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tv   Street Signs  CNBC  November 20, 2018 4:00am-5:00am EST

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welcome to "street signs." i'm willem marx in london. the tech wreck spreads to europe with the sector at its lowest level in almost two years after a "wall street journal" report that apple has cut production orders for its newest iphone models. renault shows drive lower for a second day after bruno lemaire says carlos ghosn is not fit to lead the carmaker amid allegations of personal misconduct. and deutsche bank shares slump to a fresh record low after the german lender once
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more acknowledges its role as a correspondent bank for scandal-hit gdansk and theresa may promises to pursue her brexit deal as the dup votes against a series of budget measures and warns the prime minister to stick to her side of the bargain. good morning it's been a negative start to the day for european equity markets. the stoxx 600 is down more than 0.4% if we examine some of the underlying markets, those four are trading in the red the ftse 100 down more than a half percent the dax down 1.25% in paris, the cac 40 trading almost 1% lower. in italy, the ftse mib down 1.3%
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let's look at individual sectors, utilities up a third of a percent. the banks led in part by deutsche bank down more than 2%. technology stocks down 1.8%. and the carmakers down 1.66% in part thanks to renault, nissan and mitsubishi let's talk about apple, which has cut production orders on three of its newest iphone models the newspaper reported that weaker than expected demand was to blame for the decision and so far it looks like european chipmakers are following their asian and u.s. rivals lower. the broader tech sector has hit its lowest level in almost two years. just to give you a snapshot of that, facebook, apple and nvidia stocks trading lower at this stage last night we saw facebook closing down 5.7% apple down almost 4%
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nvidia down a remarkibiliable 1% in terms of last year's performance, that's a telling set of numbers facebook 39.5% lower onthe las 52 weeks amazon down 25%. netflix down 35% some pretty striking numbers there for the u.s. performance stocks in asia have followed wall street lower. nancy hungerford has been watching over the course of the day. how much is that u.s. tech trade spilled over to asia >> it's not pretty across the board in asia. the tech wreck on wall street is playing a big part you can see we saw some selling across the board a lot of weakness in the greater china markets. the shanghai, the shenzhen and the hang seng off about 2% we should point out you are looking at the auto sector there, significant losses for
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nissan, mitsubishi after the arrest of carlos cohn. the autos were off 1%. the big story is all about tech. let's show you what the impact actually looks like in asia. we are looking at some apple suppliers here they've been rattled by reports on the iphone production keep in mind with apple going into bare market territory nvidia gips is nuidance is not y favor for the chip sectors we got a report that chinese authorities are now looking at anti-competitive practices on pricing from top chipmakers as well they have named samsung electronics and sk hynix sk hynix off more than 3%. we did see selling across the board in the region here >> nancy, thank you very much.
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renault shares are tumbling after bruno lemaire said the arrest of carlos ghosn in tokyo weakened the automaker japanese prosecutors arrested the head of the nissan/mitsubishi alliance after serious mifinancial misconduct a whistle-blower report prompted a detailed investigation and that revealed serious misconduct a nissan director, greg kelly, was also held on the same charges. the nissan ceo said he will work to fire ghosn at a board meeting on thursday. ghosn joined renault back in 1996, then spearheaded that renault/nissan alliance in 2005 and led both firms through a turnaround in 2016, mitsubishi's inclusion helped to expand that alliance chery kang and julianna tatelbaum are in yokohama and
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paris respectively chery, what's the latest from japan? >> well, that bombshell allegations, that arrest we heard about, and then nissan is not the only automaker in that alliance trying to take action to remove carlos ghosn from his chairman position. mitsubishi this morning also following suitsaying they'll conduct their own internal probe to see if there were serious financial conduct at mitsubishi as well, and also saying their board will be proposing removal of carlos ghosn from that top position in the meantime the prosecutions investigation seems to be picking up speed as well nhk reporting in japan that a plea bargain deal has been entered between japan's authorities and one executive. we're not talking about carlos
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ghosn but an executive that is believed to have provided private residencies free of charge for carlos ghosn here so certainly it looks like this alliance, renault, nissan and mitsubishi trying to distance themselves from this allegation of financial misconduct of carlos ghosn in the meantime we already saw that in the press conference held by nissan motors ceo. let's listen to what he had to say yesterday. >> translator: there are problems in terms of governance. when the top of renault is con currently serving as the top of nissan with 43% of shares, one person has too much authority. that was the problem i think this was one of the causes >> we're talking about this ceo chairman figure in this auto industry with the nickname of mr. fix it because he's known to have fixed major issues at
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nissan he takes a lot of credit for that turnaround for nissan he even has comic books drawn up on his life story. we have business case studies about his turnaround strategy because he's known to be turnaround king here in the meantime it looks like this scandal is evolving into something that's becoming difficult for him to fix this time around. willem, back to you. >> chery, thank you very much. let's get out to julianna tatelbaum in the suburbs of southwest paris where she is outside renault's headquarters we heard from the french government, from nissan, have there been public comments from renault yet? >> as we've been flagging all morning the key initial question is when will renault respond and what will they say renault confirmed that the board will convene later this evening
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and we should expect a communication following this meeting. we will hear from renault soon enough this follows, as you mentioned, significant ratcheting up of pressure from the french government this morning the french finance minister calling for an interim management structure and saying ghosn was not fit to lead. now, the key strategic question then becomes what happens to the alliance should ghosn step down from his position, not only at renault but also from the global alliance that's a much more difficult question to answer but french president macron did weigh in yesterday on behalf of the french government saying they remain vigilant in trying to maintain the stability of the alliance let's listen in to what he said. >> translator: it's too early to comment on the reality of the accusations about which i have no further information however the state as a
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shareholder are extremely vigilant about the stability of the alliance and the renault group, and this applies to the stable necessary for all employees. the state as a shareholder will bring its full support >> translator: we are following the situation closely. we are very vigilant on the stability of renault and the consolidation of the alliance and i want to remind you of our attachment to the renault government what it represents for workers in france and elsewhere and what it represents as an industrial heritage for france >> so the french government is trying to assure that they will maintain the stability of the alliance it remains an open question on whether whoever comes in to run the alliance, should we go down that route, whether they can actually do it a lot of open questions this morning. >> the french government owns 15% of the firm, what about some other investors?
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brokers have downgraded the stock and reduced price targets what are other investors saying? >> analysts and investors reacted negatively to this we heard that several analysts cut their numbers foreign nau n. one thing is what this means for the alliance and an earnings perspective, but it also raises huge questions around corporate governance yesterday the nissan ceo kept talking about the concentration of power in one individual this is likely to come out again and again. how was it these incidents, should they prove true, how were they able to happen and only were caught through a whistle-blower report. so analysts and investors putting emphases not only on what this means for the fate of the alliance but also from a corporate governance perspective.
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>> julianna, thank you joining me on the line is ananic hsnicholls what strain does this investigation place on the alliance >> i think it places huge strain on the alliance but the step that renault seems to be taking, which is not backing mr. ghosn, does suggest there's a possibili possibility it could survive initially it looked like a unilateral declaration by nissan that could put a strain on renault. there is a tension within the appliance because you have a situation where renault owns more of nissan than nissan owns of renault, yet in actual terms of how many cars they sell, their strength within the group, nissan is actually the senior
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partner. yet the whole thing was run by mr. ghosn who was a renault man. so there was already that huge tension within the group i think that's what was referred to when it was talked about which power was too concentrated in that one man. >> you mention that. we hear a lot about key man risks, especially following the death of sergio marchionne this summer what do you think this hole left by mr. ghosn's departure might mean for the companies and their shares >> it depends on who steps forward in terms of running the company and running the alliance itself the statement does suggest that will there be more shared responsibility in the future but there was always a question mark about what would happen when mr. ghosn left. i spoke to him last week, we discussed that point he was saying that obviously
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there was a humor factor behiand the alliance he said there are other people within the group who have that experience on both sides of the alliance, so the japanese and the french side of the alliance who could take over. the french finance minister had mentioned the person who had been starting to take charge at renault as a possible successor at renault he is the obvious candidate there. i'm suggesting that probably in terms of the alliance itself there will be a more even distribution it's noticeable when you look at the executives within the alliance that they are slightly french heavy rather than the japanese having senior roles there. so maybe that will change. >> that's the human factor, the glue binding these different companies together what about technology platforms my understanding is that these
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firms have become relatively inter-reliant on each other when it comes to technology, r & d. i wonder what impact we could see on that if we see a ratcheting up of tension >> yes it is an interesting tension obviously they have -- the reason behind the alliance is these touted synergies that they had been aiming at so they've been aiming at 10 billion euros worth of synergies by the year 2022 it's about 5.7 billion last year so those synergies because they share supply networks, research and development costs, they share, you know, different parts of the vehicles in common. those are a glue that hold it together and will make it difficult to pull the alliance apart.
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>> i remember nissan earlier in the summer warning about trade tensions presumably this is not coming at an easy time for global automakers and these companies in particular >> no, it is a particularly difficult time the main trade tensions are between the u.s. and china, but there is the possibility of u.s./japan import tariffs and u.s./europe import tariffs, which would affect nissan an renault separately the bigger question with these trade disputes is what effect that will have on the global economy. if businesses get worried about those tariffs, that could cause a downturn, which would cause a downturn in car sales next year. so that's not easy for the global car industry. the other thing happening is next year china is bringing in regulations in terms of the
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proportions of sales that have to come from electric vehicles a nissan an renault are a global leader for electric vehicles, and the eu has brought in strict emissions testing recently, and that cut car sales so things are not easy in the global car industry. the alliance is actually a defensive structure. it's inen itted to keep costs to keep costs low for all three carmakers. >> ana, we'll leave it there thank you very much for your time in banking news, deutsche shares have hit a fresh low. the german lender acknowledged it processed payments for danske
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bank in estonia. 1$1515$150 billion was said to passed through a large wt a u.s. subsidiary. and societe generale has agreed to pay 1$1.4 billion to settle cases in the u.s. the bulk will be for u.s. sanctions on cuba and other country while another $95 million will settle a separate dispute over anti-money laundering violations. the french bank said the cost of the penalties would be covered by provisions and this would not impact 2018 results. the ceo said the resolutions will allow socgen to close a chapter on these disputes. coming up, we'll bring you the latest from riyadh and the cia report into the murder of
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jamal khashoggi.
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welcome back to "street signs. saudi arabia's foreign minister denied that the crown prince mohammed bin salman, was involved in the death of jamal khashoggi. president trump promised that a cia account of the murder would be made public in part later today. nbc news previously reported that the intelligence agency concluded that the saudi royal was responsible for ordering the killing. hadley gamble is in riyadh today. what did the foreign minister have to say about that death in istanbul >> he had very, very strong words for what many people consider will be the conclusion of his cia report, that mohammed bin salman, the crown prince of saudi arabia, was directly involved in the murder of jamal khashoggi. he said that had no basis in truth and he went on to say any people or nations that seek to remove the leadership of saudi arabia are not just against the leadership here but against the
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saudi people themselves. he strong words in condemning this cia report that we have yet to see that is to be released in the coming hours there are questions on whether the trump administration will consider this a smoking gun that links the crown prince to the murder of mr. khashoggi. you have to remember this does all have implications for what's happening back in saudi arabia on the one hand you have folks telling me they're hoping this incident will lead to more transparency from the government they're hoping the trial of these five saudi nationals that are being charged with potentially the death penalty, that trial will be opened up for folks to come in terms of the press. at the same point there is also a lot of worry about how saudi arabia's reputation has been damaged internationally and with the global financial community really the story comes down to whether or not saudi arabia can now be considered a risky investment destination, and if that means when people want to borrow in saudi arabia that means they'll get charged more
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that's something folks are worried about on the ground. right now the entire saudi cabinet is headed to the meeting with the king. they'll be in consultation together hopefully trying to craft some kind of response to what we'll hear from this report later today. the big question is going to be will this have an impact on international investment in the kingdom and will it have a long-term impact on the saudi economy. what we heard yesterday was a big emphases on charging the crown prince with creating jobs in the country a lot is at stake here we heard that mbs will be traveling to the summit in vienna, which i will be attending and bringing the latest to you live >> i know you'll be closely following these developments thank you very much, hadley gamble the german men's soccer team, very separately, threw away a two-goal lead against the netherlands. this meant the german side
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finished the uefa nation's lead without a win. and daimler has said the spon r sponsorship of the german team will end on the 31st of december after a 46-year-old partnership. adam reed joins me in studio how bad had this year been for germany? >> you mentioned germany finished the year without a win. they had one competitive win all year which is unheard of germany only playing for pride because they were relegated in this new format already. they came out in fast fashion. verner giving them the lead. toni kroos with a lovely ball. >> looks offside >> he timed his run, leroy
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sarne. with five minutes to go the comeback started holland needed to get at least a draw out of this game to make sure that they would finish top of the group and go to the semifinals that looks like time running out. but the world's most expensive defender, virgil van dijk, you don't expect that from your center back, he made it 2-2. ronald koeman's side go through to the last four look at that who would have thought that holland, who have not qualified for the past two major tournaments, knocking out the past two world champions so just shows that this uefa nations league is giving teams something to play for. these are the final four who will compete in portugal next summer draws made on december 3rd in dublin when uefa meet for all sorts of reasons yes, this uefa nations league
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offers some example for fans and players. >> adam, thank you very much coming up, the eu says it will not reopen brexit negotiations and the focus now is on the transition period and indeed the future relationship between the two sides. we'll get a better idea what that may look like coming up after this break
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welcome back to "street signs. i'm willem marx. these are your headlines the tech wreck spreads to europe with the sector at its lowest level in almost two years after a "wall street journal" report that apple has cut production orders for its newest iphone models. renault shows drive lower for a second day after bruno lemaire says carlos ghosn is not fit to lead the carmaker amid allegations of personal misconduct. and deutsche bank shares slump to a fresh record low after the german lender once more acknowledges its role as a correspondent bank for
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cantle-hit danske bank and socgen agrees to settle its violations case with u.s. authorities. it continues to be a negative day for the major european equity markets. the ftse 100 is trading a half percent lower. the dax is 1% down the cac 40 down 0.81%. we look at current markets the euro is weaker against the dollar the dollar is weaker against the yen. cable is one of those numbers we keep watching closely as brexit developments unfold. that's weaker by 0.10% the dollar weaker against the swiss franc. let's check in on the u.s. futures market ahead of the market open. s&p 500 is looking to open
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slightly lower the dow jones with an implied open down 133 points and the nasdaq also been called significantly lower, looking to open down around 47 points still a few hours to go. here in the uk, a small northern irish party, the dup, that propped up theresa may's government has flexed its parliamentary muscles. the mps showed how unhappy they were with the brexit deal. they refused to back her conservative party on a number of votes dup leader arlene foster has been arguing there's still time to improve the deal negotiated under may's leadership officials in brussels are no longer so concerned with the details of the uk's withdrawal agreement or the divorce deal as it is sometimes known by focus has shifted to the draft text outlining europe's future
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relationship with the uk and the transition period. and the first roadblocks in the next round of talks have sprung up the spanish prime minister said he will vote against the current brexit proposal unless the text around gibraltar has alterations. there is still a lot of ts to be crossed and is to be dotted before this summit on sunday what's happening there in brussels today >> today is really all about that political text which will serve as the basis for the negotiations that will start once the uk leaves the eu in march of next year the european institutions have not yet confirmed what time that document will be published but we'll keep monitoring the events on the ground and keep you informed the portuguese minister for foreign affairs told me here yesterday that the eu keeps working on no-deal preparations
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in case the uk argument do parls not approve the exit agreement >> we are preparing for brexit, we are preparing considering two possible scenarios the scenario of having a deal, an agreement, it will be very important because it will allow for a transition, the time necessary to prepare and negotiate and decide a new agreement. so we are very much in favor of a deal but we have also contingency plans if no deal is reached. we are working both with tat the european and national level. since the 15th, we are working on a weekly base with the
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commission, considering all the areas in which the impact of brexit is going to be felt so we are working sector by sector together in close coordination, european commission and the member states >> just a final clarification, when would those plans be triggered? would that be in january >> well, it depends on the results of the british political process. because from our side the work is done. we reached reasonable text for
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the with drool agreemendrawal ae will not reopen the negotiation. we are working on the political declaration. the political deck collar rag is the political document, not a he'll one. so from our part, from our side, the work is done i think the heads of state and government will endorse this work we'll approve the two documents, then we shall wait for the chamber of commons to decide on their side so we need to have a clear idea of what is going to happen by the end of this year because if we have to launch any contingency plan, we shall need a couple of weeks to do so but i'm confident, i think, that the brexit will be orderly, and we shall reach an agreement.
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>> there you have it the u-27 keep working on those no-deal preparations and monitoring the developments over there in london. >> silvia, thank you so much interesting comments there jason simpson is a uk rate strategist at societe generale and he joins us in the london studio i'm sure you watched as a series of british journalists a couple weeks ago tried to pin down mr. carney on some language when it came to a no-deal brexit circumstance the treasury select committee might have more leverage given that there's a parliamentary hearing to try to get details out of him i wonder, do you expect him to be more forthcoming about the impact it could have than he was after that last meeting? >> in a word, no he's been consistent really the line carney is trying to get out there is that there's
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no automatic reaction function that the mpc has to a no-deal brexit everybody is running scared of it ultimately he doesn't want the market to start thinking that's t we're heading down that path let's price in a very, very easy policy and rate cut. >> how surprising was it, was his suggestion that in the event of a no-deal brexit, hard brexit, whatever you want to call it, that it could actually end up with the bank raising rates? was that a surprise to you >> i think the logic behind it that actually the hard brexit would be detrimental to the uk's ability to grow, you have friction in terms of trade frictions, more red tape, et cetera, and that given we have no output gap left, that is closed, if the ability of the
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economy to grow has been compromised then presumably if growth holds up at current levels of 0.4 a quarter which is what the bank is roughly predicting, then they will need to raise rates we are actually growing faster than the economy is expanding. so it is slightly twisted logic from that perspective. but there is an economic basis for it >> what do you think market participants make of that twisted logic of what you've seen from pricing? >> i don't think they believe it if you look at the curve pricing in the first rate hike not now until may 2020, it's a flat curve. certainly by historical standards. really that is the follow-up rate hike, some 20 months after the last one from that perspective it doesn't
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really fit with the bank's rhetoric of maybe a hike every 12 months. >> why the disparity there between expectations >> because the markets believe after the theresa may deal was rounded upon by so many mps, she will struggle to pass that in the house. that makes a no-deal brexit more likely, in which case the market believes that carney or the mpc will vote to cut rates so coming back to the original question, they don't buy into the view that we could be raising rates. >> two mbig questions on the political scene, that the continued leadership of theresa may and her conservative parliamentary party and the possibility that any proposal she takes in the house of commons after this eu summit on sunday would get voted down.
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she would not come out of majority to push it through. how have fixed income traders look the as those scenarios? >> that's difficult to price in political granularity into the markets. i think we did see bond yields starting to push a little bit higher after that big rally on thursday they did push higher on friday as the deal -- sorry, as the vet of no-confidence did not materialize. and again in the telegraph this morning they had a story saying that the brexiteers were arguing amongst themselves, unable to come up with the 48 signatures they need. so that might reinforce the market with confidence that this no-confidence vote in the prime minister is not actually going to come forward. markets will rally on political
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uncertainty. that should push yields higher with the concerns on the question of parliament, yeah, the math doesn't look good the interesting thing is the remaind remainers may be persuaded to back the deal thinking it's a no-deal or theresa may's deal. they have in the back of their mind that maybe they can force a second referendum on this. so they get a vote off between theresa may's deal or no deal o staying. >> we saw jeremy corbyn ruling that second referendum out on sunday >> exactly it's been identified several places where that requirement to have another referendum could be inserted into legislation. so from that perspective it sort of makes it unappealing to both the hard brexiteers to vote for
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the deal and now to the remainers who are trying to push open that door for a second referendum >> let's sooef leave it there fw thank you very much. just to bring you the latest news on nissan, snp saying it placed all of the ratings on nissan's overseas subsidiaries on a negative credit watch saying the ratings have been placed there following the chairman's allegations, and saying that nissan's profitability might weaken substantially in 2018 and 2019 fiscal years if these allegations are proven to be correct. so negative reaction there from the ratings agency to some of the news around carlos ghosn italian news says italy and the eu refuse to ease their
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stances over rome's budget rules. the commissioner will on wednesday respond to italy's revised budget proposal after it rejected the initial big spending package last month. italy's banking sector has been hit hard it is at the lowest levels in nearly two years ing banco bpm shares are down sharply after trade had resumed. it was earlier suspended this morning because of the sharp drop assets under management at julius baer grew 2%, but they warned of volatility the bank says it has continued to try to reduce exposure to non-core markets. shares in easyjet turned negative despite record demand
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in 2018 that boosted easyjet's annual profit by 41% the low-cost carrier said next summer's bookings look positive and that it was sticking to the first half outlook easyjet also raised its dividend by 43% saying it was prepared for brexit coming up, find out what cfos think is the biggest risk factor for their companies when we come back helped put a roof over the heads of hundreds of families, he's most proud of the one he's kept over his own. brand vo: get paid twice as fast with quickbooks smart invoicing. quickbooks. backing you.
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global cfos believe u.s. trade policies pose the biggest external risk factor for their companies, that's according to latest cnbc/cfo council survey 24% of cfos cited a slowdown in consumer demand as the biggest concern, down sharply from the last quarter other concerns include cyberattacks, excessive regulation and central bank policies more than 70% of cfos have said trade tensions will negatively
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affect their firms only 24% say they will see no impact none of the respondents believe the white house trade policies will have a positive or very positive effect on their own businesses the majority of cfos, including many in the europe, middle east and africa region think the british parliament will back a brexit deal with the european union, just 16% expect a no-deal brexit 32% remain uncertain on the subject. bank of england governor mark carney is due to testify in front of britain's treasury select committee the bank of england said it will assess the impact of the government's eu withdrawal agreement and publish findings next week. we're joined by jason simpson at societe generale he has a difficult task because he has to stay clear of the politics he's been criticized for steering into politics in the past today will be a real challenge given what's going on surely
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>> yeah, absolutely. in particular because he will undoubtedly be asked about the no-deal scenario, what that means, how that alters bank thinking and their view on the economy. given several brexiteer wing of the conservative party called him a key architect of project fear, i think he will be trying to play his cards close to his chest today. i will ask you, based on what he said over the last couple of years, has he proven to be correct as a market participant? >> on the brexit issue >> yeah. >> doesn't look so far like that is the case. we were warned that the vote to leave the eu would -- there would be a mini recession type of slowdown coming after that
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vote as business confidence and consumer confidence evaporated that didn't happen the bank of england is telling you we cut rates, we did more qe, that was a key reason why that never materialized. then growth has been stronger than they anticipated. so in a way you could argue we didn't necessarily need that additional stimulus. i'm not sure he has called it right. >> if we leave aside all of the noise around brexit, you may breathe a sigh of relief, many non-uk viewers may also breathe a sigh of relief what is going on in the underlying economy what does that mean for inflation and growth outlooks? >> we had a great q3 and growth, we expect some payback for that in q4, so growth will be modest this year. so 1.3%, 1.4%.
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which is a little bit below trend as far as the bank of england are concerned. because they are factoring in this smooth brexit, sorry to mention it again, because they're factoring that in they're expecting rebound next year as business confidence returns. so they're sitting there using this as their best case for them, which is why it's important to understand how things will change under a no-deal. for inflation, i think there's probably a little less district feed through in terms of how the changing political situation affects that cpi is expected to fall back to 2% over the coming couple of years. obviously if sterling weakens dramatically on the back of what goes on in parliament, then that may be revised slightly higher certainly the near-term projections for inflation might
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be revised higher. obviously, you know, if we have growth slowing as well on the back of uncertainty then the further out projections, if you'd like, might come down a bit. >> we'll leave it there. thank you very much. we'll watch that closely once mr. carney starts talking in a few minutes time now on the other side of the atlantic, ivanka trump used her personal e-mail for government business according to the "washington post." the newspaper reports that the senior adviser and daughter of president trump sent hundreds of e-mails last year to white house aides, cabinet officials and her own assistants using a personal e-mail account the newspaper added when questioned about this by aides mrs. trump said she was unaware of some of the rules a spokesperson said ivanka trump
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sometimes used his personal account but none of the e-mails conta contained classified information. 16 democrats published a letter overnight referring to nancy pelosi as a historic figure but calling for new leadership tracie potts is joining us now from washington. this seems like a moment of success for house members from the democratic side, yet here they are with infighting kicking off quite early on before they have taken their seats >> it's not a big surprise we heard that there would be a challenge if not more than one challenge to nancy pelosi. the 16 democrats who signed, one hasn't even been elected yet that election still in limbo but they're saying this election calls for change on the outside and inside when it comes to democratic leadership. 16 democrats could make a difference we know there are others who did
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not sign this letter who have said they will oppose her as house speaker. there are a couple who wanted to run against her who did not sign the letter so the actual number of people who might vote against nancy pelosi is still up in the air. she can afford to lose 14 based on the current makeup of the house if, in fact, no one votes present, which begins to change that number. she can afford to lose 14. it looks like her speakership or her possible speakership could be in jeopardy we are continuing to follow that along with the effort by democrats to derail the appointment of the acting attorney general, matt whitaker. they have gone to court asking a judge to declare that whitaker could not serve as the attorney general because he was not dooley appoint dueley appointed
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a judge may decide whether whitaker who has been publicly critical of the russian investigation, whether or not he can oversee that investigation >> sounds like a lot of interpretation of the constitution to follow tracie potts live from washington this morning. let's check in with the u.s. futures market ahead of the open the s&p 500 looking to open lower by around 15 points. dow jones also being called more than 150 points lower at the open nasdaq looking to open down 49 points that's it for today's show in london i'm willem marx. "worldwide exchange" is up next. xfinity mobile is a new wireless network
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it's 5:00 a.m. asia and europe are down dow futures indicate another likely drop today. call it the f.a.n.g. fumble. facebook, amazon, apple, netflix, google all touching a bear market. it's not just stocks bitcoin down again hitting the lowest level in more than a year. deutsche bank shares tumbling to all-time lows. we'll find out why. and new developments following the arrest of carlos ghosn. all of this happening on this tuesday, november 20th "worldwide exchange" begins right


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