it's friday, good morning and welcome to worldwide exchange. i'm wilfred frost. >> thank goodness it's friday. i'm susan li. let's check in on the headlines today. >> right. first up, nestle investors turning sour. shares see red after the swiss food giant cuts it's full year outlook. >> let's talk luxury. hugo boss shares sink as it's asia momentum deteriorated and

it's cut guidance for the rest of the year. >> german auto makers lift car sales in europe but the impact of volkswagen's emission scandal has yet to bleed through. >> martin schultz telling cnbc why it's the right thing to provide aid. >> i think we should help them with money. >> so it's the china factor today taking it's toll on earnings really across industries. from consumption, luxury, you name it. >> absolutely right. let's dive into some of the numbers affected. hugo boss cut sales and profit targets on weakness in china. business momentum in asia has deteriorated considerably in the third quarter. so stock off 9% on the news.

now china also posed the challenge for france's carrefour. it helped off said weakness in mainland china where sales fell 11% on the quarter. but the offset is what we're looking at. now rio tinto is just above flat. although it also has managed to shrug off fears of a broader slow down it said it's on track to meet full year targets. nestle is off 2% from sales in china lagged for the giant after revenues missed forecasts overall. we'll be speaking to the ceo in just over one hour. >> so we're expecting gdp numbers from china on monday and i guess the corporate world is really concerned about how fast the world's second largest economy is growing. gdp data monday expected to show that china is slowing down, not

surprisingly, to under 7% for the first time since the global financial crisis back in 2009. economists are looking for a read of 6.7% in the three months but then china's statistics bureau says a number of 6.5% would still fall within it's expected range. so we're looking at 6.8% for the third quarter. not particularly a strong fourth quarter expected and this year i think economists have, you know, they have now i think brought down the expectations to 6.8% for 2015. >> and so interesting as we get into earnings season to see this feed through to the corporate side. it's not just high end. burberry and hugo boss have been effected. but the likes of carrefour and nestle affected. it strengthens my opinion that we'll see a stronger downturn in china than people are expecting. that gdp number is one of it. >> we're expecting 6.8%.

it would be the slowest pace of growth in a quarter of a century. but, you know, this china slow down isn't really something new. we have known this for awhile. we know that this is, i guess, the law of large numbers and economy can keep growing at 10% if it keeps getting bigger each and every year. it shouldn't be that big of a surprise. they should have been planning this already or pressing it in or expecting it. >> they should have been but the question is whether that slow transition of one or two tenths of a percent is possible. we're talking about over the next five years. can they go from 6.8 to 6.7 or will there be a point when it drops straight away to 4% or more? because these things don't tend to be steady. they tend to be a binary moment where corporates go bust or survive. 10% drop in the sales in the share price of hugo boss.

a big move in the share price of burberry. it shows these moves aren't going to be steady. >> i agree with you on that. the most surprising part was the anticorruption drive. no one saw that coming. that's impacting a lot of luxury names. hugo boss, burberry. casino names as well, wynn reporting. disappointing results. a lot of these game kag sing ca names also rolled over. when you're still expanding the economy by 3.8 billion a year that's almost equivalent to 9 billion when the economy was smaller. >> that is the absolute argument for china. that's why i think it's sensible that george osborne is trying to establish ties there. that's why it's sensible for international corporations to establish sales in china but the market moves on relative performance and not absolute performance and that's where

consensus is due a little bit of a pull back and the market we've seen can move sharply all of a sudden. >> and still concerning signs, property sector is not recovering as sharply as some had expected. also not much up tick when it comes to consumer pricing and industrial production, we're still looking at contraction so there are still a lot of concerns but let's talk about one of these names that have relied on china, that includes nestle and carolyn is on the line from switzerland with more as we await your conversation with the ceo. >> absolutely. that's going to happen in around one hour's time. good morning to you. i listen to your conversation about china and it is very true that nestle has benefitted from the growth in the he emerging markets and a large part of that was china and that growth obviously slowed a little bit and as you said susan, this is nothing new. we've seen this for a number of years now. now what has impacted nestle in

the third quarter as well as apart from china and the slow down in the emerging markets those were a couple of one off factors. like the maggie noodles scandal. they haven't been able to sell them in india for six months. they said during the press conference now that they're doing whatever they can to put it back on the shelves and it's worth noting that the ceo who is usually very optimistic said maybe we were a little too optimistic on india and the maggi situation but also on china. the other one off was in the u. s. that was for the prescription business in the u.s. and they took a one off adjustment in sales there. they wanted to take a more conservative approach. once again during the call they made clear that these are really just one off factors but you ant deny the fact that china has been recovering slower than what

nestle was anticipating and that puts into question the overall long-term growth models and that guided for 5 to 6% or dpanic growth. what are we expecting to see today? well according to nestle only 4.5% for 2015 and that would mean they would miss the long-term growth target for the third year in a row. so one of the key questions today is whether that long-term nestle growth model is still feasible. also there's another big question about portfolio optimization. what the company has done over the last couple of years, specifically the last one or two years is they have accelerated the clean up of their portfolio. pretty small assets but the other question is whether they would accelerate that once again. >> carolin thank you for that. we look forward to joining you again in switzerland for the interview with the ceo in over

an hour's time. >> more cost cutting measures could be ahead after beating estimates. the number one oil service provider sz says any rebound will take longer than expected. earlier this year it cut 20,000 workers. it and it's competitors have been hit hard by slumping oil prices. >> let's talk about weak barbie sales. the toy maker missing on the top and bottom lines. matel in the middle of a turn around plan has been trying to revival barbie sales. electronic toys and tablets are grabbing market share. also a strong dollar and weak sales and it's monster high business have also hurt it's profits. >> i can only apologize to mattel. i cut back on my usual monthly order of barbie dolls. >> and monster high? >> monster high, i don't know what that is so i'll have to check.

my apologies. >> let's talk about wynn resorts tumbling 9% after the close and this following angry comments from steve wynn. he is blasting chinese officials during the conference call. the ka see foe mogul that saw quarterly revenues slide some 38% he said the bureaucrats are making it difficult to plan ahead. >> it's welcome a major issue in macau as to the impact of government policy on planning for employment promotions, hiring and compensation. none of us are clear on what your environment is going to be like going forward. it makes planning and adjusting almost a mystical process. >> okay. let's talk to sri first and check in on the markets. sri you heard how angry steve

wynn is but somehow asia stocks are back up to two month highs. >> let's talk about these markets, shall we? two month highs broadly for asian shares based on expectations of delayed fed rate hikes. let's face it, we have seen some pretty heavy inflows into the asian marks as well but this picture could change very quickly if the u.s. data turns for the better. so we are on data watch. credit suisse i think nailed this. they say this, the market has likely overshot the extent to which fed tightening has been deferred and the underpinnings of further gains in assets remain fragile. i am inclined to agree with that view. we're very much on data watch. not only state side but also in china as well. we have numbers and economic indicators next week starting on monday with q-3 gdp. that's where we stand.

back to you. >> thank you for that. asian markets have lead the charge the last two trading sessions and europe followed suit. they did that yesterday finishing strong and they're doing it again today. we're up 0.63% for the stoxx 600. we're still down for the week as a whole but only fractionally after the last couple of days of trade. let's look at the individual european markets. how is this performance evening out across europe. they're all up. the ftse 100 is leading the charge up 0.6%. the other three are all up -- germany has broken it. there we are. they're in and around half a percent to the green. we're still fractionally down for the week as a whole but of course the first two weeks of october were strong so unsurprising to see a little correction this week. >> close. pretty close. looked good. coming up on the program today on worldwide exchange, a con de

over free willie and his family making waves at seaworld. a bitter taste for investors after woes in china and india hurting nestle's bottom line. we'll be speak to the ceo. that's a first on cnbc interview and we take to the seas in our final day of europe needs swagger week. the boss of the world's biggest shipping company tells cnbc tail winds are picking up. >> our feel for the underlying development in europe is that it's improving and we're seeing growth to the tune of 1.5% which is pretty good.

a man traveling with a group of afghan rev yfugees has been t and killed. he said that one of the officers fired warning shots first and in his words one of the migrants was wounded and later died from his wounds. >> meanwhile, the eu announced it will now offer turkey as much as 3 billion euros in exchange for its help to stem the flow of migrants from europe.

angela merkel spoke about the next steps needed to alleviate the crisis. >> the next step needs to be creating the hotspots so that the distribution of the 160,000 can even be made possible. today's progress was based on that we spoke in very concrete terms about how this can work and we encountered certain problems if i may say so. with the syrians it's simple. they'll be distributed and that is distinct and simple and not controversial but then for example we have the afghan refugees in greece which is a growing tendency. the question is whether an afghan refugee is a are refugee who will be recognized as a refugee. >> julia is on the ground for us in brussels with the latest on how they're trying to solve the migrant crisis, julia.

>> thank you so much, wilf. as you quite rightly pointed out. a tentative agreement here between the european nations and turkey to try to quell the flow of migrants across the borders. tentative pause the proof is in the pudding and whether or not those flows are curved. turkey is housing around 2 million syrian refugees at this point and what europe is seeing is 350,000 trying to cross the border and claim asylum just this year alone. only 50,000 of those were even checked at the turkish border so it gives you a sense of how big this issue is. how more help is needed to process these claims in turkey and the financial assistance. it's a difficult one for the europeans. they have increased disstain but this is the price they have to pay to tackle this issue. i spoke to martin schultz and

asked about providing further financial aid to turkey. >> we must. very credible was the explanation and i must add i visited camps in turkey that the treatment the turkish government provided cost them around $7 billion and looking to what is happening there and what they are doing is credible. they told us clearly we can't pay a loan. it is our common problem. it's not only our problem. it's also your problem. yes we should have them with money. >> never mind further promises of cash to solve this situation or to address the crisis. coming into this meeting the message was go back to the promises made in that september emergency meeting and just a fraction of the cash has actually been handed over. we're still short by around 2.5 billion euros in terms of the overall funds.

the trust fund received just a fraction. similar story to curve migration there too. so a lot of concern about why these sums of money haven't been provided and just how quickly countries can. i spoke to the president about this issue too and the fact that it seems as difficult as it is, european nations still need to step up. >> you're right and 19 out of thu th hundreds of thousands are relocated. it's not easy to relocate hundreds of thousands of refuges. but what is worrying me much more is the financial questions. to make promises and not to stick to the promises is already in our private life a difficult thing but if you promise to countries who need really money to regions and local authorities

to treat citizens and to avoid that the citizens are played against the refugees and the other way around and you don't stick to the promise, you don't put the money on the table. if the governments agree here about billions and the ministers are saying we have no money, this is accompanied inacceptable behavior and it is big damage to the credibility of the member states. >> further damage. we're 2.5 billion euros short just on the overall promise. never mind the syrian trust fund. never mind the african trust fund as well. what excuses are being given and should we be naming and shaming at this stage? >> there are some paying. other countries don't pay. there are no excuses. i raised the question today. i said why do you have the heads of states and government around the table. >> should europe be ashamed of its behavior?

>> not europe. the member states of the european union are 28. some of them examples of solidarity and humanity. others are examples of national egotism and not member states of the european union. >> the key question is what will turkey get in advance or response for trying to help quell the movement here. but also an accelerated liberalization of visas. more turkish, easier turkish access to europe. it's effectively trying to solve one problem by potentially creating another. try selling that to european voters this moment. no one said it was easy. i'll hand it back to you. >> let's stay with mass personnel movement. u.s. and president obama has announced a slowing now of the withdrawal of troops from

afghanistan really in a clear reversal of his policy on the 1 yearlong conflict in the country. nbc's richard engle filed this report. >> it's a war that just won't end. after 14 years, a trillion dollars and more than 2300 american lives lost the president said today the mission is still not over. >> have stii have decided to ma our current postjurors of 9800 troops in afghanistan through most of next year. 2016. >> it meant going back on a promise made just last year. >> by the end of 2016 our military will draw down to a normal embassy presence in kabul with a security assistance component just as we have done in iraq. >> but iraq didn't workout either. the president had hoped to end both wars. he ended up sending thousands of troops back into iraq and said today thousands will remain in afghanistan. it's not what he wanted.

>> i know that many of you have grown weary of this conflict as you are well aware, i do not support the idea of analyst war. >> the president had planned to draw down u.s. forces from about 9800 focused on training and counter terrorism to about a thousand by the end of next year. under the new plan, those 9800 will stay through next year and 5,500 will stay after that, too. >> that report from nbc's chief foreign correspondent richard engle. >> recent flashes coming out of nestle india that said they got the results from their recent laboratory tests on maggi noodles. they're safe. 100% of the samples tested were clear. they're committed to introduce them at the earliest point. they're in compliance with the orders of the court but will only start selling after they're cleared as well.

they should still have long-term ambitions of organic growth, 5 to 6% overall so don't forget our interview coming up in half an hour's time. ten leading oils and multinationals called for a climate change agreement as we look to take effective steps to deal with global warming. among the ceos were shell, bp and saudi aramco. this comes ahead of paris where 200 nations hope to provide a coordinated response to the global climate problem. >> speaking of oil, we'll be speaking to bob dudley and patrick pouyanne about their joint oil and gas initiatives coming your way at 1445 cet right here on cnbc. opportunities aren't always obvious. sometimes they just drop in.

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> . >> a bad fit in china. hugo boss shares sink almost 10% as the german fashion house says it's asia business momentum has deteriorated and cut it's guidance for the year. >> german auto makers lift car sales data in europe but the

impact of volumw's scandal has to be through. >> martin schultz telling cnbc why it's the right thing to provide aid. >> it is our common problem. it's not only our problem but it's also your problem. therefore i think yes, you should help them with money. >> we're looking at just ov over .5% of gains thursday and friday finishing the week on a descent note. still just below flat for the week as a whole but of course october in general remains very positive for risk assets and european equities included. .5% for most of continental europe. let's look at bonds as well because the main theme of the week is one of risk off sentiment, particularly in the u.s. poor retail sales, poor walmart

numbers did see the yield fall below 2%. we're now just back above that. also a bit of yield compression over the last week or so in germany at 0.54%. quick look at forex. that risk off sentiment pushed back rate hike expectations. the u.s. dollar weak over the last few weeks so that's highlighted by 11359 on the euro although of course the euro has given up a bit of ground over the last couple of days but the u. s. dollar over the last 2.5 weeks has lost some ground. >> we're looking at hugo boss shares getting hammered trading down. one of the worst days in four years after cutting it's profit and sales forecast due to the on going china slow down. they reported negative sales in the third quarter down 1% along with an 8% drop in core profit. a slew of banks downgraded their ratings on the stock this

morning. now they guided for a single digit increase when it comes to this year. so, you know, we have a decline now to 3 to 5% for 2015. originally they were looking for 5 to 7% growth. it's not that big of a difference, right? but when you combine the currency head winds and china slow down and necessary cost cuts it doesn't look good for a luxury retailer like hugo boss and burberry. >> it's not that big of a change but the share price is off 10%. it did shock investors. it's not just the china story which is akined to burberry earlier in the week but they also cut sales forecasts for the u.s. and that's really also double whammied the stock prices and off the back of that general retail number for the u.s. earlier in the week but also walmart. this isn't a great start attorneyings season this week. more names and numbers to come of course but clearly investors reacting badly.

>> i think everyone -- you're right. right across the board. whether you're low end or high end, a lot of retailers are having problems. u.s. jcpenny, sears and the like it's a tough year in the u.s. as well. >> indeed but let's stick with another european name in luxury space that's also having the swagger squeezed out of it by beijing, burberry and lvmh feeling the pain. disappointing numbers earlier in the week. speaking earlier on squawk box the general manager of italian high end shoemaker said despite the recent slow down china is considered a key growth market for the brand. >> china is an important market for us and we have actually 40 store and it's definitely a growing market which in the last couple of years has been a little bit under the weather but

for product that is made in italy we face the reality that we can see that the people they can trust more than maybe others. >> let's check in on shares holding just above the flat line after the global miner posted a 17% rise in iron ore shipment and breezed through following steal demand in china. i was shocked to look at those shipments. despite the fact that the price of iron ore has come down 60% since last year. >> it's difficult for the company itself to curtail production and it actually highlighted a significant destocking to is chinese demand picture improved over the

quarter where they actually sold more product than produced which is a monthly indicator. >> of course they continued to continue with the production at high levels. should they be cutting it or should that fall on some of the higher cost producers? are they right given that their low cost to continue with relatively high levels of production. >> you have to insist on the lowest cost producers to continue. you look for that highest return and your capital employed. >> they're the low cost producers and the chinese steel mills are not. relative of how powerful your boat is you're going to struggle. is that applicable now? >> if you dial it back a couple of years you saw the impact of

the west african producers being noneconomic. their cash cost per ton are less than $20. so if you consider the current spot price of $50 there's a lot of margin in that business. >> i asked him why do you keep producing record levels when prices are coming down so dramatically for iron ore? he says we're one of the lowest cost producers but do you think he'll have the same outlook when she comes online? at some point there has to be oversupply. >> that sold about 90% of its production. that's under long-term contract. that's not going to impact the stock market. so you're not going to see a significant impact there. you have to consider they're considering further expansionary investments but there are other operations elsewhere in the worldcoming off stream as well.

but they're keeping production high for iron ore. >> that is the highest producer of profits and revenue for the business. the diamond side of things is very interesting. it's under significant pressure at the moment it's actually cutting production and keeping diamonds in the safe. there's an increasingly higher level throughout the global marketplace and actually seeing rio tinto cut production by 10% was a benefit but you have to remember rio predominantly produced these low value goods that go directly into china which is seeing the weakness demand trends. >> rio a low cost producer. has the sector as a whole been overly done by investors? would you be wanting to buy a

mining etf right now? do you think there's due a bounce back? >> i don't think it's been unfairly treated. the assets that they produce have been in a downward price spiral and the market always looks forward. if you're looking forward to declining prices you're looking forward to declining profits and returns and therefore the movements we're seeing are matching. >> wilf was hinting toward glencore. >> not necessarily but let's move to that. >> they tried to buyout ri rio tinto and given the cost of their debt on their balance sheet which you have seen what has happened to their share price, in hindsight it's probably smart to keep rebuffing. >> they confirmed they were not going to bid to glencore which i thought was rather amusing but predominantly that business was

a trading house. actually investors liked the tragd business and offered down side protection. you could make money in either market. you were much more exposed to the actual commodity prices in the sales and your balance sheet was far more exposed and at risk. >> does he have to take the blame for that move? and the troubles that glencore is in today? >> no, not all of it because at the end of the day their business model was pred dated on a view on global demand. it happens that that was wrong. >> let's touch on gold as well because you are a gold bull. is that right? >> we were bear for four years and after the devaluations we felt that actually that could be the precursor to a far more

other aspects of the market perception of gold and they would move out quite differently. we saw that interest rate rises in the u.s. would move out to the right. we've also seen improve in etf demand at the time when they were going to be devalued. we saw a next short position on the cftc. so we believed that all of these circumstances were coming together with a common consensual view of gold moving below $1,000 an ounce was too crammed and felt it was primed and move back through it's moving average and it looked rather more positive and today we're trying 1175. it's still $11 an ounce higher than when we called it. >> thank you. much appreciated.

>> is this the last time we're going to hear this music? this reminds me of austin powers. >> that's good although i think we're meant to be saying someone has swagger rather than has no swagger at all. >> austin power has swagger. >> in a tongue and cheek way. it might be the sarcastic point that our graphics team were trying to make when it comes to european swagger. anyway, let's talk about european swagger and they don't come much bigger than denmark's mass group. what makes the business such a global player? we take a closer look. >> it's a true european power house and business is global.

the mass group founded in 1904 operates in 130 countries employing almost 90,000 people in everything from shipping to ports to oil and gas. it's the largest container ship operator and has been since 1996. one of its 600 vessels calls at a port somewhere in the world every 15 minutes. as for the energy side, 23 offshore drilling units and produces 550,000 barrels of oil a day. a staggering $47 billion but lower oil prices, falling rates and chinese slow down are posing new problems. cop copenhagen based with a global swagger. >> now louisa did speak as well to the ceo of maersk group and

asked him about how the company's european operations are performing. >> everything we do in kwueurop has relation to the rest of the world with a few exceptions. one exception is the european oil operations and profit-wise we are effected like everybody else by the low oil price but we're actually stepping up production quite well in europe at the molt. our u.k. production is up. we launched two new major projects. one where we're partners in norway and one where we're operators in the u.k. so we committed $5 billion additionals for future investments already this year. >> you'll continue to reduce your cost and exploration production. is that an area where you will be reigning in cost? >> no, we will reduce cost but we will not reduce or reign in

activity. >> what percentage of revenues come from europe? >> it's very hard to make it up that way because everything is trade between europe and the rest of the world but you can say the asia to europe trade. that business is not performing well at the moment. we're seeing probably mainly because some of changes in inventories and european customers and the devaluations of the euro. we're seeing it decline in that trade. >> specifically in freight, what's the capacity situation like in europe. >> the asia europe trade has been boosted by the entrance of a lot of extra large container carriers so that means that the capacity has grown quite a lot and since we have the declining

demand it has created an unhealthy balance. most of the alliances operating here including ourselves are trying to address that at the moment so we are pulling our capacity. i would, however say i think it's a temporary situation. the underlying development in europe is actually that it's improving and that we're seeing growth to the tune of 1.5% which is taking the last couple of years history is pretty good. >> and head to our website to find out how maersk will continue to defend it's market share. for more on that interview that's on cnbc.com. now still to come here on worldwide exchange, europe's got swagger and cnbc speaks to someone that's got more than post. we catch with super star d.j. hardwell. that's coming up in a few minutes time.

european car sales rose in the month of september. that's the 25th consecutive month of gains. strong demand from vehicles from the likes of diamler, vmw and volkswagen as well. investors to get excited with shares giving back the earlier

gains. let's bring in nancy for more on the european auto sales. it's important to highlight this is pre-emission scandals. before it hit the news wires. >> that's right. we knew about the diesel gate revelations around september 21st so this data is showing the end of the month. the end of the period for that. so we have to wait until october sales come in to see what effect if any it's having on volkswagen sales but volkswagen overall as a group was up about 8.3% but is that still trailed their german rivals. bmw 17% and diamler up 14%. the strongest session was porsche. so real strength in the premium. the luxury sector but what we need to mention too is that people are still waiting to see what impact the recall will have. as you know volkswagen announced yesterday they're recalling 8.5 million vehicles in the eu

but customers waiting to find out when that will hit. we're expecting january 2016 for recalls to start but some will need software and hardware fixes as well. so what it costs is one big unknown. the other big question mark is what they will pay in legal fines and costs and julia has been speaking to the european parliament president in brussels and had a chance to ask him about the volkswagen scandal and asked whether he thought he should be prosecuted. >> all of these people. the whole chain of responsibility must be identified and checked if there's a violation of laws and rules not only in the company but the code. my feeling is that volkswagen is taking it very serious but i

have also worry. maybe you like volkswagen or not but in germany hundreds of thousands of workers are employees of volkswagen and i'm not with the ceo that got 17 million euros annual salary but i am with the ordinary workers and i don't want them to lose their jobs. >> so there you have it. really expressing what it's going to have for the jobs in europe as well. hundreds of thousands working for volkswagen but the suppliers working for the european auto makers it will be interesting to see if they continue. >> nancy, thank you very much for that. >> europe's dance music scene has come a very long way in the last few years. artists like calvin harris and david guetta sold out concerts

so why has it got so much swagger. phil spoke to one artist that knows better than anyone else. a warning for this tape does contain some flashing images. >> he's been the world's number one dee jay for two years in a row. introducing hardwell. ♪ >> with millions of fans he's taken his show on a global tour rivaling those of today's biggest pop stars. >> dance music grew up in america, asia is bigger than ever when it comes to dance music and it's great to see there's so many new opportunities for dance music for concerts for festivals for labels, for every single body. dance music is growing. it's getting out of control right now. it's bigger than ever. >> while the dutch d.j. not only marketed his music he marketed his brand. >> we sold out madison square garden. we were adding for five or six

venue capacities. it is definitely way bigger than we ever expected before. >> d.j. hardwell is performing right now in front of a sold out crowd and this is just one of more than 350 events taking place over the course of the next couple of days. more than 350,000 people from all over the world are are expected to come to amsterdam and if you want a better b barometer of how popular dance music is, take a look right behind me. >> it's one of the biggest economic drivers to the city and hardwell has seen the rise of popularity over the past decade. >> it's finally the official genere in music instead of that under ground weird music and that creates opportunities. opportunities to work with big pop artists but even go the other way. >> hardwell also points east to future growth prospects for this type of music.

especially in indian k. >> it's a good goal to do shows in companies that never expected to have a big show. >> so it's another question how long he'll be able to stay at number one. cnbc amsterdam. >> i think i'm getting a bit old because i haven't heard of hardwell. >> well, i have but only through resear research. >> the partying. >> but anyway we discussed that yesterday. extraordinary how much money they make. extraordinary also how much money football managers make and that's what we're going to talk about next because in football news, chelsea's manager has hit out at english football's governing body after he was handed a 50,000 pound fine. they took disciplinary action against him following officials being afraid to award his side penalties. he didn't hold back in criticizing the decision.

>> i'm happy that i don't have electronic tag. i think it's not far from but i'm happy that i don't have an electronic tag. i also think that 50,000 pounds in the world where we live today i think is an absolute disgrace. >> i wish they had given him an electronic tag. that would have been great. all jokes aside. i respect his achievements but i'm not a fan of him. but i do think he's been outdone by this 50,000 pound fine. >> he makes $17 million a year. he can afford $50,000. >> but he didn't really do anything wrong and arsenal's manager, the team i support has done similar or worse things recently. so i think mourinho has a point.

it still amuses me greatly and i welcome the punishment he is under but he has a point there. >> that's great. let's pause on that as well. that is wonderful viewing. we should close the show and leave that up there for the next 20 minutes. >> wonderful. so i actually did some digging into how much football coaches were paid because i was like $50,000, what does that mean to a man like jose mourinho. 50,000 pounds. he makes $17 million a year. do you think he's an angry man because he makes 7 million less than munic's coach? >> perhaps. he's one of the five or six managers in the world on absurd figures of money. so i don't think he's that bothered about it. he's probably more bothered that he didn't get the manchester united job which everyone thought he was angling for a couple of years ago. >> i did research compared to the biggers sport on the planet when it comes to u.s. as well.

>> in the u.s. nfl is like a multibillion dollar sport and bill belichick who has won, i think five rings now, five super bowl rings, he only make $7.5 million a year. >> it's pathetic. >> i think so. >> the soccer guys now whether it's players, managers, executives it's a joke. it's a huge amount. it's the biggest sport in the world though and that's the reason for it and the premiere league here in the u.k. is the most watched league in the world. that's why he's paid so much. that's why 50,000 pounds is the scale of the fine for this thing. >> i think they should increase it. >> but i do applaud it and well done the football association and well done for not criticizing wenger that managed to get off scott free. >> do you think rugby coaches should be paid more? >> i do. rugby is a sport perhaps a little bit under paid but it's front and center this weekend

because we're down to the quarterfinals of the rugby world cup. south africa takes on wales. hopefully a fantastic game. i will be there. france faces new zealand. and on sunday ireland and argenti argentina. it promises to be an excellent weekend of rugby. >> we're going to go to break but sticking with, you know, interesting news, we have coming up on cnbc we'll speak to bob dudley of bp and patrick pouyanne of total. that coming your way later on today.

thank goodness it's friday folks. hello and welcome to worldwide exchange. i'm susan li. >> i'm wilfred frost. here are your headlines from around the world. >> investors turning sour on nestle. the swiss food giant cuts it's full year outlook. we'll be hearing from the ceo in over a half hours time. >> hugo boss shares sink almost 10% as they say asia business momentum has deteriorated and cuts it's guidance for the year. >> auto