From current levels. An end to the horror story, promising to protect Bank Deposits in next months elections. What this greece would mean for europe. Announcer youre watching worldwide exchange, bringing you Business News from around the globe. Now, a press conference by airasia is under way after indonesian authorities confirmed bodies and debris from the flight have the spotted. These are live pictures youre seeing right now at the moment and we will bring you more from that press conference if and when we get them. For now, lets join martin sung who joins us from Singapore Airport. Good morning, wilfred. Were monitoring that press conference. Europe wakes up to extremely sad news out here in asia. We have confirmed reports that at least one body has been recovered from the search area by search and rescue teams and unconfirmed reports said several other bodies have been as well. These were of course a part of the 162 passengers and crew on board, airasia 8501 which went missing coming to 58 hours ago now. We have word from Officials Saying they are starting to shift body bags to the recovery area. The bodies that have been recovered so far have been transported on to Indonesian Naval ships. They are going to be repatriot rated to the indonesian airport. Indonesias president is on his way there to oversee the operations and see whats going on. So extremely sad news. The relatives and friends of the 162 passengers on board were gathered at indonesias search and rescue headquarters about two hours ago to start getting news. Before the news of the bodies we have news of an object confirmed in the search area. These objects are indeed confirmed to be from 8501. We are talking about parts from a plane, red and white colored with the colors of airasia. Escape chutes, life rafts, life jackets, even luggage and baggage floating there. So what has been found, indonesian Officials Say now they are confirming it is debris from 8501. As you can imagine, the relatives and friends of the people on board this flight not taking the news well. The pain and the grief acute. The head of airasia Tony Fernandez has weighed in. On twitter, he posted or tweeted saying my heart is filled with sadness for all the families involved on qz 8501. On behalf of air asia, my condolences condolences. He said whatever we can do at airasia we will be doing. So wilfred, as europe wakes up very sad news out here in asia. But at least there is theres starting to be a semblance of certainty now and for the family members and friends of the people on board 8501 closure can only begin with some certainty of what happened. Back to you. Indeed martin. Thank you very much for that update. Now, it is the second disappearance of an airplane this year. There are concerns over why the industry struggled to track aircraft even though they come with navigation technology. Head to cnbc. Com to hear from the experts why its not always that easy to track and plane. Dont forget, you can follow up on twitter, as well, cnbcworld. Lets check in on markets in europe. They finished flat yesterday, despite the issues in greece. Today is a different story. We are down about 0. 5 with the stoxx 600 as you can see. Thats following a disappointing Market Performance in asia today. Sentiments certainly on the risk off side of things so far. Lets look to the individual european markets and see it is rather broad based across the board. The ftse 100 down 0. 7 . Germany down 0. 8 and also in italy off 0. 5 . All of these markets were off about 0. 5 yesterday in the middle of trade and then they did gain some traction in the afternoon as this greek market itself regained ground as well. Next said full year retail sales increased 7. 7 including holiday traffic. Its up 3. 8 . Seadrill is off 3. 2 after making a decision to purchase west polaris. There is an option Purchase Price of said 460 million. Talktalk is basically flat. It is in talk toes acquire tescos Video Streaming Service blinkbox. It would allow talktalk to boost its tv services. Tesco is up about 0. 5 on the news. Lets take a look at bonds. The german yield, we saw significant safety buying, down to record lows of 0. 55 . Similar moves in the u. S. Less of an expense, but we did see yield compression from around about 2. 4 at the start of the day to 2. 9 . Moving in the opposite direction was the greek tenyear. Up to 9. 5 at the moment. It was as high as 9. 8 at times yesterday. Whereas the greek equity market recovered some of its ground yesterday, the tenyear greek yields did not. The yield turf is inversive in greece because of the default in the debt. The euro if you want to have a gauge of whether this is going to have a serious contagion effect, it did bounce off yesterday. It bounced back today. Thats highlighting that people arent too concerned across europe at the moment at least. 1. 2171. It is at a 28month low. Maybe that is the reason it didnt sell off any more than it did yesterday. Up 1 . Just below the 1. 20 handle. That means the nikkei ended its trade for the year on a negative note. This morning, the aussie dollar is up about 0. 8 0. 816, after that 0. 84 moving against the dollar. The ruble bouncing back today havent sold off significantly yesterday. 57. 6 a 2. 5 move. Lets have a look add commodities. The oil price having bounced yesterday a little bit. It bounced yesterday on fears in libya that that was continuing supply. Then that Global Supply coming off today. 1. 3 and brnt at 56. 9. Weve seen iron ore prices hit a fresh 5 1 2 year low today. Joining us now to discuss more on markets is james ashley chief economist at rbc capitalist. Lets kick off with commodities. And the sort of impact theyve had on markets thus far in 2014. As we look ahead to 2015 how big of an impact does that have in your region in particular on europe . I think its hugely important. The uk for case in point, the uk is um ambiguously a good thing. Its holy a positive in terms of economic outlook. For the euro area, its ambiguous. Potentially there are deflation secretariations and given that inflation is precariously close to zero already, theres a danger that Lower Oil Prices lower Commodity Prices in general differ for inflation. For the uk great news. For the euro area its quit micked. And weve talked about that fear of deflation which everyone in europe is terrified about. But it is caused by decline for an area that is Oil Importing overall, surely that shouldnt be something to be fearful of. It should be absolutely a good thing as long as a shift down in Inflation Expectations come entrenched. If you look at inflation shifting and we say this is great news for households, as you say, it increases potential spending power. That is fine. The problem is that if Inflation Expectation shifts lower and we start to factor that in, it becomes safer selling. That is a danger. And because of those Inflation Expectations, is it your base that we get quantitative easing . I think whether you look at this from an economics perspective or from the ecb, sovereign qe is coming. I think we should expect that in q1, whether its january, whether its march is an open question and the greek complications add an extra layer of complexity to that. But no doubt qe is coming. Theres no way the ecb can achieve a Balance Sheet without going into sovereign bond markets. What is interesting in terms of this for quantitative easing . This Balance Sheet target that they have, that is sort of slightly arbitrary, really. People are kind of attaching that as meaning were going to get to see quantitative easing. Simply because of a target. Is that something we should take confidence in . No. Somehow or other, the governing council collectively came up with this target. We can quite clearly see the sovereign bond markets were not going to hit that 3 trillion. Thats the wrong way of thinking about it. What we should be thinking is if theyre going to sovereign bond markets, is it improve the economy . Will it generate inflation . Will it be successful in terms of the overall objective . So i think what were looking at is an intermediate target. What we should be focusing on is an end goal of does it get it back to inflation. And thats really the key point. If we do hit the target theyll have to include sovereign bonds. That will become the most inefficient way of inflation even compared to the inefficiencies of u. S. Japanese inefficiency. More likely than not, the rub rix that they will use to define what theyre going to purchase will be the ecb capital key. Which means roughly 50 of whatever they spend, 50 of that 500 billion is going to be spend on german bonds. What weve just seen is currently trading around 0. 55 for tenyear. Theres no way to constrain the recovery. What you would like to do is focus your spending, focus the program in the likes of italy, in the likes of spain where you could have real different materials, but because you need to do it in a nonsubjective way, to do this in a way that youre not favoring one over another, you have to back off and say were going to buy german paper, french paper, italian paper, and it becomes tremendously inefficient. And greek will be on the list and well discuss much more about greece after the break with james and other guests. Billionaire Hedge Fund Manager david teppa tells cnbc the hedge markets are fairley valued and he sees the s p rising another 8 to 10 . Seppa says he expects 2015 to be a good year and he is now longer in equities than he was. Tepper says investors should join the ride but he does caution of overinflation. He compared 2015 to 1999 when the nasdaq did rise 8 to 10 . Coming up stay with us. Well be back in a couple of minutes. Investors from new york based capital are seeking the move since earnings have been postponed beyond the legal deadline pending a major corruption probe. Under the terms of some foreign bonds, petrobras is expected to release Third Quarter results within 90 days of the quarter or december 29th. Hedges are down more than 40 over the last three months since the investigation picked up and down 0. 2 yesterday in trade. Gazprom has agreed to buy its partners out of the south korean pipeline project which was abandon by russia earlier this month. The Companies Announced on monday gazprom is required to hold a 5 50 stake in the pipeline 50 held by edf and shore. Shares are down 2. 35 , down a similar amount over the last three months. Happy birthday to lebron james. The basketball superstar turned 30 today, writing on his twitter page, he said the great thing about getting older is you can get a chance to tell people in life what they mean to you. This has us talking and got us talking, what age do you look fondly forward to in your past or is the best yesterday to come . Gordon tweeted in saying grow old with me the best is yet to be a quote from robert frost. I have to say im not aware of that one. Get in touch with us worldwide cnbc. Com. Or get in touch via twitter cnbcwex. Now, maurice levy is ceo of publicis. He spoke with stephane pedrazzi about issues likely to affect the advertising markets in 2015. We have currently all indications showing a growth of gdp which will be the and off about 5 . It looks like next year will be a good year. It looks also like next year will be probably pulled by the west. The indication we have on emerging market are quite positive for china and india. With plans regarding brazil and russia. Europe is still lagging behind with very low growth. What do you think would help advertising markets in 2015 . I think the equity market has been hurt efficiently to have some hope to see that the market will start growing nicely. Obviously, everybody which has an effect on gdp can have an effect on rising account. What specifically can have a an impact on the on market expenditures, is the transformation of the business and what we are seeing currently. With its expansion in many areas. And that is something which is quite interesting for the years to come. Look only for 2015. But 2015 to 2020 we can expect a huge change in the way money will be spent on advertising. We see that privacy online could hurt digital advertising. We may see the future with cookies and with privacy. We also have another aspect which is starting to plan a real worry for companies, which is the fact that are stolen by hackers. You have seen what happened recently with sony. So we will have probably two or three trends into the future. The first one is the and they believe we will see a lump of development in software with information. The second is obviously the fact that people would leak to have better control over their data. And to easily make change and may have an impact on the business of some platforms. I believe that we will see less cookies in the future. And this is something which will be extremely important to develop new solutions which are cookieless. This as the country gears up for general elections after the Ruling Coalition fails to gain majority support for that president ial candidate on monday. The yield on the greek tenyear rose to 5. 98 . Its currently around 9. 54 . The Prime Minister has now set elections for january the 25th. Polls suggest a strong win by the left wing. Tweeting in athens alexis welcomed a new era of economic hope. The government of samaras is a thing of the past. The memorandums of austerity will also be a thing of the past. The future has already started. Be optimistic and happy. Joining us on the line from athens, the bureau chief for grease and also with us is james from capital markets. Lets start with you, alkman. Thank you very much for joining us this morning. I wanted to kick off with what the real conclusion from yesterdays vote was. This was a vote in parliament. Was it a vote against samaras, against his government or was it specifically a vote against the thats a very good question and good morning. It was a vote against austerity and mr. Samaras. Mr. Samaras, of course has identified with that austerity and hes also identified with the old establishment Political Parties of greece because theyre being blamed for leading greece into the crisis in the first place. I suppose as we head into the public election is whether the public will start taking notes of moves in the Financial Market and voices coming out of International Investors about how against the idea of a left wing led government they are. Thats certainly one of the hopes of the government in offense. When the elections or more specifically when the president ial vote was announced at the beginning of december you may recall this is about two months before it was supposed to happen. The markets reacted violently and the government pointed to saying this is what awaits us should he come to power. Certainly there is a sense in greece that the worst may be behind and that there is an element of risk involved in changing governments. You talked about how in the past there was a violent reaction in the market to the idea that shares the government might come to power. To what extent do you think it might be different this time . It seems as though he has changed his tone. Do you think, therefore, the markets will change their tone or is that a misperception . No. Tsipiras has changed his tone. On paper, they still say things that are quite aggressive, things like hiring back 150,000 Civil Servants revoking all the privatizations repealing all the reform measures taken, renegotiating the debt or demanding a dealt writedown from greeces competitors. But in practice, the rhetoric has softened. They have been trying to put out a softer line to that effect. The problem is not everyone is convinced and no one really knows what the real representatives because there are wings of the party that still hold to the old rhetoric as well as wings of the party that are pitching the new rhetoric rhetoric. Alkman my colleagues spoke to john miliov about 45 minutes ago. He said that greek debt was not just a greek problem, but also a eurozone problem as a whole. I wonder though this time around theyve been bailed out a couple of times, if a left wing led government does come in and want to renegotiate the terms of the bailout. Will europe and germany in particular this time just say, well, good riddance, were not doing it again . I think theres going to be a hard line from the rest of europe. Theyve put out message to that effect. They expect syria to towe the line. Its not necessarily what syria says and syria does but what happens next in the relations with europe. Europe feels like theyve either cajoled or forced greece to a reform and fiscal austerity program, that that program has started to pay some dividends. They would like to see it overwith. Nobody wants to give greece more money. If syria insist owes taking a harder line, on banging heads with germany or other countries in the eurozone then what youre going to see is a lot of volatility in the market. I think thats what people are most afraid of, that kind of conflict. Thank you very much for joining us this morning. Much appreciate it Alkman Granitsas with the wall street journal. James ashley stays with us for another segment after the break. The airasia Search Agency has told cnbc news that at least six bodies have been located, three of which have been recovered. We have seen bodies and objects floating in the sea. Moving on to our other top stories, scott lntds minister says a second patient is being tested for ebola after returning from west africa. This comes after a Health Worker was confirmed to have the virus after returning to scotland from sierra leone. The patient will be treated to a Isolation Unit at the Royal Free Hospital in london as soon as possible. Still to come on the show over 2 billion of Venture Capital was raised by T