euro-dollar dipping down. and the expectations index 93.2. so a little weaker across the board. and let s get reaction. joining us, julian callo. slightly weaker ifo, we thought it would be better. that s right. i would personally tent to dress a little bit more the pmi day take. not a surprise to find the pmi is still languishing. e t domestic economy might be in good shape and the budget balance likely close to zero for this year, at the same time, germany has seen a big slowdown in its exports of southern europe and there seems to be growing evidence that exports are starting to falter a little bit it emerging economies. particularly i would think to china, which i think is affecting sentiment. it will be a disappointing reading given all the initiatives that have been coming out from the ecb recently. how much optimism is being priced into markets and do you expect this to take a lot of that out? i think on the one hand we have the evidence that business confidence
the headline gauge for business activity is falling to 46.3. that compares with 47.5 in august, the lowest reading since january 2010. the flash composite of course comes before the final one in about two weeks tile. it follows readings on germany that we re better than expect. flash composite, jobs index lowest since 2010, the flash composite pmi headline figure 45.9. that s its lowest since 2009. chris williamson, welcome to the set. what s the takeaway here from the eurozone september figures? well, another rather disappointing moment. as you said, slowest growth since june 2009 when you measure cross back manufacturing services. so this ends the worst quarter for three years really. so to suggest the eurozone as a whole contracted around 0.5%. much worse than we saw in the second quarter. is that 0.5% quarter on quarter annualized or not? just that quarter. so annualized more around 2%. so you re saying wat third quarter readings apply is the eurozone shrank at a
rates steady as policymakers wait to see what comes out of washington. so welcome to today s show. another bric on the road with the dutch election. i have to say the european events we were worried about heading into the week, for the most part, it s check the box. it wasn t a catastrophe. center right party probably means a pro european attitude. and then will the fed check the box today. this is the question. plenty to get through on today s program. pro europe party s leader will be in the hague to discuss the outcome of those elections. and five is finally alive. apple showed off the new iphone. we ll get reaction from hong kong. the swiss national bank keeps its cap on the franc, but trims back growth forecast. we ll get a view from zurich. plus we ll speak to one economist in the u.s. about the case for and against more stimulus. waiting on 5 and wait to see on qe-3. a lot of alliteration going on here. meanwhile shares lower on bae as reaction from the str
ross is taking a break after spending his days on the shores. i enjoy seeing the images from it that shot. although it would have been nice to be down there. but maybe we can bring the show to lake como next year. you have to earn that. exactly. coming up, we ll head to frankfurt where we take a look at the future of deutsche bank as banks around the world continue to seek to deleverage. and then it s on to the world economic forum, sometimes calmed the summer. and the prime minister spoke about the possibility of a fully fledged bailout. we ll also head to washington where the u.s. go. no longer a majority stake holder in aig. a sign the country may be emerging from the shadow of 2008. burberry shares trading lower. down 18.5% after the company warped full year profits will be at the lower end of market forecasts. in a statement the luxury goods maker blamed slowing store sales on the challenging external environment. burberry is expected to pose pretax profits. remarkab
ministers say they ll refuse whether they ll request a full bailout. the reaction the ecb move has put the focus squarely on eurozone politicians and we ll be joined by the cos of eli lilly. and eni. in is the sentiment across the european markets. buying on the back end of monti s speech yesterday. you may notice some of these big names at top, many french names at the top of the chart but some of the italians like bnp, iconic lender which has been in trouble of late but getting a bump today. if we move on to some of the individual markets, you can see the extent of the gains. the ftse looking tainted, so far up just a fraction. xetra dax adding 0.5%. the cac putting another 0.8% on the boards. it is some of these peripheries that really spiked after mario monti adetailed the buy back yesterday. let s take a look at bond markets. fair bit of yield, but let s start out with safe haven trade. german bund rising as we see the gap closing. the ten-year at 5.74%. yes, that s