full face veil in france says she actually wanted the punishment. she was one of two women fined under the country's so-called burqa ban on thursday. she'll take her case to the european court of human rights. i'm monita rajpal. "world business today" starts right now. good morning from cnn london. i'm nina dos santos. >> good afternoon from cnn hong kong. i'm manisha tank. these are the top stories on friday, september 23rd. investors in europe take a breather after a tumultuous few days for global stock markets. >> as u.s. consumers keep their money in their wallets, the swap shop makes a comeback. >> and why the new zealand/france match is the hottest ticket in town at the rugby world cup. first to the european stock market action. this is how it looks about an hour into the trading session. some of these markets recovering a little bit after yesterday's steep losses. remember these indices put in losses in excess of 4% in just one trading day alone. what we've got at the moment is the ftse 100 and the dax up about 1%. the other two heading toward red territory. i must point out that the ftse is an index that saw about $100 billion wiped off its market value yesterday when the stocks tumbled. the dax has wiped off half the gains it made since back in 2008 in just six months alone. it goes to show you how these markets have been suffering so much. financial stocks are turning out to be some of the top movers right now here in europe reversing several session's worth of losses. there are still concerns about the exposure of some of these companies and these banks to the eurozone crisis, notably sovereign debt in places like greece. hsbc gaining 1.3%. they did incur some heavy losses yesterday after the head of the world's biggest bond fund said he was particularly concerned about french banks and the possibility that they may drag the eurozone into recession. mon nisha? >> over here, nina, in hong kong, the stock exchanged just closed for the weekend. the index fell from the word go along with all the other markets in this region. ramy inocencio joins us with a wrap-up of the day's declines? >> hey, mon nisha, we're seeing a sea of red. the hang seng closed 1.3%. it was down by as much as 2% earlier in the day. icbc, the world's biggest bank by market cap had fallen more than 5% by the end of today. in the chinese main land, the chinese composite closed about .5% down. it had been down by as much as 1% t. asx was down 1%. b bh bill ton and rio tinto closing between 2% and 3%. the session's biggest loser was over in korea, the cos pi. it is down a whopping 5.7%. stocks sensitive to a global slowdown, talking shipping and oil were down by as much as 7% to 8%. the bad news doesn't end there for south korea. take a look at this graph. on august 1st, the korean currency hit record strength coming in at one to 1,049. reacting to fears, investors fled the currency. it has lost this much in just the past seven weeks, 11%. this is trading at its weakest point since last year. tokyo stock exchange is closed for a public holiday which is perhaps just as well. >> today with all the losses, some of the markets in asia are hitting lows that we haven't seen for a couple of years at least. you've been crunching the numbers. >> many markets erased the gains they've made over the last one to two years. the indices in yellow are hitting 2010 lows, mainly china, india, south korea, indonesia and malaysia. these markets in blup, in japan and australia, they haven't hit these lows since 2009. we're also hitting bear market territory that, by definition, is losses of 20% or more. these countries in red are in that territory, pretty much all i mentioned before. indonesia not highlighted here, very close to falling into this category as well. also hong kong is the biggest decliner, down 28% since july of 2009. >> wow, that's quite incredible. i wonder what people are going to make of that and whether this is going to continue. ramy, thank you for wrapping up all of that for us. nina, it's been quite a week so far. we're almost there, huh? >> we're almost there, you're considerably closer than i am. worries about the global economy pummeled u.s. markets for a second day in a row. this is where the trading session ended on thursday posting losses of in excess of 3%. some of these markets like the dow jones industrial average which fell the most putting on a decline of 3.5%. pretty steep losses there. on that penultimate trading day of the week, we'll have to see how the markets are poised to open later today. >> the falls on wall street didn't set a great tone for markets here in asia. they very much pick up off of what we see in new york. what about looking into the future and seeing how these markets will open? well, they're set for a higher open and pretty strongly as far as the nasdaq composite goes. we'll see how that holds out as the european trading day goes on. there's so much interplay in terms of sentiment between what's happening in these various regions. >> there really is. every single day we get a different economic statistic by another important institution like, for instance, the imf earlier this week, changes the picture considerably mon nearby yeah. >> even though u.s. stocks turned positive, there's been damage done to the market so far this week. between monday and thursday, the s&p 500 lost more than 6%. the london ftse market lost over 4%. let's get more on the changing mood on the markets and the recent volatile till we've seen from michael hughes son who squloins us live here in london. >> good morning, nina. >> good morning, michael. i suppose everyone is thankful it's friday. only half a trading day leftality our end of the world. what do you make about recent market volatility. would you say markets from pricing in the prospect of a recession for u.s. and europe. >> i think they're pricing in a recession. what they're not criesing is a cataclysmic situation in europe. that's the big unknown at the moment. obviously the g-20 issued a communique overnight saying they were going to look to deliver coordinated action to try to deal with the concerns that investors have around the world. we've really been down this road before with the g-20 and the various summits. so really what i think investors are looking for right now is actions rather than words. >> and one institution that could come out with some action and it's already done so far month is the ecb. we know they put more dollar liquidity in the market for banks, but people are also pricing in decisions to reverse the interest rate rises they've implemented recently. would you be putting your money on that? >> i certainly would be. i think the rate rises we saw earlier this year are a massive mistake by the ecb, too fixated on inflation and took their eye off the ball with respect to growth. luke cohen earlier today suggested the ecb may well look at maybe catching rates as early as october if, and this is a big if, if the economic data continues to deteriorate. i would certainly put my money on a rate cut certainly by the end of this year because i think they have to. >> okay. michael hewson, thank you for your excellent insight. >> technology giant hewlett packard named meg whitman as ceo. she ran an unsuccessful campaign to be california governor in 2010 grew ebay into an internet powerhouse, but faced criticism for the company's sputtering growth. her pred ses tore, leo apotheker is the third hp executive to be fired. he was on the job a year, cutting forecasts three times. hewlett packard closed down by almost 5% on thursday. as fear spreads about the state of the global economy investors are taking worries out on the markets. as michael hewson was just telling us, banking stocks were bearing the brunt of it earlier this week, especially in france. we'll hear what the country's finance minister plans to do about it next. [clucking] [clucking] [ding] [clucking] announcer: separate raw meats from other foods by using different cutting boards. 3,000 americans will die from food poisoning this year. keep your family safer. check your steps at foodsafety.gov. the world is in a danger zone. in 2008 many people said they did not see the turbulence coming. leaders have no such experience now. >> that's a very stark warning there from the president of the world bank speaking at the opening ceremony of the annual imf world bank meeting. cell lick said it's time for leaders to react forcefully to stave off a double-dip recession. we come back. you're watching "world business today." international monetary fund chief christine lagarde issued a clear warning to economic policymakers around the world. she said the path to recovery is narrowing. at a news conference for the annual meeting in washington the imf managing director talked about a striking balance between reducing deaf sis and also maintaining growth. >> what needs to happen is that medium-term, long-term solid, well anchored measures that will actually aim at restoring good public finances by reducing deficit, by stabilizing debt and gradually reducing it has to be first and at the forefront of any agenda in those economies. but having said that, as long as in the medium term and long term this is well anchored, some countries can accommodate growth in the short term. and if you're asking many which country, clearly the united states is one that comes to mind right away. but it's a balancing act once again. there has to be a parallel track of what can accommodate growth in the short term by slowing down the pace of consolidation and how strongly and definitely and well anchored other measures that will deliver deficit reduction in the longer term. >> fear over europe's debt crisis has weighed heavy not just on politician's minds but also the world's financial markets. with financial stocks taking a real pounding, they've been especially badly hit in places like france wherein vesters are particularly worried about bank's exposure to sovereign debt of countries like, for instance, greece. after heavy selling over the past few days, french banking stocks seem to be bouncing back, a number up in excess of 1%. these are some of the banks that have taken a real pounding of late. in a sign of confidence, the country's government says there is flatly no need for state intervention right now. our very own maggie lake sat down with the french finance minister and asked him about his government's plans to ensure stability in france's banking sector without plans to intervene. >> translator: restructuring would be plan b, but we need to implement plan bbefore we get to that. plan a is the agreement of july 21st. it has not yet been implemented. parliaments need to vote on that. greece has a lot to do, especially on the administration side. we are staying true to july 21st. we keep repeating it because repetition is the best teaching tool and that's the message we're trying to convey. >> there is a very well-known u.s. manager from pimco, the world's largest bond fund. quoting him, there are all signs of an insz tushl run on french banks. europe is on the verge of losing control of orderly solutions to this debt crisis. investors understand there is a political calendar, but we know from 2008 that markets can move ahead of that. and there is fear that that's what's happening. what do you see that makes you confident that we are not on the verge of a crisis that investors in the markets do not? >> translator: the situation with the banks is that they're not asking for a recapitalization. since 2008 french banks have increased their equity by 50 billion euros. over the last few weeks the troubles have had consequences in acceleration of this process of the increase of equity within french banks, and the questions that are asked by these investment funds find the following answer. the banks have announced their plan and we're trusting them. they have a plan for recapitalization. this is also enshrined in the agreement of july 21st. but the answer cannot be an answer from a state to the banks. it has to be a collective one, both at the european level and at the international level. and the calendar is ahead of schedule, if you will. >> what is your hope for this meeting? you talk about the need to get the idea of sovereign risk, of a failure out of the market. what can you do, and especially since you are all here together? >> translator: it is true that with the downgrade of the u.s. and the instability in europe you have the preconditions for a slowdown, and people are wondering why so many meetings, why are they meeting so often. but without these meetings, discussions, working days an exchanges, what would the economic consequences be? it would be protectionism in the entire world which would lead, in turn, to recession and also to a rise of nationalism. these meetings are needed and useful. maybe they do not bring the answers fast enough for the market's test, but over the long run these meetings will yield stability and help foster growth. >> that's francois. we've had plenty of news. on the one hand conflicting reports suggesting the european institutions may move to try to make some of these banks recapitalize. we also have moody's downgrading the greek banks. when it comes to the french banks, fitch, another rating agency, say they're currently comfortable with the level of capital the french banks have at the moment. manisha? >> coming up in the program, it's a $12 billion market, but no money changing hands. the give and take, that story coming up after this break. with b vitamins, the first and only one to help support a healthy metabolism. three smart new ways to sweeten. same great taste. new splenda® essentials™. at aviva, we wonder why other life insurance companies treat you like a policy, not a person. instead of getting to know you they simply assign you a number. aviva is here to change all that. we're bringing humanity back to insurance and putting people before policies. aviva life insurance and annuities. we are building insurance around you. it's real milk full of calcium and vitamin d. and tastes simply delicious. for those of us with lactose intolerance... lactaid® milk. the original 100% lactose-free milk. taking a look at the world's currency markets and the main three, the euro, the pound and the yen, we have a little strength coming on the euro despite some reports that the ecb could soon be forced to reverse two interest rate hikes it implemented earlier this year, euro trading at 1,3521. > . as the economic pain continues, many people are hanging on to their cash and not hitting the shops, but many have simply swapped buying for borrowing. cnn's poppy harlow looks at the growing popularity of swapping and saving. >> reporter: it's as old as time. before benjamins and plastic, there was bartering. >> swap, swap, swap. everything i'm wearing is swap. >> it's back in fashion. craigslist is seeing eye-popping growth in bartering, citing the lousy economy. swap.com says it's scene more than four mill bun bartter exchanges since last year. barter quest says it's seen a 150% increase in users at that time. >> we believe it is a multi billion dollar market. we think it's the third leg of e-commerce, after buying, selling, auction, they'll find more and more people looking to trade. >> reporter: the latest numbers from the international reciprocal trade association value the bartter market in north america alone at $12 billion. >> there is a new way for some people to think about how to get the things they want or need. >> reporter: people are bartering for almost anything. >> we saw a trade for a 300-year-old bible. >> reporter: there was this engagement ring offered up on craigslist in exchanges for cars, trucks, jet skis. you get the idea. it's now in vogue in high fashion and on display during new york fashion week. >> i found this sequin blazer which came from one of our swap hosts in atlanta. >> is this all because of the state of the economy? >> not at all. it's a confluence of factors. it's because of the recession. we've all become so digital that we want to meet in real life. >> reporter: for some business owners, though, it's old hat. >> how many t-shirts a day do you pump out? >> it could be thousands, it could be hundreds. >> reporter: harvey has been bartering his custom t-shirts for 25 years. what do you get out of this? >> i get broadway shows, i love broadway. travel, professional services, personal stuff, work around the office, all that has -- bartter has made that easy. >> reporter: he warrants it's important to use a reputable bartering service to prevent being ripped off by someone who doesn't fulfill their end of the deal. in new york, poppy harlow, cnn money. move flg the big apple to apple itself, today is a big day for this company. this weekend will be pretty big as the tech giant opens two more stores in china. today apple owned in shanghai with what is said to be the biggest apple store on the mainland. tomorrow it opens its first hong kong store, taking it to a total of six stores so far. china will be a big market for apple as the middle class continues to grow. the company has to worry about using market share to fake apple stores like this one. >> that fake apple store, that was an incredible story. coming un, the hottest ticket in town, rugby fans are paying a premium for this weekend's match between new zealand and france. the host nation may not deliver the best return. the details up next here on "world business today." from cnn london. i'm nina dos santos. >> i'm manisha tank. welcome back. it's "world business today." let's take another look at the european stock market fear at the moment. this is where we're trading into this final trading session of the week. approaching what is set to be a climactic finale to a busy week. we have seen stocks lose about $10 trillion worth of their value since the month of may. yesterday we saw some of these markets down to the tune of 4%. for the course of the week, what we've had is the wto, the world trade organization, scaling back its estimates for trade, the imf scaling back its estimates for global growth this year and next. that's one of the reasons the markets have been so volatile of late. ma nearby yeah. >> >>. fears over the health of the global economy remain strong. in seoul the kospi down nearly 7%. there are major stocks listed that have huge exposure to the global markets, particularly in manufacturing. japan closed for public holiday. i suppose given the situation, just as well, nina. >> yes. let's take a look at u.s. markets set to open in about five hours' time from now. this is where we stand in terms of the pre market action. the futures are indicating we would see a built of a rebound going on in u.s. markets when they get trading later today. these futures have doubled in percentage terms over just the last 20 or 30 minutes or so following europe's lead. we've got the nasdaq poised to open up about three-quarters of one percent, similar picture for the s&p 500. so much of the market action have hinged on the united states. u.s. president barack obama is taking his jobs message on the road. he's hoping to pressure republicans to pass his $447 billion jobs bill. to hammer his point home, mr. obama gave a speech near an aging bridge in the home of the house republican speaker. >> they say this is class warfare. you know what? if asking a billionaire to pay their fair share of taxes, to pay the same rate as a plumber or teacher is class warfare, you know what? i'm a warrior for the middle class. i'm happy to fight for the middle class. i'm happy to fight for working peop people. the only warfare i've seen is the battle against the middle class over the last ten, 15 years. >> job creation is a huge issue for the u.s. right now. we want to show you how tough thi