a good thursday morning to you. i'm susan li. these are your headlines from around the world today. >> wait and see for the ecb. european stocks holding a flat line ahead of the meeting that could provide hints on further qe. >> a different kind of cut. the mining giant slashes productions of the precious stones in the face of falling demand. >> simply not good enough. shares sink after it cuts it's sales target on poor u.s.

performance. >> roche getting shot in the arm as they raise guidance on hopes of a strong drug pipeline. good morning, everyone. it is thursday. it's ecb day and the stoxx europe 600 index is hugging the flat line after the uninspiring hand over from the u.s. and asia. a couple of stories to tell you about but let's tell you what the european markets are doing one by one. the dax up by just a little bit. the cac 40 is down by just a touch. overall not a whole lot of movement. now strong demand in europe and china boosted profits over at daimler. also roche up by 1.3%.

publicists complaining about the business saying it's simply not good enough. angelo american down by 3.3%. >> let's talk about ebay. it is on solid ground after it's split from paypal. the stock surging about 9% in after hours. this is after topping wall street earnings projections and raising it's outlook for the year. it on thes to grow without paypal. 2 million new active buyers on the site in the third quarter. still their profits are shrinking as they face more rivals and competition from amazon and etsy. it drops in 25%. let's check in and american express amex shares are sinking 3% in extended trade after missing on the top and bottom lines. third quarter earnings fell some 13% and that's more to foreign exchange head winds and a rise

in marketing spend. revenue from international operations falling about 11%. just a programming note for you, coming up on squawk today we'll be hearing from the ceo of norwegian airlines. they make the largest single order of boeing dream liners. and the big picture from the ceo of imax following their hong kong ipo and they're disrupting the age old market of tee shirts. our moto is no tee shirt no interview in the future. >> what if he doesn't bring a t-shirt? >> he has to. >> ecb is holding steady in anticipation that mario draghi will only hint at further sti stimulus. they're under pressure to act as inflation data disappoints to the down side. 70% of respondents expect the

ecb to extend it's asset program beyond september 2016. european economist at ubs joins us now. good morning to you. the euro dollar exchange rate is frustratingly high for mario draghi. what are his options? >> at this stage i would expect the ecb to do nothing. it's clear that the risks from the external side from china have greatly increased. this is not welcome but the data hasn't been bad enough to justify more so we don't expect more qe today. we don't expect the deposit rate. i think the ecb will wait and see and by early december when the new economic forecasts come out and then have a better base for a decision. >> we saw the lending data yesterday. that was pretty positive and as a result of that many people paired back their expectations that we would see qe-2. inflation targeting isn't working and that was made clear a couple of weeks ago but at least in terms of the credit

mechanism side maybe qe is work. >> that's right. we've seen the bank lending survey moving into the right direction so we see an easing in credit standards. we do see better demand for credit. this is welcome. we come from a very low base but at least we're moving in the right direction. with regard to inflation i would highlight that we expect the rate of minus 0.1 that we have seen to be the lower as october, november, december base effects would kick in and move inflation higher. >> the markets seem to be pricing some sort of expansion in qe. i'm just wondering if the markets have this wrong in your view. the way they have been pricing in sovereign yields or currency. >> the markets wants to see more

recommendation and we don't expect a further round of qe, not now, not later. qe will run in it's current form until december 2016 followed by some form of tapering. >> but don't you think they're limited in their option ifs the fed does start tightening? >> that's right and also you have to assume the second round effects wouldn't be as powerful as the first round effects. >> and the verbal intervention, the effect of that the last couple of months. we'll have to leave it here. thank you for your time. european economist at ubs. stay with cnbc from 1:30 cet onwards. louisa and myself will be bringing you the central bank decision as well as the press conference live. head to cnbc.com where we're live blogging throughout the morning and across that ecb

decision and press con freferen >> we have live shots of migrants coming from croatia and they're being housed at a camp waiting for buses to take them to austria. about a thousand refugees and migrants spent the night there at the border. police and soldiers are present on site. that's something we're continuing to watch. it's not making the headlines like it used to but it's not gone away. >> it will not go away for quite sometime. let's get back to the banking space. switzerland is imposing stricter capital rules on its two biggest banks to avoid what the authorities describe as the too big to fail risk. a leverage ratio of 5% with at least 3.5% made up of common equity tier one capital will be required by the end of 2019. that's slighter tougher. ubs said it will comply with these. shares up today and credit

suisse is down off by almost 2% but they're raising 6 billion swiss francs in new capital. >> there's doubts about the long-term efficacy of this plan. well, coming up on the program today, value in valeant. heavy weight bill ackman is going after and going against the grain raising a stake in the pharma stock. will it inject new life into his portfolio? also creeping up on congress. want to find out how carl icahn is setting his sights on capitol hill with backing from none other than himself. and from rags to riches. this tech ceo made six figure sums for hundreds of his users via t-shirts. that comes your way later on in the program.

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shares are trading lower. the company posted a third quarter operating profit. 2 billion norwegian crowns in line with analyst expectations. norwegian announced it is finalizing a deal and has

finalized a deal for 19 boeing 7879 dream liners which is the largest single order for the model by any european airline. so let's talk about it. joining us on the line we have the ceo of norwegian today on the program. great numbers for you. record high load factors in the third quarter. what does it say right now to you about customer demand? >> well, the demand that was very strong but volumes do enough of like demand so very satisfied and launching new routes. >> yeah. so i just talked about the order that you have off 19 boeing 787s. do you need more plane orders if

you're filling them to quickly? >> that's debatable. i think that they can come up but it's very much about the economy of scale and the need to be able to widen it for everybody. might be a very good product and this is the way -- this is the norwegian way. >> your big plan has been to expand your offering going into the u. s. you target smaller airports. the big three airlines, the pilot unions, they're again it. it will drive down wages and impact safety. what do you do if you don't get the approval? what's your plan b? >> you can try as much as you like in the u.s. because we have the u.s. that's not a problem. i think they're misunderstanding that. we don't need any more approvals

to fly more into u.s. that's not a problem. >> okay. let's talk about the oil price then because obviously for you it's very advantageous but what we have seen from many of the airlines is they have hedged at a slightly higher price than where it is now and where are you hedged and to what extent are you even benefitting from the lower oil price? >> our strategy to look after the dollar side and the dollar weakness that we saw has a lot of down side to have a large hedge on that level so we waited. year round 60% on the hedge moving forward. >> thank you so much for your time today. bjorn kjos, ceo of norwegian. >> volkswagen came out roughly ten minutes ago saying they're examining whether early versions of the engine model ea288 are

effected by the emissions scandal and they confirm that vehicles with the ea288 euro 6 version did not contain emissions rigging software. that's according to volkswagen. >> let's stay with autos in particular. ferrari making a quick start out of the grid yesterday as it debuted on the nasdaq. shares in the italian super car maker open up 15% higher even though the company priced it's ipo at the top end of the market and price range. cnbc spoke to the parent company that said there was still plenty of global expansion. >> i think from simple geographic coverage it's a big world. we only have 204 points of sales. we only have 180 salesmen that really cover that network. i think the potential is much

larger. the population keeps on going up. >> now we talked to him and got his view on the rumors that apple is starting to build it's own car. >> are they going to get a car made or build a car. those are two separate questions. i doubt it very much that they'll set up infrastructure to manufacture cars. this industry in general needs to open up to disruptors whether it's the google car, the apple car, this notion that we're seeing autonomous driving, assisted driving. it's going to change the traditional nature of car making. it's going to change the nature of cars in the marketplace and it's going to change. >> staying with cars daimler reported a 31% increase thanks to demand from china and western europe. investors failing to get too excited with the shares reacting negatively at first. now we're about the flat line as analysts suggest there's little

further room for upside. numbers look good. >> that's right. the headline numbers were strong. we saw about 3.7 billion in the operating profit. now that beat a reuters consensus forecast for 3.4 billion euros. revenue was up 13% and that was roughly in line and a lot of the strength as you suggested in china coming from the mercedes benz luxury division. really daimler has been weathering the slow down in china out pacing for a change but catching up as new product lines were coming through in china as well. seeing the benefits of the new models taking effect. there was a little bit of an up tick but still concerns this. the currency aspect as well. some coming from the dollar strength but some of that was offset by weakness of emerging markets when you look at the russian ruble still bringing on pressure for their business there. one thing investors were looking out for were comments regarding the volkswagen scandal and any

impact that's having on the broader german auto industry. we've been talking about that. >> there wasn't any. >> there has not been any impact. their own customers are not concerned about issues surrounding diesel but we will have to wait to get more information on that from volkswagen when they report next. >> stick around. we want to broaden out the conversation. good morning to you. why are we seeing this lackluster performance in the shares this morning? is it because too many analysts inch including you were too positive on the stock. >> we talk about a couple of hours of trading. some might be disappointed that the beat wasn't bigger. some are saying this is all peak earnings but figure that out, most people, many people out there were pitching a very bearish auto picture over the summer especially for china. it's not happening. china is behaving better and the u.s. cycle is ticking up.

there's opportunities here and these companies will print better earnings for longer. >> is china behaving better because we're seeing that other companies like audi for example, vw for example, they're feeling some of the pain in china too so is daimler doing something different than the other ones. >> it has better product momentum globally and in china as well but china is improving for everyone. the government has launched a huge stimulus program for car sales sending very positive message for the consumer to buy cars. people are forecasting china sales to be down 10% next year. they might end up being up 10%. >> i agree. just saw the first up tick when it comes to monthly sales. year on year compare sons. the first we've seen in many months in china. i'm wondering about the mercedes division. that's out performing for daimler. would you say the pricing is probably more in elastic.

>> what's happening at daimler this company had poor product compared to their peers and now they're replacing one product after another with great industry leading models. the new e class has only got to be launched late this year beginning of next year so that's going to be a huge impact on the business. the e class alone accounts for 25% of their earnings. >> and obviously it's not quite as bad in china as feared but what about the pricing pressures? we know the domestic players in china tried to get more competitive against the german players here. will pricing pressures continue to weigh despite what we've seen with the new models from daimler? >> that's a good point really. china normal hi has pricing pressure of 300 basis points and they're dealing with it by improving efficiency. over this summer we have seen it up around 500 bits. with the market moving up it's probably going to come back a little bit but china is a market with a lot of competition but

it's still growing and the way to model it is really you model growth but you model your margins coming down and that's still triggering earnings growth. >> take a look at the euro dollar exchange rate. you have to wonder, is the euro dollar exchange rate simply too high for the likes of daimler and vw to boost their profits and boost their exports? >> well, the german three alone has 60 billion euros in net dollar exposure. they have been operating for the last 7 to 8 years at an average hedged rate of around 130 to 135. we're now talking about 110, 115. so structurally it's going to be a huge benefit for german car makers as it is also for the japanese. >> so it doesn't matter whether it's 105, they're hedged at a much higher rate. >> no, they used to be hedged at around 130 and now because they're hedged three years rolling forward that rate is coming down. whether it's 105 or 110 it's going to be huge tail wind in

any case. >> just comments saying so far we have not seen any impact from the vw scandal from diesel. do you think it's too early to tell? will we see an impact going forward? >> there will be an impact. the industry will have to add more content to cars because emission testing will more likely become stricter on diesels. there's also going to be an image problem with diesel now. not just in the u. s. but also in europe which might wear out overtime but it is an industry issue. i'm not sure it's a huge one because the industry can switch to more gasoline engines and so far it's really a huge issue for vw and minor problem for the others. >> switching that production will come at a cost no doubt. is that correct? >> it costs 1.5 euros more than a gasoline engine so some of that cost has to be passed on. so you could say these guys are making higher profit margins so i don't think it's necessarily a bad thing but overtime as they have to add more content it's going to cost them more.

>> your rating on the stock? >> i have a buy rating. >> thank you for that. now shares of valeant plunging on a negative report accusing valeant of fraud and channel stuffing. >> well, late morning, late day today a short seller comes out with a report essentially alleging fraud at valeant. it has to do with the way valeant accounts for revenue coming through it's specialty pharma channel. essentially saying there's a phantom network and valeant is booking network that doesn't exist. that sent their stock down as much as 40% during the day. at close down just about 19%. they did come out and rerespond about 1:30 and again an hour later with a stronger response saying it denies the allegations made and calls them false and

misleading statements designed to drive down valeants stock and says it accounts for sales at its specialty pharmacies and is in full compliance with all accounting rules; regulations and laws. interesting in the afternoon scott broke the knew that bill ackman said he was buying 2 million shares of valeant. that helped the stock recover a little bit from being down almost 40% today but interesting to see everything going on here at valeant doesn't seem to stop coming. >> bill ackman of course he was part of the valeant bid to buy allergan. that's a $60 billion acquisition that fell through but it's interesting that he's doubling down. he thinks this has no basis for some of its allegations for the specialty drug sector. >> somebody said about him, this is a guy that eats nails for breakfast. this is a pretty tough guy and in this environment susan where a lot of the hedge funds are

feeling so much pressure, you really have to have tough skin. they lost 9.4% so far this year. and that also pertains to other big hedge funds. they declined by the biggest amount since the financial crisis in the third quarter. glenn view capital management down 13%. >> i like how he thinks though. to make money you buy beaten down stocks. there might be some value with a plunge. maybe there's a bit of a currency move as well since the canadian dollar is down so much. >> maybe. >> also we're going to talk about youtube because this is something that some people might actually pay for, you know, an ad free subscription because you have that available called youtube red for just $9.99. i don't think that's bargain but $9.99 subscribers will be able to save videos to watch off

line. play videos in the background in their phone or tablet and gain exclusive access to new original programs and movies. so how much would you pay to avoid ads? $9.99. is that on a monthly basis. it's like a netflix subscription price. >> that's high for just skipping ads because can't you usually skip them after three or four seconds. >> some people don't have the patience. >> netflix is very similar. $9.99 and ad free as well. e-mail us on the program and find us on twitter and we're waiting to hear from you. >> we're going to go for a quick break but still to come on the show, in or out. bank of england governor mark carney weighs in. find out which side he's on, next. (vo) what does the world run on? it runs on optimism.

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>> wait and see for the ecb. european stocks falling ahead of the central bank meeting that could provide hints. >> a different cut for diamonds. they slash the stones in the face of falling demand. >> not good enough says the ceo of publicis.

shares sink after cuts on foreign performance. >> roche shares get a shot in the arm as a swiss pharma giant raises it's hopes on a stronger drug pipeline. just looking at u.k. september retail sales they beat expectations. they're the strongest since 2013 for the month of september. we're seeing actually a monthly change, 1.9%. wow. this is 0.3%. i know that retail sales in every country are usually very volatile but this is a very strong beat. this compares to an august print of negative 0.4% and what you can see in sterling is continuation of the jump. we have been rallying going into the u.k. retail sales report number. currently 15496 up by .5% on

day. now i want to show you what european markets are doing this morning. hovering around the flat line. we did see a negative start. xetra dax improved a little bit. up by 0.2% for the ftse mib. waiting for the ecb meeting and the recent rally has run it's course a little bit. >> okay. now bank of england governor mark carney made a careful intervention into the eu referendum debate. he says while the economy benefits from the u.k.'s close ties to europe it also exposed volatility. in a speech following the release of a boe report into the impact of a potential brexit he appeared to suggest the pros of membership outweighed the cost. >> overall eu membership has increased the openness of the economy. and it's also created some monetary and financial stability challenges for the bank to

manage and thus far we have been able to manage those challenges. >> and there you go. another canadian here in london. i also caught up with the mayor of london during the chinese presidents event last night and asked him for his thoughts on a potential brexit. >> we can can survive perfectly well outside of europe as a country. we always have. however we have to realize that people that have their offices here as a launch pad into europe won't want to have so many people here. it will have a short-term impact on what's going on. i don't know what they're going to say but there's a lot of regular withdrew lations have t. it's going to cost money. >> the chief u.k. economist has joined us around the desk. good morning to you. should mr. carney be wading into

this political debate? he made this. should he be doing that in the first place? >> it's a matter of tone. as long as he doesn't say anything too emphatic i don't think people are going to mind. i think the scottish referendum is there. what he is saying is chiming with what the governments position is on what he wants to renegotiate. >> so i think part of his speech was saying it would be nice to be part of the eu but if the conditions are not right maybe there might be something to explore in the future. where do you think the u.k. fits in the eu picture? >> well, i mean, we are in the van guard of improving competitiveness. we're central to that debate. i think the concerns carney expressed and the government

would express is the idea of ever closer union and continuing repair of the european monitoring union does have indications for our financial markets and had a specific paragraph toward the end of his speech referencing that. >> just this hard stance that david cameron is taking now, is this about negotiation? do they want to leave the european union? >> cameron has been backed into a corner by the european rebels in his party. that's clear. he hasn't laid out his list of demands. but how can you negotiate unless you have a concrete agenda? that's what his eu partners asked him to deliver by early november. that's what he is going to give. it's going to be the kind of things we've seen on regulation. those are the kind of things he has to push back against. >> as long as we don't have the details on the actual renegotiation how bad is this

for the u.k. economy and for the forming of the opinions here in u.k.? >> i think the issue is whether it hurts business. there isn't any sign of that happening yet but i think it will hurt at some stage and it's a matter of how quickly this negotiation can take place. it's bizarrely short. it's not really going to gather steam until up next month. they're meant to have a serious negotiation in december. maybe finish it in march. these are serious issues. >> your verdict on the u.k. economy, we saw strong retail sales. they tend to be volatile. we have seen some weakening of the data points of late and no one knows specifically when it comes to inflation when the boe would be ready to hike. >> indeed. they're volatile. it is the golden year for consumer demand. earnings growth is picking up. inflation is at zero. income growth is strong. it's going to be pretty strong next year but not quite as

strong. >> brian, thank you for coming in. >> let's talk politics. from state side a bit of a shocker yesterday with u.s. vice president joe biden ending weeks of speculation saying he will not run for president in 2016. in an impromtu address ahong sidebar rack obama biden saying he believed time had run out to mount a winning campaign. in his words the former senator also outlined the issues he thought the successful candidates needed to address and that includes cancer research. >> thank you for all being so gracious to jill and me for the last six or eight months and our whole career for that matter. but i'm telling you we can do so much more. i'm looking forward to continuing to work with this man to get it done. thank you all very much. >> a lot of political watchers say biden's exit will boost

hillary clinton's nomination chances while attention turns to the republican race. cnbc reveals the line-up for the upcoming gop debate which it is hosting next week. >> now the stage is set, literally. with all the polls calculated so is the line-up for the cnbc republican presidential debate a week from today in boulder, colorado. at 6:00 p.m. eastern time, four candidates, rick santorum of pennsylvania, current senator lindsey graham of south carolina, former governor george pataki of new york and jindal of louisiana. and shortly after 8:00 p.m. there will be ten. you'll see them arranged this way on the stage. with a poll position in the center of the stage, our front runners, donald trump and retired neurosurgeon ben carson, marco rubio of florida, carly

fiorina. out from there jeb bush of florida, senator ted cruz of texas. then former governor mike huckabee of arkansas, current governor chris christie of the state of new jersey and finally governor john kasich of ohio and rand paul of kentucky. i cannot tell you what's going to happen in that debate but we have a lot to talk about with the candidates. october 28th, boulder, colorado. be there. >> don't forget. be there. just a week away at this point and yes donald trump will be participating. now carl icahn the activist investor and famous billionaire now focussing his activism on congress forming a super pact with $150 million of his own money. and icahn will be using it to push for corporate tax reform focussing on the rise of company inversions. he did not specify how the money would be used other than to say that congress will be held

accountable. he also told cnbc that americans are not fully aware of the great dangers of more and more u.s. companies leaving the country for lower tax rates offshore and he believed change could come through some congressional legislation. it's interesting that he's doing that since he is an activist investor and makes money by investing in companies that have more money on the balance sheet and that could be done by paying lower taxes. so inversions. he's targeting inversions now. >> well, president obama has done that. >> an investor himself targeting that. that's unusual to me. >> but he is an investor with a vested interest so what specifically he's talking about is potentially a tax holiday. he wants to avoid the double taxation and by paying he has vested interests he's saying he is one of the biggest shareholders in apple.

$100 billion. so he wants apple to return some of that money to the u.s. without paying twice the amount of taxes on it. so that is his ultimate goal. >> but apple is enjoying 2% taxes in ireland which is an inversion of sorts. so it's kind of a ying yang going on. >> $150 million a drop in the bucket for him. >> still coming, movie center imax soars in hong kong but will stocks survive 3-d scrutiny? opportunities aren't always obvious. sometimes they just drop in. cme group can help you navigate risks and capture opportunities.

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no hard landing for china. xi jinping said yesterday the world's second largest economy is entering a new normal and expects growth of 7% going forward. of course lots of deals including chinese retailer buying british toy store hamley's in a deal to be announced later on today.

it's the latest deal that coincide with the first state visit to the u.k. by a chinese president in a decade's time. meantime carnival is aiming for a slice of the chinese economic pie. it's entering into a joint venture. $4 billion joint venture. state owned firms launch a china focus cruz line to tap into the world's second largest economy and i spoke to the ceo and asked him his impressions of the new deal. >> susan, we're so excited. we're so excited about a joint venture with css cscic and it's another milestone for us in china where we built the largest international cruise company there already. >> talk to me about this joint venture. it's a china made, china targeted cruise line. >> the idea is to have a domestic cruise company in china. it's very important to help the market grow and we're excited

about our partners, the largest shipbuilding entity in china. with those partners we see building this domestic brand and we see other joint ventures coming out of this eventually with other partners shipbuilding as well. >> this is a $4 billion venture. not small change here but a lot of people would say from the outside saying china might be slowing down more than we think. do you have any concerns? >> i have no concerns. china may be slowing a bit but it's still the fastest growing economy in the world. there are already over 100 million outbound tourists in china and 1 million of them are cruising today and that's only going to grow. there's plenty of opportunity for cruising in china and for the chinese public to experience the great value and the great vacation experience that cruising is. >> so let me just pick up on that because a lot of corporates have been having a hard time in

china, like, for instance, burberry and other luxury brands as well and yum of course now splitting off their china business because it's so volatile. they might be saying we're having a tough time in china. >> i don't know about their businesses but for us again we're such a small tiny percent today the entire industry is of the outbound tourist activity in china. we're at the very beginning, the early stages of business there. some of the other companies you're talking about may be more advanced and more mature and in a different segment. i'm not as familiar but for us it's been very positive. we continue to grow. we do 43% this year over last. we introducing two ships and then we're going to bring two additional brands in in 2017, our german brand and carnival our u.s. brand. so we see continued growth. >> so in some ways i would say carnival is a good gauge on

leisure spending around the world. not just in china. but can you give me a view from carnival's perspective how each region around the world are doing now? >> for us, we're in the cruise business so we have seen strength everywhere. there's been head winds in different parts of the world but we have been able to grow against the head winds. and itineraries removed because of those geo political tensions. we have still been able to grow. we grow strong in north america and dramatically in asia. we are some what constrained by the number of ships we have and that's why some day in the hopefully not too distant future we hope to have shipbuilding in china as well and help to spur in the growth that is available to us there. things are positive to the cruise industry now and we'll work hard to keep it that way. >> let's talk about entertainment. china is a big mark up when it

comes to movies in the future and that includes the next star wars edition. it has already broken resale records ahead of the december release. imax booking more than $6.5 million in the u.s. far out pacing previous record holders. the dark knight rises and avengers. many suffered outages due to the unprecedented demand to watch the next star wars and watch it first. imax shares rose in 10% in it's trading debut in hong kong raising $250 million in it's latest hong kong float. they have the second largest movie audience with prices continuing to rise. there despite downward pressures elsewhere. this as they debuted the laser projection system and the lester square cinema ahead of the biggest releases of the year. don't forget the new james pond spectre film. imax is expected to report third

quarter results on the 28th of october. joining us here in london for the bigger picture is the ceo of imax. >> i almost run out of breath. >> all about your business too. star wars, how much of a contributor do you think it will be to imax and your bottom line? >> it's the movie business d you always hesitate to predict how good they're going to do in advance. in the u.k. about one third of all the presales for tickets are imax tickets and in the u.s. we did about one third of all ticket sales in the u.s. star wars is as close to a can't miss movie as you'll ever see. it's hard to figure out what the magnitude will be. i hear it's a fantastic movie so that's going to help and disney is such a great organization and j.j. abrams is such a great producer so there's a lot of wind at its back. >> you throw in james bond as

well. is this going to be a record year for you? >> it probably will in terms of box office. we're on a pace to do a record box office. i'm excited about bond. i had a lot of reasons to be in england but it turns out the bond premiere is this sunday and people that work for my organization and have seen it have said it's fantastic. it stands on its own. one of the best bonds yet. so i hope they're right. >> this year you have spectre and star wars and that should be a great holiday season for you but you don't necessarily have that every year and in other years maybe some people may not want to go to the imax for the premiere. they may not want to go to see that movie specifically at that movie theater. they may want to stay at home and order in and watch their movies there. >> one statistic that's surprising is our per screen average which is something we track very carefully. in a great year or a terrible

year the band is not that wide and the reason is because of portfolio theory. we do about 35 or 40 movies a year around the world. we have a big operation in china with chinese movies so one title here or there, not that star wars isn't great but it just doesn't move the needle that much. and every year there are 5 to 7 core blockbuster movies and those tend to perform very well and they're like the anchor of the year. >> are you feeling the netflix effect? are you feeling the effect of more streaming? it's been a watershed industry. is it also going to be hitting the cinema industry to the same extent? >> for us it's a record year for box office and it hasn't effected us. in a way we play into the netflix issue because people can stay home, they can chain themselves to the couch and they can watch at home all the time but if they want to go out and they want to see a blockbuster and see it on the best way in

the planet they're going to go to an imax so we're a counter trend to that trend. when people are going to go out it's going to be for the kind of movies we're showing and the experience we provide in our theaters. >> you got to give them a reason to show up and go to the movies and leave their homes instead. you raised $250 million and from my past conversations with with you seem to be very focused on the china mark right now and i'm going to ask the same question i asked about maybe putting your eggs into the china basket right now. yum did the same thing. that was a strategy mistake looking back. >> it would be hard to call it a mistake. our stock traded up 40% in the two weeks since we listed there. we got about a $2 billion value right now on the hong kong stock exchange. we have about a $2.5 billion value on the new york stock exchange so i think it's been a huge success for us. we're in a different part of the market and we're showing antman now in china and we've done 11%

of the entire chinese box office on only 1% of the screens. we spent 15 years there. it's been a great success. >> there's limitations on how many foreign titles can play in china. i assume with this investment in china you're expecting those rules to change at some point? >> no, as a matter of fact the rules are there are 20 foreign films that can play except 14 more if they're imax or 3-d. we can get 34 films in. >> do you think that's enough each year? >> we do. we play a lot of chinese films. it became the largest grossing film of any imported or domestic in china. so between the chinese films and hollywood films our box office is among the highest in the world in china. >> we had the chart of your stock in china, it has done incredibly well but do you think you're just counting your lucky stars? it could have gone the other way. you could have been in all that stock market volatility in china

and we've seen so many ipos being delayed. how lucky were you? >> there's always luck in life but primarily here we were strategic because we were disposal income and also an affordable luxury brand so when we went out to the market if we were a manufacturing company or an export company those parts of the economy were really being effected badly and the revaluation of the r&b that effected that. but the movie sector has been fantastic. it's grown for the last several years. imax has grown at that rate or more at times. box office is up 50% from last year. it is not that thing. we were in a hot part of the economy. >> are you a star wars fan. >> not a big one. but i like it a lot. >> you didn't watch the first one in 1977.

>> of course i did. i was very young. i remember going on a date and being so happy the movie was so good. >> that's a great memory, then. richard, thank you so much. hopefully we'll see you again pretty soon. ceo at imax. okay. now speaking of films, michael j. fox received what can only be described as a back to the future present from nike on the day marty mcfly landed in 2015, nike landed the first pair of self-tying mags for the back to the future star. they were asked to collaborate on the movie 30 years ago. they challenged to suit the inhabitants of the advanced era. the limited edition shoes will go on sale next spring with all proceeds going to the m.j. fox foundation for parkinsons disease. wasn't that cool? >> october 21st, 2015 self-tying shoes and he got a pair from nike. >> let's check in on the asia

market. a bit of a reprieve from shanghai yesterday. coming back a little bit and you see up 1.5% after a $16 billion injection from the central bank but across the board, shanghai and shenzhen with minimal losses there. >> european markets mixed. a wait and see mode, ftse 100 off 0.2% and xetra dax off. and again as susan said the session in asia was lackluster and same applies to the session in the u.s. in the currency markets let's see how euro dollar is doing ahead of the widely anticipated meeting. we're at 11310. a little bit of weakening and we did see the jump against sterling in the u.s. dollar. up by .3% after better than expected retail sales number. now back to the ecb and there's been a lot of speculation as to whether we get more stimulus from the ecb today.

the central bank is under a lot of pressure to act as inflation data continues to disappoint to the down side. a reuters poll of economists shows 70% of respondents expect the ecb to extend it's 1 trillion year asset program beyond september 2016. we are going to go for a quick break but still to come on the show, going, going gone. shares in online auctioneer ebay bid up after a strong set of results. we brake doeak down the numbers. that's next. don't go away.

hi, everyone. good thursday morning. >> these are your headlines from around the world. >> ebay enjoys life after paypal. shares jumped in extended trade after the online retailer beat estimates and raised it's guidance. >> but it's bad news from american express. shares sink after hours following a third quarter earnings miss and cuts eps targets. >> simply not good enough says the ceo of publicis. shares sink after it cuts the sales target on poor u.s. performance.