Calling on ministers meeting in brussels to cooperate in the fight against terrorism. Air france shares take flight after Goldman Sachs raises the price target on the stock. This despite bracing for a fall out from the paris terror attacks. These events will have an impact. We have more cancellation of bookings than new bookings but we still have new bookings. Shares in nike are on a run after a 2 for 1 stock split in a 12 billion buy back program. Good morning its friday and were one hour into the trading session. Lets see how european markets are responding to that and were seeing fairly flat reaction right now. Were seeing the stoxx 600 down just a fraction. Down just a couple of points or so. Were, in fact, close to session lows but at the start of the session we actually did continue yesterdays gains. Were close to three month highs for the European Equity markets. Bigger impact in the eurodollar pairing because were close to session lows for the euro dollar. As you can see, 106. 82. Were off by half of 1 . Certainly mario draghi having a fairly big impact here. Ecb president mario draghi saying we will do what we must to increase inflation. Monetary policy will remain accommodative for as long as necessary. In the past he said whatever it takes. Now he says whatever we must do to make sure that inflation rises quickly and he says we cant be complacent about inflation staying low for too long. Whether its core inflation or headline inflation. Yesterday in the minutes, the ecb minutes he was mirroring exactly what it is. The message he is giving. Where he was talking earlier and i think it is important that he is now seemingly pushing out the prospect for when inflation is going to hit the 2 target which might make a difference to quantitative easing. Maybe like the size and scope and all the other measures and also the time we have with regards to the rate hike but also just the quantitative easing in europe. Also talked about the deposit rate quite a lot. Expectations are ripe to the tune of ten basis points or so. Were at negative 0. 2 and he did say that the deposit rate improved the transmission of the asset purchase program. Lets get out to frankfurt. Quick reaction to what mario draghi had to say. Is this the strongest message yet that well see more easing in a couple of weeks time. Good evening. Yes. We had the signals before. This makes it more explicit. It remains to be seen which features this further easing will take. You just mentioned a few, the discount rate going another ten basis points and maybe expanding the monthly purchases and broadening the Eligibility Criteria or a combination of all of the above so that remains to be seen. Its expected that more will come and as you will understand, the ecb like other Central Banks they dont want a surprise. Theyre flagging their next moves quite clearly now. What happens if we dont get as much as what the market is hoping for in december . What do you think the reaction is going to be . If december were to be basically business as usual and you get the same kind of statement in the press conference there would be disappointment. There would be concern about inflation staying longer and then currently down and remember there may also be some its early days but there may be some additional downward pressure on prices following the atrocities that happened last week and this will have the potential to snap Consumer Confidence at quite a critical period. So i would be surprised if the ecb were not to understand that they would build these expectations. If you look at the minutes it looks at the consensus. You look at global ratings for european sovereigns and i just wonder if more easing will actually add so much more benefit for these sovereigns in terms of rates or do you think were at a point where theyre becoming complacent about that . Thats the question were pondering all the time. Our line is clear. Qe by itself will not increase credit worthiness and therefore you should not effect further Rating Action because of expansion of qe. The ecb is only conducting these operations because the economy isnt so weak. So its a defensive measure. So the main concern remains that with the super low Interest Rates complacency in terms of structural implementation and further efforts to bring the budgets back toward balance in some countries, these efforts will be undermined by what appears to be a very sort of easy environment where governments can borrow at zero and even negative terms sometimes. So the measure to act is of course much less and this might be exacerbated by shifting priorities. Quite understandably the priority now about security and safety and that this might actually lead to even less focus on the structural economic issues. Ecb can help but cannot solve the problem of the euro zone which is low growth and large leverage. So for that the real economy and policy makers need to act themselves. Hang on for just a second. Let me just tell viewers a little bit about what we heard from Stanley Fisher as well. The fed vice chairman is saying that the central bank has done everything it can to prevent the market surprise when it finally raises rates. It was speaking in San Francisco yesterday. Saying that the fed has telegrafd its intentions so well that other central bankers have started to get impatient about it now. Youre looking at a live shot of brussels where Eu Home Affairs ministers are discussing Counter Terrorism levels. Franciss interior minister called for europe to unite and swiftly decide on antiterrorist measures. He added that external border controls must be improved to track and neutralize terrorists before they strike. Meanwhile, powers are expected to sign a United NationsSecurity Council resolution today declaring a common war against Islamic State. He is the head of Economic Research. Talk to me a little bit about the latest measures that we anticipate now with regards to what is going to be coming out of europe and whether or not its going to make a difference on this war on isis that were seeing. First were seeing as you heard there, strengthening external borders so theyre going to try to join together and secure the external borders for europe. There will be a lot more intelligence sharing and try to gather data on people moving between syria and europe and those coming in between the refugee flows and emphasis on controlling firearms across europe. In terms of the action in syria theres still big divides on that but other countries are still unsure. Theres definitely countries that wont be involved. Spain is unlikely to be involved. So theres a lot of differences but the focus immediately is going to be on the external border and intelligence sharing. Is this bringing europe closer together . Europe has been very divided the last couple of months. Is isis making european leaders put these differences a side and think more commonly . Its possible it could go that way but im seeing signs theres still splits and some are emerging. Weve seen strong words from the polish government toward germany and the east european states are still concerned about the fact that theyre forced to relocate refugees to their area. Theres tensions there and differences on the military action. People are trying to come together but we have very hardened political starts on what is and what is not possible and were seeing talks of internal borders going up. Hang on for a second as well because i want to cross out to hadley in paris with the latest. We were just hearing here in the studio from our guest that this were still seeing splits in europe regardless of whats taking place at the moment. Thats right and france is calling for a unified declaration of war. They already have a draft resolution. Theyre hoping to get some kind of clarity on that in the next few days and of course right now theyre also saying hey guys its time to wake up to this threat from terrorists internal and external as well. Later today the French Senate is going to be voting on a resolution that would extend it for a further three month. Theyre essential in terms of keeping the country safe in the near, short, medium and longterm. Thats going to raise serious questions for lawmakers Going Forward but whats really interesting if you look at the un Security Council resolution weve already seen the french getting the russians to come on board with them in the last couple of days in term of the fight against the Islamic State and with the expected death of the Chinese National theyre much more forceful in their rhetoric against the iz lslamic state as well. Prime minister david cameron, were strongly condemning whats been going on in syria over the last couple of months and the u. K. Holds the rotating scene on the Security Council right now and theyre expected to be friendly to the french resolution. The Sticking Point is what to do about president Bashar Al Assad and whether hes part of the solution to this problem. Take a listen to what lavrov had to say. To take away assad and isis will calm down logic is disappearing because isis is working to reach their goal. Despite anything thats happening in syria and despite who and how they treat Bashar Al Assad. The big question is whether he will be a solution or part of this solution in the fight against the Islamic State. He does have the support of russia. He has the support of iran at this point. He does not have the support of the united states, u. K. , france, and other western countries. So the big question Going Forward is the language there and if he will be part of the fight against the Islamic State. Thank you so much for that. Gunmen attack a luxury hotel frequentedly foreigners in malis capital. That happened earlier on on friday and theyre believed to be Holding Hostages in that hotel located just west of the city center in a neighborhood thats home to Government Industries and diplomats. So this is all that we know so far. They may have taken hostages and theyre attacking a luxury hotel in the mali capital. And keeping in mind that northern mali in the past had groups with links to al qaeda. A frenchled military operation that went in a couple of years ago and weve seen outbursts of violence but like you say, they have hostages in this hotel. Meantime, we want to get back to frankfurt. These terror attacks that happened in paris a week ago, will they have any impact on european ratings in anyway, shape, or form. Well, they left no direct impacts on the ratings. Its a terrible atrosty and terrible shock to society in terms of economic terms its not a big issue and were not looking at a level of violence that we see in some of the countries that these people are coming from which undermines the economy. Well be seeing the risk not only to Economic Confidence and therefore to the recovery but theyre still struggling with bringing the deficits under control. It is pretty uncertain right now if they will be offsetting or spending tax cuts elsewhere but it will be through politics. Politics matter always when you assess a govern risk because this situation if its prolonged as some now fear could lead to further wind in the sales of p populous and that could really put the established parties and the governments on the back foot on the techbsive a defensive they might try to bring the public finances back on even keel and that could have a negative implication on the ratings but that would be more the consequence of the political reaction to the terrorist attacks than the terrorist attacks thelss thmselves that h point. I guess the jury is still out on that. I guess the jury on whether well actually see major implications, a major boost for some of the populous, more of the right wing parties. I guess that is still out because in some cases terrorist attacks actually strengthen the resolve and strengthen the ratings of the incumbents. What are you seeing here in france . Very much. It is up in the air. She has been very cautious in her response to the attacks. She has been quite quite and was waiting for a lot of people to view it as she told us this might happen and now shes coming out strongly. She will look to capitalize this going into the elections at the end of the year. Obviously hollande could see a boost but i think we are seeing more broadly from the refugee crisis and the migrant crisis a boost of populous parties. They have come top of the polls in sweden and netherlands and growing in germany. So theres some impact already from these events. Whats the difference between the eu article 42. 7 as opposed to nato article five. Its a much vaguer article. It focuses on aid and assistance. Its not military and gives people more scope for how they aid france. That allows countries to provide different type of aid in terms of technological assistance rather than getting involved in military action in syria or elsewhere. Let me bring it back to you, in terms of the overall growth story youre saying you dont think that govern ratings will be impacted. Do you think that European Growth is going to be impacted . Do you think that fwrks dp is going to suffer next year . Well, i cant tell you that. No one knows that. It all depends on whats going to happen next. We had similar conversations after 9 11 and there was also the concern that this may be followed by further atrocities on a similar scale. Some indicate that the risk of copy cat and follow ups is much higher because of the different origin of the threats. If you have what is perceived a constant drum roll of attacks inside europe, this would have a much bigger potential to set confidence of consumers who might go up again and people might fly less and take fewer trains, et cetera, et cetera. It depends on whats going to happen next. I think that history shows that the economies and societies at large are quite resilient. Theres a great will to carry on as before and not be intimidated but this would be severely tested if this would not be a one off like weve seen in paris but the beginning of maybe a wider series of attacks. Thank you very much. Thank you for your time as well. The head of Economic Research and also just to mention that on the latest on the gunmen attacking a luxury hotel in malis capital that were hearing that the u. S. Embassy were aware of an on going active shooter operation in the hotel. Among the hostages are 140 guests and 30 staff so gunmen taking 170 hostages at the Radisson Hotel in the capital of mali. Now flight to safety. Find out why the ceo of air france is still optimistic about the Tourism Industry in paris despite the terror attacks and well be talking more about that here in a coup of moments. [sfx bell] [burke] its easy to buy insurance and forget about it. But the more you learn about your coverage, the more gaps you may find. [burke] like how you thought you were covered for this. [man] its a profound statement. [burke] but youre not even covered for this. [man] its a profound statement. [burke] or how you may be covered for this. [burke] but not for Something Like this. [burke] talk to farmers and see what gaps could be hiding in your coverage. [sfx yeti noise] we are farmers bum pa dum, bum bum bum bum is a really big deal. U with aches, fever and chills. Theres no such thing as a little flu. So why treat it like its a little cold . Theres something that works differently than overthecounter remedies. Attack the flu virus at its source with prescription tamiflu. And call your doctor right away. Tamiflu is fda approved to treat the flu in people 2 weeks and older whose flu symptoms started within the last two days. Before taking tamiflu tell your doctor if youre pregnant, nursing, have Serious Health conditions, or take other medicines. If you develop an allergic reaction, a severe rash, or signs of unusual behavior, stop taking tamiflu and call your doctor immediately. Children and adolescents in particular may be at an increased risk of seizures, confusion or abnormal behavior. The most common side effects are mild to moderate nausea and vomiting. Ask your doctor about tamiflu and attack the flu virus at its source. Announcer if youd give thanks for a bette[barks]s sleep. Sleep train has just the ticket. [train horn blares] during sleep trains thanksgifting sale save up to 300 on beautyrest, posturepedic, serta, even tempurpedic get up to three years interestfree financing plus, choose a free gift with selected mattress sets but hurry, sleep trains thanksgifting sale wont last sleep train [train horn] your ticket to a better nights sleep welcome back. We are hearing that 170 civilians have been taken hostage in a hotel in the capital of mali to just unfolding now. Were getting that through by our wires. Relatively flat at the moment. Just a little bit lower if anything. The markets just mirroring what were seeing here. Keeping in mind over the past week we have seen volatility out there. The nikkei off. The yen strengthening against the dollar. The u. S. Edging down as wellbeing lead lower by health care and by some of the bigger corporates out there. Intel bucking the trend as well all trading a couple of points to the downside now wir digesting this news were getting at the molt. Yes i have been looking at the u. S. Embassy website and they posted an announcement to let citizens stay in place if theyre in mali. Lets go back to the asian markets here. We had a mostly positive finish here in the region and take a look at what happened with the shanghai composite and the hang seng. Because it was trading, struggling to get into positive territory. Composite up by. 4 . This is off the back of news from the pboc that announced it was cutting Interest Rates to lending to its banks. Mainly the overnight rate in order to get more liquidity into the system and to get banks lending more to smaller and medium sized business there is with the backdrop of deflation nary pressu deflationary pressures there. It was really in the last hour where traders were in a buying mood and that allowed the nikkei to end in positive territory. Just get out a gain and louisa was mentions yen strengthening. That was the case. They turned out to have the best week in about a month. Up 2 for the weekending fridays session up by. 25 . They were able to stage a rebound this week up by 6 after that 8 tumble from last week. Banks financials as well as gold minors as gold traded higher in the asian trading session. Thank you for that a group of men arrived at a vehicle with diplomatic registration. 170 hostages being held at this hotel in the capital of mali. Now moving on, vw is likely to incur a much lower cost than expected in its recall of 2. 4 cars. Banking analysts outlined Cost EffectiveTechnical Solutions available to vw. The german auto maker declined to comment but said its seeking the best technical solution for customers. Meantime german autoparts maker is under investigation over its role in the scandal. This is according to reuters. Theyre examine wlg ting whethe knew of the cover up. Its at an early stage and no evidence of wrong doing has been uncovered. Well, elsewhere, volkswagen is expected to deliver a statement following a Supervisory Board meeting taking place today at around 12 00 cet. What are we anticipating today. The big focus on the meeting is comments on cap ex plans. Its quite high when you look at the auto makers and inincreased to 17 billion where it stands now. So much going into innovation and tech when it comes to the shift to electric vehicles as wellment volkswagen said they want to reduce nonessential investment with little detail on what that will be. Also looking to see whether or not we get any updates on the status of the investigations going on. Because still a lot of questions around who knew what surrounding the defeat devices that went into these certain diesel powered cars but also remember now the probe has expanded to some other carbon emission cases when it comes to the engines. Now also significant today is that volkswagen faces a deadline today with u. S. Environmental regulators to come up with a proposed fix for the certain cars. Hopefully theyll have more information on that because the u. S. Regulators always said we went to approve this fix before recalls take place. Thank you so much for that. In the meantime we have gotten a statement from the owner of the Radisson Blu Hotel. Theyre aware its on going at the property. Two people have locked in 140 guests and 30 employees. So 170 people in total. They say their safety and security teams and Corporate Team is in Constant Contact with local authorities in order to offer any support possible. Were hearing several Chinese Tourists are trapped inside the hotel at mali. In the capital of mali shooting and screaming. Numerous civilians inside the hotel have been attacked according to senior spokespeople and the u. S. Embassy is also stating that the shooter at the radisson, that theyre saying that people should stay in place. This particular because its coming from the u. S. Embassy. Americans should stay in place. Im assuming this goes for everybody. One of our colleagues has just spoken to the French Ministry of Foreign Affairs and they confirmed to him that theres gunfire at the radisson blue hotel. Theyre waiting for further info from the conciliate there so as soon as we have more information on those attacks well keep you updated. Meantime we also have more on the paris attacks with the latest reaction from eu ministers who are meeting in brussels. Well be back in two. Day, werew technologies make healthcare more personal with patientcentric, digital innovations; from selfmonitoring devices that can interpret personal data and enable targeted care, to Cloud Platforms that invite providers to collaborate with the patients they serve. Thats why over 90 of the top 25 Global Pharmaceutical Companies are turning to cognizant. Our domain experts, technologists, digital and data specialists, clinicians and scientists are transforming the way Clinical Research sites collaborate with pharmaceutical companies, and enhancing Patient Engagement with innovative platforms and solutions. Our populations growing healthcare needs present growing opportunities for our clients to advance the future of medicine with digital, and improve the quality of lives. What i said here last year, if we decide that the current trajectory of our policy is not sufficient to achieve our objective, we will do what we must to raise inflation as quickly as possible. The terror continues. The hotel group confirming that gunmen have taken 170 hostages at its hotel in malis capital. The French Interior minister calls on ministers meeting in brussels to cooperate in the fight against terrorism. In corporate, shares in nike on a run in after hours trade after the sportswear maker reveals a 2 for 1 stock split in a 12 billion buy back program. Heres the latest unfolding in mali. They have confirmed that two gunmen have taken 170 guests and staff hostage at its hotel in the mali capital bamako. The u. S. Embassy tweeted that its unware of an on going active shooter operation. Its been known for al qaeda activity and it was the scene of an islamist attack in march at a restaurant. A reuters flash is saying that around ten gunmen are believed to be inside the Radisson Blu Hotel in the mali capital. So were getting conflicting information about that. As soon as we have more clarity and whats happening to the hostages well keep you updated on that. Indeed. Now here in europe speaking at the arrivals frances interior minister called for europe to unite and swiftly decide on antiterrorist measures. He added that external border controls must be improved in order to track and neutralize terrorists before they strike and the arrivals of course being this meeting thats taking place. Well, theres lots of issue on the agenda. Yule i cant, what are we going to be hearing . Anything concrete . Those talks kicked up around 30 minutes ago. The French Interior minister speaking on his way in here. Its the reason for calling this meeting. Its not a regularly scheduled one. Theres a number of key items on the agenda, external borders as you mentioned, how do we tighten up the external borders. It ties back to the external borders but theyre a ruscrucia issue here. You can pass across the porder calling it a lump of metal and recommission the weapon in another country and then the biggest and most contentious issue is the passenger name recor records. They want data on who is traveling not just outside europe but who is in. They dont want to do that because they want to protect privacy. In light of what we saw in paris on friday will they now change their minds . The u. K. Home secretary arrived around half an hour ago and she was firm on a number of these points. Listen to what she had to say. Between security of the external border, the Eu External Borders and security within the eu and thats why its important that we ensure that the measures we have already agreed are implemented like the hotspots but im going to be pressing on two further things today. I think we need accelerated progress on firearms. Id like to see all Member States committing to improving the measures and penalties for fe dealing with those that traffic on firearms and we need to see immediate progress. Negotiation has taken too long but the u. K. Will be going ahead with obtaining records from those operating to and from the united kingdom. The other big question of course coming into this meeting for the belgians is just who are the nine suspects they have in custody . They made a further three arrests overnight. How are they connected to the paris attacks if at all . Remember a lot of focus in particular on the connection between the paris terrorists and those that had been resident in belgium at various times. This is the first time well see the french and belgian interior ministers meet since the criticisms coming from the french and their ability to handle the security situation in this country. So interesting to see what comes on that also. A bit curious to see what your view is on the following issue. What weve seen in the u. S. Happening over the last week or so is the issue of refugees and terrorists. In the past we have been able to separate the two issues. Tow think in europe now were going backwards too . Well, its a great question. Im not so sure we have been able to separate the issues, have we . It tightened up the antiimmigration parties criticizing. Look at germany and the flash back as far as the immigration and open door policy is concerned. I do think questions will be asked. They said we need to separate the refugee issue from the terrorist attacks but thats a very tough sale to populations at this moment that are scared but we have seen refugees slow to react. I dont think what happened on friday is going to help redistributing the refugees in anyway at all. Thank you so much for your reports. Now shares in air france taking flight in todays trade. A mix of views on the Airline Stock in the aftermath of the paris terror attacks. Hsbc cut its price target on the stock with a buy rating. Goldman sachs raised its price target to 8 euros with a neutral ra rating. The airline ceo told cnbc he expects tourism to bounce back. Phil reports. With paris and france remaining under a heightened state of alert following the terrorist attacks from last week and the subsequent activities including raids and more arrests and more threat of terrorist activity in and around the city, tourism and travel to paris has come under pressure. In fact, the Air France Klm says it is noticing an increase in the number of cancellations and a decrease in the number of bookings. Here is the chairman and ceo talking about how the airline has been impacted since the terrorist attacks. These events will undoubtedly have an impact. Its a bit early to know and to have a precise estimate of the impact of our activity. What we see up to now is that we have more cancellation of bookings than new bookings but we still have new bookings and theyre true on air france. Flights from around the world are feeling the impact of the slow down in bookings and travel to paris and theres also other impacts. Earlier this week, two flights from here in the u. S. Headed to paris were diverted after bomb threats were called in. Now after those planes were diverted and the planes were checked and no bombs were found, those marijuanas eventually went on their way to paris. But the chairman and ceo of Air France Klm says these types of events along with the increased scrutiny and concerns about going to paris right now will no doubt linger but he eventually believes that travel to paris will rebound over time. Thats the story from here in the u. S. Back to you. Fed up of seeing your former flames on facebook. A completely different issue. They have come up with a new way to help you deal with that particular problem. Well keep you up to date with what the markets are doing and geopolitics as well. See you in a second. Hi watson. Annabelle, your birthday is tomorrow. Im turning seven. What did you ask for . A princess. And a pony. You like things that begin with p. I like pink frosting too. Will you have a cake . Yeah. I was too sick to have one last year. The data your doctor shared shows you are healthy. Are you a doctor . No. I help doctors identify cancer treatments. I want to be a doctor someday. I can help with that too. Watson, i like you. Announcer if youd give thanks for a bette[barks]s sleep. Sleep train has just the ticket. [train horn blares] during sleep trains thanksgifting sale save up to 300 on beautyrest, posturepedic, serta, even tempurpedic get up to three years interestfree financing plus, choose a free gift with selected mattress sets but hurry, sleep trains thanksgifting sale wont last sleep train [train horn] your ticket to a better nights sleep the unfolding hostage situation in happening in mali at this point in time. This is the hotel group thats the operator of the Radisson Blu Hotel. Shares are down a little more than 1 trading at 34. 50. Two persons have blocked in 140 guests and 30 employees. Lets talk about the corporates out there. Nike is planning a two for one split of its shares. Its also raising its Quarterly Dividend by 14 . Nike already has an 8 billion buy back program thats expected to be completed in may. Last month the company is set to grow faster over the next five years. Nike rising more than 3 almost 5 in german trade. But more than 3 in after hours trade. This is the 7th time that they have done a stock split over the past many years. The 7th time that theyre doing this and its still about returning value to shareholders. The Company Continues to grow. They continue to be very market dominant and theyre trying to give back and keep shareholders happy. Absolutely. Its interesting that this will actually have some not so minor implications on the waitings on the dow the weight of the Consumer Discretionary sector will be reduced from 18. 3 while the industrial sector will rise from 19. 1 to 20 according to s p, dow jones so interesting information there. Its pause they have the benchmark price rating. Theres a note from Goldman Sacks saying that nike started to outpace the athleisure wear. Favorite lululemon when it comes to women between 1329. Theyre good at grabbing share there. Nike has come after that. Has the sharp drop in Commodity Prices pushed some global firms into the danger zone in our next guest says at least 20 of cyclical stocks are at risk of not being able to pay back their debt. Lets discuss this further with the global cyclical analyst. The problem also is that much of this debt in the emerging markets is denominated in dollars. So how much worse will the situation get for the corporates once we do see the first rate hike . Its very difficult for corporates i think. A lot of the debt probably up to 16 of it is in dollars and with the Commodity Currencies weakening it makes it difficult to pay. To some extent some of the revenues are in dollars so its not quite as bad but still very negative. When we take a look at the stress indicators what we usually look at is liquidity. How is liquidity fairing in the emerging market corporate debt space . Is it dry enough . Can the Company Still market that debt . Liquidity is drying up a little bit. Im more of an equity strategist than a debt strategist. So im not an expert in liquidity but the key point to mention is this is not just an emerging market story. Its much more of a global story throughout cyclical space, mining, engineering, construction, theres companies very highly leveraged all the way through all of those markets and not just in countries like brazil and russia but also in countries like north america and the u. S. And the u. K. As well. If this is the end of the debt cycle does it necessarily have to mean a recession and complete drying up . Couldnt it just mean just a bit lower growth for awhile . Im not qualified to say but from our point of view with regards to the commodity cycle in weak in terms of the commodities outlook. We dont see any likelihood for a near term recovery of prices and that means that a lot of the Companies May be highly leveraged and it will be difficult for them to pay off their interest. Looking at the commodities out there, are there certain commodities you will tend more to . Or is this just across the board, stay out of commodity stocks for the time being . Well, within our space we would prefer them more leveraged toward the western consumer. Materials like paper, like chemicals were very wary on commodities leveraged for the chinese fixed Asset Investment cycles. Things like steal, copper, iron ore are going to continue to be impacted by the slow down in china. We have seen some defaults in the commodities space but its not the level of default that you would expect given that prices are at six year lows. Will we be seeing more of that . Well see a lot more than that. We estimate theres 10 to 20 of stocks globally at risk. And weve seen a lot of defaults in shipping space and bankruptcies in the u. S. Oil and gas space as well. So i think theres more to come. Theres a lot of highly leveraged stocks out there. Interesting report. Thank you for sharing that with us. Global cyclical analyst at haitong. Moving on, shares in abn amro trading higher as it starts trading in amsterdam. Its the biggest listing for any lender since the financial crisis. Giving it a valuation of almost 17 billion euros. Jack dorseys Company Square rocketed in its market debut but was the low price to thank for that report. Shares of square soaring in the stock market debut ending up 45 to close at 13. 07. That coming after the company priced its ipo well below expectations. 9 per share is where the ipo was price compared to a expected price range of 11 to 13 a share. Given all the volatile till in the market and the not so great performance of ipos and private Market Companies this year. Investors wanted steerp discoundisteeper discounts and value play. First the companys ceo splits his time between two companies and second theres a lot of competition in this space that exists today and is on the heels of square for tomorrow. And number three, the company isnt profitable. Its had 8 straight quarters of losses and we asked jack dorsey what his plan for the companys outlook was and heres what he said. We dont see this as a loss. We see it as an investment in our business. We have an understanding of our business. We have a very clear sense of the controls of the business. We break even in q2 this year and that proves that we have a business that can see that but we want to invest in growth. The company will reinvest and hope to accelerate growth but of course there will be an example pointed to this for future tech ipos. The lesson for future companies, you can find buyers for your stock just has to be at the right price. It made jack dorsey 300 million richer and dorsey is worth 1. 5 billion in stock value alone. Match group soared at the session after pricing it at 12. It closed 23 higher. Cnbc spoke to the groups chairman and got his take on the listing. Its been a choppy market and not as frothy as it was. So the price to get liquidity is higher than its been. Venntro is the highest dating company. Its launched what it called venntro ventures to operate as an incubator for tech start ups. Good morning, steve. Tell me about the Company First of all. So it is a privately owned company. Set up in 2003. Two shareholders. We are run out of the u. K. We have offices in boston and australia. What a Software Company for dating companies . Dating firms. We provide the software on the back end for Media Companies and affiliates to run dating sites. So everything from the data base to the billing and we power that and the media businesses advertise on their newspapers and radio stations. When i take a look at the ipo performance of match and square yesterday. Shares in square 23 . Match up. Match is the market that you operate in. Are you seeing that the private valuations in these markets, can they be matched in the Public Markets . Yesterday before the ipos went off we didnt think that it was going to be the case because the ipo was below the range. Do you think there isnt a bubble after all . I think this just Shows Confidence in the industry and in the products. You know, ill continue to see it going up and ill continue to see that confidence growing. There have been some talk about matchs revenues potentially dropping but tinder has come along and opened a lot of doors for them. A brand new market with 20 something so they operate in the 30 something market. Thats opening up potential Revenue Streams in terms of advertising so i can see huge growth and with that we bring higher valuations. Does that tempt you or one of the firms that youve got in your space to actually make that step to the Public Markets too . Were a wholly owned privately held business and were investing heavily in the u. S. Now. In terms of investment, we have got some good results in the u. S. Were looking to see how that continues but i think if were looking to accelerate that growth in the u. S. Which is our key market now then perhaps investment may be the way forward for us. You started in 2003 and you had turnover in the region of 3 million pounds. Now turnover north of 42 million and as i said, you were on a number of sites. Just singles. Com. Just blonde singles. Dating republic which is for professionals. Love to meet. You have apps, smooch, revealer, do people switch around on these apps or on these sites or are people loyal to one site . What we try to do is address one of the big issues in online dating. So typically the more successful you are the more likely you are for a subscription. We try to have a product for everybody. Something for everyone. Whatever your interest is. We can cater for you. We were talking about beards earlier and you said you even have like a we have sites for people that like men with beards or muscle ta mustaches and part of our model is to do that. We can offer you something and move you to another site and that enables us to monetize members more than once. Theres a great article i was reading about someone that said his parents were in an arranged marriage and he said his father chose his mother based on her height. Would be was too tall and one was too short and so he chose the one in between. And this guy said its harder for him to choose a sandwich at the data. That takes longer than finding a wife. Too much choice. So much choice. 25,000 sites. So theres a lot of choice out there. Thank you very much. Cofounder of venntro. Well, speaking of love, breaking up is hard to do. Facebook, though, wants some help and wants to be able to help provide some distance between you and your ex. The social media app testing tools now to keep your one time significant other out of your news feed and limited their presence in photo tags and status updates. The options will appear once your change your relationship status to single. So you dont have to be able to look back. Thats true. Quite confusing isnt it . All right heres a quick check of european markets as we head to break. Flat as a pancake. The stock 600 is up by modest 0. 02 . Were close to three month highs. Well be back in two. Hi, everybody, welcome back. These are your headlines from around the world. Mario draghi hammers home the message that the ecb will do whatever it takes to raise inflation levels reinforcing expectations for further easing next month. What i said here last year. If we decide the current trajectory is not sufficient to achieve our objective we will do what we must to raise inflation as quickly as possible. The terror continues. The hotel Group Confirms that