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 the italian prime minister

tells s cnbc he's not too earne. >> if volty last too laong, we have to ask ourselves if they need to be fixed. and tesco selling for $1 billion in a sale. angela merkel opened its doors to nearly 20,000 might go grants this weekend. let's have a look in on asian markets which are unanimously in the red this morning, this comes after further action. there you go, japan has made that. it's up 0.4%. the rest of the europe is in the red by shanghai down 2.5% after a small negative revision in the chinese gdp data in recent

times. and it's as got australia down flat. let's look at europe. they were stronger by 1%. germany up 0.4%. the ftse 100 up 0.7%. of course, it volumes a very soft week last week here in new york city. it will bounce back. new glencore is trading sharply higher after announcing a share. as a result, merrill lynch upgraded their ratings. stocks were down 6% before the news of making it the ftse 100's worst performing stock. up 7.14% today. now glencore is driving other basic stocks higher. 8.3% up, and the large congl

conglomera conglomerates, they're up. and copper rates up and glencore announcing it will reduce its capacity. the french fred francois hollande is about to be holding his conference in paris. he's expecting to announce his views. those live pictures there as we get the translation and content coming through. julia is around the set with me and has a bit on what to expect perhaps? >> a lot of focus on taxes. primarily, he'd announced he's able to behind 2 billion for tax savings. and of course, the international environment in the might go grant crisis which is something else. obviously, as we know, germany

and france trike forth right in the broader eu response there. as well as managing to cap up with his economy minister. the big reform now, with the push we're seeing to liberalize and focus on the tax that ended at the back end of last year. i asked him about the comparison between france and germany. the lack of investment, the lower performance we've seen and the national interception of france seems that they're locked down to an individual investment. >> i think that's past tense, you're perfectly right, we should look, we lost a lot of market shares with germany. why? because we've given in that that competitiveness. and we increased divergences between all three economies so,

now, we're on the recovery phase. when you look at units of cost, we've decreased in the last semesters and now in these cycles, our unit price is below the german one. so we are, for some, we're converging with the german. i looked at just the past, facebook, intel, they've announced a series of investments. and private money for investment in funds is largely -- we've reformed for capital gains. now, it's completely in line. we stopped the person tax. it's finished by end of 2014. and just passed reform. in parliament, in order to align precisely the share system, all the stock option with europe and especially the uk.

now, we are reforming. >> we spent a lot of time talking about jobs, a 35-hour work week which he wants to get rid of it. the prime minister came in and said, look, this is going to remain. what he did say, that francois hollande is very much behind him. there say real sense now that he's trying to suggest hollande is now pushing for this reform and trying to produce growth spurts. interesting to hear what holland says about that transition as well. >> so far, president hollande is talking about the migrant crisis. we'll bring you more flashes on that and the rest of the speech as we get it. let's discuss that with the chief european economist at barclays. thank you for joining us. in that interview, had he said we are converging with the

german economy. isn't that a little optimistic? >> they're lucky with that, i think you have to keep in mind, with china and germany and france, the reform is something that france has to catch up but remember, germany's reaction is goods. france is mainly goods, services, as much as spain. and for the chinese to slow down, it's investment into more consumption that could have a positive effect for france. >> a crucial point that a lot of people talked about this week, the fact that we criticized hollande for not making the economy more outward facing. do you actually see that as a strength for resilience? >> i think you have to look at the comparative competition of exports. generally, exports are in a

competitive stance. but they're more capital content, the chinese economy supposedly is moving structurally for investment into consumption. so from that side, you can see how the upside is compared to gir germany. but the performance is necessary for investment in france. they do have perhaps the most reformed parliament in history. but it is the parliament that is the big constraint. >> but let's talk more about europe in general. we saw, of course, a devilish sentiment from mario draghi last week. we also saw stocks and inflation with growth. basically those are lowered on the august 12th decisions. >> i think certainly for the outlook on inflation, it would look worse. it would look worse because when

you look at all energy -- it would be worse. when you look at finance, of course, it's a little tighter. we think actually inflation next year will be below 1%. which is more action. >> so you think that we'll see devilish action to match his devilish rhetoric from last week? >> we'll have to come out with more action. they need to bring back inflation to a target. and inflation is for as well, it's not easy. another type of asset you that purchase than you pay off, then you have a problem. >> that makes it how are you going to go about this? you're talk about unloading the

bond buying. are they going to get around that? >> obviously, with the markets in terms of extending the threshold for the parameters in that direction. earlier, he saved that bullet. we think he will go in that direction. perhaps a more useful way to expand the program is to expand it in time, september 16. that will create further rates. helping spain, helping italy. that's the key. and over time, it will be a low interest rate for longer. >> he's had already said that. we'll keep going. >> we'll have to see. certainly, his rhetoric was enough last week to weaken the euro. thank you very much. antonio, julia, thank you for joining us. we'll leave you with a live

shot of president francoise h hollande saying that france will take in 22,000 refugees over the next years. the latest coming up after the short break. can a business have a mind? a subconscious. a knack for predicting the future. reflexes faster than the speed of thought. can a business have a spirit? can a business have a soul? can a business be...alive?

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headlines. glencore unveils a radical flan to slash its debt in shares. china posts its biggest the month in foreign exchange reserves after major intervention by the central bank. and german chancellor angela merkelle says he must act fast to help the syrian refugees as it escalates across europe. speaking within the last hour, chancellor angela merkel says germany can be proud of its response to the refugee crisis. she also said europe needs a jump policy on the rights. let's recap the latest we've heard from the french president francois hollande who is talking as we speak. he said that france will accept 24,000 refugees over the next two years. he says he will propose an international conference on refugees in france. and he's willing to host that. and indeed says that france will

participate in reconnaissance over syria in islamic state. it doesn't seem more than that. the debate continues whether france and the uk will start bombing syria. but at the moment, he has not suggested that. he's continued his speech. we'll bring you more from that as and when we get it. and now at anchor spoke to them and asked whether the europe crisis cannot work cohesively. >> so far, i would say the opposite bhshs a crises europe usually is able to take the next big step. crisis should never be wasted let's use it it to work closer together. the asylum problem can not be solved it requires solidarity

between the countries and certainly for the countries that have giving refuge to millions. the figures of refugees in middle east are much higher than the refugees coming to europe. let's share it jointly. but also reach out in investment of problems of refugees in lebanon in jordan, in the regions which are massive. >> in the uk, prime minister david cameron is expected to put a number of people his country is prepared to take. and outline a plan for action for the thousands of refugees from syria. around the desk for me, both hadley and julia to discuss this further. david cameron as we're saying likely to have to follow suit? >> indeed, it's interesting that we're actually talking one more time about a positive vote on syria, in monitoring the islamic state. you have to remember syria's got

a lot more complicated than two years ago when we had this vote here in the uk. and you have the russians now basically supplies not just fighter jets but also pilots in support of assad. so the idea of putting more military on equipment in this country, in terms of putting more troops and air strike that doesn't necessarily mean that you're going to solve this problem anytime soon. so in that sense, is this a bit questionable, i would say. certainly interesting to hear more from these guys. the latest flash, hadley, from hollande that france will start reconnaissance flights on tuesday. that is a clear step-up. it's not military action per se, but a step-up, right? >> right. we've seen the france giving more in certainly what's to be done. but this goes back to the question of security. we were talking about a country like jordan. they have no resources. yet they've been able to hold 1.5 million refugees for years.

certainly, it's time for europe to step up. the question is, how are they going to do this in terms of security juni security? how are they going to pay for this? but the question then becomes now quickly they're processing them. god forbid who all of these people are that they're letting into the country. they have bigger problems to deal with. >> julia, you can speak of your opinion over the weekend on this topic, what's your take? >> obviously, they could see up to 800,000. when you put that in context of hollande saying we can take 24,000, there's a still a ridiculousness between those two numbers. u the fact that migrants, refugees coming into eu countries have to be processed in the countries they arrive. that's a problem for italy, it's a problem for the greece at the front lines. and hungary, too.

and what we've seen a to lack of collusion, even now, not only the refugees but more broadly. >> julia, we heard from david cameron in parliament, the usual aspects that, i guess, protects himself, probe the wrong term in this europe, but the uk is not far from this border policy and cha changes the dynamics in the jus. >> it's been a problem, hasn't it? with countries that we are binding closer, the uk doesn't have to get involved but then you've got a spokesperson saying this is not going to help the negotiations within europe. this is a crucial issue, of course, the prime minister is stuck in the middle. who doesn't want to incite the right-wing european elements. and at the same yes, to step up

and be part of the team, tough for him in particular. and spain also coming out and saying, look, you can't force people to take binding processes. not just places like hungary, but larger places like spain. >> and that sparks the debate. thank you very much. still to come on "worldwide exchange" -- is the plan actually working? steve talks about the double-digit unemployment levels. that's coming up now on "worldwide exchange." hey, you forgot the milk! that's lactaid. right. 100% real milk, just without the lactose. so you can drink all you want... ...with no discomfort? exactly. here, try some... mmm, it is real milk. see? delicious. hoof bump! oh.

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in an exclusive interview at the g-20 summit, in an interviewing. >> the fact that markets are nervous which i won't deny, obvious, we can see that every day. it doesn't mean that the fundamental economics have not improved. so i would hope that some calmness will return to markets and that the markets will look at quite fundamentally where the countries are improving the structure of their economy. the performance of their economy. if you look at the eurozone now, a country like ireland that performed strongly in the program, up 4% growth.

baltics, 3%. netherlands almost up to 3.5 next year so these are good growth figures. >> they are, yet over the 100% gdp debt, the debt levels across the zone are greater than where they were in 2008. and like the pmis this week very disappointing on the manufacturing front. >> yes, but actually they show some fluctuations fun lo s if yt the cries that we're coming out of, it's no wonder there are high debt crisis. the key factor to get rid of that is growth. and that growth has returned to almost all of our countries, i can almost say all of the countries, if it were not for greece. and growth is picking up over the course of this year. and that's key. i can't make the debt disappear in the very short term. so the consequences of the

crisis that we had we'll have to deal with over the next years, it's obvious. >> but the structure of the form of the countries like italy and greece have never been tested the youth unemployment level, almost criminal as well. we're nowhere where we need to be in order to take the pressure over the monetary force, take pressure off mr. dragmy, are we? >> a lot of times, it's been lost. and makes more get touf do a l of work. both france and italy have a very strong reform in general. the political system will not make it easy. the social fiber of the economy with unions protesting will not be easy. but the french government at the moment is very determined and very active in the field of reforms, very much more so than governments we've seen over the last decades. >> do you have every confidence that france isn't the weak man of europe that hasn't been

tested yet? because we've heard it a lot from europeans, i've heard it from policymakers and central bankers who don't want to state on the record but still worried about france? >> both france and italy are strong and stable economies in hard view. but they're not performing well enough. the productivity has to increase. one of the interesting things at the moment, going on throughout, tax reforms. france is proposing major tax shifts. italy is doing major tax reforms. the netherlands. a number of country, belgium has made interesting proposals to bring down that tax on labor. that is the reform we need to give incentives to the economy. i'm sure that will pay off in the coming years. >> with me is the chief european economist at antonio, we talked about the french companies, the spanish elections coming up.

do you think the prime minister will be re-elected? >> you look at it, the momentum of the economy is strong. so you would think with the economy growing about 3%, but the reality is still not enough. i think a lot of the political scandal and corruption they have affected the two main parties is something that is weighing against the major conditions which are undoubtedly better. as i get 2% or better growth, yeah, is very likely. >> mr. dijsselbloem was saying if not for greece, sentiment in europe would be a lot more positive? >> i think adjusting rates in spain, catalonia, and portugal, growth is picking up. when you look at it, improvement is gradually improving not in france, but it's graduali igrad

improving. investment, perhaps, say big question mark, just like the country. and exports next year are depending how fast china accelerates. overall, i think they're doing well. and for now, the slowdown in china is more showing up in the european data. so for the growth is slow. >> antonio, we have to leave you there. thank you for joining us. chief european economist at barclays. still to come here on "worldwide exchange" -- keep calm and carry on. find out by italy's finance minister believes there's no need to panic about the chinese economy. we're back in a couple of minutes.

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what's possible when you have high-speed internet at home? the library never closes. it makes it so much better to do homework when you're at home. internet essentials from comcast. helping to bridge the digital divide. a very warm welcome to "worldwide exchange." i'm wilfred frost. here are your headlines from around the world. shares in glencore surge over 12% over the embattled mining comgl comgl comglomrate unveiled plans. china's foreign exchange reserves fall a record breaking $94 billion in stocks in the yuan intervention.

if volatility lasts for too long, then we would have to ask ourselves, are there underlying structure factor which is need fob fixed. tesco slips after the ftse agrees to sell the south korean business for over $6 billion as part of the turn around plan. we can be proud of the response from our refugee crisis this after merkel opened its doors to over 20,000 migrants this weekend. okay. no u.s. futures to look at. today, labor day holiday, stateside. but european markets are trading, as you can see, they're trading up, up about 0.5% on continental europe. this follows a weak week here. down about 2.5% and they're bouncing back on european trade.

let's look at glencore which is trading sharply higher after announcing plans to scrap its dividends and sell assets to pay down the debt. merrill lynch upgraded it. shares down before the news making it the ftse 100's worst performing stock. it's now 4.6%. it had been up as much as 10%. still down significantly year to date, down 56.9%. let's look at asian markets, as i said, a soft session in general. we've had revisions in chinese gdp growth. the shanghai market down 2.5%. also the hong kong morning. the nikkei is the performance at 0.4%. china, the greatest amount on record in august, shrinking by $93 billion. chinese authorities have used some of these to stabilize the

yuan after, of course, devaluing the currency in the past month. we're looking at the yuan, that's a sharp move when they devalued the currency. since then, relatively stainless. in an interview with the italian foreign minister cold cnbc, he's not too worried about the slowdown. >> there's not much concernwe are aware, starting with the chinese authorities, as the economy shifts away to investment-prison to consumption-driven economy, the overall growth rate goes down. it goes down to a more sustainable, long-term growth rate which say little bit less than 7% maybe. that would be a very healthy growth rate for china but also to the world economy because it applies to a huge market. so this is -- what we are seeing now with china is a transition phase which, of course is up to the authorities to manage in as

smooth as possible way. >> it's to see it sporadic almost approaching panic at times. is that part of the deal here? you're not concerned that perhaps the situation could be out of control, the rebalance of the reform and the two? >> it has to do with producing in china, a system, as we're speaking. this requires appropriate sequencing. this requires accepting in some cases the market may need to go to adjustment. and this is what has happened to the financial markets in china over the past few weeks. adjustment to more sustainable price level. so in some cases, you obvious volatility which, however, goes away once the condition is completed. if, however, volatility lasts for too long, then we have to ask ourselves are there underlying structure factors which need to be positioned. from that point of view, i think

the chinese authorities are in a good move. >> define too long? >> i always define length after it all happens. >> the federal reserve should not rush its decision to raise interest rates. this, of course, according to the head of the head christine lagarde. joining the reference conference, steve asked the chief whether she was concerned about inflated asset prices. >> there are bubbles. there have been bubbles. i think there will be bubbles. i think it's part of the capitalist system. and bubbles eventually burst. and i think we will continue to see that. i think the real question is how do we -- it will be a top take we will be studying in depth. is where is productivity? why isn't there more investment?

and what everybody says there's so many is infrastructure projects that need to be financed around the world and so much cash and liquidity around, why is it not going in those directions? >> joining me now is the global head of the global fx structure. glad to have you here. you said in your notes, the u.s. economy is more than good enough to support liftoff. different from what christine lagarde just said. >> for two residence, one the last 12 months, even with the slightly bullish consensus number we agot on friday the u.s. has had 3300 jobs per month. we think that's well above what is needed to improve the labor market by the fed's definition. in addition, the unemployment trade has been driven by the stagnation in labor force growth. i think the optimism that the fed expressed earlier in the cycle that all you had to do is

create jobs and that would induce people to enter the labor force. i think they've become more realistic that is labor force is what they have and they're approaching unemployment more quickly. i think what christine lagarde said is different from what stanley fischer said last week, if you waited to be sure, you've probably waited too long. >> if we talk about the recent financial market volatility, would that mean that the fed is going to ignore that? and would they be right to do that? is that not within the arena? >> well, i think if you say you're never going to move policy until markets are absolutely stable, it's going to be a long time until you move policy. i think they have to accept the world for what it is. which is when have these kind of asset markets and these kinds of divergence, you have that volatility. the question is when you see that spill into the assets

market, and so far, it's okay. >> we're coming to end of the six-year experiment with unbelievably loose policy. shouldn't we be arguing about 6%, not 1.2%. >> the growth in the u.s. is probably the worst in 70 or 80 years, right? it's easy to come with a number that's around 1.5% based on three quarters percent product at this time or labor growth. the question is can you change that? if you're the fed, you have to deal with the economy that you have. and 240,000 jobs a month in an economy that's going only 1.5% means that you're getting it very quickly and with the minus 2% i think they feel they have to pull back some of that stimulus. >> steven, thank you. great stuff. we'll talk about your specific

currency call ahead. we're 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 the women's doubles match yesterday. the squirrel making a swift exit with a jump into the stands. that jump is coming. wait for it. here it comes. nonetheless, there it is, he made it out. more from the u.s. open coming today. andy murray in action. good luck to him. we're going to be back here on "worldwide exchange" with more markets discussion in a couple of minutes.

welcome back. let's bring you the latest from president hollande's speech. of course, earlier, we told you, he said that france will take in 24,000 migrants over the next couple of years. he said they will start reconnaissance flights over syria as soon as tomorrow but made it clear there would not be troops on the ground. he also says he proposes a meeting with putin. in paris, before the u.n. assembly and said they will call for lifting sanctions on russia,

if conditions are met in eastern ukraine. so he's moved on the syrian-related refugee crisis to talk about it russia and ukraine. we spoke to some on the reform and to get the take on the crisis, here's what they had to say. >> now, there's widespread recognition of the historical importance of this problem. this is a huge problem that europe as a whole must deal with. we know that europe has a tradition of speeding up and six accelerating with a time of crisis. this is a crisis. it has deeper long-term roots in the country from where these people come. both dimensions have to be addressed. >> if you want to call for this kind of situation, because that's not an exception, will you have to give up your

diplomatic point and that's the key. we need a call for action immediately in africa, to avoid this kind of situation. >> germany has reacted in an impressive way. sweden has reacted in an impressive way. italy and greece are the first countries that they have to receive these people. but other countryies, others, ae not getting giving their moral response that any european should ask to do. >> hadley joins me around the set with more on the story. hadley, towards the end of last week, it seemed like a lot of these were starting to come into the same rhetoric, but over the weekend, a lot of differences coming up. >> absolutely. it's a watershed for leaders,

isn't it? it's a stage of their affairs. this is a moment to show they're committed to the ideals that they're said they're committed to or they go to their own national issues. and we're seeing a little bit of both. and in the last 24 hours, i think some of the key concerns what are we're hearing from president hollande, possibly he's going to be putting planes over syria. reconnaissance flights. what does that mean? syria doesn't look like it did two years ago when we had this rejection vote here in the uk, in terms of what mr. cameron was suggesting should be done. syria as we know it is over. 4 million refugees over the country, turkey, jordan, lebanon, they're dealing with how they should deal with this now lost generation. and what about these countries? what are they going to do with them? they process them, sure. where are they going to live in france? we talk about separating people

from the population. that hasn't worked out well. certainly as we saw in january. i think there are wider issues here. there's certainly a security concern. there's certainly terms of where these folks are going to be processed, how are they going to live. at the same time, talking about getting involved in syria those are heady topics and i think a wider discussion is going to be needed. >> the french president saying they're not going to have troops on ground. we'll have from mr. cameron later today. will we need to see some form of military engagement in syria? >> i think syria has been destroyed. the social fiber there has definitely been destroyed. you look at the folks coming from syria, a lot of them looking to get out any way they can, basically. the larger question is what will

the united states do? 1500 people, we heard numbers between 4,000, 5,000, possible commitments. we haven't heard any definitive numbers thus far. that's becoming part of the political dialogue as well. we have to wait and see what the united states is willing to admit as well. >> hadley, thank you for now. as we go to break, the headlines, glencore unveils a radical plan to slash its shares. and china posts its biggest month and falling from exchanges after major interventions from the central bank. and german prime minister angela merkel said we must react to help the refugees. back in a few minutes.

welcome back. let's have a look at european markets which are strong across

the board. they're not as strong as they were at the open. we were only up 1% at the open, following last week's 2.5% declines last we're. 0.3% in france. the ftse 100 as you can see is at 0.6%. glencore rising 4.5% in trade in london. let's look at bonds. not too much action here today. the ten-year in germany at 0.68%. in an exclusive interview at the g-20 summit the bank of america governor told he is pleased with the ecb bond program. >> it works and it works in the way we said it should work. that is, if by end of september of next year, we still think that it is needed to keep it going because the objective is not really reached, we would

keep it going. for the time being, we are very, very determined to continue to purchase at the pace that we have been doing. and we have not seen defeat in that. >> still with me is steven, head of global at citi. steven, despite that, the euro and the dollar has ignored the divergence and been pretty strong over the last two weeks? >> i think that's right. i think the market will see kleer signs of policy divergence. that might come later in the year on both sides. i do think, however that the key trade here is not the u.s. against euro. or u.s. against yen.

but it's g-3 as a group, surprising on the upside of the group, the growth tend to be safe havens. the g-3s in against the rest of the world. on the one hand, relatively performing, continue to get downside drops but in the commodities in that as well. >> i think we'll discuss that dpu further g-3 in a moment. what would allow them regain strength with those two? today from the time we get liftoff from the fed? >> i think so. the dollar rally may not be too pronounced. i think when the market starts to spike in the second half, the divergence will become more clear, and needs to be more concrete what they'll be doing in terms of september of next year. that will make that trade more

clearly in focus. >> let's talk about g-3 against e yen. pretty decent affected by the broader. any of those currencies at the moment? >> no at the moment, given that we expect the fed to hike which is priced in, and again in december, if the numbers keeping on moving at 200,000 a month with the end financial condition stabilizing, i think the market has to be more convinced of liftoff before we hit the bottom in em, obviously, conditions in the em and china have to stabilize. they are cheap, but not chief enough. >> conditions as you say, need to stabilize. is that on the horizon soon? >> we think so, but that's with a wide degree of variance. we think the chinese currency

will appreciate. it will depreciate more slowly. interesting at the g-20, the chinese officials said they thought they were almost at the bottom but they didn't say they were at the bottom. so maybe they're expecting nor go. i think we have to wait until we actually see those conditions have stabilized before there's any hope for that. >> when we consider the recent volt till over the whole over the summer, has china caused that or is that a justifiable cause? or is china concerned with itself at the moment for a bit of a bounce? >> well, look, i think the china slowdown is real. and the market seeing the depreciation in the yuan is an indication that the chinese officials have backed away that everything is fine. the yen continues to strengthen, many of the major yen countries have that. it's a very difficult situation.

very few investors want to catch that. >> steven, when do you think the fed will hike rates? and what's your call for the u.s. dollar against the yen for the year? >> we think they're going to hike in september. we think they'll do a devilish hike. are they going to stop hiking? probably not. the fed is actually going to hike on a faster price than not priced in. we will see that second leg of the dollar rally. >> steven, thank you for joining us. from citigroup group there. we're up 0.5% on the ftse, 0.4% on the german markets. that is all we have time for on "worldwide exchange." i'll be back the same time tomorrow. thanks for watching.

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