washington in 2009, i was really struck that the experience in washington was europe was a post modern, even post historical place where nothing would even happen. there were only these 20 -- how many? 27 countries and what are you doing trying to settle bureaucratic issues. it's not important anymore. europe is slowly -- there was little awareness of the dangers that were growing. i had been covering russian issues for 20 years and i just went back from the georgia war when i arrived in august in 2008. i was struggling here in washington, the people didn't seem to see that srussia was becoming a serious and obvious threat to european security. there was not this awareness. it was strange. and also a total under estimation in europe. i know that it's kind of politically incorrect to talk about in europe but despite the fact that the president and many people here think it's not about islam and what's going on. it is not about all of islam but a branch of islam which is at war with western civilization and wants to destroy it. this lack of awareness created a situation in which the elit

true throughout europe if we had a panel on democracy we would be looking at a rapidly aging population and not nearly enough young people to support the generation. from that perspective, admitting hundreds of thousands of millions of refugees is exactly what europe needs so he is looking at that without the politics or anything else but honestly what that is and taking account of is of course religious differences, language differences, cultural differences, general suspicions. still, that is what the united states has told itself through regular waves of migrants that include refugees. are we focusing enough and we heard a little bit about this on the last panel. they are creating incentives rather than providing help to the refugees themselves. you are in greece, italy, germany, france if you take in the refugees you give money to build the new school coming you get money from the un to build a new clinic coming you get money to improve your infrastructure in countless ways. the spending is going to jumpstart the economy as a matter of fact i was just at a dinner where a

its alls in europe and eu involved. to ensure that our armed forces are going to be operable and can work on the field wherere they e needed. that is one ofof the reasons whi have come here, to try and make sure that they keep us in the loop. -- vago: how do you think the eu, united states, and edu can advance common innovation interests? thee technological games changing for everybody and yet everybody faces financial constraints. >> iis very important we get the transatlantic relation right. we talked about burden sharing. we need d to commit to work on . defense budgets are finally going up in europe. i think we have to get this moy to be spent in the best possible way. p promotes defense cooperation. because we produce and havave research concentrate on issues which are really relevant for the critical technologies we need tomorrow. that is what the third offset strategygy we are gog to do. -- votto ba -- vago: what are -- >> we should concentrate in four defenses, drones, cyber , air to air refueling, which was a capability gap in thee libyan c crisis, and finally the govern

>>> this is "nightline." >> tonight, europe's refugee backlash. surging anti-islamic movements after waves of refugees flood europe. angry rhetoric turning into action. protests, arson attacks, hate crimes, and slick campaigns with swedish blonds in bikinis all meant to keep refugees out. >> the outcome is going to be civil war in europe. >>> the nationwide manhunt for that american teenager infamous for killing four people in a drunk driving accident then avoiding jail time with his so-called eed ainfluenza defens. his mom also missing. this mom and son apparently on the run together as new tips pour in to authorities. >>> miss universe -- >> the epic miss universe flub that sparked mass confusion on live television after miss colombia was mistakenly crowned. >> colombia! >> the worldwide online reaction to steve harvey as memes go viral. >> i will take responsibility for this. >> first the "nightline 5." >> you never know when it will be your moment to shine. so don't trust your smile to any regular toothpaste. improffered crest 3d white brilliance removes five times more sta

christopher: a very warm welcome to "focus on europe," the magazine that puts a fresh perspective on the continent, and brings you the human stories behind the headlines. my nameis christopher springate, and these are our top stories this week. why europe's young voters are flocking to the far-right. why russia's so-called mono-cities are slowly dying. why migrants face months of waiting before they can build a new life. wherever you look in europe, the far-right is winning support. hungary's populist fidesh party for instance, the radical people's party in denmark, and most recently, the front national in france. now, the f.n. may have failed to win a single region in sunday's regional polls but its , underlying trend is positive. compared to the previous election, the front national has tripled its support. like other far-right parties, it's benefitting from widespread fear over the effects of mass immigration. but it's also benefitting from the failure of successive french governments to address the country's economic woes. young people in particular complain they have no persp

continue to exist? let's go back to the beginning f the story. in may 1945, the war in europe ame to an end. this had been the price of europe's unpreparedness. but in may of 1945, our hard-won peace seemed at last secure. a few days before, allied forces from the west have joined hands with the russians from the east. their statesmen had medical cordially at yalta and pakistan and agreed the countries they occupied should be truly liberated and that freely elected government should be set up as soon as possible. within a few months the countries of western europe and scanned nave yeah were free and independent but for the countries occupied by russia, stalin had other ideas. throughout eastern europe, elections were held. but the russians had placed the communists in key government positions and in the secret police. within a short time the noncommunist leaders had been liquidated. russia had swallowed up eight european countries without firing another shot, other than those of the execution squads. great britain and the united states protested that these countries had been coerced

: what do you see in the of europe as it knocks on what mario draghi will do. is it improving or slowing? hans: when we look at all of the eyes, it seems the german economy is a little stronger than the inflation numbers filtering through. wage increases in germany. we have not seen that happen with the headline inflation number. the core inflation is up a looke, that they like to through that as well. the core was one point one, factoring out energy costs. you may have more accurate numbers with the terminal right in front of you. francine: we're just going through it. that means that mario draghi will probably do more tomorrow. major benchmarks in france and germany of a quarter of a percentage point. david cameron makes his case before parliament that the uk's should extend its airstrikes against the islamic state into syria. the debate is expected to last several hours, and cameron is likely to win the vote. the opposition labor party, jeremy corbyn, will argue against the attacks. air will poster turkey's defenses, and they are not reacting to russia. jet shot, russia had a

christopher: a very warm welcome to "focus on europe," the magazine that puts a fresh perspective on the continent, and brings you the human stories behind the headlines. my nameis christopher springate, and these are our top stories this week. why europe's young voters are flocking to the far-right. why russia's so-called mono-cities are slowly dying. why migrants face months of waiting before they can build a new life. wherever you look in europe, the far-right is winning support. hungary's populist fidesh party for instance, the radical people's party in denmark, and most recently, the front national in france. now, the f.n. may have failed to win a single region in sunday's regional polls but its , underlying trend is positive. compared to the previous election, the front national has tripled its support. like other far-right parties, it's benefitting from widespread fear over the effects of mass immigration. but it's also benefitting from the failure of successive french governments to address the country's economic woes. young people in particular complain they have no persp

your numbers? james: it doesn't. many say the dividend in europe is a function of the commodities sector, but it is only 12% of european dividends. even if they half, the story remains intact. we on the are sensitive debate of continental comingn management are more like the anglo-saxon model? this is something no one talks about in polite company. we are not in polite company, guy is with us. where is the trend to act more like those crazy americans with use of cash? do we move the needle at all? james: there is a fundamental difference with what europeans do with their cash and americans do with their cash. part of it is tax driven. in america there is an incentive for cash buybacks. in europe there is a preference for dividend payments. if you look at what companies are doing and raising dividend payments, european companies are doing what they should be doing, and american companies are doing buybacks. tom: what about eastern europe? -- oddities buying companies eastern europe, what about the of security about buying shares in eastern europe? james: i'm not the eastern europea

that were carried out by human rights missions from europe, dale van boven. we never thought that it would be the level of murder or torture or disappearance of exiles. it can happen anywhere. mccarthy: the next big challenge for us after chile were the disappearances, in particular in argentina, but in other countries, too. mccarthy: one of the first things that theo did was to open his office and our office to victims and to their representatives. meeting people who have been tortured is very different than reading reports sent in by nongovernmental organizations. van boven: the mothers, the madres, the abuelas, they were very visible and well known, and as a group of committed women, i think, who were directly involved, that had a great impact on public opinion. van boven: disappeared children. the government claims that it was all a part of terrorism and terrorist gangs, and the question was put, are these little children, are they also terrorists? alberto d'alotto: in the seventies, i was in exile in france after having left my country. i started to work in the struggle for huma

it's the last trading day of europe. >> hold back the tears. it's the last full day's trading of 2015. today sums up the top trends perfectly. oil is down and stocks are down. let's dig deep down. ♪ ♪ betty: we will take you from new york to london in the next half hour. kick us off on more on how stocks traded today. >> it was the tail wagging the dog, the tail was oil wagging the stock market. the dax is down by more than 1% in only two stocks rose and one of them barely. it was a down day for the german index. the dax up from the other indexes and global stocks as well. we've got switzerland off tomorrow if italy is already closing off. they will get ready to celebrate the new year and they are down by 8/10 of 1%. as you said oil is down and oil and gas are the worst performer. this is what has dragged it all lower, the back of brent tumbling to 8%. it will pull down the entire industry and the entire stocks 600 and. betty: one t bank on this stock exchange has some big news. >> this is a company that is the third biggest wealth manager and switzerland. after ubs and credi

amount of momentum around the world this year coming from n.g.o.'s in the u.s. and in europe and around the world come interesting business, the french were really good at developing what they call the pillar four for the paris event. hat channeled that kind of intense interest and activism and momentum. it was a really very different story if i think all the way back to kyoto where the business was basically lined up hard against action. so it -- all of that i think played a part. so i start with the thank you to all of you who have been engage intense interest and glad to be here. pete: maybe a good place to start would be to get your kind of perspective on what the key elements of the paris agreement are. then we can dig into that. and talk a little bit about what it was like on the ground for a couple weeks. todd: i think that we have -- that we have, in fact, a major historic agreement that is built on a number of elements. andt of all, it's universal lasting. kyoto. t of a not it's an agreement whose expectations and requirements and so forth apply to everybody. so we tried

for russia in terms of its military strategy and how it would impact the security in europe and in asia, importantly, if russia is found noncompliant with the treaty. the united states in conjunction with our allies should use tools, all the tools that artists also, to ending these activities. while the question of noncompliance might be dealt with, it's critical that the united states, for the time being continue to observe the treaty. a withdrawal would only free russia to legally pursue testing and deployment. we look forward to hearing from our panel. with that i yield back. >> the chair recognizes five minutes to summarize your opening statement. >> thank you mr. chairman. thank you for hosting this hearing and having me here today. the subject is one on which i have previously briefed the same committees including last year around this time as was already indicated. to permit time for good discussion with your permission, i would like to abbreviate my remarks and submit my full testimony for the record. >> without objection, so ordered. >> thank you sir. i'm going to begin by

the full report. >> across europe police are on high alert. in belgium two men have been arrested for planning suicide attacks in this historic square. due to the filled with new year crowds. authorities cancelling fireworks citing a terrorist threat. in turkey, more arrests after a suicide vest and a backpack filled with explosives were found at an isis safe house in the capital. two men suspected of planning a new year massacre and in paris authorities are scaling down celebrations, cancelling fireworks, fearing a repeat of november's attacks. in london too, security is tight. >> police in london considered a terror attack highly likely for the past year but based on new intelligence they have now doubled the number of police officers on these streets. >> the threat is real. this british couple was jailed for life today for planning suicide attacks in london. they tested explosives in their backyard. they were isis supporters radicalized like the couple in san bernardino that carried out their attack. europe tonight is a continent on edge. >> how are you going to spend your new

damien: hello and a very warm welcome to "focus on europe." we have some of the best human stories behind the major headlines. thanks for joining us. in a week when europeans are trying to come to terms with the recent paris terror attacks and when many worry another attack could strike. damien: what was particularly shocking about the terror attack in paris earlier this month was that it was a brutal assault on a way of life, a culture, and the city's identity. many people were killed out innocently enjoying themselves with friends in the bars and restaurants in multicultural eastern paris. despite the fear of more attacks, many parisians refuse to be cowed. they have decided to defy the violent jihadi killjoys by reclaiming the tables that line the pavements and will keep on socializing. others witnessed the carnage and are finding it difficult to cope with the trauma. >> just walking to work is tough now. he was working when the terrorists launched their attack on the restaurant. he is not sure he can ever work there again without being afraid. >> i did not think i would ever be

refugees in europe. i asked jonah hull what europe is doing to help them at this time of year. >> well, that would be country specific, of course. lots of different countries housing and receiving these refugees in very different ways. to the north of europe, scandinavia countries like sweden and germany perhaps offering more humane conditions to the extent that they can in formal housing, in halls and warehouses and everything with a roof essentially that isn't being used is being put into service in lots of towns and cities to house refugees and of course they would be given at least a basic amount of sanitation, as well. countires in central and eastern europe the balkans and hundreds traveling across the sea from turkey into greece and macedonia, a lot of those countries have only the most rudimentary facilities on offer for these people, mostly down to the ngo's on the ground, themselves working with rudimentary means and resources and temperatures absolutely plummeting on a lot of occasions, a lot of people will spend nights out in the open and will simply have no or very, very l

reserve rate hike and the separation in terms of monetary policy -- europe versus the u.s. oil. wti, brent both lower this morning. the u.s. lifting that 40 or ban. more supply. signs thathere european stocks could be a winner after tonight's rate hike? caroline: yes, according to data fund flows. we can see that money is coming into european stocks amid what is going to be the second worst december on record. we are seeing $3.5 billion enter the european markets into exchange trade and funds according to bank of america-merrill lynch. compare that to the u.s. u.s. has seen $9.2 billion come out of emerging-market stocks. and going into european stocks. this is the european stocks actually undervalued. what about a 20% discount? euro stoxx 50 trading at 15 times estimated earnings. and the history. i know you love your history and your data crucnching. 50nce 1987, the stocks euro does tend to wobble. a little bitne after a federal reserve rate increase but in the next three months, we end up higher. be cautious of emerging-market related stocks. and remember, actually, many people g

lows was, but what about the bond market? two-year government notes around europe, spain, the netherlands, germany, record low after record low. that is a dislocation by anybody's estimate in terms of to do as anes one asset manager or investor. does that concern you, those deeply negative rates on yield curves? george: yes. it concerns me because in effect it is the only game in europe's town. what ever happened to the juncker plan? what ever happened to the ideas that the debt burden in europe would require something structural, like a restructuring mechanism? nobody's talking about these things anymore. cutting bond yields, borrowing costs. check that box. but to what end? i suppose the other part is that this is also a covert way of restoring or strengthening banks. we can check that box. we would rather the banks were not in trouble. but the durability of these things in terms of europe's economic health, if that's all we are doing, that is not a good place to be. manus: gentlemen, you are going to stay with me. that is my assumption. simon kennedy and george are going to

in terms of its military strategy and how it would impact the security in europe and in asia importantly. if russia is found noncompliant with the united states in conjunction with our allies should use all the tools at our disposal to urge russia to stop. it's critical that the united states for the time being continue to observe the treaty. withdrawal would only free russia to legally pursue testing and deployment of intermediate range missiles that currently violate the terms of the treaty. i look forward to hearing from our panel this afternoon on the threat posed by russian development, production and testing of intermediate range cruise missiles, russia's intention with respect to the inf treaty and, importantly, u.s. responses. with that, i yield back. >> i thank the gentleman. chair now recognizes miss gotmiller for five minutes to summarize your opening statement. >> thank you, mr. chairman. chairman poe, chairman rogers, ranking members keating and cooper and distinguished members of the house foreign affairs committee and armed services committee. thank you for hos

not be good when a central bank is looking at the data. for more on europe, robin brooks atthe head of fx strategy goldman sachs. scarlet: is this more about the fed and the dollar strengthening or more about euro weakness in anticipation mario draghi will do more in terms of stimulus? : it's all about anticipation ahead of tomorrow's ecb. the drop in the euro to current thels basically began after last ecb meeting on october 22. so much of it is anticipation. alix: you predicted that euro-dollar would go to 1.05. when it comeshigh to euro positioning. what do you think happens tomorrow? before one of these important central bank, and this is one, is always a moment of truth for investors. much like back in january when qe was first announced some others a lot of nervousness about positioning into this meeting. my own senses is we will get a move in the euro, two or three big figures lower. we will get a surprise tomorrow and president draghi will deliver in a forceful way. scarlet: and he has done that every single time. that is one way he has over delivered. when do we reach parit

the dax to open higher as well. we will wait for it to warm up. risk appetite is back on in europe. euro.have a look at the , but put it into perspective. let's have a look at what happened on the week. the biggest bike since 2009 on thursday. mario draghi initially disappoints. now he's trying to ease that concern. let's have a look at oil, continuing its downward trajectory. on the day, he goes lower. why? goodbye to any production quotas. no longer defending price, more about defending market share. oil going lower. lower,lux will be moving yet to open, but pulled down by 12% as a ge no longer selling its appliances unit. back to you. out what'snds happening in asia. >> a positive session in the asian region. taking that the from the positive jobs report out of the u.s. on friday. we have seen the china market close higher. some great gains coming through in japan. the nikkei up by 1%, led by moves by exporters. a disappointment in korea as the yuan weekend once again. global funds pulling their money out there. a switch out in new zealand. that crude oil slide is continuing bel

economy throughout europe looked at the rapidly aging population and that the people to support the older generation. with hundreds of millions of refugees. said he looks said that without the politics. what that doesn't take account of with the cultural differences. and including refugees. are we focusing enough and then to protect people and then to be told you are in greece or italy or france. and then to build a new clinic. and then the spending with the refugees. to jump-start the economy. ended with the spending it needs to get the economy going. so as those desperate people in terms of the public narrative with the assistance for those ticket directed benefits than the economy as a whole to have a new generation of young people. that these are desperate people. >> bell loudest voices are the fear mongers. but ambassador, i don't hear enough for me assad is starting with the prime minister. it has spread throughout the continent -- continents because they're bringing with them the threat of isis. how much longer can your country sustain this exemplary role? so this is one of t

to be long europe. is going towhat happen imager it in spain, you have seen it in portugal, are we underpricing political risk? not particularly. what is moving markets more's monetary policy. the ecb has left the door open to stimulus. is apeople were hoping for decisive election outcome. you would see a spanish rally revival. is confidencere in the markets, the markets have been punished. spanish stocks fall to a two year low. will benefit from lower oil prices. the economy is recovering. the government may not push through too much. with that, except people are getting to the stage where they are exhausted with qe. they need fiscal stimulus. if you have inconclusive government, lyrical risk, maybe that story doesn't happen. what we have seen his corporate investment, falling 20% lower than before the crisis. as long as you see ecb stimulus trickle down and allow them to invest, that will provide a quiet boost to returns. european equities cheap? which way do i go? what is interesting is not classifying them all together. if you look as anna should equities, they are trading at a

impact the security in europe and asia importantly. if russia is found non-compliant with the treaty of the united states in conjunction with our allies should use all the tools at our disposal to pressure the russians into ending these activities. while the question of non-compliance by russia must squarely and seriously be dealt with. it's critical the united states for the time being continue to observe the treaty. withdrawal would free russia to legally pursue testing and deployment of intermediate range missile that violate the terms of the treaty. i look forward to hearing from our panel this afternoon on the threat posed by russian development production and testing of intermediate range cruise missiles, russia's intention with respect to the inf treaty and importantly u.s. responses. with that i yield back. >> i thank the gentleman. chair now recognizes ms. gutmiller for five minutes to summarize your opening statement. >> thank you, mr. chairman, chairman poe, chairman rogers, ranking members keating and cooper and distinguished members of the house foreign affairs committee

. draghi act today. i don't get the optimism of corporate europe. erik: part of the optimism is because of draghi. he is the only game in town in terms of stimulating the economy. you can argue whether he needs it given the fact that growth is above trend. the inflation numbers are nowhere near where they should be. tom: let's go a little wonky today. the output contrast gap that draghi faces versus the output gap that janet yellen faces. erik: the easiest way to put it is looking at the unemployment numbers. that is one component and it is still very high in europe. people coming into the labor market and wants to work and therefore unemployed. in america you have the complete opposite. unemployment is down to an all-time low. the american economy has come out of the recession. they have closed up the gap more or less. she is behind the curve. caroline: you have said we are behind the curve. the market is behind the curve. let's see what janet yellen does after this. erik: you look to curve and all darts are setting up here. tom: can i ask you a dumb american question. the ecb does not

headquarters in london. i'm guy johnson. it's the day before christmas. restricted trading for much of europe and the united states. we have shortened hours. u.s. markets close at 1:00 p.m. eastern time, 6:00 p.m. u.k. time. u.s. bond markets close an hour later. we have some trading. caroline hyde has all the details. caroline: relatively reserved map for us. cac 40 down 0.4%. ftse 100 up 0.1%. mixed picture after a significant rally yesterday. every industry group climbing on the stoxx 600 yesterday. we had a mixed trading day in asia as well. we saw australia and hong kong trade in the green. as the day continued, we saw the nikkei turn lower. similar for south korean stocks and chinese stocks. shanghai closing down by 0.6%. cautious and low-volume trading this morning. let's look at asia. you were talking about that great interview with the top aides for the prime minister of japan. he's saying there is more to give. the bank of japan's minutes today painted a slightly different picture. we saw that they are holding fire on quantitative easing, many interpreting that qe isn't really neede

, from turkey getting small boats to cross to greece, from greece to europe itself. >> reporter: he's waiting for a smuggler to show up with a bike he's bought to make the frigid crossing. >> it will be more like a kid's bicycle. but i will pay a lot of money for it. more than i should. >> reporter: he and about 5,500 others have ridden this more than 10-mile road to the border this year. some of them more than 1 million migrants and refugees who have flooded into europe in 2015. they've crossed the mediterranean sea in flimsy boats. they've climbed over razor wire and under fences. walked countless miles through the heart of europe. almost 4,000 have died in the process this year. and this might be the most extreme. going all the way up to the russian arctic circle to a tiny remote border with norway and crossing by bike. where temperatures get so low that they could freeze to death. russian buses will take them part of the way to the actual crossing. it was on one of these buses on the russian side of the border where we met the yahea family from baghdad. >> i leave because my life

. refugees rebuilding their lives in europe one note at a time. the iraq eau army says it has liberated large part of thes ramadi. an operation to recapture the city on tuesday but the advance is being slowed down by explosive devices left behind by the group >> reporter: as the days wear on, iraqi forces trying to retake ramadi has made a sobering admission. it will take time. the military is trying to overpower i.s.i.l. fighters who have been in control of the city since may. backed by air strikes, ground troops are edging forward, street by street towards the center. >> translation: moral doeses e is high and we will keep advancing to take the whole of the ramadi city, god willing. we will liberate the remaining parts of ramadi. >> reporter: eye ago' intelligence says there are just a few hundred i.s.i.l. fighters left within the city parameters. they're proving a difficult foe. traps of capable of damaging 25 tonne vehicles. it has slowed down the troops but it hasn't stopped them. >> translation: following the liberation of the area, teams from the 16th division started work to rem

palestinian territories. israel is looking to move away from its trade with europe. in paris today in the climate conference , israeli prime minister benjamin netanyahu sat down. the palestinians say and a growing chorus in the west agrees with them that the biggest obstacles to peace remain israeli settlements. june 1967. war breaks out between israel and the neighboring countries of egypt, jordan and syria. when the dust settles, israel has more than tripled the size of the territory it controls and rules over millions of palestinians. today, israel no longer controls the sinai peninsula but other areas it conconcerne conquered 7 remain sticking points. among the final sticking points, israeli settlements. hundreds of thousands of settlers moved into places like the west bank. undermining the state of palestinians settlement on their own. >> the u.s. and the international community refused to recognize those settlements as legitimate but for many in israel, settlements are a right. israel's political right wing is against giving up the west bank and golan heights citing their strategic

through and another country is overwhelmed. >> month since this migrant crisis europe still does not know what to do with all of these people. >> i am pleased to have all of these people from cnn's any of this table. syria, where are we at this moment? >> every time i come back we have this conversation and i want to have something positive to report. in terms of trying to find the longer terms illusion, from what i see on the ground we are essentially looking at syria breaking up into smaller areas. while there has been some momentum on the diplomatic side to get together some of the proxies in this war, that is not being matched on the ground by a desire to turn toward the diplomatic or political solution because i think right now all of the various parties feel with russian support an american increased support the saudi sending in more than every group on the ground right now you that they can get into by the military then so you have on the one hand political effort but it's not really moving in tandem with what you're seeing on the ground. as everyone here knows well, if ci

us how they are closing in europe. mark: little change, that he. -- betty. we are awaiting janet yellen's speech, and awaiting the ecb tomorrow. the macro highlight of the day was the euro area's latest inflation report. consumer prices just rose 0.1%. economists expected 0.2%. that is reinforcing that the ecb has to do something tomorrow to accelerate inflation. don't forget, inflation has been way below the ecb's goal of 2% over a two-year horizon for the better part of three years. betty: ok. so staying on what is going on right now, mark, the worst-performing european stock today was steelmaker arcelormittal. what prompted this 12-year low? mark: check that out, betty, down 9%. a big iron ore producer today said steel prices are heading lower next year. citigroup says arcelormittal's earnings have further to fall next year. they cut their recommendation to neutral from buy, and said they jumped the gun in upgrading shares in october. they are facing a double storm. china is flooding the market with cheap exports, particularly in europe and the u.s., arcelormittal's big market

look at what to expect in 2016. ♪ anna: welcome back, you are watching "on the move." europe's largest oil company has reduced prices. world outlook at 10:00 a.m. u.k. time. the hedge fund manager majority-owned by carlyle group $150 million of withdrawal requests. after defiedose concerns about china's slowing growth. revenue in china was up 24% to almost $1 billion. anna? anna: it has been a turbulent year for big pharma. stocks outperformed markets on both sides of the atlantic. let's look at how health care will fare in 2016. good morning. of just how much of performance we saw on both sides of the atlantic. >> this is all in u.s. dollars. y, we got a couple of percentage points for each of forcesopean and u.s., the bigger and broader embassies, such as the stoxx 600 for europe and the s&p for the u.s.. that has been driven, it has not been uniform across the sectors. downd companies in europe 6.6%. down 5.6%., we have had companies that have not done so well share price- wise, but they have been outweighed by the big games. -- the big gains. anna: we have a big range from the nega

. real strong game in the u.s. yesterday up around 1%. stronger here in europe, should say by around 3%. some of those asian stocks went up as well. the big markets up there around 2%. australia had its best day sent august. manus: if we look at the dollar, these things -- the markets have been carry themselves i think. 70% is where we are at the moment attempt of the probability of a hike this evening for the federal reserve. my question is what is next for the dollar. rising for the fifth day, it is above its five-year average. aw lessons from the past. what up in last time the fed hiked the dollar? in five of the following six months in 2004 before rallied back in 1999. where were you in 1999? a rate increase, followed by a 3% drop. oil prices rallied strongly back in 2004. not a prediction, just a statement. let's get to the first word. >> asian stocks are trading higher after the crucial rate decision, downplaying concerns. shares rallied for the lowest level since the start of october. matched its longest losing treats in 1984. oil had fallen from its highest level over a week af

effect. europe was meant to be cold, but it has not been in england. demand for crude oil has been very strong this year. but productying, demand has been strong. these will demand is weakening so quickly. don't have that mechanism of why or how crude can appear in the short-term. anna: how does that change for 2016? do you see that picture you described being maintained? or do something shift and do we see a higher oil price? reporter: i don't think we will see higher oil prices for the next six months. od to cutn no mo production. the rebalancing process is beginning with the non-opec suppliers. because cautious about reading too much into this. pounds don't correlate very well. there is a time lag of six months. we've seen the u.s. production fall from 9.7 million barrels. that should accelerate into the new year. it probably bottoms out in q3. but then it becomes an issue. torture billion dollars between 25th -- we have seen about $200 billion between 2015 and 2016. that is when we see the rebalancing kicking in. that will occur most likely in q4. it will take a while to round that

should be between the physicians and patients, in fact that is how the system works in europe. >> you talk about how you have approach state legislators in particular to pass these law, in most cases they have passed almost unanimously. and if you cases where they have not voted in favor of these laws, what have been some of the reasons they have given her some things you have heard where they may have hesitation about passing the laws? >> is passed on a 9099-one margin. people are concerned about safety, i think that's dense from a misunderstanding about what the right to try is. this is about equity. this is extending to all patients with terminal illness, the same treatments that are already available in clinical studies. and the fda has said it's already okay to test for scientific purposes. the safety issue really stems from misunderstanding. we have had some hospice organizations oppose this because if you are fighting for your life at the end, often hospice cannot treat you or the insurance for hospice will not cover you. so their concern is that they're probably going to die a

was europe. a spain was down 3.6% following their elections. a lot of uncertainty coming out right now. we did see a weaker dollar and a move to the 10 year treasury, so kind of reversing the traits you thought would happen after the fed hike rates. in the dollarly and a pullback now. overall, very quiet. alix: oil was on my mind today. how much more can we go when it comes to downsizing more prices? i want to take a deep dive into the bloomberg terminal. that white line is the view ti's long position versus rent's long this edition -- the white line is wti's long position versus .rent's long position will we see parity with wti and brent at the same price? joe: interesting. , this chartort would suggest there is a way to go. alix: that has not factored into those long positions. joe: i want to talk about the -- i could not name the currency before this morning. like a lot of these other oil expert -- oil export companies -- export countries -- this is the world currency page. the very worst currency, the just beatinganatt, out the cause extent 10 day -- the kazakhstan 10 day. a lo