Quarter costs as litigation costs topped 3 billion euros. Investors Unfriend Facebook shares after the tech giant warnings spending could outpace revenue next year. Announcer youre watching worldwide exchange, bringing you Business News from around the globe. And it was a big day for wall street, better than expected Consumer Confidence report helped stocks close at session highs ahead of todays big fed decision which we would be discussing throughout the hour. The dow did close back above 17,000 for the First Time Since september 3rd. S p trading down, as well. Nasdaq in focus, of course, after facebook missed expectations. Well get thaw report. Facebook shares tumbling in frankfurt despite earnings that beat expectations after the bell. The social media giant issued a disappointing outlook and warned that costs would increase as it looks to step up investment next year. Take a look at facebook and how its trading, down about 6. 4 . Now, diving into the european markets right now, a mixed session. Although we did start off in the green. Were looking at the ftse 100 trade up about 25 points. German markets trade up about 50 points. But its negative across the board for italy and france. Well continue to watch thats markets and see if they can join the markets into the green. In terms of stockspecific action, Deutsche Bank has posted a surprise loss of 32 million euros. A modest rise sales of impacting the higher litigation costs have have now topped 3 billion euros. Weighing on the german index, snyder electric, shares trading near the stop of the stoxx 600 after the french group relowsed revenues. Air france klm has taken a 460 million revenue strike. The airline said operating profit almost halved in the Third Quarter. But the big shock of the morning, sanofi has announced the departure of its ceo just a day after playing down speculation over a potential exit. Wilfred, the stock down about 4 in todays trade. Yes, indeed. It was down almost 10 yesterday. Stephane joins us on set with more on this story. Stephane, the ceo had a pretty good record, yet today a unanimous vote to oust them. Its not a problem, to be honest. The company about five years ago, the company had an issue with the pipeline which was very poor. He made a series of acquisitions and that really forced the pipelines. But thats not at issue any more. He also managed rather well the transition with all this patents which expired in the last few years, managed to first of all put in the market some new product. The market shah shares in general, so being under share price was much higher. The problem was the management side, trelgzs with the board. And, actually, the chairman of sanofi, who is going to take the ceo position for a wild said this morning that the decision to replace the ceo came from the poor relations with the board and unofficially, with a press conference recently, some ebbs members of the board were upset about his decision to move to boston. Thats a very french reaction, i think, to believe that you can only manage a French Company based from paris. Are you surprised with the 4 decline on the basis of management change. Are you surprised about the size of the move . Yeah. It shows he had support from the markets because the results were here. The company has a strategy. The company has a vision. And the reason for here, i mean, yeah, well, we will have a new ceo very shortly because the chairman concerned this morning that the companys negotiation with potential candidates, although it didnt want to elaborate and to give more details. We wont have uncertainty for a long time. Thats the most important thing. But in the shortterm, thats a disappointing decision from a market point of view. Does he fan, thank you very much. In other news, the Federal Reserve is widely expected to draw bond buying to a close latter today. The policymakers are likely to respond that rates are supposed to be low for the near future. Patrick, its great to have you in studio. Of course, today is the big day, the one day that analysts, of course, and wall Street Investors have been anticipating. Do you think janet yellen will change the language around Interest Rates rise . I dont think so. Weve had considerable time that statement has been out there and that calmed the markets. I have been a little frustrated recently with the amount of comments from the various fed members. But i think the key is, we have to give the fed the benefit of the doubt. Its not going to make policy mistakes that they all made back in the 70s. And i think a good economy will see rising rates and that will be good for the market. And until such time, they will remain cautious with that considerable time. What about the external factors that have been cited as a big concern for the market, ebola, geopolitical tensions, do you expect the fed to comment on any of these in todays statements . I suspect possibly. Theyve talked about gloeg growing global growth. That might be a concern. Im not too concerned about ebola. Certainly slowly growth on the back foot will be more cautious. But the economy generally remains recently recently strong. So i think the tapering might stop. In fact, wed a 9 rally in the s p. The intra day drop with asset peaks. Quite an astonishing move when you think about whats changed between now and then. Really, the only thing that has changed is some of the earnings are a bit positive, but not all. Do you think earnings is enough to keep the market going up . I do. And youve got to remember, theres a lot more high frequently trading now that creates that volatility. But weve done surveys that shows volatility generally is the same types of moves results in higher markets a couple of weeks later. So this isnt new. But i dont think china is going to go, in fact, actually into recession or a hard landing. And i think there are other roads. I was in my roby last week and the place is booming. China is only 1 of gdp. And the engine in the u. S. Continues to do well. So the fed announces tend of qe3. It does not change its language around Interest Rates. Where does an investor stand to spend money . Over 70 of people in the u. S. Take one Prescription Drug a week. 40 take two. That is going to be a huge driver. You can buy companies not particularly in high multiples. Its a bit of its all about science and technology. I think health care and technologies and financials are the place to be in the u. S. Market. Patrick, thanks for now. Well dive into more of that with patrick in the next 20 minutes. Lets give you a run beyond of what to watch this trading day. The Federal Reserve wraps up their twoday meeting today at 2 00 p. M. Eastern time. Well get a statement from the policymakers. With earnings season in full swing, well hear from ralph lauren, kraft, sri casa, dreamworks animation. Coming up on the show, chinas property loans dip and another sign of cooling for the housing sector. What does it mean for the Big Four Bank earnings . We cross to hong kong for expert analysis. And u. S. Regulators sue at t over an alleged mishandling of data plans. Well get you that story, as well. Plus, what if you could fight cancer and terminal illness by popping a single pill . We will tell you more about googles ambitious foret into health care, coming up next. How could switchgrass in argentina, change engineering in dubai, aluminum production in south africa, and the Aerospace Industry in the u. S. . 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. Welcome back. Lets give you some headlines. U. S. Futures are point to go a mixed open as investors await the fed rate decision. Sanofi, gives the ceo over his management style. And Facebook Face plants after warning that more spending is on the horizon. Stat oil trading in the red after posting a surprise loss om almost 5 billion. The company has maintained its production in Capital Spending in forecasts for the year. Total has warned earnings will remain under pressure just as net profits fell 2 in the Third Quarter. Following the tramgic death of the ceo in an aircraft accident earlier this month, former ceo Pierre Demaret will become chairman. Taking a step back from the stock particulars, all of them doing relatively well given the massive headwinds theyre facing in terms of oil prices. Do you think this is a good time to get back into that sector . The oil price is up 25 . I think people underestimate that impact to the u. S. Consumer. It was only last week my wife was saying to my about oil prices in sainsbury and she was very excited about that. She can only understand what its doing in the states. Theyre enter a cold time of year for the united states. Thats generally when oil prices do start to pick up. Plus, a lot of these oil price res stuck with cash. Plus, when youve got Something Like a schlumberger, fantastic company, huge, Free Cash Flow and guided to lower oil prices. But if we focus on a drop in the price of oil, at what point does that become a deflationary risk for the consumer . That is a fair point. Bond yields are where we are. But the point i made earlier, europe i think will basically skirt a recession. The u. S. Continues to do well. I think that will underpin oil prices. I personally dont see deflation myself. Well continue to watch the price of oil. Another thing well be focused on is earnings. Visa and kraft foods among the names of investors reporting. Tomorrow well look to gopro, Conco Philips and linkedin. Friday well see results from exxon mobil, chevron, abbvie. You could say thats one of the reasons weve seen stocks rebound off the lows hit in early october. But at the same time, when you look at profits beating expectations, a lot of that is being driven by cost cutting versus revenue drofg profitable. Is that a concern . No. Lie this morning actually where earnings were and theyre still 25 above record over real earnings. Youve got justification of where the markets are trading at the moment. They were 4 i think on eps. Thats now at 5. 5 and has been rising dramatically. We look for Earnings Growth next year. Once again, i think a strong underpinning for earnings and is justifiably so. So the market is you know, its not cheap, but its not expensive. Its only 10 above its tenyear average on pe. I think the u. S. Is still very exciting, i think. The other thing, it could put a temporary damper on market at the end of qe3. We assume that thats priced in because we know a lot about it. But when qe1 and qe2 ended, that was bad for markets. Is it this time . I think it is. On the first outset of reduction of qe around the markets were off sharply. Now theyre being more blunted to the markets. I think that point we made about weve got to give them an opportunity to do the right thing and the benefit of the doubt. I think that will happen. If Interest Rates rise, and in this is a big experiment, that means the economy is going to do well, that means the stock market is going to do well. Patrick, thank you for now. Windowless planes could be on the runway in ten years, but are you going to get on board . But now we have a better idea. Log on to cnbc. Com to see the full details. We want to know, will windowless planes clip your wings or will it entice you to follow . Ash tweeted in and said no way. If you want to join the conversation, get in touch with us by email, worldwide cnbc. Com, krns we can see. Our personal handles are on the screen, as want. Im not sure i understand the windowless plane. Does it make a difference either way . You can basically see through the sky as you are flying to your destination. On top of that, its not just a different in design. This could help airplanes, ticket prices, as well. Apparently this will reduce the weight of airplanes and any Weight Reduction can translate into fuel savings. So there might be something in for the consumer here if we get these windowless planes. Get in touch with us if you happen to. A quick look at futures in the u. S. Ahead of the open, were expecting a mixed open. The dow set to open up 16 points, the nasdaq down 12 and the s p just below flat. Honesn honesn on the firewall for customer db access. Install version twopointthree of db connector and ensure verbose flag is set in case of problems. clapping sound isnt the cloud supposed to make business easier . Get the one that can connect to the systems that you already have. Today theres a new way to work. And its made with ibm. Your goals, our experience. Your shoppers, our technology. Your data, our insights. Introducing synchrony financial, bringing new meaning to the word partnership. Banking. Loyalty. Analytics. Synchrony financial. Engage with us. Welcome back. Now, asian markets have hit a onemonth high today. You can see quite a lot of strength across the board. Particularly in hong kong, china and japan. Japan is at a threeweek high itself after september Industrial Production rose at its fastest pace since january. And lets focus in on china. The World Central Bank has warned the Economic Growth target for 2015. The group is urging the worlds second biggest economy to aim for 7 growth. Instead, a 7. 5 or scrap a target altogether. And chinese property loans fell 23 in the Third Quarter, reflecting slowing momentum in the housing market. Outstanding mortgages also dipped slightly from the previous quarter. The fresh data could fuel concern for the countrys largest lenders, most of which report earnings today. China Direction Bank posted its slowest growth in five years. Josh is joinings now and still with us is patrick spencer. Josh, lets kick off with you. Thanks very much for joining us. A top level question to begin with. Weve got a big review of the quality of assets in the european banking sector. Its stated npls in china are about 1 . Thats a number that a lot of people question in terms of the veracity of that figure. I think if you add in special mentions alone, you get a bigger posting at 3 , 3. 5 . But even then, the markets have been concerned that the actual underlining npl figure is much higher. And that is, of course, why these banks are on valuation discounts compared to some of the others. If npos are a lot higher, i suppose weve had signs of this and authorities could turn on the tap as they have done since april. But in case of a big credit event, is there still enough space to turn on the liquidity tap once again . You have seen a couple of trends in china. I think on the asset quality side, weve seen some stress begin to migrate into western china from the east coast. Weve seen pressure on smes, for example. I think overdue loans rose 40 half on half. In terms of the toolts, in order to prevent the further slide in npls, i think we need to look at the liquidity easing measures that have been put into place. We have seen the psl directed towards the state banks. Weve seen a number of very small measures, but in a cumulative sense, these measures have helped ease liquidity. I think if you step back, libor or sorry, shibor rates are down 100 basis points since april. I think easing rates will help the borrower burden pushingp npls. Patrick, would you put money in the chinese valuation sector right now . Valuation i think discounts a lot of bad news. Id like to address with josh the issue and uncertainty that the chinese economy has doubled in dollar firms since 2008. Its been phenomenal growth. I think in terms of the earnings slowdown, i think one of the issues is you get diminishing margin returns over time and china is certainly seeing that. I think regulars have focused on things like fees. One thing we have seen is that fee growth has slowed materially, i think thats because the nbcr thigh a review of income late last year and tried to make sure that smes werent being gouged. So there is regulatory pressure on areas like fees and definitely credit will slow. I suppose were seeing credit move outside the traditional banking sector. So the shadow Banking System is now about 42 trillion r b. Thats double, i think, twice bsh its doubled every two years for the last four years. Its up from 10 to 42 trillion in four years, which is pretty amazing. So were seeing a lot more of the credit migrate away from the banks. That does hurt profitability for the traditional listed banking sector. And lets talk about some of those Wealth Management products quickly. As you say, growing hugely in size. Its very hard for us to know the credit quality of them. Does the government need to work that problem out of the system . Its a good academic debate, i suppose, in order whether to reduce moral hazard, you let one or two of these instruments go bust. So far what weve seen is a willingness to defend par values and Wealth Management products. This has been an issue that kicked off in january. I know there was one product in particular in january that rattled markets early in the year. Ultimately, that paid back. Weve seen the government or weve seen policymakers want to hold the line on asset values and not let investors share losses. I think thats been one reason, you know, and one way why we continue to see this explosion of shadow banking, that we still havent removed the moral hazard risk. That is something that theyre going to have to work out balancing, potentially removing that moral hazard and making sure it does evolve into some much larger credit crisis like you would have seen in la and the u. S. Josh, thank you so much. Now, exports are regarded as a bright spot in chinas slowing economy. Economists say theres growing evidence suggesting mainland firms are inflating trade data. For more on this story, head to our website. Moving on, nasas launch facility on the coast of virginia, the unmanned rocket has exploded. The pictures are coming to you now. The private Company Rocket was carrying a cigna becaused spacecraft. Loaded with supplies, experiments and equipment. Next up, wilfred, were going to talk social media and focus in on facebook beating expect ages, but guidance disappointing the street. Thats a big mover in premarket trade. Well discuss next on worldwide exchange. Youre watching worldwide exchange. Im seema mody. And im wilfred frost. U. S. Points point to a mixed open back above 17,000 on the dow with the fed meeting laird today. Investors unfred facebook shares. Quite an earnings beat after the social network giant put out revenue next year. Shares in Deutsche Bank in the red after the german financial giant posted a surprise Third Quarter loss as litigation costs topped 3 billion euros. Sanofi board removes ceo chris vibacher sending shares sharply lower following a 10 slump in yesterdays session. Sdwla youre watching worldwide exchange, bringing you Business News from around the global. And just getting some data out of the bank of england, the uk, mortgage and credit data. Mortgage approvals were 61,267,000 last month. Weve also got Consumer Credit, which was forecast at 0. 9 billion and it came in at Consumer Credit indicate in at 0. 9 billion. Overall Consumer Credit coming in at 0. 9 billion. Trade 1. 6122. Better tan expected Consumer Confidence report, send stocks higher. They close at session highs ta dow transports and utility indexes both trading at new intra day alltime highs. A mixed trade right now. Were looking at the Dow Jones Industrial trading higher in the market trade while the s p is trading lower by just around 2 points. The nasdaq will be in toef, trading about 1 away from its intraday alltime high it hit back in september. So a remarkable rebound for the tech heavy nasdaq. Facebook shares could weigh on the index after disappointing guidance, although it did beat expectations. Providing a list for most of the incidentsies, were looking at the ftse 100 trade up by around 0. 5 . Inflation data later this week, be sure to watch out for that. France now turning into the green. Up about 5 points to the cac 40 and the italian market still trading at negative territory down just about 85 points. Facebook stock tanged in after hours trade after the social media giant issued a disappointing outlook. Julia boorstin has the details. Facebook earnings and revenue both beat expectations as did it user growth. But facebook shares dropped during its Earnings Call on its forecast for qhad and for next year. David renner projected revenue will grow between 40 and 47 in the fourth quarter. Thats on the lighter end of expect ages. Non gap Capital Expenditures will grow between 50 and 70 in 2015. And facebook will invest in new employees, ad Growth Technology and the Ceo Mark Zuckerberg said facebook is both a community for users and a plat for form for marketers. He also talked about wanting to grow facebook beyond the social network to be the infrastructure for the mobile webb. Over the next few years, our goal is to make facebook the platform that allows developers to build and monetize their apps across every major platform. Theyre playing it very slowly and carefully. There are significant opportunities. Back over to you. And lets discuss facebook further with max well, chief economist at manhattan ventures. This is much better than what some of its peers like twitter are reporting. Thanks for having me. Always a pleasure to join you. I think what we have here is the perfect enemy of the good and the bulls have been firmly in charge here. 60 up yeartodate who have banished and came back to these reports. When youre up 63 for the year and youre looking at a 40 plus pe, you are priced with perfecti perfection, so investors have a right to anticipate its delivery. And we got some clarity about the occulus and the whatsapp acquisition and about how many, many years into the future we would have to look to see them be profitable as well as guidance that were going to see deceleration and margin growth at an acceleration cost. And that combination made people nervous, particularly in the thin after hours trade. Down about 72 in the spring to 45 in the fall of 2014. Is facebook losing its cool among the the Millenial Generation and should wall street care . Facebook lost its cool cutting edge technology. What wall street thinks is cool is average renew growth and profit margin. There arent that many people who havent seep it before. They do make a lot of acquisitions. It looks like they may not age extremely well in due to contribution to target. Last but not least, i think people still love the stock. Its doing really well. Up 65 yeartodate and maybe not likely to turn in results, but justify a much higher pe than the one we already see. And, max, i suppose if we look at facebook as bigger picture, theyve nailed the social network thing. But if theyre going to grow longterm moving forward, they have to diversify the types of areas theyre operating in. Is that what people really feel . Doing that, diversifying, will cost a lot of money and that may mean costs are higher revenues in the last couple of years. Facebook has taken over dominance in mobile. Just a few years back, twothirds of the engagement and more than twothirds of the revenue and almost all the Revenue Growth coming from mobile. Certainly theyve mastered the space. What pain if looking too is more direct and private messaging to individuals one to one and individuals into groups. Can the facebook platform be the place you go to have a more intimate conversation . Thats the network you go to tell everyone everything and that remain toes be seen. Max, thanks very much for joining us. Alibaba, which went public on the New York Stock Exchange last month, is mow the largest publicly traded nonu. S. Company by Market Company ahead of roach and walmart. Several analysts have initiated positive talk on the stocks. Three growth bridges have a eye on alibaba. As we speak, wilfred, weve been getting a couple of analysts on the stock. Alibaba broke 100 a share wednesday. Absolutely. What they say moving forward, are they planning to move out of their core markets just in terms of former commerce and just china . There is no clear markers and barriers. I think the likes of google and facebook and apple, theyre going to be worried if alibaba pushes into the u. S. They estimate well over half that will be in the coming years. And its crossed the 100 mark. Lets stick to tech. The bill will contain microscopic particles that can travel through the bloodstream and search for malignant cells. Windowless plains, we got a sneak peek of how the plane might look. You can log on to cnbc. Com to click on details. David tweeted in, i can only imagine pass engine everies singing wrb i can show you the world from a disney moch very. Email us, world would it ad cnbc. Com. What do you think, wilfred . I just hope theres a couple of windows in the front of the plane for the pilots. That would be good. At t, well be talking about that after the break. New york state is jumpstarting business with startupny. An Unprecedented Program that partners businesses with universities across the state. For better access to talent, cutting edge research, and state of the art facilities. And you pay no taxes for ten years. From biotech in brooklyn, to next gen energy in binghamton, to manufacturing in buffalo. Startupny has new businesses popping up across the state. See how startupny can help your business grow at startup. Ny. Gov as we track the rebound in the u. S. Market, take a look at the dow transfer index which has wiped out all of its losses from its recent pullback. Gaining about 13 since hitting a low back in early october. Now, transport stocks, which include airlines, tend to benefit from lower oil prices. As you can see here, the index started to outperform right around the time crude oil moved lower. Interestingly enough, wilfred, take a look at the yeartodate performance. Absolutely. I love this chart. Right crude down 17 today. A great negative correlation. You can see die vergence right around here. Moving on from transports, just as the telecom wars heat up, a major lawsuit is filed against at t. So the feds are suing at t. The ftc says the mobile Service Provider misled millions of customers about its up limited data plans, stating the company didnt let customers know it would cut speeds if they went over a certain amount of data use. The plan alleges at t of cutting speeds sometimes as much as 90 . At 0. T promised its customers unlimited data and in many instances it has failed to deliver on that promise. The issue here is unlimited. Unlimited means unlimited, unquote. At t says the charges are baffling and the company was transparent with customers since the beginning. Moments before the news broke, tmobiles ceo john lijera appeared on cnbc and he had this to say about the latest telecom wars. At t and verizon are offering various forms of trickery to lock their base in because they dont know what to do. And what i like more than anything is after two years that ive been doing this, you know, the common question is, hey, theyre so much bigger. What are you going to do and they beat you up. This is it, kids. This is about 2. 2 and 2. 3 to 1. Which means every day 2. 2 customers come to us from them and one goes out the door. So we can compete. At t declined to dment o remarks and ver recesson didnt respond. Well keep you up to date. Before we go to break, lets remine you of your headlines. French Drugmaker Sanofi gives ceo the ax over hesitate management style. And Facebook Face mants after warning more spending is on the error rison. Welcome back. Lets have a look in on european market. Strength across the board, but muted strength as compared to the u. S. Rally yesterday. And asian strength overnight, as well. And, really, theres no specific reason other than that, led higher by gains in the u. S. And asia. Italy is just above flat. France is up about 35 basis points. Germany up the best part of a percent and the ftse 100 up 0. 7 . One of the top stories in europe is Deutsche Bank, which has posted a surprise Third Quarter loss of 92 million euros. A modest rise in Investment Banking sales to offset the impact of high litigation costs. A massive ongone story for banks both in europe and the u. S. Ongoing litigation expenses. As you can see, its down the best part of 6 over three months and down about 0. 5 so far today. Seema, what are we expected in the u. S. . A mixed day of trade right now when you look at u. S. Futures ahead of that. An important fed decision on Interest Rates. Yesterday we did see a big rally in stocks with the dow closing back above 17,000. Apple, qualcomm, broadcom and hp all trading at new highs. How do you make money in these markets . Here is what some of the experts have been telling us this morning. We really like theield curve extension. People rolling along the curve to pick up yields. Were going to see a lot of improvement and the capitalization in the next couple of years. We like volkswagen. The value next year, 13. 31 from the current. That begs on the chinese and indian demand. September was a pretty strong hold. The fed is widely expected to draw its bond buying plan to a close at the exclusion of its twoday meeting today, while keeping the door open to low rates for the foreseeable future. Joining us now is elon mui, a financial reporter at the washington post. Elon, if, as we expected, qe3 comes to an end today, so far, its somewhere in the region of 3 trillion. Is that the total cost of this experiment or could it rise further . You know, i think the fed, what youre seeing is a fundamental shift among the core officials to doing less, not doing more. You saw this with the debate over whether or not to delay the end of qe3. That was something that they decided that they would probably not do. They would likely address any additional economy through keeping Interest Rates at zero for longer. But you bring up a good point, which is even though were not really expecting any surprises out of the meeting today, its really important to sort of take a step back and say this is the end of a very big with the fed and it started six years ago when qe1 was unleashed as an emergency lending measure. Now were looking at a Balance Sheet just over 4 trillion and gold for a Stimulus Program that is much broader than the fed ever imagined. Several policymakers have cited week inflation well below the feds target risk. Is that something that could potentially be cited in todays statement . Its really kind of funny right now. Youre hearing the hawks on the Committee Talk about unemployment as a reason to bring qe to an end quickly and to get off the zero lower bound. Youre hearing does use low inflation as a reason to keep Interest Rates very low. Ill be curious to see how they sort of describe the inflation scenario in the u. S. But the fed president eric rowsengren said they would address that likely through keeping Interest Rates lower for longer as opposed to delaying qe. And the fact that as we expect qe will come to an end today allows people to pose that question, has it been a success . Can we not let alone, but can we even pose that question yet . Do we need another couple of years to see whether this experiment has worked . Well, you can look at sort of what the benefits have been opinion youve seen a higher stronger market. Youve seen stronger growth. Even though youve seen weakness in the housing market. But you havent been able to do the cost part of that analysis. The fed is holding on to these securities for even after the first rate hike will come. So until you actually see the unwinding process, its very difficult to do that cost benefit analysis because we simply dont know what the costs are just yet. Slowing growth in europe, ebola, geopolitical tensions, do we expect the fed to comment on these external factors that have rocketed markets in the past couple of weeks . The fed will likely sort of address the broad economic Global Economic picture in a generic way. I doubt they will bring up specific mentions of ebola within the fomc statement. But that is something that would possibly come up during the next meeting when the fed has a press conference post statement and they can address those specific questions. Well leave tlit. Thanks for your time. And with about 30 seconds to go, well just update you once more on market. European markets are in the green today. Theyve been poised by the strong close in the u. S. Yesterday and a strok Asian Session overnight. And the u. S. Futures mixed. Mixed heat of the fed statement which is likely to be dovish. I fropt forgot to mention, the russell 2000 back above its 1100day moving average. That is a leading indicator for the market it will be interesting to see if that can extend. Absolutely. Im whim fred frost. And im seema mody. Squawk box is next. 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 good morning and welcome to squawk box. Investors not liking facebook today. The social network is getting slammed. Traders getting an earlier start. New evidence that some investors are finding advanced access to market moving information by watching squawk box. Actually, not. Theyre in documents and theyre using the s. E. C. To do it. And finally, an unmanned nags sa rocket lighting up the night sky. Wednesday, october 29th, and squawk box begins right now. About morning, everybody. Today is the 85th anniversary of the 1929 crash. At for the current market, the s p and the nasdaq are once again in positive territory for the month. The dow is close to it. Its closing back above 17,000 for the First Time Since october 3rd. The blue chip index is now down less than 2 . The s p and the nasdaq are each off by about 1 . Todays trading session is likely to be focused on the fed. Policymakers are set to wrap up a twoday meeting with an announcement at 2 00 eastern time. The fomc is expected to announce the end of its qe