. . this is "worldwide exchange." i'm will ford frost. >> i'm carolyn ross. hees are your headlines from around the world. >> expectation, not a commitment. the fed's stanley fisher says a rate hike remains data dependent and policy makers in europe could ease further. >> it's immature to discuss it but be prepared to change the differences. >> bank of japan pours cold water on it.

they say the central bank has more tools if needed. >> if inflation dynamics change and if necessary, we would not hesitate to adjust our economic policies. >> investors at glencore's plans to spin off more assets as the embattled investors put their chile an mines up for share. >> passing the government stress test trying to decommission germany's reactors. good monday morning. i'm susan lee. coming up on the program, if europe needs swagger then ferrari can help. the car maker kicks off its ipo road show which could buy the firm almost $10 billion. also, we go 100 meters below europe to take a tour of the world's largest scientific

laboratory. and europe's got game, at least when it comes to football. we hear from a legend of the game, rio ferdinand. all this week on cnbc we'll be talking about why europe needs swagger. after nearly a decade of financial crises, bailouts and endless summits, europe is facing somewhat of a crisis. for all of its problems, we decided europe needs swagger. firks let's look at the numbers. europe is the world's second largest economy, bigger than china's, in fact. not far behind the u.s. on goods and services provided last year, but the overall outlook is shaky. growth remains slow with the regional economy limping along

in terms of gdp. the block is in danger of becoming a two speed continent. unemployment is sky high in others and almost double that compared to the united states. meanwhile, we have a lot of catching up to do when it comes to capitol markets. the largest firm is novartist. that's 1/3 of the size of apple. >> all right. enough of why europe needs swagger. europe is home to some of the biggest financial and insurance. alias, credit suisse and hsbc. europe is home to some of the most iconic world planes from the world of planes, autos, health care, luxury. let's not forget about science and innovation. later in the show we'll take you 100 meters below ground into the

birth place of the worldwide web. france is the world number one destination for international tourists from the eiffel tower to athens to barcelona. now we've been asking the world's top policy makers for their views on why europe needs swagger. >> over time since we've started the monetary union we've built it up, strengthend it. we've built more institutions to support it. we're coming into a new phase now, a phase which is about stability, which is about broadening the economic perspectives and of course always key is still political stability. >> it's open everywhere in the eurozone. what we've done at the ecb has been very helpful. it is really finding its way to the end of the pipeline that is to be the corporations, to

companies. potential companies have increased by 75, 80%. >> i think many european countries, particularly nordic countries, have made tremendous progress. at the same time, female labor participation ratio also increased so these two are not inconsistent each other. >> difference how things were a year ago is that now we talk about many countries, let's say countries such as france, italy, spain, ireland. they all are growing. it's not dramatic. it's modest recovery.

>> so all this week we're going to talk about why europe needs swagger, whether it's already got swagger. i would argue, you know we grew up in europe, it does have swagger. it's just the more understated kind. maybe the one we're used to in brittain. we certainly do. i'm from germany. germany is a powerhouse of europe. we have a lot of swagger, maybe we just don't show it the right way. >> i think interestingly over the last 6 to 12 months it has started as a least, if we look at the last six years, it has shown a little bit of progress coming out. unquestionably, that's the issue. it's a question of crisis here. stimulus has come through from the ecb, has it fed through the same way qe does in america? probably not yet. it is starting to get traction. it is a self-fulfilling prophecy. you need to see the confidence to start to see the growth. we're stuck in the area in between. it hasn't quite fired on all

cylinders so far. >> i think the problem is there are too many cooks in europe. we have 17 eurozone members who sit around a table in brussels. if you have too many of them, there tends to be a lot of dithering. we've seen that to the fullest extent to the last five or six years. >> maybe the argument is europe had its swagger and needs to get it back like stella needs to get her groove back, that's what europe needs to do. i was looking at the gdp graphic, that's very telling of what the world looks like now. china is a $10 trillion economy and even japan. in japan we've heard about the bad economy, slowing the demographics, an economy that's been in trouble for 20 years but still bigger than germany. >> you just moved to europe from asia? do you think europe has swagger? >> it has a lot of great things. it has a lot of luxury brands.

it feels maybe it's losing its step in the global economy. >> i think there's a bigger issue overriding everything. we've compared the size of that to the european economy and china. the idea to say there might be a two speed economy that makes economic management what's optimum for the 28 as a whole, i think that's been an issue for the last six or seven years when you have some economies benefitting from the weaker euro and unemployment falling and others that need structural forms. the issue where they are in the process or just a currency for 19 of the 28 members. i think that makes it very, very hard when global situations are tricky to come up with a clear policy that really gets the economy firing. >> that's been the problem the last few years. >> we want to hear from you. send e-mails to worldwide at cnbc.com or find us on twitter.

for more on europe's crisis of confidence and how the continent can get the swagger back head to cnbc.com and check out our special reports page. >> we have a fed hike this year and what they're calling an expectation and a commitment. that's from stanley fisher who says the central bank is still on course to hike rates this year unless instability warrants a decision to hold off. speaking on the sidelines of the imf taking place in peru. considerable uncertainty still surround the outlook for the european economy. >> china's minister has warned the fed not to hike rates just yet. speaking to chinese press, the developed economies are to blame for holding back growth in the global economy because they're not creating enough demand. he added that china should be seen as a healthy process who said the policy makers need to be careful with the steps taken.

so how has the fed's decision to so far hold off on hiking rates impacted policies. when we sat down he asked if it was right for the markets to consider extending its current stimulus program? >> the economy -- the global economy is growing modest ly. the eurozone economymodestly. we have to be careful. the risks are occurring from outside. not inside the eurozone, but outside the eurozone. we' we have to be ready if anything would happen. we have to know what we would

do. here in lima we're in the fact-finding mode. we're listening to chie neas colleagues, listening to the imf very carefully. if anything would be needed, we needed to be ready. but it's too early. >> so we shouldn't prejudge here. i wonder if part of the reason is there's still a lag effect in the existing qe program we have. >> we've all executed, delivered 1/3 of the program. we also are benefitting from the lag effect of the previous measures as a targeted liquidity tenders, forward guidance. feeding the economy at a slow pace. it's certainly too early to measure the full extent. >> so premature to start thinking about another qe program? >> it's premature to discuss it but certainly our duty to be

prepared to work out the differences. >> the oil prices have been fascinating recently. we're back at $50 a barrel here. starting to ask a question, are inflation expectations being pitched too low because people are fixated on a continuation of a very low price? >> inflation expectations are on problems long term. the full discussion is how fast will they come back to 2%. the faster, the better obviously. and so if the oil price will stabilize that could give a sense of stability and security to economic actors, that would certainly be good news in the future. that 2% inflation target is really the encore for the full recovery process in the eurozone. it's really important that it comes. >> but is there potentially a faster rebound here because of what's happening in the oil price? if anybody's taking a short euro

position on expectations of continued deflationary pressure from low energy prices, should they be reviewing that position and thinking hard as to whether they want to take that challenge? >> it matches the growth outcome, the growth outlook. but if it can bring expectations sooner in line with 2%, that would be certainly a positive factor for the whole recovery process. >> it seems as though he kept his cards pretty close to his chest, but for all the talk about extendsing qe, i think in the latest reuter's poll we see they expect a ramp up of the qe. euro dollar exchange rate, $1.73. >> that move we've seen with the european side. the most interesting line for me in that interview. i'm someone who tends to be

relatively critical of how efficient european qe is going to be. he said so far the ecb has delivered 1/3 of the program. we're still in very early days. we have through september 2016 for this current process to play out. that high rights the facts that the european economy doing okay in the light of having only 1/3 of the program. we have to remind ourselves of that when we are considering are we going to see more? is the economy doing more. we still have a lot of this program to come. >> i was also listening to mario draghi, the ecb president who was in lima, peru. i guess people forget about that. he said there are signs of resilience in the eu economy. people were trying to figure out what that means. i feel like i don't know if you think so, the market has priced in another expansion of the qe program. >> that was my point. i don't think so. if you look at the euro dollar exchange rate, $1.13.

it needs to be near 1.05. based on european dollar, bunce, not so much. >> look at the dollar part of the equation what the reserve is. >> if we do go back to the last ecb press conference 2 1/2 days ago, off the back of mario draghi it says, look, we stand ready to do what it takes. the dollar side of the bargain came to the fore. people are confident that the ecb will do more if needed. i know they think we're very close to that at this stage. >> we're going to get more on how europe can find its animal spirit. the full interview with the board. core, pardon my french and european language. it needs some improvement, right? >> no, i think i've done much, much worse. i'm actually opposite france.

>> if europe needs swagger, football is the place to look. we'll hear from rio ferdinand. life as a football pundant coming up next in a couple of minutes. before earning enough cash back from bank of america to take their act to the next level... before earning 1% cash back everywhere, every time... 2% back at the grocery store... and 3% back on gas... vince of the flying branzinos got a bankamericard cash rewards credit card, because he may earn his living jumping through hoops, but he'd rather not earn cash back that way. that's the spectacle of rewarding connections. apply online or at a bank of america near you.

sometimes they just drop in. always obvious. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances.

welcome back to the show. quick look at european markets. it seems like they're lacking a little bit of swagger this morning except for the xetra dax which is up .65%. maybe we're seeing across the board a little bit of profit taking after we've come off the best week since january. last week we were up by more than 3%. now shares in germgermany's lar utilities are trading higher after they passed a key government nuclear stress test. the german economy ministry said the operators had set aside sufficient cash. rwe is up by 13%. e.on higher than 11. >> the copper mines in chile is being sold.

glencore could make up to $1 billion. jpmorgan has raised its price. credit suisse could slash as much as 2 billion franks as part of a rebound. according to swiss newspaper the reports said heads of big department had been told to slash spending by 7 to 10%. j jeff spoke with the bank of finland governor and ecb gov governing president. >> we of course follow the international rules which have been set up by committees where everybody's in and i think it's very important that we respect

those rules but there are some details we need to work through. one's, of course, complexity. second i'll give you one example, it's about sme. when we went to the full reform and we assessed the capitol requirements on the basis of the assets, which means housing has very low risk points, housing very high risk points, you look at the experience of housing, perhaps there's something wrong there. you should be able to diversify risks. you have many smes you finance. housing must be careful because bubbles are very heavy because they have deep impact. i think we must be able to look at the details. we have the generation which has come through the worst financial crisis since 1930s. we trusted too much of the

surging inflation. there must be rebalancing. owners must put capital into the banks. banks must have the liquidity. of course, if there are evident complexities which don't serve the main purpose -- >> i want to understand that very clearly. i think it's an important point. are you saying that maybe a blanket approach on risk weighted assets is not the right approach. >> i said on this particular issue the sme is so we say that housing risk points are very small, low. smes, very high n. that particular issue moving the right way. it wasn't our purpose to make funding of the smes more complicated and perhaps make it easier to create a bubble in the housing market. i want to show if there's been a problem we must be able to look at it. >> the football world champions, the formula world champion and the wimbledon champion, europe seems to have no shortage of the

supporting swagger. >> it was an event that brought together some of the influential people stamford bridge, home of the the premier league's reining champions, chelsea. the brands where the big money is were also there. levi's president james curly who lived in europe for ten years spoke about his business in the region and said europeans have a lot to be confident about. >> i think this notion of authenticity is so real and whether it's by country, by city, understand the authentic dna you have and figure out how to invent that for the future. i think there's really something in that. if you think of some of the classic brands in europe that are making a difference in the markets, they can make an impact. there has to be a level of confidence and the ability to see the world a little bit differently. take the kaleidoscope in europe, twist it a little bit, see the positive way the world is working and ep gauge in it. >> raffle kruger, a canadian who

was previously ceo at the edmonton oilers is now ceo of a high profile league. it puts his club on the global stage. >> the reach we have is unique which the north american sports leagues don't have. it's the reach that we have in south africa, we're in china, india. the u.s. they're committing long term to us which is a great thing. they see us as the league. all of it is different and the ice hockey, national hockey league, for instance, they're fighting to move beyond north america. >> exengland international striker, peske was quick to talk about why football is top of the table when it comes to global sports. >> combination. i would say it's the best.

i like watching english football. i know for a fact i've been to thailand, places like that and spoke to people and they said the reason they like the premier league, the reason they like the championship leagues like that is because you can have the top playing the bottom, you still don't know who's going to win. >> everybody wants to be here. why we going to go. everyone wants to be here. everyone wants to be in the premier league. i kind of knew it but becoming a manager made me more aware how important is the premier league worldwide. >> when it comes to sport, and in particular football, europe has a match win sner. ful time at stanford bridge, europe 1, rest of the world 0. >> on this topic earlier we were joined by england and manchester

united's rio. we started off by asking him his thoughts on legendary manager sir alex ferdinand. >> i was talking before, he was very much he was a person working out. i was never given enough credit when i was playing under him. we used to talk about it quite a lot, my defensive partner. when i retired he said your personality, if i had given you enough credit you would have gotten carried away. all the time i was there trying to push training in the games and trying to get that credibility from him. obviously he did have that kind of respect for me as a player. >> i don't want to upset you, he never made you club captain and that went to gary neville and not you? >> yeah, i would be lying if i said it didn't. in your career you say i'm not getting the credit i feel i

deserve. at the same time that is one of the things that pushed me on to keep improving gleer and year out to stay in that level. i think i needed as a person something to try to get to. at one time it might have been detrimental to my growth. you mentioned bubble. a footballer is in a bubble and don't look beyond. very few do. you think of day, training, match, very little else. it's not until you come out of the market where you see an investment in such a short period of time. you start asking yourself a question. i've spoken together many times about the future and where it lies in the landscape of things. it is very interesting. as a player you're very, very much engrossed in just playing. >> you know while he was waiting

to get in the lift and lever set, he managed to find a football somewhere. was this yours, will? >> it wasn't and i'm annoyed i wasn't there with him. >> can you do it longer than him? >> no. >> i could do it 5 to 10. >> 5 to 10. he found a football to pass a time of a game of keepy uppy. >> that's the lingo, yeah. i don't think it has an official term. do head to our twitter page to check it out. >> i can see you doing that. i think you could. >> show some stils skills. >> perhaps next time. we have to go for a quick break but coming up on the show it may be placed in the british countryside but chips have found their way into the products. we'll see how it's found its swagger later on on the show. it's what sparks ideas. moves the world forward.

invest with those who see the world as unstoppable. who have the curiosity to look beyond the expected and the conviction to be in it for the long term. oppenheimerfunds believes that's the right way to invest... ...in this big, bold, beautiful world. because at&t and directv are now one! which means you can access your dvr at the dmv. change channels while he changes pants. you don't have to be a couch potato, you can be a train potato! and let them watch all the shows they love, inside the ride that you really kind of hate. introducing the all in one plan. only from directv and at&t.

an expectation, not a commitment. the fed's stanley fisher says a rate hike remains data dependent. and policy makers in europe could ease further. >> it's premature to discuss it but it's certainly our duty to be prepared to deal with all kind of contingencies. >> more qe in october but tells

cnbc the central bank has more tools if needed. >> if inflation dynamics change and if necessary we would not hesitate to adjust our monetary policy. >> glencore plans to spin off more assets as the embattled commodity trainer puts its australian and chile an mines up for share. >> a government stress test has been passed to set aside money to decommission germany's reactors. let's quickly check in on european markets. we're still hovering close to the one-month highs that we finished back last week. ftse 100 climbed and the cac 40 and ftse mib and the xetra dax

is up. >> we've seen a substantial rally specifically in crude prices. up 8%. wti crude this morning up by half of 1%. brent crude up 2/3 of 1%. copper at a three-week high. zinc prices rallied on the back of the glencore supply announcement. >> all about commodity prices? >> i think it is. >> you think it made equities higher? >> i actually think it did. j would it be equities? >> either led the other but ultimately we had a terrible q 3 and october has kicked off as a relief rally. equities, we saw s&p last week and the dax is up 5.4% in october and oil prices recovered, too. >> in the u.s. what was the best performing sector last week?

that was energy up more than 7.7%. i know a lot of people are talking about the payroll was bad. it had more dovish action. maybe another delay in the rate hike. i think it really is all about commodities. >> part of a global relief. you have risks. >> virtually every dow component was up, every dow component. the only one down was nike. giving back some of the big rally. >> just bouncing. >> yeah. i don't know if it's commodities leading equities. you're right. i don't think it's directional. >> let's have a quick look as well. we have sceneries being in equity markets, we've seen the likelihood of a rate hike of course go away. that's seeing yields for a bit. u.s. bond market is closed today for columbus day.

and this week we want to find out why u rop, one of the richest places on either is struggle to go get its swagger back. we'll be speaking with top government officials on how the continent can capitalize on its successes rather than shortcomings. >> reporter: after nearly a decade of financial crises, bailouts and endless summits, europe is facing somewhat of a crisis of confidence. a narrative of sensitivity has dominated discussions about the existenceal discussions of the euro itself or policy makers' inability to reach consensus on issues that challenge the continent as a whole. europe is one of the richest places on earth in terms of wealth, expertise and innovation. europe's economy is the second largest in the world. the region runs a trade surplus with every other nation bar

china. europe is the origin of the world's oldest bank. it is the birth place of the internet and it's home to 11% of the world's population so what will it take for europe to get its swagger back? >> good question. you know, i think the question surrounding japan as well, when will they get their swagger back. bank of japan president kuroda is telling jeff cutmore that japan can withstand recent price gains. >> from september last year commodity prices, in particular oil prices went down quite sharply. and since japan is one of the biggest importers of commodities, including oil, the

japanese economy benefitted greatly from improved trade. that may have influenced the corporate sector, enjoy historic high level profit and wages are also rising. so in general lower commodity prices help the japanese to recover, but on the other hand there are many emerging economies dependent on commodity exports and more than 50% of japan's exports on existing commodities in asia. that means that commodity prices could affect exports. so this slight recovery of commodities include oil.

i don't think it would significantly affect the japanese economy. i don't think so. on the contrary, i think this recovery of prices including oil prices may show that global economy is resilient. the imf slightly downgraded and grow economics. >> but you don't worry if we get persistently higher commodity prices here and the yen remains very weak that it will hurt consumers and choke off some of that domestic demand that you've been talking about? >> of course if commodity prices go up sharply and the yen depreciation sharply that could affect consumers, that is true,

but at this stage as you know this recovery of commodity prices occurring after sharply growing almost all of them, including oil. so i don't think this would affect seriously the japanese consumers. and also the japanese yen has been fairly stable despite this kind of increased in many financial markets including stock market, foreign exchange market all over the world. but japanese yen has been relatively stable. >> yeah. you know, because we did see inflation going into the negative. this is the first time we've seen the negative read in inflation. deflationary prices that have experienced 20 years of deflation. it's not going in the right

direction. a lot of people have priced in an expansion of quantitative easing on october 30th. he's said, that's not necessarily the case. japan is some problems. we're on the earning of a second technical recession in two years. >> applying it to europe, the question of whether they're in a crisis or confidence, i think there's no doubt that japan is. it's been there for 10 or 15 years. that makes it hard to break out of it because it is self-fulfilling. qe in japan is having even less of an effect than europe. that's because the confidence question is so embedded already. if we look at all of the data, ultimately if you look at the consumer spending number, the consumer at no point even when we started getting gdp pick up again, the consumer has not come

back. the qe has -- >> to be fair, household spending, we did see a bigger than expected gain in august. then you're right. when we look at the actual earnings, they're saying underlying weakness still in the consumer. i don't care how many bonuses go up and how much wage have gone up each and every month. if you look at the underlying foundations, they're still not spending. >> are you saying abenomics is doomed? are you saying it's impossible to get out of the deflationary mind set? mr. kuroda and mr. abe have to try. >> doomed, a nilist term, carolyn. i don't know. i think they're doing all they can. it hasn't worked for the last 15 years to do nothing, build bridges to nowhere. >> no. there's a point as well if you get to further qe it has an

actually negative impact because it highlights there is a lack of confidence and efficacy from what's been trying so far. this kind of loose monetary policy gets increasingly inefficient and builds up problems without a short-term boost. >> how can you weaken the currency before it starts hurting the economy and high servicing debts. >> let's tell you about the bank of japan, governor kuroda is keeping the inflation in check. let's change gears. the european union has dismissed reports that officials are preparing a so-called solidarity tax to help countries on the front line. berlin and brussels were thinking about fuel taxes. they denied such talks were

taking place. the russian defense ministry has released new footage of airstrikes in syria. russian jets destroyed isis fortifications and a command center. president putin said in an interview, he's trying stabilize the government. >> translator: we cannot take on anymore. our task is to stabilize the legal government and create the right conditions for reaching a political compromise. >> meanwhile, speaking to cnbc from the imf summit in lima, the kremlin was urged to cooperate with the rest over syria. >> i think we should try to find ways to work together in syria. that's in my analysis not what the russians are doing in the last couple of weeks.

they are going their own way. as far as ukraine is concerned, i don't think we need to look at escalation of sanctions yet it's too early to downscale sanctions. some are saying that the new focus on syria will bring at least more stability in eastern ukraine. i think that's too early to see. let's see how that develops. the case in point is still the russians are directly involved in destabilizing the whole region of the ukraine and that is 20 my mind still unacceptable. >> one nation particularly upset is turkey. the nation was disrupted by bomb blasts. >> reporter: they were linking arms marching for peace when this happened. amid the terror, 95 people died, 245 were injured.

this student was there. >> someone, yes, missing a leg. >> reporter: he holds up a picture of his best friend. they went to the protest together. >> after the first explosion we all run -- we all run. >> reporter: right. >> and the second explosion my friend, i cannot -- i couldn't find him. >> reporter: his friend had been killed. he was just 22. there are shrapnel marks on the sidewalk from the force of the blast, an attack sickeningly reminiscent of the boston bombing. two explosions in a packed crowded place and everything caught on camera. turkish media replaying the terrifying scenes report that one of the killers may have been the brother of a suicide bomber from a prior attack in july. no group has claimed responsibility but the government suspects isis or

kurdish militants. these curds are furious. there were clashes with police. turkey descending in bloody politics increasingly affected by the syrian border. the man who sells press celts was killed with his 8-year-old son. the shrapnel going through their clothes. today turkey is in mourning after the deadliest attack in years. we're going to break on "worldwide exchange." next we're going 100 meters below ground. we'll take a tour of the world's largest skin tifk laboratory.

♪ today, we're seeing new technologies make healthcare more personal with patient-centric, digital innovations; from self-monitoring devices that can interpret personal data and enable targeted care, to cloud platforms that invite providers to collaborate with the patients they serve. that's why over 90% of the top 25 global pharmaceutical companies are turning to cognizant. our domain experts, technologists, digital and data specialists, clinicians and scientists are transforming the way clinical research sites collaborate with pharmaceutical companies, and enhancing patient engagement with innovative platforms and solutions. our population's growing healthcare needs

present growing opportunities for our clients: to advance the future of medicine with digital, and improve the quality of lives. ♪

>> greek prime minister alexis tsipras has heralded what he calls the sir ritz is a party. it comes as mario draghi says greece must stick to the latest bailout in order to complete a bank recapitalization. speaking to the catamarine newspaper in peru, the ecb president said the second transfer of funds worth 15 billion our rows would be no later than november 15th. >> jeff caught up with the imf

world bank meetings in lima, peru. he asked what the mood was like in the council towards some form of debt reform in athens. >> we have to look at whether we can carry the debt burden on the annual basis. if you look at that, it's been flattened out very much. the interest rates have been reduced. maturities now 32 1/2 years so the annual debt burden is very low. there are a couple of hikes we may have to deal with and i think we need it agree with the imf on how to smooth it out if necessary even more. >> meantime, ecb executive board member says the recent elections in greece and portugal show the people in europe understand the need for reforms. jeff caught up with him at lima and asked if the results were a reflection of the improving

incomes. >> it came to us only one year ago, six months ago. we are moving. the conditions are out there. this is understood. now people have to create the right projects, they have to invest in their jobs and that's not easy to do. >> we're now joined by the chief executive from a leading industrial in greece with industries in mining and industry. we have the ceo. thank you so much for coming in today. >> thank you. >> we got a kickoff with the commodity markets. that is an elephant in the room. we heard from alcoa. they had a very bleak outlook for us. the environment for you guys is tense at the moment. tell me, just how difficult is it right now? >> it is difficult for all of us in the commodities world, there's no doubt about it. we are trying to pace out the difficulty with severe

cost-cutting programs across the sector there's severe cost inflation that is helping. oil and gas are coming down. still, it's very difficult. >> what we've seen in the last week or two, glencore has made a number of announcements. they're taking some of the supply out of the market. russo is the biggest aluminum producer and alcoa. do you expect they'll cut back? what glencore is trying to do is be the opec or swing producer. >> that's true. if you have cut backs from majors like glencore, that makes a difference. aluminum is very widely had across the world. the chinese hold the charts and they have so many of them. i don't know if they're ready to

cut back to find a balance in the market. >> can i just pick up on that? you're saying that the chinese do not want to cut back on aluminum production? they hold the keys to that? >> yes. >> but they also oversee half of the world's aluminum demand. if they're not needing as much aluminum, wouldn't be be able to cut off the sources? supply and demand has to come into effect at some point? >> sorry. what has happened in the last few years is dye manned is coming down. smell theers will continue to be built especially in mongolia and western part of the country where they have open face coal mines, cheap energy. they keep digging, producing parts and producing aluminum that nobody wants. that's flooding the world markets.

that's how you get through a significant increase. >> let's talk about europe and mr. tsipras has won another election. is a grexit behind us? >> i hope so. we all hope mr. tsipras this time around, he has his second chance. we all hope and believe he will pursue more realistic policies and hopefully there will be some type of restructuring before th kick start. >> you say you hope the grexit is behind us. you want greece to stay in the eu. as a big export zbrer greece, is there not a big benefit to you? >> risks, that's true. that's true. from the country as a whole and

for the lower classes in general it's going to be a disaster. does not make any sense for us to be a company in a collapsing country. if it's good for the pocket or not, greece has to stay because it's good for the country. >> how tough is access to credit bid over the course of the summer. the last four to five years. >> access to credit? >> yes, for you. for your company in greece. >> for big companies like us it's been difficult but not impossible. we make like 9% of our revenues from exports. so it's not that difficult. but for the country as a whole, especially after the capital controls of the summer, it's been really tough. it's going to continue like this i feel we get the debt restructuring until we get the recapitalization of the greek banks and then we can move. that's where we are now.

>> all right. it was a pleasure having you in. greece on the commodity markets, the ceo at mytilineos. investors are lining up for the maker of super car ferrari. ahead of the float they say they are expecting a price range of $48 and $52. it will trade under the ticker race. >> what else would it be? sflas. >> something different than that. short for ferrari. >> of course it's race. >> the united auto workers union plans to give workers time. "the wall street journal" reports voting is set for october 20th or the 21st. union leaders will spend the days leading up to the vote.

they rejected a deal last month. ford will invest $11.8 billion to expand research and development in china according to the ceo who is speaking at a corporate event in shanghai on sunday. the company did not offer a time frame though or how the money would actually be spent. let's quickly check in on ford shares. yes, they also trade in germany. we're seeing increase of 1 1/2%. still to come on "worldwide exchange", are the areas hitting the mark? we stand to hear from the boj's quantitative easing program.

a rate hike remains data dependent. ecb board member tells cnbc exclusively that policies could ease further. >> premature to discuss it but we need to be prepared to focus on all kinds of contingencies. >> glencore plans to spin off more assets. it puts