Stockton reports an increase in profits, but says thousands of jobs will go. There will be cut. It is too early to show that. Do you think it would be more in the range of hundreds or thousands . I would say more like a thousand. Guy welcome to countdown. And im anna it is just past 6 00 here in london. Mark carney is here later on in the press conference. Everyone waiting to see if he will change Market Expectations for where rates are in the u. K. And when they will get hikes. Anna 1 or 2 . That is how i like to phrase it. Are loudas if there voices saying there could be more, maybe another joining the ranks of those trying to get an Interest Rate hike. More broadly, it is clues. Guy i think it is 1 . I think the fed story is getting more interesting. I think will feedback into what is happening with the bank. Janet yellen really making it clear that that december hike is still very much on the card. Cards. The markets are alive to that risk. This is how they said that have shifted over the last few months. Currently we are at 56 . Six months ago we were at 70 . The data got worse. Sign was strong on the pmi rating. That seems to be pushing people toward set debt story. Fisher is almost on message talking about how inflation is not too far below the central bank. Thathe was making it clear we should go back to using the set policy taylor rule set policy. We would have rates at 2. 8 in the u. S. Of the moment. That would be a big change. Anna lets talk about china. Shop isnd the china the phrase we used. After the summer we had that in or miss route in china stocks. After we saw that, we have since seen a staggering recovery. Guy this is the last few months. This is a 21 move off of the lows that we hit in august to where we are now. It looks like it has room. Will be feds change that . Will the authorities in beijing lean against that. Anna linkage is between the Central Banks. It comes into the fed, bank of england conversation. Lets talk about the news we have had in the last halfhour. More recently, the french bank general reported we have the report. We saw a 28 increase in thirdquarter profit for frances secondbiggest bank. 1. 3 billion euros versus estimates of 840 Million Euros. This is an accounting gain tied to socgens odette. Consumer levels raising. In the Second Quarter, socgen had a its highest profits in the financial crisis. It was largely equity trading driving. This time we had a drop 5. 5 drop. Fixed income revenue drops 23 . Bank had aniggest increase in revenue from trading in the quarter. On the Consumer Bank, 17th percent in profit as revenue rose. Guy we will be hearing from the ceo at socgen in a few minutes. He has some interesting things to say about the Retail Banking story. Anna lets talk about what is going on in the u. S. Lets talk about toyota. Breaking news. Operating profit coming in ahead of the estimates. Guy they have cut the global target to 10 million the unit 10 Million Units. That is not a significant downgrading. We saw this earlier weakness in domestics japan. It will be interesting to see this global number. There are also announcing a chunky buyback. There will be spending as much as 150 billion yen. From 10. 5 cut it units to 10 million. s leave the oddest story automobile story. Guy janet yellen indicated a 2015 liftoff is definitely in place. The Federal Reserve chair said a december hike is a quote live possibility. Janet yellen what the committee has been expecting is that the economy will continue to grow at a pace that is sufficient to generate further improvements in the labor market, and to return inflation to a 2 target over the mediumterm. If the incoming information supports that expectation, then our statement indicates that december would be a live possibility. Importantly we have made no decision about it. Anna a live possibility. Representative brad sherman urged yellen to hold off until the spring. Suggesting forces higher than the fed a may 2016 hike. Plan is not gods for things to rise in the autumn. That is why we call it fall. Nor is it to gods plan for things to rise in the winter through the snow. Gods plan is for things to rise in the spring. If you want to be good with the almighty, you might want to delay until may. Bit later on he did clarify, he does not really think. Has an opinion on monetary policy. Level,on a serious illustrate the political pressure. Have athink you have to congressman from california to get away with that. I dont think you could get away with that from other states. Anna quite possibly. It is super thursday. May gettingwith it went decisions on interestrates. For more lets get a mark barton outside of the bank of england. Go to mark barton outside of the bank of england. Mark good morning. No fireworks yet, but it is early day. Six hours to go until the bank of englands super thursday simultaneous announcement. The rates decision, and the quarterly Inflation Report. It is a repeat it is a preview. We have jeremy with us. If we will get fireworks today, . Ill it come might we get another dissenter . Forbes voteay see for a rate hike today. Certainly some of the chatter recently has been more about the sooner than later elements of needing to start policy timing before it is too late. If we are going to bleed into the market. If it is going to be slow or gradual than we have to start now. If there is one person to flip. Mark what is interesting today about today what is interesting about today is reading the room, dissecting them, and deciding what they mean. There is a divide. Yourself, first or Second Quarter, the market, november. Since the bank needs to bring forward Market Expectations. Jeremy the market has been overly pessimistic. Saw he bubble we Development Development market inflation would be what we have seen. October minutes of said there has been no Material Impact on the u. K. Jeremy i think they will continue that. He will continue to say the impact for example where it is happening in europe or the u. S. , will be more than is currently happening in emerging markets. They will continue to press on that. Inflation will be falling hard in the First Quarter of next year. Is for. 3forecast this year and 1. 5 the year after. Three years, 2. 14. What do you do the to the two and three year horizon . Jeremy i think people are looking for a dip below 2 . If they stay solid at 2 it has worked out in the basis they did nothing and on the current market policy Interest Rate changes. That differentiation should show that even with the slightly lax expectations the market has come a inflation might go higher than 2 . Mark i promise i will not mention god. Doesnt matter when the fed goes or not . Jeremy i think it still matters. I think every policymaker out ,here, regardless of which bank they are still looking to see what the Federal Reserve will do. Yesterday was a good indicator that december will likely be the month or we see a Federal Reserve rate hike. Are reallyink people willing to preempt them. The bank of england is tightening. It is different using. Using. You do not want to get it wrong. December for the fed, may for the thinking went. Mark brilliant. Jeremy kirk, chief economist. Our first full of the morning after 6 00. Polls. Ill be further and i think anna it is fireworks night. Look it up if you are confused. China stocks are set to enter a bull market. Bull in a china shop is what we are calling it. What is set calling it . Good morning to both of you. We are seeing a move today for the shanghai composite. It has closed more than 20 above that august the sixth close low. It has been quite a year, you needed quite a bit of antacid. The shanghai composite is up 2. 7 . It is the second day of gains. Investors favoring property stocks and banks and internet companies. This is also lifting the hang seng and asked about 25 . Quarter of 1 . Ck out the hang seng telecoms have been particularly strong in this session. China unicom up a 6 . China life, Life Insurance really leading the market. Some pressure within the macau casino shares. We will get to japan in a moment. Let me tell you about some of the other stock movers to keep an eye on and this session. Shares of the hang seng look like this the China Enterprises index these are the chinese shares traded in hong kong. This should get you a sense of what investors are putting your money in terms of chinese companies. Telecom, 2. 7 advance. Industrial is up 2 . Key financial movers in this market, traded here in hong kong insurers doing well, banks, less so. The Financial Services look like this. Five advance income of zero declining. Civic securities those brokers that will be doing this increased business from domestic investors are moving as well. This is what the shares traded like ahead of that. Up by. 5 . Three at a Second Quarter operating profit beating in terms of its estimate. They will buy back shares, but they have cut the fouryear sales target from 10. 1 5 Million Units to 10 Million Units. That could weigh on the stock tomorrow. Latest on what is generally an update. Uop date. Anna japans general said they are cutting jobs. Socgen reported beating estimates this morning. Caroline spoke to be socgen ceo. Run usent numbers through the numbers. Caroline in terms of profit it is a clear beat. It is a solid set of results, 1. 13 billion euros for the sales quarter when the estimate was 840 Million Euros. Of course they were troubles in the market, like all of the banks. The equity trading revenue is down 5. 5 . Fixed income down 23 . Somehow they managed to gain ande with the good performance in their French Retail Bank. The revenues of the French Retail Bank is up 4. 2 . For the the revenues retail bank and france last week actually fell. Of the good performance retail bank, it is undergoing a very deep transformation. That will lead to a number of job cuts in france. Deputy. What i asked the howarted by asking him challenging was the sales quota on the market. Guest after the chinese situation, we had to manage. This was impacted by the volatile environment. Our Global Market revenues are up 7 and deal beating the bearish market. It was a real difficulty. It was complex. Globally speaking from the beginning of this year, the Global Market activities is increasing. 815 Million Euros costcutting by 2017 will that be enough . Guest this saving program is a third one. We started by Global Banking activities in 2012. We adjusted them. Continuous if i may say, efficiency program. Caroline how many job cuts . Guest level he was speaking we are discussing with our union speaking welobally are speaking discussing this with our union partner. Caroline do you think it will be hundreds or thousands . Guest i would say thousands. Caroline is that in investment make or retail . Step is 400 job cuts. That would involve corporate banking. A certain part of the Program Related to other banking activity and france and outer france. That would be in the thousands. Caroline in the Investment Bank, you do not expect more than the 400 . Guest no. We did the transformation to enter years ago two and three years ago. There is a plan that involves 20 checking fees, can you confirm that . Will be 1. 5 billion euros invested in the next five years. Being, we put 20 reduction in total branches. Caroline the adjustments of the Investment Bank have already been made according to be deputy ceo. But the retail bank, 400 branches might have to close. 20 of the ranches, according to unions. That would mean at least 2000 job cuts. Annex anna thank you. The worlds biggest social Media Company posted betterthanexpected figures. Caroline hyde is in dublin. Caroline, give us the figures. You have sales gaining some 41 . Equaling 4. 5 billion. That beat analyst estimates. You have profit driving higher. Interestingly though, the users per month, still managing to increase their reach in terms of who is actually accessing facebook. 14 growth in users per month. Per day get this, a third of all of those, more than two thirds are accessing it per day. That is more than one billion people around the world turning on their facebook everyday. Think therefore, of the Marketing Power that they can offer companies. They can target one billion individuals around the world for your company. This is why they are able to charge more. They have more videos. That is more lucrative in terms of bang for the buck. Youre getting the likes of instagram adding 400 million users. Many of them are already facebook users. It is a different way of targeting. Suddenly they really for the power behind the marketing action on instagram. We get adverts within the instagram feed. They are managing to break get more money. If you add interest, for every more ser they get. 4 24 more revenue than last year. Each of us is worth about three dollars to facebook. If you are based in the u. S. , you are more valuable. Even though they are managing to see asia bring in 1. 30. China is one of their biggest advertising market. They still want to access mainland users. What we need to do is give people a way to see all of the videos that that page they ine or follow is interested sharing. It is a clear roadmap of stuff we will do in the next couple of years that i am excited about. Caroline that was Mark Zuckerberg, chief executive, extolling the virtues about how they can provide video. Guy [indiscernible] google is naming their Parent Company out of that to decide what future thats our thats bets are. Facebook is plowing money into ai. There is no money from that particularly as of yet. Are betting they on drones. Philanthropic thought on facebook, trying to connect the next 1. 5 billion around the world. They are not getting any money through these new business ventures. You also have virtual reality. Oculus i have been playing with us. This is what theyre showing off after that big deal. Still, very little money being made from these. The cfo is saying we are investing aggressively in the future. The next up, with what will they do with whatsapp and messenger. Hyde with all things technology. The show astop of you said, Central Banks taking central stage. Super thursday we are joined now by ben ritchie. Jamie murray is here as well. Morning manus. Inl carney try to bring Market Expectations further as to where we think the first type will come through from the bank . If you look at the volatility going in, the market is not convinced they will try to do that. Jamie i think he will. I think there was intent to do that in the august report. If you look at the report, it was above target. Because Market Expectations have slipped, i expect the forecast to be higher. Anna what will you be watching for . He was talking about the new year. What are the clues . Jamie i think he was commenting about inflation. Ecb base fx pulling out of inflation and it will leave an underlying inflation measure. The three things to look for our the vote itself, the commentary around it, the next thing is the short term forecast. If they have a punchy number for gdp in q4 that tells you a lot. The final inflation number of the end of forecast is the one that is a diagnostic of the monetary policy. Withwe would go current market pricing, when would the bank of england have to write a letter explain why inflation is too high. the market path of Interest Rates is about 30 basis points lower than it was. Guy on the upside. Anna we will return to this conversation. Ben ritchie, we will get your thoughts in a moment. Jamie murray, thank you very much. Guy we have a busy day today. It is not just super thursday, we have german factory orders coming out. The bank of england will take central stage. The jobs report is tomorrow. Busy day, plenty to talk about. We will return on the other side of this break. Guy it is 6 30 in london. Anna Janet Yellen Yellen said that a 2015 rate hike seems like a possibility still. The Federal Reserve chair said a december lift off remained a live possibility. Guy the bank of england super thursday. The bank is due to announce their decision on Interest Rates. Governor carney will also present the final Inflation Report of the year. Facebook has knocked out another quarter of estimates. The worlds Biggest Social Network reported thirdquarter sales of . 5 billion, more than one billion people use facebook everyday. Q3 earnings are out. I do not see detailed earnings, but i do see this German Company is raising its fouryear guide. Toprofit increasing 20 , 2. 30 4 billion euros. Before your guidance raise will be what people focus on. Growth margin increase of 48. 4 . Headlines guy where we stand with markets . Reporter still looking at asia. Erasing losses from earlier. The big focus is the shanghai composite. I have the chart. Have a look. Above close more than 20 the august low. Heading for a bull market. Saw the shanghai composite will it enter a bear market. You can see it on june 29, ending a bull market. It was the countrys longest. The gauge is still down 31 from june 12. Sincee seen this rebound august 26 led by technology, industria