a very warm welcome to you. this is "worldwide exchange." i'm wilfred frost. here are your headlines from around the world. shares in had glencore surgery over 10% after the embattled mining company raises $2.5 million. and the move with stocks across europe sharply higher. european rallies across

china. the the italian prime minister tells us he's not too interested until now. >> we have to ask ourselves are there underlying factors which need to be switched. tesco flips after selling for $6 billion. the uk prime minister is set to reveal plans to become more refugees in syria as germany opens its doors to more than 20,000 this weekend. there must be a collective effort, they tell cnbc. >> when a crisis occurs, europe usually is able to take the next best step. crisis should never be wasted. let's use it to work closer together. a very good morning to you. let's get straight to markets which as you can see opened strongly predominant behind me.

we're ups 0.6%. last week, we had europe down 2%, 2.5% during the week. the u.s. is down large, about 3.5%, that coming after the nfp was mixed overall but raised enough uncertainty for rate hikes to leave liquidities down by the end of the week. there wasn't enough down for the nfp but it was undoubtedly poor for equity markets in the u.s. bouncing back as we kick off trade here in london today, the ftse the best part of 1%. similar climbs for continental europe as well. now, let's look in on glencore which is trading sharply higher after it scrapped its dividends and selling assets. merrill lynch have upgraded their rating from the stock. shares were down almost 60% so far this year, before the news making it the ftse 100's worst

performer, as you can see bouncing back 7.5%. and it's year to date down 55.7%. the outlook segment was relatively down up 7.6, bhp, reyoshgs the two big ones also up. we'll be discussing this in more detail with the research analyst paul gate in just about half an hour's time. let's move on, the bonds as i said didn't move too much on the back of that nfp even though the u.s. sold off quite sharply. we've not got the u.s. markets here because u.s. markets are closed for labor day. but it's in and around 1.25%. across the board, we're seeing a little selling, nothing too drastic happened in the bull

markets, in the back end of the last week and this week. selling in an odd fashion. the euro and yen acting more from safe havens from the u.s. dollar. all three, they've all strengthened across currencies. and sterling, 152. it's been weak. just under the radar a little bit. has weakened from around 156 a few weeks ago against the u.s. dollar. so that's something to discuss with steven in an hour and halftime as well. oil prices ending last week with a little strength. just suffering about a percent today. 49.0 for brent. now, we just had some flashes coming out of china in the last couple of minutes. china's fx has shrunk by the largest number on record. what does that mean for asian markets, let's get out to sri in

singapore now. >> now, beijing authorities still have a lot of am institution to stabilize if need be. they want to keep it stable is with the summit coming up later on this month, but i think in the immediate to longer term, depreciation pressure is on the currency. and with that, we could see capital outflows and liquidity exiting the markets, money market, especially at the time when they really need. it it expect the pboc to talk up the liquidity time as they have been doing. that's my read on that. let's take a look at the broader markets. it's important to say, yes, the authorities are pulling out all the stops to try to stabilize and restore calm in the stock markets with limited impact. it was quite a volatile day yet

today. there's still leverage that needed to be, and with that leverage comes volatility. we started the session off in a very good fact everything. and this is where the shanghai composite is down by 2.6%. later in the week, you get a lot of numbers, inflation data and trade balance, that will be important to see whether the chinese economy is waffling in terms of slowdown. what it mean for the fed, the negative feedback loop for these markets has really been through the stronger dollar. it has firmed the asia side like winget and the indonesia rupp as well. malaysia and indonesia, 4030, knocking on the door, 433 now.

that's where we stand, wilf, back to you. >> sri, thank you noofor that. the governor said he's short of the chinese responsibility to slow growth. >> on the other hand, we heard interesting statements on the part of the minister and the government of china, people of china republic. and it's interesting that alongside, there's been an understanding of the problems and perhaps with something taking place. but at the same time there was clear determination, certainly well stated, on acting on a foreign front. and the main objective, and i think this is the first time that coming from officials from china is the need of moving from

an investment-based to a consumption-based economy which is something that is also to be viewed with reforms, change, social security, health systems and concern. >> and did you get the impression that they're in control of the process of reform and as the control of the process of slowdown of the economy? some partners including japan, has been critical of what they heard here, because they didn't hear enough? >> well, it's been difficult to say, it's such a complex country and economy. to say what does it mean to be in control. what is clear is what they are facing. and so they are in the needs ofe

market and also interventions in the way economic activity and consumption is structured. but as it is, they have a clear vision of what is needed. it is obvious that it's not only through office but nearly to make it work. >> federal reserve should not rush its decision to raise interest rates, this, according to the head of the internaonal monetary fund christine lagarde. lagarde cited the impact of strengthening the u.s. dollar. meanwhile, the dollar has gainground after the yen sliding as much as 1% versus the japanese currency on friday. this after a mixed payroll fail to show when the fed would raise rates. joining me the chief justice in bank of america merrill lynch.

thank you for joining us. you say in your notes, the policy diversion trade sa live and kicking. but over the last few weeks, it's been the opposite of that, hasn't it? we've seen the euro and yen strengthened? >> i think we've seen pockets when the ecb announced, draghi very much on the bubble side of expectations. we've seen the rise in euro dollar and performing well against the euro but the broader markets have been one of conversion, paring back those trading. and unfortunately, the dollar is caught in the global head wind of what is china now. >> how much longer will that go on you? say in general, it's the opposite is true for europe and japan, so when does that unwind again? >> i think it's very much that it has lowered it essentially towards parity toward the end of

the year. the greater moment, it's china volatility. until we see a particular subsidence of that volatility, it looks like we're going to have a chunk in the markets. the chances are, they believe it's ripe for a september rate hike. >> how much has volatility -- how much of the volatility has been a by product, what has happened over the summer months? so how much recently has been accentuated by the fact that trade's been much thinner over the course of summer? >> i think you have to say liquidity is definitely playing its part. but also in recent research reports, a new structure paradigm shift in effect with volatility where the spreads have widened considerably. in terms of volatile markets, we tend to see further pressure.

if you look at the broader action reaction of the chinese markets move. it has been the market volatility that's been -- the index base hasn't really ridge as much. >> you mentioned china, of course, that's been cited as the main kind of spark of all of this recent activity. is it just the spark or is it the cause also? is it that big issue of whether selloff in china is going to affect global trade and global markets? or is it just a risk off spark? >> i think it's both really. if you look at the events of 2008, we've been hit by sparks of volatility and gloom and doom poses of the economy, the need for the fed and country to reverse course. i think you see it as a mix as that's happening at the moment. the impact of china, as the second largest economy on the

globe, it's certainly going to van impact on what it means fob global growth. i think the volatility produced by liquidity concerns has taken some stake and leading to a squeezing position. >> and of the e ucou constants >> well, we like india, we i think india has some value there. >> great stuff, thanks very much for now. we'll discuss his other cause more in a few minute's time. also here to come on "worldwide exchange," as the uk prime minister is expected to lay out new plans to deal with the intensifying migrant crisis, we'll break down the details and what to expect, coming up in a couple of minutes.

with the last hour -- within the last hour, prime minister victor orban has delivered frisch comments on the immigrants in europe. saying they're immigrants not refugees. the pm said the primary interest

is to protect its boards. he's also paid o them to pay turkey to handle other might go grants. meanwhile, munich authorities are appealing for help after migrants arrive in the city. this after the prime minister has given her, quote, a wrong signal. australia meanwhile is planning to end measures which allows them to come across the border. and the uk prime minister is expected to outline a plan to deal with their migrants. and a first on a cnbc interview, osborne was asked what type of a response is needed to the migrant crisis. >> i think it's got to be pretty comprehensive. yes, of course, you've got to

offer asylum to people fleeing persecution, britain has always done that. you've got to aid to make sure refugee camps there on the border of syria are ready to cope with a place where people don't have to run from. and you've got to go after the criminal gangs that are smuggling these people across europe and in some cases, leading to deaths. and you've got to have a solution to the syrian conflicts. now, that, of course, is not easy and also to be found. we've got to engage in find wage to bring peace and establishment to that country. >> hadley joins me around the set to discuss this. over the weekend, there's still a great deal of disagreement across europe as to how to solve this crisis? >> absolutely, a lot of talk and that's going to be interesting to watch whether that translates into action. and he's talking about the

crisis in syria the last couple years but there is no quick fix to this problem. as we know. and it appears to be an embattlement for european leaders, like, how committed are they. versus what you're seeing in germany, with that playing out as well as in austria and hungary. and some of the issues, certainly what's happened behind closed-door is the fact that their security is overstretched and budgets are stretched as well. quite frankly, no one wants to talk about it or think about it. but the idea that you're allowing so many people so rapidly if these countries it's a wonder what security implication, going to be. >> perhaps signaling where the rest of europe may be heading on this subject. >> and certainly, we'll be hearing more from india as well for this week and the next few days. certainly, that's going to be

part of the conversation. i think the comment is let them in, let them work, much research has been done to how migrants can help the economy. but certainly, you've got serious word from the uk on letting people in and what to do with them. so problem, i think, or the horizon. the pope has called on every catholic to accept one refugee family. a move which will begin in vatican calling on every european to stand in solidarity. the pope has also deplored the violence and to stop those. >> the latest poll suggests this is the first time that a survey poll has indicated the person will vote to leave eu.

in an interview, steve asked uk chancellor george osborne whether renegotiation talks on the country has been tougherer than expected. >> no, we're having very good preliminary discussions. in portugal and spain and i was in scandinavian countries and finland just the other day as well. across the board, europe is not working as well as we'd like it to work for all the member states. you know, there aren't enough jobs. we haven't seen enough prosperity. there's widespread recognition that we need to do more to create a lasting stable relationship to those in the eurozone and those outside of the eurozone. of course, there are many countries in variations that we face in britain in the free movement of people. so i see a further willingness

to make this engage. >> still to continue to rebound after the u.s. dollar after hitting four month lows on friday. this ahead of that coming on thursday, euro dollar, 1.1157. you can see the recent highs towards the end of the month just crossing about 1.1157 or 58. we've had a reasonable bit of weakness. >> this is actually an improvement on a long-term basis. i think one of the concerns we've always had about sterling is the thought that the uk runs a deficit nearly approaching 6s. for gdp. so in times of global market volatility, their capital flight still, if you look at a chart, saying sterling versus the dollar versus volatility efforts, volatility shows a very clear path to go for last three or four years.

higher volatility is meant to lower cable. having said that, the data has been strong. the domestic economy continues to perform well. we still stick to the view that the bank can be. >> that's cable. what about other crucial points for sterling against the euro it's probably more important, hasn't it? >> again, what we've seen is the traditional funding squeeze. high volatility in markets means short positions in the euro were being squeezed against the pound. it was the classic policy differential trade. rates having cycled lower euro. on the ceb cycle. >> we just heard the chancellor talking about the definite referendum, how important will be as an event for you as were

you factor that? >> i think so. as a key event, the first focus of the markets will be look at the volatility curve. so we're likely to see volatility become elevated in and around a particular event which will be the referendum. but i think what's going to be crucial is how the opinion polls develop through the poll as you quite rightly pointed out shows one of the first signs that the no vote is in the lead. that will be the major focus for the markets, how do the opinion polls develop through the actual referendum date. >> and you mentioned you expect the boe to hike in february. what's you're latest expectation for the fed? >> fed is still september. having said that, if we don't see a meaningful move lower in volatility. >> and ahead of following friday's nfp numbers, the

sellout and what the the consensus, are you early saying september? >> well, there has been a general move in 2016 with many in the market looking for the first rate hike. i think still there are pockets that believe that a september rate hike is still in the cards. the market's about 35% for a september of rate hike. the data is still good. the market is leading in line with what the fed have believed. it's just whether they believe that volatility over the near term will abate for them to actually pull the trigger. >> thank you. from the bank of america merrill lynch. now, speculation has run high ahead of apple's mystery event on wednesday but it seems the tech giant could be looking to get the game on. "the new york times" is reporting apple will unveil new apple tv with a particular focus on gaming. a new report has a startup of

$150 and a new remote that can also be used as a games controller. always hitting skip ads now the company behind the commercial could know all about it as youtube is reportedly set to provide advertisers with new data. the internet video service is bound to pressure from those advertisers to allow for 30-party representation. bbc's tony hall has said there is a new rolling news service. in 2016, this has netflix saying the reason it dropped, is that they were not worth the money. amazon prime snapped up the show from the bbc in july giving them a reports budget of 4 million bounds an episode. a ceo executive said he thinks amazon paid too much and, quote,

sold themselves for way more than they were worth. still more to come here on "worldwide exchange," glencore impresses with a radical plan to overhaul its business but will it be enough to combat the commodity's price? we'll be discussing that after the break. busy day? a crazy sfx: cell phone chimes start with a positive attitude... and positively radiant skin. aveeno® positively radiant moisturizer... with active naturals® soy. aveeno® naturally beautiful results®.

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that's with a record breaking dollar in china. telling cnbc not too concern abdomen the situation for now. >> if volatility lasts too long then are there underlying factor which need to be fixed. tesco stipulates on the ftse

has the retailer agrees to sell its business. the uk prime minister is set to unveil plans to welcome more refugees to germany as germany opens its doors to more than 20,000 this weekend. telling the agency there must be a collective effort. >> when a crisis occurs, europe is usually to take the next step. let's use it to work closer together. well, let's have a look at the markets. we're in the green today, bouncing back off to about a 2.5% decline. last week, we saw about a 3.5% klein. u.s. stocks will remain closed for the labor day holiday. 1% across the board in gains today in europe, following that soft week last week. now emerging market currencies continue to struggle. the indonesian ringgit.

and providing investors with a clear picture. the malaysia ringgit up sharply, some 2% for 4.33. commodities as well, and down 1.25%, wti down. spot gold at 11.21. glencore raising 2.5 million dividends. as a result, merrill lynch upgraded their ratings with the stock shows down almost 60% this year making it the ftse's worst performing stock but up 7.48% today. joining us today, research analyst paul gates at sanford burns. clearly, the price is a

positive, why is that? >> i think there are two factors in here. the first is the announcement they're planning to cut production of copper. that decision will help with the market, that's one of glencore's most important. that's very positive news. that comes from the back out on the u.s. and also it just goes to show how far down we are in terms of the ability of the industry to withstand further in the commodity price. so i think we've got that aspect of it. i think the second aspect, in large measure, a lot of these concerns are already discounted in the stock. what would seem in glencore is falling commodity price with operational and financial leverage of the stock. so what this announcement does, it unwinds the more extreme concerns that are floating around the market on what the balance sheet for glencore looks like no the commodity level exist for this time.

>> the positive with the highlights, to pay down debt, is this an ideal time raising debt down 60% this year? >> look. i think if the circumstances gave them more flexibility, they wouldn't be doing this. glencore alluded to that in their presentation in just a few weeks ago. but i think since then, what we've seen it a wave of extreme concerns for a number of investors around the stock for glencore with aggressive selling giving rise to the kind of performances we've seen over the last few weeks. this is glencore i think proemp proactively addressing those concerns. we see more volume in the spot price. the glencore reflects the spot price for copper. and both of those are extremely

unsuppressed. and predicated on the industrial efforts that the company possesses this is close to the bottom. the commodities and we see the signs of measures taken today as indicative of that. >> let's talk more broadly about the mining space. you just said glencore is taking a pass out of the copper market. are we going to see that since prices have fallen so low, are we going to see capacity taken out or just a temporary? >> i don't think we'll see capacity taken out by the likes of them. particularly today, to be honest, once you adjust for the australian dollar with the reality, it isn't actually that bad. certainly wrrhere we have seen capacity already exit the markets in supplies like

malaysia and also broukz produc china. we've seen capacity come up albeit not from the traditional mining names. the highest cavi esest capacity of the supply. at least i think i expect to see that along with many others, and that slower, stickiness of supply. >> and of those majors that you just mentioned what is your top pick? >> rio. it's got the best balance sheet. the lowest price producer with a number of core comphmodities, a really doesn't suffer from this commodity price decline that we've seen. in terms of it. >> i just wanted to get your views on another pick that you made recently, first quantum. >> look, first quantum markets

is very impressive growth into what i think is a structurally challenged market over the next few years. one of the few that's actually delivers growth after its expansion projects in africa. you know, it's a very, very interesting set of management behind that growth. and really with the prices that we've seen given with the copper price over the last few months. we're expecting to see over the next few years a recovering. we think today is a distinctively different scenario. in that case, quantum offers that. again, it's the leverage that has helped the stock. it's highly, highly good. >> paul, thank you very much for joining us. paul gait senior research analyst for bernstein.

angela merkel saying germany should proud of the refugee crisis. and saying that europe needs to talk about hot spots for handling refugees. she's talking, as you can see, at the moment. and we'll continue to bring you later flashes coming from that speech that she's addressing the current crisis. and the cash flow in the first six months of the year, as the report in the financial times, cnbc spoke to alexandra berrico, she shared her outlook for the price over the short to medium term. >> it's not surprising at all for me that everybody is viewing china very closely. and that any concerns over

slowdown in china has a huge impact. and you know, this year, in the recent months, the experts of savings from china 47% or 2 million tons and it's had a profound impact on armenian prices all over the world. we do believe this will slow down. we see about 2.5 million capacity in china is about to get close. and we believe in 20 skeern16, china market will be moving again. >> you can check the full story out online at cnbc.com. now, shares in japanese technology company toshiba jumped after they released results. let's get out and join them.

>> yes, toshiba finally announced its earnings at the end of the march today following repeated delays. and the figures reveal it's far worse than originally record. a news conference is under way as we speak. and the revised earnings showed that for the fiscal period from 2008 to december of last year were $1.9 billion lower than initially stated. they found a net loss of over 300 millions. the original forecast had been a net profit of the $1 million and pc business earnings had shown significant profit from selling components to subsidiaries. infrastructure projects and the seven conductor businesses also looked large.

and three of four toshiba recent presidents have stepped down. the market regulators are unlikely to launch a full-scale investigation and phenylize toshiba for undermining investor confidence. toshiba stakeholders are threatening to sue. >> let's have a look at individual stories in europe today. shares trading hider after the company says it's confident it can operate most long flights on tuesday, despite an all-day spriek bit pilots union. the german airline also says an emergency plan will let them issue today and fractionally up. tesco has agreed to sell its

unit home plus for 4 billion pounds. the british retail giant expects the deal about done by the end of the year. shares off by 0.5% today. shares of ab foods trading at the bottom of the stoxx 600. the owner also with overseas results with threatening of the pound. shares of vivendi reacting positively from comments from the company's chief executive saying they may raise stakes. in telecom italia and added, quote, never say never, vivendi up 0.5%. in a first cnbc interview, the chairman of telecom italia

denied reports that the company is planning a stock plan. >> there's no active plan on the table. >> you see the obvious positives and it pushes you closer to being a more public company. and there would be a fee paid so you'd get some cash, with which you could invest in your bond network. >> the industry now is leading and very big in a transformation point because the technology is giving you so much opportunities. so every big telecom is focusing on investing in the next generation network. i think we have resources to do that, we just revealed a 10 billion plan for the next three years which could cause an investment in all. industries. there's a lot to do and we have the resources to do it.

and we just did a corporation cashwise, we're okay. >> we're seeing more broadly this in that, obviously, you're looking at content as well, you have deals with medias, netflix as well. it's a transformation of the business in many ways that's positioning you. what's the outlet? >> to transformation in growing is the consequence of the regulation that created so many companies, so prevented consolidation in the companies. so, perhaps now you have in europe, more than 100 companies which operate in the mobile services. while in the united states, you have four, max. so in a moment where you need big investments and big resources to make these investments, probably bigger muscles helps. we don't see much value in

cross-board solution. conciliation should happen inside countries and what happened in italy, basically, we share the market equally among the three big players that are built now. so, probably, the behavior in terms of competence, know-how, investment is going to be similar. so the market will be very much going after building this network that we're in. >> julia also asked the chairman of telecom italia if they're concerned about brazil? >> we're watching brazil. this is the fourth biggest market in the world for the telecom business. so definitely, it's a very important market. it represents one-third of our assets. and we are considered a local company. so we're not a foreign investor that would definitely consider a brazilian company.

so the market has huge potential. we need to adapt to the circumstances as they come. and then just having our strategy kick off for the would of year plan that is about to be delivered by next february which is go be to be the kickoff in brazil. so the next board will sort of really take care of all of these consideration that come up and some ideas. >> well, we just got a flash from the bank of international settlement which is has appointed jens wideman its new chairman. he will be taking over as the chair of the bank of international settlements. let's move on. i wasn't investigating i was jut meditating. the head reported by reuters she was shocked she was taken in by

chinese authorities. it's been reported she's been taken in custody over market volatility. share it's in group are down over 10% over the past three months. now, we're not all nuts for the tennis, the u.s. open is used to rain delays and medical time-outs but furry animals also want to get in on the action. this squirrel interrupted a women's doubles match yesterday before basically making a swift exit into the stands. i want to see it jump. is it going to jump? anyway, that is what we're told happened. there we go. i hope the tennis was more exciting. the tournament continues with a host of men's and women's doubles matches. the biggest is the men singles. stan wawrinka take on donald young. roger federer takes on the u.s.'s john isner. andy murray takes on kevin

anderson and tomas berdych plays richard gasquet. and still to come, is there enough to overcome a slip in the polls? more on "worldwide exchange."

the battle to improve is far from over, these are the words of preerm greek prime minister alexis tsipras during a campaign speech in greece. tsipras used the event to hint that some of the terms could be eased. sna ahead of a snap election suggesting that the main parties are separated by lacey than 1%. on friday, yanis varoufakis said he does not agree and cannot support tsipras in the vote. >> it wasn't just mr mr. varoufakis, he's drawn a lot of attention which was unfortunate. but i think it was a political collision between a member state in a new government which basically rejected the whole fundamentals of the eurozone.

we can't allow that to happen. so there had to be a choice, either you accept the rules of engagement that we have, or you find a different future. in the end, the tsipras government, of course, decided we want to stay in. we will accept the basic arrangements of that. and committee to a program, which they need. so, if you ask me, has trust returned? that will be a big quick to say that. it's going to take time. >> do you trust alexis tsipras? >> i've worked with him quite closely, and he's always stuck to what we agreed. >> but he may, at times, for want of a better word, a bit of a loose cannon, agreeing on one thing and going back and calling a referendum as well. do you think he gives greece stability? >> i think he can. we've had very difficult negotiations over the raft year. the only way to get a breakthrough in those difficult moments was for me to pick up the phone and speak to the prime minister myself.

and that worked. it's up to the voters to give him another chance. >> did you come to blows with mr. varoufakis? >> i heard about the story, i don't do fighting. it's not of my republic aertoir. >> did he confront you physically and they had to come in on february 6th of this year to actually split you two up? >> no, he did not. it was interesting to hear that he would have been ready to intervene. >> he's the bouncer, is he? >> a great interview there. and another interview at the am go sete forum, julian asked the italian prime minister whether he was concerned about greece. >> the solution to greece is now

a stable government which will implement precisely a very important agreement which has been reached. it's up to the greek authorities and government to do it. now there's an instrument to do it within a very strong and reinforced framework. >> are you concerned, though, the election crisis will delay the very usual discussions on adjustment of the debt load? >> i don't think the two are correlated. on the debt load and the well-known controversies between the imf and the commission, i think they're over. and i think we will find a viable solution over the next few months. in the meantime, what greece needs is a stable government. and, of course, it's up to the population to decide. >> and ceo told me now he thinks it's time to invest in greece? >> i think he's right. if you project forward over greece for the next four or five years, you will find that potential growth will go up.

jobs will go up. confidence will be rebuilt. so, it's like an emerging economy on its upswing phase. >> julia joins me more around the desk with this. how concerned do you tnk greece's creditors are about revealing this? >> it's going to be part of the solution trying to get rid of that some more extreme left wing. what we look at at the polls there's very little difference in democracy and syriza. if you look at this strategically, if we saw government reforms between democracy and the ones that voted positively for the deal. that will but syriza back in opposition and they can go to that euro mandate again. so perhaps this idea of see tsipras back in terms of prime minister in terms of the deal that he fought for in this sense

would be the best, the question is, will they actually get that. >> do you think if we rewound the clock to february and the democracy always stayed in power, we would have gotten a vastly different outcome to this crisis? the bottom line is there's austerity deals improsed on greece and it's a very toughout look? >> greece is on some form of recovery, if you go back to the election that ended up seeing the transition of power. we certainly wouldn't have gotten the bank's position. i think it's on a different path now. who nosknows. obviously, a lot of people believe that it's not right for the country and they need to focus on reforms. we need to see something done with the debt. and actually, the government at this stage needed to do more. i think the hope now is that

tsipras, if he does win the next elections he's arguing he can given, given the amount, and so they're not committed to this deal either. so that's the problem. >> julia, thank you very much. i just want to bring you the final couple of flashes from angela merkel following a speech she's reiterated the regulation on asylum handling, that applies to all eu members. she's reiterated we need an eu eye to manage. still to come, highlights of the speech coming up next.

a very good morning to you. and welcome to "worldwide exchange." i'm wilfred frost. here are your headlines from around the world. shares in glencore surge over 10% after the embattled mining conglomerate announced plans to curb its debt. china's foreign exchange reserves fall a record breaking $94 billion after the yuan intervention. the theli