welcome. your watch worldwide exchange. >> these are your headlines from around the world. >> a september to remember. global stocks on track. today is historically the worst day of the year for u.s. equity markets. >> european stocks are trading higher with autos driving the gains. this as china reveals it had and will have it's sales tax on small cars starting tomorrow. >> investors cheer a positive

out look from sainsbury after they will beat full year profit forecasts. >> russia approves the use of military force abroad in a move that could see boots on the ground in syria. >> good morning. we have a rally on our hands. the xetra dax bouncing back after two days of losses. glencore continuing to bounce back after it's 30% fall we saw on monday. the cac 40 with an impressive gain of 1.8%. yesterday the levels we saw at the close took us to the lowest levels since 2015 but since then a little bit of stabilization in the u.s. markets but also a rebound in the asian markets. speaking of, let's have a look at those as well.

we were at 3 year lows but we moved off that thanks to the rally we're seeing under fold today. we're up by 2.7% despite disappointing industrial data we got out of that market but clearly ignoring that but still probably a little bit of caution in these markets given that tomorrow we'll get the chinese pmi numbers. >> just in time for october 1st. let's take a look at the ftse and what happened so far this quarter and we are on pace for the second monthly read and the ftse 100 could be recording the worst quarter for 2011. the s&p 500 for the month, look at this, we're also seeing declines of close to 5% at the end of it and we are on pace for the worst quarter in quite sometime. let's flip the page and check in with shanghai as well.

speaking of worst quarters, worst quarters for shanghai and also indonesia since 2008. you have to go all the years back to the global financial crisis and who better to join us to talk about the declines and the exits of bond markets than sri who is with us in london. >> susan, it's going to be a very interesting final quarter for the chinese markets and the broader economy. let's not forget if you take a look at the quarter, the almost end of the third quarter, the china markets are down almost 29%. so that represents the worst quarter since 2008. since the death of the financial crisis. in terms of the narrative it's really about the policy signals both with regard to stabilizing the economy and international in the stock market. we received very mixed signals in terms of how beijing is

dealing with the capital markets. in terms of the stock market, are they in the market? are they cheer leading the market or at the speculative end? we don't know. we have mixed signals. we need more clarity on that score. the other clarity is the currency. it's now subject more to market forces. pressure remains on the yuan and with that potentially comes capital out flows from china. so the liquidity position slois looking that much more precarious so we could see more moves by the pboc to top off the liquidity but in terms of the policy outlook a lot of people are telling me we need to see bolder measures and policy support to stabilize economic growth. so drawing a line under growth expectations for the world's second largest economy is imperative at this juncture. there's a couple of events the

markets will be following. in october we have the psc. so this is a very important forum where we could get more clarity on the structural reform agenda where we could see some momentum on the score that could be positive for the markets. and in early december the stock market will be celebrating 25 years of the shanghai markets. at this point in time have the markets really evolved? and at what point are we going to see a fully functioning, deeply penetrated stock market. the shenzen could galvanize the market. with that leverage comes a lot of volatility still.

>> let's talk about volatility. >> there's been so many sources of volatility, china, the uncertainty about the fed rate hike and then we have the big job in energy shares as well and they're up 93%. we're currently trading out a level of 26.83. speaking of energy, let's show you the s&p energy index this quarter and no surprise this was the worst performing sector this quarter. we're down roughly 23% as oil prices continue to accelerate their declines. we're at 440 and finally the nasdaq, this quarter, well it is on track for the worst quarter since 2011. the third quarter of that year. the nasdaq this quarter is down 10.9% in part because we saw that big drop off in bio tech shares and that really has

accelerated and really gained pace over the last week or so on the back of hillary clinton's comments too. last but not least we want to show you that the picture doesn't really look so different for the european markets. we are on track for the worst quarter since 2011 and the xetra dax this quarter is off 16%. we're back below that 10,000 level. 9,609 points. >> let's talk about it then. we have the head of fx and commodities research and i guess from an equities perspective we're looking at the worst quarter for europe since the third quarter of 2011. i'm wondering from an economics and fixed income view what does that say to you? >> the market has turned extremely negative on the world and on europe. in my view it's a little bit ahead of itself. particularly i think they're very very negative on china and we're starting to see early signs of market stabilization.

key focus for europe and european markets, is draghi going to deliver more in terms of easing. >> what about easing from elsewhere around the world in a world where we might be getting interest rate hike and tightening from the fed? >> i think the pressure on draghi is righting by the minute. you have inflation down to 1.57. that's pressure on him to react. we think that maybe early next year or maybe december you will see some kind of commitments to extend it's program. it's lower for longer. the fed is different because if china, and if we're starting to see early signs of stabilization in china it's like to see it will see european market stabilization and it's going to be key here. >> one of the big trenlds this year has been the treasuries, of

core paper in the euro zone as well. do you think that we'll see at some point a big sell off in core paper or do you think that's really just too far away? >> i think it's too far away because you simply have, you will have more easing coming through from the ecb. that's very likely. when the fed gets started it's a little bit like sell the rumor buy the fact. they're going to move relatively slowly. the pressure on inflation is not really coming through so we don't really see that massive sell off in neither european or u.s. fixed income. >> so if we expect more easing from the ecb, tightening by the fed, in october and december what does that mean for the euro dollar exchange rate? that has been incredibly resilient. we're currently at 112. will it go back to 105? >> we'll have some downward pressure coming through in

europe. what's interesting is its related to the fx hedging flows we have seen on equitieequities. so you have euro buying. it's been a little bit of a safe haven currency but if we're going to see this more easing from the ecb and fed get started you'll see it. we have seen the low in march. i don't think we'll go back to 105. it's more around the 108, 110 range. but the broad dollar strength, at least against the majors i think is coming close to that cycle. >> thomas, thank you so much. head of fx and commodities research. now let's show you what's happening on our cnbc web page because you want to get more on the third quarter. how it is played out and what to expect for the rest of the year. don't forget to head to cnbc.com. >> emerging markets should head for a increase in corporate failures as they analyze

monetary policy. it says indebted companies in emerging market nations are likely to struggle significantly from high borrowing costs and stagnant growth. stay tuned to cnbc. our colleagues will be speaking exclusively to christine lagarde later. don't want to miss it. >> speaking of don't want to miss, this is something i'm excited about. coming up on the program, an electric atmosphere in the state of california as elon musk delivers the first model x. finally. but can tess hla continue to che ahead? >> two executives go on trial in france. and we're in paris with all the details. >> and we check in on a sticky situation involving some oklahoma police officers and a swarm of honey bees.

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>> car makers are leading in europe after china decided to have the sales tax in a bid for

the auto market and struggling economy. they represent around 70% of the chinese market. shares also surging overnight. let's have a look. fiat chrysler up by 3.7%. and even volkswagen bouncing back. >> that's exactly what china needs. more cars on the road, right? for the huge traffic jams but staying on transport we have fiat chrysler accused of under reporting death and injury claims to u.s. authority which is is a breach of federal law and this is months after the car maker was handed a order fine for safety recall lapses. according to the national highway traffic safety administration discrepancies have been discovered and early warnings and they report that data and something the organization called a significant failure on their part. >> do you like fast cars? who doesn't? >> i love fast cars. >> ferrari could be set to launch it's ipo as early as friday according to cnbc

sources. the offering could be $1 billion in size and could price during the week of october 12th. the luxury car maker planned to list about 10% of its shares on the stock exchange. >> meanwhile, the chairman of the vw cars is confident they can fix the problem in the emissions scandal. the main focus now is to restore trust. >> our main focus are the customers. we have to fix the problems with the customers and for the citizens i would say we made some mistakes. we are really sorry about and we are concerned and we will do the upmost to solve the problems and make sure that those kind of problems can't happen again. >> let's get back out to nancy. nancy, fixing many of the engines and the software, that will take a lot of time but fixing trust, that's going to take even longer.

that's right. a lot of time and money to fix this software and you just heard the comments. head of the wv passenger brand saying he's confident on the fix but we don't have answers of what up to 11 million vehicles looks like. they were getting ready with a plan to start that process but it could take weeks and months to inform the customers. you talk about earning the trust back. that's been the focus here all week. it was a week ago since we heard that the former ceo was stepping down and the company has been moving very quick tlly to try t restore trust and one way to do that is to try to get an investigation into what went wrong and who was responsible. they still think there was criminal wrong doing here and we expect more investigations to come. not just on the former ceo and we're told that the supervisory board is meeting here. reports suggest they could be

looking at the first preliminary evidence from an internal probe and within that probe there's findings that say back until 2005 the decision was made to input so of these software devices. so we'll try to bring you confirmation of any of those as soon as we get it. moving ahead the other focus could be an announcement from a new ceo of porsche. the leading canada for that ceo position is currently the head of product and he is a career veteran under volkswagen. he got his start at audi and really worked himself up the ranks so this is someone that knows the company inside and out. hopefully we'll get that statement later today. >> nancy, thank you so much. now let's talk about tesla and finally delivering it's second production vehicle. the cross over model x, electric

suv at a launch event in california. so there you go. ceo elon musk estimating that 25,000 customers preordered the model x. it will take 8 to 12 months for them to finally get their hands on one but phil took a look at the newest edition to tesla's fleet. >> after a lot of anticipation here it is. the model x. two things stand out about this electric suv. the first thing you'll hear talk about the falcon wing doors for the second row. a lot of people say what happens when the door open up? there's ultrasonic senators built into the door panels which will tell them whether or not there's enough room to open up and how high they can move up. the other thing that will stand out, the panoramic windshield. this windshield when you're

inside the car and you're driving it's unlike what we usually see when we're behind the wheel. it feels you a fuller view of not only the road but the outside surrounding. the first five have been delivered here just outside the tesla headquaters in northern california. the starting price for these models, $132,000. tesla model x, the first ones have been delivered. now the challenge ramping up production through the third quarter and into 2016. >> that's the world's first luxury electric suv and wire magazine has called it awesome, futuristic and really matching expectations because we have been waiting a long time for it because they unveiled the prototype in 2012. here we are finally getting their hands on the first one. >> it's interesting. tesla said we want a car that

caters to women. we want a car that caters to football moms, to soccer moms, is this a car at starting price, 132,000 that caters to these women? i'm not so sure. actually to well off women but it's still a very, very fancy car. >> it's a beautiful car. it kind of reminds me of the car back in the 80s? >> no. >> did you ever watch the movie back in the future. >> yeah. >> those expanding wing. i hope it still has insane mode. >> what's that? >> you push a button and it goes from 0 to 80 in three seconds or something but what i found interesting is it comes with a bio defense button apparently. >> i saw that. what is that exactly? >> just in case. he had to say it's a real button that i put on this car. >> you talked about acceleration.

the x will hit 60 miles per hour as quickly as a porsche 911 turbo. >> you don't want this car? >> of course i'll take the car. if there's a charging station near my house of course i'll take it. that's the other problem. >> i'll take it if you want to get me something for christmas. >> yeah, sure. >> i'm just saying. the question for you today since we're on this transport theme with diesel in the dull drums are you ready to get you enthusiastic about going electric? e-mail us worldwide@cnbc.com and find us on twitter of course and our personal handles are across the screen for you. >> let's move on. the supermarket expects full year pretax profit to come in ahead of consensus despite posting a negative retail sales in the second quarter. the turnaround strategy is progressing well despite a challenging market and that's very interesting.

the fact that sainsbury does so well against the other big three. they have been out performing the other big four. there's intense competition from aldi but sainsbury has been gaining share in terms of the market up 0.9% in sales into the 12 weeks to september 13th where sales actually were down during that period. it's a brutally competitive sector and there's no inflation in the u.k. so it's very very tough to push through any price increasing. >> also in this environment because it is so tough as you mentioned, as competitive as it is that, you know, any sort of positive news has taken very positively by the markets. we're looking at 7 straight quarters of underlying sales. >> the bounce back we're seeing in the shares today, last time we checked 12%.

that speaks volumes. it's been such a beaten down sector. shares down 13% over the last 6 months and closed yesterday at 229. this morning at 256. aldi is getting more aggressive. they're planning to move into online retailing next year so the competition season going to let up. must be tough going up against them. but what i am looking at is even though it might come ahead of their forecast they're still making less money this year than they did last year so it shows me how competitive this market might be. >> costco's 4th quarter profit rose 10% and beat forecast but lower u.s. fuel prices and the strong u.s. dollar hurting it's

sales. same store sales down 1% which is the second straight quarterly decline for costco so if you exclude the impact of currency and gas prices, sales would have risen about 6%. shares trade in germany in advance today. >> let's talk about this police cruiser that got itself in a sticky situation when honey bees swarmed all over it. thousands of them made a beeline for the car. the deputy took the video from inside. some motorists were running into bees half a mile away. >> where's winnie the pooh when you need him? up in smoke, japan tobacco shareholders are wincing as it agrees to pay $5 billion for international assets. we'll look at the other keycorp rat stories of the day.

that comes your way next.

a september to remember.

global stocks on track to lock the first quarter in four years but the pain might not be over as data suggests today is historically the worst day of the year for u.s. equity markets. >> european stocks trade higher with autos driving the gains. this as china revealed it's halved it's sales tax starting tomorrow. >> investors cheering a positive outlook from sainsbury after the u.k. grocer will beat profit forecasts. >> russia approves the use of military force abroad in a move that could pave the way to put boots on the ground in syria. >> good wednesday morning. let's quickly check in on european stock markets since we are heading for the worst quarter across europe since the third quarter of 2011. we're seeing a bounce back today. quite a dramatic one rallying close to 2%.

the german dax similar gains as well and in france the cac 40 with a big plus of close to 2%. now the stoxx 50, here's the biggest 50 companies around. not surprising. we're up close to 2% so far. >> and we're just waiting for the 3rd estimate of the u.k. second quarter gdp. that's just out. the uk final gdp revised down to 2.4%. let's have a look at the quarter on quarter number that is still 0.7%. so that is in line with forecasts but the year on year figure, that's been revised down to 2.4%. let's have a quick look at sterling dollar. it has dropped just a touch from before the data was out. 151.42. we're currently flat on the day. just to give you more detail on that, once again, second quarterfinal gdp 0.7% quarter on

quarter. that's unrevised and in line at 1%. quarter on quarter revised from 2.9% quarter on quarter and the current account balance is negative 16.767. the poll was for negative 22.25 billion sterling and that's versus first quarter print of negative 24 billion sterling. maybe that's better than expected. second quarter investment revised from 2.9% quarter on quarter. the number of german job seekers unexpectedly rose by 2,000 in september however the seasonal unemployment rate remained unchanged. german employment figures will be watched closely as they make efforts to integrate a flux of newly arrived workers into it's job market. let's get out to phillip. i'm sure you had a good look at

the second quarter gdp numbers. overall, what's your take? >> well, difficult to say. there's a lot of changes here. a lot of data to look at but broadly speaking in the second quarter of the year, economic momentum was as thought before but there do seem to be downward revisions of the relatively recent data that resulted in a small downward revision to the year on year figures but we already know from the office of national statistics that if you go back to the years 2011 to 2013 those figures have been revised up and they have been revised up by almost half a percent. so there's a mixed bag there. a lot of changes. we'd have to look at them in more detail to come up with a conclusion. >> and sterling tldollar is seeg a drop on the back of the data today. we're around 151 and change. is it helpful or destructive to the u.k. economy? we're obviously off the year highs but still pretty high

compared to historical events. >> against the u.s. dollar i'd argue that sterling is relatively under valued. it's not really causing any problems for u.s. exporters. where there has been more of an issue of course is sterling's value against the euro. if you look at the current rate of 74 p i'd say that's not particularly overvalued but it's come from a point a few years ago where sterling was very very competitive and that is causing some problems to manufacturers, exporters in particular. >> one more question for you because, you know, we were talking about expansion and also about stimulus. given that we're in a world that apparently we're going to have fed rate hike sometime this year and you have easing elsewhere in the world. does that include -- do you think that's going to happen, say for europe and the ecb? >> well, to a certain extent it's priced into markets. if you look at the u.s. and u.k.

yield codes we would say they're flat at the moment. >> why is the euro trading at 113, 114, shouldn't it be closer below 110 levels? >> there's a bit of a switch in what markets regard to be a risk aversion play. any flight to safety goes into the dollar. now you're looking at more of a problem particularly with china or emerging markets and that hits the dollar more. there might be a couple of reasons for that and one of them is a monetary policy argument that if you have this sort of global uncertainty it doesn't really change the outlook for ecb monetary policy, particularly interest rates that much where as if you look at it from a federal reserve perspective that's more likely to hike in rates. >> phillip, finally in 25 minutes time we get the flash september estimate for euro area inflation. it's expected to fall back after we saw the poor numbers coming out of germany and spain yesterday.

if we see a negative print for the euro area will the ecb worry or not? >> i don't think they'll worry just from one inflation number. i think markets might become concerned but that in itself could have knock on effects to the european central bank if you look at market based measures of inflation expectations. you're looking at something like the five year five year measure that's already heading down toward 1.5%. it's a 7 month low and that's what the ecb gets concerned about from the points of view of ingrained expectations of low inflation. >> we'll have to leave it here. thank you for your time. chief economists at investec. >> the u.s. senate will vote 10:00 a.m. eastern time on the bill to fund the federal government through to december 11th. this is a stop gap measure which does not go after planned pas parenthood and should pass with a simple majority. the house should pass it by the end of this day and that avoids

a government shutdown at midnight. the house is also scheduled to vote an an amendment to defund planned parenthood but that's not expected to get past the senate or president balm ball's desk. leaders in congress have open discussions with the u.s. president about a possible two year budge deal. now the wall street journal is reporting that the gop wants to avoid repeated fiscal crises and a spending fight in the middle of an election year in 2016. the talks aren't expected to be wrapped up before house speaker john boehner leaves office at the end of next month and it's also unclear whether the majority leader kevin mccarthy is expected to be the next speaker. he'll even take part in these negotiations. >> for the 7th time switzerland has taken the top slot in the annual global competitive index. it was closely followed by singapore, the united states and germany. the reports author spoke to cnbc

in a first on interview and explained how economies should look to tackle weaker growth across the globe. >> it looks at productivity that is an indication of competitiveness. we're in a new normal. productive has not been increasing. we're facing lower growth rates and higher unemployment rates and this is a situation we should not get accustomed to and productivity and reforms are the key. it's driving growth going forward. >> are we seeing a switch in the countries rankings? >> so we see that switzerland remains number one and top three remain number one as in the past. germany takes the first place in the euro zone and in europe and the eu. the netherlands move up. among the large emerging markets china remains stable which is given the situation a good sign and a sign of solidity in china.

we see other countries move up quite significantly and a drop in brazil. >> when you talk about productivity, is this an issue of adjusting to a new normal or is it an issue of ramping up growth and trying to run after a new normal scenario? >> the new normal is something that we don't find optimal. we need to increase product activity in order to break out of the new normal. we should not accept this new normal as a new normal but continue structural reforms, especially in emerging markets where they are becoming increasingly important in order to ramp up growth going forward. it's going to be needed in order to ensure prosperity going forward. in order to ensure growing middle classes in those countries and stable. >> but at the same time when looking at countries like china for example, couldn't one argue they growth rate of 5% is more sustainable in the long-term than a growth rate of 15%? >> it's not about attaining high growth rates and obviously china

had a lot of catch up to do in the past. it achieved amazing growth rates over the past 20 years. it may be that a sustainable growth rate is lower than seen in the past. but it's about sustaining a growth rate and basing the growth rate on solid fundamentals. so a good financial system, infrastructure that spreads the wealth throughout the country. >> also here's what's happening on cnbc.com. our web page today with india and south africa slipping down the competitiveness index. when will the slow down in emerging markets come to an end? that is the question. not soon according to fresh data which saw investors pull back some $40 billion of em fund flows in the quarter. head to cnbc.com for more on the story. >> let's talk more about m&a. axle springer has a stake in

business insider. the operation will allow them to expand digital offerings in english speaking countries and the ceo will be live on squawk box u.s. at 13:15 cet. >> should be interesting. let's talk about m&a activity from the brewing side. ab inbev is seeking up to $70 billion in debt financing to support it's potential take over of sab miller. the world's largest brewer turned to its at least 11 of its core relationship banks request the debt so that should be underwritten in this deal. ab inbev's shares tumble over 14%. >> japan tobacco will pay $5 billion in cash for the natural american spirit tobacco business in the u.s. the deal is expected to close in early 2016 subject to regulatory approval but japan

tobacco shares fell in asian trading today in reaction to the news. they're down some 7% at a six month low. why? many analysts believe this deal is too expensive. the price tag is 250 times. why are they overpaying so much? analysts from credit suisse says it makes sense. it gives them plenty of exposure to the 20 and 30 year olds. something they don't have now but it begs the question are many of the companies engaging in m&a now are they having the fear of missing out? are they paying too much for their targets. >> fear of missing out. i like how you winded that in there. a lot of japanese corporates have been overpaying for a lot of assets. but this is about slowing growth at home and japan is kind of a theme that we've seen a lot with m&a activities. i want to talk about the money out there.

we're looking at the third best quarter ever aren't we? and from what i see, either now the 3rd quarter of 2015, m&a is at 572 billion which is the best quarter since the first quarter of 2000 and people are trying to front load some of the purchases. especially if they think interest rates are going to go up and might be tougher to get access to financing at cheaper levels. >> it's been tougher for the companies to get access to financing. for example, remember that big deal, cablevision and altice, the dutch french company, they had trouble issuing the amount of money that they wanted to raise in the high yield debt market and that is a troubling sign for many of these companies who do want to go to the high yield debt market. >> you know, it's not like money is hard to access. >> they're paying up for it and that's the major take away because we're really late in the cycle. that is a point in the cycle where credit quality is going to

deteriorate. >> they have to pay up more probably in the future. especially if we expect rates to go up. i would say financing is still accessible. especially if you have a deal looking at debt financing in a possible $109 billion deal. >> depends on your credit rating. >> russian president vladimir putin has been granted parliamentary approval to use military force abroad including in syria. the decision was passed by the senate but russian media quoting state officials even said it only relates to the air force and not troops. a little worrying nonetheless. still the come on the program, france slashes spending and delivers on household tax cuts but can it really get the deficit under control? the full story comes your way next.

>> european markets are on track for the first quarter since 2011. the ftse 100 rebounding from losses in the previous two sessions. the xetra dax is up by more than 2% and the cac 40 up 2.2% as

well. they want to boost the local auto shares and many benefitting from that. >> let's check in on u.s. futures and we're looking for the worst quarter for the s&p in quite awhile. okay. so we had a seesaw session on tuesday. minor gains across the board. so the s&p 500 implied open is telling us we need to be up some 18 points. we are about 170 points above fair value so we should be up some triple digits. we're up some 47 points. that's being priced in the open right now. >> he is warning about the potential impact if climate change continues to be ignored. hoe fears once climate change becomes a defining issue it may

already be too late. he told the gathering of insurers that losses from weather related events jumped by $40 billion over the past decade. >> the challenges currently posed by climate change pale with what might come. the far sided amongst you are anticipating broader global impacts on property migration, political stability and food and water security. >> former french president says the french economy is, quote, asphyxiated by all the measures taken since 2012 and citizens are anxious about the economic debt. the conservative opposition leader also weighed into the debate over french working hours saying each business operating in the country should be allowed to decide if it wants to scrap a 35 hour working week or not.

this morning, this french government unveiled it's budget with plans to cut spending by 16 billion euros in 2016. >> the french budget is based on a growth economic forecast of 1.5% and takes into account the potential impact of the weaker chinese economy growth which according to the finance minister would be rather limited for the french economy. he also believes that france will continue to enjoy favorable economic factors hast year with the price of oil. and the finance minister also confirmed that france would meet it's public deficit target at 3.3% of gdp next year and will implemented 16 billion euros in spending cuts. this is part of a broader package of 15 billion euros between 2015 and 2017. but still it's a real challenge.

the first one is that french economic growth is not solid at this change. we had a flat gdp in the second quarter and the second reason is that 2016 will be the last of full fiscal year before the presidential election and the french president cannot afford any strong austerity policy if he wants to stand election in 2017. >> also the trial of two uber executives accused of criminal violations in the country. they face charges on counts including deceptive commercial practices. this comes after the french government passed a law banning it's uber pop service in the nation. the u.k. could be cracking down on the app as u.k.'s transport body is set to propose a series of new rules that could impact it's business in the nation. stay tuned we'll be live from the trial in central paris coming up in the next hour. >> how much would you bid for

the original green back? one lucky investor could walk away with this extremely rare collectible item later on today but for a very hefty price tag. >> they say a dollar isn't worth what it used to be unless it's america's first dollar from 1794. a silver dollar that was part of the first batch of dollars ever minted in america will go up for auction tomorrow. it is expected to sell for between 3 and $5 million. the dollar was one of about 1700 of the first dollar coins made by the u.s. mint and only about 100 of them survive today. this example is one of a hand full that are in pristine condition. the coin depicts lady liberty with her hair flowing and head to the sky. a prototype version of the 1794 silver dollar when for $10 million in 2014. this version is more common but

was first acquired in 1794 by lord st. oswald whose collection was one of the most famous in the world. this coin was sold in 1964 for 4,000 pounds. overall coins have turned out to be a wise investment for many investors. collectible coined gained 13% in value last year and 92% over the past five years out performing art, wine and even diamonds. >> alternativeinvestments. let's talk about a collectors item in the future. if you get your hands on the first 25,000. tesla delivered it's second production vehicle. the model x electric suv and it took place at a launch event in california. the premium version starts at $132,000 so it's not cheap. it does feature the falcon wing

doors. also panoramic view windshield. it will seat up to 7. tow up to 5,000 pounds and can go 250 miles or 400 kilometers on one single charge. elon musk introducing the model there estimating that 25,000 customers preordered the model x and it will take 8 to 12 months for those ordering to get one now. i have friends that put their names on the weight list to get their hands on the model x and they're probably rubbing them thinking oh my goodness i finally get my hahns on the model x after all of this time. it only took three years. >> it's true. in terms of price sensitivity if you're willing to work over, what, $120,000 for a model s you'll fork over 142,000 for the model x because it's only just a tad higher. it doesn't take that much to buy

the additional one but they do want to cater to women. they do want to cater to families because the model s was just geared toward men wasn't it? >> i don't know about that. let's not throw gender into it. >> that's what elon musk says. he said that a couple of months ago. >> i'm sure he's happy to sell to men or women. >> he did but he also wants to target the women. >> tow think that's a soccer mom car? >> that's what he was aiming for. >> it's a sleek one if it is. i love those doors. it's the falcon wings. where they open up instead of to the side. it also comes with an interesting speck as well called the bio weapon defense button. do you think a soccer mom needs that. >> every soccer mom needs that nowadays. bio defense. >> there you go. the question is about autos today. we have been talking about volkswagen for the last few weeks and diesel.

so are you maybe ready to get enthusiastic about electric going forward? e-mail us on the program via twitter and also as you see our personal handles are right there on your screen for us. >> let's have a look at commodity prices this quarter and let's see how wti is shaping up. no surprise we're off by 26%. we did see a little bit of a rebound in the first quarter but it didn't last long as we still have the huge supply overhang and worries out of china. wti at 3842 and gold prices at 1,124 an ounce and we haven't moved that much but we're still down roughly 5.5% or so and the vix, that really took away all the headlines. we're up 93.86% of the quarter, currently at 28.83. this is above the historical

average. that is currently 20 and so much volatility to deal with. we have china and of course the first energy prices. quick check of the nasdaq, down by 10.5% for the quarter. >> let's talk about asia. some would say that china really spooked the markets in the 3 ird quarter of 2015 so shanghai looking at its worst since 2008. now as for japan, which actually came back overnight after one of the worst sell offs we've seen in a few years so the nikkei itself for the quarter, we're looking at the worst quarter since the second one of 2010 and then of course we have the wall street session about to kick off and we're looking at the worst quarter there in new york since 2011. still to come we'll talk about time to strike a deal in washington d.c. stay with us on worldwide exchange.

good wednesday morning. welcome to worldwide exchange. i'm susan li. >> these are your headlines from around the world. >> a september to remember. global stocks on track to log the worst quarter in four years but the pain might not be over as data suggests that today is historically the worst day of the year for u.s. equity markets.

>> another midnight deadline for congress. u.s. lawmakers look to approve a spending plan before the close today as republicans discuss a two year budget deal with the president. >> prepare for failures. the imf warns emerging economies need to brace for the debt market consequences of rising rates. >> the hardest car in the world to build, investors hope can make the auto maker turn the corner. >> and we're back in the wrur row zone because euro zone prices according to the september number they dipped in the month of september by 0.1% year on year. so that is what was expected. we're not seeing a big movement in euro dollar right