good morning, welcome. you're watching worldwide exchange. >> here are your headlines. >> well, chinese stocks falling in a last stage sell off as traders cite concerns around big industrial stocks. europe around the flat line as banks and the bigger resources weigh. >> a massive strategy overhaul

raising 6 billion swiss francs for new capital. >> i wanted to take capital off the table so that when we meet we can talk about our business. >> shares in syngenta jump on the news that the ceo will step down months after santos take over bid. >> a solid set of profits and upbeat outlook. all right. welcome to the program, everybody. just a glance at what happened to the asian markets in the overnight session there because we saw some money coming out of markets there. there were reports about some capex concerns for some of the

bigger industrial companies. hong kong being closed for market holiday but some of the bigger lenders also under some pressure in asia. so just to be aware of that. part of that could be feeding through and could be one of the reasons for a slightly softer opening here in europe. the ecb meeting is to be held tomorrow. quite a lot to look forward to here toward the latter part of the week. >> as you mentioned, all the factors keeping european markets in the red as we speak. this despite positive moves at open but earnings disappointments overnight on wall street and here in europe. we see all of the major markets in the red and building assumptions that perhaps mario draghi may not hint at further easing. so really in wait and see mode for the minute. >> poor draghi. if he hints it's wrong. if he doesn't it's wrong. it's tough to get it right as a

central banker these at as. >> now bigger stories this morning already. big changes from within credit suisse. he has unveiled measures he hopes will boost profitability and overhaul the bank. the headline piece is a 6 billion swiss frank capital raising plan. it's comprised of two separate hikes. on one hand you have the placement and the other hand you have a rights issue. it's to secure the capital position where the bank is trailing it's rivals. >> and all this with the bank releasing how it aims to cut the cost. another big question mark here. it will cut cost by over 3.5 billion swiss francs by the end of 2018. there will also be a management shake up and see new faces come on the executive board and finally the if i recall is also planning a partial ipo of its swiss banking unit. let's get out to carolin roth

following this story from zurich. some of the changes were expected yet the stock is down today. were investors looking for more from the new ceo? >> that could be one of the reasons. many were hoping for a bigger overhaul. maybe there's a little bit of profit taking because shares have run up quite a bit after he had been announced and maybe there's a little bit of disappointment that the earnings are bad and i'll get to that in a second. but you mentioned the key takeaways from that strategy overhaul. that's on the lower end of expectations but he told me this is going to be enough to fulfill the regulatory capital needs. also we see in the pivot toward the private bank in asia that's where he sees so much potential and finally we're seeing significant scaling back in the investment banking unit so in a

way it mirrors what ubs did so they did it three years ago, didn't they? many people said that credit suisse was behind the curve but we finally got the big strategy overhaul. the big question out there is will profitability hold up given that they're slashing so much in costs? this new strategy plan, can it see an increase. that's the question i put to him. >> we're up around 14% which is a very respectable number. the reason to raise cap, when you don't have enough capital you're penalized in so many ways. you go around the group i talk to people around the bank, they pass up opportunities every day. so just taking the shackles off. allowing people to do what they

do best brings you a big upside. the second thing is it worries everybody. it worries your investors, your clients, your regulators and you spent a lot of times explaining basis points so we need to absolutely take that topic off the table. investors, they understand and frankly the easiest problem to solve in business is having too much capital. if you don't have enough capital it's a slightly more difficult exercise. >> you have talked a lot about your interest in asia. you see a lot of potential there in emerging markets but specifically in asia. it's not the same asia we saw seven years ago. why are you still so enthusiastic about it? why do you see potential there? >> they have 1.5 trillion during the last two years. so that's not exactly a sector under pressure.

so penetration is extremely low. if you hook at 5.3 trillion of asset how much of what is deposited to banks is fractions in basis points. so the upside of really penetrating that segment, you've seen q-3, 17.4 billion. in the wealth management business. that's the success we're having with customers that trust us and give us their business. the connection is strong. they are enormous users. so they do everything with us. they will borrow from us, they will trade with us. we have very active trade players in the market. they use a lot of investment banking. ecm, dcm, m&a advisory. they're great clients to have

and also a great source of insight and information and they're pleasant to deal with on top of it. >> louisa and nancy two other key take aways. first of all he's still passionate about cash dividends. that's going to be a core pillar of that strategy going forward and second of all a lot of speculation about potential acquisitions. is it going to be one? is it going to be a vital part of the strategy? no. this strategy is an organic one. >> we had news about wells fargo reaching a deal to add credit suisse advisors. what does it say about them pairing back their operations? >> they always said they would be reassessing a number of their businesses and they found out that the u.s. private banking business that doesn't make too much sense. it's not giving them the profitability in terms of the skill that they want so that's why they struck that deal with wells fargo to transfer some of

the client advisors to wells fargo and they put a positive spin on it saying that these job losses are going to be contained so this is an exercise to focus on the more profitable businesses. they still want to be present in the u.s. and still want to be present in europe and asia but the biggest focus is going to be on asia. >> all right. well, thank you for that carolyn. we'll be back with you later in the show for more updates. let's take a look at another big move around the swiss market. shares in syngenta are trading near the stop of the stoxx 600 after the ceo will leave the company at the end of october. john ramsey will now take over on an interim basis saying it was appropriate for new leadership to come in at this time. this comes only months after the agricultural company turned down a $45 billion takeover attempt from monsanto. this begs the question whether

or not monsanto will come back and if you remember the frustration that shareholders had when syngenta chose this deal. we have a plan, we have a strategy in place but i'm not sure the shareholders were that convinced. >> no, they have been trying it for awhile. this is the latest in a string of offers. there's been a lot of talk about this. a lot of it is political. there's a big political difference between how you view a seed company in the u.s. versus one in europe and i was having a discussion with someone recently about whether or not europeans would want to buy food that's been grown by a u.s. company versus a european one and there seems to be this political, not backlash, but like a we will grow our european food. >> and genetically modified and food standards as well but keeping an eye on how crucial this is in emerging markets too

given the pain we have seen. it begs the question of consolidation down the road whether or not the shareholders want it, right? >> massively. i'd love to know when we're going to see more of the development of farming in high-rises. >> yes. >> they're already looking at that. they are are already researching it. they're doing trials in different places and asia and certain places in the u. s. as well but if we have an explosion of the population to 9 billion, 10 billion. >> it's a scale question to make it efficient on a broad scale. >> guess what today is. >> it's red day. >> i know. i know. good to see you. >> good to see you. >> good to be here. >> let's talk a little bit more also about some of the other stories because a chip designer arm posted a rise in profits with demand being the main driver. revenue rose by 17%. the company reiterated it's full year forecast of $1.5 billion.

a rise of 20% from just a year earlier. >> internet giant yahoo! missing the mark on the top and bottom lines posting earnings of 15 cents a share on revenues of $1.2 billion. the stock fell 1% after those results and on an earnings call with analyst marissa mayer said the spin off might take until january of 2016. that transaction was originally slated to take place by the end of 2015. mayer spoke briefly about the company's part forship winershi google as well. >> that seems to be mario draghi, not marissa mayer. >> but we will have that in a bit. >> but marissa has been three years at the helm. a number of acquisitions have been made. really refocussing on content

and the issue is whether it's enough. is it enough or too little too late. >> it's the speed that people were looking for as well. they want it to come quicker but the google partnership appears to be the one bright spot here. that's given one encouragement. they can't compete when it comes to ad revenues but i would be concerned about this continuous delay in the alibaba spin off and the stakes in some of the japan shares has been a problem for yahoo! but it's going to cost investors nervousness at this stage. >> you also wonder, you better want to do it when the time is right as opposed to doing it because you feel pressure because you have to and investors say you need to. they missed on earnings per share and revenue. they have been cutting their spending on work forces and facilities as well. focussing on fewer products and higher quality but they have also seen recently the departure of big names from within yahoo!. the marketing chief and head of

acquisitions. both of those people leaving here within the last two weeks. >> some investors will still be pushing to do more. we have to see what that looks like and even with this it looks like it will be postponed a bit because they need to get approval from u.s. antitrust regulators as well. not a done deal yet. >> we'd love to get you involved so by all means you can find us on e-mail. worldwide@cnbc.com. >> sounds about right. >> we're guessing. >> what's you e-mail? >> @nancycnbc. >> we have loads of good stuff coming up and speaking of what's coming up, don't fall behind on your christmas shopping. i can't believe we're talking about christmas already. >> i'm a late shortstop. >> i feel like an elf today but the world's largest toy maker might be about to hit a brick wall quite literally. that's coming up where we'll tell you what that's about. >> plus, one that our viewers will like, the future, well, apparently it's right now.

keep your eyes open because today is the day the main characters of 80s favorite back to the future too arrived in 2015. we'll talk about that coming up. opportunities aren't always obvious. sometimes they just drop in.

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.

hi, everybody. welcome back. you're still watching worldwide exchange. this is nancy, i'm louisa. we're glad you're with us this morning. the asian markets in the overnight session we did see drops. shanghai off by 3.5%. there have been a number of reports about capex concerns. that's one of the reasons we saw selling off. hong kong being closed for holiday. >> that's right. despite gains in a few stocks we have seen and this comes as it's getting down to business for chinese president and u.k. prime minister today and they're preparing to sign a number of deals at a meeting at 10 downing street. this follows a day of pomp and ceremony which culminated in a state banquet at buckingham palace. they used the occasion to hail the relationship between london

and beijing. >> as an old saying in china goes when the high time comes we cannot afford to lose it. when the opportunity comes we can't afford to lose it. there's also an english saying a wise man always seizes the opportunity and makes a bright future out of it. this year is the start of the china u.k. strategic partnership. we should grasp an opportunity and join our hands and create a better future for our relationship. >> susan li has been covering the state visit and a rather extravagant banquet we were just viewing but today we get down to business. what should we look out for? >> that's right. getting down to business and the second full day of chinese president xi jinping's tour here. this morning he is being escorted by the duke of york and then just a little bit after 12:00 noon today we're going to meet here at 10 downing street with u.k. prime minister david

cameron, xi jinping in tow and their ministers. they'll talk about climate change and poverty alleviation. there's politics at play. the diplomacy david cameron wants to employ. getting more votes from the un security council on contentious issues. possibly syria. i should point out we already have some protestors. yesterday during the pomp and ceremony coming down to buckingham palace most pro beijing and pro-china supporters but today early this morning we already have banners outside. so maybe not a warm reception for xi jinping when it comes down to 10 downing street but let's talk business. we are expecting 30 billion pounds worth of deals to be signed during his four day state

visit. namely one in the hinkley project and tourism deals. the u.s. is going to cut down on two year tourist visas. for these two year tourist visas and more chinese visitors here to the u.k. and to spend more dollars to help boost the economy in the future and there could be some sort of signing when it comes to high speed rail and don't forget the look for the cooperative exchange deals as well. longer trading hours between the two and r and p&b issuance. >> stick with us for a second. i want to introduce our guest here in the studio. doctor, welcome. now since '05 china's economy has almost quadrupled it's share

of world output. so from a chinese or u.k. perspective it makes sense to cozy up to china. why does it make sense for china to cozy up to the u.k.? >> it marks new start of british relations. there's no doubt in our view britain has become one of the most accommodating governments in relations to chinese investment and for britain it makes sense because britain wants to do business and china brings money and increasingly technical expertise to the table and for china, we think china can gain a lot of earning and getting experience in britain's industry. making a case of having key

western states in support and on board with china's economic vision. >> $18 billion went to work in eu investments last year from china. the u.s. being the top recipient of that receiving a third of the annual flow. how much more do you think there's a potential for this to grow? this figure? >> we think there's multibillion pound deal to be signed between u.k. and china. we think a lot of this deal, let's not forget are long-term commitments. so we think u.k.-china relations we're heading into our positive trajectory and this direction will not change in the near future. that will help facilitate trades. >> susan has a question.

can we take him to camera two, susan. >> hi, i just wanted to ask you about this friendly, growing friendlier with the u.k. is this a shift away from the u.s.? is this maybe showing us that there are strains in the u.s. china relationship? >> i think in our position is that we see this as two different issues. we think doing business u.k. is not -- should not come to expense of doing business or having a political dialogue with the u.s. and that's what we believe. beijing is taking quite a pragmatic approach in doing business and getting closer relations with the u.k. and this is set to continue. >> well, let me ask you then about this courtship because, you know, the u.k., a lot of

people have said have been trying to get friendlier, warming the ties up after 2012, david cameron angering beijing. where do you see this relationship going forward and is this more beneficial for the u.k. than china? >> when one looks at any bilateral relations it's important to look at the national interests. at the moment we see the national interests between the u. k. and china has much less confrontational points and that helps those countries to pass contentious issues and focus on what's more important. and doing business clearly. >> thank you very much. head of asia maple croft. susan, thank you very much. hope you can run inside and get warm before we talk to you next

here coming up in the next hour. thank you, susan. now, let's continue on because of course there are other things going on as well. >> big day today. >> big day. because at 7:29 p.m. eastern time that will be the exact moment in the future to which marty mcfly, doc brown and jennifer parker travel in the classic 1980s movie back to the future part 2. in the film wonders of the future include flying cars, hover boards, and the release of jaws 19. universal pictures declared today back to the future day with special events taking place worldwide. >> that movie was massive. but looking at some of the things that actually have happened. hover boards. they actually have that now.

self-drying jackets. you can argue that we're getting there. big screen tvs. they were all over in the movie. video calls. they were predicting video calls way before facetime or skype. we don't have flying cars. they were predicting fax machines are are everywhere. luckily they're not. >> in the past. but it doesn't even exist anymore really. >> those cars, the flying cars. but they need to run on garbage. >> forget electric. garbage is the way of the future, right. which back to the future technology do you wish still existed. >> mine is the car. yours is the hoverboard i guess? >> no, i think the properly self-drying -- self-washing, self-drying. >> that would be amazing. get in touch with us by e-mail

worldwide@cnbc.com. i'm at nancycnbc. >> let us know what you're up to. what are you investing in? what would you like to see in the future? you wouldn't hire an organist without hearing them first. charge! so why would you invest without checking brokercheck? check your broker with brokercheck.

europe sitting on a flat line. >> out with the old in with the new. thiam takes the reigns of credit suisse with a massive overhaul including a 6 billion swiss franc hike. >> i want to take it off the table so we can talk about our business. >> shares in syngenta jumping on the news that the ceo will step down months after turning down rival monsanto's take over bid. >> a strong arm. shares topped the stoxx 600 on a solid set of profits and upbeat outlook. welcome back. break news we're getting on u.k.

september public sector borrowing. the pub hilic sector net borrow increased in the month of september. it was below expectations for 10 billion. coming in shy of expectations and the net credit increased by 17.9 billion and this was also lower than forecast for 19.1 billion. >> but we're hearing thou though according to reuters that they improved by more than expected during september. record revenues for the month from income vat, taxes, things like that. so yeah. that's what we're looking at. >> sterling up just barely there in the green. >> european markets flattish. flat is just a tad bit lower. xetra dax flat lining right now. we saw a flat close to the markets yesterday as well. shares of abb though trading higher after the company posted better than expected third

quarter profits. cost cutting was able to offset lackluster business with oil and gas customers and slowing growth in china. >> and shares in seb are trading to the downside after it's profits came in below expectations. it's down below 35% in comparison to the same year last year when it was bottom lined. that was helped by mastercard shares. and coming up you can hear from seb's chief financial officer on european closing bell at 5 pl central european time today. >> now the restaurant giant yum brands is gearing up to spin off it's china business after dealing with a string of difficulties in the world's most populous market. >> only a week after adding an activist investor to its board pushing for change, change came. by spliting into two companies

manage m turns it's cash cow china into a separately traded franchisee of the company. volatile, struggling but fast growing. they reiterate a buy saying it will get yum brands off the china roller coaster. meantime they stand alone as a stronger growing steady company and a structure that should generate lots of cash. this was a unanimous decision by the board which includes the activist. yum said the transaction will be completed by the end of 2016 and it's intended to be tax free and shouldn't be higher operating costs by splitting in two. analyst said the split makes it less likely anyone would try to come in and buy yum brands. they value the combined companies at $82 a share. that's higher than where they are now. however deutsche bank says it's more like $75 and they have a

hold on it combined or isolated. >> we'll be speaking to jonathan morgan, head of the research group from the edge consulting group about the implications of the yum spin off. >> shifting focus, brazil and turkey central banks are due to announce their latest interest rates later today. this comes at a time when investor confidence is starting to show signs of improvement. em equities saw the first inflows just last week. the concerns over the political situations in brazil and turkey remain. joining us for more on that head of emerging markets research at commerce bank. let's kick off starting about brazil first of all. we did get data showing it was better than some analysts forecast but this country is experiencing stagflation. around 14.25% and growth is expected to worsen throughout the year. so what can the government do if

anything to spur growth here if the central banks hands are tied. >> all the figures you mentioned look dire. what can get better from that point of view? from a real interest rate point of view they have the highest interest rate in the world, 6% on a forward looking basis. this is crippling for an economy that needs support. we have brazil and russia and south africa going at these recessi recessionary scenarios. reforms take a number of years. they failed in the past five to ten years and that's why we're seeing the political problems at the moment. >> we're talking about not just the macro factors we have been seeing with other emerging markets, especially in southeast asia, but this is really also a political problem here. do we need a change at the top in order for investors to get back into the brazilian market? >> for me to say we need ray change at the top i'm not going

to talk about impeachment but it's a highly complex process. what we need is a change. a massive change in brazil otherwise we'll see a big recession next year. currency will continue to depreciate. brazil has debt to gdp. 63 to 64% so at the higher end of the spectrum. the answer to your question, yes, we need change and quickly. >> do i look at emerging markets on the market by market basis still or am i looking at when the fed starts hiking rates if and when that money is going to come out and be dire straits. >> the fed should not be hiking at all. you've seen it in mr. draghi's comments and mrs. yellen's comments as well. the realization that the whole world has become intertwined so we're seeing a complete loss of centr central bank independence. it's not about policy whether in

brazil, turkey or south africa or the united states or eu anymore. >> but there is the market that emerging markets/china, that's going to be the area that could drive us into another recession. >> we're already seeing that so we are in -- actually at the beginning when this all started in 2008, at that time, i would have thought that the whole global recession, if you like, would have lasted three, four five years. by this time most of us would have expected to be out. this is repercussion of the crisis we saw in 2007 and 8. we're still in that process of getting out of that crisis and emerging markets as you say are failing on the growth side. we have been growing for ten years and supporting the global economy. it can't continue forever. >> you said the fed should not be hiking. do you mean by not hiking this year or should it come off of the table completely? and should we get further stimulus before we get a rate hike for the fed?

>> absolutely. there must be this recognition that we have a global economy fully intertwined. the fed should not be hiking at all. >> the notion that we're starting to see a bit of recovery in emerging markets, i find that curious. we see one week of inflows after three months of did you tell flops he from emerging markets. just because we see a change in flow sentiment for a minute, what does that mean? >> it's a very interesting point and there's a number of data providers and a couple of other companies providing the flow data. what we can see year to date in the fixed income space is cash coming into funds so general emerging market funds. that cash is being held. in other words it's not been invested. what we saw in august is that people started pulling money out but investment funds themselves have still plenty of cash which can be invested and that's why coming to your comment at the beginning. we're seeing emerging markets

recovery in the last one or two weeks but it's delicate at the moment. >> be very careful if you decide to get back in is the message. thank you for joining us. head of emerging markets research at commerce bank. >> the world's largest toy maker might be hitting a brick wall. it hasn't successfully had demand for the year and could run up to products close to christmas. a spokesman confirmed the news calling the demand extraordinary. there's no news yet as to which toys or countries might be most impacted. this is a non-fail present for kids. >> it's a good problem for me if you're lego. especially with your competitors trying to boost sales. >> i wonder why -- wouldn't you know kind of what forecast is. >> but they have been hugely popular. even despite the trends in tech

and laptops and ipads, kids still want legos. >> although it's getting very sophisticated now. it used to be block, block, bridge. now it's like helicopters and put people in another room and hours later. they probably already have them. >> nothing surprises me now. still to come on the show, could syngenta be heading back to the future with a new ceo? we take a look at what's next for the company after this quick break.

mike mack announcing he is stepping down from his role and leaving the company at the end of october already. joining us is a senior analyst. good morning to you. what's your mishl reaction to the change in managemeof manage within syngenta. >> investors expressed their

frustration from the ceo and the board and we woke up today with complete surprise. >> for a long time they have been pursued an the latest bid was in the region of $46 billion. in the end they gave up on that. on that deal. do you think we're going to see them coming back to the table? we're going to go through this again with new management? >> actually i don't think we had. i think the board of syngenta was the driving force behind the rejection of monsanto's private offer so in that way i don't think that changed. this is really more about taking syngenta and running the company in a different direction and running it better. >> what does that exactly look like in terms of returning better results for shareholders because you have an outperform rating on the stock with a price target above the current trading price. what are you expecting from the new leadership to take the stock higher? >> the new leadership is going to have to shift the focus of

the company. i would argue it's on driving growth. now that crop prices have been working against them they need to refocus on cost. they added a lot of costs to try to support growth in a tougher environment. they need to drive more efficiencies. effectually they need a fresh set of eyes to come in and make tough decisions about different initiatives. sorry go ahead. >> are those right for this business at this time or do they need to head in a different direction. >> bearing that direction in mind let's talk about potential successors. the cfo is taking over on an interim basis but who do you think is the likely candidate to become ceo? is it internally or outside the business? >> this will have to be an

external hire. they need a new perspective. that is the key. i liken it very much to another european chemicals company who i would argue was in a similar spot about three years ago. they finished a growth phase and were looking at tougher times ahead. had to hire a new ceo to run the company more effectively and that's the path that syngenta needs to run down now. >> thank you for bringing that perspective. that's the senior analyst. this might be my favorite story of the day. we came out in colors for it. >> on purpose. very quick viewers this morning. they have been pointing out it might have to do with the story. >> this is nothing to say about our opinion on the actual ipo. >> we knew what the markets would be doing today. >> that too. especially when you look at shanghai composite dipping in the red. but we're talking about ferrari because they final hi priced

it's initial public offering at $52 per share. that's the top end of the previously indicated range giving it a market capitalization of $10 billion. the luxury car maker will begin trading later today under the ticker of guess what, race and robert frank filed this report with the details. >> ferrari would always build one less car than the market demands but it's increasing production at a time when demand remains a little more uncertain. slowing growth in china, the middle east and latin america could put a break on sales. revenues down by 26 million euros and unit shements down in the double digits according to the latest sec filing. you also have higher emissions standards forcing them to change the iconic 12 cylinder engines and you have growing competition making comparable sports cars for lower prices.

add to that ceo uncertainty of italian media reporting that the current ceo is about to retire. fiat chrysler chief is now chairman of ferrari and some say he may also take the ceo title after the ipo but that would mean that sergio is running two publicly traded companies now. none of this seems to matter to investors. hedge fund managers and investors telling me that despite a very expensive price ferrari shares are almost as hard to get as a ferrari itself. back to you. >> what? >> high in demand they are. >> are you kidding? >> we know the price is at the upper end of the range, $52 a share. there was speculation that it would be 53 because demand was so high. but a few questions here, one of them being is it worth this price. there's so much excitement given the brand here. the multiples is around a 35 times earnings. that's high against some of the

more mainstream car brands. however the ceo trying to get out there saying it's different. it's recession proof and think of it more as a luxury product. >> precisely. i was speaking to an analyst last night saying this is a luxury trade. it's a luxury buy. it's completely separate to the rest of the car market. to the auto market and the slow down in emerging markets or where ever and on top of that fiat chrysler is being smart. >> that's true and they do intend to upload a bit more early next year but you have to wonder, perhaps recession proof but still there's a major corruption pull back in china hitting the top market. as robert frank was saying to already concerns in china and now ferrari is talking about getting beyond the 7,000 limit they always held on the units and trying to get to 9,000, 10,000. some concerns that might remove

the exclusivity but i'm not sure. that illusion of limit is there. >> 10,000 people out of 7 billion. you need to convince 10,000 people to pay whatever the price is for a ferrari. >> are you on the waiting list. >> yeah. the last time i was in ferrari i fell out. i wanted to get out because they're so low toward the ground. >> sadly i have never driven in one. >> it's not the most elegant one to get out of. i prefer the more understated black audi. >> you don't want the paparazzi to catch you. >> never. more than 250,000 retail investors expressed interest in the public offering of italy's post office. we can't get a ferrari share go for the post office. almost 40% of the state owned service is being sold in a move expected to raise 4 billion euros. the price range is set between 6

and 7.5 euros per share. incidentally post boxes, i don't know if it's the same everywhere but in denmark they're screaming red. ferrari red. >> that's the same in the u.k. as well. >> same in italy? >> i'm not so sure. >> there's a theme. >> definitely not in america either. but it's red day like i said. we can talk red in politics as well depending on which side you're on but donald trump and dr. ben carson are leading in the republican presidential race. carson now joins trump as one of the only two candidates in the field with a support level higher than 20%. carly fiorina lost 11 points over the same period and no other can mates made significant gains or losses since the last debate hosted earlier this month. >> jim webb is ending his bid

for the democratic nomination but he'll still consider a independent bid. webb told reporters the democratic party moved away from millions of dedicated hard working americans. meantime, a new wall street journal nbc news poll shows that hillary clinton has been gaining ground and her lead is widening in the democratic primary race following a strong performance in last week's first democratic debate. the same poll suggests waning support for joe biden should he enter the race. now the representative paul ryan of wisconsin said he would consider running for speaker of the house but only if certain conditions were met. seeking at a meeting of the house republican conference he told colleagues he would run if the caucus could unify around a positive message of big ideas. some of the conditions mentioned at the meeting included making

it harder to oust the sitting speaker and allowing more favorable work-life balance than outgoing speaker john boehner had. >> if you can agree to these requests and if i can truly be a unifying figure, then i will gladly serve. and if i am not unifying that will be fine as well. i'll be happy to stay where i am at the ways and means committee. >> so i will take this job if it's a lot harder for anybody to get rid of he. >> reluctant. >> it's a tough job and there's been lots of scrutiny and people stepping down. >> and division within the party too. mccarthy come off after boehner. >> and it's an interesting presidential race so far. >> it is. so congress needs to get their act together first and find a leader. >> yeah. >> all eyes in europe will turn

to malta this week as they host the next monetary policy meeting. speculation about the possibility of further quantitative easing grew last week after ecb governing council member said the ecb is clearly missing it's inflation target and that additional instruments will be needed. joining us with more on the phone is edward scicluna. finance minister of malta. the ecb is set to play host to this meeting tomorrow and i'm wondering from where you sit as the smallest economy from within the euro zone do you think the ecb needs to do more to prop up growth and get at this inflation problem? >> overall, yes. unfortunately the statistics, the latest ones show the deflation is still on in many countries. we can't say that for our island. we have the highest still at 1.6

reflecting the strong growth of the economy which has now touched 5%. but back to the euro group we need to continue with quantitative easing and more important for us and the whole euro group is the exchange rate. if that leads to a lower euro then that should also help because at the moment things are sluggish. >> what would you say to people that say there's nothing wrong with core inflation and all quantitative easing is doing is making the problem worse and not better and we have proof from the last couple of years that the overall inflation is low regardless of quantitative easing? >> well, this was a first so it was like an experiment. it was always a first and there was no choice except for to go

with that because nothing worked so far. we still talk about reforms. i'm not sure how much appetite is there but we know from our own experience here that reforms work. and you have to become competitive. the euro group is taking up with banking regulations, taxization issues and so on and i'm not sure we're so good at multitasking and therefore competitiveness and growth is still being paid a lip service. >> sure. edward. we have got to go. thank you very much. the finance minister of malta.

these are your headlines from around the world. >> not the performance we wanted. that's the view after yahoo! misses earnings and revenue targets sending shares lower after hours. >> now out with the old and in with the new. taking the reigns of credit suisse unveiling a massive overhaul including a 6 billion swiss franc capital hike. >> we have capital rates because i wanted to take capital