Its had a number of approaches enter sbred interested in buying the venture. Youre watching Worldwide Exchange. The final serves as pmi better than the familiar number. The 45. 7 was a tickup from october. The final composite pmi is also higher. 46. 5 to 45. 8 flash as well, the highest since july. So the economic slump a little less pronounced in november than previously thought, although the session still looks very much on course for another quarter here for europe. The pmi will rise above 50 that divides growth between contraction. Hasnt stopped the euro dollar from hitting a one and a half month high. I suppose we know growth is going to be anemic, but if Spanish Banks are getting some money, are we feeling slightly better . Thats what euro trades on, isnt it . Pmis are all very interesting for the economist. But they want bigger stories. Most of the news flow, its helpful to the euro. People have been trying to affect this rally for a while. We are close to those october highs. The news flow has been good, i would say. We hit, what, nearly 131. 80 . Before that, we go 131. 40. The enthusiasm for euro is surprisingly good. Were surprised by how far this rally has gone on pretty thin news sometimes. I just want to recap what weve got. Eurozone finance ministers meeting in brussels. An agreement still seems pretty elusive at this moment. Germany and french finance ministers have very different views about oversight of banks. And in britain, the chancellor George Osbourne delivers his statement to parliament today. Will be out in westminster soon. Steve is out to give us more Detailed Analysis of what to expect. Lets just go back to the eurozone. As you say, thin advances here. Are we capping its up against the yen as well. Theres obviously been a big yen story. Yeah, i think the euro yen has had perhaps more to do with eu euro dollar than anything else. The euro crosses in general have been story rather than euro dollar and euro yen at the forefront. I think the euro yen forecast is overplayed in what japan will ultimately deliver on. But mum is pretty good. I think you still play for a little yen weakness. I think well see a lot of people trying to buy yen back because i dont think well get delivery in all these preelection promises. Do we all think we know what the chancellor is going to say . Judging by the many pages being given to it in the newspapers, you feel like what else can he say . Its not going to be a day where youll buy sterling aggressively because most of the news is going to be bad. Were going to have lower growth. Potentially missing at least the underlying fiscal targets and rules. So its not a great day for sterling. I think the bigger impact will be if the rating agencies get twitchy. Then i think sterling will be a bit more vulnerable. But i dont think its necessarily a story for this afternoon. We saw manufacturing came in slightly better than expect. So there risk to the upside from the pmi . Maybe. It doesnt feel like pmis are really getting a grip on the market. Were not in a world where Interest Rates are going anywhere, so its hard for these kind of economics to drive the currency. What we are wondering is bigger picture, like the downgrade risk. What is that, is that going to be amplified today, are diminished. We have a recap of the gdp data today. The headline numbers show gdp grew at the slowest pace a year and a half in the Third Quarter, rising half a percent for the year. Gdp grew 3. 1 . While this is slower than previous quarters when you compare it to some of the other developed economies, you can see how well australia is holding up. Weve seen growth of just 2. 5 in the u. S. , 1. 5 in canada and zero growth in the uk. Locally, cutbacks in Government Spending weighed on the numbers and lower Commodity Prices also impacted on cash flow and the government is facing more criticism about its effort to keep the budget in surplus while the economy grows. The government has had the objective of making sure that we would bring our budget back to surplus when growth has been around trend. What weve been seeking to do through good budget policy has been to provide maximum flexibility to the reserve bank to a just rate so. The government will always put in place appropriate budget settings which will support growth and jobs. Still, analysts say growth could slow further as the Mining Investment boom peaks. Yesterday, the bank of australia cut Interest Rates to a record low of 3 and traders are looking further easing next year to offset the falling talks of trade, the high australian daughter and further cutbacks in Government Spending. Despite that prognosis for rates and the fact that were now matching the record lows here, the aussie dollar actually rose. Is the aussie dollar going to attract more than do mes snimes . It just keeps bouncing back. The idea that australia is in a better position to capitalize on that than some others. Its not been particularly helpful. Youve got a very unbalanced economy. We think the rate cutting cycle may well be over, but the market isnt particularly viewing it that way as of yet. So the aussie still has that headwind. But it feels like headwinds. It is a bit frustrating because we are quite bearish in aussie but were not getting that kind of downside momentum. Its just stop the cap side. You never know. Its a rarity. It is a rare thing for you. Hang around long enough, it will go your way. Thanks for that. Cheers. Spain. The treasury is setting up three, seven, and tenyear bonds. Theyre now prefunding for 2013. Weve got the results of that in around about 30 minutes. And china and india secretary growth slowed in november. Analysts say china and indias nonmanufacturing team expected to improve thanks to a hiring boost in the mainland as well as strong new orders in india. At the same time, chinas new leadership, as we pointed out, has laid out some fresh directives. These are some pretty sweeping reforms making chinas famously inefficient bureaucracy more efficient. Its an effort to win the confidence and the support of the people as public backlash rose against the special treatment of politicians. So a new list of dos and donts for chinese leaders. On the do side, cut down on giving face. The art of extreme flattery or reverence, which results in some very long meetings and speeches. Keep them short and cut down on the lavish feasts. Hes also encouraging more travel to rural parts of the country where the real problems are. On the donts side, stop the empty talk. In china, niceties are often more formal and exaggerated than west. Another one is dont stop traffic. If youve ever been to beijing, chances are youve sat in traffic because a government motorcade was driving through. This happens all the time in chinese cities and its not just for the very top officials. This last one, newspapers in china often have the faces of leaders on the front, no matter how mundane the story. The latest reforms want more real content. All of these reforms, they have a common objective. She wants the government to regain the publics trust. Back to you. The new leadership also set some key economic priorities, which had a big impact throughout asia today. Sixuan has the details. Hi, sixuan. Hi, thanks, ross. Some call it a shanghai surprise. Mainland markets staged a strong rebound. This called for economic stability by boosting domestic demand, keeping property curbs. The shanghai composite jumped nearly 3 . The ipo pipeline may be on hold. Financials, commodities and infrastructure are among the top gainers today as investors take advantage of cheap valuations. The hang seng followed suit and declined to a 16month high. Insurance surged 5 after hsbc explored a stake group. The nikkei closed at a sevenmonth high. Shares gained 4 after the qualcomm investment firm. In south korea, samsung hit another alltime high, helping the kospi finish higher by. 6 of a percent. This despite a slightly slower gdp growth in q3. Back to you. Sixuan, thanks very much indeed for that. Thats feeding into european markets. Flat as a pancake. This is where we stand. Ftse 100 up half a percent. Cac up 7 . Break that down into sectors, you will see basic resources, best gainer. That son the back of the chinese data. Banks not doing too badly as well, so europe helping out a little bit on that side as well. Three sectors. Household goods. Certainly having the Market Impact at the moment. Plenty of other data to go. On the debt markets, well keep our eyes on spanish auctions. Probably nothing too much to worry about there. This is the Service Sector and the autumn statement will get a big focus for guilts today. 1. 83 on the yields. On the currency markets, we talked about euro dollar being high. Look at aussie dollar. Euro dollar here at 131. Lets show you where we are with oil. Not the same lift as we saw from a basic resource, but nevertheless, slightly firmer. Nymex just under 89 a barrel. Spot gold a little bit firmer at the moment along with silver as well. Generally getting that china boost. Still to come, egyptian president morsi has returned to work just a short time ago after leaving the palace during protests last night. Well be in cairo with the latest after this. Plenty to remind you whats coming up in the show. Today were going to be in singapore to find out why one in Ten Companies thinks asia is the place to be for the rising movie industry. Cet will head out to washington as president obama is pushing forward his tax for the wealthy agenda. George osbourne is going to update today. The chancellor will have his work cut out to meet his target of eradicating the federal deficit by 2015 as well as securing a fall to gdp ratio. Also expected further pressure with a cut to its growth forecast. Steve is braving rather inclement british Winter Weather outside the houses of parliament. Lovely. I know you like it. How much is it going to be raining on George Osbournes parade . Its going to rain on his parade. You just nailed it, ross. Three things which are going to come up today, which he has very little control over. One is that obr reckoning on the uk economy. Thought only back in march it was going to grow pain a negative growth for the year. Next year they thought it was going to be 2 growth. Its probably only going to be 1 . In terms of those two targets you mentioned, eradicating the structural deficit in a fiveyear period, thats going to have another couple of years. Right. Now, there we go. You can see jim there in egypt. I wonder whether we should just go as weve decided to cut to him or maybe we can bring steve back. Right. Well try and reestablish steve. We will be going to jim to talk about egypt. Weve also got judy standing by. Steve, you were brutally cut off in your prime. So lets talk about lets get back to the point where you were at, which is talking about the structural deficit. Yeah, i think thats where you cut me off in my prime. But anyway, the deficit is clearly not going to achieve getting rid of that in a fiveyear period. Many estimates believe that in 20132014, the next fiscal year, its going to be around 7 . Thats better than the 11 inherited by this government, but will be a couple points worse than greece and spain. So thats a big negative for George Osbourne. Another one will be getting the percentage of debt compared with gdp in the country, getting that down within a fiveyear period, getting it syncing in the right direction. He thought it was going to peek around 75 , 75 . It looks like it could go up even further. So lets see what he says on that front today. In terms of options, he has very few options indeed because this is a government which as we know has set its fallout on plan a. And yet, are we seeing real austerity . Im not entirely sure. Government borrowing this fiscal year so far in the five months that we have figures for already is 26. 7 higher than the same period a year ago. The idea originally this year was for flat spending and then getting it down there after. And hes having to borrow more and more money, october figures were around 2. 6 billion pounds more in borrowing than analysts expected. Having to borrow more because tax receipts and corporations are falling. The labor party i was speaking to Rachel Reeves earlier on, just because theyve got their plans wrong. Theyve cut in the wrong areas, theyre not thinking about the infrastructure growth that this country needs to get itself out of the mess. So lets see what it comes up with today. Its just a question of whether he can take it away from some departments and give it to others. Of course, theres this whole rich versus poor debate also. The poor were talking about are only so rich. For instance, taking it away. The free amount of money you can put into your pension before you get taxed on it. At the moment, thats 50,000 pounds. Estimates are that it will go down to 30, 40,000 pounds. Even if they put it down to 30,000 pounds, its only going to raise around 8. 1 billion pounds extra. When you consider total Government Spending and borrowing, thats a drop in the ocean. Welfare is about 186 billion pounds. You can see the kind of numbers were talking about. Tinkering at the edges as well. There will be more money into education, into science, into infrastructure as well and hell be talking about the infrastructure initiatives including more must be for small to medium size businesses, more money for power stations as well. But it really looks like hes got very little room for maneuver. The opposition, hell get that and say this is your fault, these are your policies. Mr. Osbourne will turn around and say look whats turning around you. Look whats going on in the financial sector. Look whats going on in the eurozone as well where unemployment is actually on the surface much worse than it is in the united kingdom. So its going to be the usual ding dong battle of theatre. But i doubt well see many new initiatives that havent been leaked already, ross. Yeah, you only have to read the papers today and everything seems to be in there. I think youve done a very good two and a halfminute analysis of everything we might get. Welldone. Well come back to you later. Get a cup of coffee, stay warm. Julian joins us with his own thoughts. Steve got into all the details. Hes laid it all out for us. What is actually the main takeaway here for International Investors into the uk from this budget statement . I think International Investors are going to be very focused really on how the debt profile is looking because that is very important for the rating agencies, and of course there will be that level of concern that next year the uk might lose its aaa rating status. I think the government and the chancellor are probably going to be very sensitive to that level of concern and really want to do all they can to keep it. That means really reiterating still that they are going to meet with debt rule and that means that the net debt gdp ratio would be on a declining path from the fiscal year 2015 to 2016. The other issue is really the uk growth has been disappointing. The uk has had a really tremendous growth side coming from weakness in eurozone demand. During the course of the last few quarters, which has really impacted very negatively on the governments hopes that the corporate sector might be in some position to help lead the recovery here. And so therefore probably you may need it to be done to support and hopefully boost domestic demand in the uk, but doing that while still preserving the fiscal arithmetic and while some indications would suggest the deficit has been moving a bit off track, its beginning to be very challenging really. But some of the media reports are pointing to a greater focus to Capital Investment on infrastructure spending. So i think thats something that International Investors need to focus on. Yeah. Well get pmi out as well in a minute, julian. Adam poser said he thought they were being too pessimistic about growth in the uk. 1 , 1. 5 is probably what well get. You know what, i think the environment, as you look out to next year, is really difficult, ross. I mean, you dont really know what is going to come out of the u. S. Fiscal cliff, how damaging potentially that can be to u. S. Confidence, u. S. Activity. Things seem to be holding up fairly well in china. But i think there is still going to be some concerns about the whole performance of the asian economy and whether that can actually pick up next year. And then, of course, in the eurozone itself, we seem to be mending the problems progressively and taking out the tail risks, which i think is good and that is the bottom line that investors should take going further forward, but at the same time, there are some elements that you can have. If you do a forecast, in a way you could come up with Something Like 1 quotes for next year, but at the same time, you have to be conscious that weve had such a battery of downside impact, downside negative news coming through really for all economists in the western world in the last few years. You have to be very cognizant of those. I think so. Julian, were going to leave because we have to get a break in and weve got to g to egypt as well. Thousands of egyptians still camped outside the president ial palace in cairo. The police left during the protest, which allowed the demonstrators to get close to the palace walls. Morsi allegedly left during a back wall, but returned to work just a short time ago. Joining us now from cairo is nbcs news correspondent jim meceda. Good to see you what. Is the situation like at the moment . Thank you for that short cameo appearance a little while ago. The opposition made a Statement Last night, no question about it, when those tens of thousands antigovernment protesters marched. Its a symbolic seat of power, the president ial palace. Morsi as we know is conducting business inside. All that was caught on live tv. They were met by rows of barbed wire, barricades and riot police. They were not chanting just to lift morsis decrees or to cancel the referendum on the draft constitution. What we heard last night were chants like no more morsi, down with the regime. Overall it was peaceful. At times it was even festive, except at one point when police fired tear gas into the crowd to try to push them back. Some protesters broke through the lines. But then we saw the motorcad