Tohello, welcome countdown. A warm welcome. Lets start with mario draghi. He disappointed the markets. European stocks close lower as the president failed to set a target for how far he is willing to go to revise the economy. We will be watching the u. S. Jobs report. Analysts estimate a sharp rebound for september. Christine lagarde told bloomberg we are facing serious clouds on the horizon. We will looking in depth at some of those clouds and a couple of minutes. Lets start with what is happening in hong kong, though. A week of democracy protest has had consequences. The markets slumped on its return from its twoday holiday. The demonstrations took the shine off gold. Lets check the atmosphere on the street. Our reporter joins us now from hong kong. So, paint a picture for us. Business is back after the holiday. How much is it business as usual and how much has it been a real disruption . Im standing on the bridge connecting a passenger ferry to a major Shopping Mall in central hong kong. As you can see, people behind me going about business as usual. You see people going to work, going shopping, taurus all around. But you have to remember that this is not the whole picture. We are having more of a sense of normalcy, but we are still seeing roads blocked by protests. We are seeing schools in the western central districts closed because of the government themng us that, tellliing not to open their doors. 20 branches from 16 banks closed today. Here, business is still being affected. All of this during golden week which is a key time when Chinese Tourists come to hong kong to spend big bucks shopping. They normally go for jewelry, theetics but with protesters not spending as much. Economists are saying that hong kong retailers made about half of their october sales during golden week. Rolex, sure retailers had to shut some stores because of the protest. Haveothing, their sales dropped. Authorities are appealing to protesters to unblock roads and let in supplies, because they cannot get food and water to police officers. Thank you very much. Reporting live from hong kong. Cyber hackers found a way into jpmorgan, compromising 76 million accounts. Hans nichols is in paris. Hans, what data was taken and have the stoxx been affected . After hours,o ut so the stock is down a little bit. They are saying no password, no Social Security numbers. But here is how they did it. They got an employees password and through that password they were able to gain access to jpmorgan servers. When you compare this to other attacks, at least in recent years, it is not that high. Million households were affected. Jpmorgan has 60 5 million customers. Weve compare that to ebay or 110 happened to target, the million for target. This is not quite at this level, but it is very serious. The bank is taking it very seriously. Here is a statement from the bank when they said there is no evidence that account information for such affected customers. Account numbers, passwords, user s, dates of birth or Social Security numbers were compromised. Hing,he danger is phisi because they have names. Now the threat is for High Net Worth individuals to have accounts they hackers may be them into giving crucial information. None of that information was compromised. I am safe because any hacker my credithow high card bill is, and they would not even bother. I will be able to sleep well tonight. Hes in paris today. On tour. Hans nichols in paris. Tesco set to launch its new version of hubble. Set to take on amazon. There shares remain at an 11year low. Our Business Correspondent joins us now. Title, title. A rose by any other name. Im looking at the invitation. This is the hudl. We want to show you a figure picture. Wink. T, hint, wink, we are expecting a slightly bigger screen. Oranges, reds, blue, whites, sadly no gold. No bling. Sell half adid million units. It is only 2 of the u. K. Market for tablets, but still half a million. And they got praise from company saying that the hudl was a pretty good tablet. They are expecting to be better. Improves ons it every area. Screen size, speed, design, and accessories. We will have the unveiling at 9 00 a. M. In london. What they want is, they want the device. Be your primary interesting fact will be, will it go up in price . It was 1 4 of the price of an ipad. Just 119 pounds. If you used your loyalty points, its 60 quid. This is an area they want to lock in people. They want people to huddle around the larger hudl. Should tesco be in the space at all . It was its centerpiece for digital. It was there tech focus. You could use their tablet to access movies and music. A streaming company they bought in 2011. But at the same time, you can check out your mortgage. They wanted this to be the epicenter. The logic is understandable because tesco, if you shop in your stores and online, tended to spend three times more than if you were just a customer in their stores. If you used their music, you spent 13 . Many are saying, you take your eye massively off the ball. Analysts are saying get out of blink box. We understand the chief executive has gone to the business and said, we need to w rap this up. They say, get out of the bakeries in all of these new concepts. You are a sucker for an artisan cinnamon bun. This is a company in chaos. A company that has the worst sales in two decades. Fourd have to oust executives. They have financial quandaries. They have to analyze their accounts. Their Share Holders are up in arms. Your heart has to go out for dave lewis. He has only been in the job a month. The most famous investor in the world says, i made an enormous mistake investing in tesco. Berkshire hathaway, owns oalmost 4 . Warren buffett said on cnbc, i made a mistake. That was a huge stake. Mistake. A dagger to the heart of anyone that works at tesco. We have in speaking to the vice chairman of archer hathaway. He says that tesco owns the world one day. It stopped working. They thought they were so smart, they could do something difficult. Shares down 51 yeartodate. Berkshire hathaway has lost 800 million. It is u. S. Job state. We will preview what to expect from one of the worlds biggest Economic Indicators. Welcome back. I am mark barton. Time for todays company news. Which originally proposed buying just over 50 of tmobile u. S. Is planning to offer the same 33 per share, but for a larger stake. Jpmorgan, americas largest bank, says a previously disclosed data breach affected 76 million households and 7 million small businesses. Names, addresses, and phone numbers were taken as well as internal data. The breach affected anyone who visits its companys website. And a Pharmaceuticals Company is in talks to sell. Thats after the company failed to reach a deal with a botox maker. The markets digest Mario Draghis news conference, the focus turns to the biggest Economic Indicator the u. S. Jobs report. We spoke with Christine Lagarde, head of the imf, who was somewhat optimistic on the u. S. It is clearly one of the bright spots. When i look at the advanced economies, the u. S. Pops out. They are in a much better condition. And the u. K. Does as well. The investment in infrastructure front, more needs to be done. The senior markets analyst joins us. Good morning to you. How will we end 2014 in the allimportant u. S. Jobs creation story . Are we going to end it in a similar fashion to the earlier part of the year, or is it going to peter out . In similar fashion, probably around the 225,000 jobs a month growth. Maybe by the end of the year, down to 5. 8 on headline unemployment rate. But its not stellar. Growth, which we had been hoping for. It is the new normal of 2 growth, which is disappointing. The one thing that Christine Lagarde says, that the economy needs both policies to avoid it being mediocre. Its the biggest potential policy misstep the fed hiking early . I think so. The momentum has grown there. I think, i suspect the market is right with regard to u. S. Rates in taking the path of rates lower than the famous dots would indicate in the feds projections. The doves are still in charge. Yellen and her cohorts, the senior people on the fed, are still in charge. The rates do not go up as quickly as the average of the committee would lead us to believe. Markets are getting jittery. The dollar is up. All sorts of Asset Classes inting for the first hike interest rates. I see the dollar stays strong. In defenseoints out on his embarkation on a currency disparityints out the in the state of the economys as justification to stay within the g20 guidelines. I think that continues. It is in our performance. As is the uk. The uk outperforming the u. S. Who hikes rates first . The uk. Do you think it is a competitive thing . I suspect the central bankers through and through will be relieved to return to a normal world where they have some leeway on rates, up or down. They have become increasingly worried about the creation of financial bubbles and imbalances and mispricing. By the end of the First Quarter, the u. K. Will raise. What is it about the clients, that institutions you talk to, weve got ukraine, china slowing down, we have to fed policy. What tops those conversations . How much risk do they want to take going into the last quarter . Climbingrket has been a wall afford to use a hackneyed cliche. There is no doubt. We dont mind. Ukraine, the middle east, these rising rates. The rising rates has been preprogrammed. We cant complain. They have been warning us vigorously with slight variations in guidance in regard to the u. K. Is i think the new fear hong kong. To me, that is much more of a fear for the markets. Why . Clearly, it matters a great deal to the people on the ground there, but why does it matter in the market cents . Downplay the human consequences of conflict in the middle east or ukraine, kiev and baghdad are not Global Financial centers, whereas hong kong is. For the markets, that is what counts. Lets say you have got interruption for some reason of payment systems. Offshore cnh, the remedy, remimbi, that is huge. Might investors look at this tas an opportunity to buy the hang seng . Could this be seen as a buying opportunity . On a longterm or mediumterm view, probably. A year or so. It depends on how long he can stay solvent. The short term, that is a brave thing to do caret i think Fund Managers must be looking towards the end of the year. Are going to stay with us. We are going to take a short break. Inre going to talk draghi just underwhelmed the markets in regard to the ecb. Following now from the september,f four of 2014, we decided on the key operation of details for both the asset back securities purchs ase program and the new covered bond purchase program. This will allow us to start midoctober. S in and assetbacked securities in the Fourth Quarter of 2014. Mario draghi speaking yesterday. For more on that very subject, it is our guest. Senior market analyst. Nick, the markets seemed underwhelmed. In the break i was saying to you, why do you think the markets were so underworld . And you started with the word he spooked the markets. Did he spook the markets . He cannot do everything every time he walks out on stage. Is frustration. His normal articulate self. But he is running ahead of out of tools. Hes spent a lot of time parading governments for not putting in place structural programs as well. But i think what really worried the market was his tentative assertion that the abs and covered bond program alone would be enough to raise the Balance Sheet back to 2012 levels. That was the issue. So how ish he going to do that . Are you expecting further quantitative easing at the start of next year . I think so. He talked about a vicious circle. Because they are buying abs, there will be more issuance and that market will grow, which is fine. But i think it will not be enough, and they will have to indulge in proper grown up wq. E. , by the end of the First Quarter. What about the notion of buying assets in crisis hit countries like cyprus, like greece . There will be caveats. Theireece, will they exit Bailout Program . This will tie the men if the ecb was to buy these assets. It is a better thing that they are buying riskier assets . It is. Themys, you cant fault for trying everything they can. They have to convince the bundesbank to allow them to do these things. And thats good for greece in the sense that it helps money transmission. You mentioned the one to spank. You think the factor was not a figure put on the program was because of the Division Within the ecb . His position clear on the matter. But maybe the figure was not given because the figure would be underwhelming. It is difficult to get over 500 billion. Take us through as we look at it, the euro had a torturous quarter. And purses are on the move. How do you look at markets for this last quarter . I mentioned in the previous session, i worry about hong kong. That could have a mobile effect on markets and risk appetite. Global could have a effect. Rather than rate rises or lack of q. E. In europe. That latter is a concern, and europes dissent again into stagnation. The euro. I think that will go lower. 1. 15 against the dollar by the end of the First Quarter next year. Think you very much for joining us. Thank you very much for joining us. Coming up, easyjet muscles into france and germany and air france and the times of struggle with their worst strikes in years. What is the day and i is goals. I told you that the market was incredibly long dollars, as long as long could be. The dollar index has strengthened for the first time in three days. Seven weeks of gains. The number that was defined, the direction of the dollar over the next sixseven hours will be the jobs report. Would behe that august a little bit of a blip. This is the best performing currency over the past three months so the dollar is having a renaissance . What is a flipside to that . The fed might tighten. Out. Is that being played it is in the Bloomberg Asia currency index, down for a fifth week, the longest losing streak in 18 months. The fed and the china slowdown will take the asian currencies lower. The korean won is just off of a sixmonth low. If youre going to see flashback watch back from the fed move, this is where you will see it will stop these are the top headlines. President obama has been speaking in illinois. He said that america is under off now than when he took office. It is indisputable that our economy stronger today than it was. By every economic measure, we are better off now than we were when i took office. Time, it is also indisputable that millions of americans dont feel the benefits of a growing economy where it matters most and that is in their own lives. Hong kongs chief executive is still refusing to step down, however he has agreed at talks aimed at defusing unrest. The prodemocracy protesters have been a standout for a week. Shares headed for their weekly biggest weekly drop since march. Bill gates talks about the fight to control the ebola virus. We are lucky that we can help provide resources to the very best scientists working on malaria, the very best people going out in the field and working to finish polio eradication, despite all of these challenges that nigeria has with an election coming up ebola thatram, the was found there, we think in the next year will get the number of polio cases down to zero. That will be the last country in africa that we have never eliminated polio in. At air francekes and lufthansa. What is the outlook for europes slow cost lowcost airlines. What are we expect in out of easyjet in just under half an hour . They should be giving us a profit before tax range which would be pretty specific. The last time they gave us a little bit of guidance on this it was already at least a 14 increase on last year, so it should be ready healthy. Most analysts are estimating it will be towards the top end of the range, maybe a little bit about that. We can see towards the top end or the bit above. We will see their traffic and their september traffic it should be fairly interesting the is of the state of air france for top got some numbers from ryanair which showed a big increase. How much flexibility is therefore a company like easyjet when there is trouble at rivals . They added over 3000 seat in france during the strike. That was by adding additional flights, maybe by changing their schedule. Pretty impressive. The load factors in august were at 90 percent. That should see a pretty healthy. France is not the only place that theyre trying to was their presence. They opened a base in amsterdam, they have been growing in italy. With those expansions and if we look at the whole structure of easyjet and ryanair is about labor flexibility, etc. The suddenly takes you into a whole different set of what stage did they run into the same issues . They said that they would scrap the cabin crew calendar which is the bikini calendar. There was a real shift. There was the attitude of these airlines. You have younger body easyjet is careful about complying with the local rules. Ryan air as a slightly different structure for how they hire their pilots. They are young crew, they dont have the pension yet. We use a talk about some of the legacy carriers being Pension Funds with airplanes because they were so dominated by these enormous commitments. They dont have that. They dont have people staying places. I have people returning home at night and that just means youre not paying hotels and not all those other costs. Thanks. Ask for joining us. I was trying to work out when those numbers are up. 24 minutes of course. The man behind the Company Strategy might find himself grounded as he faces charges of insider trading. I wish i could be standing outside of the court and really give you some insight but unfortunately today is just an informational hearing. John leahy is not just the man behind the sales strategy, he is the sales strategy. Over his career, he sold about 12,000 jet. It is a remarkable run. The presence in court. It would be a case for the company. He has been so crucial to the strategy. At issue is an old case, it is a 2006 case. This will give some insight into what was happening. They are trying to figure out how to write the costs. That is secondary and we should know that there is artie been a previous case where a