despite declines on the dow sending the index in negative territory for the year. >> david cameron will detail his reforms for britain's relationship with the european union of saying the country could live without them if they had to. >> porsche set to hit the wire as they become further entangled in the volkswagen emissions scandal. >> a lid on prices until 2020 but as executive director tells cnbc a drop off in u.s. shale

production could drive the recovery. >> and we do not think that $50 for many, many years is a likely scenar scenario. >> u.s. prime minister david cameron is due to speak at an event in central london any minute now. he is going to be talking about the european union and britain's relationship within the block. we'll bring you that live when it begins and of course this is a crucial day in the week of brexit negotiations. due to send a letter to donald tusk outlining his demands for his negotiations and that speech we just reference. we'll bring you that live when it begins any minute now.

q-3 results of course follows already volkswagen's earnings. we're getting them now. they're in german so have to say i'm not an expert at delivering this. so far, hopefully reuters will start translating them any second now. we're expecting around 1.1 billion euros. >> can i. >> let me help out here with my expert german but the profit is 1.19 billion euros so that's not bad. >> not bad. >> these earnings do follow volkswagen's earnings. it's the commentary we'll get from the board members in a few minutes. >> exactly. porsche owns 32% of the capital

of volkswagen. a 3.5 billion loss. so take 32% of that. that should be the number that they report for the third quarter. >> when we talk more generally in this scandal, the non-vw brands of the vw groups slightly managed to stay out of it in consumers minds and investors minds as well. are all of those brands all very much in the mix now? >> well, they're sharing components and engines. >> they accuse them of using defeat devices and they have that engine. 200,000 units globally so i think it's fair to assume that every brand is being effected here. >> and when we talk about the extension of the scandal, they outlined that that was just 800,000 further vehicles

following 11 million. so it's not ground breaking. is this a small extension of the scandal? >> the first number was 11 million. now additional 800,000 even though some of those might be in the 11 million. it seems that vw tries to turn up every stone and they don't know what to expect and what to discover from here and that's why the eu commission has now set them a deadline. they have another 10 days to come clean and provide the information needed. >> can i get your view on a headline that just came through? porsche is outlining their stake in volkswagen. it's down just recently. is this significant to you in that they're maybe trying to divest? >> that would be an extreme scenario. no one is forecasting that. the porsche families are hugely committed to volkswagen. that's probably more of a technical item than anything

that should tell us more about the family's intentions or their commitment. >> let's touch on where volkswagen goes from here. particularly the corporate structure. we did get a spokesperson for the german government saying they need to sort out this complicated structure. it's the first time the government made such a clear demand. is that because it's really effecting the made in germany image? >> when we talk about complexity within volkswagen, it's less holding the stake in volkswagen. it's more the size of the vw group. we talk about 12 different brands, selling cars and trucks globally and that complexity lead to a lack of focus on the core business and that's the core of the problem here. >> so we still haven't gotten the break down on third quarter results yet but we got the nine month figure. 1.19 billion euros.

can you make an estimated guess as to what that means? >> volkswagen reported a profit as well. everything was fine until the 3rd wart when they set aside the 6.7 billion provision that directed them into a loss for the third quarter but not for nine months. i mean, the porsche number is more of a calculation figure just derived from the vw because the porsche holding doesn't have earnings themselves. it should be around 1.1 billion or 1.3 billion as a loss. >> we have to wrap this up but your recommendation? >> we're buyers. we're buyers of the german autos. we like volkswagen. it's a turn around story but a painful one for us to be frank. they have strong earnings momentum. so and they're going to benefit hugely from the currency. >> great stuff.

pleasure to have you as always. >> let's talk about volkswagen. volkswagen moved to appease angry u.s. motorists caught up in the emissions scandal and they're offering a whole $1,000 in credit to owners of certain diesel models. this comes as the commission asked vw to clarify the carbon dioxide emissions levels from its cars. the ratings agency has now downgraded them. that's with a negative outlook. staying with the transport theme lufthansa hopes there will be a swift resolution to the dispute causing them $10 million a day. the cabin crew union rejected an improved pay offer yesterday evening. so that means the strike is scheduled to last until friday this week but negotiations between the airline and it's cabin crew are still on going,

wilf. >> thank you. let's check in on what european markets are doing. a negative day yesterday in europe in part because of chinese trade data and stock specific moves and generally global equities have been hit since that blowout jobs number on friday and the u.s. taking it more likely that we get a rate hike this december. let's have a look at the individual markets. you can see slight gains for all of them but nothing too pronounced. germany down 1.5% today. bouncing back by 0.3% today. let's look back at the individual movers today. shares in national grid, they're trading higher after the company said it's begun selling a majority stake in it's u.s. gas distribution business. the ceo spoke to cnbc on the timing of the sale earlier. >> it's a mature business, attractive business, good

returns but reducing our stake in that makes the company overall have a high growth rate toward the 7% range. that's why we're doing it. >> so national grid up 2.8%. eon in germany down 0.7 after multiple reports that the german utility will post a loss of 5 billion euros for the first three quarters of 2015. the company is scheduled to report 9 month results tomorrow and has declined to comment thus far. trading lower on the back of news that the year to date net inflows have fallen below it's target. however they did report a record sum of assets amounting to a near $300 billion. finally vodafone up 4%. it puts it at the top of the stock 600 as well: it's raising dividends and guidance after it

increased by 2% in the beginning of the year. >> let's talk about china and more bad economic data. deflationary pressure continuing in the world's second largest economy. cpi inflation coming in below expectations at 1.3%. we heard from the chinese president saying that the country will maintain it's prudent monetary policy. the report also outlines his name to quote, actively and steadily expand outbound investment, meantime, and he also, by the way, as you remember said that 6.5% is maintainable up until 2020. now the country's sovereign wealth fund which is estimated to have over $600 billion worth of assets under management, one of the largest in the world is set up to invest overseas and we

asked what the rolls are when it comes to the investment choices. >> we really are looking at financial gains. stable, longer term and therefore we have almost every kind of financial product including anything from investment, minerals, energy, all the way to derivatives to real estate and manufacturing and consumer, you name it. >> and what are the most interesting sectors or businesses at the moment for you to put money into or the cic to start looking at? >> i really cannot talk about cic because i am no longer there but as a former chief investment officer i would say at present time there are many interesting things that are too cheap to me. i would say energy resources.

minerals. many of these industries are so low now i just don't believe that they're going to be that low for that long. of course some people say they're going to go down further. it might be but how much can you go down versus going up. so my bet is probably more on that and at the same time we'll talk about the new technology and new industry. but that's risky and takes a lot more knowledge to get in. >> right. let's also bring you some news on some flashes coming out of the european banking association. the eba saying it expects to do bank stress tests every second year from 2016 moving forward. >> now, we'll go straight to prime minister david cameron's speech about the european union. >> i argued that the european union needed to reform if it was to meet the challenges of the

21st century. i argued that britain's best future lay within a reformed european union if the necessary changes could be agreed and i promised the british people that if i was reelected, as prime minister we would have a referendum and the final say on whether our national and economic security is better protected by remaining in the european union or by leaving. that promise is now being honored. the law of the land will require there must be a referendum on our eu membership by the end of 2017. the renegotiation is now entering it's formal phase following several rounds of technical discussions and today i'm writing to the president of the european counsel setting out how i want to address the concerns of the british people and what i belief the changes that britain is seeking will benefit not just britain but the european union as a whole.

now it would be for the negotiation itself to bring about reforms that britain needs but today i want to explain in more detail why we want to make the changes we set out and how they'll make a difference. this is perhaps the most important decision the british people will have to take at the ballot box in our lifetimes. so i want to set out for the british people why this referendum matters and some of the issues we should weigh up very carefully as the arguments ebb and flow as we approach the referendum. i want to explain to our european partners why we're holding this referendum, what we're asking for, and why. since i made that speech almost three years ago the challenges facing the european union have not diminished. indeed, they have grown. the economic outlook may be brighter but the legacy endures.

the threats to our security and to the security of every european nation have grown enormously over the last few yea years. from the emersion of isil and across europe the rise of parties of protest demands a response. but nothing has happened. nothing has undermined or rendered obsolete the central argument i set out in my speech. if anything, it's reinforced it. the european union needs to change. it needs to become more competitive to cope with the rise of economies like china and india. it needs to put relations between the countries inside the euro and those outside it like britain on to a stable, long-term basis. it needs greater democratic accountability. above all it needs, to operate with a flexibility of a network.

not the regidity of the block. never forget the european union comprises 28 nations of europe. that very diversety is britain's greatest strength. let's acknowledge that the answer to every problem is not always more euro. sometimes it's less euro. let's accept that one size does not fit all. >> doing what is best for britain drives everything i do as your prime minister that. means taking the difficulty decisions and making arguments that people don't want to hear. it's why we have taken the necessary action to reduce the deficit. it's why we're seeing through our long-term economic blan and why we're reforming welfare and education. because we know that the bedrock

of our security is a strong economy and these are the things that any nation must do to succeed in the 21st century. it's also why despite all the pressures on the public finances we are guaranteed to spend 2% of our economy on defense and why we're spending 0.7% of our gross national income on overseas aid. with that money we're able to equip our armed forces with two brand new aircraft carriers, to double our fleet of drones. buy new aircraft and sub marines and our special forces. we're doing these things to protect our economic and national interest and that's the prism through which i approach our membership to the european union. addressing the issues that no one wants to talk about and protecting and advancing our economic and national security. like most british people, i come to this question with a frame of mind that is practical and not

emotional. head not heart. i know that some of our european partners may find that disappointing about britain but that is who we are. that's how we have always been as a nation. we're practical and down to earth. we are natural debunkers. we see the european union as a means to an end. not an end in itself. europe where necessary, national where possible as our dutch friends put it. an instrument to amply identify our nation's power and prosperity like nato. like our membership of the u.n. security council or the imf. we understand there's a close relationship between the security and prosperity of the continent to which our island is tied geographicicly and our own security and prosperity and in the week when we commemorate the end of the great war and in the year when we marked the 70th an

se ver -- anniversary of the liberation of europe, how could we not. across the continent in stone cold cemeteries lie the remains of british servicemen that crossed the channel to help return liberty to her rightful place on what churchill called this noble continent and today we continue to play our full role in european security and in global security fighting ebola in west africa. flying policing missions over the states. contributed to nato operations in central and eastern europe. saving lives and busting the people smuggling rings in the mediterranean. spending 1.1 billion pounds on aid to the region of syria, lebanon and jordan, more than any other european nation.

we know that engagement is the best way to protect and advance our economic national security. today as we confront fresh threats and dangers to our country, the european question is not a matter of economic security but of national security too. not just a matter of jobs and trade but of the safety and security of our nation. equally when europe and the european union acounts for almost half of our trade it matters for our economic security that the european union is competitive and succeeds in promoting prosperity for its members just as it matters to us that while we're not part of the euro and, in my view, never will be, the euro zone is able to deal with it's problems and to succeed. if it fails to do so, we will certainly not be immune from the side efforts. that is why almost three years

ago i set out the case for reform, reform that will benefit britain and the entire e.u. britain gains advantages from her membership with the eu but i was also clear there's major problems that need to be addressed. political leadership means confronting these problems. not wishing them away. if we ignore them history teaches us they will only get worse. let me explain what i mean. in my bloomberg speech three years ago i said the european union faced three major challenges. first the problems in the euro zone. they need to be fixed and that will require fundamental changes. second a crisis of european competitiveness as other nations across the world soar ahead and europe risks being left behind and third, a gap between the eu and it's citizens which has grown traumatically in recent years and which represents a lack of democratic

accountability and consent that is felt, particularly acutely here in britain. these challenges are as britt cal n -- critical now as when i first set them out. countries need greater controls to manage the pressures of people coming in and while in britain were not part of the no boarders agreement so we have been able to set out our own approach and take refugees been the camp we need to reduce the high flow of people coming to britain from across all of europe. so the changes we're arguing for are substantial but they have a very clear purpose. to address the four key challenges and to maintain and advance the u.k.'s economic and

national security within it. now let me explain each of them in-turn. it's within all of our interest for the euro zone to have the right governance and structures to secure a successful currency for the long-term. we won't stand in the way of those developments as long as we can be sure that there are mechanisms in place to ensure that our own interests are fully protected. let me explain. there are euro members and noneuro members. the changes which the euro zone will need to implemented so noneuro members need safe guards to protect the single market and our ability to decide it's rulers and to ensure that we face neither discrimination nor additional costs for the integration with the euro zone.

those of us who are in the eu but outside the euro zone need that. we need a british model of membership that works for britain and any other noneuro members. this should be perfectly possible. the european union is a family of democratic nations whose original foundation was and remains a common market. there's no reason why the single currency and the single market should share the same boundary anymore than the single market. so the eu needs flexibility to accommodate both those inside and outside the euro zone. both those who are contemplating much closer economic and political integration and those countries like britain that never embrace that goal. this is a matter of cardinal importance. if the european union were to evolve into a single currency

club where those outside are pushed aside and overruled then it would no longer be a club for us. we need this issue fixed so the u.k. is not doing it. there's a point to being in the eu but not in the euro zone and that that position does not turn a country into a rule taker instead of a rule maker and now is the time to do that. so as part of our renegotiation i'm asking european leaders to have clear and binding principles that protect britain and other non-european countries and ensure that those principals are enforced. those should include the following. recognition that the eu is a union with more than one currency. that there should be no discrimination and no

disadvantage. that the integrity should be protected. and any changes it decides to make -- >> david cameron there speaking in london outlining the initial demands he's going to layout to the european union in terms of his renegotiation of britain's membership of that union. he said this decision will be the most important decision british people have to make at the ballot box in our lifetimes. he says flexibility is best for britain but also best for the eu as a whole. let's accept one size does not fit all, he said. he said that what is best for britain is what he considers in all that he does. he says countries need greater control on migrants. he says the changes we are arguing for are substantial. we still haven't heard exactly what those changes are and how substantial they are, of course will be the key in how much he secured in the renegotiation. he's continuing with that speech

and will be delivering his letter with precisely what those demands are of the european union. susan. >> all right. coming up on the program, we'll take a breather here but 1.5 billion people are on facebook and that includes also the president of the united states. that's right. potus has joined and we'll see who is liking his facebook page. plus is pc dead? find out why apple's ceo tim cook sure thinks so. also we'll talk about the controversy over starbuck's christmas cup. why some customers are seeing red when it comes to their festive packaging.

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to yesterday's losses despite declines on the dow. >> u.k. prime minister david cameron says less europe is sometimes the answer as he sets out his reform demands in a letter. >> perhaps the most important decision that the british people will have to take at the ballot box in our lifetime. so i want to set out for the british people why this referendum matters. >> porsche profits plunge as the volkswagen scandal weighs on the german auto maker but shares hold the flat line. >> all right. as we're looking at more headlines from the david cameron speech. let's check in on european markets today. worst day since the end of september. so right now we're looking at losses and pressure here down.

ftse 100, third negative day in a rowand cac 40 broke that five day winning streak. >> the fed might be preparing markets for a winning streak in december. the president is due to speak at a bank of england forum tomorrow and investors will be key to hear any clues on more monetary easing. the ecb is edging toward a deposit rate cut in december suggesting it could be larger than 0.1%. let's get out to carolyn at the ubs conference in london and she can add further perspective on that discussion. >> yeah. let's get another voice on this. now joined by the chairman but also of course the former executive board member at the ecb. wilf was just talking about the potential for the ecb to be cutting the deposit rate as early as december. would that make sense? right now they should be sitting

pretty because the fed has done the job for them by lowering the euro dollar exchange rate. >> exactly. i think there is a game here, who moves first and maybe actually the fed decided to move in fear the ecb would do too much in the opposite direction. i think that draghi mentioned the issue. i think maybe to tell the markets we're ready to do it. whether we will cut the rate remains to be seen. i think qe is easier but certaincertai certainly there will be intense discussions. >> they're going to be watching what the fed is doing so you think in december the ecb is not going to do anything. >> well, first there will be new forecasts. we will see whether the projection to the 2% range is or not. there will be discussions to do

more. whether they will go all the way to deposit rates to 50 sounds a bit too much. it's a really big move. it will have an impact on the banking system. on the financial system that is really difficult to assess if you look at other countries that already have a negative rate. so it's a bit more complicated. i wouldn't buy the whole message. >> would more qe or a cut in the deposit rate, more stimulus help the european economy? because what we're seeing now is that the inflation target still hasn't been met. we're still close to zero when it comes to headline inflation. a lot of this is down to commodity prices. we know that the transmission mechanism has improved a little bit but buy and large the recovery is still sluggish. >> to be frank, the marginal impact of qe is getting not zero

but the key variable is the exchange rate. so the euro needs to go down to improve growth and have higher inflation. you can achieve that by having the fed moving rates or ecb cuts. if you have both, that makes the euro to trade negatively. so i think, you know, central banks are conservative. they don't want to make big, big changes. they want maybe to wait and see. >> i'm actually glad you're a little more outspoken than the rest of the ecb because they would never admit. >> i'm not in ecb anymore. >> but that's why you are outspoken because the ecb themselves would never admit that actually the exchange rate is the target. they always say the inflation rate is the target but what

level of the euro dollar exchange rate would the ecb be happy with. >> i think the ecb is right to say the exchange rate is not a target and when you have a sluggish recovery things will improve. with low oil prices i think slowly it's improving. the leveraging is improving but clearly an exchange rate would do it, i think. and we're getting close day after day. so we have to remember the euro zone has a current account surplus and the ecb has to counter act by keeping interest rates lower in europe than the u.s. >> we have gotten through one third of the bond purchases. inflation hasn't budged. the transmission mechanism has

improved some what. growth might be spiking up very slightly. at what point would you say that qe on the part of the ecb has failed? >> well, look at the u. s. it took five years. the ecb needs to give a clear message that it's willing to go beyond september or even decide to go beyond september. i think that we do that either in december or early next year and this will reassure the markets in any case. there is an issue of what to buy. that is big because the european markets are smaller than the u.s. markets. the u.s. never went into

negative territory. so you have to be careful innovating. they're really not comparable in the situation. >> he says cutting the deposit rate should be the last resort for the ecb. plenty more coming up from the european conference 2015. we'll be speaking to the cfo of europe's biggest tire maker. stay tuned to that. >> let's have a look in at commodity prices and oil has suffered since that blowout jobs print on friday in the u.s. on of course thoughts that we might get a rate hike. today it is basically flat. wti 43.9. brent down a little bit. 47.06. now oil prices may not recover before 2020. that's according to the iea. in it's latest world energy outlook the agency says current

trends including the continued growth alternative energy will keep pressure on producers and lead to a price of around $80 per barrel by 2020. but speaking to cnbc earlier today the executive director of the iea said a decline in u.s. shell production would drive a recovery in oil prices. >> we expect the prices will gradually recover around $80 around 2020 and we do not think that $50 is a likely scenario. >> still to come here on worldwide exchange, beating cheating. stay tuned to find out how the world athletic's authority plans to crack down on doping ahead of the 2016 olympics. [sfx: bell] [burke] it's easy to buy insurance and forget about it. but the more you learn about your coverage, the more gaps you may find.

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>> we just got earnings from tencent. they have a billion users when it comes to their games and chat apps and when it comes to third quarter revenue up 34% in those three months and when it comes to profit they made close to a billion dollars. more than a billion dollars of conversion from rnb during those

three months. wechat is dominant. it's how people communicate. china has 649 million users. and when it comes to their games, 639 million users. that's 1.2 billion that use their apps each and every day. speaking of technology, the biggest technology company in the world, apple, it's ceo has called the death of the pc. tim cook in an interview with the british newspaper the telegraph saying that the ipad pro would replace the notebook and desktop. he also hinted at more wearable health technology to come along side the watch because he actually doesn't want to get into help with the watch because the cycle with the fda approval cycle would take too long but tim cook is in milan and claudia

is standing by. he will be speaking to units at bocconi university later on today. >> yes, the ceremony is about to begin in a few minutes in the shares behind me. tim cook will take center stage in an hour's time. he will be giving a 20 minute speech entitled business serving for public good. he was in london and did make the comments regarding the future. the students are action shs to hear what he has to say. the chairman, ex-italian prime minister was able to get tim cook to come here which is very, very unique. everyone is very excited about this. it's the first time that he's speaking in europe and european university. remember that university is ranked according to the financial times in a recent survey is ranked 9th in terms of business schools in the world. so a very good school where students are happy to have him come and speak to the point

where in a few minutes time in early october when the passes were being passed around the number one pass was actually sold on ebay for 1,000 euros and in a few minutes, 6,000 requests were immediate to be able to be here today in this auditorium that holds only 1,200 people. so really it's amazing that he is here today and he was able to get him to come and speak here and we're really action shs to hear what he has to say. you'll be getting that speech later on. again, business for the public good so we'll have that. more for you later on. >> claudia, thank you. >> customers will be able to trade in their tag heuer watch for a counter part in three years. it was developed with intel and google and will retail for

$1,500. do stay tuned. our colleagues state side will speak to the ceo today at 16:20 cet. >> they will provide digital banking software across the global market and this agreement is the largest of its kind when it comes to personal finance and it's another step toward personalizing digital banking. joining us in the studio is the ceo of meniga. congratulations on the signing. it's the largest of its kind when it comes to personal finance but i didn't see any dollar amounts in this press release. >> no, we are one of the global leading personal finance management software companies in the world. we reach around 25 million online banking users powered by our software across 16 countries.

this deal will deploy this across ten markets. we'll add another 10 countries to our list and stay in the millions of euros per year. >> i understand that you're staying mum on details or is it a percentage or a dollar figure. >> it's a software licensing deal but broader partnership. the context here is that retail banking, business models are under pressure and there's a lot of kind of more sense of urgency by many banks to innovate faster and protect again the disruptive forces. there's a lot of investment going on. start ups that are chipping away at the business model. the tech giants are moving into small business landing and payments and so on so banks have

never been more afraid of these forces and there's increased emphasis on innovation. >> your company and what it offers, you have described in a print interview very much as a child of the icelandic financial crisis. >> i used to live in the states when i moved back to my native iceland in 2008 it was when the financial crisis hit which hit iceland hard and i had to witness the rise of personal finance software in the u.s. so i came back with this idea to start a european focused personal financed management company and for that idea the crisis was a blessing because a lot of the original came from the following and we had customers recapitalized domestic banks under pressure to give relief to households that had seen a big drop in purchasing

power. so we got them back and grew from there. very early movers in europe in the space and now we are the lead company in europe in terms of banks. >> it's a big move for you in the u. s. but as you said already -- is there a limit to where you can go with those declines? you're offering the same thing to each bank but after so many banks get it won't the others feel there's no point in them adding it themselves? >> no, that's a good question. part of the reason is the software rebuilt and helping people manage their money and there's certain business benefits for that but there's a much bigger picture and longer term tstrategic play here. it is the personal finance but also what we call innovation platform or personalization

platform it's about broadening the purpose of the online and mobile bank and it's two foundations. one is data and segments. it's based on their financial and spending data and so on. it's fun or interesting about the money or recommending their own products and in the long-term, it's basically transforming online and mobile banking into an ecosystem around helping people with their money. >> okay. thank you so much for joining us. wee have to leave it there. pleasure having you. the ceo at meniga. >> the european commission asked vw to clarify the carbon dioxide emission levels from its cars. it has ten days to complete this process. it's downgraded vw with a

negative outlook. >> porsche profits fell to 1.2 billion euros as the volkswagen scandal weighed on the german auto maker but shares are trading higher of course. those earnings already some what priced in as volkswagen themselves reported already. now for more on the auto makers, carolyn is at the ubs conference in london. let's get out to her now. >> let's talk about the tire sector. here with me is the cfo of europe's biggest tire maker. thank you for joining us. we're just talking about vw and porsche in the studio. have you seen any impact on your scales as a result of that scandal? >> we sell of course to the german ones, u.s. ones, japanese ones, even chinese ones.

we have a portion of sales. it's not such an issue as to what is happening to volkswagen. >> it's been really surprising to see how resilient european car sales have been in the wake of the emissions scandal. also the u.s. sales really picked up pace. what are you seeing in europe and in the u.s. specifically? how healthy is the tire market? >> it's very true that the market is linked with the economy. u.s. is clear and europe is getting better and this is pulling our market and we can see it's experiencing an increase in freight and we see it of course. so that's globally the economy that is getting better. >> but the growth areas of the past, china, russia, brazil, for example, all of these countries are slowing down. they're no longer providing you with the double digit growth

rates we saw 7 or 8 years ago but what i find quite fascinating is that you're actually expanding production in china, brazil and russia. are you not feeling the slow down? >> depends on which market you're talking about. in china, for example, we're experiencing the growth of the chinese replacement market. it's a big market. over 100 million targets expanded close to double digit growth so it's a lot of tires. we are the first brand in the replacement market. experiences a very good market share and we need production in this country. it's very clear. we're not expanding production in russia as you rightly point and even though this market is difficult we're experiencing growth also because our market position, the fact that our innovation would bring to the

market of course and the growth is there. we're quite sufficient in south america. >> what's very specific about your company is the fact that you have the highest exposure to specialty tires and that means the commodity markets. do you have any visibility on when those sales might pick up again? >> it's true that today is the mining sector and on lower trend. in mining specifically, we have experienced a reduction in output but also those had a lot that they both, in fear actually, we have a pretty good understanding on how the time that we'll need reduce it.

not to say that the extraction levels will grow but the technical rebound will allow us to have nice growth by 2017 in this area. >> thank you for your time. appreciate it. back to you. >> thank you so much. let's take a look at u.s. futures as we head into the next hour of worldwide exchange and before the opening on wall street today.

good tuesday morning. welcome to worldwide exchange. i'm susan li. >> i'm wilfred frost. here are your headlines around the world. >> european stocks are putting a stop to yesterday's losses despite declines on the dow sending the index back into negative territory for the year. >> lower for longer. the oil glut will keep a lid on prices until 2020 but the executive director tells cnbc a drop off in u.s. shell production should drive the recovery. e