Are doing or theyre leading misinformation all over the place. Turkeys minister has to work after moscow threatens further economic revenge. Online and in store the black friday frenzy gets off to an early start with customers flooding shops and Online Retail shops to make the best of the sales. Good morning, everyone. Its friday and were under pressure today. Off by 0. 1 . Ftse 100 off by 0. 4 . Many of the stocks coming under pressure. Were off of it in part of what happens in asia. Driving the shanghai comp to the worst Weekly Performance since august. This as the industry comes under investigation for possible violation of the trading rules. Reminds us of the summit, doesnt it . Yeah, remember, the mainland chinese markets, they have rallied quite hard. About 20 before the fall out that we saw today from the august lows so we are eroding some of those gains from the summer route. In terms of perspective this is the sharpest one day percentage fall since the debt of that we saw in late august. Theres negative factors. The first one you highlighted the headlines. That is that the chinese authorities are going for the brokerages once again and they are investigating some of the big ones. In fact, the biggest one and that is for security violations and theyre trying to bring out more margin financing, for leverage from the system. They have asked them to stop using otc contracts. Thats another factor. Another negative is the fact that well see next week a lot of ipos hit the market. If that wasnt enough the data wasnt much to write home about. They fell 4. 6 in terms of their profitability in october so that was the fifth straight month of declines. What is curious is typically when we see the weaker macro we see the market rally quite sharply. We didnt see it this time around. Perhaps theres a shift in psychology and the mind set of the investors. Theyre taking it at face value and its the catalyst for deleveraging in the market. Next week will be critical i think. Its a big test of the market so see whether it goes lower because we have the pmi for the month of november, the official numbers and that either tells us that were stabilizing in terms of the broader economy or those numbers could be consistent with more deflationary pressures. Thank you. For more on the market moves in china head to our website for analysis in that sell off on cnbc. Com. Lets change gears back to our other top story, russias president Vladimir Putin warned moscow could pull out of the International Coalition if theres any more International Incidents like turkeys downing of a russian fighter jet this week. How serious is this threat . Because russia too has lost lives to isis. Yeah, absolutely. I dont think we should downplay the anger here in moscow. The government is furious about this jet being shot out of the sky. They continue to insist that they give information to the United States should have disseminated in the fight against isis. Therefore they cannot understand why the turks continue to insist that they did not know. All right. Unfortunately we are having some sound problems with jeff. Well try to get back out to him as soon as possible because were getting very important lines out of moscow. Lets switch over to turkey. Turkey will work with russia and its allies to calm tensions according to the countrys Prime Minister. Writing for britains Times Newspaper he said fighting isis is the main priority but added that turkey must also protect its sovereignty. I want to get out to hadley still in istanbul. This is a more consilliatory tone coming from the Prime Minister . That message is essentially coming from the Prime Minister. It isnt coming from the countrys president. What we heard from the president has been no apologies are to be made to the russians and despite all the russian anger and despite the moves by the russians in terms of taking on new economic sanctions or implications for the very strategic relationship between turkey and russia in term of the Energy Consumption that happens here there doesnt seem to be any movement in terms of a change of strategy. They say no apologies. Take a listen to what the president said earlier. Translator at this point there are some threats. Joint projects could be halted. Ties could be cut. Is it fitting for politicians to adopt this stance . They need to sit down and talk about this issue and afterward the mistakes should be mutually recovered. If we make emotional statements rather than this, it would be unfitting. He basically sounds pretty dismissive of russian feelings here. Basically what you have at the end of the day are two dead russian pilots and you have to remember when were talking about turkeys Foreign Policy this is the sum of the last couple of years. They have a zero enemies Foreign Policy thats gone out the window as a result of whats happening in syria but also the knock on effect of the arab spring. And now you have a situation where theyre worried about how much of a game russia has had in terms of backing the Assad Government and what they have had to do against the Islamic State and they basically dismissed claims made by the russians, made by mr. Putin that they are in bed with isis. That they have been helping with the funding of the Islamic State. Take a listen to what he had to say to that. The biggest supporter is the assad regime. They say Turkey Buys Oil from there and its people with Competent Authority that make these claims. Shame on you. Turkey suppliers of gas and oil are clear. Our main supplier is russia. Theyre saying here of course that they have nothing to do with the Islamic State. They have always been working to stake out not only the estate but the assad regime so this has to do not just with the Foreign Policy and the implications of him but also his Political Support at home. Thats where i want to pick up. So alike they cant stand it. Thats one of the headlines were seeing overnight. I think that really puts it that really emphasizes the point that because of that parliamentary elections, the second one this year, hes been strengthened. Is he going to be more difficult to deal with in the future because of that . Well, that is a bigger question. He says russia has to stay out of our air space and well maintain our integrity and taking out this russian plane after numerous warnings to stay out of the air space and back off was a result of the conflict of events on going in the country. He was watching as they got closer and closer to mr. Putin and that was very worrying to the turks. Hes trying to convince people he needs to assume greater president ial authority. At least we know so far he has gotten pretty good reception for the actions taken against the russians. While its playing well here at home theres serious economic and geostrategic implications of whats happening here and i think youll see in the future a much quiter turkey Going Forward because what they had to do is take a backseat to their nato allies and let them speak for them. Thank you for that background. Meantime, i want to get back out to jeff. We reestablished the line. Did he get what he wanted out of the meeting with mr. Putin . Yes, i think you could probably say he did, i mean it looked like an uncomfortable meeting judging from the body language there but i think he came out saying that the russians had effectively agreed to step it up. He left moscow late last night feeling progress had been made. Lets listen to what mr. Putin said in terms of his willingness to do more. Were ready to cooperation with them lead by the United States. Of course its absolutely unacceptable. Where he got less is in the area of the outlook in the future for syria. Clearly hadley covered off most of those points but there was disagreement still over the future for syria and whether bash Bashar Al Assad should stay in power and back to the downing of the russian bomber by turkey, mr. Putin, concerned. He said that they have been giving information about the location of their aircraft to the americans. They had expected washington to distribute that information across nato members so why does turkey insist they did not know that they were russian aircraft . Lets just listen to what president putin said. We informed our american colleagues where and when our colleagues work. They knew about the time and the place where our planes were and it was there and then that we got hit. Why did we pass this information to the americans . Either they were not controlling what the alabama lice were doing or they are leaking this information all over the place. So for the time being it does appear that president hollande is getting an increase in cooperation and inactivity against isis from the russian government. But clearly there are still some underlying issues here that are creating tensions with nato allies. Back to you. If there is greater cooperation on the part of the russians in the fight against isis, though, in terms of the global grand coalition that mr. Hollande is hoping for, is russia also hoping for a rolling back of the sanctions . They would like to see that, clearly. They would like to have seen sanctions rolled back sometime ago. These are been in place for some 19 months now and at the last g20 meeting there was a suggestion, although there was some disagreement that those sanctions would be extended when the final decision is taken next january. But if russia was cooperative in the battle against isis and perhaps was willing to drop the insistence that assad remains in power there may be some movement in other areas of disagreement with the west. But i think the message has been consistently reinforced by european governments of the west that they still need to see russia adhere to the minsk agreement and to stand by its commitments to deescalate the conflict in ukraine at this stage. Im not sure we should be connecting the two issue at this stage. Thank you. Stay warm. Lets take a quick look at european markets again. Were lower. Off by. 5 though. We hit three month highs for the european markets in part because of better corporate numbers we got out of europe this week and expectations of ecb easing but the ftse 100 is dragged down by the mining stocks. Why . Its the china effect. Remember that the shanghai comp fell by 5. 5 today. The steepest decline since the stock market route. The xetra dax off by a quarter of 1 and cac 40 losing 0. 4 . Joining us now is the Global Market strategist at jp morgan Asset Management. Its a stark reminder of what we saw in the summer in terms of the volatility in the asian trading session. Do you think europe is a lot more immune to that . They have shown that the concerns over the summer were some what overdone and that the weakness in emerging markets didnt really impact europe too much and i think theres a reason for cheer going into the festive period for european equities. Next week, two very big events. We have the ecb meeting and on the other hand the nonfarm payrolls report out of the u. S. First off, a lot of people say dont underestimate mario draghi. On the other hand, what more can he actually do . Hes going to cut the deposit rate and expand qe and i think draghi doesnt like to disappoint so theres a good chance that he could do more than the market is expecting which would weaken the euro and obviously boosts european stocks across the board. But my point is exactly that. Even if he cuts the deposit rate. Even if we get a step up in the monthly purchases of bonds, the january effect that we saw from qe, that cant be repeated. What we saw in the First Quarter of 2015, that was the best quarter in so many years. I dont think that it will be the same this time around, do you . I think it will have slightly loe less of an impact. Also if you look at december, in the last 20 years, there have only been four negative decembers for european stocks. Also the survey from germany is picking up consistent with an expansion in german gdp and money supply as well is close to record high which is is consistent with further improvements in the sur vase and growth and in the stock market. Everything was so rosey, why does the ecb need to ease more . Its reasonably simple because the Unemployment Rate ais still very high and therefore its going to take sometime for unemployment to get to the level that generates quite meaningful wage growth. And they can hit their inflation targets sooner than they would. Its all about the inflation target, if we contrast the u. S. To europe, well likely see more easing and in the u. S. Well see a hike for the first time in nine years in december. Do you want to buy u. S. Stocks because of the economy or do you want to buy european stocks because theres more easing . Because unemployment is so low that will see that wage growth picks up nicely and that will drive stocks upward as well. What sectors do you want to buy in europe . The exporters should benefit from a weaker euro but we like the domestic cyclical stocks that benefit from the falling Unemployment Rate and if you look at Consumer Confidence in italy and spain its at four year highs. Thank you for your time. Have a fantastic weekend. Michael bell, Global Market strategist at jp morgan Asset Management and we leave you with live shots from paris where a ceremony is being held in memory of the victims of the november 13th paris terror attacks. Is a really big deal. U with aches, fever and chills. Theres no such thing as a little flu. So why treat it like its a little cold . Theres something that works differently than overthecounter remedies. Attack the flu virus at its source with prescription tamiflu. And call your doctor right away. Tamiflu is fda approved to treat the flu in people 2 weeks and older whose flu symptoms started within the last two days. Before taking tamiflu tell your doctor if youre pregnant, nursing, have Serious Health conditions, or take other medicines. If you develop an allergic reaction, a severe rash, or signs of unusual behavior, stop taking tamiflu and call your doctor immediately. Children and adolescents in particular may be at an increased risk of seizures, confusion or abnormal behavior. The most common side effects are mild to moderate nausea and vomiting. Ask your doctor about tamiflu and attack the flu virus at its source. Welcome back to the show. Many well fed americans across the United States are enjoying an extended weekend after the thanksgiving holiday but the police are still hard at work as security remains front and center during this period of heightened terror risk. On the streets of manhattan, tradition on parade. Giant balloons, floats and performances. Anybody here for the first time . Yeah. You feel safe . Yeah. 3. 5 million spectators lined the streets. There were more police than ever before. 2500 cops in all. Were you afraid to come . No, maam. Why not . We have some of the finest police protecting us. Some of the others marched in the parade. Next to the u. S. Flag they carried the french flag. We know what terrorists try to do is terrorists try to intimidate. Nationwide airports are on heightened alert and in atlanta malls beefed up security. Police can now tap into surveillance cam reras live at shopping centers. President obama spent the morning calling troops. Roughly 10,000 americans in uniformed marked the holiday in uniform. Its hard to be away from your family but were one big family here so its nice. People pause to give thanks and to give back. Volunteers in washington d. C. Packed up meals for people too sick to cook for themselves. This is what we do, right gang . And a holiday tradition that never gets old, newborn babies dressed like you are the kiss giving their families an extra reason to be thankful. Cute. Here in the u. K. Retailers are looking for record hopes as they browse online this friday and several websites froze under the pressure. And joining us is zach. How important is black friday for you. Yeah. I just checked in with the office and sales 120 up already. 120 , wow. So we think this is the start to christmas shopg. Do you make money during black friday . Because discounting is so heavy. Or is it to entice the shoppers to come back . Its been about if you look at an individual order, so are we going to make as much money today, probably not but if we look at the customer and Brand Awareness then over the longterm. Is discounting heavier this year than in the past . Yeah we had a very busy day. Regardless of the fact so i think that it more its more of a signifier to people that christmas is coming. Unless they havent noticed yet. What is prezzybox exactly and how do you differentiate yourselves from the likes of amazon who are clearly dominating the online space . We are a gift retailer. So well sell everything from gadgets for your smartphone through to chocolate pizzas through to rocking horses and personalized gifts so anything that you need thats a weird or unusual gift we can supply it to you. The difference between ourselves and amazon, who are obviously the Market Leader in lots of spaces is were very quick to react. We have gotten quite a flat hierarchy of a team so we can really push ourselves in directions quickly. Amazon probably cant do that so id say that the fact that and i guess we have loss restrictions than amazon. How would you characterize the consumer that does most of their shopping online these days . Because i would think that theyre a lot more disearning than the shopper that goes and browses through the stores because that shopper online, he can actual hi Research Many of the items. He can discuss items on social media. Is it more difficult to sell to that specific consumer . Not necessarily more