Welcome to worldwide exchange. Im wilfred frost. We are listening to president obama addressing the world summit in beijing. Lets listen in. Americas first trade mission visited china just a year after americas revolution ended. 230 years later we are two of the largest economies in the world. We have benefits of both of our countries. China is our fastest grower export market. Chinese direct investment in the United States has risen sixfold over the past five years. Chinese firms directly employ a rapidly growing number of americans. And all these things mean jobs for the American People and deepening these ties will mean more jobs and opportunities for both of our peoples. And thats why im very pleased to announce during think visit, the United States and chinese agreed to implement a new plan for visas to tourists and businesses large and small. Under the current arangement, visas between the two countries last for only one year. Under the new arrangements, student and Exchange Visas will be extended to five years. Business and tourist visas will be extended to ten years. [ applause ] now, of course that will be good for the businessmen going back and forth all the time. But keep in mind last year 1. 8 million chinese visitors to the United States contributed 21 billion to our economy and supported more than 100,000 american jobs. This agreement could help us more than quadruple those numbers. Ive heard from American Business leaders about how valuable this step will be. And we worked hard to achieve this outcome because it clearly serves the mutual interest of both of our countries. So im proud during my visit to china well mark this important breakthrough to benefit our economies, bring our people together. And im pleased that president chi has been a part of getting this done. Very much appreciate his work on this. Deepening our economic ties is why i also hope to make progress with president chi to a highinvestment treaty to open up chinese economy to american investors. Something to unlock progress and opportunity in both of our countries. Were also working to put in pursuit of the International Agreement on the ita and will speak directly and candidly as we always do about specific actions china can do to help us to expand trade and investment, which many of the ceos i talk to raise in our discussions. We look to china to create a more level Playing Field on which Foreign Companies are treated fairly. So that they can compete fairly with chinese economies. A Playing Field with competition policy promotes the welfare of consumers and doesnt benefit one company over another. We look to china to become an innovative economy to value the intellectual Property Rights and reject cyber theft of trade secrets for commercial gape. We look to china to approve biotechnology advantages critical to feeding the growing planet on the same timeline as other countries. To move definitively toward a more market determined exchange rate. And yes to stand up for human rights and freedom of the press. We dont suggest these things because they are good for us, we suggest that china do these things for the sake of Sustainable Growth in china. And i look forward to discussing these ideas along with the concerns with president chi over the weekend. Including reducing various trade and investment so Companies Like yours can grow, create jobs and create prosperity across the asiapacific region. After all, asias largest export market is the United States. That benefits American Consumers because its led to more affordable goods and services. Six of americas top export markets are apec companies. And more than 60 of our exports, over 1 trillion worth of goods and services are purchased by apec economies. That supports millions of american jobs. The work done over the years has cut shipping costs and made it cheaper and faster to do business, and that supports good jobs in all of our nations. We have worked together to improve food supplies, encourage clean energy, promote education and deliver Disaster Relief and all of this has made a difference. But we can always do more. We can do more to reduce barriers to economic trade and growth. Since 2006 we worked together toward the ultimate growth of the freetrade area of the asia pacific and apec has shown a number of pathways to make it a reality. And one of those ways is the Transpacific Partnership between the United States and 11 other nations. Once complete, this partnership will bring nearly 40 of the Global Economy under an agreement that means increased trade, greater investment and more jobs for its member countries. A level Playing Field on which businesses can compete. High standards that protect workers. The environment and intellectual property. And i just met with several other members of the tpp to make this a reality. Well keep on meeting to get it done, for we believe this is the model for trade in the 21st century. Agreements like this will benefit our economies and people but also send a strong message. That what is important is not just whether our economies continue to grow but how they grow. Its what what is best for our people in the race to the bottom but a race to the top. Obviously insuring the continued growth and stability of the asiapacific requires more than a focus on growth on trade and investment. Steady, Sustainable Growth also requires making it easier for Small Businesses to Access Capital and new markets. And when about onethird of Small Businesses many the region are run by women, then steady, Sustainable Growth requires every womans ability to fully participate in the economy. Thats true in the United States, thats true everywhere. Steady, Sustainable Growth promotes policies and practices that keep the internet open and accessible. Steady, Sustainable Growth requires a plan et where citizens can breathe clean air and drink clean water and eat safe food. And make a living fishing healthy oceans. Steady, Sustainable Growth requires mobilizing the talents of all our people regardless of religion, color or creed. Offering them the opportunity to participate in open and transparent and Political Economic systems. Where we cast a harsh light on bribery and corruption and a welldeserved spotlight on those who strive to play by the rules. Those are all some of the areas well be focused on in apec this weekend going forward. And obviously every country is different. No country is following the same model. But there are things that bind us together and despite our differences, we know there are certain standards and ideals to benefit all people. We know that if given a choice, our young people would demand more access to the worlds information, not less. We know that if allowed to organize, our workers would demand better working conditions that dont injure them, that keep them safe. If theyre looking for stronger labor and environmental safeguards, not weaker. We know that if given a voice, women wouldnt say give us less, they would speak up for more access to more markets, more access to capital, more seats in our legislature and boardrooms. So these are all key issues in growth as well. Sometimes we focus just on trade and investment and dollars and cents, but these things are important as well. These ideals arent just topics for state business, they are touch stones of the world that well leave to our children. The United States is not just here in asia to check a box. Were here because we believe our shared future is here in asia just as our shared past has been. Were looking to a future where a worker in any of our countries can afford to provide for his family. Where his daughter can go to school and start a business and have a fair shot at success. Where our fundamental rights are cherished and protected and not denied. And that future is one where our success is defined less by armies and less by bureaucrats and more by entrepreneurs and up have innovators and doers, by Business Leader who is focus as much on the workers than the power and prosperity they create. Thats why were here working so closely the past several years. And as long as im americas president , im going to be invested in your success because i believe it is essential to our success as well. Thank you very much. Appreciate it. [ applause ] that was president obama addressing the apec conference in beijing where he welcomed the rise of a peaceful and prosperous china. He said president xi was a partner and appreciated his work and he welcomed deepening economic ties with china as well as the other apec economies. He said, we can do more to reduce barriers to trade and he also said that he values i. P. Rights and rejects cyber theft. Im going to bring in hadley gamble, our correspondent, seems like significant progress being made here in china. Very interesting point, but at the same time this is a really good time for president obama to be out in the u. S. Hes on the world stage and got quite a kicking in the Midterm Elections as we saw, so its a good time for him to be looking more strong on foreign policy. A little stronger saying theres room for all of us in terms of the Global Economy. The visas, thats interesting, but he did take a few shots talking about encouraging entrepreneurs and whats happening in hong kong, he didnt mention that directly, but thats on everyones mind as well. Hadley, it doesnt make a difference what he says, hes a lame duck president with two years left, would anyone care about what hes saying on the stage there . Well, i think if youre sitting in china right now you might be interested in the fact hes encouraging saying well make it easier for you to come and do business, et cetera, but if we are talking about whats generally happening, they extended the Iran Nuclear Talks another day. We know president putin is on the minds of everybody in washington. The National Security council was mentioned in a statement overnight they are concerned with whats happening in ukraine. We also know as well that given whats happened with the midterms, you can see a great deal more pressure on the Obama Administration to at least have a conversation about sending more defensive weapons to ukraine as well. So thats never a good thing. So the tensions are there and the question of course becomes one of perception, mr. Putin looks strong, president obama continues to look weak. On that note, well look at the other news from the apec summit. President Vladimir Putin says they will take the necessary steps to stabilize the rouble. And theres no slide in the speculation trades to come to an end. Look at the rouble down 30 so far this year. Right now the dollar russian rouble trade is 2. 5 down on the day. Yeah, it is actually down and thats quite remarkable. The Russian Central Bank this morning says its abandoning the rouble trading ban and its floating the rouble. Meantime, susan lee caught up with the ceo at the apec summit in beijing to ask him about the impact of the weak rouble. I think its a part of a problem on the russian Financial System and the government must address this issue to develop a better debt market and reform the financial state. For years the russian economy, the main drive was in the estate banks. And its time to develop the opportunity for a private bank and Foreign Investment sector. Lets go back to hadley gamble, we saw a move in the rouble rising against the dollar for the first time in seven sessions, partly because russia signed this preliminary deal with china to supply gas from western siberia. Where just russia stand on the worlds stage right now . Do they still have the strength they need and the cloud despite the fact that Economic Growth is tanking . Well, this is the question. And the central bank is saying, youre going to have flat growth in 2015 but this doesnt stop mr. Putin when it comes to being overtly aggressive in his stance and statements. And certainly thats something that is communicated very well to the russian public and its something, when we see the flyovers in one day, 19 in one day, you have to wonder how much control does he have in the guys flying the plane. Hes enjoying this National Strategy working for him well in russia despite the country taking an economic hit. Thank you, hadley, for that. Well stick with russia and ukraine because sfifighting has intensified. Prorubble forces have reinfo e reinforced tanks in the region. And he sent Additional Resources with a ceasefire in place since september 5th. Lets update you on markets now. The u. S. Finished in positive territory, thats three weeks of gains for the u. S. Whereas europe has been struggling for direction so far in november. But today this morning were up 9. 35 and found impetus from somewhere. Well dive into the individual markets, as you can see it is broadbased this rally today, but not too significant. The ftse 100 is up half a percent. Germany is up 0. 35 . And italy is up despite september production that we got out 15 minutes ago significantly weaker than expected. The month on month had been expected to decline 9. 2 . In fact, it declined 9. 4 . Year on year down 2. 9 . This doesnt bode well. The yields have come back 2. 3 . The weaker than expected payroll numbers did see a risk of trade. Bondbuying pulling yields down a bit. The economy moves in germany at 9. 8 last week, now 9. 2 . Nothing significant. The tenyear in the u. K. Is 2. 2 . The dollar is giving up a little bit of its recent gains. It did hit a fouryear high. The broader index on thursday. Then it declined on friday and the broader index is up 0. 4 today. Because of the moves in the treasury market, the euro gained 20 basis points, 1. 2477. Against the yen, 114. 09. The euro declined 0. 4 . The cable is flat at 1. 5893. Gold has been fairly weak over the last few weeks down a half percent today to 1, 171. 90. Oil has bounced back, brent is at 84. On that note, back to you. Thank you, wilfred. I have breaking news coming from btb, one of the russian banks in beijing. Russias btbs ceo says the company is looking at a wider corporation with chinese stock exchanges and this is the important bit, there is a possibility of delisting from the london stock exchange. Obviously highly politicized comment there is. Joining us is charles deeble, good morning to. You well focus on the italian industrial output numbers. Nosediving 0. 9 for the month of september. I thought that the periphery was supporting the current for a change, im talking about spain, for example, but what were looking at in the eurozone is a highly fragmented space, isnt it . Yes. And you have to remember that somewhere like italy is trying to go through the structural reform process and frankly hasnt had that much luck so far. So a lot you need to separate between whats happening in the Macro Economy and how the asset process is behaving because obviously the yield and the compression and all the actions by the ecb have succeeded in compressing yields and perhaps flatter in how the actual economy is behaving. I think the Industrial Production numbers highlight the the theongoing risks as a whole. Lets talk about the market boost for the last couple of weeks. We had the rally, broadbased rally in october, everyone benefited from that, but since then the first few weeks of november have seen the u. S. Up in comparison to the alltime highs are. Markets now responding to fundamentals rather than policy . To a degree, the answer is yes. I think what is going on is the market behavior is becoming more ideocattic. In europe, youll focus on what the ecb is going to do and whether well get sovereign qe and what further support well get. If we see that, it will support European Assets about fixed income and equities. But without it, or with the timeframe certainty, unclear at this point in time, the market is much more cautious. In the u. S. , were seeing perhaps something of an old price benefit. You know, 10 decline in oil prices, increases global gdp by 1. 2 , thats particularly helpful to the u. S. Which is a large energy consumer. That kind of factor is good for growth, but its also a response to the low demand story coming out of europe and china. So thats what i mean by this, Different Countries respond in different ways. I think thats why, for example, the u. S. Is continuing to perform well. Charlie, thank you very much for that. Charles deeble, head of macro strategies. Coming up, we ask the labor partys secretary if he thinks party leader ed milliband should step down and why the u. S. Is better in the u. K. That the e. U. And how close are we to a football franchise in london . We discuss this with nfl executive mark waller. When change is in the air you see things in a whole new way. Its in this spirit that ing u. S. Is becoming a new kind of company. Ing u. S. Is now voya. Changing the way you think of retirement. Pressure is mounting on ed milliband that 20 shadow ministers could be prepared to call for his resignation. This came as a poll showed 34 of those who voted labor at the last elec