Disappoints. Now hes trying to ease that concern. Lets have a look at oil, continuing its downward trajectory. On the day, he goes lower. Why . Goodbye to any production quotas. No longer defending price, more about defending market share. Oil going lower. Lower,lux will be moving yet to open, but pulled down by 12 as a ge no longer selling its appliances unit. Back to you. Out whatsnds happening in asia. A positive session in the asian region. Taking that the from the positive jobs report out of the u. S. On friday. We have seen the china market close higher. Some great gains coming through in japan. The nikkei up by 1 , led by moves by exporters. A disappointment in korea as the yuan weekend once again. Global funds pulling their money out there. A switch out in new zealand. That crude oil slide is continuing below 40 girls dollars a barrel impacting the sector. Monday, big movers on monday. Origin energy coming under pressure. Citic securities also following falling. Thehat probe continues into 5 trillion equity route we saw in summer. , thealias real estate first real estate ipo and one, one dollar 83 dollar 83. Really impacted by that faulty airbag scandal. It continues. A positive session to start the week in asia. Whats happening in the rest of the show . First up, banking blues, barclays more job cuts, Marine Le Pens party taking the lead in the first round. The setback that represents for president Francois Hollande. Plus, a record year for him and a mergers and acquisitions. Mario draghi defending the Bank Stimulus plan. Speaking in new york come about to take more action if needed. We have to intensify the use of our instruments to ensure that we achieve price stability mandate, we would. There cannot be any limit to how far we are willing to deploy our insurance. We will achieve our mandate. Lets bring in our International Correspondent in berlin. We have gone backandforth about this. There is an argument emerging that this was a victory . , he was one of the dissenters. He did nothing further easing was necessary. They lowered the deposit great. What we know out of frankfurt is that 25 members of the governing council, five dissented. Said, he considered that a large majority. The question is asked and unanswered, had mario draghi gone for a bigger amount, would he have more than five dissents. How strong are they and how many on the bubble saying, we will dissent more if there is indeed further easing. The size of easing the market was expecting. Let me pick it up. One of the reasons we saw what we saw was the data are starting to get better. Will we see more evidence this week . This week, we just got Industrial Production. We will get the final read on the eurozone coming in at 1. 6 modest growth. Where it same debate we have been at for some time. , focus ons are saying core inflation not headline inflation. The ecb stills persistent overall headline inflation. The cpi debate has not changed that much. We still have the two sides talking past each other. Lets bring in Stuart Richardson to get his take. Dewey look through oil or not . Do we look through oil or not . Oil is trading softer. Thats a big this inflationary force that will continue. Dis inflationary force that will continue. Broadn we look at the data for europe, theyve been picking up for a couple of quarters and we expect that improvement to continue. Oil prices should be good for household consumption. You look at the cpi version . You can look at the Overall Health and see whats happening with gdp. The problem with that argument is that when you and up with wage rounds, people look at the headline level. This is what the ecb is concerned about. The headline number becomes the problem. In thets get embedded psyche, wage rounds, and you dont get that pick up. Again, you have to manage the overall economy. When mario draghi wants to do it, he will say i have to meet my mandate. He spent the last 45 years to do what ever it takes to save the euro and the european banking system. When we look at abroad european economy mix, weve seen an enormous benefit and consumption , but also the weaker exchangerate. That has helped the economy and lowered inflation. As we move into 2016, some of these forces will change a little bit. Oil may continue lower, the base effect may be that it doesnt go down as much. , notwe look at the euro going down as much as 2015. Lets try to gauge the Market Reaction off the back of all this. Bridgewater has come out and been punchy about this, the market got it wrong. Mario draghi is just focusing on the objectives of the ecb and the inflation mandate. Did the market get it wrong . I keep going back and forth on this. The communication out of the ecb over the last month set the market up for something extremely dovish. The noise your hearing from the , thethe communication credibility question, does that argument resonate with you . And depends on when you asked me that, right . Draghisasically mario point, the market will eventually get it. Marketill judge the offer 24 hour time span, then its a bad judgment. If we give it more time, eventually the market will learn to speak the ecbs language. Eventually, you pick up the syntax come of the grammar, and the idioms. Fiveyearfiveyear. The market is saying five years out, we dont think the ecb makes its target. Fiveyear, butr would you did see was the fiveyear fiveyear decline, Market Expectations of inflation pickup. The reason the market was still staying easy was because of expected policy. They didnt deliver them. Does that put the pressure on them again . To try tohi seems create for the governing council, does that still stay there . I wonder if we go into the meeting and the qe is still on the table. Valid all of these are valid. I we going to more stimulus . T think were getting a bi ahead of ourselves. The forecast were not genetically different. 2017 was slightly upgraded. There wasnt a massive change. Hes delivered the something this time around. The should not be for january delivery. Hes going to want to try to do more and get some firepower going and keep his powder dry and build it up. Lets look at every single meeting is probably over the top. We have to look at the progression of gdp data. If its improving, he will say we are doing the right thing. We have to see what will be happening in the next few months in the First Quarter of next year and so on. Our view is that things are gently improving. There is a credibility issue. Himselfs trying to save in new york. Hes maybe done a good first round, but maybe we will say. Take a look at the dax this morning. The postdruggie bounce postdraghi bounce. We are off session highs. Thank you very much. Stuart richardson will stay with us. Barclays may more jobs. We will look at this shrinking Investment Banking sector next. Up by 22 points. This is on the move. Good morning. Jonathan welcome back to on the move. President obama described last week shootings as an act of terrorism. Addressed the threat of terror at home and abroad. He called on congress to pass tougher gun laws. Authorization new of force against the islamic state. They were no evidence directed by a terrorist organization overseas or part of broader conspiracy at home. That the two of them have gone down the dark path of radicalization, embracing a perverted interpretation of his long the calls for war against america and the west. They have stock. Weapons, ammunition, and pipe bombs, so this was an act of terrorism designed to kill innocent people. Terrorism and the refugee crisis also in play in frances Regional Election with the far right National Front party making gains. It has taken more than 27 of the vote, followed by the ublican party, intro by and trailed by the socialist. Soaring inflation and unprecedented recession many voters wanting change. The opec member has been hit hard by calling oil prices. The economycts to shrink 10 . Inflation is 124 . Thank you very much. There are your top stories. Barclays, news that they may cut an additional 20 of staff as the new ceo looks to improve profitability. Losses are expected to hit hard in asia and the global cash equities business according to bloomberg. Stuarturn to richardson still with us. Sandy, lets start with you. As whetherpeculation he was brought in to be more aggressive. He knew what was underneath the lid. Looking at this speculation that there might be 20 further cuts in the Investment Bank, it very much fits with what we think thats why we think he was hired, to boost returns on capital overall for barclays. Actually, the Investment Bank is where those returns can be boosted the most. The pace of execution. He wanted it more aggressive. This is the man to do it. This is the News Associated with it. Guy is this it . Do we understand the broad parameters of it . Is that all we will see . What he is doing is getting his feet on the ground. He knows Investment Banking. He knows how to handle the weaponry on the various tests desks. Hes going to each line of business and saying, what kind of return on capital are we generating what is your costincome ratio . Where are the weakest bits of the business . What hes thats finding out on a desk a desk basis. Jonathan as you look at the u. K. Banks, you have to like standard chartered. The destiny is out of their hands. Emerging markets, commodity story, destiny seems to be in their hands. Is that how you would look at things domestically in the u. K. . Even after the crisis, the banks are still trying to right size. The Capital Markets are changing. We seen a banner year and fixed incomes and bond issuance. Barclays is at bit of both, a unique situation where the trying to get new people on the ground to increase return on capital and so on, but for part of a wider malaise the Investment Banking industry, where profitability is difficult to increase. I think margins are difficult. At the end of the day, there was competition from new entrants. The whole banking industry, you have regulators there is no win here. Is saying they could become tougher on the regulatory front. The quarterly really talked about the leverage ratio and trying to calibrate it so that it bit. One of the problems as they came up with the simpler way of running banks or managing them, but it actually hasnt been into bitt into that capital. En the bif report is actually trying to get a more finely grained calibration on that. We still need to figure out how that works. Thank you for joining us. Next, success this weekend for the far right in france in this weekends Regional Elections. Into thetrapolate second round. We will go live to paris to find out. Good morning and welcome back to on the move. Nationalfar right front has make gains in regional directions. Firsttime voters have headed to the polls since the terror attacks. Carolyn joins us from the french capital. Talk us through this victory for the National Front. The recent jump in popularity of Francois Hollande has not translated into the ballot box. The National Front did three times better than 2010. They are leading in six out of 12 regions in france. The socialist party is only meeting into regions. The republicans are leading in the regions, including paris region with 12 billion inhabitants. Winning the first round of these elections doesnt missing mean the National Front will control these regions. They have to win the second round. It all depends on alliances in the second round of the selection next sunday. The socialist party confirmed this morning that the candidates of the socialist party, which came third and three the regions, will withdraw their candidacy in the second round to create a republican barricade to block the National Front. Region,now, the biggest where Marine Le Pen led with more than 40 of the vote in the alsoeast of france, leading with more than 40 of the vote. These two regions of the most at risk. They have been hit hard by unemployment and the micro crisis. Those are two subjects where Marine Le Pen was able to win a large majority in the first round. Jonathan thank you very much. Political risk with the key scenario for 2015. Denmark, we dont want more euro. France saying we dont want bigger europe. Europe needs to get its act together. Draghi cant do everything. He needs the help of the politicians, but the politicians are all over the place. Jonathan a final thought from you. The Political Risk story. It happening greece. It happening greece. Does it have more of a bite for you . Dollaryen these are big countries saying no to europe. Unfortunately your project needs physical cohesion, and were not seeing it. We could begin to see fractures developed quickly and that could impact whenever they occur in the markets. Jonathan big thanks for joining us, stewart richardson. Opec, output targets will be confirmed next june. Crude at 39 a barrel. 30 minutes into the trading day. Lets talk about the markets. Bounce,etting a draghi oil stocks suffering. I urge you to take a look at the last five days. We are veryr, but much down over the last five days. The crowded trade suffering a little bit. Jonathan this rally is not convincing. Well go through the other asset classes. Euro, weaker. There is the kicker. Wti south of 40 a barrel. The opec hangover. Youll notice some of the oil majors, Service Producers as well, coming under more pressure. We have your stock movers and top stories. All majors being lower, one stock and focus on the lower side. , its not getting its hands on general electrics appliances unit. That comes off the table because of regulatory concerns. This is the biggest fall for electrolux since 2011. Worthk. Listed company, 1. 2 5 billion pounds, outsourcing services. Down some 6 . Trading will not be pretty. Neither is profitability. They were both decline due to a week pipeline over the last two years. On the upside, stocks are up in general. Home retail is leading the charge. Up some 3. 4 . Once again, big speculation swirling around home retail group. Up. French rival is jonathan thank you very much. The oil story in the stock market open, 39 crude, the headline in the commodity market. Opec effectively gave up all pretense of acting as a cartel. Vienna. Everyone i spoke to tells me it was chaos, hectic, a mess. Tell me why this meeting was that much more different than any other opec meeting . Chaoticnk we had a very conclusion after a contentious couple of days. When the ministers come out of opec headquarters after they made their decision, normally they are swarmed by reporters who want to get their opinion on the decision. This time, they were swarmed by reporters because they wanted the decision. We did not know what the decision was or understand what the decision was. Suggested they decided to raise the ceiling. Some ministers said they left ascending where it was. The opec secretarygeneral said they kicked the can down the road and will decide at the next meeting. , thely, in the communique was no mention whatsoever of the production ceiling. I think that really characterizes this meeting. We did not get opec speeding and one speaking in one voice. It was very messy. About an hour before they came out, writers got word that the ministers had agreed to raise the production ceiling by 1. 5 Million Barrels a day, in line with what they were already doing. When they came out, it wasnt that claim. The oil decline we have seen of the first headline didnt change. The oil price stayed where it was. That means the market has interpreted this as they will do what they were already doing. There is a risk they will produce more oil. Guy lets go back to vienna and recap. Lets take a listen to the opec secretarygeneral. Now for the remainder of this year and next year, i think by that time anybody will see how much they can really contribute to the effort. One of the reasons we did not really mention the amount is because we are looking to negotiate with nonopec more and see how we can reach a collective effort that all of us could conjure be to the market. Jonathan every country for itself . It does look like it. It was a unique meeting. It almost looks like that opec has decided to market without using numbers. They had been producing around 31. 3 Million Barrels a day. This doesnt change anything in the markets. It gives them a bit more bandwidth and accommodating. Before the news conference, there was report that circulated that put that target in line with production as a target, but they didnt do it. Why did they step back from that . They were to have officially made it 31. 5 Million Barrels a day, venezuela and others, they would not find that ,n easy decision to come to because they have been calling for a cut for a long time. The fact that they went to 31. 5 Million Barrels a day suggests that they were not sure or couldnt make a decision. Jonathan when i look at the research that has come out, the death of opec, effectiveness of the cartel, when you look at the brent curve, it has not had a dramatic effect at the backend. It may keep a lid on things in the months to come, but does friday change the game . They will continue to produce as they are. Thats what they mention. It does throw in interesting elements. What will happen when i ran comes back into the market next year . The market was hoping for some clarity in terms of how they would deal with it. They didnt even mention that. That adds another element of uncertainty for next year. What does this mean for countries like russia. Upsideust be very little that there seeing right now. Opec is going for it. This is the saudi strategy 2. 0. We are just going to go for it. For russia, saudi arabia has been asking if they would like to join us and coordinate cuts, and russia has not been keen on it. The latest comments have been that opec has decided to not even stick to the 30 Million Barrels a day target, so