i'm christine tan. in asia, shanghai stocks after data shows chinese investor output and credit all beat expectations in august. >> hello, everybody. i'm louisa bojesen. in europe, magna says it has plans to deal with the central conflict of interest at the carmaker. >> and i'm brian shactman in the u.s. the question is, who is the man behind the mac? major changes ahead for one of the top wall street banks.

>> hello, everybody. welcome. you are watching cnbc's "worldwide exchange." we're very pleased that you're with us on this friday and we'll kick off our market run with a global look at the ftse cnbc global 300 index indicating that we've seen a little bit of buying here initially at the get-go on european trade. if we show you our european markets, you'll see the telling has been rather broad based. we're tracking strong gains that we've seen in wall street, incidentally. the strongest run of gains that we've had over the past five days for wall street that we've had since november of last year. investors snapping up banks, like lloyd's, commerzbank being bought up this morning and all the focus is on commodities on the back of copper higher by 1.5%, gold is higher, oil trading higher and the dollar

cross rates, we saw the doctoral hitting this one-year low on the back of the strong chinese data. so a lot of attention on the dollar with some pretty important u.s. data due out later on today. we'll talk more about that in a couple of moments' time. for the meantime, i was mentioning the chinese data. christine, good to see you. what's beengoing on in asia? >> hey, louisa, good to see you, too. in japan, the strong yen hurting the exporters, dragging this index down 0.6%. elsewhere, the strong data from china is giving investors something to get back into the markets. kospi up 0.4%. we've got comments from premier juan song bao. the australian market up 0.5%. this is how the crude oil picture is looking. oil is higher, as louisa

mentioned just now. right now, nymex light sweet crude is trading up 7 cents, $72.01 a barrel and brent is in lean, as well, up 18 cents, $70.0 3 a barrel. fridays are usually good days, but this friday is especially better or even, you know, best ever because we have a good friend back with us, just for a little while, and he's brian shactman. >> i know. >> good to see you. welcome back. we miss you. >> good to see you, christine. i haven't seen you in a long time. it's good to be back. i don't know about the 2:00 a.m. new york time wake-up call, christine, but it is good to see your lovely face, as well as louisa's, of course. let's take a look at the futures. we have a five-day winning streak in the dow. fair vowel, down about 19 fair value at this hour. trading is thin. we have university of michigan consumer sentiment today. that's really the most important of the data points.

we are negative across the board here, but a pretty muted trade at this hour. taking a look at your treasury, your bund is sticking in at 3.28%. and your u.s. ten-year note, take a look at that, we've had some issuance to deal with, 3.34%. incredible. i thought we were at 3.5% just a little bit ago. take a look at gold. i've done a fair amount of work at the nymex tracking the oil and gold trades the last few weeks. a lot of traders thought once we breached 1,000 to the upside that we were off the to races. it has proved not to be the case. we keep the eye on that $1,000 level, a technical level. $998.55. let's talk about global markets and bring in andy lynch, fund manager at schroeder's. andy, i'll start with you. here in the states, we've talked about some of the words from tim geithner, both on the town hall

meeting here on cnbc and what he said in washington. when we talk about exit strategies, it's really what we're focused on. if we get another set of data for the month of september, markets are pretty strong, if we start talking about extricating ourselves, could that be a net negative for the markets moving forward? >> i think if we start talking about extricating ourselves in a genuinely slow, gradual way, i don't think it would be taken too negatively by the markets in as much as we already know that the guarantees for the mutual fund money market is rolling off very soon. that is not spooking investors. so i think if we see stabilization policies pulled away very slowly, very gently, people can deal with it. if, on the other hand, we see a sharp move saying, okay, everything is fine, we can all not worry about it any more, get

rid of all the efforts that we've done, that would be a big mistake and i think policymakers globally are aware of that. so i think we'll still be talking in 12 months' time about support policies at the end of quantitative easing. we won't see it all happen for at least 12 months. >> mark, with the markets you focus on, are we ready to go beyond just the concepts of reducing some of these programs? is it time? >> well, i think, yeah, serm, investors are very focused on these issues and are concerned that government central banks will pull back from some of these measures. i think interestingly, premier wynn was talking about china saying committed to its fiscal stimulus package because a time of what is driving the chinese economy this year has been predicated on the back of excessive bank loans that have been extended out, certainly through the first quarter in

april. and the latest numbers show that they're still pretty strong, not of the same proportion that we saw in the early part of the year, but being maintained at a fairly reasonable level to keep the economy from ticking over. so i think trying to ease investor fears that the government will pull back in this region, the main economy, china, at least in the northern part of the reason is that the chinese government won't pull back too early and reassuring investors. but at the same time at the same time, highlighting the fact that as we move into next year, sort of china will be at the front end of a move to reflation. we're expecting to see the deflationary numbers inion pos as we move towards the end of this year. i think premier wynn was highlighting that moving into next year.

>> we know strong data coming out from china did give asian markets a lift. how much of what's going on in china will continue to drive equity markets higher, you think? >> clearly, china has been a huge factor this year in encouraging capital flows into the region. and an expectation that somehow the growth in china would spur economies elsewhere across the region. it's still the case, though, that it is driven by demand in europe and the u.s. consumption growth is unlikely to be there. as we're moving into next year, we have heavily dependent on liquidity, which has been driven in a large part by the stimulus measures, but also by a return almost to sort of klattical investment banking models that we've seen in the u.s. and commercial banks to some extent in europe providing a lot of financial liquidity.

sole a lot predicated on that. and to an extent, a large extent, hope that the government is forthcoming globally. and do you agree with what mark is talking about? how much will it be felt in europe or the u.s.? >> i think the world economy is very interconnected now absolutely, sitting here in europe where we're all looking at what's happening in china and saying, can china save the world? is the growth in china enough to keep the world economy ticking over? mark is absolutely right, there will be slow consumption growth, if at all, out of europe and the u.s. because we've all got far too much debt and have to deleverage. so the global economic growth has to rebalance itself and the biggest engine to start taking the strain has got to be china. and so we need to see policymakers there avoid making

mistakes. they've done a good job so far. and over time, consumption across the border a region start to pick up and move economies away from that export dependent that mark rightly talks about to a more balanced growth and hopefully europe and asia can come back to decent growth rates four or five years down the track. >> mark, it's louisa. we were propped up by the government. now some would argue that the economy is starting to take on its own propping up mechanisms, we're starting to see companies turn around themselves, etcetera. how much do you think that the government stabilizing process still has a play in the market recovery we're looking at now and how much do you think that the economy and reality would be able to stand on its own, as it were? >> well, in trying to make that assessment, we look through sort

of the economic numbers, really, at the employment picture in the developed world largely. as i say, in this region, we have heavily dependent on end user nand in the developed parts of the world. so we look through the stabilization and we don't see a lot of range growth coming into next year. we don't see that employment picture really -- it's bottomed out. we don't see it improving significantly. so without wage growth, you've got a question where that extra boost from consumption is going to come from, particularly as you're indicating or suggestioning, these stimulus measures start to ease or the effect of them starts to phase out. so certainly in this region, there's been heavy dependentsy on those numbers. where at the moment here in hong

kong, we've got a whole slew of ipos coming through and the market has received that very well. >> andy database do you think -- i'm not sure is that we necessarily have to see another leg down within the next four months or so for the rest of the year. but it does seem like the economy is underpinning itself to an extent where we might be able to maintain these stable levels that we're currently seeing. i think the economy probably has found a bottom which is precisely what all those stimulus packages were designed to do. but when it come to equity market levels, i think we've come from discounting stabilization to economic demand. so a lot of companies are back to trading on 10, 11, 12 times the peak earnings they reported in 2007 and 2008.

and for a lot of industrial companies, i find it hard to believe they're going to get back to those earnings any time soon. yes, they're cutting costs. they are doing all the things they need to do. but the top line i don't think is going to be there. and so the earnings aren't necessarily going to come through to justify the 100%, 150% rise we've seen in stocks. so we've had a pullback. i'm not saying they're going back to a 660 on the s&p. but i think we've come a long way and a pullback just to rebat the market a bit is actually probably quite healthy for the long-term. >> andy lynch from schroeders and thank you to mark, as well, marco then, thank you very much. magna has promised investors and clients that it will guarantee a, quote, complete

separation with its current business from opel. they secured a 55% stage in opel after months of negotiations. gm had no alternative to the deal because of the cost of raising billions of dollars to keep the brand and fund its restructuring. the deal bring clarity to 50,000 of their workers. >> translator: the board of gm has decided to sell the group to magna has the german government has negotiated and welcome. i'm very pleased about the decision which is what the german government wished for, the employers and the employees of opel had wished for. data out of china suggests that the world's third largest economy is well on its way to recovery. industrial output rose 12.3% in

august. and overall consumer prizes fell 1.23%. the only weak spot, of course, was trade. we had ex ports slump by a steeper than expected 23.4% as global demand remained weak. elsewhere, japan is out of a recession. the downward revision was mostly due to falls in inventories which analysts took as a positive sign that japanese firms are clearing out their stock faster than expected. but they warn that global economic recovery cannot depend on an improvement in the export sector. brian. >> thank you, christine. john mac will leave his job in january, but will remain on hand

as his chairman. right now, goreman is cochairman of the company and on the retail side, it's a little less profitable business and the bond business of mr. mac's background, but goreman is seen as a pretty safe pick. a lot of people have talked about him for months to replace mac as they try to recover from last fall's near collapse. treasury secretary tim geithner addressed concerns about how american taxpayers can flip the bill. >> i wouldn't give a penny to a banker, to benefit a banker. but if you let the system get to the point where people are taking their money out of banks, where people can't get credit, where things stop, then you will

see companies fail, unemployment rise, pension values fall by 34%, people having to work a decade longer than expected because of that damage. so it is the necessary thing, it's the fair thing to do. >> coming up on monday, president obama will give a speech on the financial crisis at federal hall in new york city. he's expected to address how his administration is hamming the crisis and its commit to lessen the role of government moving forward. you can get more news, videos, what have you at cnbc.com. >> we look like some type of sick candy. >> they need to get the specific color green right. it's not just green, but what kind of green. and what kind of blue am i

wearing? oh, oh, made you think there for a minute. anyway, well be back and focus on china's data. plus, john mac steps down as ceo of morgan stanley in a sign that the investment bank is changing strategies.

welcome back to "worldwide exchange." becky, what, is achesth straight day of gains is what we're seeing so far. >> yesterday we dipped a little lower by tend of the session. it went below that 5,000. we're back above it now. we're averaging about 11 points above that crucial 5,000 level. let's see if we can close above that level once again today. looks good so far today, anyway, gaining about 23 opponents or so. amongst the gapers, plenty, plenty of gainers on the ftse 100 today.

banks generally looking strong. let's look at individual stocks on the move, as well, particularly some of the insurers are fairly stronged the. we had an upgrade by bank of america and merrill lynch affecting insurers here in the u.s. and elsewhere in europe. old mutual, for instance, has been upgrade i by analysts. and watching prudential, as well, as shares of the crew have been adding a bit of ground today because we had the introduce with that ceo business suggesting that they are looking toward the wealth kraet creation creating opportunities in the area. >> we are up over 5.5% over the last trading days in frankfurt. metal just turned negative. there's talk in the market, as well, that one of the major shareholders is giving up his voting rights, however, still

keeping the majority shares. and there's talk that one of the big investors is keeping on to their share. interesting debate is going on in terms of how to revolutionize the financial system out here and our chancellor is mistaking comments about bonuses and pay. and she says that bankers' pay will be on the ground at the end of the month. she actually sees a four-year time frame for bankers in general. now, we heard, of course, the gm and magna deal. we heard also the question mark rather than exclamation marks behind that deal. german imports are very critical. they're saying for now maybe this is a solution, but for how long and at what cost? so germany will keep the jobs while others in the european

union are being lost. the kid me is all performing nicely. >> christine with, we've got lots of against here. christine lagarde said that this will be discussed did he end of the meeting this month. now talking about the markets, air france klm is driefrlg the session after a newspaper this morning reported that the airline is planning to lower its cargo capacity by approximately 50% and would increase prices by 20% to 30% as air france klm is trying to address the serious decline of the airline activity. the airline posted for august a decline of 60% and the decline is very sharp since the beginning of the year. >> the stock has traded to is i

suspend its re-tuckering plan. during the six, six employees of france telecom committed and that is why the company decided to suspend the plan as the mobility for its employees. now to christine in singapore. >> hi, stephane. markets are mostly robust here in asia. we had retail investment data for august, all very strong. we had shanghai stocks gaping 2%, the a sign shah, you know what? global index remains weak. dow jones claims a former prisoner has been sentenced

forever a number of years. this is what is happening, the latest wires coming out, former taiwan president was found guilty on friday and sentenced to life in prison. hong kong shares gained, meanwhile, 0.4%. the gain necessary china did very little to help hong kong move higher. in japan, slumping 0.7% as the stronger yen hurt the exporter stocks there, especially the automakers and after the markets closed, we had npp dokomo planning to launch a debt takeover for net mobile's closing share price on thirs thursday. over in sydney, australia, shares closing at an 11-month

high. of course, the nation's biggest department store, meyer, said it would float the company on the stock exchange this year. on that note, let me send it over to brian in the u.s. hello, bien. thank you very much, christine. today in the states, we have three economic reports. out from the university of michigan, we'll get consumer sentiment numbers. analysts are looking for a september reading of 67.0. we'll have the report on august import prices. in terms of that one, forecasters believe the numbers will show a 1% drop in the first months following a six-month drop. at 10:00 a.m., we'll have whom sale numbers. that, my friend, is your global

stock watch are on a tuesday. coming up after the break, we'll brk you all the information on that. dddddd

i'm christine tan. in asia, we're looking at china stocks jumping today after choin he's loans and credit beat expectations. >> hi, everyone. i'm louisa bojesen. magna says it has a plan to deal with potential confliblths at the carmaker opel. and i'm brian shactman in the united states. the markets try and make it six winning days in a row. >> hi. welcome back, everyone. this is "worldwide exchange." we promised you some data and we're getting that on the wires right now. producer output prices for the uk rising by 0.2% month on month. down by 0.4% year on your. it's a less than expected fall on the year on year drop. on the month and month today, i was looking for an increase of 0.1% according to some of the forecasts i had been looking at.

if that's the case, we are looking at the output prices rise a little more in terms of 0 of 0. the input prices, varied by our environme environmental issues, wa better drop continues 2007 and you're looking at the starling charts read now. the 1.6666 is the number we're looking at. let's bring in james shrugg, a little drop year on year for producer prices. >> i think the main thing to be aware of with these figures is that from august on wards, the base effects become very unfavorable. that is, last year's sharp drops in energy price res now dropping

out of the annual calculation. so regardless of what the monthly data do over the next few months, you're going to see the various annual rates become much, much less negative or indeed turn positive again, depending on how the monthly data performs. but the big swings will be in the annual rates for now and the sharp pace of decline in import prices in particular and headline output prices, those declines will now diminish from here on. >> so if you strip out something like oil, i mean, how much inflationary pressure are we looking at in reality? >> well, the fact other sector is not generating any pressure at the moment. there is still a wide output gap that is fog to hold down inspectionations for a long time. >> okay. james, you're staying with us.

let me run you through the markets if yew just joining us. the ftse cnbc global 300 has been trading slightly higher this morning. we started on an upparticular became 0.5% or so. our bourses are positive across the board, as well. as indicated, we're waiting to see whether or not we can close out on the sixth straight day of gains. when it comes to the currency markets, we're seeing buying against the dollar. dollar slrl yen lower by almost 1%, 90.97. so we have seen that come back quite a bit here within the past couple of sessions. speaking of the yen, speaking of asia, how are you and how is asia looking? >> i'm always good on a friday. i'm always perfect on a friday. here in asia, markets are looking a little less than perfect all with the exception of what happened in japan, of

course. this particular market down 0.6%. elsewhere, the strong data from china really gave investors a chance to get back, put some respects on the table, get into the markets again. the kospi is up 0.4%. the shanghai composite is up 2.2%. the premier said the government would continue massive spending and that's continue to go lift sentiment in the market. the hang seng up 0.4% higher and the australia s&p/asx 200 is up, as well. >> thank you, christine. we're negative across the board on futures by about 16 points in the dow and basically about 4 plus points in the nasdaq and is s&p 500 also slightly weaker today. we have michigan consumer sentiment leading the way in terms of data points. quick look at the u.s. ten-year note, 3.34 $3.34 at our last ch.

we'll keep an eye on that. christine, right back at you. >> let's head back over to james shugg. games, good to have you with us. as wants wind of clear stock perhaps to the global economy or the japanese companies are here. >> that implies that in the third quarter, you may get an inventory boost to gdp. but you have to be careful in suggesting that is where you're getting optimism from. because in many quarters now and from many jurisdictions around the world, we've been hoping for this inventory turn around to come through and there's not yet a lot of evidence of that coming

through yet. and essential for the japanese economy, looking into 2010, we remain very concerned that the current blood pressure in growth may turn softer again. so, you know, i wouldn't take too much out their tess numbers at all. >> how farther file int recovery over there in chun na? >> i dare to see the it, we don't see it as being fragile at all. the trade numbers and retail numbers are better than expected. the value added numbers backing the strong measure from the pmi surveys telling us that the industrial sector is kicking in even further, it was such a broad based sway of data and all of it positive, that i think you really do have to take an optimistic sort of bias based on

what we saw in that data. and serm with the fiscal stimulus having an impact and global trade seem to go free up somewhat, i think it's reasonable to look forward to 2010 in china with an optimistic view. >> james, it's brian here in the states. we have, of course, wholesale inventories here in the states today as well as michigan consumer sentiment. my question really is, how much of a trend of above news do we need before we can get serious about talking about limbing qe and getting out of of these? >> well, certainly for the fourth quarter, we would need to see a similar pace of groigsd to the 2 peshs to 3% annualized.

before you could contemplate being confident that what we're seeing at the moment is anything more than just a policy driven activity. we are not yet comfortable calling the u.s. economic story a recovery. all that's happening at the moment is that the economy is responding to the extraordinary stimulus that has been put into place on all policy fronts. we are not yet seeing any real evidence that this is a sustainable intrinsically driven coming coming through. >> how much weaker do you think the consumer is going to get and how much of a drop do you think we'll have to see in loan demand? >> well, the consumer has been void by the cash for clunkers numbers scheme, which has now done its course. so we are going to see sharply weaker consumer numbers in the next couple of months.

i wouldn't worry too much about that. you need to look beyond the drop in auto sales to figures for retailing around october/november before you can get any sense of what the story is doing. but that big drop in consumer credit earlier in july, that certainly was a big concern to me and rightly so for the markets, as well. >> james, thank you very much. james shugg, senior economist from westpac. >> we've been talking a lot about china. data out of the country suggests that the world's third largest economy is on its way to growth at its fastest pace in 12 months. ex ports slumped deerer as expected. >> let's get more from bin zenfandorfre. our earlier guest seems to think the growth in china is pretty

strong. which side do you lie on? i think i would lie with win zir-bao. essential the industrial production figures are stronger. but i would be cautious about interpreting those figures, activity collapse this time last year and base effects will inevitably produce faster year ago changes for the remainder of the year. at the same time, i feel the data underscored the point that in balances, there's is a gena n genuine problem. and speak of risk, there a alternative open your part that china is in danger. >> the banking regulators have

successfully curbed credit growth to just around 400 billion ewe woon a month. it was almost triple or quad ruining that rate yearly a year ago. i think rise food prices is a prob. i think this is the big figure. that was a 0.5% increase in food prices after food prices fell the previous month. that's important because it reduces consumers' purchasing power. and the risk is that as food prices continue to creep up, and we expect they will, it's difficult in that environment to get a private investment and inbalance. >> bean, it's ben in parts of the state. there's so much debate over the numbers that come out of china, but putting that aside for a

moment, how should investors interpret what they do see coming out of the numbers in china? >> it suggests that the recovery is intact and there's no doubt about that and gdp growth will accelera accelerate. it's how are we getting that 8% market here? my worry is that we need to see 340r chaeraces of equipment. anecdotes indicate that is week, in part because the boebl market has to wonder. >> china has provided limited support to the world's economy according to you. even if we take away half of the growth we think we're seeing in china, whether it's 8% been 10%, somewhere around that level,

even if we take away from that, china is not going to go backwards, isn't isn't it over the couple of the next couple of years. >> no,ly ily. and in order to get 10%, we need a substantial economic re230r78. no different to the forms we got in the 1990s. so far, all we've got is physical deficit spending. >> hey, ben, this is christine. whether china is diversifying, we know china is a big buyer of u.s. treasuries. now it seems to be going to resources. what can you tell us about china's strategy when it comes to diversification of the dollar? >> look, there's still very big buys of dollar assets, particularly treasuries over the last six months.

i think that point is important. yes, we have seen strong purchases such as the state reserve. in particular, it's been buying up copper. mainly, that's the strategic purchases. we've seen very little diversification out of treasuries and commodities themselves. in part because the physical commodities market isn't big enough to absorb what are billions of dollars of dollar reserves that need to be diverse or that need to be invested every month. >> ben, we'll have to leave it there. it's always very good talking to you. thank you very much for your insight, royal bank of scotland. from china, let's talk about india. ayesha faridi joins us live from mumbai for the india business report. hello, ayesha. >> hello there, christine. the market refuses to budget from there. what's holding up is i.t. and a

couple of the consumer durable counters. on the flip side, you've got real estate, fmcg, and especially the oil markets loss. so you've got counters like bpc and hsbc which is -- >> and along with upstream companies, that is acting as a headliner right now. star industries, the latest in the race and we did hear earlier on that ster lite has indeed raised the bid for sarco to $1.65 billion. so interesting state of events. the war continues between group of mexico and sterlite. meantime in the macroeconomic data front. they have indeed come in higher

than expects this kachtal growth to some beads of slippage. but all in all itself, a very flat session for the markets. with that, it's back to you. >> ayesha, thank you for that with the india bit report. v a good weekend. >> here is asia. meyer is plannin to list on the local stock exchange before christmas. meyer is partially opened by tpg. the deal could be worth $2.6 billion. this will be australia's biggest initial public offering since the credit crisis again. metallurgical corp. looks set to become the second largest ipo this year. it could know worth a behind

$5.3 billion. trading starts on september 21st in shanghai and september 24th in hong kong. analysts say its a shares could rise 40% on its debut. louisa. >> germany's bmw has posted a record number of monthly unit sales in china with a 63% rise in bmw and many cars during the month of august. the automaker produces cars in china with brilliant automotive holdings. saw sales rise by 31% month on month. >> on the heels of cash for clunkers, gm in an effort to attract even more customers will be aufrlg a 60-day money-back guarantee. starting on monday, consumer can be a look and away liar mers

will have to look at the programs. the program will run through the end of october.. also, the s.e.c. has pledged simply to do a better job after it fails the protect investors from a multibillion dollar ponzi scheme. s.e.c. directors told a senate hearing on thursday, there will be major reforms to improve the agency's ooblt to cut faud. coming up here on "worldwide exchange," after months and months of hesitation and speculation, gm finally decide can to sell a major stake in opel. the question is, what are the implications of the decision and could it change the outcome of the germ yanl elections? >> we'll take about that dollar

dispense the yen here today. 

welcome back to "worldwide exchange." worldwide@cnbc.com. david johnson is a dealing director from halo financial with us on a friday. the aussie dollar and the euro, i want to start off there because we're pretty high on both of these currencies. >> yeah. >> what should we be buying over the next six moss or so. where can we buy anticipate to see further rises? it's an interesting thing that they correlate so closely. we had quite a big debate over the last week to find what that correlation is. and it seems to be purely a correlation to their value against the u.s. dollar. there doesn't seem to be any particular reason why those currencies should be joined together. there's no underlying economic reason. both ridiculously strong. very strong against the u.s. dollar. the aussie in particular is very

strong against sterling, although sterling is holding its ground a bit better against the euro. so of those two, i think, you know, you've got to look for euro/dollar to head higher. i think 1.48 is a clear target on euro/dollar. the aussie, a bit more difficult. and the kiwi dollar is an equal partner with those two. there's a very good chance we'll see kiwi dollar strengthen against the u.s., as well. so i think all three are interesting pairs. >> this is in an obvious down

trend. so lower highs, lower lows, definition of a down trend. i think 92 will break and i think we're probably heading for 87. 90 is quite a big level, though, for all sorts of technical reasons. so there's a chance that it will bounce from 90 before it finally breaks through. the u.s. dollar remains quite a frequently, we're seeing a lot of stimulus coming from the markets and we're not seeing underlying growth and underlying economic performance outside of that stimulus. unless we see that, and i guess probably if two quarters of economic contraction is a recession, then two quarters of economic growth you would consider to be the end of a recession, then you'll see those things. i think we're still in that pattern in a moment. >> david, it's good to see you.

i'll give you my bill philosophical macro question. i've read so much. most people think the u.s. dollar is on its way to zimbabwe. how do you address all those fearful people out there that even in the face of all the current data points still talk about this rampan, crazy inflation? >> interesting, zimbabwe adopted the u.s. dollar. i wonder what the u.s. adopts when it gets into that problem. the situation in the u.s., i think we discussed it a few weeks ago, there is still a flow of funds out of the u.s. into the attractive interest rates in australia and new zealand and into equity markets elsewhere. at some stage, we'll be confident enough that the u.s. economy is growing out of recession. when that stage comes, people will be happy to invest in the underlying economy.

but until that stage comes, we have to look at u.s. dollar weakness in the short-term. as for ip nation, it's such a different things to pick at the moment because the car sales will be boosting in turnover and other things are related to the stimulus packages. until you can strip those out of what's going on, it's difficult to know, you know, really, what is going on in the underlying economy. >> david, thank you so much. have a lovely weekend, whatever nonsense or miss chef you get into. >> thank you. the weak dollar means simply that brian will have to pay a lot more to visit you and me, louisa, right? >> exactly, with your two-week old baby, brian. congratulations. >> thank you very much. that's why i have bags earn my eyes. >> like the rest of us. >> they are louis vuitton bags. coming up in the next hour

of "worldwide exchange," we will bring you up to speed with all the top stories making headlines across the globe. >> that we will. plus, our next guest, it's interesting picks for his dogs and stars in the equity markets. we'll ask where he puts technology and telecom stocks. we'll find out right after the break.

i'm christine tan in asia. shanghai stocks after data shows chinese output, investment and credit all beat expectations in august. >> i'm louisa bojesen. in europe, magna, soon to be owner of opel, says it has a plan to deal with potential conflicts of interest at the carmaker. >> and i'm brian shactman here in the u.s. as the markets look to make it six in a row, wunl of wall street's biggest names will get a new ceo. welcome to "worldwide exchange" on a friday. it's good to be with you. i haven't been on the show in quite a while. let's take a look at the futures here in the states as we try to wrap up the weekend. things have been strongly to the upside, although the numbers haven't been -- you know, no triple digits to the upside, but there is a winning streak we're dealing with today. they're going to have to crawl up the wall of negativity.

it's 15 points to the downside against negativity in the dow, almost 4 points or so to the down side. we have seen some improvement in the s&p 500, but still down more than 1.5 points at this hour. we have michigan consumer confidence, wholesale inventories as well as import prices. so we're not seeing prominent data points that move the markets hugely, but we will be paying close attention to see where we stand in terms of the trend of the u.s. marketplace. take a quick look at your bond market, as well. your ten-year bund is ticking in at 3.28%. and the u.s. ten-year note, pretty close, 3.35% at our last check. now, i don't know what kind of adjectives i would have used for ross if he was here. >> i like how the adjective for christine is elegance and i get rambunctious. >> it's accurate, toe, isn't it? >> you'd better be lucky that

you're in the u.s. now watch, tonight, your baby is going to cry all night long. but we're so happy for you, brian. it's great news. the european bourses are higher by 0.3%. 4,283 at the moment. it seems we're heading into a releveling mode following on from a week where we've had significant gains across the board. you can see that the gains are continuing for all of our named european markets. higher by approximately 0.5% or so. the dollar cross rates, we were just talking about these cross rates. i know a lot of your questions coming in on the currency markets, keep your questions coming through. worldwide@cnbc.com. we'll try to pose questions to our guests. christine, the elegant christine. >> hey, louisa, i have an adjective for you. vivacio vivacious. that's a good one, right?

i think that's much better than -- anyway, let's calm you vivacious. here in asia, this is how the markets are stacking up right now. the strong yen hurting exporters in japan. the that is pulling the nikkei the 25 lower by 0.6%. the kospi up 0.4%. shanghai composite gaining 2.2%. the hang seng getting a lift, putting on gameses 0.4%. and the aussie market up 0.5%. nymex light sweet crude was gaining and now it's heading the other way, down 26 cents, $71.68 a barrel. let's see if brent is heading downwards, as well. right now brent is trading down 13 cents, $69.73 a barrel. we're seeing a reversal here, louisa. >> christine, thank you for that. we just need to pick up on some of these market moves and talk strategy and how we park our

capital, essentially. we're joined now by churm. what happened when and if the government starts backing off? >> there is a tremendous amount of liquidity posed from last year. you've seen effectively a v-shaped recovery coming from that. and the debate now moves to what are the exit strategies for the banks. there is a risk of data recovering again or something that is more anemic in that environment. the likelihood is that the central banks remain with a loose fiscal or monetary policy for longer than most people

currently digest. so that is generally a better environment for markets in the near turm. >> so for people that want to add to their positions or invest in the equity markets, if they're waiting for a dip to jump in, are they going to get it or should they just continue -- because, you see, smon wants to be the dumb money. and everyone is sort of wondering if we're going to see a pullback of some major proportion. >> in we've been positioned, you've generally seen that as we entered september, then the general thought process was there would be a correction. it now seems that so many people are looking for a correction just by that same sort of logic, it will be delayed. and in the meantime, we have a lot stronger economic data, but also profitability data. you see that the consensus of analysts on the street are raising their earnings numbers significantly. so the likelihood is that the

any correction that people were looking for in september maybe comes in october or november, but it doesn't look like the market wants to head down sharply, at least in the next few weeks. >> khuram, this is christine here. we have strong data coming outs of china helping to lift asian markets. if china happens to hold up, could that give september a lift? >> absolutely. china is a key factor here. back to the beginning of august, we started to see a very different relationship develop compared to the data coming out of china. the data was strong. the market corrected the developed markets were looking elsewhere. and now there seems to be some stability after a 20% correction in chinese markets. the likelihood is that is actually very supportive for the developed world. if stocks should become

undermined again, because of liquidity or stimulus withdrawn at a faster pace as the risk seems to be in china, then the likelihood is that contaj yun will travel to the developed markets. but it seems like china is a key building block here. if china is stable and the markets are head up, then it's still on a developing path. >> who are the stars and who are the dogs in today's market? >> this is a piece of research we've done recently where we look at the compensation of earnings as well as sales. the key question mark is do we get knit top line growth in this recovery. there seems to be aggressive cost cutting so far. so we would rather a star as a company or a sector where not

only the earnings are improving, but that is a key feature of top line improvement. so those are the stars. generally you're finding a mixed bag. financials are a new stock, the yield curve being very steep means that financial companies are in a very nice place to develop top line growth as well as earnings. but by contrast, you still have some of the defensive areas like staples or health care that are still a key feature of showing not only aggressive cost cutting, but there's top line xwompt in there, too. >> and one word, the dogs would be someone? >> something like the sort of, you know, telecoms, it's a cheap sector, but you are seeing both margins and the ability to restructure are being -- are moving down sharply. >> okay, great. maybe two words. khuram choudry from securities from merrill lynch, you're staying with us. still to come, the mack pulls

back. he's leaving morgan stanley. does this signal a conservatism in the bank? gm sold control of opel to mac na. will that be enough for germany's angela merkel?

hello there and welcome back. gm has decided to sell control of opel to magna. it brings clarity to the unit's 50,000 workers. analysts said gm had no clear alternative because of the cost of raising millions of dollars to keep the brand and funding its restructuring. the german chancellor angela merkel has welcomed the decision. >> reporter: gm has decided to sell the group to magna has the german government has negotiated and welcomed. i'm very pleased about the decision which is what the dperman government had hoped for. >> let's talk more about the car sector with our guest host for the hours, khuram choudry. your thoughts on the autos at the moment? does it mangs sense to

restructure the industry at the moment or do you think we'll reemerge from the slump that we've been in. >> we've come from a number of years where there's been excess supply and constant deflation in the car industry following the credit crunch issues in the last 18 to 24 months. you've seen impacts of an industry going through a big change. the expectation was that sales from cash for clunkers and similar programs across the world, we have seen a r quite a nice positioning for some of the auto companies. very different scenario. there seems to be a expert management of the supply chain and production. but really looking ahead, unless there's further consolidatiocon

that's the key for whether there's pricing power within this sector. and there still needs to be a lot of restructuring on a global basis because there's too many producers. at the end of the day, we need to see that pricing power more of a secular story than the adjustment we've seen in the last 12 months. >> it's a similar story for opel. they're pulling back from the european market aggressively. granted, gm having undergone huge difficulties for the past couple of months and huge restructuring, as well. but should you be more geared toward your home market again or do you have to have this global exposure if you are in the auto industry? >> generally, the mass market players, those auto companies that have a product in each different market segment, they are global players. the demand is very much an

emerge can market story. that's where the consumer in the next five to ten years is on a very sort of trajectory. that's where the demand is. so they have so be very global in nature, unless you're very least selected car company in either sort of a sports car market or on a luxury end, that is where the mngt is more desirable. but general my, it's a global story and as much towards a global positioning, as want. >> do you like to talk about the topic intellectually or do you see specific opportunities? which of them would interest you? >> indirectly, it's the restructuring that takes place quicker on a global scale where you can see@of that supply and being constrained to a more consolidation where you can benefit from the economies of scales of putting two companies

together, the auto parks. that is where there is going to be a long-term win perpendicular it's not only looking at the north american, but the asian car market. so a certain extent, selected european companies to see how that global auto industry sort of changes. but really, it's the first move or advantage of consolidating and bantering the changes of getting together on a vertical or horizontal integration with the car and auto partsmakers. >> and let's talk a little bit more about this opel deal that has just been announced. the head of the department from deutsche postbank and joins us for more on this, oskin, do you think that general motors, in the end, did they have a choice? it seems that they weren't allowed to sell to rhj because the government wouldn't allow it and it was going to be too expensive to keep the opel unit for themselves. >> right. so the only choice was in the

end to sell the unit and who is the buyer now? i think the german government did something that it's now possible to sell to magna, even thoughts about the technology goggles where to russia. this was the biggest thing they were talking about. there were still some other problems and there are still problems coming up. i think we may hear more news in the next week. >> magna, they make car parts, they don't make cars. we think it's going to cost a lot of cash to keep opel up and running. >> right. for the moment, i think it's easy because the german government will pay and so the next weeks or months is quite clear. but if 2010 will not be the year where the results can be done on the positive side, it will be

difficult and 2011 is the point where they will find new markets where they can sell their products. but they have the ability, then, to be strong enough and well liquid to do that. so i'm not very sure for the moment that the situation will be next year like this that will have the possibility to have all the plans done. >> askin, i'm so sorry, we have to leave it there because of time. >> well, whether it's views, videos, wlogs, whether it's gm, opel, magna, you can get them all at cnbc.com. still to come, will the momentum continue as we head towards the lehman's collapse? we would love to hear from you.

hello, everyone. we're back again. let's talk about the uk markets. becky. >> uk markets have managed to gain today. yesterday we took a bit of a pause from the rally we've seen in recent times and dipped back

below that 5,000 level that we closed above by the previous day. we're about 0.7% to the good and that takes us back above that crucial 5,000 level. let's see if we can stay above it for the crucial level. plenty of gainers on the uk markets. some fairly broad based gains for that market, too. really kind of cut the mixed kind of stocks. if you look further down the list, it becomes obvious that it's the basic resource stocks, metals and miners which are dominating the top 10 of the ftse 100. let's take a look at the other individual stocks on the market today. witherspoons came out with figures this morning telling us their full year sales up by 5.2%, also saying that they have seen like-for-like sales in the past six weeks. also it's fairly strong, higher

by 1% and the stock is acting accordingly. patricia, how is it going in frankfurt? >> over the last 5 1/2 trading days, we are up by 5.5% on that. at the moment, the dax up 0.7%. and i have to say, the volumes may be less than yet, but still quite well. commerzbank had a fantastic rally all week. according to one of the brokers at the moment, after an increase of 3.4%, doing very well, indeed. metro is the only one. we have fears that some of the main shareholders right at the front is prepared to let go of some of its stake in metros.

the midcap index on this friday afternoon doing very well, indeed. stephane. >> air france klm is up 6.4%. in the meantime, it's going to increase its prices by 20% to 30% so we can address the sharp declines in the cargo activity since the beginning of the year and there's no stabilization for the time being in august. the company reported another 16% decline for its cargo activity. also in focus today, france at thely come, the stock is still trading lower, down 0.2% after the company decided to suspend its rate structuring man after one of its employees attempted to commit suicide on wednesday when he was told that his position may be at risk over the

summer. france telecom had six employees commit suicide according to unions, 2 people died the same way since the beginning of the year. that's the reason why france telecom has decided to postpone its restructuring plan and the stock is trading a bit lower. that's the stories in paris today. now over to christine in singapore. >> thank you, stephane. we had retail, production data all very strong and shanghai stocks gained 2.2% after the latest data shows that the economy is accelerating, even though the ex ports have falling. a sign from its global demand remaining weak. and the market closed after the markets closed dow joins reporting the ex president has been sentenced to life in change. he was found guilty of

corruption. over in long song, shares were helped by reports in shanghai. japan also released revised quarter gdp. in south korea, in seoul, the kospi rose 0.4% led by retailers and banks. the nation's biggest department store myers said its private equity owner tgp in the u.s. would float the company on the stock exchange this year. on that note, let me wrap it up and send it over to brian in the u.s. >> thank you, christine. today in the states, we have three key economic reports. we'll start with the university of michigan consumer sentiment numbers for september. now, the expectation is that we'll see a little better than the previous month. analysts looking for a september number of 67.

we'll also have the report on august import prices. forecasters believe the number will show the prices rose 1% for the month, following the first drop in six months. at 10:00 a.m. new york time, we get the wholesale inventory numbers which may have declined 1% in july to the slowest pace in six months. that is your global stock watch. >> coming up, our next guest thinks it isn't too late to profit from the bull market. we'll ask him why and how. >> plus, endowment performances at major ivy league universities are suffering and they're suffering a lot. we'll bring you the details after the break.

it is 30 minutes past the hour. we start here in the u.s. where the markets look to make it six days in a row where morgan stanley will usher in a new ceo. >> and i'm louisa bojesen. equities hit an 11-month high in europe. >> and i'm christine tan.

they all beat expect ages in august. >> welcome to "worldwide exchange" on a friday. hopefully we'll end the week on a positive note. to that end, let's take a look at the u.s. stock futures right now. we have steadily improved as we've been on the air. if you're just joining us, we're still in negative territory in the dow by about six points of fair value. we are not positive, but we have a few key data points and we'll see how that moves markets. we'll talk expectly about that in the next half hour. louisa, how are the bourses

fairing? >> we are still higher across the markets, higher by 0.5% or 1% give or take. i'm checking my streen and basic resources is the main gaining sector. that's leading us higher. of course, we have some of the underlying produces continuing to climb. of course the iea raising its estimates yesterday. i'll show you the dollar cross rates, as well, with quite a bit of focus on the yen i'd say today. we're very close to that 90 handle. maybe set to break out of the recent trading range that we've seen as we were hearing from one of our earlier currency guests. >> louisa, all markets were strong, with the exception of the nikkei 225 which was down 0.6%.

kospi up 0.4%. shanghai composite up by 2.2%. also comments coming from the premier saying that the government would continue massive government spending. that encouraged risk taking. the crude oil is trading lower, $71.77 right now. and brent, trading at $69.81, down just a bit, 4 cents. let's cross live to tokyo and check in on the trading day there. we have nozomu kitadai. kitadai-san. >> thank you, krigs teen. the nikkei index fell 0.7%, closing at 10,444. automakers such as toyota motor

and honda motor took a hit. market sentiment was also dampened by a downward revision of japan's gdp growth. the latest government figures show second quarter real gdp grew 3.2% in the quarter, lower than initially reported in the 3.7% expansion. the downward revision is mainly due to a greater fall in capital investment and weaker public investment. while the new data does not change the government's assessment that the economy is showing signs of improvement, economic and fiscal policymaker noted that it is a cause for concern. nissan motor plans to issue straight bonds totalling $20 billion to 30 billion yuan later this month. the issuance would be nissan's first such offering since june 2007. even though the anothermaker has secured necessary funding for

the furniture and fiscal year. proceeds from the issuance will be used for operating expenses and to pay down interest bearing debt. the bonds will likely have a maturity of three to five years. that was the nikkei business report. have a great weekend, christine. thank you. >> thank you very much, nozomu kitadai of the nikkei. brian. >> joining us now for market strategy is dodge dorland, and still with us is khuram chaudhry from merrill lynch. dodge, it's good to see you. i sort of pitch today same concept to khuram. you're bulis on the markets and a lot of people are cautious about getting in right now and waiting for the pullback is like waiting for gudeau. so you think people could get into the market right now? >> we feel that the market could pull back as much as 4% to 5% and still remain within a

neutral to bulis position. we have seen trading come in much more activity now. we're seeing fairly decent moves. we're not seeing much overconfidence in the market at this point. so from the short-term perspective, the market is still looking to the upside. we have watching the dow. that's the one index that seems to be lagging at this point. >> so where is the value? where are we not overbought? >> the value from an investment point of view, from a trading point of view, financials, as khuram was talking about earlier, china, commodities in general and in particular, financials were beginning to see the trading activity become longer term in nature and not just the shorter term incident tra day trading. >> khuram, hearing dodge mention commodities, do you think that the commodity cycle is intact with the growth story continuing there? >> well, there's two elements

that support that story. one is generally a weaker dollar and the other one is lower u.s. interest rates. that is a desirable scenario for commodities and emerging markets. if anything changes with either of those two things, the fx or the belief that interest rates don't rise that undermines the whole commodity story. near term, it seems very well underpinned and very well supported. but at the same time, there is a gate deal of speculation starting to move into that place because ultimately it is an emerging marketplace. >> and dodge, do you agree with what khuram talked about considering the strong data we got from china today? >> absolutely. khuram has it right on. we great in particular with his concern for the longer term. we're looking at commodities from a trading point of view and we're seeing a lot of volatility across the board. just take a look at oil or gold within for example. but that is where the opportunity is right now. it's from a trading point of view, to take advantage of the volatility both ways.

and so that is the interesting we're seeing in commodities right now. >> what is the best way to buy the commodities? are you an etf guy? what's your approach? >> for oil, we buy very specific stocks, for example, apache would be one or dover. and we try to stay away from the etfs from an investment point of view. in other words, we would we looking at etfs because they move rapidly and intraday. that's where the interest is from a short-term point of view. >> dodge, what would you be most exposed to, asia, europe or the u.s.? >> asia, europe and finally the u.s. >> here in asia, you like india, thailand and why do you find these markets attractive? >> overall, the world markets

are moving in sync. there is enough room room now, enough movement that has gone to the up side so that we suspect that the bottom has occurred in most of the markets. we're finding those markets are beginning to catch up to some of the larger markets, but they are representing where the action is to the up side for the short-term. in relative terms, the percent to the upside is more in those markets than in the larger markets. >> khuram, is this still a stock picker's market? do you still go out and choose your companies based on cash flow or do you go for something like etfs where you have this broad exposure? >> it has been on the macro markets, but i think round about june into july, the markets have started to change characteristics. it's very much a stock picker's market right now. very simply, a lot of screening. but where analysts are raising their earnings forecast, if you have this type of combination,

it's generally one that is suited from a fundamental perspective, but also any market is rising up sharply. these three characteristics are a key feature. >> charm, dodge, we appreciate the time. dodge, we'll see you back in a little bit to get a look at the u.s. markets on this friday. coming up on "worldwide exchange," ivy league schools, listen, if it were an s.a.t. test at harvard and yale, would they make the grade? could they get into their own schools? we'll have more details when we come back.

welcome back to cnbc's "worldwide exchange." we're coming up on 4 minutes past the hour. here are some of the top stories we're watching from all around the world. starting in the u.s. on the heels of the popular cash for clunkers program, gm will be offering a 60-day money-back guarantee. it will start on monday. consumers will have the guarantee on any new 2009, 2010 buick, cadillac, chevy or gmc model. they'll have to return the vehicle 31 to 60 days of purchase. gm doesn't want anybody to return it, but it's banging on the quality of its product. the program will initially run through the end of november.

the s.e.c. has pledged simply to do a better job. after it failed to protect investors from the multibillion dollars ponzi scheme of bernard madoff, s.e.c. directors told a senate hearing on thursday there will be major reforms to improve the agent's ability to spot fraud. one initiative will be to cut 40% of management positions and simply spend more experienced employees into the field to do investigations. also endowments plummeting for two top schools in the united states. harvard and yale saw major drops in the latest fiscal year. harvard's endowment fell 27.3%. yale suffered a 30% loss. for harvard, this is the biggest funding available in the coming years. brian, japan's asahi brewery has denied reports that it is in talks to buy orangina.

only yesterday it reported it was interested in the brand. it could be worth as well as $3.8 billion. and the reports say that a deal could be announced today. loui louisa, i love orangina, don't you? >> yes, i do, actually. but the canadian auto supplier magna has promised investors and clients that it will guarantee a, quote, complete separation of its business with opel. magna and its partners secured a 55% stake in opel. analysts said that gm had no clear alternative to the magna deal because of the cost of saving thousands of dollars. the deal brings clarity for the european unit's 50,000 workers.

>> the board of gm has decide to sell the group to magna. as the german government has negotiated and welcome. i'm very pleased about the decision, which is what the german government wished for, the employers and the employees of opel had wished for. >> it is time for our final thought now from khuram choudry. khuram, to your mind, what has the biggest change been within the past month and what type of changes are you looking for here within the rest of the year? >> i think the first thing is fundamentally the picture has become stronger. you've seen not only stronger macro data from all aspects of the world, but you've seen analysts start to upgrade their earnings forecast.

and the fact that everybody is looking for it, in the meantime, that data is supporting equities. we just hope it will continue. that could be good for cyclicals and risk areas of the market if they're concerned that asia and stock that could rotate back into the market. >> khuram choudry, head of uk and european quantitative strategy from bank of america securities merrill lynch. >> khuram is going to give him weekend plans to our 380 million viewer audience. classic. coming, with the u.s. consumer more in focus, we'll get some analysis in full focus whether we come back right.

hello. welcome back. for all you lucky viewers out there, after "worldwide exchange," there is another life, especially in asia, europe and the united states if you're joining us there, joe kernen joins us.

hi, joe. >> hey, louisa. yeah, a changing of the guard we're going to be talking about at morgan stanley with john mack stepping down and being replaced by brokerage chief james goreman. we've lined up a team of industry leaders and insiders. we would be crazy if we didn't tuck ta about the health care reform. both sights a passionate ly doig this. >> we're going to the former short majority leader dick armey preparing to lead a march to washington. people continue to see where is the mark higher? >> we'll look to ride the rally when "squawk box" starts right at the top of the hour.

back to you. >> thank you for that, joe. we look forward to it and have a good weekend once it rolls around. >> thank you very much, you, too, louisa. >> for more on what the u.s. trading day has in store, we're joined by dodge dorland, chief investment officer at landor management capital. which of these are you looking at closely? >> all three. and the reaction, by the ebtd of the first 45 minutes of the market, we will know the action of the morning. i suspect if there is a pullback, it will be very minor. but one index we will be watching carefully is the dow because that has been lagging. >> yeah. that's the one you've focused on as the dow. quickly, before we move on to other issues, people that are sort of waiting to look toward next week after today's data points, you know, what are some of the big things you're looking forward to? >> looking forward to the lack

of bad news hitting the market. we are in a period now, brian, where we haven't gotten to the point that we are really out of the woods. the fizz favorite of of you recovery is in please. the retipping of the future is fairly positively now. as i s&p this as we can tell into the fall, the perception of the future after that will be lessrizy. >> dodge, i'm looking at a comment from the ecb member saying raising interest rates can't wait until inflation materializes, that it has to be before. do you fear inflation or do you think that we get that one wrong? >> whether or not we get it wrong, louisa, the fact that

people are talking about rising interest rates creates enough concern to have respect for the future. we don't see a run to the upside. that would be the worst thing to happen for the markets. >> dodge, this is christine. we had the lehman brothers collapse on monday and tuesday. how far do you think we've come? >> we have comment 100% from what we faced a year ago and we're on the brink of going into the next step, which is going to be much harder and it's going to take locker to recover. but at least we have come all the way through the first phase. >> give us some perspective, dodge, based on those march lows. do you think we would be in this september now in mid-september or so if i had asked three or five months ago? >> no, absolutely not. there was enough fear in the

market. i was concerned about the market, the fact that we haven't pulled back. at some point it's going to happen. but until there's complacentsy back in the market, the move will continue to the upside. but back then, no, there was no way i could have seen this. >> dodge, there was a recent report put out, i think it was in barrens, that out of the people they polled, that most people saw the s&p 500 just ending the year a couple of points higher from where it started the year off. would you concur with this view or do you think that there's going to be more leeway to the upside? >> louisa, there probably will be more leeway to the upside. but where the performance is going to come in between now and the end of the year is volatility and how much the market is going to move both ways. but i think if you look just at the end of the year, there's going to be more leeway to the upside.

dodge, we appreciate the insight. let's take a quick look at u.s. futures. it is a come better anniversary, of course, september 11th here in the states. even though the years have gone by for many, many, thousands of people, this is a very important day. i want to look at the futures here. we're negative by about 4 points in the dow. in the nasdaq, we're down a little less than three points. we're down about 0.5 points in the s&p. we've been in a tight range, slightly negative, but improving. louisa, are you still doing okay in europe? >> absolutely. and i will concur with you, brian, that it is an anniversary worth remember b and worth remembering the lives of the people who did lose their lives through 9/11. you're looking at the equity markets in europe being higher by small 0.5% or so. throughout the morning pretty much. but we are looking of course forward to the weekend on many levels. thank you so much for watching today. we've enjoyed your company.

>> yeah, brian shactman, it's good to be with you here in the u.s. >> good to be with you, indeed. i'm louisa bojesen in europe. >> and good to be with you from here in asia. i'm christine tan.