and cost. At 10 00 a. M. , we get new home sales and ism nonmanufacturing. Finally this afternoon we have the feds beige book. 21 of the 30 dow components actually declined yesterday. The blue chip index dropped for a Third Straight day. This was a little bit of a drop because, again, three days in a row we havent seen anything like that in several months. If youre wording about