video transcript

This is a look ahead to the main political and financial events coming up next week. Investors keep -- son will be whether the US economy causal but the fiscal cliff. President Obama is meeting leaders from both sides of congress on the White House today. To find fox had an agreement avoids tax hikes and spending cuts that ticket on the first of John hitting. If any agreement does TJ the House of Representatives has convened a session for Sunday. So they can be ready to legislate it's small but growing number though suggesting congress might try to stretch -- that -- the first two days John and him. James Buckley a bidding asset management says the longer it drags on the bigger that negative. Impact will be on equities I think if the -- if they'd -- to -- of new deal be reached -- tall and and prison for instance Q1 next year. Becomes -- turned up outlook area of significant effect inequities because. Right now I consensus is the US economy will not go into recession 2013. Anything that changes not consensus would certainly have negative and -- -- that the markets. Other than the fiscal cliff issues it should be quite stopped the -- with most major markets close for you holidays. Things start to pick up on Wednesday the second bowl with the release of minutes from the last fed meeting. FOMC said it would buy 45 billion dollars in longer attempt tragedies each month on top of buying fought two billion and mortgage backed securities. It also voted for the first time. To keep interest rates lol until jobless rate drops to at least six and a half percent. Also on Wednesday fronts will hold -- treasury bill auction today -- top this Q3 growth leading to just not point 1%. President wants wild on this banking on -- of not point 8% next year to meet its deficit targets seen as a test of this fiscal credibility. Most analysts however do this target as overly optimistic. A few key items on -- -- are agenda final PMI numbers for -- -- expected to confirm that you know zone's manufacturing and services sectors. Firmly mired in recession. UK manufacturing. And -- -- but the dominant service sector is still doing just. German jobless states are expected to shoulder unemployment rate holding steady at six point 9%. -- a number of people until what is growing joblessness remains its lowest level since German reunification more than twenty years ago. Investors get some idea of how to retail sector that's -- over the crucial Christmas period on Thursday. But next really sees Q4 trading results shares in the UK fashion chain up some 40% this year. With this on -- and -- well but this is helping avoid the what's the that the -- them. A number of assumptions being made knicks -- two islands assumes the EU presidency on -- one. Prime minister and that Kenny told me last week at Germany's allegedly took in the US should be nobody -- to -- and. Nation through their own actions come a number of countries. That's -- is you know feature in the minds of of politicians and political leaders. -- at the same time I think there's an understanding. That we have to deal with particular range of problems and jobs and growth and competitiveness. Is a fundamental issue for us if that loss of talk about governance but perhaps not -- demonstration of how we can actually become competitive. Also on New Year's -- the UKS in the G-8 presidency for next year on Russia takes over the G-20 presidency for 2013. I'm finally next subsidy sees the stock of one of the world's toughest or it'll basics. The Dakar rally stretches of a 5000 miles between Lima infinite and Santiago in Chile. Formerly of the hottest Dakar rally it is nice based in South America for security reasons. Still one of the greatest -- challenges on the planet only about 40% of teams complete the race. Not so look ahead to next week on -- to give -- the -- -- -- 11.