Whats different this year is q 4 doesnt have easter but this year it does so the comparables are tougher. I expect it to recover as we move into next summer. Alka tell luce sent is trying to shore up its Balance Sheet. And a settlement for sse capital. A deal will be signed today for the landmark case against the embattled hedge fund firm. Announcer youre watching Worldwide Exchange bringing you Business News from around the globe. Good morning. We have some breaking news to share with you this morning. Lets just dive into the eurozone latest manufacturing pmi printout for october. Its risen to 51. 3. This is the latest in line with what we had from the flash number, 51. 3. So no change in the second reading effectively. It is slightly higher than the number that we had back in september, which was 51. 1. The output index has risen to 52. 9 consistent with the flash number. So these numbers coming in today shouldnt do much to shock the market too much. In terms of the output prices index, this is at 50. 5 so thats just off slightly from the flash number. Overall, the headline number is consistent. Heresherss a look at the dollar. More signs for a growth in chinas domestic economy. The october reading came in at 56. 3. That was from septembers 55. 4. But its not all smooth sailing. The subindex of new orders fell indicating possible weakness ahead. Sectors such as real estate and food and drinks also showed contraction. Let me tell you whats coming up on todays show. The battle for blackberry comes to an end as the deadline draws closer for potential suitors looking to outbid fairfax financial. We have the latest at 11 30 cet. Then the greek government looks to help them achieve a better gdp in the Third Quarter. We speak to the ceo of the greek hospitality firm. At 10 45 cet. Then over to cairo. Former egyptian president muhammad goes on trial. Mohammed morsi goes on trial. Ross is meeting with the deputy Prime Minister of poland to discuss the merits of e. U. Membership at 10 20 cet. This is a look at the overall tone across european markets this morning. You can see mostly a sweep of green. Just a couple of red bars along the bottom here, but overall we have a positive tone. The core is performing. The overall benchmark trending higher by 14 sub 1 . Some of the gains in the u. K. Reflected with the ftse gaining to 6,770 points. Up half of one percent. It will be Holding Around this level, 1 3 of 1 this morning. Were getting close to 4,301 points this morning. The swiss market has been a little bit tentative in the morning. It was in the red ten minutes or so ago. Its just popped into the green. Six points tacked onto the smi. A couple of stocks to show you about. Some of the big movers out there on the back of a whole lot of news out there. The low cost carrier cut its Second Quarter target in four months. Ryanair says the demise of italia says it would help his company recover. One of the great opportunities for us with the 175 aircraft order says alatalia will continue growing. The italians will continue to bail it out. It will continue to create huge opportunities for us. Air italia seems to be responsible for a lot. You can see the stock price in Air France Klm drifting 1. 6 . Alcatellucent is down 6. 5 . Were going to have more on both of those french docs when we catch up with stefan in paris in half an hours time. Hsbc, we had the numbers out this morning. In line with expectations. 20 higher going through the stock price today. 2. 5 is what were seeing. I want to move on to bond rates and show you what were seeing. We have a lot of risk and loving attitude. There has been a pickup in the ten year treasury, 2. 61 . Huge focus on the u. S. Gdp. The treasury had pushed lower. Were climbing back out there and the markets are wondering whether were looking at a december table or if this is a q 1 story. The italia market, 4. 11 . Holding at the low 4s on the yield. You can see how wide the differential is. Gilts, we have 2 point be point 61 . The gap has closed quite significantly. For its markets, its been a story about its strength. Were softening up a little on the dollar yen trade. 99 is the level that Foreign Exchange traders see as capitalist for the chart watchers. The australian dollar, just under the 95 handle. Weve got some support for sterling. There will be more action coming from the ecb, at least if not this month, dovish prospects. We might see more action from the central bank over this way. Lets get up to speed with asia. Lets see how the trading has been happening. Were being joined out of singapore. They kicked off the week on a sluggish note. Most markets in fact ended in the red. Investors remain cautious ahead of the jobs report later this week. Markets in japan and india were shut for public holidays. China markets outperformed by just a bit. But Chinese Property Developers were under pressure today. This on news that shen jen will raise the amount on new home purchases. Meanwhile, in south korea banking stocks were down sharply. This after the countrys Financial Authority said combined earnings of the countrys lenders fell 14. 5 in the Third Quarter, mostly due to soft index income. Australia is out of favor. Westpac lost 1. 2 , this despite the bank posting a record profit for the fourth straight year. Investors worried that the ungoing price market could hurt the banks market. Back to you. Thank you very much for that. Lets move on to another story were following for you. Cnbc has learned that ssc capital and u. S. Prosecutors are expected to sign documents today settling the landmark insider trader case. It includes a guilty plea on at least one count of securities fraud but no admission of promoting Insider Trading within the firm. The plea will temporarily halt secs fund as a running firm. It will have a fine of 100 million. Blackberrys future may become clearer today. Its expected to complete Due Diligence on the order to take the firm private. Fairfax is struggling to raise financing. Several banks have declined to take part concerned that blackberry wont be able to reverse its fortunes. Interesting when theres so much money floating around it wouldnt be hard to raise the money. Two individuals are trying to raise the money with the chip maker qualcomm. Lets look at how blackberry shares are performing. So far over the course of the last couple of weeks, stabilizing a little bit. We had a pop in the last session, 1. 5 . Rather, as were seeing in frankfurt today, so far, 33 lower is how theyve been traveling. September was when the offer was launched. You can see since then there was a move higher. Theyre not expected this will go through given the way the shair price has been coming back. As twitter gets set for its ipo, they have a public that is skeptical about the company. Some 36 of americans say twitter stock would be a good investment but 47 disagree. Twitters future may depend on ad revenue, but more than half of the users say they havent noticed ads on the site. On the eve of twitters ipo, theres a new user, katy perry, 45. 6 million fans. I think im at 1700. Shes taken the crown away from Justin Bieber who has 46. 49 million followers. Do they buy them or are these all natural followers out there . Every week cnbc is asking you to talk the trend. Well bring you the results and show you the september imts swing on any given subject. So get involved. The more you take part, the better swing or the better sample we actually get. This week we ask how will twitter close on its first day of trade, higher, lower, or flat . I guess it is depending on how much it is priced and how much is left on the table by the advisors, investment banks. This is one of the key questions when it comes to an ipo. Well head to trader poll. Cnbc. Com. You can see the trend. Use traderpoll. Special treat for you this morning. Still to come on this show, there she is, miss america. Shes the first Indian American to take the crown. Lands in london on her world tour. Shes making a special stop in our cnbc studio. Well go behind the glitz and glamor of the pageant world. Well talk the business of beauty. Thats 11 40 so stay tuned for that one. Big question. You come up to these interviews. Its slightly different. What should we be asking miss america . Get your suggestions in. Email us at worldwide at cnbc. Also at twitter or go direct to me. Its like asking those questions at the miss America Pageant. This is your opportunity. Well, you notice that i am sitting in the chair keeping it warm for ross. So where exactly is he . I think hes on the road somewhere. Ross, where are you . Is that a cunning plan, miss america comes to the studio today and ive been sent out . Is that on purpose . Ross, youre a hard act to follow so i need to sort of bolster the excitement on the show somehow. I feel very hard dumb guy indeed. You need to send her down here. Look, yes, i am at the annual meeting of the c bh i on track for global success is the theme of this particular meeting and according to the cbi, that means we need to stay in the heart of the european union. Its worth around 3,000 pounds, they say, to each british household, but if were going to do that, we need to reform it. What kind of reforms are going to work . What are the chances of success . And how much support will we get from other members of the e. U. . Well get the views of the deputy Prime Minister and finance minister of poland coming up next in the first on cnbc interview here on cnbc. We continue from cbi when we come back. 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They say its around 4 to 5 the value of gdp. John quinn lan is stating the case for membership. Hes talking about the things that are needed to be done to reform the e. U. He has looked at the alternatives and has dismissed them as he told us today. British business would be poorer with less influence if we were outside of the european union. Weve looked at some of the options, the norwegian option, the swiss option. None of them give us the benefit and influence that being active members of the e. U. Does. We want to be in the e. U. But we want a reform. We dont want to settle for the status quo, but we want to do even better. So those are the options that hes dismissed. If were going to stay in, were going to need reform of the e. U. Some of those reforms the e. U. Must be open and competitive, building a Single Market thats fit for the 21st century, more outwardly. Trade deals with the united states. Legal safeguards for those within the eurozone and those that are staying outside like the u. K. As well and also look at making his working time director opt out permanent and the case for more National Decision making on things like Employment Law. So, does this stack snup can we reform the e. U. . Lets get a view of a fellow member. Were joined by the deputy Prime Minister of pole lan and the Prime Minister. Thank you very much for joining us. Youre going to go on stage when we finish speaking and talk about the e. U. What do you make of the cbis position, what youve heard this morning . Well, it sounds very much as if that was the polish governments position. Its almost exactly the same. We think that the e. U. Is central to polands growth prospects. We think its central to europes growth prospects. We think its central to the u. K. s growth prospects. We think it would be very bad for the u. K. And for europe and therefore for poland if the u. K. Were ever to seriously think about leaving the union. This position that the government has is predicated on reforming the e. U. Thats a big task, isnt it, to deliver a services Single Market in the e. U. We tried for years. We looked at the lisbon agenda as being an abject failure. The lisbon agenda was miss constructed but a Single Services in the e. U. Is something poland fought for very hard in the early part of the last decade. Unfortunately, french and german obstruction of the time blocked that. Were very glad to see the United Kingdom is determined to achieve something that weve been arguing for for a long time. What about other measures . Would you support a permanent opt out of working time directive . Would you also support more National Regulation over things like Employment Law and what john is describing as lifestyle regulation . Well, i think we certainly want more flexibility in labor markets. I think its better if thats achieved by reforming the labor type directive rather than giving particular countries opt outs. I mean, its the nature of the Single Market, that everybody is subject to the same rules. Its better if the rules are less con straining and i think we should be going that way. We certainly feel and theres a large group of nations and Member States that would agree, that their scope for making that labor time directive and other labor market directives more business friendly. What about the architecture of the e. U. . Because clearly theyre never going to join the our sfloe how can we make sure the architect, the european commission, parliamentary a semblance works for what is effectively a eurozone and what is not in the eurozone . Thats very important for us because we arent in the euro stone and we dont expect to join them in the near future. I must say that weve found a great deal of understanding, particularly on the part of some of the most important eurozone Member States like germany, for the need to maintain that balance between eurozone and noneuro group countries. And usually the eurozone in terms of creating new institutions which are vital if the eurozone is to strengthen itself and at the risk of its collapse should be definitively definitively ruled out, we find that eurozone countries are very willing in the creations of these new institutions to actually lean over backwards to create a comfortable space for those of us who are not in the eurozone. And a final point, the cbi starts, the government starts at the moment is to say we stand, we negotiation and we try to reform and we renegotiate. If we cant reform and we cant renegotiate, there will come a point where people will say we should negotiate a different position within the e. U. Now you say how important brittain is to the european union. Angela merkel was talking about that. Would there come a point where actually you would say, okay, it is worth actually maybe the u. K. Having a special relationship within the e. U. . Im not sure it would be a particular problem for the e. U. It would be a particular problem for the u. K. If you look at the position of countries like switzerland or norway, basically what happens to them is after the decision is reached within e. U. Institutions within brussels, theyre invited in and told, this is whats been decided and youre going to have to implement it in your own country because otherwise youre going to have to leave the Single Market, the European Economic area. Effectively, its almost saying lets get out of the lets get out of the Conference Room and subject ourselves to the dictate of those who stay in it. I think it would be absolutely folly from the point of view of any country to go that route. Good to talk to you. Great to talk to you. Cnbc will be visiting poland. Well look to get some insight into the country. Well be looking forward to having you as guests. Thank you for joining us. Thats the deputy Prime Minister and finance minister. Coming up a little bit later well be joined by the ceo of hays. Im hosting a session on how do you get more competitive in this economy. The skills gap is something thats really showing up. It impacts things like immigration laws. More to come from the annual conference of cbi. Speak to you in just a bit. Lets just recap on some of the bank numbers weve had today. Hsbc profits rose 10 in the Third Quarter largely in line of expectations as the bank benefitted from a cost cutting exercise. It had hurt the earnings in 2012. The u. K. Based bank revealed it was cooperating with an investigation that said the probe remained at an early stage. Heres a look at the shares. The top performer on the ftse. 2. 5 on the up side over the course of the last three days, 3. 5 . James ferguson is Founding Partner at the Macro Strategy Partnership and joins us in the studio. James, give us your views on how the hsbc numbers looked. Whats interesting about hsbc, it went into the crisis with the best sort of capital buffer of any of the u. K. Banks and that has really proved its salvation. Its managed to generate more and less crystal lieization. It seems weird to think when we look at the u. K. Banks, which bank got hit harde