. good morning let's kick things off with data coming from germany in the firm of the eifo business index german business morale has risen in october you have the climate index at 116.7 in the month of october versus a reuters consensus forecast for 115.2 that is a pretty nice beat look at the slight spike in euro/dollar. still unchanged on the day, but seeing positive buys here. the euro/dollar changing hands

at 1.1764. the ifo index was at record highs in august, but we saw that pre-election dip to 115.2 in september. we were expected to stay around those levels but we got a stronger showing than what we had anticipated. if we look at the german ifo conditions, a forecast of 123.8. and the ifo expectations index, 119.1 versus a forecast of 107 this all beating expectations. annette is in frankfurt with instant analysis this is all fairly strong data a day ahead of this crucial meeting from the ecb that would in a way justify tapering, wouldn't it? >> of course in looking at the german economy, tapering is justified if we would set the monetary

policy for germany, i think we had taper quite for a long time already. let me run you through what we're hearing from the ifo institute. i think all the insecurities surrounding the outcome of the german election has gone people are investing people are optimistic about the future the expectation component is always very important. and that this has risen and about the expectation showing that there is a general belief that germany as an economic haven is intact and that the growth story is intact also given the current political uncertainty as we are not knowing where that coalition is not heading to i think the political uncertainty coming out of berlin has been digested already with investors. and everybody is confident they're getting their abilict

together the german ifo is also saying the german economy is powering ahead that we've been seeing that in recent economic data from the industry, but also from the service sector so germany keeps going strongly. of course that is giving more -- sort of tailwind to the likes of bundesbank credit wideman who is still saying there is no need for asset purchases next year, but the hawks are in the minority camp within the ecb the question is whether we get an end date tomorrow to the asset purchase program or not. this is the big division in the governing council. the doves, of course, want to have more flexibility, saying we don't need an end date we should keep it flexible the hawks are saying asset purchase is no longer needed we need a clear schedule to phase them out with that, back to you

>> thank you very much for that. seems as though 270 billion euros, that's the magic number to watch for tomorrow in terms of the continuation of the asset purchase program let's look at the 4 x markets. as i told you before euro/dol r euro/dollar, still largely unchanged. not a huge reaction, 117.60. investors not wanting to take on major positions ahead of that ecb meeting tomorrow i should tell you the positions in the euro/dollar overall is still long close to record longs. when we look at what cable is doing, that's pound versus the u.s. dollar, 131.24 it has come under pressure given the comments coming from the deputy boe governor he has said that, hey, we might not need a rate hike on november 2nd. and keep in mind we get the third quarter gdp data tomorrow. keep an eye on the dollar today. it's unchanged against the yen still trading close to

three-month highs ahead of the durable goods order. again, there was discussion yesterday and reports out saying republican senators favor john taylor who would be a hawk quick look at european markets this is the picture. slightly higher. xetra dax up by 0.1% cac 40 up by 0.2 the ibex 35 is out, also doing well after a couple sessions of under-performance given the spat between barcelona and madrid the ftse mib is off by .2% all eyes off bnp when it comes to the sectors, this is the chemicals, retail, household goods outperforming. base basic banco monte dei paschi that resumed lending shares were suspended last

december after failing to get capital from investors and having to seek support from the italian government shares off 67% that's the impact of the relisting. and kering shares are trading at the top of the stoxx 600 after the company beat third quarter sales forecast boosted by strong demand for gucci's products and a pick up in chinese consumer appetite like for like sales were up 28%, sales at gucci grew almost 50% the fashion group warned about negative currency effects. shares in lufthansa, they are under pressure today after the company opted to stick to its full-year forecast despite posting record results for the last nine months the carrier reported a 32% rise in third quarter operating profit and improved ticket pricing trends, but net profit fell 17% shares also under pressure because we're seeing some degree of profit taking

this is a stock that has doubled over the last year the last 12 months, up 127%. let's move on and talk about dassault the company announced operating income 10660 mi60 million eurose third quarter. speaking to cnbc, the ceo of dassault systems said fx movements affected earnings per share. >> if you look at all currencies, to the euro, there is a significant negative effect as a matter of fact, today we take a new base for the fourth quarter related to taking into account the evolution of currency on the effect of the currency, it has a direct effect on the eps. the growth on the top line stayed the same. but there is an impact, and that's what you can see this quarter. >> lloyds bank is trading in the

red after it posted profits for the first nine months of the year which missed expectations shares off 1.2%. the tier one capital ratio stands at over 17% lloyds said it had no new provisions for ppi and other legal issues, but restructuring costs increased to 469 million pounds novozymes upped its full-year outlook after better sales and profits in the third quarter. earlier we spoke with the ceo of novozymes and asked about the company's performance growth >> we took about 200 people out in january to be able to invest more in the emerging markets it was more transformation we needed to make i think some of the good progress you're seeing in our business is exactly that we pick up momentum in the emerging markets but underlying, i think bio energy is doing better than we had expected

our food and beverage business turned out to be a solid propeller of growth, and actually does better than we had expected by the beginning of the year let's round things up with marks and spencer. joe jenkins has resigned just weeks before the busy holiday season the resignation is expected to be a blow to the ceo who took over only a year ago e-mail the show, let us know what you think of the earnings season so far. the address is streetsignseurope@cnbc.com and follow us on twitter at streetsignseurope@cnbc and tweet me at @carolincnbc if you go on my twitter page, you will see what i just posted. today is world pasta day i tweeted a good recipe. i don't know if you agree with that let's all celebrate world pasta day. always a good opportunity to do that on a programming note, the latest episode of "the brave

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welcome back to the show let's revisit the efo data that came out it rose to a record high the month of october after falling two months in a row. the ifo economic institute

saying that its business climate index rose to 116.7 from an upwardly revised reading of 115.3 in the month of september. that was better than expected. putting a slight bid into the euro/dollar. changing hands the 1.1764. joining us is the president of the ifo institute, clemen clemens fuest. it seems like the german economy is firing on all cylinders what you are seeing? >> the german economy is powering ahead two strong sectors in particular, it's manufacturing, which is very important, obviously. we see very good business data from capital goods producers, suggesting that investment is coming on. then we have a strong reading in retail as well that sector has been declining in havenven recent months

now it's getting a lot better, so that suggests there is increasing domestic demand overall the picture is really bright >> i want to pick up on the auto sector that's one of the few sectors that didn't do well in the month of september, even though the rest of the german economy is still resilient to the euro strength why is it that you think the car sector has come back is it because of news flow around the diesel scandal? collusion scandal has ebbed? what do you think it is? >> maybe consumers paused and thought about what they should do what kind of car should they buy? now it seems they got -- they made up their minds and got back into business here so they -- they have taken the decision and they seem to be buying again, i would say. that's what's going on here. >> are you personally surprised? are your team members surprised there is not this sort of

uncertainty factor coming from the coalition talks that are happening between the different parties in germany obviously we probably won't have a working coalition until christmas or until later in december are you not surprised the german economy is so resilient, so immune to that >> not really. in principle, the fact that the liberals are back in government or seem to be back in government is good news for the economy and then the coalition talks have started fairly well so i think there is a feeling that there will be a coalition relatively soon. and all of that seems to be reassuring for companies, for consumers. >> given that your numbers are strong, obviously that makes a great case for the tapering announcement by the ecb tomorrow that was set in stone any ways that was always going to happen tomorrow when it comes to the pmis, we've seen a little bit of slowing does it indicate to you maybe

we've seen the peak over the summer but despite that we're still strong enough for the ecb to go ahead with tapering? >> the ecb needs to look at the eurozone as a whole, not just germany, but i think we're strong enough to start the tapering it doesn't mean a complete turnaround it doesn't mean putting on the brakes. just taking the foot off the gas a little bit so i think it's inevitable that tapering starts. the question is will they announce financial date for the purchases? i think that's not going to happen but suddenly there's hardly a way around starting the tapering >> i know you're not a 4x analyst, i'm curious what you think the pricing will be. if we get that tapering tomorrow do you think the euro won't react too much because it's baked in the cake? do you think stronger euro would

actually hamper some export growth so far it hasn't really done that in germany. >> it hasn't hampered the export growth the strong euro is more a symptom of strong demand for european products, and rather than the euro stopping the economy. we should be aware, that we're still below purchasing policy parity to the urgs dolla.s. dolr i would say some type of taping announcement should be priced in, and if it was -- i think the euro will only move if it's significantly stronger than most people expect. >> so, it all seems to go swimmingly for the german economy. it all seems to go well for the rest of the eurozone yes, catalonia was a hiccup, but we didn't see a major contagion effect when it came to equities. a slight dip maybe in the euro what is in your view the biggest

risk to the german and by extension the eurozone economy >> i think there are basically two risks. one is that the global economy may not go on running as smoothly there are -- there are the well known risks in china high levels of debt. the chinese economy is important for the world economy. there is the issue of italy mostly maybe more than spain. the catalonian crisis may have an impact on the spanish economy. so, southern europe is recovering, but not in great shape. italy in particular. i think there is the greatest risk >> thank you very much for that perspective. appreciate it. clemens fuest. staying in germany, three top investors have called for the ceo of kostin kenigna.

a supervisory board meeting is set for thursday, but members say they will wait until the investigation is complete before deciding on his future let's get back to the earnings parade. norsk hydro reported earnings below forecast the stock 1.8% to the down side. the aluminum maker came in expectations of 2.56 billion it lifted its global demand estimate and expects positive market sentiment for aluminum mainly because of chinese production cuts. joining us on the phone is the cfo of norsk hydro looking at the share price reaction, investors are disappointed how do you feel about the

numbers? >> i think we are overall satisfied. there is increasing raw material costs on the offstream side of our business >> the cost savings plan is officially behind schedule you are pointing to challenges in the raw materials program how do you try to get that under control again? >> we need to split that in two. first and foremost, when it comes to the target for 2019, we are confident and i believe we're on track to meet that target that being said, we are somewhat behind within the raw products division, as you point to. that has to do with some operational issues we had in one of our core plants in germany and delayed ramp up of our new

investments. the key focus is to fix that, get that back on track >> you're confident you will get it back on track investors shouldn't be worried >> we will get this back on track. i'm confident on that. but there is a slight delay compared to original plans and targets. >> let's talk about the greater outlook for the aluminum market. it seems we're balanced, maybe even going into deficit next year you say this is pretty much driven by china. the china moves, the slowdown in local production, is that a sustainable move do you think it's really just a tempered move because we're going into the winter heating season >> it's always difficult to guess what precisely will happen into 2018. what we've seen is the chinese officials have taken fairly forceful actions this time around both closing down illegal capacities, plants built without

appropriate permits, but also from an environmental perspective taking out polluting parts of the industry. that helps the global supply and demand balance >> do you think we will go into a deficit in 2018? do you still believe that it will be a mainly balanced market >> we say largely balanced for 2017 as well as 2018 however, if you dive into the details, we estimate the short deficit in 2017 that should grow when we look into the details for 2018 >> so we talked a lot about the supply side of the equation. let's talk about demand. you lifted your global demand estimate for 2017 to 5% to 6% from previously 4% to 6% where is that demand coming from where are you seeing the strongest growth >> we still see good growth within the building construction sector in china. but more interestingly in the markets where we are, there is

strong growth in terms of substitution for automotive and transportation to satisfy the lightweight cars and other types of transportation. that is a trend that is there to stay and will continue into the years to come. >> eivind, thank you very much for your time. >> in other news, just wanted to draw your attention to the fact that david davis, the uk brexit secretary is addressing the house of commons committee on exiting the european union what he's been saying is he expects guidance on -- on the implementation period in the month of december. he says britain wants to agree to the form of any impleme implementation period quickly. as soon as we get more we will bring those to you >> how is brexit uncertainty impacting the british economy? we'll bring you third quarter uk gdp data after this break. a quick look at how cable is trading.

1.3120 we are expecting a 0.3% print for the third quarter. all eyes on the index of services given that that makes up roughly 80% of the uk economy. once again, we are waiting with bated breathfor that number which will be out in a few minutes. for your heart... your joints... or your digestion... so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally found in jellyfish, prevagen is now the number one selling brain health supplement in drug stores nationwide. prevagen. the name to remember.

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hello. welcome to "street signs." i'm carolin roth these are your headlines banco monte dei paschi plunges in milan as the stock starts trading after a ten-month suspension kering shares hitting a record high as gucci puts a spring back in its step boosting sales by almost 50%. lufthansa reporting a 32% rise in third quarter profit but investors are disappointed the german airline failed to raise

its full year forecast and meet the men now in charge of china. the country unveils its new leadership lineup with xi jinping holding a firm grip on power in their current positions. i'm just looking at the uk third quarter gdp number, slightly stronger showing than expected, but good news to the overall economy. we are still up by 0.2%, but this is probably quite a big move this is stronger than expected we are expecting the 0.3% hike or growth. 1.5% on the year that seems to be better than expected third quarter services sector

was up 0.4% quarter on quarter industrial output 1%, industrial construction down 0.7% this probably gives more ammunition to the hawks among the mpc. we have had those dovish comments coming the past couple of trading days. it was said yesterday it's an open question on whether the boe should be raising rates at the next meeting on november 2nd this makes it a done deal to go ahead with thar point rate hike on november 2nd. sterling/dollar changing hands at 1.3161. up by 1.2% on the day. back to david davis, the uk brexit secretary he's addressing the house of commons committee on exiting the european union he's been saying that he believes a free trade deal with the eu will be agreed to before

march 2019 he's always the optimist this is in stark contrast to what we've been hearing out of brussels, where there's more uncertainty on whether a free trade deal with the eu will be struck or not. he says britain wants to agree to the form of any implementation period quickly and he expects guidance in the month of december probably coming from the eu council meeting. that will happen later in december once again, taking you back to sterling/dollar. it's flying on the back of this slightly better gdp print. up 0.4% versus an unexpected 0.3% that gives a whole lot of ammunition to the hawks in the mpc camp those who want to hike interest rates at the next meeting on november 2nd let's move on with a quick look at the u.s. futures. this is how they're faring dow jones up by 6.5 points that

spectacular rise in yesterday's trading session, rising 167 points another record close that was on the back of very strong earnings by the likes of caterpillar and 3m the s&p 500 seen off by 3 points the nasdaq off by 11 europe mean markets, the xetra down 0.1% despite this record high in sentiment. the cac 40 up slightly by 3 points ibex 35 recovering some recent losses, up by 0.3% keep in mind, we are still in the midst of earnings season and we have had some good numbers out from the likes of kering a show of hands. president trump used a lunch meeting with senate republicans to get their views on who he should appoint as the next chair of the federal reserve getting senators to raise their hands. trump asked whether they would prefer john taylor or current

fed governor jerome powell for the role treasury yields traded higher on the report that taylor won that straw poll senate democratic leader chuck schumer accused president trump and republicans of being untruthful about their tax plan and what it means for americans. schumer's comments came as trump had lunch with republicans on capitol hill they plan to release their tax bill on november 1st after a house vote this thursday speaker paul ryan has called on the house to deliver the legislation before thanksgiving. this is an interesting story. reckless, outrageous and undignified. that's how republican senator jeff flake described trump's behavior he made the comments in an emotionally charged statement on the senate floor as he announced he would not run for re-election

next year. his comments follow bob corker who has repeatedly criticized president trump as unpresidential trump and his spokeswoman dismissed the senator's remarks. let's get the round up from washington with tracie potts who is standing by in the capitol in the u.s. that was an emotional outburst from mr. flake probably not a surprise because he's not running for re-election. >> and there had been rumors that he would not be running for re-election. he'll still be here for another year and a half. it was this speech that lasted nearly 20 minutes where he railed not against the president's policies or his work with congress, but specifically against his character. and how he is doing his job. unusual for a republican senator to be so open and pointed about that against a sitting president of the same party. you mentioned bob corker, who has also been publicly critical

of president trump now, there's some interesting back and forth happening on twitter and such between the three. however the real question is does this derail tax reform? does it affect healthcare? the party is trying to unite around healthcare. here's bober tweeting the same untruths are from an utterly untruthful president alert the day care staff is any of this going to affect things like tax reform that's the question. as we saw with healthcare, there's a razor thin margin in the senate two republicans defect and it causes a problem for this party in charge trying to get things done they are trying to move forward with tax reform. they have not shown a specific plan yet, an outline we have yet to see the legislation that the president wants on his desk in just a few

weeks. >> and he wants to sign it before the end of the year thank you very much for that let's shift gears. spanish prime minister mariano rajoy says the priority is to restore the rule of law in catalonia. taking questions in parliament he said the triggers of article 155 aims to avoid further economic damage to the region. the catalan parliament is set to meet on thursday to agree to a response to madrid a senior catalan politician says pro independence leaders may call a regional election lawmaker carles puigdemont says the option is on the table but his far left party would not support it >> this scenario of regional elections takes us on a path with no solution we will not cooperate with that path we are absolutely against it because it's the more effective way to stop the self determination process. for that we ask all the political parties to not take part in this >> willem marx has more.

you spent a lot of time in barcelona. now it's interesting to hear mr. rajoy is using the economic rational to justify the invocation of article 155. i don't know whether that will be met with open ears. >> clearly the economy matters to catalan leaders as much as it does to spanish leaders. we've seen more than 1,000 businesses move their legal headquarters out of the region that's one of the pressure points for the catalan leadership throughout this saga. hearing from a lawmaker on the far left on the pro independence movement, he would not support regional elections it's interesting, that's seen by those in madrid and barcelona as the easiest off-ramp before the senate ratifies 155. it's something socialists are keen to push forward they are not keen to impose direct rule. that's part of the agreement they made with mariano rajoy's party, but that's something the pp have ruled out. they say it's too late

there's nothing the catalans can do now clearly carles puigdemont has maybe three options left one, call regional elections, two, call regional independence when they sit down with parliament the other is to appear before the spanish senate in madrid, which he indicated he might do to argue the catalan case against article 155. his spokesperson has said essentially they will seek legal recourse to try to defend their position whether in domestic courts, constitutional court in spain or international courts across the world presumably the european union the starting point for that. >> you have been speaking to this spanish government official representative in catalonia. what did he say? >> i sat down with him on monday, the governor general essentially in barcelona the madrid represent nif that reati

region he didn't give me clear answers in terms of specifics, but here he is on the measures they want to take. >> translator: the measures we wanted to take in the first place affect those politicians who have decided to break with democratic legality. these people will resign the application of the measures will be progressive in time. bit by bit, step by step we will be checking if in the intermediate and lower levels under those top politicians f there's an acceptance of following the law or not for those people who said or declared themselves against the democratic law, they will resign and stop receiving their paychecks, they will stop receiving all that goes with the post they occupy therefore, though they may not agree, they will not have any type of responsibility, validity or any type of authorization in any institutional decision they will be left without responsibilities >> there you got the idea that maybe civil servants who disobey

orders from madrid will see their jobs lost. that's the same for the catalan members of the cabinet, carles puigdemont and his depositionties and suppodeposii support staff. also police is a big question. some comments from the spanish economy minister he said that an independent catalonia would be out of the european union area. and he said he expects the third unemployment data to be published on third to wow investors. by he expects that to be good. he also took a fairly trumpian tone when he talked about the spanish economy. he said that the data is going to be pretty good. very, very bullish he's probably talking up the chances of or the fortunes of the spanish economy trying to justify the move to investors. >> kaiser bank reported yesterday, they saw double the

profits compared to last year. that's interesting given the fact they moved their legal headquarters, they were one of the first high profile catalan businesses to move outside volkswagen's catalonia business says it would move its registered office if it had concerns about regional legal security that's according to an internal letter political stability and legal certainty were essential for the company. he added that seat which employs 14,000 in catalonia has not had to decide if it will move. still coming up, we take you inside china's "game of thrones. only president xi jinping and china's premiere will stay on. we'll go live to beijing to explain what the new faces mean in just a moment [vo] when it comes to investing,

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saudi arabia's crown prince has announced a 5$500 billion plan to build a business and industrial zone that links with

jordan and egypt in its biggest effort yet to diversify the kingdom away from oil. the heir to the saudi throne outlined the project and also vowed to fight extremism and return the country to a more moderate form of islam take a listen. >> we appalachian want to go back to what we were, moderate islam open to the world, open to all religions. 70% of the saudi people are less than 30 years old. quite frankly you will not waste 30 years of our lives in dealing with extremist ideas we will destroy them today >> saudi arabia's public investment fund pledged to increase its assets under management to over 4$400 billion by 2020. the sovereign wealth fund says they will invest in sectors domestically and internationally. brexit managed to enter the conversation at the riyadh summit moderating the panel on economic policy, hadley asked how brexit will transform the relationship

between the uk and the eu. >> thaul can happall that can he we stay the same or move further apart. if we move further apart, that's for political not economic reasons. i hope economic sense will prevail. where i do agree, i think as britain leaves the european union, the european union is not a static model either. italy's finance minister says brexit will draw deeper eu integration. >> once brexit is completed, the eu will not be the same again. i am fully aware of the fact that the uk in london in particular has been a very attractive place to invest and locate services, financial industry and others. i'm a bit more skeptical about the fact that after brexit is completed this will be untouched. i'm not saying this because i like the view, because this is

going to be a fact at the same time, this i'm saying because it's happening, i'm convinced that also because of brexit that the european union will accelerate integration. so there might be some acceleration of differences between the uk out of the european union and the rest of the european union i'm not happy about this but i think this will happen on a different topic, hadley also spoke to top hollywood agents about the sexual harassment scandal shaking the entertainment business >> was disgusting. and it seems as if the board new. and something should have been done about it a lot earlier. and there's no room for that, whether it's in the entertainment business or any business i'm not sure what you mean by

complicit. the board knew all the details of what was going on >> but everyone says this was an open secret in hollywood >> i don't believe it was an open secret. listen, harvey didn't treat anybody decently what he did to people that were less powerful and anybody that does that to somebody who is less powerful is not -- nobody should put up with that. and if people did know about it, and it seems like people did know about it based on the way they wrote contracts, that's not appropriate. so i think the ramifications of it is people will be looking hard at every situation. that's appropriate now you have to swing to one side and make sure people that are vulnerable or less powerful are taken care of. china has revealed its seven-man leadership headed by president xi jinping along with

the premiere li keqiang as the only other person to retain his position in the standing committee. xi pledged to repay the trust of party members and vowed to crack down on corruption which he called a virus let's head out to eunice yoon standing by in beijing after a long week for you guys fantastic coverage there what is notably absent from the seven-man standing committee is a probable successor >> absolutely. i think that's a key point one key takeaways was that the five others who were named in the standing committee, this is the pinnacle of power here in china, that all of them were in some way either xi allies or worked with him in some capacity that really helps president xi retain power and control over the party as well as various aspects of the government.

now, the second point that you had made is that we didn't see a successor. all of the men chosen were in their 60s, which means they would only be able to serve one te term that raises speculation that president xi could be looking for a third term or retain some influence if it's not officially as the president in some other capacity >> eunice, thank you very much for that let's talk more about this with andy bell. great to have you on the show. what should foreign investors take away from the leadership meeting and from this new standing committee what are the main takeaways? are there any? >> yes there are the main takeaway is that china continues to be very entrepreneurial environment, but wants to interact globally it's a strong advocate of globalization, and the chinese

government want the chinese companies to continue to expand overseas to learn from overseas, pick up know how, pick up i.p. and grow their own economy. >> we heard this all in davos. we saw this wide ranging speech in davos to be honest, you know, it was quite ironic at the time because mr. xi was the defending of globalization, mr. trump was taking an inward looking tone, protectionist tone at the same time in china you have to face up to the reality this globalization will happen on china's terms they still want to give major way to the role of the s.o.e.s does that go hand in hand? >> it's not just the s.o.e.s a lot of the m&a taking place is publicly listed, privately owned companies. the move most recently has been a slight slowing down in 2017. but the direction of travel is clear. china is going to interact more

and more globally. the economy in china will benefit from overseas investment businesses outside china are going to look to be sold to business in china. and the chinese companies want to expand overseas to grow their own businesses >> last november the chinese government introduced policies that would restrict outflows i guess at that time they were worried about the stability of the currency of the yuyuan they have been loosening some of those restrictions to what extent have they been impacted by those deeper restrictions >> it's been impacted in the sense of approvals coming through more slowly. i see it as a maturing of the market went from a market where there was a bit of a free fall to the point where the government started saying, look, there are sectors we want you to expand

into expand into industrials, healthcare, tech, simply moving money off shore to invest in real estate, that's less interesting. to buy very small stakes in companies with no strategic upside, that's less interesting. >> what's interesting, the u.s. that was the biggest market with 84 deals, hong kong, number two, germany, number three. in germany we've seen pushback from local lawmakers about the potential of the chinese stealing some intellectual property do you expect more pushback from these countries as china gets more aggressive? >> i think there will be pushback from a lot of different countries. it's a maturing. it's a natural process when we see pushback in germany, we have not seen anything turned down you know, these are free economies. if you want to sell your business to somebody, you're free to sell your business to somebody the chinese are clear about why they're doing it but they're also providing access to a very rapidly

growing, very large economy, potentially the biggest economy in the world >> all right we'll have to leave it here. thank you very much for that david davis, the uk brexit secretary is addressing the house of commons committee on exiting the european union he's been speaking for quite awhile he says that in total in total no-deal scenario, britain may not pay any money to the eu after it leaves. he also says american banks should save their money on brexit contingency plans for now. very controversial lines i guess no american bank can afford to do that, even in a no-deal scenario britain could reach arrangements on sectors such as aviation and other nuclear -- or the nuclear industries with the eu quite optimistic comments from mr. davis there. just before we go, let's take a quick look at some of the

biggest movers in europe shares in lufthansa have pared losses after the firm's cfo says the airline will increaseits dividend this year the stock initially fell sharply in response to the double digit decline and third quarter net profit and its decision not to meet its full-year guidance. there was also plenty of profit taking in there. this stock has had a spectacular run. kering shares are trading at the top of the stoxx 600 after the company beat third quarter sales forecasts, boosted by strong demand for gucci's products and a pick up in chinese consumer appetite. u.s. frigutures are showing a md start to the trading session th'sat it for today's show i'm carolin roth "worldwide exchange" is up next. is this a phone?

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an earnings fueled rally corporate winners are pushing major averages to new records. investing in the middle east the world's most powerful business leaders are gathered in saudi arabia this week. and meet china's new leadership president xi jinping just unveiled his new standing committee. it's wednesday, october 25, 2017 "worldwide exchange" begins right now. ♪ good morning warm welcome to "worldwide exchange" on